Top 10 Stocks with Up to 95% Upside Potential – Brokerage Buys This Week

Indian markets are cautious ahead of the Union Budget on Sunday, February 1. Investor attention will be on stocks that will be related to the fiscal policies announced by the government.

Along with the budget, recent news and the quarterly earnings for the third quarter will affect the stock movement. This week, several top research houses, including Motilal Oswal, Nomura, Nuvama Wealth Management, JM Financial, and Anand Rathi Research, shared their latest recommendations, and we shortlisted 10 stocks across sectors.

Nuvama on Coforge

Nuvama Institutional Equities has retained a ‘Buy’ rating on Coforge and raised its target price to Rs 2,500, which implies an upside of around 49.9% from current levels. Coforge reported strong Q3FY26 numbers, with revenue growing 4.4% quarter-on-quarter in constant currency to $478 million, ahead of its estimate of 3% growth. Adjusted profit after tax stood at Rs 360 crore, also exceeding expectations, while EBIT margin came in at 13.4%, higher than Nuvama’s forecast. Nuvama highlighted that the 12-month executable order book increased to $1.7 billion, marking a 30.4% year-on-year rise, supported by strong deal wins during the quarter.

Nomura on Aditya Birla Real Estate

Nomura maintained its ‘Buy’ rating on Aditya Birla Real Estate, with a retained target price of Rs 2,550. This implies an upside of over 95% from the current market price. A day back, the company reported its quarterly results for the third quarter of the current financial year. While its Q3 FY26 presales and collections were strong at Rs 2,530 crore, which was up 184% sequentially, and Rs 1,290 crore, up 157% YoY. The company cut its FY26 project launch guidance from Rs 14,000 crore to Rs 8,900 crore. Aditya Birla Real Estate’s share price has corrected by 31% over the past year, as against the Nifty 50, which rose 11% during the same time frame. The stock is currently trading at a 20% discount to net asset value.

Motilal Oswal on Bharat Electronics

Motilal Oswal reiterated its ‘Buy’ rating on Bharat Electronics. The domestic brokerage house has set a target price of Rs 520. This implies about 15% upside from current levels. As per the brokerage house report, Bharat Electronics Q3FY26 revenue/EBITDA/PAT exceeded their estimates. This is driven by strong execution and better-than-expected margins. Furthermore, the report highlighted that revenue growth during the quarter was supported by a healthy order book of around Rs 73,000 crore, along with steady order inflows of Rs 18,100 crore during the first nine months of FY26. Bharat Electronics continues to benefit from its exposure to large defence platforms across the Army, Navy and Air Force, added the brokerage report.

Jefferies on Manappuram Finance

Jefferies has set a target price of Rs 285 for Manappuram Finance. This implies a downside of around 2% from the current market price. The biggest reason behind Jefferies cautious stance lies in Manappuram Finance’s December quarter results (Q3FY26). According to the brokerage report, Manappuram Finance’s Q3 profit came in below estimates due to lower net interest margins and higher provisions. While assets under management grew at 18% year-on-year, profitability took a hit as margins continued to compress. At the current valuation, the stock appears fairly priced given the near-term earnings pressure. This led the brokerage to retain its ‘Hold’ rating. According to the brokerage report, “Net interest margins fell sharply again as the company continues to reduce yields to align them with peers.”

Motilal Oswal on V-Mart

Motilal Oswal maintained a ‘Buy’ rating on V-Mart Retail with a target price of Rs 1,000, implying a massive potential upside of 74% from its current market price of Rs 574. The brokerage firm notes that the value retailer is successfully navigating the competitive landscape by focusing on Tier II and Tier III cities, where consumer aspirations are rising alongside disposable incomes. V-Mart’s strategy of deep penetration in rural and semi-urban markets is paying off as footprint expansion stabilises, states the report from Motilal Oswal.

JM Financial on Sunteck Realty

JM Financial reiterated ‘Buy’ call on Sunteck Realty with a revised target price of Rs 595, suggesting an upside of about 58.4%, the highest among the stocks covered. The brokerage described Sunteck Realty’s Q3FY26 performance as mixed, with pre-sales rising 16% year-on-year to Rs 730 crore, while collections declined 5% to Rs 320 crore due to a higher share of new project launches. JM Financial highlighted strong booking traction at projects in Goregaon, Naigaon, Mira Road, and Napean Sea, along with a significant addition to the development pipeline through land acquisition in Andheri East with an estimated gross development value of around Rs 2,500 crore.

Motilal Oswal on Zen Technologies

Motilal Oswal maintained a ‘Buy’ rating on Zensar Technologies. It is an information technology services company. The brokerage has set a target price of Rs 1,000. This implies an upside potential of around 42% from the current market price. According to the brokerage report, Zensar Technologies’ revenue declined 1.3% quarter-on-quarter in constant currency terms during the Q3FY26, which was slightly better than expectations. While some business verticals saw growth, others remained under pressure. The brokerage noted, “Zensar’s Q3FY26 revenue declined 1.3% QoQ CC (vs. our est. of a 1.7% CC decline).” Margins, however, stood out. Motilal Oswal said, “EBIT margin was 16.0% (est. 14.3%), up 240bp QoQ.”

Anand Rathi Research on Premier Energies

Anand Rathi Research maintained a ‘Buy’ call on Premier Energies, with a revised target price of Rs 928. At the current market price, this implies an upside of about 31.3%. Anand Rathi said, “While commissioning of cell and module lines has been advanced versus guidance, stabilisation has taken longer-than-expected time,” leading to lower contribution from DCR modules and higher depreciation projected for FY27 and FY28. The brokerage said Premier Energies’ Q3 FY26 revenue, EBITDA and adjusted PAT grew 13%, 16% and 54% year-on-year, respectively. It noted that “lower-than-expected third-party cell sales” weighed on the quarter, even as module revenue grew strongly.

Nuvama on Mphasis

Nuvama retained its ‘Buy’ call on Mphasis, with a target price of Rs 3,400, implying an upside of 21.4%. Mphasis delivered strong deal wins again. Trailing twelve-month deal wins were up 100% YoY in Q3FY26. However, revenue growth still lags deal wins significantly and needs to pick up to provide higher growth visibility, said the broker. “We are tweaking FY26 and FY27 EPS by +0.4% and -4.3%, respectively, on a slightly lower growth assumption in FY27,” said Nuvama. Mphasis reported stable Q3FY26 numbers. Revenue grew 1.5% CC sequentially and 7.4% CC YoY to $451.4 million, beating estimates. EBIT margin was stable at 15.2%, which came in 10 basis points lower QoQ, in line with estimates. Adjusted PAT was broadly in line. Total contract value was decent at $428 million (-19% QoQ and 22% YoY).

Motilal Oswal on Hindustan Petroleum Corporation (HPCL)

The brokerage house Motilal Oswal believes Hindustan Petroleum Corporation (HPCL) offers a compelling risk-reward setup. Motilal Oswal has maintained a ‘Buy’ rating on HPCL with a target price of Rs 600. This implies an upside potential of nearly 40% from current levels. The confidence comes despite a softer-than-expected December quarter, with the brokerage arguing that near-term noise is masking improving fundamentals and medium-term triggers. HPCL’s Q3FY26 numbers were below expectations on the surface. Earnings before interest, tax, depreciation and amortisation (EBITDA) came in at Rs 7,260 crore, about 17% lower than estimates. As per the brokerage house report, this is largely due to weaker refining and marketing performance. Gross refining margin, a key profitability metric, stood at USD 8.9 per barrel, which was 7% below estimates.

Overall, the brokerages remained bullish on stocks the week ahead of the Union Budget 2026-27. The recommendations are based on the order pipeline and outlook for revenue going forward. The stocks in focus range from financials to IT. Keep watching the space for the latest and detailed analysis of brokerage views.