1.) Titan Company – With a price target of Rs 4,500, analysts believe Titan’s market share gains will sustain. “We expect Titan’s consolidated jewellery business to deliver FY25-28 sales CAGR of ~18% and EBIT CAGR of ~23%. In the near term, we see a strong wedding season in 3QFY26 as a catalyst for jewellery sales, and also expect the company’s omnichannel jewellery business Caratlane and the international business to continue strong EBIT growth,” Goldman said in a note dated November 11.
2.) Godrej Consumer Products – Goldman sees a strong likelihood of a turnaround in earnings growth after a period of weak growth. GCPL is a leading home and personal care company in India with also a sizable international business in Indonesia and Africa. • Our investment view is driven by our expectation that GCPL is poised for a turnaround in volume led revenue growth, driven by market share gains in home insecticides driven by scale up of the new formulation and categories with large penetration potential like air freshness, liquid detergents, body wash, pet care, and hair color. Analysts have a target price of Rs 1,425 per share.
3.) Neuland Labs – With a price target of Rs 19,700 per share, Goldman expects the total addressable market to grow at 15% CAGR over the next 5 years, mainly driven by an increase in outsourcing penetration and market share gains by Neuland. The brokerage expects multiple growth catalysts for the company from the second half of FY26 onwards. These include ramp-up of Bempedoic acid supplies from the newly expanded Unit 3, increasing commercial supplies of Cobenfy for schizophrenia with potential label extensions to new indications such as Alzheimer’s by 2027, the commercialisation of a fourth CMS molecule in 2HFY26, and the launch and approval of new niche molecules in the Specialty API segment.
4.) Piramal Pharmaceuticals – While the company is likely to face transitory near-term pressure in CDMO on account of destocking in large commercial orders in FY26, Goldman believes Piramal is well placed to deliver top-quartile profit growth driven by very high operating/ financial leverage as CDMO business posts a strong sustainable recovery post FY26, CHG capacity ramp ups up from 2HFY26 onwards, and ICH business turns around from a profitability standpoint. Analysts have assigned a target price of Rs 250 per share.
5.) Havells India – With new capacity in core categories like cables and wires, scaling up new product verticals – and all this supported by GST cuts across various consumption categories – Havells is well-placed for a growth revival over the next few years. Initiatives taken by the company have largely addressed market share losses. “With margins at an all-time low and down 260bps vs FY18-22E average, we think it will bottom out post Q2 and profitability should improve with capacities coming onstream,” Goldman Sachs said, adding that they have a price target of Rs 1,740 per share.
6.) Interglobe Aviation – Goldman Sachs highlights strong structural tailwinds supporting long-term growth. It believes the airline’s market share gains during the COVID period—from 48% in February 2020 to about 64.5% in August 2025—are sustainable, given the liquidity constraints faced by smaller rivals. The ongoing consolidation of the aviation industry around two major players, IndiGo and the Tata Group, is expected to enhance pricing discipline. IndiGo’s strong cost leadership should further bolster profitability, while its expanding international operations offer a long runway for growth. Goldman has set a target price of Rs 6,000 per share.
7.) PTC Industries – Target price pegged at Rs 24,725, the brokerage forecasts the company to record the highest earnings growth, a 123% CAGR through to FY28E, among its India defense stock coverage. “By end-FY26E, we expect the company to have completed the commissioning of the largest single-site (recycled) Ti capacity in the world. The company already has contracts from global majors for Ti/SA castings for both Commercial and Defense platforms and will be a direct beneficiary of the upcoming aerospace engine ecosystem in India,” it added.
8.) Solar Industries – Goldman Sachs has price target of Rs 18,215 largely because it expects to see rapid growth in its defense business, led by capacity build-up in ammunition and energetic material segments, a robust export order book and diversification into high technology areas. “The company is well-positioned to benefit from a global shortage of ammunition and energetic materials. We also expect the international non-defense business to be a key growth enabler as the company expands its presence in both existing and new geographies,” it added.
9.) MakeMyTrip – Listed on US exchanges, the brokerage has assigned a price target of $123 as it remains the dominant platform in a category where it expects to see sustained tailwinds from the continued rise of Affluent India as well as shift to online. “More than 70% of MMYT’s revenues come from segments where online penetration is less than 30% (outbound travel, bus and hotels), which we see driving c.2x revenue growth for MMYT vs the underlying market for the foreseeable future,” the report added.
10.) Eternal – Formerly Zomato, the brokerage has assigned a price target of Rs 390 per share. The company is well positioned across both quick commerce and food delivery, which are both amongst the largest TAMs within India Internet. “Its food delivery EBITDA margin is already the highest among global Food Delivery platforms, and we believe a similar construct should play out in quick commerce. Eternal trades at a discount to MSCI India/India Consumer Discretionary stocks on a growth-adjusted basis,” it added.
11.) Reliance Industries – With a price target of Rs 1,795 per share, the brokerage expects the Mukesh Ambani-conglomerate’s EBITDA to grow 15% in FY26 (vs 2% in FY25). Key drivers include strong refining margins, steady 15% revenue growth in retail aided by store expansion and digital offerings, and likely telecom tariff hikes in 2HFY26. It sees the risk-reward as attractive, with the stock trading near its widest discount to NAV since COVID—implying 63% upside in the bull case, 27% in the base case, and about 10% downside in the bear scenario.
12.) NTPC – Goldman Sachs has given a target price of Rs 450 per share. India’s largest thermal power producer, NTPC, is steering a major transformation as it takes the lead in the country’s renewable energy transition. The company aims to build a 60 GW renewable portfolio by FY32—effectively creating another NTPC in just one-fifth of the time it took to build its existing thermal base. The brokerage believes NTPC is well positioned to benefit from this shift, supported by three key advantages: a lower cost of debt offering about 150 bps equity IRR benefit, deep experience in managing financially weak DISCOMs, and the ability to leverage its existing network to optimise renewable offtake amid transmission bottlenecks.
13.) Uno Minda – The brokerage has given a target price of Rs 1,480 per share. “We like the company’s powertrain agnostic supply base and ability to spot new business opportunities such as its successful transition into alloy wheels, premium lighting and E2W scooter parts, in tandem with the Affluent Indian cohort’s aspirations. The company has a reliable track record and enjoys strong relationships with India’s large Auto OEMs and is beginning to spread its wings into supply contracts with Korean OEMs (e.g. KIA). Its steady cash flow re-investment philosophy may not provide a high free cash flow yield, but it has helped drive growth at 2-5x industry volume run rates since FY15,” it added.
14.) Maruti Suzuki – The brokerage is bullish on India’s leading car manufacturer and has a target price of Rs 19,000 per share. “We like the company’s position as a beneficiary of the consumption stimulus in India following the GST cuts, lower interest rates and a potential revival of small car demand (entry level + premium hatchbacks + small sedans),” it said in the note.
(Disclaimer: The recommendations, suggestions, views, and opinions expressed by experts are their own and do not represent the views of The Economic Times.)