Indian equity markets remain volatile as investors track elevated crude oil prices, global bond yields and foreign fund flows. Against this backdrop, brokerages have continued to identify individual companies where company-specific growth drivers could support their valuations.
LG Electronics India Limited
With a market capitalization of around Rs. 1.16 lakh crore, the shares of LG Electronics India Limited closed at Rs. 1,708.40 on Thursday. Motilal Oswal has initiated coverage on LG Electronics India with a “Buy” rating and a target price of Rs. 2,080 per share, indicating an upside potential of around 21.8 percent from the closing price.
The brokerage expects growth to be supported by premiumisation across televisions, washing machines and air conditioners. LG Electronics India also announced a 5–6 percent increase in air-conditioner prices from October 1, 2026, amid higher input costs. Motilal Oswal expects margin improvement as the product mix becomes richer and supply-chain localisation increases.
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Azad Engineering Limited
With a market capitalization of around Rs. 18,470.70 crore, the shares of Azad Engineering Limited closed at Rs. 2,860.05 on Thursday, after losing 3.53 percent during the session. ICICI Securities has recommended a “Buy” rating on Azad Engineering with a target price of Rs. 3,200 per share, indicating an upside potential of around 12 percent.
The brokerage’s view follows the commissioning of two dedicated manufacturing facilities for GE Vernova’s gas-power business in Hyderabad. The new facilities take Azad’s GE-dedicated manufacturing footprint to three facilities, while six of the seven planned dedicated facilities have now been commissioned. ICICI Securities expects follow-up orders from GE to provide around five to six years of visibility for the newly commissioned capacity.
Dr. Reddy’s Laboratories Limited
The shares of Dr. Reddy’s Laboratories closed at around Rs. 1,200.10 per share on Thursday, following a volatile trading session. The company has a market capitalization of roughly Rs.1 lakh crore.
Nomura has recommended a “Buy” rating on Dr. Reddy’s Laboratories with a target price of Rs. 1,740 per share, indicating an upside potential of around 45 percent from the closing price. Nomura’s report places Dr. Reddy’s among its highest-upside pharmaceutical picks.
The brokerage’s view is linked to potential new-product launches and improving prospects for the company’s global portfolio. Nomura expects the US business to benefit from upcoming product opportunities, including the potential launch of biosimilar Abatacept, while the company’s broader portfolio provides additional growth avenues
Ashok Leyland Limited
With a market capitalization of around Rs. 88,665.83 crore, the shares of Ashok Leyland Limited closed at Rs. 150.95 on Thursday. Geojit Financial Services has recommended a “Buy” rating on Ashok Leyland with a target price of Rs. 179 per share, indicating an upside potential of around 18.6 percent from the closing price.
Ashok Leyland reported Q1 FY27 revenue of Rs. 9,634 crore, up 10 percent year-on-year, while profit after tax increased 3 percent to Rs. 609 crore. Domestic MHCV truck volumes grew 15 percent to 22,998 units, while LCV volumes rose 21 percent to 18,874 units. Geojit expects revenue to grow at around 10 percent CAGR and earnings at around 11 percent CAGR between FY26 and FY28, supported by replacement demand, premiumisation and an expected margin recovery.
TBO Tek Limited
The shares of TBO Tek closed at around Rs. 1,669 per share, after gaining nearly 3 percent during Thursday’s trading session. Nuvama has initiated coverage on TBO Tek with a “Buy” rating and a target price of Rs. 2,200 per share, indicating an upside potential of around 31.8 percent.
Nuvama expects TBO Tek to deliver 19 percent revenue CAGR and 35 percent earnings CAGR between FY27 and FY29. The brokerage expects international expansion, operating leverage and a rising contribution from the hotel business to support the company’s growth over the period.
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Aditya Birla Sun Life AMC Limited
With a market capitalization of around Rs. 28,716.14 crore, the shares of Aditya Birla Sun Life AMC Limited closed at Rs. 992.35 on Thursday. Prabhudas Lilladher has initiated coverage on Aditya Birla Sun Life AMC with a “Buy” rating and a target price of Rs. 1,200 per share, indicating an upside potential of around 20.9 percent from the closing price.
The brokerage expects equity assets under management to grow at around 18 percent between FY27 and FY29, which it estimates could translate into approximately 20 percent core earnings CAGR. It also highlighted improving equity-market performance, stronger net-equity-flow market share and the company’s focus on expanding non-mutual-fund revenue.