INDIAN STOCK MARKET:
#ANALYST CALLS & TARGET PRICES — JUNE 18, 2026
⚡ Industrial, Infrastructure & IT Picks
🔹 Polycab India: Jefferies reiterated its "Buy" rating and raised the target price to ₹10,920, citing strong capital expenditure tailwinds, market share gains, and robust growth visibility in the cables and wires segment.
🔹 Adani Ports & SEZ: Nomura maintained its "Buy" rating and increased the target price to ₹2,080 from ₹1,850, supported by strong container volume growth and the company's goal of reaching 1,000 MT domestic cargo capacity by 2030.
🔹 Coforge: Motilal Oswal maintained a constructive outlook, highlighting the company's execution strength and long-term roadmap to achieve $5 billion in revenue by FY30.
🔹 JK Cement: HDFC Securities reiterated its "Buy" call, forecasting a 12% volume CAGR and 21% EBITDA CAGR between FY26 and FY28.
🔹 JSW Steel: Motilal Oswal identified the company as a top sectoral pick, citing structural demand drivers and expectations of sustained double-digit growth.
🔹 Reliance Industries (RIL): Morgan Stanley retained its "Overweight" rating, projecting 38% upside potential ahead of the company's upcoming Annual General Meeting.
🍔 Consumer & QSR Sector Calls
🔹 Devyani International: Macquarie named the KFC operator among its preferred QSR picks, maintaining a "Buy" stance on expectations of a recovery in same-store sales growth.
🔹 Sapphire Foods: Macquarie remained positive on the restaurant operator, highlighting favorable dining trends and strong delivery demand.
🔹 Jubilant FoodWorks: Macquarie adopted a more cautious view, lowering its target price amid concerns that restaurant operators may underperform pure-play food delivery platforms.
⚠️ Energy & Pharma Updates
🔹 Mankind Pharma: Geojit BNP Paribas downgraded the stock to "Accumulate", projecting a moderated 11% revenue CAGR over FY27–FY28.
🔹 Oil India: Morgan Stanley maintained an "Underweight" rating, citing limited upside relative to downstream energy peers.
🔹 Lupin: YES Securities raised its target price to ₹2,750, supported by improving margin visibility and growth opportunities in complex generics.
🚗 Auto & Logistics Calls
🔹 Maruti Suzuki India: YES Securities reiterated its "Buy" recommendation with a target price of ₹15,745, driven by expectations of stronger volumes from potential entry-level tax revisions and upcoming eVX launches.
🔹 Aegis Logistics: JM Financial assigned a target price of ₹1,200, citing a 71% year-on-year increase in domestic LPG distribution volumes.
💡 Brokerage Takeaway
🔹 Analysts remain constructive on capital goods, infrastructure, ports, pharmaceuticals, and select consumption themes despite near-term global volatility.
🔹 Companies with strong execution records, market share gains, and exposure to India's capex cycle continue to attract the highest conviction calls.
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