Jefferies buy calls 2026: Eternal seen 117% upside

Why Jefferies’ refresh is being tracked

Jefferies has reiterated a constructive stance on a wide set of Indian equities through multiple research updates that span consumer, healthcare, financials, asset management and alcoholic beverages. In one list refresh, the brokerage highlighted “Eternal”, linked to the Zomato ecosystem, as the highest-upside stock among newly added names. Separately, it reiterated existing Buy calls on several large and mid-cap companies with stated upside potential ranging up to 27% in that set. The brokerage also initiated coverage on three liquor companies, positioning premiumisation as a key structural driver for the segment. Across these notes, Jefferies has anchored its stance around target prices and implied upside from prevailing levels.

Eternal tops the new additions with the highest implied upside

Among the additions flagged by Jefferies, Eternal was identified as the stock with the highest potential upside. Jefferies set a target price of Rs 480 for Eternal. It said this target implies about 117% upside from the current level referenced in the note. The brokerage linked Eternal to the Zomato ecosystem, indicating it is being viewed within a broader platform-driven consumption theme. The update did not provide additional financial metrics for Eternal in the excerpt, but the magnitude of the implied upside made it the standout within the newly added names.

Healthcare additions: Star Health and Max Healthcare

Jefferies also turned constructive on two healthcare-related names in the refreshed list. For Star Health and Allied Insurance, Jefferies set a target price of Rs 660, implying about 43% upside. For Max Healthcare Institute, Jefferies set a target price of Rs 1,320, implying about 29% upside from current levels. The note grouped these as healthcare-related additions, signalling a more positive view on the space within this specific update.

Groww parent joins the list: Billionbrains Garage Ventures

Jefferies included Billionbrains Garage Ventures, described as the parent company of online investment platform Groww. It set a target price of Rs 195, implying about 23% upside. The excerpt did not specify a timeline for the target or additional operating metrics, but the inclusion places the company within Jefferies’ broader set of tracked equity ideas.

Axis Bank: Buy reiterated after interaction

Separate from the list refresh, the article notes Jefferies reiterated a ‘Buy’ call on Axis Bank. The brokerage’s view followed a recent interaction that suggested steadier growth and stable asset quality ahead. The excerpt did not provide a revised target price for Axis Bank, but it framed the reiteration around comfort on growth momentum and asset quality stability.

Another strategy refresh: 25 top buy ideas from 223 stocks

The article also mentions a separate Jefferies equity strategy refresh that added eight new stocks to reach a list of 25 top buy ideas from a universe of 223. The list spans sectors such as banks, petrochemicals, IT, pharma and real estate. Names cited from that broader set include Reliance Industries, Coforge, Adani Ports, HAL, HDFC Bank, ICICI Bank and Bharti Airtel. The excerpt does not disclose the full list of 25, but it indicates the breadth of Jefferies’ sector coverage in India.

Buy calls with stated upside: Reliance to Devyani

In another curated group of Indian equities referenced in the article, Jefferies projected potential upside of up to 27% for select companies. It maintained a Buy on Reliance Industries (RIL) with a target price of ₹1,820, implying 27% upside. Jefferies reaffirmed Buy on Varun Beverages with a target of ₹550, indicating 18% potential upside. It maintained Buy on Chalet Hotels with a target of ₹1,075, representing 26% potential upside. Jefferies also upgraded Devyani International to Buy with a target price of ₹145, suggesting 25% potential upside.

Asset management coverage: ICICI Pru AMC initiations and targets

Jefferies initiated coverage on ICICI Prudential Asset Management Company with a Buy rating and a target of ₹3,800, implying 23% upside. The brokerage said it expects robust AUM and earnings expansion. In the same set, HDFC Asset Management Company retained a Buy rating with a target of ₹3,130 (implying 13% upside), while Nippon Life India Asset Management retained Buy with a target of ₹1,060 (implying 15% upside). These calls place asset managers alongside banks and consumer names in Jefferies’ positive coverage list.

Liquor sector: Jefferies initiates with premiumisation as the driver

Jefferies initiated coverage on United Spirits, Radico Khaitan, and Allied Blenders and Distillers, assigning Buy ratings across all three. The brokerage highlighted premiumisation as the key growth driver for India’s alcoholic beverage sector and said the spirits category offers premiumisation-led growth potential, with room to expand margins. Radico was flagged as the top pick, with Jefferies projecting more than 35% EPS CAGR over FY25-28E and citing improving RoCEs. For Radico Khaitan, Jefferies set a target price of Rs 3,590, implying a 25% upside from the stock price referenced (Rs 2,880 in the excerpt). For United Spirits, Jefferies set a target price of Rs 1,570 versus Rs 1,315 referenced, implying about 19% upside.

What changed in United Spirits and how stocks reacted

Jefferies said United Spirits faces near-term pressure after Maharashtra raised excise duties sharply, which directly impacts volumes in one of its largest markets, as described in the excerpt. For Allied Blenders and Distillers, Jefferies set a target price of Rs 620 versus Rs 525 referenced, implying 18% upside, while another reference in the article described the upside as nearly 14% from a different closing price basis. A separate market note cited that the stocks rose between 1% and 2.5% following the initiation. The excerpt also referenced year-to-date performance: United Spirits down about 19%, while Radico and Allied were up 12% and 28%, respectively.

Key targets and implied upside at a glance

Analysis: what these notes collectively signal

Across the excerpts, Jefferies’ positioning combines high-upside additions (such as Eternal) with reiterated Buy calls on established large caps (such as Reliance) and sector calls in asset management and liquor. The stated upside figures provide a transparent way to compare conviction across names, even when the underlying drivers differ by sector. The liquor initiation stands out for its explicit framing of premiumisation and quantified growth expectations, including Radico’s projected EPS CAGR above 35% over FY25-28E and United Spirits’ 13% EPS CAGR through FY28. At the same time, the Maharashtra excise duty impact described for United Spirits shows how state-level policy can quickly alter near-term volume expectations in consumer categories.

Conclusion

Jefferies’ latest India research notes point to a broad-based set of Buy ideas, led by Eternal’s stated 117% implied upside, alongside healthcare additions and multiple reaffirmed calls in consumer, financials and asset management. In liquor, the brokerage has initiated coverage with Buy ratings on United Spirits, Radico Khaitan and Allied Blenders, linking the sector’s outlook to premiumisation. Investors tracking these calls will likely focus on how the stated targets evolve in subsequent updates, especially where policy changes such as excise duty hikes are already affecting near-term expectations.