Jefferies Top India Picks 2026: 7 New Stocks Added

Jefferies refreshes top buy ideas for India

Jefferies has released an updated set of high-conviction stock ideas for Indian equities, adding a fresh set of names across multiple sectors. The brokerage said its latest selection was drawn from a coverage universe of about 247 stocks. After the changes, the list stands at 23 top buy ideas, following the addition of seven stocks.

The update matters because it comes at a time when markets have been touching new all-time highs, and investors have been rotating across sectors based on earnings visibility and balance-sheet strength. In this context, Jefferies’ list provides a snapshot of where the brokerage sees risk-adjusted opportunity, based on its sector stance and company-level triggers.

Seven new additions and the upside range highlighted

In its updated India list, Jefferies added companies spanning banking, autos, steel, healthcare and internet platforms. The brokerage stated that it sees potential upside ranging from about 20% to 117% from current levels across the newly added names.

Among these additions, Jefferies flagged the highest potential upside in Eternal, linked to the Zomato ecosystem. It also highlighted opportunities in financials and healthcare, two areas where investors typically focus on both growth durability and asset-quality or operating stability.

Eternal: the highest upside call in the new list

Jefferies said Eternal offers the highest potential upside among the newly added stocks. It set a target price of Rs 480 and indicated this implies about 117% upside from the current level.

The brokerage also noted that the stock is down about 32% from its October 2025 high. Separately, the text cites Eternal trading around Rs 277, with a recent high of Rs 368. Jefferies’ framing suggests it is looking at the pullback from prior peaks as part of the risk-reward argument at current prices.

Healthcare picks: Star Health and Max Healthcare

Jefferies also turned constructive on two healthcare-related names in the list. For Star Health and Allied Insurance, it set a target price of Rs 660, implying about 43% upside.

The brokerage described Star Health as one of India’s largest private health insurance companies with a strong position in retail health insurance. The article also cites an estimate of around 31% market share in the retail health insurance segment.

For Max Healthcare Institute, Jefferies set a target price of Rs 1,320, implying about 29% upside from current levels. The inclusion underscores the brokerage’s preference for segments where capacity, demand and execution can be tracked through measurable operating indicators.

Groww parent and Bharat Forge added to the basket

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.

In autos and components, Bharat Forge also made the list. Jefferies set a target price of Rs 2,150, implying about 21% upside.

These picks sit alongside the broader theme of looking for companies tied to domestic financialization and industrial demand, as reflected in the article’s sector mix.

SBI and JSW Steel: lenders and cyclicals in focus

State Bank of India (SBI) was also added to Jefferies’ top picks. The brokerage set a target price of Rs 1,300 for SBI, implying about 20% upside.

JSW Steel is listed among the newly added stocks as well, but the provided text does not specify a target price or implied upside for JSW Steel. Even so, its inclusion alongside other cyclicals signals that Jefferies is willing to take exposure to industrial themes within its high-conviction basket.

Axis Bank: Buy reiterated, multiple targets cited

Separately from the list refresh, the article notes Jefferies reiterated a ‘Buy’ call on Axis Bank after a recent interaction suggested steadier growth and stable asset quality ahead. In that note, Jefferies maintained a price target of Rs 1,430, implying an upside potential of about 13%, and said it believes the operating environment remains supportive.

The text also includes a separate Jefferies Top India Stock Picks entry for February 2026 that cites Axis Bank with a target price of Rs 1,278.80, along with operating metrics such as improving ROE (16–18%), NIM profile (~4%), and CASA ratio (~45%). These are presented as part of that specific list and should be read in the context of the report date and framing.

Other initiations mentioned: Lenskart and LG Electronics

The article also references Jefferies initiating coverage on Lenskart Solutions with a ‘Buy’ rating and a target price of Rs 500, implying a potential upside of 23% from the current market price.

In another initiation report, Jefferies issued a ‘Buy’ rating on LG Electronics with an upper target price of Rs 2,200 per share, implying nearly 36% upside from the latest close.

Key numbers at a glance

Sector stance and why the list matters

The text says Jefferies is Overweight lenders, autos, cement, hospitality, telecom and property developers, while Underweight staples, IT, industrials and pharma. It also lists several top stock ideas for 2026, including Axis Bank, Bharti Airtel, Chola, TVS Motor, M&M, Ambuja Cements, Lodha and Godrej Properties, Max Healthcare, JSW Energy and GMR.

Separately, the article mentions another Jefferies equity strategy refresh that added eight new stocks to reach a list of 25 top buy ideas from a universe of 223, spanning sectors such as banks, petrochemicals, IT, pharma and real estate. The names cited there include Reliance Industries, Coforge, Adani Ports, HAL, HDFC Bank, ICICI Bank and Bharti Airtel.

Taken together, these updates show Jefferies leaning toward areas where it expects more supportive operating conditions, while still using target prices and stated upside ranges to define its risk-reward framework.

What to watch next

For investors tracking these calls, the immediate focus stays on whether the cited themes translate into visible execution: growth stability and asset quality in banks, demand recovery signals in cyclicals, and measurable traction in healthcare and digital platforms.

Any further changes to the list would likely be tied to company interactions, quarterly results, or shifts in sector preferences, as reflected by the multiple Jefferies notes referenced in the text.