7 Stocks That Could Deliver Returns of Up to 54%, According to Top Brokerages

Brokerage firms have turned optimistic on several Indian stocks after recent earnings, business updates and sector outlooks, with some analysts projecting up to 54% upside over current market prices. The latest recommendations span multiple sectors, including hospitality, infrastructure, fintech, housing finance, logistics and pharmaceuticals, highlighting opportunities across both established and emerging businesses.

Among the notable names attracting positive brokerage views are Chalet Hotels, IRB Infrastructure Developers, TBO Tek, Pine Labs, Bajaj Housing Finance, Adani Ports & Special Economic Zone (APSEZ) and Mankind Pharma. While each company operates in a different industry, brokerages believe improving fundamentals, earnings growth and long-term business prospects could support further gains.

Stocks with the Highest Brokerage Upside

Company	Brokerage	Rating	Target Price	Upside Potential
Chalet Hotels	Anand Rathi	Buy	₹1,250	54%
Pine Labs	ICICI Securities	Buy	₹210	51%
IRB Infrastructure Developers	Anand Rathi	Buy	₹29	45%
Bajaj Housing Finance	ICICI Securities	Buy	₹125	45%
TBO Tek	Anand Rathi	Buy	₹2,200	43%
Adani Ports & SEZ	Motilal Oswal	Buy	₹2,130	25%
Mankind Pharma	Motilal Oswal	Buy	₹2,975	20%

Chalet Hotels Tops the List with 54% Upside

Among all the recommendations, Chalet Hotels offers the highest projected upside. Anand Rathi has maintained a "Buy" rating with a target price of ₹1,250, implying an upside potential of around 54% from the previous closing price of ₹810.

The company operates luxury hotels in partnership with global hospitality brands such as Marriott and Hyatt, while also expanding its presence in commercial and retail real estate. Brokerages believe continued growth in India's travel, tourism and business hospitality sectors could support future earnings.

Infrastructure and Travel Stocks Also Attract Positive Calls

IRB Infrastructure Developers received a Buy recommendation from Anand Rathi, which expects the stock to reach ₹29, representing an upside of approximately 45%. The company remains one of India's leading road infrastructure developers with a diversified portfolio of BOT, HAM, tolling and asset management projects.

Another stock receiving positive attention is TBO Tek, where Anand Rathi has set a target price of ₹2,200, indicating an upside of about 43%. The company operates a global travel distribution platform that connects travel suppliers with travel agencies across multiple international markets.

Infrastructure & Travel Picks

Company	Sector	Brokerage Target	Upside
IRB Infrastructure	Roads & Highways	₹29	45%
TBO Tek	Travel Technology	₹2,200	43%

Fintech and Housing Finance Continue to Remain Brokerage Favourites

ICICI Securities has maintained a positive outlook on Pine Labs, assigning a Buy rating with a target price of ₹210, implying around 51% upside. The brokerage remains optimistic about the company's payment solutions, merchant services and digital commerce business as digital transactions continue expanding across India.

The brokerage has also reiterated its positive stance on Bajaj Housing Finance, with a target price of ₹125, representing an upside of approximately 45%. The company continues to benefit from rising demand for home loans, affordable housing finance and digital lending solutions.

Financial Services Picks

Company	Sector	Target Price	Upside
Pine Labs	Fintech	₹210	51%
Bajaj Housing Finance	Housing Finance	₹125	45%

Adani Ports and Mankind Pharma Remain Long-Term Bets

Motilal Oswal continues to remain positive on Adani Ports & Special Economic Zone (APSEZ) with a Buy recommendation and a target price of ₹2,130, implying around 25% upside. India's largest private port operator continues expanding its logistics, warehousing and integrated transport infrastructure business, which brokerages believe will support long-term growth.

The brokerage has also retained its Buy rating on Mankind Pharma, assigning a target price of ₹2,975, representing an upside of around 20%. The company remains one of India's leading pharmaceutical manufacturers with a diversified portfolio spanning prescription medicines, over-the-counter healthcare products and consumer wellness brands.

Large-Cap Brokerage Picks

Company	Sector	Target Price	Upside
Adani Ports & SEZ	Ports & Logistics	₹2,130	25%
Mankind Pharma	Pharmaceuticals	₹2,975	20%

What Should Investors Watch?

While brokerage recommendations provide useful insights into potential investment opportunities, target prices are based on analysts' assumptions regarding earnings growth, business performance and broader market conditions. Investors should evaluate company fundamentals, valuations, sector trends and their own investment objectives before making any investment decisions.

Changes in interest rates, economic growth, quarterly earnings, government policies and overall market sentiment could influence whether these companies achieve the projected target prices over the coming months.

Why are brokerages bullish on these seven stocks?

Brokerages believe these companies have strong growth potential due to improving financial performance, sector tailwinds, expansion plans, and attractive long-term business fundamentals. Their target prices suggest potential upside ranging from 20% to 54% from current levels.

Which stock has the highest upside potential according to the latest brokerage reports?

Chalet Hotels has the highest projected upside among the seven stocks, with Anand Rathi assigning a target price of ₹1,250, implying a potential upside of around 54%.

Why has Pine Labs received a positive brokerage rating?

ICICI Securities remains positive on Pine Labs because of its expanding digital payments ecosystem, merchant solutions business, and growing presence in merchant commerce and fintech services.

What is driving optimism around Bajaj Housing Finance?

Brokerages expect Bajaj Housing Finance to benefit from rising demand for home loans, continued expansion in India's housing finance market, and strong growth in its loan portfolio.

Why do analysts remain positive on Adani Ports?

Analysts believe Adani Ports is well-positioned to benefit from India's growing trade volumes, expanding logistics infrastructure, and continued investments in ports, warehousing, and integrated supply chain services.

What makes Mankind Pharma attractive to brokerages?

Mankind Pharma continues to attract positive ratings due to its diversified pharmaceutical portfolio, strong domestic presence, expanding consumer healthcare business, and consistent earnings growth.

Why is IRB Infrastructure among the recommended stocks?

IRB Infrastructure is expected to benefit from continued government spending on highways and transportation infrastructure, along with its strong portfolio of toll roads and EPC projects.

What is supporting the bullish outlook on TBO Tek?

Brokerages see long-term growth potential in TBO Tek due to increasing global travel demand, its expanding travel distribution platform, and growing international business operations.

Should investors buy stocks solely based on brokerage target prices?

Brokerage recommendations can provide useful insights, but investors should also evaluate company fundamentals, valuations, financial performance, risk factors, and their own investment objectives before making any investment decision.

What factors could affect whether these stocks achieve their target prices?

Future earnings growth, quarterly results, economic conditions, interest rates, government policies, industry trends, and overall market sentiment will play a key role in determining whether these stocks reach their projected target prices.