5 Stocks to BUY: Hindustan Zinc, ICICI Bank and more on brokerages list with potential upside up to 30%

Brokerage views on Tech Mahindra have turned more constructive after a solid Q3 performance marked by better-than-expected growth, margin improvement and strong deal wins. HSBC has maintained a Buy with a target of Rs 1,910, implying an upside of about 14 per cent. JP Morgan upgraded the stock to Overweight and raised its target sharply to Rs 2,100, pointing to an upside of nearly 26 per cent. CLSA and Nomura see targets of Rs 1,810, suggesting around 8 per cent upside, as confidence builds around the company’s FY27 growth and 15 per cent EBIT margin ambitions.

Upside potential: 8–26%

Polycab remains a preferred play on private capex, housing and infrastructure demand. HSBC has raised its target to Rs 8,900, indicating about 25 per cent upside, while Morgan Stanley’s Overweight call with a target of Rs 9,659 implies a potential upside of nearly 36 per cent. Citi also remains bullish with a target of Rs 9,500, backed by strong volume growth and expectations of margin recovery as price hikes kick in.

Upside potential: 25–36%

Federal Bank has delivered an all-round quarter, prompting CLSA to raise its target to Rs 300, which translates into an upside of around 11 per cent. Improving asset quality, steady margin expansion and healthy loan growth continue to support the positive outlook. Morgan Stanley has also raised its target to Rs 270, reflecting downside protection at current levels.

Upside potential: Up to 11%

ICICI Bank remains one of the Street’s top large-cap banking picks. Morgan Stanley’s Overweight rating with a target of Rs 1,800 offers an upside of nearly 28 per cent. Jefferies and UBS see the stock heading towards Rs 1,720–1,730, implying 22–23 per cent upside, while CLSA’s target of Rs 1,700 points to about 21 per cent gains. Clarity on CEO tenure and improving loan growth remain key positives.

Upside potential: 21–28%

 

HSBC has upgraded Hindustan Zinc to Buy, lifting the target from Rs 520 to Rs 750. Strong demand across key industrial end-uses, supply constraints and selective metal tightness are cited as drivers. With supply challenges in other base metals and rising interest in EV and energy storage segments, Hindustan Zinc stands out as a structural play in metals.

Upside Potential: ~18%