5 Stocks To Buy: Brokerage selects ICICI Bank, Max Financial, BEL, targets suggest up to 40% upside—See list

ICICI Bank remains one of Motilal Oswal’s preferred picks in the banking space. The brokerage has a Buy call with a Rs 1,700 target price, implying around 22 per cent upside from the last close of Rs 1,389.40. It noted that the lender’s strong capital position, healthy asset quality and sustained loan book growth make it well-placed to outperform peers over the next year.

Motilal Oswal is positive on Max Financial Services despite a softer profit print in Q2FY26. The brokerage has assigned a target of Rs 2,100 per share, versus the last close of Rs 1,694.15. While the September quarter saw a steep drop in profit to Rs 4.1 crore, the company reported a nearly 14 per cent rise in net investment income. Analysts expect product mix normalisation and distribution strength to aid recovery, leaving room for 24 per cent upside.

The brokerage has added BEL to its fundamental picks list with a Rs 490 target, signalling a potential 27 per cent gain from current levels. BEL’s order inflow of Rs 871 crore, coupled with continuing defence modernisation and indigenisation, strengthens visibility. The stock has already delivered 33 per cent returns this year, yet Motilal Oswal believes there is further room to run.

Mphasis is the brokerage’s top large-cap IT pick, with a target price of Rs 4,100, more than 40 per cent above the last closing price of Rs 2,898.20. Motilal Oswal highlighted the company’s ongoing Sparkle Innovation Programme, through which it is collaborating with start-ups, academic institutions and research partners to accelerate enterprise-level solutions. With IT spending expected to firm up, analysts see steady recovery in deal flow and margins.

Motilal Oswal has set a Rs 740 target for Rubicon Research, against its previous close of Rs 614.95. The brokerage highlighted the company’s consistent compliance track record in the US market, solid manufacturing capabilities and a growing focus on commercial execution. These factors, it said, strengthen the long-term investment case, leaving room for more than 20 per cent returns.