Stocks to BUY: Analysts see up to 48% upside in these stocks; IndiGo, HPCL on the list

India’s largest airline continues to draw confidence from global brokerages as capacity discipline and strong demand support margins. Morgan Stanley has maintained its Overweight rating on IndiGo, while raising the target price to Rs 6,498 from Rs 6,359. With the stock currently trading at Rs 4,909, the revised target implies an upside potential of around 32 per cent.

 

Jefferies has reiterated a Buy call on Go Digit General Insurance, while raising the target price to Rs 430 from Rs 420. At the current market price of Rs 324, the stock offers an upside of nearly 33 per cent. The brokerage remains positive on Digit’s improving loss ratios, strong premium growth trajectory and expanding distribution footprint, which should support profitability over the medium term.

 

Morgan Stanley has maintained an Overweight stance on HPCL, with a target price of Rs 610. From the current price of Rs 427, the stock carries an upside potential of about 43 per cent, one of the highest in the pack. Management commentary added to confidence, with HPCL’s Chairman highlighting the startup of $12 billion worth of work-in-progress investments every quarter in 2026. Analysts were positively surprised by management’s confidence on cost controls and deleveraging, while noting that HPCL remains among the few global refiners with a 1.5x rise in capacity, positioning it well to benefit from what is being termed a “golden age” for fuel markets.

 

HSBC has reiterated its Buy rating on Tata Motors’ commercial vehicle (CV) business, with a target price of Rs 490. At a current market price of Rs 444, the implied upside stands at around 10 per cent. The brokerage is encouraged by a strong product pipeline, including a new 3.6-litre diesel engine in the ICV segment, improved efficiency in the HCV truck range and the launch of an 8.5-litre engine for the niche deep-pit mining segment, a high-margin market. Tata Motors’ eCV portfolio now spans 1 to 55 tonnes, with initial focus on closed-loop operations in the HCV space.

 

Brokerage sentiment remains constructive on Mphasis Ltd., even as near-term margin pressures persist. UBS has maintained its Buy rating on Mphasis, while trimming the target price to Rs 3,520 from Rs 3,540, factoring in near-term execution and cost pressures. With the stock currently trading at Rs 2,810, the UBS target implies an upside potential of nearly 25 per cent.