Nifty 26800 Target by 2027: Brokerages Update Stock Calls

Multiple leading brokerages have updated their stock recommendations, offering fresh ratings, upgrades, downgrades, and target price revisions across various Indian equities. This comprehensive activity also includes revised outlooks for key sectors like industrial, auto, defense, and power equipment.

Individual Stock Recommendations

Citi, Goldman Sachs, and JPMorgan have maintained ‘Sell’ or ‘Neutral’ ratings for Colgate-Palmolive India. These firms cited the company’s focus on balanced growth, premiumization efforts, and increased marketing expenditures as potential factors impacting near-term margins.

DAM Capital initiated a ‘Buy’ rating on Milky Mist, underscoring its robust standing in rapidly expanding dairy categories. The brokerage highlighted the company’s potential for significant margin expansion in the future.

Jefferies upheld a ‘Buy’ rating for Radico Khaitan, foreseeing a sustained multi-year premiumization cycle within the alcobev industry. Radico is noted as a market leader, particularly within the vodka segment.

Belrise Industries received a ‘Buy’ rating from Jefferies, with the target price increased following a strong June quarter performance. The company’s expansion beyond the core automotive sector was a key driver for the positive outlook.

Citi also maintained a ‘Buy’ rating for Akums Drugs and Pharmaceuticals, elevating its target price. This adjustment reflects improved earnings quality stemming from strength in Contract Development and Manufacturing Organization (CDMO) services and a positive outlook for API pricing.

Rating Downgrade

Nuvama downgraded BSE to a ‘Hold’ rating, citing several factors impacting its outlook. These include the influence of the Call Auction Session (CAS) on trading volumes, new bank guarantee norms, and the exchange nearing market share saturation.

Sector Outlooks and Index Targets

Citi’s India Strategy, spearheaded by Surendra Goyal, maintains a constructive stance on the NIFTY, projecting a rolled-forward target of 26800 by June 2027. Axis Bank was recommended as a top large-cap pick within this strategy.

• Citi is overweight on Financials, Telecom, Healthcare, and Utilities.
• Conversely, the brokerage is underweight on IT Services, Staples, and Metals.

Citi remains constructive on India’s defense sector, noting a robust program pipeline and increasing demand for services. The power infrastructure and utilities sector also demonstrates broad-based capital expenditure, despite facing execution challenges.

CLSA’s report on the Auto Sector indicates healthy retail registration growth for August 2026. This positive trend underscores the sector’s resilience and consumer demand.

• EV adoption rates stood at 10% for two-wheelers.
• EV adoption rates were 8% for passenger vehicles.
• Top picks include M&M, Tata Motors PV, Bajaj Auto, and ATHER ENERGY.

Jefferies also provided updates on the Defense and Power Equipments sectors, maintaining ratings for companies such as BHEL, Siemens, Hindustan Aeronautics, KEI Industries, and BEL. The brokerage expressed continued positivity regarding both defense and Transmission & Distribution (T&D) equipment segments.