Banking Sector - The largest bank in the country has a target price of Rs 1,300, indicating a 20% upside potential from current market levels, with a focus on growing its loan book supported by a lower loan-to-deposit ratio and stable asset quality [1] - The management aims to improve return on assets beyond the 1–1.1% range and increase the fee-to-asset ratio from 0.5% in FY25, while targeting deposit growth from 9% to 11–12% over the next 12–18 months [1] Financial Services - Groww, the parent company of Billionbrains Garage Ventures, has a target price of Rs 195 per share, representing a 23% upside from the last close, and holds a 28% market share as the largest broker in terms of active clients [2] - Revenue growth for Groww is forecasted at 29% CAGR over FY26–28E, driven by higher product velocity and rising client assets, which have grown 6–11 times over the past three years [2] Insurance Sector - Star Health & Allied Insurance has a target price of Rs 660 per share, indicating a 43% upside potential, and is the leading private health insurer in India with an estimated market share of around 31% [3] - Analysts expect the loss ratio to improve as claim frequency stabilizes and recent price hikes support higher net earned premiums [3] Automotive Sector - Bharat Forge has a target price of Rs 2,150, translating to a 21% upside from current levels, with operational improvements expected as the US truck cycle shows signs of bottoming out and demand strengthens in India [4] - The company is also benefiting from easing India–US tariff pressures and continued momentum in the defense segment [4] Steel Industry - JSW Steel has a target price of Rs 1,400, forecasting nearly a 20% gain from the last close of Rs 1,173, with rapid capacity expansion from 8 million tonnes per annum (mtpa) in FY10 to 34 mtpa in FY25 [6] - The company plans to expand its capacity to 43 mtpa by FY29E and targets 50 mtpa by FY31E, with a healthy 6% CAGR in India volumes over FY26–28E [6] Food Delivery and E-commerce - Eternal has a target price of Rs 480, indicating a 117% upside from current levels, with food delivery being a key cash generator for Zomato, growing at over 15% while profitability improves [7][11] - The company expects growth to accelerate to around 20% in the medium term, with significant opportunities in quick commerce, despite intense competition [11] Healthcare Sector - Max Healthcare has a target price of Rs 1,320, representing a 29% upside, with plans to double its bed capacity over the next three to four years through brownfield additions [9] - The new Dwarka facility broke even in six months and has begun contributing to EBITDA, with strong demand observed in recently acquired facilities [9]