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Axis Securities Report
Axis Securities has identified a broad basket of high-conviction stock ideas following the Q1 FY27 earnings season, betting on companies across banking, cement, metals, infrastructure, chemicals, consumer, retail, automobiles, real estate, technology and power.
The brokerage's August 2026 consolidated conviction report spans sectors ranging from cement and metals to BFSI, infrastructure, FMCG, automobiles, IT and utilities.
Among some of its prominent calls are UltraTech Cement, Dalmia Bharat, JK Cement, Hindalco, APL Apollo Tubes, ICICI Bank, Bajaj Finance, RITES, Jubilant Ingrevia, Nestle India, Britannia Industries, CCL Products, V-Mart Retail, Bajaj Auto, TVS Motor, Maruti Suzuki, Prestige Estates, Oberoi Realty, LG Electronics India, Indian Hotels, LTM, Affle 3i, NTPC and Skipper.
Axis Securities' conviction rests on a mix of capacity expansion, robust order books, improving asset quality, premiumisation, market-share gains, consumption recovery and structural growth opportunities across new-age areas such as EVs, renewable energy and artificial intelligence.
UltraTech, Dalmia Bharat And JK Cement Among Cement Picks
In cement, Axis Securities has a Buy call on UltraTech Cement with a target price of Rs 14,000. The brokerage expects the company's capacity additions to underpin roughly 13% volume CAGR between FY25 and FY28, while cost optimisation, premiumisation and higher green-energy usage could lift EBITDA margins to around 21% by FY28.
It also recommends Dalmia Bharat with a target of Rs 2,260 and JK Cement with a target of Rs 6,150. Dalmia's expansion and JP Cement asset acquisition are expected to support volume growth, while JK Cement's capacity expansion is projected to drive a 13% volume CAGR over FY25-FY28E.
The brokerage remains positive on the medium-to-long-term cement outlook, forecasting industry demand growth of around 7-8% in FY27, though fuel costs and pricing discipline remain key monitorables.
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ICICI Bank, Bajaj Finance Stand Out In Financials
Among private banks, ICICI Bank is one of Axis Securities' preferred ideas, carrying a Buy rating and target price of Rs 1,800. The brokerage cited broad-based loan growth, resilient asset quality and stable margins, while forecasting loan growth of around 17% CAGR over FY26-FY29E.
Within NBFCs, Bajaj Finance remains Axis Securities' top pick, with a Buy call and Rs 1,305 target. The brokerage highlighted the lender's 22-24% FY27 AUM-growth guidance, improving asset quality and diversified growth engines across consumer, gold and retail lending.
Axis Securities expects improving operating efficiency and stable credit costs to support approximately 16% earnings CAGR for the banks under its coverage.
Maruti Suzuki, TVS Motor And Bajaj Auto Make Auto List
Axis Securities has placed Maruti Suzuki among its top auto ideas with a target price of Rs 15,920. The brokerage highlighted strong domestic demand, market-share gains, export leadership and incremental manufacturing capacity as key drivers, even as commodity costs pressured margins in Q1.
TVS Motor carries a target price of Rs 4,235, with the brokerage bullish on rapid EV growth, capacity expansion, record exports and the longer-term premiumisation opportunity through Norton Motorcycles.
Bajaj Auto, meanwhile, has a Buy call with a target of Rs 11,880. Axis highlighted record export momentum, EV scale-up, three-wheeler leadership and the rapid expansion of Bajaj Auto Credit as major drivers.
AI And Digital Growth Drive IT Picks
Within technology, Axis Securities recommends LTMindtree with a target of Rs 4,560. The brokerage highlighted an order inflow of $1.7 billion, a $150-million quarterly AI revenue run rate and management's ambition to nearly double revenue to $10 billion by FY31.
It also has a Buy call on Affle 3i with a target price of Rs 1,840, citing sustained organic growth, AI-led platforms, intellectual property and acquisitions as key scalability drivers.
Overall, Axis Securities' post-Q1FY27 strategy favours businesses where company-specific triggers—capacity additions, premiumisation, improving balance sheets, order-book visibility, technology adoption and market-share gains—can support earnings growth even as several sectors continue to contend with elevated input costs, geopolitical uncertainty and uneven demand conditions.
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