NDTV Profit's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer NDTV Profit's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Axis Securities Report
Axis Securities has maintained a constructive outlook on Indian equities despite near-term volatility, citing strong domestic fundamentals, resilient earnings and structural growth drivers as key support factors.
In its latest report, the brokerage highlighted a basket of high-conviction stock ideas across sectors, focusing on companies with strong earnings visibility, balance sheet strength and scalable growth models.
Among large-cap picks, Axis Securities remains bullish on Bharti Airtel, ICICI Bank, Bajaj Finance, Kotak Mahindra Bank and Avenue Supermarts (D-Mart), driven by robust growth outlook, improving asset quality and strong execution.
Bharti Airtel offers upside of about 38%, supported by rising ARPU and strong subscriber growth.
ICICI Bank is expected to deliver steady earnings with around 35% upside, backed by healthy credit growth and stable asset quality.
D-Mart remains a structural consumption play with ~30% potential upside, aided by store expansion and margin resilience.
The brokerage also highlighted mid- and small-cap opportunities, including Eternal (Zomato), Dalmia Bharat, Ujjivan Small Finance Bank and Chalet Hotels, which offer strong growth visibility and significant upside potential.
Eternal has the highest upside at around 43–44%, led by strong traction in quick commerce and food delivery segments. ,
Dalmia Bharat and Ujjivan SFB also offer over 35–40% upside, driven by sector tailwinds and improving profitability outlook.
Axis Securities continues to prefer BFSI, telecom, capital goods, healthcare and power sectors, while remaining selective in consumption and capex-linked plays. It maintains a cautious stance on IT due to medium-term headwinds.
The brokerage expects Nifty earnings to grow at a healthy pace over the medium term, supported by government capex, domestic demand and improving private investment cycle. However, it flagged key risks from geopolitical tensions, elevated crude prices, inflation and currency volatility, which could drive near-term market swings.
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