The base case assumes the Nifty index with a 12-month target of 27,958. In a bullish scenario, a 20x multiple suggests upside towards 30,497, while a conservative bear case suggests 26,486.
The base case assumes the Nifty index with a 12-month target of 27,958. In a bullish scenario, a 20x multiple suggests upside towards 30,497, while a conservative bear case suggests 26,486.
The brokerage remains overweight banks, diversified financials, healthcare, consumer staples, autos and capital goods/defense, citing continued infrastructure spending and asset creation. It is underweight IT services and commodities, while favoring select cement and metal names.
Top picks and high conviction
PL Capital’s top picks with large caps include Adani Port & SEZ, Britannia Industries, Hindustan Aeronautics, ICICI Bank, Larsen & Toubro, Mahindra & Mahindra, Shriram Finance, Tata Steel and Titan Company.
Among mid and small caps, preference is given to HealthCare Global Enterprises, Ingersoll-Rand (India), Ipca Laboratories, KEI Industries and LG Electronics India.
The brokerage has removed HDFC Life Insurance Company, State Bank of India, Aster DM Healthcare, Fine Organic Industries and Max Healthcare Institute from the high conviction list. Instead, HealthCare Global Enterprises, Ingersoll-Rand (India) and Ipca Laboratories have been added.
Trade diplomacy and capital investment
PL Capital sees India’s accelerating trade diplomacy as a defining catalyst. The recently concluded FTA between India and the EU, which covers almost 19 percent of India’s exports, grants preferential access to 97 percent of tariff lines and 99.5 percent of trade value. The immediate elimination of duties on more than 70 percent of tariff lines is expected to benefit textiles and clothing, marine products, leather, gems and jewelry, chemicals, machinery and electrical equipment.
The services component also offers opportunities for IT and ITeS, financial services, telecom, education and digital commerce, in addition to cooperation in the field of semiconductors and critical electronics.
Published on February 25, 2026
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