Indian markets open this Monday (November 17) with a flurry of fresh brokerage calls across autos, defence, airports, utilities and consumer businesses. Several stocks have received positive upgrades and raised target prices, making them key names to watch in today’s session. Here is a full list of the top “Buy” recommendations issued by global brokerages for Monday.
Top Buy Calls for Nov 17
GMR Airports – Jefferies (Buy, TP ₹115/sh)
Jefferies remains bullish after the company delivered a strong EBITDA beat despite muted traffic. The brokerage expects traffic recovery in H2 and sees tailwinds from duty-free, retail expansion and new tariffs. EBITDA estimates have been raised by 3–7%.
Bharat Forge – UBS (Sell maintained; but positive defence commentary)
UBS remains cautious on the stock but notes robust performance in defence and aerospace, with management guiding for 40% aerospace growth in FY26 and a defence revenue share rising to mid-20s by FY30.
Siemens – Nomura (Neutral upgrade, TP ₹3,325/sh)
Nomura upgraded the stock post its 16% YoY revenue jump in Q4, beating estimates. Adj EBITDA came 19% above expectations. Sales, EBITDA and PAT CAGR of 14%, 16% and 16% expected over FY25–28.
Apollo Tyres – CLSA (High-conviction Outperform, TP ₹650/sh)
CLSA continues to back the stock after a strong Q2, where standalone gross margin expanded 140 bps QoQ. EU EBITDA margin also improved sharply. The brokerage expects 5%/8% revenue CAGR for India/EU over FY25–27.
Torrent Power – Jefferies (Buy, TP ₹1,485/sh)
Jefferies initiated coverage with a Buy rating, citing its unique steady-growth utility model. Over 60% of EBITDA comes from distribution with strong ROE, while generation EBITDA is expected to rise 1.6x over FY26–30.
Voltas – Jefferies (Buy, TP ₹1,635/sh)
Despite a weak September quarter, Jefferies remains bullish on market share gains (18.5% in RAC). Recovery is expected from new BEE norms and summer stocking.
LG Electronics – Nomura (Buy, TP ₹1,900/sh)
Nomura sees LG Electronics as a play on affordable premiumisation. Market share gains across categories and premium appliances are expected to drive Q3 recovery.
GMR Airports – Jefferies (Buy, TP ₹115/sh)
Strong non-aero growth, tariff benefits and scaling of adjacent businesses keep GMR Airports on Jefferies’ conviction list.
Apollo Tyres – Nomura (Neutral)
(NOTE: Buy call only from CLSA – included above.)
Additional Buy Ratings Issued Today
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IRB Infra – CLSA (Buy, TP ₹72/sh) – strong tolling growth; well-positioned for India’s asset monetisation pipeline.
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Sun TV – Nuvama (Buy, TP ₹810/sh) – strong revenue and EBITDA beat from Sunrisers Leeds + box-office success.
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NBCC – Nuvama (Buy, TP ₹146/sh) – 26% PAT growth, strong order book, and 20% FY26 growth guidance.
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Rainbow Children’s – HSBC (Buy, TP ₹1,520/sh) – muted quarter but strong expansion plans through FY29.
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Marico – HSBC (Buy, TP ₹870/sh) – 7% volume growth; confident of double-digit EBITDA growth from H2FY26.
Summary: Key Stocks to Watch Today
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GMR Airports
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Apollo Tyres
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Torrent Power
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Voltas
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LG Electronics
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IRB Infra
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Sun TV
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NBCC
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Rainbow Children’s Hospital
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Marico
