Brokerages Expect Stellar Returns on These Large Caps in 2026

Large-cap stocks have outperformed mid- and small-caps in 2025, offering relief to retail investors. The Nifty 50 gained nearly 6% over the past year, while the BSE SmallCap index down 5% and the MidCap index rose just 2%. The large caps benefited from their steady earnings, safer valuations and robust institutional inflows. Moreover, their stability, market dominance, and financial strengths entice investors.

After a sharp rally in 2023-24, midcaps and small caps experienced corrections in 2025 due to their stretched valuations. Based on consensus estimates from Trendlyne, analysts now expect up to 20-50% returns on nine large-cap stocks in 2026 with their robust September quarter results. Morgan Stanley believes India is only "halfway through a profit cycle," where the profit share of GDP is expected to rise from about 5% currently, implying approximately "20% compound earnings growth" in the coming four to five years.

Stock Highlights:

Solar Industries

Brokers expect larger and steadier orders from defence and overseas customers, stable profit margins in the explosives business, and clearer visibility for future earnings. ICICI projects ~35% profit growth annually through FY27.

Current Market Price (CMP): Rs.12,819.
Target Price: Rs.17,148
Upside: 33.78%
Coverage: 7 Analysts
Rating: Strong Buy

Lodha Developers

Brokers generally expect Lodha Developers to rise from current levels, with typical price targets ranging roughly between Rs.1,400 and Rs.1,900 per share and an average near Rs.1,472. Analysts highlight robust presales, faster cash collections, and large new projects that add future revenue.

CMP: Rs. 111.6
Target Price: Rs.1472
Upside: 32.44%
Coverage: 19 Analysts
Rating: Buy

Eternal Ltd

Broking firms hold a mixed view on Eternal Limited, with a target price of Rs.350-427. While Morgan Stanley raised its target price to Rs.420-Rs.427 in late 2025, Geojit sees an upside growth up to Rs.350.

Eternal had recorded meek September quarter results with a net profit of Rs.65 crore, falling about 63% year-on-year, and an EBITDA of Rs.239 crore with margin improvement. Brokers, however, remained optimistic about the company's recovery, given its modest revenue and operational leverage.

CMP: Rs.292.40
Target Price: Rs.383.
Upside: 30.97%
Coverage: 31 Analysts
Rating: Buy

Adani Enterprises

Brokerages cite a strong project pipeline across energy, infrastructure, and logistics that can drive multi-year revenue and earnings growth.

CMP: Rs.2265.40
Target Price: Rs.3433
Upside: 56.88%
Coverage: Two Analysts
Rating: Strong Buy

DLF

Brokerages highlight DLF's large land bank, steady sales in key micro-markets, and recurring rental income from commercial assets. Jefferies sets an Rs.1,000 target.

CMP: Rs.719.75
Target Price: Rs.970
Upside: 30.59%
Coverage: 23 Analysts
Rating: Strong Buy

Hindustan Aeronautics

Motilal Oswal predicts a price of Rs.5650, and Trendlyne's average estimate is around Rs.5623, noting better profit margins due to reduced costs and clear progress on important defence projects like the Tejas Mk1A aircraft deliveries and engine supplies from GE.

CMP: Rs.4443
Target Price: Rs.5623
Coverage: 19 Analysts
Rating: Buy

Swiggy

Nomura and ICICI Securities are among the brokers bullish on Swiggy, with Nomura setting a target of around Rs.550 and ICICI Securities giving a higher target of Rs.740. Brokerages highlight Swiggy's strong growth prospects in food delivery and quick commerce, citing the recent restructuring of its Instamart division, the monetisation of key stakes, and improved unit economics.

CMP: Rs.394.40
Target Price: Rs.491
Upside: 24.41%
Analysts' Rating: Buy

Ambuja Cements

Brokerages such as Jefferies, Motilal Oswal, and ICICI Securities are bullish on Ambuja Cements, with Jefferies setting a target near Rs.650 and Motilal Oswal around Rs.640. They point out Ambuja's strong capacity expansion plans under the Adani Group, improving operating margins through cost efficiencies, and steady demand growth in housing and infrastructure.

CMP: Rs.533.80
Target Price: Rs.662
Upside: 23.92%
Coverage: 40 Analysts
Rating: Buy

Mankind Pharma

Motilal Oswal set a target price of Rs.2800, and Trendlyne's consensus data average near Rs.2700, highlighting the company's strong domestic formulation growth in therapies like cardiac and diabetes, ongoing restructuring and sales-force expansion.

CMP: Rs.2205.05
Target Price: Rs.2683
Upside: 21.661%
Coverage: 17 Analysts
Rating: Buy

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