Vedanta Aluminium, Adani Power, 4 other stocks with up to 24% upside. Do you own any?

A host of domestic and global brokerages have initiated coverage on select Indian stocks across sectors such as auto components, power, and aerospace. Analysts are bullish on major names such as Vedanta Aluminium, Adani Power, among others and forecast strong upside from current market levels. Here is a list of 6 stocks on which brokerages initiated coverage.

With a Buy call and a target price of Rs 550 (24% upside) from current market levels, Emkay says the market is yet to fully appreciate its structural earnings potential. Analysts remain constructive on the medium-term aluminium outlook, with the global market likely to remain in deficit through CY28 despite Indonesia's announced capacity additions, given execution bottlenecks and China's effective 45mt production cap.

IIFL initiated coverage with a Buy call and a target price of Rs 240 (11% upside). The report said that Adani is building 23.7GW of new coal capacity (more than NTPC’s pipeline of 17GW) that will more than double its 18GW operating base and it is expected that Adani's free cash flow from operations to rise from Rs 170 billion in FY26 to Rs 570 billion on full portfolio buildout.

With a Buy rating and a target price of Rs 1,406, Motilal Oswal forecasts upside of 22% from current market levels. The domestic brokerage said the company is emerging as one of the key beneficiaries of structural growth trends in the industry, such as premiumization and EV transition, which are driving a steady rise in content per vehicle (CPV) for Uno Minda over the years.

Prabhudas Lilladher has initiated coverage on Blue Star with a 'Buy' rating and a sum-of-the-parts (SoTP)-based target price of Rs 1,873, implying a potential upside of around 17% from the current market price of Rs 1,598. The brokerage believes the stock deserves a valuation of 44x FY28 estimated earnings, citing strong earnings visibility, improving profitability and the company's leadership position in the heating, ventilation and air conditioning (HVAC) industry.

IIFL Capital initiated coverage on the shares of Aequs with a ‘Buy’ rating and a target price of Rs 320 apiece, implying an upside potential of nearly 23.5%. The domestic brokerage highlighted that Aequs is India’s only vertically integrated precision manufacturer of aerospace components, and is extending its high-mix, low-volume manufacturing playbook into high-volume, high-mix consumer electronics, targeting steady-state RoCE of nearly 20% by FY31.

Equirus Securities started with Add and a target price of Rs 3,800 (4.3% upside). Aditya Infotech, through its flagship CP PLUS brand, is the market leader in India's surveillance industry with an estimated market share of over 40%. The company operates a vertically integrated business model backed by the country's largest domestic manufacturing footprint, more than 54 STQC-certified IP camera models and a wide-reaching distribution network.
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