ICICI Securities has highlighted several stocks with significant upside potential, offering investors attractive growth opportunities. Backed by strong fundamentals, expansion plans, and improving margins, these stocks are well-positioned for substantial gains.
The brokerage sees an upside potential of up to 76 percent, with top picks including M&M, Gulf Oil Lubricants India, Delhivery, Bharti Airtel, and Aurobindo Pharma.
Here are a few stocks that ICICI Securities has given an upside potential of up to 76%.
Mahindra and Mahindra Limited
With a market capitalization of Rs. 3,83,578.90 crore, the shares of Mahindra and Mahindra Limited were closed at Rs. 3,084.60 per equity share, down nearly around 1.68 percent from its previous day’s close price of Rs. 3,137.45.
ICICI Direct has revised Mahindra and Mahindra Limited to a “Buy” rating, setting a target price of Rs. 3,850, reflecting a 25.81 percent upside from the current price of Rs. 3,084.60. It revised its target price from Rs. 3,400 to Rs. 3,850.
M&M Limited’s strong product pipeline, including new ICE SUVs and EV models, along with aggressive investments of Rs. 27,000 crore in product development and capacity expansion, supports its long-term growth. The target implies 29x FY27E core EPS.
Gulf Oil Lubricants India Limited
With a market capitalization of Rs. 5,671.73 crores, the shares of Gulf Oil Lubricants India Limited were closed at Rs. 1,150.40 per equity share, down nearly around 3.19 percent from its previous day’s close price of Rs. 1,188.35.
ICICI Securities has revised Gulf Oil Lubricants India Limited to a “Buy” rating, setting a target price of Rs. 1,630, reflecting a 37.16 percent upside from the current price of Rs. 1,188.35. It revised its target price from Rs. 1,550 to Rs. 1,630
Gulf Oil’s EBITDA margins are steadily improving, reaching 13.5 percent in Q3 FY25, driven by premiumisation, a better product mix, and lower crude prices. With stable input costs and pricing power, margins could rise further, targeting 13.7 percent by FY27E, supported by new product launches and premium vehicle growth.
Delhivery Limited
With a market capitalization of Rs. 21,143.69 crore, the shares of Delhivery Limited were closed at Rs. 284.35 per equity share, down nearly around 4.24 percent from its previous day’s close price of Rs. 296.95.
ICICI Securities, a prominent brokerage firm, has recommended a “Buy” call on Delhivery Limited with a target price of Rs. 500 per share, indicating an upside potential of 75.84 percent.
Delhivery expects express parcel margins to stabilize at 17-20 percent in the coming quarters, driven by a shift from spot contracts to locked-in vehicle rental rates and improved PTL volumes. Limited capital inflow may push competitors to raise prices, benefiting Delhivery’s revenue growth
Bharti Airtel Limited
With a market capitalization of Rs. 9,66,577.81 crores, the shares of Bharti Airtel Limited closed at Rs. 1696 per equity share, up nearly around 0.19 percent from its previous day’s close price of Rs. 1692.85.
ICICI Securities has revised Bharti Airtel Limited to a “Buy” rating, setting a target price of Rs. 1,925, reflecting a 13.50 percent upside from the current price of Rs. 1,696. It revised its target price from Rs. 1,875 to Rs. 1,925
Bharti Airtel reported a strong quarter, gaining AGR market share and improving EBITDA margins. The company maintains disciplined capex allocation, focusing on 5G, fixed broadband, and digital services like cloud and IoT. With lower capex in FY24 and further reduction in FY26, Bharti continues to strengthen its financial position.
Aurobindo Pharma Limited
With a market capitalization of Rs. 66,716.68 crores, the shares of Aurobindo Pharma Limited closed at Rs. 1148.70 per equity share, down nearly around 2.39 percent from its previous day’s close price of Rs. 1176.80.
ICICI Securities has revised Aurobindo Pharma Limited to a “Buy” rating, setting a target price of Rs. 1,445, reflecting a 25.79 percent upside from the current price of Rs. 1148.70. It revised its target price from Rs. 1,470 to Rs. 1,445
The company’s Q3FY25 performance lagged expectations due to weaker US sales, though Europe and growth markets showed strong traction. EBITDA margin remained 20.4 percent, with improvement expected from higher gRevlimid revenue and lower Pen-G losses. Management maintains 21-22 percent EBITDA margin guidance
Written By – Nikhil Naik
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