Jefferies has singled out eight Indian equities it views as attractive across multiple industrial and infrastructure-related sectors. The selections emphasize companies where the broker sees clear volume or capacity trajectories, improving margins or sizable order books that support medium-term earnings growth.
Summary of Jefferies' top eight picks
- TVS Motors (TVSL IN) - Jefferies notes that the two-wheeler maker has reached a 23-year high domestic market share of 21% in the year to date for fiscal 2027. Over the past decade the company nearly doubled its share in motorcycles and internal combustion engine scooters, and it holds 25% of the electric two-wheeler market. Wholesale momentum accelerated from 1% year-over-year in the first half of fiscal 2026 to about 20-21% in the second half and year to date for fiscal 2027. EBITDA margins have widened from an average of 6.4% in fiscal 2010-2017 to 13% in fiscal 2026 and the first quarter of fiscal 2027. Jefferies models a 13% compound annual volume growth and 24% compound annual growth in earnings per share over fiscal 2026-2029, assigning a target price of Rs5,425.
- Bharat Forge (BHFC IN) - The forging specialist is cited as benefitting from a rebound in North American heavy truck orders and from expansion into defense and aerospace segments. North American heavy truck orders rose 104% in the calendar year to date after a 23% decline in calendar 2025. Bharat Forge carries a sizable defense order book of Rs112 billion, and Jefferies expects defense to account for 18-19% of consolidated revenues in fiscal 2028-2029. Following a moderate 9% compound annual growth rate in earnings per share over fiscal 2024-2026, Jefferies projects acceleration to a 30% compound annual rate over fiscal 2026-2029. The firm's target price is Rs2,500.
- JSW Steel (JSTL IN) - JSW plans to expand crude steel capacity from 38 million tons in fiscal 2026 to 80 million tons by fiscal 2032, positioning the company among the top three global steel producers by that metric. The company currently has 22 million tons per annum of capacity expansions under way. India flat steel prices increased 5% in August 2026 and are now in line with landed China imports, according to Jefferies. The broker expects earnings per share to triple over fiscal 2026-2029 and sets a target price of Rs1,650.
- Hindustan Zinc (HZ IN) - Jefferies highlights a 35% rise in zinc prices since March to $4,084 and a 19% rebound in silver to $66. Hindustan Zinc plans to raise refined metal capacity by about 30% to roughly 1.5 million tons per annum by the second quarter of fiscal 2029. Jefferies forecasts year-over-year growth of 44% in EBITDA and 54% in earnings per share for fiscal 2027.
- Siemens Energy India (ENRIN IN) - The power equipment maker reports an order book up 16% year-over-year at Rs191 billion. Jefferies anticipates operating leverage to drive a 475 basis point margin expansion to 24% in fiscal 2028 versus fiscal 2025. The broker models a 43% compound annual growth rate in earnings per share over fiscal 2025-2028, with a target price of Rs4,800.
- Hindustan Aeronautics (HNAL IN) - HAL carries a Rs2.5 trillion order book and a Rs1.8 trillion pipeline. The Tejas Mk1A light combat aircraft accounts for 43% of the March 2026 order book. Jefferies projects a 310 basis point margin improvement over fiscal 2026-2030 and assigns a target price of Rs6,800.
- Adani Ports (ADSEZ IN) - Jefferies expects Adani Ports to deliver a 16% EBITDA compound annual growth rate over fiscal 2026-2031, driven by a 13% compound annual growth rate in port volumes. The broker notes the potential for the company to become net cash by fiscal 2031 and sets a target price of Rs2,160.
- Emmvee Photovoltaic (EMMVEE IN) - Jefferies highlights Emmvee's early entry into TOPCon cell technology and an order book that provides about two years of visibility. The broker models a 33% EBITDA compound annual growth rate over fiscal 2026-2029 and values the company at a target price of Rs440.
Analytical takeaways
Across the eight names Jefferies points to a combination of market-share gains, price or commodity tailwinds and explicit expansion programs or order books that underpin its earnings and margin projections. The picks span several sectors - automotive and two-wheelers, heavy industry and forgings, flat steel production, non-ferrous metals, power equipment, aerospace and defense, port logistics and solar manufacturing - reflecting an emphasis on capital-intensive, volume-driven businesses where capacity and large contracts are central to near- to medium-term cash flow visibility.
Key points
- Jefferies favors companies with expanding capacity or order-book visibility that support multi-year earnings growth forecasts across industrial sectors.
- The selections cover automotive, metals, energy, defense, infrastructure and solar, highlighting sectors where commodity price moves and large contracts materially affect earnings.
Risks and uncertainties
- Commodity price volatility - movements in zinc, silver and steel prices are highlighted in the broker's analysis and will materially influence earnings for metals and mining companies.
- Order-book concentration - a meaningful portion of Hindustan Aeronautics' March 2026 order book is tied to the Tejas Mk1A program, indicating concentration in a single aircraft family within the defense order mix.
- Execution and capacity timelines - several names have large capacity expansion plans or multi-year targets, such as JSW Steel's plan to grow to 80 million tons by fiscal 2032 and Hindustan Zinc's planned 30% capacity increase by second quarter fiscal 2029; the realization of projected earnings depends on successful and timely execution of these projects.
Conclusion
Jefferies' eight recommended Indian stocks are anchored in observable metrics cited by the broker - market-share gains at TVS Motors, a sizeable defense order book at Bharat Forge and HAL, capacity expansion at JSW Steel and Hindustan Zinc, improving commodity price environments and order-book growth at Siemens Energy India and Adani Ports, and early technology positioning with multi-year orders at Emmvee. The broker's target prices and compound annual growth projections reflect these stated drivers.