5 Stocks Recommended by Top Brokerages That Can Deliver Returns of Up to 45%

Synopsis: Five top brokerages have issued fresh Buy calls across IT, FMCG, travel tech, aluminium, and mid-cap software – flagging upside of up to 45% for investors hunting for meaningful returns in the current market.

India’s equity markets continue to attract attention from institutional research desks. Even as broader markets remain volatile, several blue-chip and mid-cap names are drawing strong conviction calls from top brokerages. From artificial intelligence-driven IT plays to a freshly listed aluminium giant, here are five stocks that analysts believe could deliver significant returns over the next 12 to 18 months. 

HCLTech

Nomura is not budging on HCL Technologies. The Japanese brokerage has held its Buy rating and Rs 1,600 target i.e an upside of 45% from current levels through several quarters now, and a recent development has only added to its conviction – HCLTech’s strategic investment in Sarvam AI, one of India’s more ambitious homegrown AI startups.

What makes this interesting is not the investment itself, but what it signals. HCLTech is not just reselling generic AI tools to clients. It is trying to build proprietary, India-specific AI capabilities that can be embedded into client workflows across banking, healthcare, and manufacturing. 

Nomura believes this differentiation will matter as enterprises move from AI experimentation to actual deployment. At current prices, the stock trades at a meaningful discount to Nomura’s target – the 43% gap is one of the wider ones you will find in large-cap IT right now.

HUL

The brokerage has kept its Buy on Hindustan Unilever and a Rs 3,090 target with an upside of 42% from current level, pointing to a volume recovery that has been building quietly over the past few quarters.

HUL’s story has shifted. A year ago, the worry was rural demand weakness and margin pressure from input costs. Today, premium launches are selling, D2C brands are gaining ground, and digital channels are growing faster than traditional trade. 

Nuvama is not making a heroic call here – it is essentially saying the worst is behind HUL and the re-rating has not fully happened yet. For a stock of this size and liquidity, 40% upside is a bold number. The market, so far, seems unconvinced. That gap is exactly what Nuvama is betting on.

TBO Tek

Motilal Oswal has a Buy on TBO Tek with a Rs 1,765 target – 21% upside – built around a simple thesis: travel is growing, and TBO sits right in the middle of how hotels and airlines reach agents.

The numbers Motilal Oswal is working with: roughly 23% annual GTV growth between FY26 and FY28, with margins expected to widen alongside. TBO is not a consumer brand, which is why it flies under the radar. But its B2B platform handles significant transaction volumes, and switching costs in this business are real. The stock does not get the attention that consumer travel names do. Motilal Oswal thinks that is a mistake.

Vedanta Aluminium

The Vedanta demerger is done. Four businesses now trade independently, and of the lot, Vedanta Aluminium has attracted the most institutional attention in the shortest time. Kotak has initiated with a Buy and a Rs 600 target – up to 35% from current levels.

The demerger cleans up a balance sheet that was previously entangled with Vedanta’s broader debt structure. Investors now get direct, focused exposure to one of India’s largest aluminium producers without the noise. 

Kotak’s case is straightforward – aluminium demand is rising, costs are being managed, and the debt overhang is lighter than before. Whether global prices cooperate is the variable no analyst can fully control. But the structural setup, Kotak argues, is the best it has been in years.

Coforge

Motilal Oswal has a Buy rating on Coforge with a Rs 1,900 target and 27% upside, and the recent analyst day cemented it. Management laid out a plan to double revenue to around $5 billion by FY30 – an aggressive target for a mid-cap IT company.

What gives Motilal Oswal confidence is not just the ambition but the track record behind it. Coforge has won disproportionately large deals for its size, deepened wallet share with existing clients, and made acquisitions that have largely worked out. The $5 billion number is a stretch goal. But Motilal Oswal is betting that even a partial delivery gets the stock significantly higher from here.

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