01
JP Morgan
Supportive fiscal and monetary conditions underpin the most bullish target on the Street.
JP Morgan's call leans on easing global rate cycles and a stable INR, backing an aggressive re-rating case for Indian equities into 2026.
02
Nomura
Valued at 21x December 2027 earnings, on calmer macros and steady domestic flows.
Nomura's target is earnings-anchored rather than multiple-expansion led, implying a steadier, more grounded path to 29,300.
03
Goldman Sachs
India upgraded to Overweight on the back of growth momentum and policy support.
Goldman's upgrade marks a shift from a neutral India stance to explicit overweight positioning within EM/Asia portfolios.
04
Bank of America
Earnings-driven gains at 21.5x FY28 EPS, with RBI repo rate assumed at 5%.
BofA pairs an accommodative RBI stance with earnings recovery, framing the rally as fundamentally, not liquidity, driven.
05
Jefferies
Earnings recovery and persistent domestic flows support a steady, if more modest, upside.
Jefferies is the most conservative of the five, betting on broad-based earnings recovery over multiple re-rating.