4 Stocks to Buy Now for an Upside of Up to 38%; Recommended by ICICI Securities

Synopsis: ICICI Securities issues Buy calls on Pine Labs, Aadhar Housing, Hyundai Motor India, and Coforge, citing strong growth outlooks across fintech, housing finance, autos, and IT, with 15–38% upside potential.

ICICI Securities has highlighted a set of high-conviction stock ideas across fintech, housing finance, automobiles, and IT services, projecting strong upside potential of up to 38%. The brokerage remains optimistic on companies benefiting from structural growth themes such as digital payments, affordable housing demand, premiumisation in autos, and global digital transformation.

In its latest note, ICICI Securities has issued Buy ratings on Pine Labs, Aadhar Housing Finance, Hyundai Motor India, and Coforge, citing improving earnings visibility, scalable business models, and sector-specific tailwinds.

Pine Labs Ltd

Pine Labs is an Indian fintech company that provides merchant commerce solutions, including point-of-sale systems, digital payments, and buy-now-pay-later services. It serves retailers, brands, and financial institutions across India and Southeast Asia, enabling card, QR, and online payment processing along with financing and loyalty solutions for seamless retail transactions and analytics.

The stock is in focus after a leading indian brokerage firm, ICICI Securities, initiated a Buy Target of Rs. 210 on it with an upto 38 percent Upside Potential from the previous day’s close.

The stock implying upside supported by strong long-term free cash flow visibility and improving operating leverage. Pine Labs’ diversified model across in-store, online, issuing, and international segments ensures resilient growth with multiple optionalities and reduced concentration risk.

Value creation is driven by rising value-added GTV mix, expanding contribution margins, and AI-led operating leverage. Strong revenue growth outlook, scalable fintech infrastructure, and international expansion further reinforce earnings compounding potential, justifying re-rating towards higher profitability and cash flow conversion over the medium term.

Aadhar Housing Ltd

Aadhar Housing Finance Limited is an Indian housing finance company that provides home loans primarily to low and middle-income individuals. It focuses on affordable housing finance across urban and semi-urban areas, offering loans for home purchase, construction, and improvement. The company operates through a wide branch network in India supporting housing needs nationwide.

The stock is in focus after a leading indian brokerage firm, ICICI Securities, initiated a Buy Target of Rs. 625 on it with an upto 21 percent Upside Potential from the previous day’s close.

It initiated a BUY rating on Aadhar Housing Finance with a constructive outlook, supported by a large structural opportunity in affordable housing (~INR 45tn financing potential) and sustained 18–20% disbursement and ~20–22% AUM growth visibility. Strong distribution scale (>620 branches) and disciplined geographic diversification underpin stable, scalable growth.

Earnings visibility remains strong, with management targeting ~18% RoE and RoA of 4.2–4.4%, supported by stable spreads (>5.5%) and resilient asset quality (GNPA ~1%). Combined with policy support (PMAY 2.0) and improving penetration in low-income housing, Aadhar is well positioned to compound towards INR 500bn AUM, justifying BUY.

Hyundai Motor India Ltd

Hyundai Motor India Limited is the Indian subsidiary of Hyundai Motor Company, engaged in manufacturing and selling passenger cars, SUVs, and electric vehicles in India. It operates major plants in Tamil Nadu and focuses on innovation, safety, and expanding its EV portfolio with a strong dealership and service network across the country.

The stock is in focus after a leading indian brokerage firm, ICICI Securities, initiated a Buy Target of Rs. 2,475 on it with an upto 25 percent Upside Potential from the previous day’s close.

The Brokerage initiated a BUY rating on HMIL, supported by a strong product cycle with 22 planned interventions (FY27–30), including seven new nameplates and multiple full model changes. Entry into underserved SUVs, EVs, and hybrids should expand the addressable market and support ~180bps MS gains to ~14.4% by FY29E.

Near-term margin pressure in H1FY27 is expected to be temporary, with recovery driven by operating leverage, higher localisation, and reduced discounting. EBITDA margin expansion of ~80bps over FY26–29E reinforces earnings visibility, making HMIL well positioned for sustained volume growth

COFORGE Ltd 

Coforge Limited is an Indian IT services and consulting company specializing in digital transformation, cloud services, data management, and application development. It serves clients across banking, insurance, travel, and government sectors globally, delivering technology solutions, automation, and business process services to enhance operational efficiency with focus on digital innovation and scalability.

The stock is in focus after a leading indian brokerage firm, ICICI Securities, initiated a Buy Target of Rs. 1,690 on it with an upto 15 percent Upside Potential from the previous day’s close.

It initiated a BUY rating on Coforge, backed by an ambitious USD 5bn revenue aspiration by FY30, implying ~19% CAGR, supported by strong deal momentum, improving win ratios, and expanding large-deal pipeline despite near-term macro uncertainty and AI-led pricing pressure.

Growth is reinforced by AI-driven transformation across delivery and verticals, strong acquisition integration track record, and healthy margin expansion potential (EBITDA ~20.5–21% FY27E). With scalable AI platforms, improving operating efficiency, and rising enterprise demand, Coforge is well-positioned for sustained mid-to-high teens earnings compounding over the medium term.

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