Synopsis : Jefferies has issued ‘Buy’ recommendations on Anthem Biosciences, IHCL, UPL and Turtlemint Fintech Solutions, with target prices indicating potential upside ranging from nearly 18% to about 37%. The brokerage is betting on CRDMO growth, strong hotel demand, margin recovery, value unlocking and the expansion of India's technology-led insurance distribution market.
Jefferies has turned bullish on four companies across very different sectors — Anthem Biosciences, IHCL, UPL and Turtlemint Fintech Solutions. The brokerage sees potential upside ranging from nearly 18% to about 37%, with the investment cases driven by CRDMO growth, strong hotel demand, margin recovery and the expansion of technology-led insurance distribution.
While the four companies operate in completely different industries, Jefferies sees company-specific growth triggers that could support earnings over the coming years.
Here’s a closer look at the brokerage’s latest ‘Buy’ recommendations.
Anthem Biosciences: CRDMO growth drives the investment case
Jefferies initiated coverage on Anthem Biosciences with a ‘Buy’ rating and a target price of Rs 1,050, implying potential upside of around 17.89%.
The brokerage views Anthem as a high-growth Indian CRDMO, or contract research, development and manufacturing organisation, with capabilities across fermentation, peptides and oligonucleotides.
According to Jefferies, the company operates across the value chain, supporting customers from the research and discovery stage through to commercial manufacturing.
The brokerage expects Anthem to deliver revenue CAGR of 18% and profit after tax CAGR of 20% between FY26 and FY29. Growth could be supported by the expansion of existing contracts and the conversion of its late-stage project pipeline into commercial production.
Commercial molecules already accounted for around 61% of Anthem's FY26 sales, according to Jefferies.
The brokerage also highlighted Anthem's manufacturing capabilities, strong profitability and return profile compared with other Indian CRDMO companies.
However, customer concentration and dependence on its Davos partnership remain among the risks highlighted by Jefferies.
IHCL: Hotel demand and merger benefits remain key triggers
Jefferies maintained its ‘Buy’ rating on Indian Hotels Company Limited, or IHCL, with a target price of Rs 875, indicating potential upside of around 19.30%.
The brokerage's latest view follows IHCL's merger with Oriental Hotels. The all-stock transaction is expected to bring seven properties, including three freehold hotels, into IHCL's standalone portfolio.
The merger will add around 825 rooms, including properties such as Taj Coromandel, Taj Fisherman's Cove and Taj Malabar.
Jefferies believes the transaction could be earnings-per-share accretive from the first year.
Another potential benefit comes from margins. Oriental Hotels has EBITDA margins of around 25% to 27%, compared with IHCL's standalone margins of more than 40%, leaving room for operational improvement.
Jefferies also remains positive on the broader hospitality cycle. The brokerage highlighted strong leisure demand, wedding activity and rising MICE demand.
IHCL reported 14% RevPAR growth in the first quarter of FY27, while Jefferies said second-quarter trends were tracking at similar or potentially higher levels.
The brokerage also expects the BRICS Summit in New Delhi in September 2026 to support demand for hotels in the Delhi-NCR region.
UPL: Margin recovery and Advanta growth in focus
Jefferies maintained its ‘Buy’ rating on UPL with a target price of Rs 715, implying potential upside of around 25.53%.
The brokerage said UPL's management remained confident about achieving full-year growth guidance of 10% to 14%, with second-quarter performance shaping broadly in line with expectations.
Jefferies expects year-on-year volume growth across all four of UPL's businesses, supported by strong performance in India, Africa and the US.
Advanta also remains an important growth driver, with the brokerage expecting continued double-digit revenue and EBITDA growth.
UPL is also working on improving profitability by rationalising unprofitable products, geographies and partnerships. The closure of the Bioplanta joint venture in Brazil is part of this broader strategy.
Jefferies expects crop protection margins to improve and projects EBITDA growth of around 14% for UPL in FY27.
The planned IPO of Advanta could also create an opportunity for value unlocking.
However, Jefferies flagged a stronger-than-expected El Niño event and potential inventory-related losses as key risks.
Turtlemint Fintech Solutions: Highest upside among the four
Turtlemint Fintech Solutions is Jefferies' highest-upside recommendation among these four stocks.
The brokerage initiated coverage with a ‘Buy’ rating and a target price of Rs 190, implying potential upside of around 36.77%.
Jefferies is betting on the rapid growth of the POSP, or point-of-sales-person, channel in India's insurance industry.
Turtlemint is the third-largest player in the segment, with around 20% market share, according to Jefferies. Its technology platform supports a large network of insurance partners.
The brokerage expects Turtlemint to deliver revenue CAGR of around 38% between FY26 and FY29.
Growth is expected to come from rising insurance premiums, higher take rates and continued expansion of its partner network.
Jefferies expects the company to add between 1 lakh and 1.25 lakh partners every year during this period.
Turtlemint turned adjusted EBITDA positive in the fourth quarter of FY26, and Jefferies expects its adjusted EBITDA margin to improve to around 10% by FY29 as scale, partner productivity and retention improve.
The brokerage sees significant potential in the expansion of the technology-driven insurance distribution model.
However, potential commission caps, regulatory changes and aggressive competition remain key risks.
Four stocks, four different growth stories
Jefferies' recommendations are driven by very different sector-specific opportunities.
Anthem Biosciences is a play on India's expanding CRDMO ecosystem and the growth of commercial manufacturing. IHCL is benefiting from strong hospitality demand and the potential financial benefits of its Oriental Hotels merger.
UPL's investment case is centred on volume growth, margin improvement and the potential value unlocking from Advanta. Turtlemint, meanwhile, offers the highest potential upside as Jefferies bets on the rapid expansion of technology-led insurance distribution.
The target prices indicate potential upside ranging from around 18% for Anthem Biosciences to nearly 37% for Turtlemint Fintech Solutions.
As always, these projections represent the brokerage's view and are dependent on future earnings, execution and market conditions.
Conclusion
Jefferies' latest four ‘Buy’ calls show how different growth themes are emerging across the Indian market. From pharmaceutical manufacturing and hotel demand to agricultural recovery and digital insurance distribution, each company has a distinct catalyst.
Among the four, Turtlemint Fintech Solutions offers the highest target-price upside, while UPL's margin recovery, IHCL's strong hospitality cycle and Anthem Biosciences' CRDMO growth provide different investment triggers.
Disclaimer : This article is for informational and journalistic purposes only and is based on Jefferies research reports. It does not constitute investment advice or a recommendation to buy, sell or hold any security. Investors should conduct their own research and consult a SEBI-registered investment adviser before making investment decisions.
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