Synopsis : Jefferies sees India’s next stock winners emerging well beyond banks and IT, with capex, power, manufacturing, consumption and new-economy themes creating a broader opportunity set across 20 sectors. India’s next set of stock-market winners is getting harder to fit into the traditional playbook of banks, information technology and consumer companies. Jefferies’ September 10 India Equity Strategy report, prepared ahead of its fifth India Forum, brings together companies across a wide range of sectors and points to a much broader set of earnings opportunities.
The forum will bring together 133 companies representing about $2.1 trillion of market capitalisation and 54% of the MSCI India weight. Jefferies said the domestic growth backdrop has remained resilient despite the Middle East conflict, higher energy and freight costs and currency volatility.
The report highlights potential opportunities across autos, banks, building materials, capital goods, cement, chemicals, consumption, healthcare, internet, IT, metals, financials, oil and gas, power, real estate, telecom, transport and travel.
The companies discussed by Jefferies include Eicher Motors, ICICI Bank, Polycab India, Hitachi Energy India, UltraTech Cement, Navin Fluorine, Trent, Tata Consumer Products, Mankind Pharma, Eternal, Coforge, Hindustan Zinc, Shriram Finance, SBI Funds Management, Reliance Industries, JSW Energy, Godrej Properties, Bharti Airtel, Adani Ports and Indian Hotels.
The “key name” in each sector is a synthesis based on the companies discussed in Jefferies’ September 10 report and related research. It does not represent a separate Jefferies rating category.
Eicher Motors: Premium motorcycles remain the key driver
Eicher Motors stands out in autos because Royal Enfield operates in the part of the two-wheeler market where demand has been strongest.
Jefferies noted that industry growth accelerated sharply in the second half of FY26 and remained strong in FY27, while the share of 125cc-plus motorcycles continued to rise.
The company is also expanding capacity and international operations, giving the premium motorcycle franchise more room to grow. Its commercial-vehicle joint venture adds another growth opportunity through medium and heavy commercial vehicles.
Jefferies’ latest note on the company is titled “Cruising Despite Cost Headwinds.”
The key questions now are how large the middle-weight motorcycle opportunity can become, whether exports can scale further and how Eicher’s electric motorcycle strategy develops.
ICICI Bank: Loan growth meets a strong deposit franchise
ICICI Bank is positioned as one of the clearest large-bank beneficiaries of India’s financial-sector growth.
Jefferies sees strength across retail, corporate and small and medium enterprise lending. The bank’s diversified financial-services ecosystem and strong deposit franchise provide a broader base than simply faster loan growth.
Corporate lending has picked up, while retail demand remains healthy across mortgages and personal loans.
Jefferies describes ICICI Bank as a “core beneficiary of India’s long-term financial sector growth.”
The major issue for investors is whether the credit cycle can remain strong without putting pressure on margins or asset quality, particularly if crude prices and inflation remain elevated.
Polycab India: Power, housing and capex converge
Polycab offers exposure to multiple parts of India’s domestic investment cycle through cables, wires, electrical products and related businesses.
Jefferies noted that the company has steadily increased its share of India’s organised cables-and-wires market while maintaining double-digit sales growth.
Its revenue mix is also diversified across business-to-business, business-to-consumer, government, exports and fast-moving electrical products.
Jefferies describes Polycab as “a play on power, capex and housing.”
The main issue to monitor is the impact of volatile copper prices and whether Polycab can continue capturing demand from the industries driving India’s infrastructure and manufacturing expansion.
Hitachi Energy India: Transmission capex creates a major opportunity
The capital-goods opportunity is increasingly linked to electricity transmission, and Hitachi Energy India is positioned at the centre of this trend.
The company has a strong order-book position in Jefferies’ coverage, with large high-voltage direct-current orders providing significant revenue visibility.
Jefferies expects operating leverage to become increasingly important as revenue scales, meaning execution will be just as important as securing new orders.
An earlier company assessment pointed to an order book equivalent to around 4 times FY26 sales, with two large domestic high-voltage direct-current orders already secured.
The key risks are weaker power demand, a slowdown in the capex cycle and execution delays on large projects.
UltraTech Cement: Scale remains its biggest advantage
UltraTech Cement continues to stand out because of its unmatched scale in the Indian cement industry.
The company has crossed 200 million tonnes per annum of domestic capacity and is targeting more than 235 million tonnes per annum by FY28. Its national market share is around 30%.
Jefferies’ latest note is titled “UTCEM Jun-Q: Staying Ahead of the Pack.”
The next phase of the story is not limited to capacity additions. Jefferies is also examining UltraTech’s cost-reduction programme, renewable power, waste-heat recovery, alternative fuels, logistics and its expansion into adjacent building-material categories such as wires and cables.
Navin Fluorine: Manufacturing opportunities across multiple sectors
Navin Fluorine is one of the more diversified manufacturing plays in the Jefferies universe.
Its business spans refrigerant gases, pharmaceutical contract development and manufacturing, agrochemical custom synthesis and advanced materials.
This gives the company exposure to several emerging manufacturing themes, including semiconductors, data centres and defence.
Jefferies highlighted the company’s “long term service contracts across verticals”, which support its growth outlook.
The key question is whether growth remains sustainable as new molecules, contract-development projects and refrigerant capacity ramp up.
Trent: Organised retail remains the consumption opportunity
Trent stands out in consumer discretionary because its growth is being driven by organised retail and premiumisation.
The company’s expansion is built around organised retail formats and increasing consumer penetration.
Jefferies also tracks Kalyan Jewellers, Vishal Mega Mart and other retail companies, but Trent remains a key name within the broader discretionary opportunity.
The valuation, however, is important. Jefferies’ FY28 estimate puts Trent’s price-to-earnings multiple at around 54 times, meaning continued high earnings growth will be necessary to support the premium valuation.
Tata Consumer Products: Multiple routes to rising consumption
Consumer staples are no longer being viewed purely as a defensive segment.
Jefferies is examining whether demand can remain firm while premiumisation, rural recovery and input-cost pressures play out.
Tata Consumer Products has exposure across beverages, foods and newer consumption categories, giving it several ways to benefit from changing consumer preferences.
The key challenge is converting category expansion into sustained revenue and profit growth while maintaining margins.
Mankind Pharma: Domestic healthcare remains attractive
Healthcare is another area where Jefferies is being selective.
Mankind Pharma is positioned around India’s domestic pharmaceutical market, where chronic therapies continue to expand and acute therapies recover.
The brokerage’s healthcare coverage also includes Torrent Pharmaceuticals, Cipla, Lupin, Ajanta Pharma and Sai Life Sciences.
Mankind’s appeal comes from its domestic scale and exposure to the continuing consolidation and growth of India’s pharmaceutical market.
Eternal: Strong internet growth comes with a valuation premium
Eternal remains one of the largest companies in Jefferies’ internet coverage and carries one of the highest valuations in the sector.
The company’s opportunity comes from the continued expansion of online consumption and its multiple consumer-facing platforms.
However, valuation remains the biggest catch.
Jefferies’ FY28 estimate places Eternal’s P/E at around 78 times, substantially higher than several other internet names.
That makes Eternal a classic growth-versus-valuation story. The company will need to deliver strong earnings growth to justify the premium investors are already assigning to its future potential.
Coforge: High growth remains the central attraction
Coforge stands apart from the broader IT-services sector because of its ambitious growth target.
The company is targeting $5 billion in revenue by FY30, which Jefferies estimates would require roughly 19% compound annual growth, including around 15% organic growth.
The brokerage is also focusing on Coforge’s large-deal pipeline, cross-selling opportunities from Encora and potential margin improvement.
Jefferies’ latest note is titled “Strong growth with margin upsides | BUY.”
The key risk is execution. Coforge must integrate the enlarged business, deliver its growth ambitions and improve margins while managing acquisition-related leverage.
Hindustan Zinc: Metals opportunity with a lower valuation
Metals are represented by companies including JSW Steel, Hindustan Zinc, Hindalco and Jindal Stainless.
Hindustan Zinc stands out because its valuation is materially lower than several other companies in the group.
Jefferies’ FY28 estimate puts its P/E at around 14 times, giving investors direct exposure to zinc prices and domestic metals demand at a comparatively lower earnings multiple.
The broader metals outlook remains dependent on global commodity prices, import competition, raw-material availability, energy costs and capacity expansion.
Shriram Finance: Expanding beyond vehicle finance
Shriram Finance remains strongly associated with commercial-vehicle financing, but its growth strategy is becoming broader.
Jefferies notes that the company is targeting faster growth in new commercial-vehicle financing and small and medium enterprise lending.
The funding-cost benefit from the MUFG equity infusion and merger-led diversification could further strengthen the franchise.
The key question is whether Shriram Finance can accelerate growth without sacrificing the asset-quality discipline that has supported its returns.
SBI Funds Management: Financialisation of savings is the opportunity
The asset-management opportunity is linked to the gradual movement of household savings towards financial products.
SBI Funds Management is part of Jefferies’ forum universe alongside HDFC Asset Management, ICICI Prudential Asset Management and other financial platforms.
The broader theme is the continued financialisation of household savings.
For investors, the important factors include the sustainability of market participation, growth in assets under management and the ability of asset managers to convert increasing financial savings into long-term earnings growth.
Reliance Industries: Multiple earnings levers
Reliance Industries remains the key large-cap name in Jefferies’ oil-and-gas category.
Its investment case extends well beyond refining.
Jefferies is also examining petrochemical margins and the performance of the retail business, while crude and gas prices remain important variables for the energy portfolio.
The company therefore has multiple potential earnings drivers, but that also means its overall earnings trajectory depends on several businesses performing well simultaneously.
JSW Energy: Private-sector power growth creates an opportunity
Jefferies expects private power generation to grow substantially faster than the overall industry through FY30.
JSW Energy is positioned to benefit from this trend alongside companies such as Adani Power, Torrent Power and Adani Green Energy.
The broader opportunity comes from capacity additions, renewable generation and the expansion of India’s power infrastructure.
However, the sector remains highly capital intensive, making funding, execution and demand growth important factors for investors.
Godrej Properties: Housing demand remains the key trigger
Real estate remains a smaller part of the overall market, but Jefferies sees a healthy operating backdrop for major developers.
Godrej Properties has one of the strongest pre-sales franchises among the developers covered by the brokerage.
Jefferies noted that pre-sales increased at a 41% compound annual growth rate between FY23 and FY26, while the company is targeting another 14% increase in FY27.
The key question is whether housing demand can remain strong across cities and segments after several years of strong growth.
Bharti Airtel: Pricing power and cash flow stand out
Telecom is one of the more structurally attractive sectors in Jefferies’ framework.
Subscriber premiumisation and potential tariff increases can lift average revenue per user, while lower capital intensity can improve cash-flow generation.
Bharti Airtel is the dominant name in the sector matrix and trades at a significantly lower enterprise-value-to-EBITDA multiple than many high-growth consumer companies despite its strong earnings outlook.
Jefferies’ broader telecom analysis points to “strong growth and improving ROCEs” as potential drivers of a further re-rating.
Adani Ports: Ports are becoming logistics platforms
The ports opportunity is increasingly moving beyond simple cargo-volume growth.
Adani Ports and Special Economic Zone and JSW Infrastructure are among the principal names in Jefferies’ forum universe.
Their expansion into logistics, terminals and connectivity allows them to capture more value from the movement of goods.
Jefferies is also tracking the role of ports in India’s wider infrastructure and manufacturing expansion as trade flows and domestic industrial activity increase.
Indian Hotels: Travel growth extends beyond passenger numbers
Travel demand is broad, but earnings quality varies significantly between airlines, hotels, airports and travel-technology companies.
Indian Hotels has an established operating base and exposure to the continuing growth of domestic travel and hotel demand.
The opportunity is not simply about increasing passenger numbers. Room rates, occupancy, new properties and operating leverage will also determine the earnings trajectory.
Six emerging themes could create the next generation of winners
The most significant part of Jefferies’ broader framework is its focus on industries that are being built alongside India’s existing economy.
Its 2030 framework identifies six major opportunities: space, semiconductors, data centres, electronics, solar manufacturing and aerospace.
These themes are connected rather than isolated.
Data centres increase demand for power, transmission equipment, cooling and construction. Semiconductor manufacturing creates demand for specialised materials, packaging and electronics. Solar manufacturing is encouraging greater localisation across cells, modules, wafers and other components.
Aerospace and defence are creating opportunities for precision engineering, advanced electronics and specialised manufacturing.
Companies linked to these themes include Astra Microwave, Kaynes Technology, Larsen & Toubro, Adani Enterprises, Dixon Technologies, Premier Energies, Emmvee Photovoltaic Power and Hindustan Aeronautics.
Space: India moves from startups to commercial execution
India’s space ecosystem has expanded rapidly, with private companies moving across launch vehicles, satellites, Earth observation, propulsion and downstream applications.
Jefferies expects India’s space economy to expand five-fold between 2023 and 2030 to around $40-45 billion and eventually reach $100 billion by 2040.
The brokerage believes Indian space startups are increasingly moving from early-stage innovation towards commercial execution.
Astra Microwave is among the listed companies linked to this opportunity.
Semiconductors: Kaynes enters commercial production
Kaynes Technology has begun commercial production at its semiconductor packaging facility in Sanand, Gujarat.
The facility initially focuses on Intelligent Power Modules for automotive and industrial applications.
The company has also signed a multi-year supply agreement with Alpha & Omega Semiconductor covering 11 package types.
Jefferies expects semiconductor packaging revenue to ramp meaningfully from FY28.
The broader semiconductor opportunity is supported by around $20 billion of investments already announced in India and an expected new incentive plan of approximately $13 billion.
Data centres: A massive power and infrastructure opportunity
India’s data-centre capacity is expected to expand sharply as hyperscalers, banks, financial institutions and other enterprises increase their digital infrastructure requirements.
Jefferies expects Indian colocation data-centre capacity to rise from around 2GW in 2026 to roughly 10GW over the next five years.
The brokerage estimates that the expansion could create a $9 billion revenue opportunity for data-centre operators.
The associated facility investment could reach around $45 billion between CY27 and CY31.
The opportunity extends well beyond data-centre operators. Power and electrical systems are expected to represent the largest component of this investment.
Companies linked to this theme include Larsen & Toubro, Adani Enterprises, Bharti Airtel, Hitachi Energy India, Cummins India, Polycab India, Siemens Energy India, KEI Industries, Voltas, Kirloskar Oil Engines and Finolex Cables.
Electronics: Domestic component manufacturing takes centre stage
India’s electronics production has increased sharply in recent years, while smartphones have become one of the country’s largest export categories.
Jefferies expects the next phase of growth to come from greater domestic component manufacturing.
The Electronics Component Manufacturing Scheme is expected to cover a much larger portion of mobile-component value, while printed circuit boards and other components offer significant opportunities for local manufacturers.
Samvardhana Motherson International and Kaynes Technology are among the companies positioned to benefit.
Solar manufacturing: Localisation creates another industrial opportunity
India has emerged as the world’s second-largest solar photovoltaic manufacturing hub.
Jefferies expects policy measures covering modules, cells, ingots and wafers to support greater localisation across the manufacturing chain.
The brokerage expects around 90% of solar manufacturing value addition to be localised by 2030.
Premier Energies is rated Buy with a target price of Rs 1,205. Jefferies expects its EBITDA to grow at a 27% CAGR between FY26 and FY29.
Emmvee Photovoltaic Power is also rated Buy, with a target price of Rs 440. Jefferies describes Emmvee as its preferred pick because of its early entry into Tunnel Oxide Passivated Contact technology, net-debt-free balance sheet, profitability and 9.9GW order book.
Aerospace: India becomes a deeper global supply-chain partner
India’s aerospace exports have increased sharply, while global aircraft manufacturers continue to face large order backlogs and supply constraints.
Jefferies sees opportunities across aerostructures, engine components, aircraft systems, electrical interconnects and precision tooling.
Bharat Forge, Samvardhana Motherson International and Belrise Industries are among the companies positioned to benefit from this trend.
The brokerage noted that the global aerospace order backlog exceeds 17,000 aircraft, equivalent to around 12 years of current production capacity.
India’s engineering talent, manufacturing capabilities and cost competitiveness could allow domestic companies to capture a larger share of this global opportunity.
What makes this capex and industrial cycle different?
Jefferies’ September 10 report is less about finding a single replacement for India’s traditional market leaders and more about identifying where the next layer of economic activity is being built.
The opportunity now extends from household consumption and financialisation to power, manufacturing, defence, digital infrastructure and advanced technologies.
The six emerging 2030 themes reinforce this shift.
Space, semiconductors, data centres, electronics, solar manufacturing and aerospace are creating new capacity alongside traditional industries such as cement, metals, automobiles and power.
Several companies also participate in multiple themes, potentially creating stronger cross-sector exposure.
Kaynes Technology, for example, is linked to both semiconductors and electronics. Samvardhana Motherson International has exposure to electronics and aerospace, while Larsen & Toubro and Adani Enterprises are positioned across multiple infrastructure and industrial opportunities.
Conclusion
Jefferies’ September 10 India Equity Strategy report points to a market being reshaped from several directions at once.
Eicher Motors, ICICI Bank, Polycab India, Hitachi Energy India, UltraTech Cement, Navin Fluorine, Trent, Mankind Pharma, Coforge, JSW Energy, Bharti Airtel and other established names remain important opportunities across traditional sectors.
At the same time, newer opportunities are emerging in semiconductors, data centres, electronics, solar manufacturing, space and aerospace.
The common thread is not one particular sector. It is the creation of new capacity, stronger domestic demand, higher investment and deeper participation in global supply chains.
For investors, the key question is whether companies can convert these large structural opportunities into sustainable earnings growth while valuations remain reasonable.
Disclaimer
This article is based solely on Jefferies’ India Equity Strategy report dated September 10, 2026, including the information, company discussions, estimates, sector observations and 2030 thematic framework contained in that report.
The selection of “winner” or “key name” in each sector is an editorial synthesis based on the companies and opportunities discussed by Jefferies and does not represent a separate Jefferies rating category.
The information is provided solely for informational and educational purposes and should not be considered investment advice, a recommendation to buy, sell or hold any security, or a substitute for independent financial research.
Brokerage estimates, earnings forecasts, valuation assumptions and long-term projections are subject to change and may differ materially from actual outcomes. Stock market investments are subject to market risks, including the possible loss of principal.
Past performance does not guarantee future returns, and projected earnings, valuations or sector growth may not materialise because of changes in economic conditions, company performance, demand, competition, interest rates, regulations, commodity prices, currency movements, geopolitical developments, capital expenditure and execution.
Disclaimer : Readers should independently assess the information, consider their own financial circumstances, investment objectives and risk tolerance, and consult a qualified financial adviser before making any investment decision. Neither the author nor the publication assumes responsibility for any financial loss arising from reliance on the information presented in this article.
