Top stocks for New Year from Religare Broking: Lupin, Kotak Bank and which ones?
Analysts are predicting that the secondary markets will come back to life in 2026, thanks to a few tailwinds such as favourable macro-economic conditions, big domestic investment flow, improved corporate earnings, a probable Indo-US trade deal. Prominent brokerage firm Religare Broking picks a few stocks that can generate big returns in the next year.
Kolkata: For 2026, Indian brokerage firm Religare Broking has picked a few stocks. The firm believes that these are capable of generating handsome returns -- double-digit growth -- in the next year. Investors are looking forward to 2026, when brokerages like Morgan Stanley are forecasting the index to reach 107,000 in a bull case. 2025 has been rather sedate with the market consolidating after a relentless bull run for more than two years up to October 2024. Let's have a look at the stocks Religare has picked for the next year.
Kotak Mahindra Bank
Target price: Rs 2,487
The target price set by the brokerage indicates an upside of more than 15%. Religaren thinks Kotak Mahindra Bank is poised for a steady and risk-adjusted growth. Asset quality of the lender is stabilising and pressure on margins are expected to ease. The credit cycle is maturing while improving credit trends improve earnings visibility. Religare has also signalled that valuations are below long-term averages.
Mahindra & Mahindra
Target price: Rs 4,161
The target price for auto major Mahindra & Mahindra signals an upside of more than 15%. Religare has said that the company's medium-to-long-term outlook continues to be robust. The company has focused on continuous product innovation an is striving for operational efficiency. It has lined up a string of new SUV launches and the GST rejig has improved affordability in the auto sector. M&M has a significantly diversified product portfolio in SUVs, tractors and LCVs which are its strong points.
Lupin
Target price: Rs 2,508
The target price implies an upside of 18.1%. Pharma company Lupin is well set for achieving medium-to-long-term growth. The drivers are improving product mix, expansion in different countries and focussing on high-value therapies. The company has won regulatory approvals in the US and Europe, which assure of revenues in these developed markets.
ICICI Prudential Life Insurance
Target price: Rs 800
Religare's target price indicates a significant upside of 23.2%. Protection-led mix of product, well-oiled multi-channel distribution expansion and operational efficiency have been flagged as the drivers of ICICI Prudential Life Insurance’s growth strategy. Earnings growth seems to be sustainable. Religare has also mentioned operating leverage, cost efficiency and strong solvency that lead to earnings visibility.
JK Lakshmi Cement
Target price: Rs 979
Religare's target price for JK Lakshmi Cement signals an upside of more than 23%. The company is focusing n expanding its cement output and going for premium products. Religare thinks it will translate into earnings growth. As capacity utilisation improves, EBITDA margins will follow suit. The company is also opting for green power which would lower costs.
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