Axis Securities has released its comprehensive list of top stock recommendations for September 2026, featuring 15 stocks across large-cap, mid-cap and small-cap segments spanning multiple sectors including telecom, beverages, consumer, cement, banking, electronics and FMCG. According to reports from NDTV Profit, the brokerage's portfolio includes selections from various market capitalizations to provide diversified exposure for investors. The brokerage's September strategy leans towards a "growth at a reasonable price" (GARP) approach, favoring quality businesses and market leaders while remaining overweight on banking, financial services and insurance (BFSI), telecom, capital goods, healthcare, auto, and power and energy sectors. As per Axis Securities, the target prices for these recommendations have an investment horizon of more than one year.
Bharti Airtel emerges as the top pick with the highest expected returns, projecting an upside of up to 40% over the next 12 to 18 months to a target price of ₹2,530 from the current ₹1,812. As reported by NDTV Profit, Axis Securities remains bullish on the telecom major, citing its superior margins, strong subscriber additions, rising ARPU, and continued 4G and 5G adoption. The brokerage's confidence stems from the company's robust operational metrics and strategic positioning in India's competitive telecommunications market. According to Mint, Axis Securities maintains its BUY rating on the stock, driven by the company's superior margins, impressive subscriber growth, and increased 4G conversions. The telecom stock has shown strong performance with 185% gains in the last one year, though it has declined 5.5% in one month and 0.5% in six months.
Varun Beverages and CCL Products follow closely with projected upsides of 32% each, according to NDTV Profit reports. Axis Securities expects Varun Beverages to benefit from multiple growth levers including international expansion and product diversification, while CCL Products is backed by strong volume growth, healthy demand and positive long-term growth prospects. These selections reflect the brokerage's confidence in the consumer goods and beverages sectors' growth potential. Mint reports that Varun Beverages and CCL Products (India) have target prices of ₹530 and ₹1,425, respectively, with an upside potential of 32% each.
Bajaj Finance has secured a place among the top picks with an expected upside of 23%, as reported by NDTV Profit. Axis Securities believes the NBFC is well-positioned to sustain its robust growth trajectory, supported by a diversified product portfolio, strong customer acquisition, improving asset quality and disciplined risk management. The brokerage's other high-conviction calls in the financial services sector include ICICI Bank with 24% expected gains, while City Union Bank and Dalmia Bharat are each pegged for 22% gains. Mint reports that ICICI Bank has a target price of ₹1,800, indicating a potential upside of 24%, while Bajaj Finance has a target price of ₹1,305, with a 23% upside potential.
Axis Securities has raised its December 2026 Nifty target to 27,360 based on 19.5 times December 2027 estimated earnings, after upgrading its Nifty EPS estimates for FY27 and FY28. In a bull case scenario where markets re-rate to 20.5 times earnings, the index could reach 28,770, while in a bear case valued at 16.5 times, the target falls to 23,155. The brokerage expects Nifty earnings to grow at 13% CAGR over FY23–FY28, underpinning healthy medium-term market returns. Axis Securities remains constructive on Indian equities, supported by strong macroeconomic fundamentals, sustained government capital expenditure, GST 2.0 reforms and an improving corporate earnings cycle. However, the brokerage has flagged geopolitical tensions, elevated crude oil prices, high US bond yields, and elevated valuations of mid- and small-caps as key risks to its constructive outlook.
