Bank of America has identified 22 Indian stocks across multiple sectors with significant upside potential, according to its September 14 report. Godrej Consumer Products leads the list with the highest implied upside at 41.4%, followed by ONGC at 39.2% and Godrej Properties at 38.9%. The brokerage's reasoning spans stronger loan growth at private banks, higher electricity demand from data centres, infrastructure spending, improving auto volumes, consumer-business growth and recovery in technology services. As reported by The Financial Express, the individual calls depend on different factors including commodity prices, interest rates, execution and demand conditions.
ICICI Bank receives a 'Buy' rating with a price objective of ₹1,600, implying around 15.5% upside from the current price of ₹1,385. According to the report, loan growth has recovered after a temporary slowdown in early FY26, with ICICI Bank emerging as one of the fastest-growing large private banks. The bank's focus on business banking and retail segments is expected to help it sustainably outgrow the industry by around 2% to 3%. Kotak Mahindra Bank carries a 'Buy' rating with a ₹460 price objective, representing around 10.3% upside from its current price of ₹417. BofA expects the loan book to grow 15% to 16% year-on-year between FY26 and FY28, helped by healthy system credit growth and recovery in unsecured retail lending.
ONGC has the third-highest upside potential at 39.2% with a target price of ₹330 against the current price of ₹237. BofA's view is closely tied to crude prices and the absence of a windfall cess, expecting higher crude prices to improve oil and gas realisations. NTPC offers the second-highest upside at 29% with a target of ₹432 against ₹335, as reported by The Financial Express. The brokerage believes India's planned 10 GW of data-centre capacity by 2030 could create additional electricity demand. Larsen & Toubro has a 'Buy' rating with a ₹4,430 price objective, implying around 12% upside from ₹3,955, supported by limited incremental downside from Iran conflict and potential US$200 billion step-up in India's power capital expenditure.
Titan Company receives a 'Buy' rating with a ₹5,535 price objective, representing around 10.2% upside from ₹5,021. BofA expects Titan to continue gaining share in India's jewellery market through store expansion and stronger focus on the wedding segment. Eternal Ltd. has a 'Buy' rating with a ₹375 price objective, indicating around 16.5% upside from ₹322, citing strong execution and category leadership in Blinkit's quick-commerce market. L&T Technology Services has a 'Buy' rating with a ₹4,050 price objective, implying around 19.9% upside from ₹3,378, with the first quarter marking gradual recovery in growth. KEI Industries and Polycab India also feature prominently with significant upside potential.
According to The Financial Express report, BofA's 22 picks cover a wide range of businesses with strongest price-target gaps concentrated in consumer goods, energy, real estate and electrical infrastructure. The brokerage expects Godrej Consumer Products to achieve revenue and EPS CAGRs of 11% and 13% respectively between FY26 and FY28, while Tata Consumer Products is forecast to deliver 10% revenue and 17% EPS CAGRs. Shriram Finance carries a 'Buy' rating with a ₹1,210 price objective, implying around 16.6% upside from ₹1,038, with growth avenues including scaling up new-vehicle financing and faster MSME lending. Whether these targets are achieved will depend on company-specific factors including loan growth, power demand, commodity prices, project execution and earnings recovery.
