Nomura has maintained 'Buy' ratings on six Indian stocks across financial services, cement, real estate and aviation sectors, with latest research pointing to potential gains of up to 33%. According to reports from The Financial Express, the brokerage's research reports published between October 17 and 20, 2026 favor these six companies with varying investment cases. Bajaj Finance leads the list with 32.7% potential upside, followed by Piramal Finance at 30.8%, UltraTech Cement at 28.6%, InterGlobe Aviation at 25.6%, Oberoi Realty at 24.7%, and ICICI Bank at 24.6%.
Nomura retained its 'Buy' rating on Bajaj Finance after the company reported September-quarter profit growth in line with the brokerage's estimate. As reported by The Financial Express, the brokerage raised its full-year loan growth guidance while flagging some pressure on net interest margins from higher interest rates. Nomura expects growth across lending segments to remain healthy, with newer businesses such as gold loans adding to the portfolio. The brokerage projects the company will deliver a return on assets of 4.2% and return on equity of 19.9% over FY28-FY29. Nomura has set a target price of ₹1,270, implying an upside potential of 32.7%.
Piramal Finance remains Nomura's preferred non-banking financial company under its coverage, with the brokerage citing strong profit growth, continued reduction in the legacy loan book and healthy expansion in retail assets under management. According to The Financial Express, Nomura noted that management remained confident about reaching a return on assets under management of around 2.5% by the fourth quarter of FY27. The brokerage also said the company's credit costs remained contained, although stress persisted in a portion of the mortgage portfolio. Nomura has set a target price of ₹2,550, implying an upside potential of 30.8%.
Nomura retained its 'Buy' rating on UltraTech Cement despite higher fuel and operating costs weighing on profitability per tonne in the September quarter. As reported by The Financial Express, the brokerage expects price increases to provide some relief in the following quarter. It expects cement demand to remain firm, supported by data centres, private capital expenditure, metro extensions and urban housing. However, the brokerage noted that a weaker monsoon could soften rural demand in FY28, while fuel costs remain a risk. Nomura has set a target price of ₹13,700, implying an upside potential of 28.6%.
Nomura maintained its 'Buy' rating on InterGlobe Aviation, the operator of IndiGo, despite uncertainty over proposed government rules on airfares. According to The Financial Express, the brokerage's base case assumes limited direct intervention in fares, with greater oversight and transparency instead. Nomura expects lower jet fuel prices and revenue growth to support earnings over the medium term. It cautioned that if increased regulatory oversight leads to a sharper decline in yields, earnings could come under pressure, although stronger passenger load factors may partly offset the impact. Nomura has set a target price of ₹6,000, implying an upside potential of 25.6%.
Nomura retained its 'Buy' rating on Oberoi Realty, citing its residential project pipeline, strong cash generation and growth in rental and hotel income. As reported by The Financial Express, the brokerage expects pre-sales to grow strongly over FY26-FY28 and sees further support from new commercial and hospitality assets. The key risk is the legal uncertainty surrounding the company's 360 North project in Gurugram. Nomura has also factored in some project launches moving into FY28 because of delays in approval clearances. ICICI Bank received a 'Buy' rating reiteration after stronger-than-expected earnings and robust balance-sheet growth. The brokerage raised its earnings estimates for FY27 and FY28, citing healthy underlying loan growth and expected deployment of funds raised through foreign currency non-resident bank deposits.
