The medium-to-long-term outlook for the Indian economy and corporate earnings remains constructive, supported by domestic demand resilience, improving earnings visibility, and structural reforms, while the near term may witness increased volatility driven by commodity price movements, global risk aversion, and foreign fund flows, according to Axis Securities.
Hence, the brokerage firm recommends investors maintain good liquidity (10-15%) to use any dips in a phased manner and build a position in high-quality companies, where the earnings visibility is quite high, with an investment horizon of 12-18 months.
In its bull case, Axis Securities values Nifty 50 at 20.5x, implying a December 2026 target of 28,615. With Nifty earnings expected to sustain 13%+ CAGR over FY23–28, this backdrop could attract fresh capital inflows into emerging markets and support a re-rating of valuations, strengthening the equity outlook.
In its bear case, it values Nifty at 16.5x, and has a December 2026 Nifty target of 23,030.
Axis Securities has recommended top stock picks for the month of June 2026. Among these stock picks, the brokerage firm has recommended five small-cap stocks to buy.
Here are the top smallcap stock picks for the month of June 2026:
Ujjivan Small Finance Bank | Target Price: ₹78
Ujjivan Small Finance Bank appears well-positioned to deliver healthy and sustainable growth over the medium term, supported by the acceleration of its portfolio diversification strategy, strong traction in secured businesses, and improving liability franchise. Strong NIMs and gradually moderating credit costs should offset the impact of higher Opex as the bank continues to invest in the franchise at tech, enabling it to scale RoA to 1.6-1.8% over FY27-28E, Axis Securities said.
Chalet Hotels | Target Price: ₹1,000
Chalet Hotels’ management remains optimistic on the medium-term hospitality outlook despite near-term geopolitical uncertainties. Demand trends in April and May have already improved meaningfully, while leisure assets continue to witness strong traction. Stabilisation of recently added inventory, ramp-up of resorts, and commissioning of commercial real estate assets are expected to drive earnings growth over the next few years.
Axis Securities has Chalet Hotels share price target of ₹1,000 apiece.
Minda Corporation | Target Price: ₹710
The brokerage firm remains positive on Minda Corporation’s growth trajectory, supported by strong order inflows, premiumization, expanding EV opportunities, and technology-led product offerings.
Backed by a robust ₹10,000 crore order book and management’s confidence in outperforming industry growth through organic and inorganic initiatives, Axis Securities projects a CAGR of 18%, 22% and 30% in Revenue, EBITDA and Adjusted PAT over FY27-28E, with a higher share of profits from associates expected to further support PAT growth.
Axis Securities has a target price of ₹710 for Minda Corporation shares.
Navin Fluorine International | Target Price: ₹8,000
Navin Fluorine International continues to focus on capacity expansion, operational efficiencies, and productivity improvements across segments. A strong order book provides medium-term revenue visibility. With new capacities, product additions, and sustained traction in CDMO partnerships, the company is well placed to deliver healthy growth over FY27–FY28, said Axis Securities.
The company’s management has guided for sustainable EBITDA margins of ~30% (±100-200 bps) on an annualised basis, which the brokerage firm expects them to surpass, or comfortably meet. Accordingly, it now values Navin Fluorine shares at 32x FY28E EPS and maintains a ‘Buy’ rating on the stock with a target price of ₹8,000 apiece.
Kalpataru Projects International | Target Price: ₹1,450
Kalpataru Projects share price is currently trading at 18x and 15x FY27E and FY28E EPS. Axis Securities maintains a ‘Buy’ call and Kalpataru Projects share price target of ₹1,450 per share.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
