Domestic brokerage firm InCred Equities has identified five stocks to consider buying during the Hindu calendar year Samvat 2083, projecting an average upside potential of around 36% based on its target prices.
The list includes RHI Magnesita India, CarTrade Tech, Artemis Medicare, Rolex Rings, and Lemon Tree Hotels. Of these, the brokerage expects four stocks to deliver gains of more than 30% over the next year, while Lemon Tree Hotels is projected to offer an upside of 23%.
Artemis Medicare: 46% upside potential
InCred Equities has set a target price of ₹437 per share for Artemis Medicare, indicating an upside potential of 46% from its latest closing price of ₹300.
The brokerage’s positive outlook is supported by improving operational performance at its Gurugram facility, while it also sees growth potential from the Raipur facility. Occupancy currently stands at around 10%, with management targeting 20-25% by the end of FY27. InCred expects losses to stabilise over the next 18-24 months.
The company’s expansion pipeline includes a 250-bed Tower IV project in Gurugram, scheduled for the second half of FY28, and a proposed 650-plus-bed South Delhi VIMHANS facility, targeted for completion in the fourth quarter of FY30, subject to environmental clearance.
CarTrade Tech: 41% upside potential
For CarTrade Tech, InCred has assigned a target price of ₹3,517 per share, indicating an upside potential of 41% from Thursday’s closing price of ₹2,493.
The brokerage remains positive on the company’s growth prospects, led by its OLX classifieds business, while the company’s remarketing business also reported healthy performance.
InCred expects operating leverage to drive EBITDA margin expansion from 33% in FY26 to 42.7% by FY28, with management guiding for around 20% quarter-on-quarter growth in group EBITDA in Q3FY27.
RHI Magnesita India: 35% upside potential
InCred sees a 35% upside potential in RHI Magnesita India and has set a target price of ₹492 per share. The brokerage expects volume growth to be supported by India’s capital expenditure cycle.
Steel capacity is projected to increase from 220 million tonnes to 300 million tonnes by 2030, while the cement sector has a capital expenditure pipeline of ₹1.2 lakh crore. InCred has factored in volume growth of 7.5% and 8% for FY27 and FY28, respectively.
The brokerage also highlighted opportunities in the ₹1,800-crore ironmaking market, where the company has built an 18-month order book, including over 30,000 tonnes of coke oven orders.
Rolex Rings: 33% upside potential
InCred has set a target price of ₹251 per share for Rolex Rings, indicating an upside of 33% from the current market price of ₹189. The brokerage believes the company’s recent weakness was driven by demand-related challenges rather than a deterioration in its business franchise.
US Section 232 duties, which increased from around 3% to more than 45%, along with a customer’s plant shutdown, led to a nearly 30% decline in US exports in FY26. However, the company retained customer approvals and wallet share.
InCred sees growth opportunities from a recovery in US exports, expansion in Europe, and improving domestic demand.
Lemon Tree Hotels: 23% upside potential
For Lemon Tree Hotels, InCred has set a target price of ₹142 per share, indicating an upside potential of 23% from its latest closing price of ₹115. The brokerage’s investment thesis centers on the company’s transition towards an asset-light business model, with a growing contribution from high-margin management contracts and franchise fees.
InCred also sees Lemon Tree as a preferred operating partner for Fleur Hotels, expecting to manage around 2,000 rooms out of Fleur Hotels’ targeted addition of 2,500 rooms. Additionally, Lemon Tree’s MoU with Omaxe to operate 10 hotel projects comprising 4,000 keys across seven cities is expected to strengthen its expansion pipeline.
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.
