Brokerages have lined up a fresh set of stock ideas for traders, with new-age platforms Groww and Lenskart, along with Voltas, Firstsource Solutions and Max Healthcare, emerging as key recommendations for December 22. Top global and domestic firms including Jefferies, Macquarie, IIFL Finance, CLSA and Goldman Sachs have either initiated or reiterated coverage on these names with a largely positive bias, citing strong growth visibility, margin levers and sector tailwinds.
Jefferies bullish on Groww
Jefferies has initiated coverage on online investment platform Groww with a ‘buy’ rating and a target price of ₹180, implying upside from recent levels. The brokerage highlighted that Groww has rapidly become India’s largest broker by active clients, despite only starting its broking business in FY21, and continues to gain market share from traditional players.
Analysts at Jefferies believe Groww can deliver around 35% EPS CAGR over FY26–FY28, driven by about 19% growth in its core broking business, five-fold growth in newer initiatives like margin trading and wealth products, and nearly 700 basis points of margin expansion as operating leverage kicks in.
Macquarie sees upside in Lenskart
Macquarie has started coverage on eyewear retailer Lenskart with an ‘outperform’ rating and a target price of ₹530. The brokerage called Lenskart India’s leading integrated eyewear player with strong cost, design and supply chain advantages over peers, helping it sustain industry-leading growth.
Analysts see significant headroom for market share gains, arguing that Lenskart’s current ~5% share in India could move closer to 40%+ levels seen in more mature global eyewear markets over time. Macquarie also expects improved utilisation of its supply chain to push EBITDA margins towards store-level margins of around 33% and potentially triple ROIC to above 20% over FY26–FY28.
IIFL positive on Firstsource Solutions
IIFL Finance has initiated coverage on Firstsource Solutions with a ‘buy’ call and a target price of ₹420, banking on the IT-enabled services and BPO player’s ongoing turnaround. The brokerage credited the company’s new CEO and the “One Firstsource” strategy for driving a sharp improvement in deal wins and client mining over the past two years.
According to IIFL, large deal wins have accelerated from about one per quarter in FY24 to four–five per quarter by FY26, accompanied by strong new logo additions, higher annual contract value and bigger deal sizes across verticals.
Voltas: monitored with focus on RAC recovery
Air-conditioning and consumer durables major Voltas also features on broker radar, though with a more balanced stance. CLSA, which has coverage on the stock, has highlighted mixed near-term conditions, pointing to inventory adjustments in the room air-conditioner (RAC) market and ongoing evaluation of pricing strategies.
Analysts flagged that demand recovery in RAC and clarity on potential price hikes or pass-through levels to consumers remain key near-term triggers for Voltas’ performance. Pre-buying ahead of expected efficiency norm changes has also been noted in the segment.
Max Healthcare backed by Goldman Sachs
In healthcare, Max Healthcare has drawn a ‘buy’ rating from Goldman Sachs, with a target price of ₹1,325. The brokerage is optimistic about Max’s growth trajectory, supported by capacity additions, expansion into new geographies such as Pune, and continued improvement in payer mix and case complexity.
Goldman Sachs views Max Healthcare as a key beneficiary of rising healthcare demand and formalisation in India, expecting the company to deliver robust earnings growth over the medium term.
What this means for investors
Collectively, these calls signal broker confidence in consumer-tech (Groww, Lenskart), outsourcing (Firstsource), consumer durables (Voltas) and healthcare (Max Healthcare) as themes to watch. While the recommendations highlight strong structural stories and attractive growth or turnaround narratives, analysts also caution that investors should track execution, demand trends and regulatory developments closely, especially in newly listed and fast-growing names like Groww and Lenskart.
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