Eternal, ICICI Bank, 5 other largecap stocks with upside potential of up to 40%. Do you own any?

Axis Securities has raised its December 2026 Nifty target to 27,360 as it remains constructive on Indian equities, supported by strong macroeconomic fundamentals, sustained government capital expenditure, GST 2.0 reforms and an improving corporate earnings cycle. Axis expects Nifty earnings to grow at a 13% CAGR over FY23-FY28, which it believes will underpin healthy medium-term market returns. Here are 7 largecap stocks that the brokerage is bullish on:

Bajaj Finance

Axis has set a price target of Rs 1,205, a 23% upside from current levels. The company is one of India’s largest NBFCs for consumer finance, with a wide product portfolio comprising loans for two-wheelers, consumer durables, housing, and small businesses, among others.

Bharti Airtel

With a price target of Rs 2,530, the brokerage has implied an upside potential of 40% from current levels. It is an Indian multinational telecommunications company operating in 18 countries across South Asia, Africa, and the Channel Islands. It is India's second-largest telecom operator, boasting a strong domestic presence and a comprehensive digital services portfolio that includes fibre optic networks, mobile and desktop telephony, and other digital solutions.

ICICI Bank

With a target price of Rs 1,800, the brokerage implies an upside potential of 24% from current levels. The lender is supported by a strong liability franchise and a healthy retail corporate mix. The bank’s subsidiaries, such as ICICI Venture Funds, ICICI Pru AMC, ICICI Securities, ICICI Prudential, and ICICI Lombard, are among the leading companies in their respective domains.

Eternal

With a target price of Rs 390, the brokerage implies an upside of 19% from current levels. The company has an asset-light business model based on aggregating demand and supply while enabling efficient last-mile logistics, creating strong network effects, and high user engagement. It consists of four major businesses, namely Zomato, Blinkit, District, and Hyperpure.

Varun Beverages

With a target price of Rs 530, the brokerage implies an upside of 34% from last close. VBL is a key player in the global beverage industry and the second-largest franchisee of PepsiCo worldwide (outside the US), with operations across 10 countries under franchise rights and an additional 4 countries under distribution rights.

Kotak Mahindra Bank

With a target price of Rs 500, Axis predicts an upside of 19% from current levels. It is one of India’s leading diversified financial services groups, offering a broad range of solutions across customer segments and geographies. It serves retail customers (including salaried and self-employed), small businesses, NRIs, institutions, and government entities, supported by a strong focus on convenience, innovation, and digital-first offerings.

Nestle India

The brokerage has pegged the target price at Rs 1,765, an upside of 18% from current levels. Nestlé India manufactures and markets a wide range of food and beverage products, including milk and milk products, coffee, tea, noodles, chocolates, confectionery, and infant nutrition. Some of its popular brands in India include Maggi, Nescafé, KitKat, MilkyBar, and Nestle Everyday.