📊 Nomura India: Equity Strategy Highlights

• 🎯 Nifty Target for March 2026:
  • Set at 24,970, based on 19.5x FY27 EPS of ₹1,280
  • Includes a 5% cut to current consensus estimates
• 🔢 Valuation Update:
  • One-year forward P/E multiple raised to 17–20x (from 18.5x)
  • Assumes no major rise in risk premium, thanks to falling yields

📌 Top Large-Cap Picks:

• 🏦 Axis Bank
• 🏦 ICICI Bank
• 🏦 State Bank of India
• 💳 Bajaj Finance
• 🧴 Godrej Consumer Products
• 🛢️ Reliance Industries
• 🚜 Mahindra & Mahindra
• ⚡ Torrent Power
• 🏗️ Macrotech Developers

📈 Preferred Small & Mid-Cap Stocks:

• 🏦 Federal Bank
• 🧼 Marico
• 💻 Dixon Technologies
• 🚗 Uno Minda
• 💊 Lupin (mentioned twice for emphasis)