YES Securities on January 7 suggested at least five stocks from across sectors including insurance, jewellery, infrastructure, FMCG and casting and forgings. In the jewellery space, the brokerage recommended PN Gadgil with a target price of Rs 875, indicating an upside of nearly 27% from the current market price of Rs 691.
PN Gadgil Jewellers is the second-largest organised jewellery player in Maharashtra, India’s largest market for BIS-registered outlets. It is the fastest-growing jewellery brand in India, based on revenue growth from FY22 to FY24. Specialising in gold, diamond, and silver jewellery, the company is known for its traditional, intricate designs and has a strong customer base in Maharashtra.
According to YES Securities, the Indian jewellery market, valued at $80 billion in 2024, is one of the largest globally, with a projected compound annual growth rate (CAGR) of 8%-10%. Gold dominates, making up 80% of demand, driven largely by the wedding and festive segments.
The brokerage is also bullish on Star Health and Allied Insurance Company, Gillette, HG Infra and Electrosteel Castings with a target price of Rs 599, Rs 11,502, Rs 1,783 and Rs 163, respectively.
Star Health and Allied Insurance, established in 2006, is India’s leading stand-alone health insurer with a 32% market share in the retail segment. It boasts a wide distribution network through agents and bank partnerships. YES Securities believes that Star Health is well positioned to benefit from India's growing health insurance market, supported by rising healthcare awareness and favourable industry trends.
Sharing its view on Gillette, the brokerage added that the company offers a strong investment case with market leadership in grooming and oral care, innovative premium products, and consistent financial performance benefitting from India’s growing grooming market, supported by rising incomes and urbanisation. Strategic initiatives like expanding its distribution, leveraging AI for supply chain optimisation, and enhancing digital engagement strengthen its growth potential, making Gillette poised for sustained value creation for investors.
It further added that HG Infra offers a strong investment case with its diversified order book, proven execution capabilities, and presence in high-growth infrastructure segments like roads, railways, and renewables.
On the other hand, Electrosteel Castings, which is a manufacturer and exporter of ductile iron pipes and fittings for the water and sewage infrastructure sector, is well-positioned to capitalise on growing demand for modern water infrastructure, driven by initiatives like Jal Jeevan Mission (JJM) and AMRUT 2.0.
“Electrosteel Castings is well-positioned to capitalise on India's growing ductile iron (DI) pipes market, projected to expand at a 12.5% CAGR over the next 5-7 years. With rising demand for modernised water and sewerage infrastructure, government initiatives like the Jal Jeevan Mission further boost the need for DI pipes. Additionally, ECL’s planned capacity expansion to 1 million tonnes by FY26 strengthens its position to benefit from these trends and drive long-term growth,” YES Securities said.