Swiggy, Bharti Airtel, Acme Solar among 6 IIFL stock ideas for 14-45% upside

The domestic brokerage expects a slightly delayed macro recovery following the US-India trade spat that contributed to sharp rupee weakening, dashing chances of further monetary easing despite benign inflation.

A major fiscal expansionary stimulus is unlikely, it said adding that reform momentum seems likely to pick up, with focus likely on GST, Power (SEB privatisation) and Labor Code reforms.

“Earnings downgrades have decelerated. The US Fed will likely cut rates now that the inflation hawks have woken up to a “one time price adjustment”. All-in-all, we see accumulated negativity having already impacted prices and limited downside from here,” it said.

Here are six stocks that IIFL recommended today:

Bharti Airtel | Target price: Rs 2,158
IIFL Securities said Bharti’s performance will be influenced by RMS gain from Vodafone Idea (VIL), potential introduction of daily limits on 5G data, pre-paid to postpaid conversion, and improved market structure due to a weaker VIL. The Home BB segment will see doubling of TAM, while the Enterprise business is expected to increase its focus on data centres and digital services, it said adding that Airtel Africa would benefit from ARPU increase and pick-up in Airtel payments bank in Africa.

“We expect Bharti to generate strong return ratios and FCF going forward. Bharti will also see a leadership transition in FY26. Gopal Vittal (MD & CEO) will relinquish his MD & CEO role from January 1, 2026, while Shashwat Sharma will assume charge as MD & CEO. Our target comes to Rs 2,158 (14 per cent upside) and is based on 43 per cent steady state RMS,” IIFL said.

It noted that every 1ppt higher steady state revenue market share leads to Rs 40 target upside.

Apollo Hospitals Enterprise | Target price: Rs 9,000
IIFL Securities said Apollo Hospitals presents a balanced growth story, driven by steady expansion in its core Hospitals business and a scaling Digital Health platform. A 23 per cent YoY GMV increase (LFL), coupled with efficiency measures spanning lower CAC, tighter discounting & ramp-up in insurance commission income, helped Apollo to narrow 24/7 Ebitda losses in 1QFY26.

While the management reiterated its target of Ebitda breakeven (BE) for 24/7 by 4QFY26, Healthcare company’s revenue is expected to increase from an annualized Rs 17,500 crore to Rs 25,000 crore by 4QFY27 with Ebitda margins reaching 7 per cent aided by break-even for 24/7. Hospital revenue should also grow organically at 13-14 per cent rate, which will be further supplemented by 20 per cent incremental capacity additions (1,700 beds) over FY26/27. IIFL said these new hospitals could contribute incremental 8-10 per cent revenue in FY27/28. “We expect robust mid-teens growth across segments and break-even for
24/7 to drive 23 per cent Ebitda CAGR (16 per cent ex-24/7) over FY25-28i,” it said.

Swiggy | Target price: Rs 535
IIFL said India’s second largest food tech company may deliver 29 per cent revenue CAGR over FY25-28ii and become Ebitda/PAT positive by FY27/28. Swiggy is potentially 7/5 quarters behind Eternal in food delivery (FD) and 3/8 quarters behind in quick commerce (QC) on GOV/Ebitda margins respectively.

“We see this as a function of slower execution in the past rather than a competitive disadvantage. We value Swiggy’s FD business at $8.1 billion an Zomato at $13.9 billiom. With Swiggy’s mcap at $12 billion, its QC business (including other verticals) implies a value of $3.9 billion, trading at a deep discount of 82 per cent to Blinkit despite being only 50 per cent smaller,” IIFL Securities said.

It believes successful execution in QC could provide asymmetric upside in the stock, with easing competition in QC and market share gains in FD as key catalysts.

Sagility | Target price: Rs 65
IIFL rate Sagility India a ‘Buy’ with a target of Rs 65, implying 45 per cent potential upside. The pure-play healthcare-focused services provider to US Payers and Providers, operates in the $45 billion US healthcare operations outsourcing market, providing deep domain expertise and end-to-end services as its key differentiation. IIFL expects Sagility to deliver a 13 per cent organic dollar revenue and adjusted earnings each over FY25-27, compounded annually, driven by mining its deep existing relationships, expanding customer base and capabilities.

“Our target price is based on 28 times 2YF EPS. Sagility’s revenue growth is resilient as they cater to operational processes of payers, a key positive in an uncertain FY26. We believe the potential impact to SAGL’s revenues from the cuts in Medicaid spending would be less than 1 per cent of revenues. SAGL offers an attractive long-term compounding story, which is exposed to an underpenetrated and defensive sector with steady state non-discretionary revenues,” IIFL said.

Deepak Fertilisers | Target price: Rs 1,725
IIFL Securities said Deepak Fertilisers & Petrochemicals (DFPC), a producer ammonium nitrate (TAN), nitric acid and isopropyl alcohol (IPA) is well placed to benefit from healthy growth prospects of these products. With its ammonia integration now operational, the company has reduced exposure to price volatility, thereby improving cost stability.

The new gas contract with Norwegian company Equinor, commencing in May 2026, is also expected to support profitability. “Ongoing projects worth Rs 4,150 crore, including TAN facility at Gopalpur and the nitric acid plant at Dahej, are on track for commissioning in 4QFY26, providing long-term earnings,” IIFL Securities said.

Acme Solar Holdings | Target price: Rs 335
Acme Solar Holdings is a leading Indian beneficiary of the global battery price decline, with a class-leading portfolio IRR, IIFL said. The company has addressed the key bottlenecks to RE execution, thereby bettering larger peers in delivering growth. The management has shown aptitude of capturing arbitrage opportunities, like early battery
deployment to gain from the ‘solar duck curve’, IIFL Securities said.