Axis Securities sets Nifty 27,220 target, backs six midcaps
Axis Securities has set a December 2026 Nifty target of 27,220, signaling that institutional investors still view Indian equities as a relative safe harbor against global macroeconomic shocks.
Axis Securities has set a December 2026 Nifty target of 27,220, implying a 12.5% upside from current levels. The brokerage views the Indian economy as a relative safe haven capable of sustaining growth despite persistent global economic volatility.
This medium-term outlook suggests that institutional allocators can still find shelter in Indian equities while navigating external macroeconomic shocks. To capitalize on this domestic resilience, Axis has highlighted a selection of small and mid-cap stocks spanning industrial cyclicals, consumer services, and healthcare.
The highest projected return in the note belongs to Dalmia Bharat, which carries a target price of Rs 2,430 representing a 36% upside. Axis highlights the cement manufacturer as one of the sector's fastest-growing entities, pointing to its 5% capacity share in its operational areas. The company boasts 54.7 million tonnes per annum in cement capacity, 30.4 mtpa in clinker, and 397 MW of power generation through waste heat recovery and solar.
Industrial demand also underpins the bullish case for APL Apollo Tubes. Axis assigned the structural steel tube manufacturer a target price of Rs 2,250, predicting a 23% upside. The firm commands roughly 65% of the organized domestic market for its products.
In the automotive supply chain, the brokerage sees a 12% upside for Minda Corporation to a target of Rs 785. The Spark Minda Group flagship supplies mechatronic products, wiring harnesses, and vehicle access systems to domestic and global original equipment manufacturers.
Consumer-facing exposure is anchored by Ujjivan Small Finance Bank and Chalet Hotels. Ujjivan, which transitioned from a non-banking financial company in February 2017, targets low and middle-income individuals in metro and urban areas with a projected 20% upside to Rs 78. Chalet Hotels, operating luxury and upper upscale properties under brands like Marriott and Westin across Mumbai, Hyderabad, Bengaluru, and Pune, has a target of Rs 1,000 for a 19% potential gain.
Rounding out the selection is Healthcare Global Enterprises, assigned a target price of Rs 750 for a 12.2% upside. The firm is India’s largest pure-play oncology operator, running a network of nearly 22 comprehensive cancer centers and dedicated infusion facilities.
Taken together, the selections outline a diversified bet on India's internal demand. The portfolio balances the capital-intensive upside of cement and steel manufacturing with the steady, non-cyclical profiles of specialized healthcare and urban financial inclusion.
