Hot Stocks This November: Top Picks from Jefferies, Citi & Others

Analysts from major brokerages have identified about 15 Indian stocks as strong buys this November, citing double-digit growth potential through FY26 and FY27 across sectors such as pharma, infrastructure, FMCG, banking and real estate.

Selected stocks include names like Cipla (target ₹1,800), ITC (₹535), Navin Fluorine International (₹6,635) and others, each backed by specific growth drivers.

The rationale: improving margins, strong order inflows, recovery in core business segments and favourable macro trends in India are underpinning the bullish stance.

Stocks This November – Why They Stand Out

The phrase “Stocks This November” is at the forefront of the current discussion on Indian equities. Leading brokerages such as Jefferies LLC, Citi Group Inc., Goldman Sachs Group, JPMorgan Chase & Co. and UBS Group AG have pooled their research to highlight about 15 stocks they believe are well-positioned for November and beyond. These picks span several sectors — pharma, infrastructure, FMCG, banking and real estate — illustrating both breadth and conviction that the Indian market has meaningful near-term momentum.
What’s common across many of these selections is strong earnings visibility combined with margin expansion potential, and the expectation of double-digit growth through fiscal years ending FY26 and FY27.

Focus Keyword – Double-Digit Growth

Double-digit growth is the backdrop here. Many of the picks are underpinned by the expectation of growth rates in two-digits, meaning 10% or more year-on-year earnings or revenue growth. What makes this meaningful is that margin expansion is happening along with volume growth in several cases — not just flat business growth. The brokerages believe that once margin expansion kicks in, the upside in stock prices becomes more compelling.
For example, one pick expects both recovery in domestic volumes and margin benefits from cost controls, leading to improved profitability. That kind of dual tailwind helps justify targets that are significantly above current market prices.

Stock Picks at a Glance

Here’s a snapshot of some of the key picks and the reasons behind them:

• Cipla (Target: ₹1,800 by Citi). With current price around ₹1,501, the rationale is strong non-US market growth and improving India sales. Citi expects margin expansion to be an important driver.

• ITC (Target: ₹535 by Jefferies). At current level of ~₹419, the company benefits from cigarette volume growth (projected 6 %) and 7 % growth in FMCG businesses. Jefferies sees upside from these combined trends.

• Swiggy (Target: ₹580 by UBS). With a current price of ~₹409, UBS flags strong Q2 results plus promising expansion in quick-commerce via Instamart as reasons for optimism.

• Navin Fluorine International (Target: ₹6,635 revised from ₹6,025 by Jefferies). With CMP around ~₹4,977, the company has posted strong growth in EBITDA and PAT, prompting the target uptick.

• Pidilite Industries (Target: ₹1,700 by Goldman Sachs). At current ~₹1,448, continued volume growth in adhesives and steady Q2 performance support the bullish view.

• DLF (Target: ₹1,000 by Jefferies). With CMP around ~₹757, strong pre-sales (₹43 billion) in key regions (Mumbai/Delhi) are cited as triggers.

• Macrotech Lodha (Target: ₹1,625 by Jefferies). With ~₹1,197 current price, an 86 % YoY profit jump and a strong Q3 pipeline make this a real estate name to watch.

• Larsen & Toubro (Target: ₹4,500 by Citi). Trading now around ~₹4,028, the company sees 54 % YoY order inflow growth and a robust Middle East pipeline.

• Varun Beverages (Target: ₹615 by Goldman Sachs). With current ~₹469, the stock benefits from India sales recovery and Africa expansion via partnership (Carlsberg).

• Dr. Reddy’s Laboratories (Target: ₹1,600 by BofA). At ~₹1,198 now, a key driver is anticipated launch of Sema in Canada by early FY27.

• Go Digit Insurance (Target: ₹440 by Jefferies). With current ~₹356, improved PBT and better underwriting ratios triggered an upgrade (target raised from ₹410).

• Supreme Industries (Target: ₹5,100 by Jefferies). At ~₹3,805 now, the company posted 17 % volume growth in its pipe segment, and guidance for 15-16 % growth in FY26 is flagged.

• Kotak Mahindra Bank (Target: ₹2,700 by BofA). Trading ~₹2,105, Q2 profit of ₹3,300 crore and 16 % YoY loan growth are cited as signs of turnaround.

• SBI Life Insurance (Target: ₹2,550 by Citi). With current ~₹1,959, rising VNB (Value of New Business) margins and strong growth in key segments support the raised target.

• Coforge (Target: ₹2,500 by JPMorgan). At ~₹1,785 now, strong Q2 margins and cash flows plus an accelerating deal pipeline are key positives.

Why Now & What’s the Significance

The discussion around Stocks This November is driven by three broad themes:

1. Macro resilience & sectoral tailwinds: The Indian economy’s relative strength, infrastructure push, consumption recovery and services export growth all create fertile ground for corporate earnings.

2. Earnings visibility & margin expansion: Unlike just top-line growth, many of these companies show improving margins — either due to volume growth, cost efficiencies or favourable product/mix trends. That’s what supports the Double-Digit Growth story.

3. Valuation upside: Because the market is forward-looking, when analysts see meaningful earnings improvement ahead, they set higher targets which the market may rally toward—especially if the recent global environment is supportive of risk assets.

What Investors Should Keep in Mind

• While the list is compelling, it’s not a guarantee of returns. Seasonality and past performance do not ensure future gains. Moneycontrol

• Diversification is important — the picks span multiple sectors, which is good—but each comes with its own risks (e.g., regulatory, margin pressure, global slowdown).

• Time horizon matters: Some of these are positioned for FY26/FY27 outcomes, so patience might be necessary.

• Regular tracking of results and segments is advisable: if some of the margin expansion or growth assumptions don’t play out, targets may need reconsideration.

Final Thoughts

If you’re looking at stocks this month and beyond, the buzz around Stocks This November is meaningful. Brokerages are pointing to a strong cohort of companies with credible fundamentals and growth engines. The Double-Digit Growth narrative is key because when earnings momentum and margin improvement come together, the market often pays up.
That said, the execution of these growth stories will be critical. If you want, I can pull together a detailed watch-list of all 15 stocks with target vs current price, margin commentary, and sector strengths/risks for deeper analysis.