Sagility India, Belrise Industries, Adani Energy added to Jefferies' model India portfolio

Jefferies Reshuffles Model India Portfolio: Adds Three High-Conviction Stocks

Global investment bank Jefferies has announced the inclusion of Sagility India, Belrise Industries, and Adani Energy Solutions into its model India portfolio, signaling growing confidence in India’s structural growth story across healthcare outsourcing, auto components, and energy infrastructure. This strategic shift comes amid a broader re-rating of India's equity markets, supported by resilient domestic fundamentals and global investors’ rising appetite for emerging market plays.

Stock Additions: Sectoral Rationale and Opportunity

Sagility India: Healthcare BPO Growth Theme

Sagility India, formerly a part of HGS Healthcare, is gaining investor attention for its growing foothold in the healthcare business process outsourcing (BPO) sector. Jefferies sees Sagility as a strong structural play amid global demand for cost-efficient healthcare management, especially from the US.

“We believe Sagility’s robust operating model, sticky client base, and expansion in AI-powered process automation make it an attractive pick in the under-researched midcap segment,” Jefferies noted in a recent note to clients.

Belrise Industries: Electric Vehicle Ecosystem Bet

Belrise Industries, a leading auto components manufacturer, is viewed by Jefferies as a proxy to India’s EV and smart mobility transition. The company has recently secured several high-value contracts with OEMs, and is actively expanding its footprint in lightweight and safety-related components.

“Belrise’s strategic alignment with the EV narrative and its rapid execution capability offer long-term alpha,” said Abhinav Sharma, auto analyst at Jefferies India. “It fits well with our portfolio focus on suppliers to tomorrow’s mobility.”

Adani Energy Solutions: Infrastructure and Grid Modernization Play

The addition of Adani Energy Solutions (formerly Adani Transmission) underscores Jefferies’ preference for utility-scale infrastructure players riding India’s clean energy and power transmission wave. The firm highlighted its growing transmission network, smart metering contracts, and diversified energy value chain as key factors behind the upgrade.

“The risk-reward on Adani Energy has improved materially post deleveraging and asset monetization,” said the Jefferies report, citing stronger visibility in project execution and regulatory support.

Reshuffle Comes Amid Evolving Market Dynamics

The reshuffle in Jefferies’ model India portfolio arrives at a time when the Nifty 50 has scaled fresh highs, driven by upbeat domestic macro data, stable earnings growth, and strong FII inflows. With India continuing to be a favored destination among emerging markets, global brokerages are increasingly looking beyond traditional large caps for alpha generation.

The updated model portfolio now reflects a balanced mix of defensives, consumption, infrastructure, and digital economy themes, with a tilt toward companies demonstrating scalability, strong management, and capital efficiency.

“India remains one of the most structurally attractive investment destinations with policy continuity, demographic tailwinds, and rising formalization of the economy,” said Mahesh Nandurkar, MD and India Strategist at Jefferies. “We see these additions as high-conviction ideas aligned with long-term themes.”

Market Context: Broader Optimism Across Midcap Space

Jefferies’ portfolio reshuffle aligns with a broader re-rating in Indian mid and small caps, where earnings upgrades and liquidity flow have been driving significant momentum. Analysts see this as part of a secular trend where investors are diversifying beyond benchmark-heavy sectors.

Year-to-date, the midcap index has outperformed the Nifty, and the trend is expected to sustain, driven by structural shifts in sectors like auto ancillaries, healthcare services, and power grid modernization.

“The portfolio changes are reflective of the opportunity emerging in India’s Tier-2 listed universe, where high ROE companies with niche business models are finally being recognized,” said Rahul Shah, a Mumbai-based portfolio manager.

Investor Outlook: Long-Term Bets with Growth Visibility

For investors, the additions of Sagility, Belrise, and Adani Energy Solutions signal an important message — the search for alpha is moving toward scalable disruptors and enablers of India’s next economic wave. Each of these companies operates in sectors undergoing transformation, supported by structural demand, favorable policies, and global outsourcing tailwinds.

While near-term volatility remains a possibility amid global macro uncertainties, Jefferies maintains a bullish stance on India's equity outlook, projecting earnings CAGR of 14-16% over the next three years, driven by capex revival, consumption resilience, and financial sector health.

“We suggest a staggered approach to portfolio rebalancing, especially into names like Sagility and Belrise, which are relatively under-owned but offer significant upside as coverage expands,” Jefferies said.

The inclusion of Sagility India, Belrise Industries, and Adani Energy Solutions into Jefferies' model India portfolio reflects a confident repositioning to capture long-term structural growth themes. Investors watching India’s evolving equity landscape would do well to monitor these midcap opportunities, which represent both resilience and reinvention in a transforming economy.