ICICI Securities flags ITC Hotels, Bluestone among mid/small-cap picks with up to 41% upside
ICICI Securities' monthly conviction list features consumer-facing names ITC Hotels (TP ₹220, 23% upside on asset-light expansion and RevPAR growth) and digital-first jeweller Bluestone (TP ₹700, targeting 50% revenue CAGR through FY30), alongside Apollo Tyres, Astral and Narayana Hrudayalaya over an FY26-FY30 horizon.
What happened
ICICI Securities' monthly picks include consumer-facing names ITC Hotels (asset-light expansion, RevPAR growth) and digital-first jeweller Bluestone (50%
Key facts
- ITC Hotels TP ₹220, 23% upside
- Bluestone TP ₹700, 23% upside
- Apollo Tyres TP ₹500, 16% upside
- Bluestone revenue CAGR target 50% FY26-FY30
Why this matters
The digital-first jewellery model behind Bluestone's aggressive growth targets and the asset-light hospitality play signal where consumer-retail capital and partnership interest are consolidating.
What to watch
- H1FY26 earnings for ITC Hotels and Bluestone
- Gold price swings impacting jewellery margins and Bluestone demand
- India mid/small-cap index momentum and valuation percentiles
- Consumer discretionary demand signals across festive/wedding season
- Any lock-in expiry or promoter action on recently listed Bluestone
- Track ITC Hotels quarterly RevPAR and occupancy prints against the asset-light expansion narrative
- Monitor Bluestone store rollout pace and same-store growth to test the 50% revenue CAGR credibility
- Watch for follow-on coverage or TP revisions from peer brokerages that either confirm or fade the ICICI thesis
- Assess FII/DII mid-cap fund allocation shifts into these names