Although Indian stock market valuations have dropped to their 5-year and 10-year historical averages, analysts still lack comfort in recommending investors to put money aggressively. However, nearly 50% of index stocks are below their 10-year averages, which can offer decent returns. UPL has the highest upside at 35% despite brokerage Prabhudas Lilladher slashing its FY24E/25E estimates by 16%/12% and target multiple from 14x earlier to 12x. Meanwhile, HDFC Bank, SBI, Axis Bank, and M&M have upwards of 20% upside potential each in the next 12 months.