3 ‘Buy’ recommendations by Jefferies with 24% to 38% upside

But the reasons behind the calls are very different. For Emmvee, it is about solar capacity and backward integration. For Turtlemint, the focus is on insurance distribution and profitability. And for TVS, it is the combination of exports, electric vehicles and improving margins.

Let’s take a look at the key reason why the brokerage house is bullish on these stocks and the rationale behind it –

Jefferies on Emmvee Photovoltaic Power: 38% upside potential

Jefferies has retained a ‘Buy’ rating on Emmvee Photovoltaic Power with a target price of Rs 440. This implyies around 38% upside from the current market price.

According to the Jefferies report, Emmvee’s early adoption of Tunnel Oxide Passivated Contact (TOPCon) solar cells, strong order book and focus on the solar photovoltaic value chain could support profitability.

“Emmvee’s early entry into TOPCon cells, strong order book, focus on the solar PV chain and net-debt-free balance sheet position it well to backward integrate to ingot/wafer to sustain industry-leading profitability over the medium-term,” Jefferies said.

The company currently has around 3 gigawatts (GW) of operational TOPCon cell capacity. It plans to increase cell and module capacity to 8.9 GW and 16.3 GW, respectively, by the end of FY27.

Its order book is another key factor. As per Jefferies report, the order book stands at 9.9 GW, nearly nine times higher than two years ago, with around 7 GW expected to be delivered by the end of FY28.

The stock has corrected around 15% recently. Jefferies believes this has improved the risk-reward equation and values the company at 10 times forward Enterprise Value to Earnings Before Interest, Tax, Depreciation and Amortisation (EV/EBITDA).

Jefferies on Turtlemint: 37% upside on insurance opportunity

Another stock the brokerage house is bullish on is Turtlemint Fintech Solutions. Jefferies has a ‘Buy’ rating and a target price of Rs 190, suggesting around 37% upside from the current level.

The brokerage is focusing on the company’s position in the Point-of-Sales Person (POSP) insurance distribution market.

Jefferies in its report added that the POSP has become one of the fastest-growing insurance distribution channels in India and currently accounts for around 5-6% of insurance premiums.

“Turtlemint is the third-largest player, with 20% share. TM’s granular POSP network & tech stack drives better profitability on a smaller base,” the brokerage said.

Jefferies expects Turtlemint’s revenue to grow at a 38% compound annual growth rate (CAGR) over three years. It also expects adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) margins to reach 10% by FY29.

The company turned adjusted EBITDA positive in the fourth quarter of FY26. This makes an important shift in its profitability profile.

Jefferies on TVS Motor: 24% upside despite global investments

TVS Motor Company is another recommendation by the brokerage house. Jefferies has a target price of Rs 5,425 to this auto sector stock and a ‘Buy’ rating. This indicates around 24% upside from the current market price.

The brokerage noted in its report that TVS is focused on four key areas. This includes global expansion, electric vehicles, premiumisation and margins, along with technology.

The brokerage expects TVS to deliver 13% volume CAGR and 24% earnings per share (EPS) CAGR between FY26 and FY29.

One area Jefferies is watching closely is TVS Motor’s rising investment in subsidiaries. According to the report, investments in subsidiaries increased at a 29% CAGR between FY21 and FY26 to Rs 11,300 crore, equivalent to around 44% of standalone assets. A large part of this investment is spread across Norton, TVS Credit, TVS E-Bike and TVS Indonesia. In FY26 alone, TVS invested around Rs 2,600 crore, including Rs 1,000 crore in Norton and Rs 400 crore in TVS E-Bike.

However, the brokerage noted that the bulk of subsidiary losses came from Norton and TVS E-Bike, while TVS Credit remained profitable, reporting Rs 740 crore net profit and 17% return on equity (ROE) in FY26.

Jefferies believes improving margins at the core business and stronger free cash flow could help offset some of the pressure from these investments. It expects TVS’ earnings growth to remain strong despite the high investment requirements.

What investors need to focus

The three companies operate in very different industries. However, Jefferies’ reasoning has a common thread, that is, future earnings growth.

Emmvee has capacity expansion and solar integration. Turtlemint has scale and improving profitability. TVS has volume growth, exports and margin expansion.

Disclaimer: This article is based on research reports from one or more brokerage firms and is for informational purposes only. The views, target prices, and recommendations expressed are those of the respective brokerage firms and do not reflect the official policy or position of Financial Express. This should not be construed as an offer, solicitation, or recommendation to buy or sell securities. Investors must conduct their own independent due diligence and seek advice from a SEBI-registered financial advisor before making any investment decisions.