JM Financial has reiterated ‘Buy’ ratings across four companies spanning healthcare, consumer, internet and cables, with its latest reports pointing to expansion-led growth, steady demand visibility and improving earnings trajectory.
Based on the brokerage’s target prices, the stocks offer upside potential ranging from about 25% to nearly 38%. The calls are driven by company-specific triggers including a major hospital project in Mumbai, distribution expansion in packaged foods, affordability-led traction in education, and capacity ramp-up in cables.
JM Financial on Jupiter Life Line Hospitals: ‘Buy’
JM Financial has maintained a ‘Buy’ rating on Jupiter Life Line Hospitals with a target price of Rs 1,734, indicating an upside of about 37.6%.
The brokerage’s report focuses on the company’s entry into Mumbai through a planned 400-bed multi-specialty hospital at Bandra Kurla Complex. The land has been secured on an 80-year lease for about Rs 350 crore, opening access to one of the most supply-constrained and premium healthcare markets in India.
JM Financial expects a sharp scale-up in capacity, with bed count projected to increase from about 1,050 beds currently to around 2,900 beds by FY31. Ongoing expansions in Dombivli, Pune and Mira-Bhayandar are expected to support this growth.
The brokerage also builds in strong earnings visibility, projecting revenue, operating profit and net profit growth of 19%, 22% and 28% respectively over financial years 2026 to 2028.
“Entering BKC, Mumbai’s premier commercial hub, provides Jupiter with a high-value corporate catchment and a rare opportunity in a micro-market with scarce healthcare infrastructure,” said JM Financial.
JM Financial on Bikaji Foods International: ‘Buy’
JM Financial has reiterated its ‘Buy’ rating on Bikaji Foods International with a target price of Rs 785, implying an upside of about 25%.
The brokerage expects the company to sustain mid-teen revenue growth, supported by deeper distribution, innovation and continued gains in core markets. Bikaji plans to expand its direct reach by adding about 50,000 outlets annually over the next few years.
Premiumisation remains a key lever, with higher-value products expected to support margins over time. While packaging costs have risen, the company has near-term inventory visibility and plans to take calibrated price increases.
JM Financial also points to improving utilisation and cost efficiencies as drivers of margin expansion, along with growth from newer categories such as bakery and premium sweets.
“With capacity expansion behind, improving utilisations shall drive profitability and returns over the next three to four years,” says JM Financial.
JM Financial on PhysicsWallah: ‘Buy’
JM Financial has maintained a ‘Buy’ rating on Physicswallah with a target price of Rs 110, suggesting an upside of about 27.9%.
The brokerage’s view is anchored in the company’s affordability-driven model, which it expects to gain traction when household budgets come under pressure. Education spending tends to remain a priority, and lower-cost offerings are likely to draw students from higher-priced alternatives.
PhysicsWallah’s digital delivery model also limits exposure to fuel and logistics costs, supporting margin resilience.
JM Financial expects the online segment to remain the key growth driver and assigns it a higher valuation multiple compared with offline operations.
“We believe that an economic slowdown or a spike in living costs will serve as a catalyst for PW, driving students from expensive legacy institutes toward this more affordable alternative,” adds JM Financial.
JM Financial on KEI Industries: ‘Buy’
JM Financial has retained its ‘Buy’ rating on KEI Industries with a revised target price of Rs 5,050, implying an upside of about 25.6%.
The brokerage expects steady medium-term growth, even as near-term performance may see some softness due to the timing of orders. It pegs revenue growth at around 20% annually over the medium term.
Capacity expansion remains a key driver, especially the Sanand facility, which is expected to contribute revenue of about Rs 2,500–2,700 crore in FY27 as utilisation ramps up.
The brokerage also points to opportunities in extra high voltage cables and data centre-linked demand, although execution timelines for large projects may take time.
“Recent price hikes taken by companies to pass on elevated input costs drove some EPC players to downtrade to smaller brands, but this is not a material worry in the larger picture,” says JM Financial.
Conclusion
JM Financial’s latest recommendations cut across four sectors but share a common thread, visible growth backed by expansion and execution. Jupiter Life Line is entering a premium healthcare market, Bikaji continues to scale across categories; PhysicsWallah benefits from affordability in education, and KEI Industries is supported by capacity build-out. The brokerage sees meaningful upside across all four, with earnings growth expected to follow as these expansion plans play out.
Disclaimer: This article provides factual analysis only and is not, and 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.