JM Financial Institutional Securities has reiterated its bullish stance on Infosys, Tenneco Clean Air India, Navin Fluorine International, and Ahluwalia Contracts in separate reports dated February 17–18, 2026. The brokerage has maintained ‘Buy’ ratings on all four stocks, with target prices implying potential upside ranging from about 19% to nearly 43% based on its stated targets and current market prices.
Below is a detailed breakdown of JM Financial’s findings on each company.
JM Financial on Infosys: ‘Buy’
JM Financial has maintained a ‘Buy’ rating on Infosys with a 12-month target price of Rs 1,660. With the current market price at Rs 1,391, this implies an upside of about 19.3%.
The brokerage said, “AI is structurally expansionary for Infosys, with management reiterating that the $300-400 billion AI services opportunity by 2030 presents a larger expansion pool helping more than offset AI-led deflation.”
It noted that AI-related revenues were about 5.5% of revenue in 3Q and are growing rapidly. Large deal timelines remain intact, and concerns around terminal growth are “overly pessimistic,” according to the report.
In its financial summary, JM Financial projects net sales of Rs 1,78,156.6 crore in FY26E, rising to Rs 2,02,099.7 crore by FY28E. Adjusted net profit is estimated at Rs 28,151.1 crore in FY26E and Rs 33,322.9 crore in FY28E.
JM Financial on Tenneco Clean Air India: ‘Buy’
JM Financial has maintained a ‘Buy’ rating on Tenneco Clean Air India with a target price of Rs 640 per share. The he implied upside from current levels is about 16.4%.
The brokerage said EBITDA margin on Value Added Revenue expanded to 18.6% in 3QFY26, up 150 basis points year-on-year, driven by operating leverage, premiumisation and cost management. Consolidated VAR rose 14.7% year-on-year to Rs 1,194.1 crore in the quarter.
In the Advanced Ride Technology segment, VAR increased 24.5% year-on-year to Rs 629.7 crore. The company launched DaVinci DCx suspension with a leading Indian PV OEM, with annual revenue potential of about Rs 220 crore.
In the Clean Air and Powertrain segment, it secured a strategic aftertreatment program win with annual revenue potential of about Rs 115 crore. JM Financial said the order book remains robust and well diversified, providing visibility for double-digit CAGR over FY25–28E.
For FY28, JM Financial estimates net sales at Rs 7,301.3 crore and adjusted net profit at Rs 918.9 crore.
JM Financial on Navin Fluorine: ‘Buy’
JM Financial has maintained a ‘Buy’ rating on Navin Fluorine International with a target price of Rs 8,270. With the current market price at Rs 6,389 per share, this implies an upside of about 29.4%.
The brokerage said Street estimates could see earnings upgrades of 15–20% over the next two to three quarters, driven by faster ramp-up in CDMO, scale-up of Project Nectar, incremental Chemours contribution and speciality chemicals growth.
It stated, “NFIL’s current annual EBITDA run-rate is Rs 1,230 crore. Over FY26E-28E, we believe there could be an incremental Rs 400 crore – Rs 410 crore EBITDA over the current annual run-rate.” This translates to a current run-rate of about Rs 1,230 crore and incremental EBITDA of about Rs 400–410 crore.
JM Financial expects overall EBITDA to rise to Rs 1,630–1,640 crore by FY28E against Rs 1,430 crore that the Street is building in. It projects FY28E net sales at Rs 5,018.1 crore and adjusted net profit at Rs 1,058.4 crore.
JM Financial on Ahluwalia Contracts: ‘Buy’
JM Financial has maintained a ‘Buy’ rating on Ahluwalia Contracts (India) with a revised target price of Rs 1,155 per share. At the current levels, the target implies upside of about 42.9%.
The brokerage said 3QFY26 PAT stood at Rs 55.3 crore, missing its estimate due to lower margins and execution impact from GRAP stage 4 restrictions in the NCR region. Revenue grew 11% year-on-year to Rs 1,060.7 crore, while EBITDA margins expanded 30 basis points year-on-year to 9.2%.
JM Financial noted that the order backlog stood at Rs 18,700 crore as of December 2025, equivalent to 4.2 times trailing twelve-month revenue. Year-to-date inflows were about Rs 9,000 crore, with L1 position of about Rs 2,500 crore and bid pipeline of about Rs 7,000 crore.
For FY28E, JM Financial estimates net sales at Rs 6,893.4 crore and adjusted net profit at Rs 449.4 crore.
Conclusion
While near-term headwinds exist in select pockets, JM Financial’s analysis indicates that demand visibility, improving margins in key segments, and sustained order inflows support its continued ‘Buy’ recommendations. All views, projections and assessments are strictly as per JM Financial Institutional Securities’ published research.