After reviewing December-quarter earnings, JM Financial has reiterated ‘Buy’ ratings on a new set of companies across telecom, technology services, metals, banking, consumer goods, and building materials. In its latest result updates, the brokerage pointed to steady revenue performance, margin improvement, balance sheet strength, and execution on growth plans as the key factors supporting its calls.
Based on JM Financial’s target prices and current market levels, these stocks offer upside largely ranging from the mid-teens to the mid-40% zone, backed by trends visible in the latest quarterly numbers and management commentary.
JM Financial on Tata Communications: ‘Buy’
JM Financial has maintained its ‘Buy’ rating on Tata Communications with an unchanged target price of Rs 2,250, implying an upside of 44.6% from the current market price. The brokerage said December-quarter revenue was largely in line with expectations, with higher data revenues offsetting continued weakness in the voice segment.
JM Financial highlighted improvement in EBITDA margins to nearly 20% during the quarter, supported by better performance in the data segment and its subsidiary. The report also noted a sequential reduction in net debt and said large connectivity deals, including projects for global hyperscalers, have started contributing to reported revenues. The brokerage expects data segment EBITDA to grow at a compound rate of around 22% through FY28.
JM Financial said, “Revenue growth in line; profitability improves.”
JM Financial on Mphasis: ‘Buy’
JM Financial has reiterated its ‘Buy’ rating on MphasiS with a target price of Rs 3,330, implying an upside of 20.5% from the current market price. The brokerage said the company continues to gain traction with large BFSI clients, supported by strong deal wins.
The report highlighted that last twelve-month total contract value has doubled, providing revenue visibility. JM Financial noted that nearly 70% of new deal wins are now AI-led, reflecting client spending on modernisation and outcome-based programs. While near-term margins were impacted by hedging losses, the brokerage expects growth to outpace the industry average.
JM Financial added, “LTM TCV has grown 2x and outlook for revenue conversion is strong.”
JM Financial on Jindal Stainless: ‘Buy’
JM Financial has maintained a ‘Buy’ rating on Jindal Stainless with a target price of Rs 900, implying an upside of 20.7% from the current market price. The brokerage said December-quarter earnings were in line with its estimates, supported by sequential volume growth.
JM Financial noted that while realisations softened, lower raw material costs helped offset the impact on margins. The report also pointed to a healthy balance sheet, with net debt to EBITDA below one, and progress on the company’s overseas expansion in Indonesia, which is expected to be commissioned in FY27.
JM Financial said, “Strong growth pipeline and increased focus on capacity expansion augurs well for the earnings trajectory.”
JM Financial on Ujjivan Small Finance Bank: ‘Buy’
JM Financial has reiterated a ‘Buy’ rating on Ujjivan Small Finance Bank with a target price of Rs 73, implying an upside of 15.3% from the current market price. The brokerage described the December quarter as strong, with profit exceeding its estimates.
The report highlighted an improvement in net interest margins, a declining cost of funds, and better asset quality trends. JM Financial also noted that the bank is reducing portfolio risk by increasing the share of secured loans, including housing and MSME finance, while collection efficiency has improved across regions.
JM Financial said, “Ujjivan SFB delivered a strong quarter in 3QFY26, with PAT beat of 7% vs. JMFe.”
JM Financial on Supreme Industries: ‘Buy’
JM Financial has continued to recommend a ‘Buy’ on Supreme Industries with a target price of Rs 4,000, implying an upside of 14.6% from the current market price. The brokerage said the December-quarter operating performance was in line with expectations, led by steady growth in the plastic piping segment.
The report noted that earnings estimates were marginally reduced to factor in lower PVC prices and weaker contributions from associate companies. Despite this, JM Financial highlighted the company’s strong balance sheet with net cash and ongoing capital expenditure plans.
JM Financial added, “Management reiterated its FY26 volume growth guidance of 12–14% YoY for the consolidated business.”
JM Financial on Baazar Style Retail: ‘Buy’
JM Financial has reiterated its ‘Buy’ rating on Baazar Style Retail with a target price of Rs 410, implying an upside of 21.1% from the current market price. The brokerage said the board-approved issuance of equity warrants to Cupid Ltd is a significant positive for the company.
According to the report, the fundraising will help reduce debt and interest costs while supporting faster store expansion and investment in infrastructure such as warehouses and regional distribution centres. JM Financial noted that revenue grew 13% year on year in the December quarter and that 38 stores were added in the first nine months of the year.
JM Financial said, “Preferential allotment to help accelerate expansion.”
JM Financial on Radico Khaitan: ‘Buy’
JM Financial has reiterated a ‘Buy’ rating on Radico Khaitan following a strong December-quarter performance. The brokerage said consolidated revenue rose 19.5% year on year to Rs 1,550 crore, driven by record quarterly volumes of 9.8 million cases.
The report highlighted sharp expansion in gross margins by 350 basis points to 46.5%, supported by benign grain prices and premiumisation. JM Financial also noted that EBITDA exceeded its estimates despite a sharp increase in advertising and promotion spends, while both total and net debt declined sequentially. The brokerage did not disclose a target price in this note.
JM Financial stated, “Radico delivered another strong quarter with revenue growth of 19.5% YoY to Rs 1,550 crore.”
Conclusion
Across these seven stocks, JM Financial’s analysis points to improving execution through data-led growth, strong order inflows, balance sheet strength, and disciplined cost control. The brokerage believes December-quarter trends provide support for its continued ‘Buy’ stance on these names.