As the Q3FY26 results season is drawing to a close, select stocks received ‘Buy’ ratings from multiple brokerages, turning bullish, based strictly on their Q3 results.
Firms including JM Financial, Nuvama Research, Jefferies and Nomura issued overlapping positive calls after reviewing quarterly numbers, management commentary and near-term execution visibility.
The consensus spans housing finance, insurance, quick service restaurants, consumer durables, online beauty retail, renewable energy and multiplex exhibition supported by margins, asset quality, operating leverage, or demand recovery.
Here are the top brokerage recommendations on key stocks
Bajaj Finserv
Nuvama Research has a ‘Buy’ rating on Bajaj Finserv with a target price of Rs 2,300, implying a 15.1% upside. The brokerage said, “Insurance subsidiaries of Bajaj Finserv delivered a mixed Q3FY26 performance:
Nuvama also noted that Bajaj Allianz Life Insurance Company’s retail and group APE increased, leading to a 26.5% rise in total APE, with product mix shifting towards protection and annuity, supporting margins.
The brokerage said management has recalibrated agency commission rates, aligning the approach towards bottom-line-led growth.
JM Financial has maintained a ‘Buy’ rating with a target price of Rs 2,480, implying a 22.8% upside.
The brokerage said, “Bajaj Finserv’s insurance subsidiaries reported strong Q3FY26 results,” adding that management attributed improving opex ratios to cost control while remaining aggressive in retail businesses.
JM Financial said the management is confident of negating around 325 bps of the GST 2.0 impact by the beginning of FY27 and that growth should return at Bajaj Finserv Health after software migration.
Suzlon Energy
Nuvama Research has a ‘Buy’ rating with a target price of Rs 55, implying a 15% upside.
The brokerage said Q3FY26 execution stood at 617 MW, below estimates, with EBITDA margin of 17.4%. Nuvama said Suzlon Energy is positioned to benefit from FDRE, RTC and hybrid tenders, supported by strong C&I exposure, while noting increasing competition from solar plus storage.
JM Financial has a ‘Buy’ rating with a target price of Rs 64, implying a 33.9% upside. The brokerage said that EBITDA margin improved due to better order mix and that management reiterated confidence in achieving at least 60% growth.
JM Financial also highlighted the expanding installed base for the O&M business.
FSN E-Commerce Ventures (Nykaa)
Nuvama Research has a ‘Buy’ rating with a target price of Rs 310, implying a 20.1% upside.
The brokerage said FSN E-Commerce Ventures posted revenue of Rs 2,870 crore in Q3FY26, up 26.7% YoY, with EBITDA margin expanding 180 bps to 8%. It added that both beauty and fashion segments outperformed industry growth, supported by demand recovery.
Nuvama also said NSV growth in beauty outpaced GMV growth due to higher service income, with momentum expected to continue.
Nomura has a ‘Buy’ rating with a target price of Rs 305, implying an 18.2% upside. The brokerage said the EBITDA margin at 8% was ahead of expectations, leading to EBITDA of Rs 230 crore, up 63% YoY.
It added that lower raw material costs were partly offset by higher marketing spends, while strong reach and investments in new brands support growth visibility.
JM Financial has a ‘Buy’ rating with a target price of Rs 325, implying a 25.8% upside. The brokerage said Q3FY26 results showed sustained execution, with strong margin expansion and consolidated revenue of Rs 2,870 crore.
PVR INOX
Nuvama Research has a ‘Buy’ rating on PVR INOX with a target price of Rs 1,605, implying a 62.6% upside.
The brokerage said that the average ticket price reached an all-time high of Rs 293, footfalls improved 9% YoY, and net debt fell to Rs 370 crore, the lowest since the merger.
Nuvama also said occupancy improved to 28.5% and is likely to sustain, supported by content performance.
JM Financial has a ‘Buy’ rating with a target price of Rs 1,300, implying a 28.1% upside.
The brokerage said medium-term growth is supported by theatrical-first releases and under-penetration in India. It added that rising admissions and higher spend per customer are expected to drive incremental screen, ticketing and food and beverage revenue over FY26E–28E.
Aavas Financiers
JM Financial maintained a ‘Buy’ rating on Aavas Financiers with a target price of Rs 1,810, implying an upside of 31.2%, as per its report dated 6 February 2026.
The brokerage said Aavas “delivered a steady, largely in-line quarter, with PAT growth of 16%/4% YoY/QoQ, translating into RoA/RoE of 3.4%/14.3%”. It added that NII was around 2% below estimates due to an 8 bps QoQ compression in calculated NIMs following a 28 bps QoQ decline in yields, which was offset by better-than-expected operating expenses, resulting in in-line pre-provision operating profit.
JM Financial pointed out that asset quality improved. The management is targeting around 17–18% AUM growth in FY27 and sustainable credit costs below 25 bps. The stock is valued at 2.1x FY28 earnings while flagging growth moderation as a key monitorable.
Jefferies has reiterated a ‘Buy’ rating with a target price of Rs 1,875, indicating a 32% upside.
It added that AUM grew 15% YoY, spreads and asset quality improved QoQ, and AUM growth should improve to 17% in FY27E, in line with management guidance.
Conclusion
Across sectors, the common thread in these reports is confidence expressed by brokerages in margins, asset quality, demand recovery or operating leverage, as documented in their own analyses.