JM Financial has released a series of post-result reports covering seven listed companies across automobiles, retail, IT services, real estate, healthcare, and wealth management.
The brokerage has retained or upgraded its ratings, revised estimates where needed, and reiterated confidence in medium-term earnings visibility based on Q3FY26 performance, demand trends, and balance-sheet position. The analysis below is entirely based on JM Financial’s published reports and reflects the brokerage’s assessment, not independent commentary.
JM Financial on Maruti Suzuki India: ‘Buy’
JM Financial has maintained a ‘Buy’ rating on Maruti Suzuki India with a target price of Rs 19,350, implying an upside of about 33.8% on a recalculated basis. The brokerage said Q3FY26 margins came in ahead of expectations after adjusting for a one-time labour code charge of Rs 590 crore.
Adjusted EBITDA margin stood at 12.4%, supported by operating leverage, lower discounting, and a favourable product mix, even as raw material costs, forex impact, and price reductions weighed on reported numbers. JM Financial noted that domestic demand remained strong, particularly in the entry-level segment, with dealer inventory at just 3–4 days and an order book of around 1.75 lakh vehicles.
On exports, the brokerage pointed to management confidence in achieving the full-year target of around 4 lakh units, supported by models such as the e-Vitara, Jimny, and Fronx. As JM Financial stated, “going ahead, operating leverage is expected to support margins irrespective of mix and commodity headwinds.”
JM Financial on Vishal Mega Mart: ‘Buy’
JM Financial has retained its ‘Buy’ call on Vishal Mega Mart with a revised target price of Rs 165, indicating an upside of around 37.7%. The brokerage described Q3FY26 as a strong operating quarter despite the festive shift to Q2, noting that revenue grew 17% year-on-year to Rs 3,670 crore, while EBITDA rose 20% to Rs 610 crore.
JM Financial highlighted that sales per sq ft and pre-Ind AS EBITDA per square foot improved even as retailing costs rose only modestly. Store expansion momentum remained intact, with management maintaining guidance of 80–100 new stores.
According to JM Financial, “most parameters product mix, store additions, loyalty customer addition and cost initiatives continue to track well,” supporting the continued positive view.
JM Financial on Metro Brands: ‘Buy’
For Metro Brands, JM Financial has reiterated a ‘Buy’ rating with a target price of Rs 1,370, translating into an upside of about 31.4%. The brokerage said the company delivered a broad-based Q3FY26 beat, with revenue rising 15% year-on-year to Rs 810 crore and EBITDA margin expanding to 33.1%.
Growth was largely volume-driven, while gross margins improved despite continued spending on new formats and marketing.
JM Financial also highlighted steady store additions during the quarter and management confidence in medium-term margin guidance. As noted in the report, “Metro Brands delivered a strong Q3 print, marking the third consecutive quarter of double-digit growth.”
JM Financial on Sagility: ‘Buy’
JM Financial has maintained its ‘Buy’ rating on Sagility with a target price of Rs 70, implying an upside of roughly 40.1%. The brokerage said Sagility reported 29.1% constant-currency year-on-year growth in Q3FY26, beating expectations, supported by a stronger-than-expected annual and open enrolment season. PAT increased over 35% year-on-year to Rs 292 crore, aided by higher revenue and lower interest and amortisation costs.
JM Financial also highlighted the upward revision in FY26 growth guidance to 22.5% and management confidence in sustaining margins despite regulatory pressure. As stated in the report, “management acknowledged the regulatory pressures but maintained that these pressures will accelerate outsourcing and platform adoption.”
JM Financial on Sunteck Realty: ‘Buy’
JM Financial has reiterated a ‘Buy’ call on Sunteck Realty with a revised target price of Rs 595, suggesting an upside of about 58.4%, the highest among the stocks covered. The brokerage described Q3FY26 performance as mixed, with pre-sales rising 16% year-on-year to Rs 730 crore, while collections declined 5% to Rs 320 crore due to a higher share of new project launches.
JM Financial highlighted strong booking traction at projects in Goregaon, Naigaon, Mira Road, and Napean Sea, along with a significant addition to the development pipeline through land acquisition in Andheri East with an estimated gross development value of around Rs 2,500 crore.
According to the report, “pre-sales visibility remains good,” supported by multiple launches planned over the coming quarters.
JM Financial on Innova Captab: ‘Buy’ (Upgraded)
JM Financial has upgraded Innova Captab to ‘Buy’ with a target price of Rs 918, implying an upside of around 33.8%. The brokerage said the company delivered a strong Q3FY26, with revenue rising 42% year-on-year to Rs 450 crore, EBITDA increasing 49% to Rs 69 crore, and margins expanding to 15.4%.
The Jammu facility scaled up faster than expected, generating quarterly revenue of Rs 89 crore and nearing break-even. JM Financial also flagged strong growth in branded generics and an improving export mix. As stated in the report, “the Jammu break-even offers margin upside not currently captured in our estimates.”
JM Financial on Nuvama Wealth Management: ‘Buy’
JM Financial has maintained a ‘Buy’ rating on Nuvama Wealth Management with an unchanged target price of Rs 1,740, implying an upside of about 33.8%. The brokerage said headline Q3FY26 results were weak due to provisions linked to the new wage code, but underlying performance remained steady, with recurring revenue and inflows broadly in line with guidance.
PAT for the quarter stood at Rs 250 crore, while management expects transactional revenue to improve in the next quarter. As JM Financial noted, “even in a weak quarter such as this one, the company was able to deliver over Rs 250 crore in profit.”
Conclusion
Across all seven stocks, JM Financial Institutional Securities has stuck with a positive view, citing operating leverage, demand resilience, execution strength, and balance-sheet comfort as key factors behind its target prices. While near-term pressures and estimate revisions vary by sector, the brokerage’s reports consistently point to sustained earnings visibility over the medium term, forming the basis of its continued BUY recommendations.
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.