JM Financial expects India’s internet driven companies to post a steady September quarter, with early festive spending, GST relief, and improving consumption trends cushioning growth across most platforms. The brokerage remained upbeat on leading names such as Eternal (Zomato), Nykaa, Paytm, Delhivery, and ixigo, while taking a more cautious stance on Swiggy and Policybazaar. It notes that the coming quarters will test operational discipline rather than top-line exuberance.
JM Financial on Eternal (Zomato): ‘BUY’
JM Financial has reiterated a Buy on Eternal, setting a target price of Rs 400, indicating an upside potential of about 17%. The brokerage expects solid sequential gains in both food delivery and quick commerce, with Blinkit’s pivot to an inventory-led model significantly boosting revenues. Consolidated margins are projected to inch higher, supported by volume growth and cost control. The firm called Eternal a “clean, volume-driven recovery story powered by platform scale.”
JM Financial on Swiggy: ‘REDUCE’
The brokerage has maintained a Reduce rating on Swiggy with a target price of Rs 440, reflecting limited upside at current valuations. Despite an expected 6% rise in food delivery volumes and improving take-rates, Swiggy’s balance sheet remains under pressure from continued quick-commerce losses. JM Financial noted that execution challenges and persistent cash burn continue to weigh on sentiment.
JM Financial on Nykaa: ‘BUY’
Nykaa remains among JM Financial’s top e-commerce picks, with a Buy rating and an upgraded target price of Rs 300. The firm expects nearly 28% year-on-year growth in gross merchandise value, supported by strong traction in beauty and personal care as well as a rebound in fashion. Margins are seen expanding as the company benefits from private-label growth and improved operating efficiency. Festive season demand and GST clarity are expected to further lift discretionary spending, the brokerage added.
JM Financial on FirstCry: ‘BUY’
JM Financial continues to recommend a Buy on FirstCry with a target price of Rs 460, implying close to 24% upside. While India’s multi-channel business faces near-term softness following GST-related uncertainty, international operations and GlobalBees are expected to sustain double-digit growth. Margins could see mild compression, but management’s cost control and the gradual pickup in consumption provide comfort, according to the brokerage.
JM Financial on Delhivery: ‘BUY’
JM Financial has maintained a Buy rating on Delhivery with a target price of Rs 560, suggesting nearly 20% upside. The firm expects around 23% revenue growth for the quarter, driven by a 40% surge in express parcel volumes and continued expansion in partial truckload services. Margins are projected to rise as operating leverage improves, although one-time integration costs linked to Ecom Express may briefly weigh on profitability. The brokerage said Delhivery remains “one of the most diversified and fastest-growing logistics plays in India.”
JM Financial on Policybazaar (PB Fintech): ‘REDUCE’
The brokerage has reiterated a Reduce on Policybazaar with a target price of Rs 1,630, pointing to limited near-term returns. While overall insurance premium growth is expected to remain strong at nearly 39% year-on-year, the softness in unsecured lending continues to hold back Paisabazaar’s performance. JM Financial noted that margin gains are likely, but the pace of expansion remains slower than expected.
JM Financial on Paytm: ‘BUY’
Paytm retained a Buy rating from JM Financial with a higher target price of Rs 1,420, indicating nearly 16% upside. The brokerage expects the company’s payments and lending businesses to drive around 23% year-on-year revenue growth. With operating costs stabilising, Paytm is expected to post another profitable quarter. The firm said regulatory clarity and improving operating leverage position the company well for FY26–28.
JM Financial on IndiaMART: ‘BUY’
IndiaMART continued to hold a Buy rating from JM Financial with a target price of Rs 3,000, offering about 23% potential upside. The brokerage expects steady revenue growth led by the Busy accounting software vertical, even as paying supplier additions remain subdued. While margins may contract slightly due to higher employee and marketing spends, JM Financial said the company remains “a stable, high-margin B2B franchise with long-term monetisation potential.”
JM Financial on Just Dial: ‘BUY’
JM Financial has maintained a Buy on Just Dial with a target price of Rs 1,150, the highest implied upside among its classified picks. The brokerage expects mid-single-digit revenue growth supported by higher campaign realisations and tighter expense control. Profitability should continue to improve gradually, aided by better cost discipline and declining spend on new initiatives.
JM Financial on CarTrade: ‘REDUCE’
CarTrade remains on a Reduce rating with a target price of Rs 2,370. The brokerage acknowledged the company’s improving fundamentals, with the new auto business expected to grow 28% year-on-year and remarketing up 18%. However, it added that valuations look stretched after the recent run-up, keeping risk-reward unattractive in the near term.
JM Financial on ixigo: ‘BUY’
JM Financial has reaffirmed a Buy on ixigo with a raised target price of Rs 340, implying more than 15% upside. The travel-tech player continues to outperform the broader OTA market, with strong traction in both air and bus segments. Revenue growth of over 50% year-on-year is expected, supported by festive season bookings and improving operational efficiency. The brokerage noted ixigo’s scalability and margin discipline as key positives.
JM Financial on TBO Tek: ‘ADD’
TBO Tek’s rating has been upgraded to Add with a target price of Rs 1,680, as JM Financial expects the company to deliver double-digit growth in gross bookings driven by its hotels and packages vertical. Margins may remain under pressure due to wage costs and ongoing growth investments, but the firm believes medium-term prospects remain solid.
JM Financial on Yatra: ‘BUY’
JM Financial has kept a Buy on Yatra with a revised target price of Rs 190, projecting an 18% upside. The brokerage expects improvement in hotel and package bookings to support a rebound in margins, even as air travel volumes remain steady. It anticipates a strong quarter for earnings growth and margin recovery.
JM Financial on BlackBuck: ‘BUY’
The brokerage has reiterated a Buy on BlackBuck with a target price of Rs 740, implying nearly 19% upside. Revenue growth of close to 39% year-on-year is expected, driven by higher adoption in telematics and vehicle financing. JM Financial highlighted that despite wage pressures, the company remains on track to sustain profitability while expanding new verticals such as Superloads.
JM Financial on Affle: ‘SELL’
Affle remains under a Sell rating with a target price of Rs 1,520. JM Financial expects revenue to grow around 19% year-on-year, but the India business continues to feel the impact of restrictions on gaming ads. While international markets are cushioning growth, the brokerage warned that margins could remain volatile due to weak domestic demand.
JM Financial on Nazara Technologies: ‘ADD’
JM Financial has an Add rating on Nazara with a target price of Rs 300, seeing potential upside as the company restructures its portfolio following regulatory changes in gaming. Despite uncertainty in certain segments, steady performance in its gamified learning vertical is expected to drive gradual recovery in margins.
JM Financial believed the internet space is entering a phase of selective consolidation. Companies that combine scale with cost discipline are likely to outperform, while those chasing growth without profitability could lag. Early festive demand and stable consumption trends offer tailwinds, but sustained earnings upgrades will be critical before valuations can re-rate meaningfully.