Several companies across consumer, infrastructure, logistics, energy and technology sectors remain on JM Financial’s preferred list following its latest round of result reviews and initiation reports. The brokerage has maintained ‘Buy’ ratings on six stocks, citing earnings growth prospects, improving operating performance, industry tailwinds and attractive valuations.
Among them, HG Infra Engineering offers the highest potential upside of 71.3%. Bluestone Jewellery and Lifestyle, TBO Tek, Aegis Logistics, Gujarat Pipavav Port and Gujarat Energy also feature prominently in JM Financial’s latest recommendations.
The brokerage’s assessments come at a time when companies are dealing with varied operating conditions. These range from geopolitical disruptions and commodity inflation to changing demand patterns and sector-specific opportunities. Despite these challenges, JM Financial believes these businesses are positioned to deliver earnings growth over the medium term. The brokerage has reiterated positive ratings and either revised or maintained its target prices.
JM Financial on HG Infra Engineering: ‘Buy’
JM Financial has maintained a ‘Buy’ rating on HG Infra Engineering with a target price of Rs 980, implying an upside of 71.3%. The brokerage says the company’s March quarter performance was weak.
Adjusted profit after tax fell to Rs 37.3 crore from Rs 155.4 crore in the corresponding period last year due to lower execution and margin pressure. Revenue declined to Rs 1,360 crore from Rs 1,970 crore a year earlier. EBITDA margin contracted to 9.4% from 14.4%.
Even so, JM Financial continues to see value in the stock. The brokerage points out that HG Infra has secured fresh orders worth Rs 5,600 crore so far in the current financial year. It expects total inflows of Rs 11,000 crore to Rs 12,000 crore during FY27. JM Financial also expects monetisation proceeds from road assets to strengthen the balance sheet and help reduce debt levels in the coming quarters.
“We like HG for its robust execution track record, strong growth profile and timely diversification efforts,” JM Financial says in its report. “Monetisation proceeds from five HAM assets will strengthen the balance sheet.”
According to JM Financial, valuations remain attractive at around 9 times FY27 estimated earnings and 7 times FY28 estimated earnings. This supports its continued positive stance on the stock.
JM Financial on BlueStone Jewellery and Lifestyle: ‘Buy’
JM Financial has initiated coverage on BlueStone Jewellery and Lifestyle with a ‘Buy’ rating and a target price of Rs 650, indicating a potential upside of 31%.
The brokerage believes the company is well positioned to benefit from rising demand for contemporary jewellery and expanding organised retail penetration. BlueStone operates as a digital-first jewellery retailer and derives nearly 95% of its manufacturing in-house.
JM Financial expects the company to add about 237 stores between FY26 and FY29. It expects this expansion to support revenue growth and operating leverage. The brokerage estimates revenue and EBITDA compound annual growth rates of about 26% and 43%, respectively, during the period.
JM Financial notes that BlueStone’s focus on design-led jewellery, coupled with its omnichannel model, provides a strong competitive advantage in a large but fragmented market. The brokerage also expects improving store maturity and operating efficiencies to support profitability.
“BlueStone’s vertically integrated omni-channel model addresses consumers’ need for trust and physical validation by combining online discovery with offline conversion at its stores,” the brokerage says.
JM Financial adds that the company’s store economics remain healthy. It believes this provides confidence in BlueStone’s expansion plans and long-term earnings potential.
JM Financial on TBO Tek: ‘Buy’
JM Financial has retained its ‘Buy’ rating on TBO Tek and raised its target price to Rs 1,600 from Rs 1,580, suggesting an upside of 30.2%.
The brokerage says the travel distribution platform delivered a resilient performance despite disruptions arising from the conflict in the Middle East. Gross transaction value increased to Rs 10,080 crore in the March quarter from Rs 7,790 crore a year earlier. The growth was supported by strong performance in hotels and packages, along with contributions from the Classic Vacations acquisition.
Although operating leverage was delayed due to disruptions during March, JM Financial expects profitability to improve as investment spending moderates. Management has indicated that most market development investments are now behind it. The brokerage believes this could support margin expansion.
“Management highlighted that it had started seeing strong operating leverage during Jan-Feb as market development investments it had undertaken over the last 12–18 months were largely behind,” JM Financial notes.
The brokerage expects business momentum to improve in the June quarter, provided geopolitical conditions do not worsen further. It also sees scope for sustained earnings growth through expanding international operations.
JM Financial on Gujarat Pipavav: ‘Buy’
JM Financial has maintained a ‘Buy’ rating on Gujarat Pipavav with a target price of Rs 205, implying an upside of 28.9%.
The brokerage says the port operator delivered a better-than-expected March quarter. EBITDA rose to Rs 170 crore from Rs 153 crore a year earlier. Management has guided for a 16% to 18% increase in earnings before interest and tax during the June quarter. The expected growth is supported by strong growth in roll-on roll-off cargo and a recovery in container volumes.
JM Financial remains optimistic about the company’s liquids and automotive cargo businesses. Construction of a new liquid jetty remains on track. Management expects additional liquid cargo volumes once the facility becomes operational.
“Over medium term, we expect strong growth in liquids and RoRo volumes to drive higher profitability,” JM Financial says.
The brokerage expects a healthier cargo mix to support profitability growth even if container volume growth remains moderate over the next few years.
JM Financial on Aegis Logistics: ‘Buy’
JM Financial has reiterated its ‘Buy’ rating on Aegis Logistics with a target price of Rs 935, indicating a potential upside of 25%.
The brokerage highlights a strong March quarter performance. EBITDA surged to Rs 620 crore from Rs 405 crore a year ago. The outperformance was driven largely by the liquefied petroleum gas distribution business, where volume growth and profitability exceeded expectations.
Distribution volumes climbed to 2.34 lakh tonnes from 1.36 lakh tonnes in the year-ago period. The increase was supported by supply dynamics in the domestic liquefied petroleum gas market. While throughput volumes in the logistics business remained soft, JM Financial believes the distribution segment can continue to perform well if current industry conditions persist.
“This could benefit private suppliers of industrial LPG like Aegis Logistics,” the brokerage says while discussing government measures prioritising residential fuel supply.
JM Financial is awaiting further management commentary on distribution trends and infrastructure projects. Even so, the brokerage remains constructive on the company’s medium-term prospects.
JM Financial on Gujarat Energy: ‘Buy’
JM Financial has maintained a ‘Buy’ recommendation on Gujarat Energy with a revised target price of Rs 470, implying an upside of 18.4%.
The brokerage recently revised its valuation framework following the restructuring of Gujarat State Petroleum Corporation group entities. Gujarat Energy now houses city gas distribution, gas trading, exploration and production assets, renewable energy interests and other businesses. This has prompted JM Financial to adopt a sum-of-the-parts valuation approach.
The brokerage expects industrial gas demand and gas trading operations to remain major growth drivers. During the March quarter, city gas distribution volumes exceeded expectations. The gas trading business also continued to contribute meaningfully to profitability.
“Management showed confidence in sustaining gas trading profitability, supported by diversified LNG sourcing and back-to-back sales contracts,” JM Financial says.
JM Financial believes the restructuring unlocks value by bringing multiple businesses under a single platform. The brokerage expects earnings growth to be supported by stronger industrial gas demand and favourable industry dynamics over the medium term.
Conclusion
JM Financial’s latest research notes span a diverse group of companies, yet a common theme runs through its recommendations. The brokerage sees earnings growth potential being supported by business expansion, improving operating performance, sector-specific opportunities and valuations that remain appealing relative to long-term prospects.
HG Infra Engineering leads the list on potential returns. BlueStone Jewellery and Lifestyle, TBO Tek, Gujarat Pipavav, Aegis Logistics and Gujarat Energy also continue to feature among JM Financial’s preferred ideas. All six stocks carry ‘Buy’ ratings and offer double-digit upside potential from current levels.
Disclaimer: The stock ratings, target prices, and operational projections discussed in this report are based on institutional research updates from JM Financial and do not constitute direct buy, sell, or hold recommendations for retail investors. Equity investments across diverse sectors—including infrastructure, consumer retail, travel distribution, port logistics, and energy utilities—are subject to cyclical demand variations, geopolitical disruptions, commodity price volatility, and regulatory restructuring, meaning individual portfolio outcomes and returns can vary significantly. Readers are strongly advised to consult a SEBI-registered investment advisor or a qualified financial professional before executing any fresh capital allocations or altering their existing investment strategies based on these sectoral forecasts.
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