India’s equity market has a fresh set of brokerage-backed stock calls spanning defence, consumer, and real estate, with JM Financial Institutional Securities jotting down detailed views on select companies. The firm has initiated coverage on Hindustan Aeronautics with a positive stance, while reiterating its constructive view on Honasa Consumer and Godrej Properties.
Here is a closer look at the stock-specific calls, targets, and the reasoning behind them.
JM Financial on Hindustan Aeronautics: ‘Buy’
JM Financial Ltd. initiates coverage on Hindustan Aeronautics with a ‘Buy’ rating and sets a target price of Rs 4,875, implying an upside of 24.7% from the current market price of Rs 3,908.
The brokerage builds its case on the expected rise in air defence spending and the company’s central role in India’s aircraft manufacturing ecosystem. It estimates a large opportunity pipeline over the next six to seven years, driven by aircraft induction, fleet upgrades and replacement demand. The Indian Air Force continues to operate below its sanctioned strength, which keeps order visibility intact for new platforms as well as upgrades of older fleets.
JM Financial expects manufacturing to drive growth, led by execution of existing orders such as Tejas Mk1A, HTT-40 trainer aircraft and light combat helicopters. It also notes that repair and overhaul work continues to provide steady support to revenue.
While margins are likely to soften as manufacturing contributes a higher share, the brokerage still expects revenue to grow at about 21% compounded over FY26 to FY28, with earnings growth following.
“Thus, risk-reward seems favourable at this stage,” the brokerage says, adding that the recent correction in the stock already factors in several near-term concerns.
JM Financial on Honasa Consumer: ‘Buy’
JM Financial maintains its ‘Buy’ rating on Honasa Consumer with a target price of Rs 375, which indicates an upside of 19.8% from the current market price of Rs 313.
The brokerage says the company continues to deliver strong execution, with growth driven by both its flagship brand Mamaearth and a fast-growing portfolio of younger brands. It expects adjusted revenue growth in the late twenties for the March quarter, supported by sustained demand and contributions from acquisitions.
Mamaearth records another quarter of double-digit growth, helped by product improvements, focused category investments and wider distribution reach. At the same time, brands such as The Derma Co. and Aqualogica expand at a faster pace, strengthening the overall portfolio.
JM Financial also points to improving profitability. A higher share of better-margin brands, along with operating leverage and marketing efficiencies, supports margin expansion. It expects EBITDA margins to improve meaningfully on a year-on-year basis.
“Improving growth in higher-margin Mamaearth brand and scale-up in the younger brands provide adequate levers for margin expansion over the medium term,” the brokerage says.
JM Financial on Emmvee Photovoltaic Power: ‘Buy’
JM Financial has initiated coverage on Emmvee Photovoltaic Power with a ‘Buy’ rating, assigning a target price of Rs 291, implying an upside of 31%.
The brokerage builds its case on the company’s deep integration across the solar manufacturing value chain, early technology adoption and strong margin profile that stands out among domestic peers.
According to the report, Emmvee operates with cell and module capacities of 2.9 GW and 10.3 GW respectively, with plans to scale this up to 8.9 GW and 16.3 GW by FY28, positioning it among the more ambitious expanders in the segment. JM Financial expects production scale-up to drive a sharp improvement in financials, with revenue, EBITDA and profit projected to grow at a compounded pace of 83%, 77% and 87% respectively over FY25 to FY28.
While margins are seen peaking in the near term before moderating as competition intensifies, the brokerage notes that Emmvee’s ability to maintain superior profitability is supported by its early move into advanced cell technologies and its inclusion in the Approved List of Models and Manufacturers for both modules and cells. The report adds that valuation at 7.5 times FY28 estimated enterprise value to EBITDA captures growth visibility while leaving room for upside as scale improves and upstream integration becomes clearer.
“Emmvee stands out as one of the most experienced integrated players with strong technology credentials and meaningful re-rating potential as scale improves,” JM Financial says.
Conclusion
JM Financial’s latest recommendations centre on companies where demand visibility and execution track record remain strong. Hindustan Aeronautics stands out with a large defence pipeline and steady order flow expectations. Honasa Consumer continues to gain from brand traction and improving margins, while Godrej Properties benefits from sustained housing demand and strong bookings.
Disclaimer: Investment analysis and target prices featured here are based on reports by JM Financial Institutional Securities and are for informational purposes only. These do not constitute an offer to buy or sell securities. Investing in equities involves substantial risk; readers are advised to consult a SEBI-registered investment advisor before making any financial decisions.
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