Domestic brokerage house JM Financial has turned positive on a select group of stocks across sectors such as logistics, ports, information technology, oil and gas, and manufacturing. According to the brokerage reports, these companies are currently at different stages of operational expansion, margin recovery, business scaling, or long-term capacity creation.
The brokerage believes that while near-term volatility and sector-specific challenges remain, certain companies are entering phases where execution, demand visibility, infrastructure expansion and improving profitability could gradually support earnings growth over the coming years.
Its latest preferred picks include Aegis Vopak Terminals, Gujarat Pipavav Port, Mphasis, Oil and Natural Gas Corporation and PG Electroplast. Here’s what the brokerage says on these stock –
JM Financial on Aegis Vopak Terminals
JM Financial maintained its ‘Buy’ rating on Aegis Vopak Terminals and assigned a target price of Rs 330. This implies an upside potential of nearly 60% from the current market price.
According to the brokerage report, the company’s Q4 performance came below estimates mainly because of weaker profitability in the liquids segment. While overall throughput in the Liquefied Petroleum Gas (LPG) logistics business remained broadly in line with estimates, margins in the liquids business surprised negatively.
The brokerage stated, “Sequential decline in liquids segment EBIT margin despite rise in realization was a negative surprise.”
According to the report, consolidated Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) stood at Rs 179 crore, missing estimates because of lower-than-expected earnings from liquid storage operations and higher finance costs.
At the same time, JM Financial highlighted that the gas segment performed better than expected. The brokerage maintained its positive outlook as it believes long-term demand visibility for energy logistics infrastructure remains healthy.
JM Financial on Gujarat Pipavav Port
The brokerage also retained its ‘Buy’ rating on Gujarat Pipavav Port with a target price of Rs 205. This suggests an upside potential of around 30%.
According to the brokerage report, the company’s reported revenue included an exceptional income component. After adjusting for that item, operational performance still came ahead of expectations.
JM Financial said, “Adjusted EBITDA at Rs 1.7 billion came in 15% ahead of JM Financial estimates.”
The brokerage noted that investors are now closely watching management commentary around future cargo growth, operational trends and the nature of the exceptional revenue item reported during the quarter.
The brokerage believes port operators with diversified cargo handling capabilities and relatively stable operational metrics could continue to remain important infrastructure plays.
JM Financial on Mphasis
JM Financial continued to maintain a ‘Buy’ rating on information technology company Mphasis and assigned a target price of Rs 2,740. This translates into an upside potential of nearly 23%.
According to the brokerage report, Mphasis recently hosted its Analyst Meet 2026, where management outlined its long-term strategy around Artificial Intelligence (AI), digital transformation and platform-led services.
One of the key announcements was the launch of “Mphasis Tria”, a three-layer AI platform focused on workflow automation and enterprise data solutions.
The brokerage stated, “There is no change to revenue guidance of high-single-digit to low-double-digit revenue growth in FY27E.”
JM Financial also highlighted that the company is increasingly targeting large transformation deals and consolidation opportunities with global clients.
According to the report, “The large deal team has grown the pipeline by 4x in 18 months.”
The brokerage believes Mphasis remains one of its preferred picks among mid-tier information technology companies because of its improving deal pipeline and platform-led growth strategy.
JM Financial on ONGC
JM Financial maintained its ‘Buy’ rating on state-run oil producer Oil and Natural Gas Corporation (ONGC) and revised the target price to Rs 330. This indicates an upside potential of nearly 20%.
According to the brokerage report, ONGC’s March quarter earnings came below estimates because of higher operating expenses, weaker gas realisations and lower production from the Krishna Godavari basin block.
The brokerage noted, “Management stated higher opex and dry well write-off was partly due to one-off factors.”
JM Financial added that production challenges were linked to geological surprises in certain offshore fields. However, the company expects output to gradually recover over the next year.
The brokerage continues to remain constructive on ONGC because of its long-term production outlook, crude oil assumptions and dividend profile.
JM Financial on PG Electroplast
The brokerage also retained a ‘Buy’ rating on PG Electroplast and set a revised target price of Rs 570. This implies an upside potential of nearly 20%.
According to the brokerage report, the company reported a weak fourth quarter because of raw material shortages, currency pressure and logistical disruptions.
However, the brokerage believes demand conditions have improved significantly during the ongoing summer season.
JM Financial stated, “There are encouraging signs in the summer of 2026.”
The brokerage highlighted that secondary demand has strengthened, inventory levels have normalised and price hikes are gradually being passed on to customers.
Another major factor being closely watched is the company’s upcoming compressor manufacturing facility, which is expected to commence production by the fourth quarter of FY27 with an initial annual capacity of 20 lakh units.
According to JM Financial, operating margins are expected to recover gradually as demand conditions stabilise and scale benefits improve over the coming years.
Disclaimer: Investment involving specific stocks, ratings, and target prices carries inherent market risks. The analysis and ‘Buy’ recommendations provided in this report reflect the views of the domestic brokerage house and do not constitute an offer, solicitation, or personal investment advice. Investors are advised to consult a SEBI-registered investment advisor before making any financial decisions based on these projections or valuations. This disclaimer has been generated using AI to support user well-being and responsible content consumption.
