JMFICS research reports

Ahluwalia Contracts share price target

Ahluwalia Contracts has asset light business, lean balance sheet, consistent FCF generation over last decade and strong return ratios. Buy for target price of ₹1155 (42.9% upside): JMFICS

Arjun February 19, 2026

With robust inflows of c.INR 59bn (ex GST) in 9MFY26, ACIL’s backlog strengthened to...

ITC Hotels share price target,

ITC Hotels has a healthy pipeline of hotels across owned and managed portfolio. Buy for target price of ₹235 (30.9% upside): JMFICS

Arjun January 21, 2026

ITCH currently has a portfolio of 213 hotels - 152 operational and 61 in...

LG Electronics India share price target

LG Electronics is India’s leading home appliances brand & has retained pole position across categories. Buy for target price of ₹1630 (18.9% upside): JMFICS

Arjun January 20, 2026

LGEIL benefits from its parentco’s massive scale, focus on technology and R&D (annual R&D...

FirstCry share price target

FirstCry is poised for a healthier growth and margin expansion ahead. Buy for target price of ₹480 (43% upside): JMFICS

Arjun December 30, 2025

Management reiterated its focus on optimising topline mix to yield superior GMV-revenue conversion and...

GMR Airports share price target

GMR Airports is a play on Indian aviation and passenger spending prowess. Buy for target price of ₹120 (18.1% upside): JMFICS

Arjun December 22, 2025

India appears to be on the cusp of strong air traffic growth

Allied Blenders share price target

Allied Blenders & Distillers is crafting a comeback with barrel-proof execution. Buy for target price of ₹730 (18.7% upside): JMFICS

Arjun December 14, 2025

We initiate with a BUY rating and a Mar'27 TP of INR 730 (18.7%...

Belrise Industries share price target

Belrise Industries has multiple growth levers in place; valuation comfortable. Buy for target price of ₹215 (28.2% upside): JMFICS

Arjun November 30, 2025

BIL has significantly outperformed the industry (revenue CAGR of 11.5% over FY16–25, compared to...

Best 5 stocks to buy for up to 55% upside

Indian CRDMO Industry is entering a multi-year growth cycle. Best 5 stocks to buy for up to 55% upside by JMFICS

Arjun November 8, 2025

The listed Indian CRDMO players have entered a sustained growth phase (17% revenue CAGR...

Leela share price target

Leela Palaces Hotels & Resorts is confident of achieving double digit growth in rates in 2HFY26. Buy for target price of ₹605 (37.8% upside): JMFICS

Arjun October 15, 2025

Leela is also working towards obtaining regulatory approvals to demerge the office business from...

Zaggle share price target

Zaggle has strong compounding visibility and long runway for growth. Buy for target price of ₹520 (44.3% upside): JMFICS

Arjun October 14, 2025

Simplifying Business Spends Zaggle is a home-grown SaaS-fintech platform that helps businesses digitise spending...