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Posts tagged JMFICS research reports

Piramal Pharma has one more blockbuster win in CDMO. Buy for target price of ₹313 (67.6% upside): JMFICS



Piramal Pharma share price target

Piramal Pharma Solutions (PPS), the CDMO arm of Piramal Pharma, has announced a multi million-dollar investment in partnership with NewAmsterdam Pharma to establish a dedicated Oral Solid Dosage (OSD) suite at its Sellersville, Pennsylvania facility. The new suite will support the commercial production of NewAmsterdam’s fixed dose combination (FDC) of Obicetrapib and Ezetimibe, significantly enhancing Piramal’s global OSD capabilities while reinforcing its integrated US–India network and long-term growth visibility

Eureka Forbes’ debt-free balance sheet, negative working capital and strong FCF generation provide comfort. Buy for target price of ₹715 (29.8% upside): JMFICS



Eureka Forbes share price target

FY25 was a stellar year for Eureka Forbes (EFL), visible from a) step-up in product business sales growth (+17%) with significant acceleration in electric water purifier sales (+18.1%), b) service business starting to see green shoots with efforts on AMC unit sales and improving customer experience yielding results, c) margin expansion, despite stepped-up brand investments (+25.5%), led by better efficiencies/leverage benefit in staff cost, service charges, freight and IT expenses.

ITC Hotels has solid fundamentals but valuations are stretched. Sell for target price of ₹215 (12.2% downside): JMFICS



ITC Hotels share price target

ITCH has a strong debt-free balance sheet with a net cash position of INR 17bn. We expect the company to generate cumulative FCF of INR ~25bn over FY26-28E, which positions it well to fund the planned expansion and also undertake inorganic opportunities. ITCH has three hotel projects (c. 418 keys) in the pipeline and aims to spend c. INR 8bn-9bn on these 3 hotels over FY26E-FY30E

Piramal Pharma has an ambitious roadmap to nearly double revenues in key segments by FY30. Buy for target price of ₹295 (53% upside): JMFICS



Piramal Pharma share price target

We recently hosted Piramal Pharma Ltd at the JM Financial Promoter Conference, represented by Nandini Piramal (promoter and chairperson) and Peter DeYoung (CEO). The management discussed the company’s recent performance and future growth strategy across its core businesses. The company has outlined an ambitious roadmap to nearly double revenues in key segments by FY30, driven by steady organic growth, margin expansion, and increased operating leverage. The management also highlighted the broader industry funding environment, noting its critical importance to sustaining growth. Below are the key takeaways

Shyam Metalics offers a unique play in the Indian metals space. Buy for target price of ₹1080 (15.4% upside): JMFICS



Shyam Metalics share price target

Shyam Metalics offers a unique play in the Indian metals space, with a combination of a) increasing contribution from finished steel and valued added segments and b) diversified business across the steel value chain. Capital allocation towards niche business segments augur well for the company

Kalyan Jewellers has large growth opportunity from the huge unorganised market. Buy for target price of ₹700 (19.4% upside): JMFICS



Kalyan Jewellers share price target

Kalyan Jewellers was founded by T S Kalyanaraman – who has over 45 years of retail experience with 25 years in the jewellery industry – in 1993 with one showroom in Thrissur. By FY25, it had 278 stores in India. It entered the Middle East in 2014 and operates 36 showrooms in the region (Mar-27), and 1 store in the US. Kalyan also sells jewellery through its omni platform Candere at www.candere.com and operates 73 Candere showrooms in India

HG Infra has robust execution track record, strong growth and lean balance sheet. Buy for target price of ₹1740 (65.7% upside): JMFICS



HG Infra share price target

We met the management of HG Infra led by Chairman and Managing Director Mr. Harendra Singh. HG expects 17–18% YoY revenue growth and 15–16% EBITDA margins for FY26E, with order inflows of INR 110bn. HG has strong highways bid pipeline of INR 600bn. Additionally, it has submitted bids for projects worth c. INR 150bn where results are awaited. Increase in working capital during FY25 was mainly led by inventory in solar projects and delayed payments which is expected to normalize by 2Q26E. HG expects LoA for MSRDC projects in the near future and AD for major HAM projects by Dec-25. Monetization of solar/BESS assets is being considered through either InVIT mode or outright sale of assets. HG remains open to subcontracting work from major developers

SJS Enterprises is expected to outperform the industry growth by 2x. Buy for target price of ₹1425 (16.6% upside): JMFICS



SJS Enterprises share price target

We recently visited SJS’s manufacturing facilities in Bengaluru. The company has built end-toend capabilities, spanning from product ideation to final output. It covers all key technologies and is the only player among its peers in India to operate a 2K injection molding process. The company showcased its full range of new-age products (in-mold labelling (IML), in-mold design (IMD), in-mold electronics (IME), chrome plating, cover glass, etc.), highlighting how these offerings are expected to increase content per vehicle by 4x–6x compared to legacy products

Delhivery is expected to see significant re-rating. Buy for target price of ₹450 (24.7% upside): JMFICS



Delhivery Share Price Target

Delhivery has outperformed the market since announcing the acquisition of Ecom Express, we believe the uptick only reflects the benefits of consolidation. We expect significant re-rating considering the subdued headwinds over the coming year – 1) plateauing of Meesho’s insourcing at c.65%, and 2) rise in e-commerce shipments. Furthermore, we expect FY26 to see the peak impact of channel shift towards Quick Commerce and the impact would start tapering FY27 onwards

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