JMFICS research reports

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...

Schloss Bangalore share price target

Schloss Bangalore will benefit from the demand-supply outlook for the luxury hospitality segment. Buy for target price of ₹605 (44.1% upside): JMFics

Arjun September 22, 2025

We expect the company to report 17%/18% CAGR in Revenue/EBITDA over FY25-28E, aided by...

Piramal Pharma share price target

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

Arjun September 3, 2025

Piramal Pharma Solutions (PPS), the CDMO arm of Piramal Pharma, has announced a multi...

Eureka Forbes share price target

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

Arjun August 31, 2025

FY25 was a stellar year for Eureka Forbes (EFL), visible from a) step-up in...

ITC Hotels share price target

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

Arjun August 25, 2025

ITCH has a strong debt-free balance sheet with a net cash position of INR...

Piramal Pharma share price target

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

Arjun August 21, 2025

We recently hosted Piramal Pharma Ltd at the JM Financial Promoter Conference, represented...

Shyam Metalics share price target

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

Arjun July 26, 2025

Shyam Metalics offers a unique play in the Indian metals space, with a combination...

Kalyan Jewellers share price target

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

Arjun July 15, 2025

Kalyan Jewellers was founded by T S Kalyanaraman – who has over 45 years...

Tips Music share price target

Tips Music is poised for growth even in a turbulent industry landscape. Buy for target price of ₹800 (24% upside): JMFICS

Arjun July 10, 2025

We initiate coverage on Tips Music Ltd (Tips Music) with a BUY rating and...