JMFICS research reports

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...

HG Infra share price target

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

Arjun June 30, 2025

We met the management of HG Infra led by Chairman and Managing Director Mr....