Jefferies reiterated ‘Buy’ ratings on three stocks where earnings kavr come in ahead of estimates and growth visibility remains firm. The brokerage sees upside of 26% to 36% across Emmvee Photovoltaic Power, Bajaj Finance and KFin Technologies, supported by execution, improving operating trends and expansion across segments.
Jefferies maintains its ‘Buy’ rating on Emmvee Photovoltaic Power with a price target of Rs 3,600, implying an upside of about 36%. The brokerage says the March quarter performance comes in ahead of estimates, with revenue rising to Rs 1,738 crore from Rs 1,071.7 crore in the same period last year, while profit after tax increases to Rs 392.4 crore from Rs 207.1 crore over the same timeline.
It says earnings before interest, tax, depreciation and amortisation also beat expectations, supported by strong execution and volume growth. Cell production rises to 428 megawatts, while the order book stands at 9.4 gigawatts, providing visibility over the next 12 to 18 months.
Jefferies says expansion plans and demand outlook continue to support growth even as working capital remains elevated due to inventory build-up. It expects earnings before interest, tax, depreciation and amortisation to grow at a compound annual rate of 26% over FY26 to FY28, driven by capacity additions and sustained demand.
“We project 26% EBITDA CAGR over FY25-28E on the back of rising volumes from the 9.4GW order book even as we build a compression in EBITDA per watt,” Jefferies says.
The brokerage adds that valuation remains attractive relative to peers, supported by growth visibility.
Jefferies retains its ‘Buy’ rating on Bajaj Finance with a price target of Rs 1,210, indicating an upside of about 30%. The brokerage says the March quarter performance comes in ahead of expectations, led by lower credit costs and stronger fee income.
Profit rises to Rs 5,553.3 crore from Rs 4,545.6 crore in the same quarter last year, while assets under management increase to Rs 5,10,000 crore from Rs 4,16,700 crore over the same period, reflecting steady growth across segments.
Jefferies says growth remains broad-based, with traction in rural and urban consumer financing, mortgages and newer segments such as gold loans and commercial vehicle financing. Asset quality improves, with credit costs moderating to 1.7% of average loans in the quarter.
It expects loan growth and profitability to remain strong over FY26 to FY29, supported by continued investment in distribution and digital capabilities.
“We see 23% CAGR in loans, slight compression in net interest margins and credit costs driving 20% CAGR in profit over FY26-29,” Jefferies says.
The brokerage adds that improving asset quality trends support earnings visibility.
Jefferies View“We project 26% EBITDA CAGR over FY25-28E on rising volumes from the 9.4GW order book” (Emmvee) · “23% CAGR in loans driving 20% CAGR in profit over FY26-29” (Bajaj Finance) · “Faster conversion of order wins in international markets can drive re-rating” (KFin)
Jefferies reiterates its ‘Buy’ rating on KFin Technologies with a price target of Rs 1,200, implying an upside of about 26%. The brokerage says the March quarter earnings come in ahead of expectations, supported by better yields in the domestic mutual fund business.
Earnings before interest, tax, depreciation and amortisation exceed estimates, while profit after tax excluding one-offs also comes in higher due to stronger other income. The domestic mutual fund registrar business delivers better-than-expected revenue, while international operations continue to scale up.
Jefferies says the company adds 127 new funds during the quarter, including several large mandates, which supports revenue growth going ahead. It notes that margins see some sequential pressure due to a higher share of exchange traded fund assets, though overall performance remains steady.
“Faster conversion of order wins into servicing in international markets and limited dilution in yields in domestic RTA business can drive re-rating,” Jefferies says.
The brokerage adds that a diversified business model and continued client additions support sustained growth.
Jefferies maintains a positive stance on all three companies after a quarter where earnings come in ahead of expectations. Emmvee Photovoltaic Power sees strong order visibility and expansion-led growth, Bajaj Finance continues to deliver steady loan growth with improving asset quality, and KFin Technologies reports consistent execution across segments.
Disclaimer: Investment recommendations and price targets provided in this report are based on third-party brokerage analysis and do not constitute an offer or solicitation by this publication. Equity investments are subject to market risks; past performance is not indicative of future results. Readers are advised to consult with a SEBI-registered investment advisor before making any financial decisions based on these projections.
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