Synopsis : JM Financial has identified six high-conviction stock picks across infrastructure, retail, travel, logistics and energy sectors, offering potential upside between 18% and 71% from current levels. The brokerage remains bullish due to strong earnings visibility, expanding business opportunities, improving operational performance and attractive valuations.
The brokerage remains optimistic on these companies due to strong growth visibility, improving operational performance, sector tailwinds and attractive valuations despite ongoing market challenges.
JM Financial has reaffirmed its bullish stance on six stocks spanning diverse sectors including infrastructure, consumer retail, travel technology, logistics and energy. According to the brokerage, these companies are well-positioned to benefit from industry-specific opportunities, business expansion plans and improving earnings trajectories over the medium term.
Leading the list is HG Infra Engineering, which offers the highest upside potential of over 71%, followed by BlueStone Jewellery and Lifestyle, TBO Tek, Gujarat Pipavav Port, Aegis Logistics and Gujarat Energy.
- HG Infra Engineering Tops the List
JM Financial has maintained a ‘Buy’ rating on HG Infra Engineering with a target price of Rs 980, implying a potential upside of 71.3%.
While the company reported a weak March quarter due to lower execution levels and margin pressure, the brokerage remains optimistic about its long-term prospects. HG Infra has already secured fresh orders worth Rs 5,600 crore in the current financial year and is expected to receive total order inflows of Rs 11,000–12,000 crore during FY27.
The brokerage also believes that monetisation of its road assets could significantly improve the balance sheet and reduce debt levels, strengthening future growth prospects.
- BlueStone Jewellery Poised for Expansion
JM Financial has initiated coverage on BlueStone Jewellery and Lifestyle with a ‘Buy’ rating and a target price of Rs 650, indicating a potential upside of around 31%.
The brokerage expects the company to benefit from increasing demand for organized jewellery retail and contemporary designs. BlueStone’s digital-first, omnichannel business model combined with its strong in-house manufacturing capabilities positions it well within India's highly fragmented jewellery market.
The company plans to add nearly 237 stores between FY26 and FY29, which is expected to drive strong revenue growth and operational leverage over the coming years.
- TBO Tek Benefits from Global Travel Recovery
Travel distribution platform TBO Tek continues to remain a preferred pick for JM Financial, which has retained its ‘Buy’ rating and increased the target price to Rs 1,600.
The brokerage highlighted the company’s resilient performance despite temporary disruptions caused by geopolitical tensions in the Middle East. Strong growth in hotel bookings, travel packages and contributions from acquisitions have supported overall business momentum.
As investment spending normalises, JM Financial expects profitability to improve through stronger operating leverage and expanding international operations.
- Gujarat Pipavav Gains from Cargo Growth
JM Financial has maintained a ‘Buy’ recommendation on Gujarat Pipavav Port with a target price of Rs 205, representing an upside potential of nearly 29%.
The brokerage remains positive on the company’s growth prospects driven by rising automotive cargo volumes, improving container traffic and expansion in liquid cargo handling. The upcoming liquid jetty project is expected to provide an additional growth avenue over the medium term.
A healthier cargo mix and operational efficiency improvements are likely to support profitability going forward.
- Aegis Logistics Riding LPG Demand Momentum
Aegis Logistics remains another preferred pick, with JM Financial maintaining a ‘Buy’ rating and a target price of Rs 935.
The company delivered a strong March quarter, driven primarily by robust growth in its LPG distribution business. Rising industrial demand and favorable supply dynamics have helped boost both volumes and profitability.
The brokerage believes current industry conditions could continue benefiting private LPG distributors like Aegis Logistics, supporting earnings growth in the coming years.
- Gujarat Energy Unlocking Value Through Restructuring
JM Financial has reiterated its positive outlook on Gujarat Energy with a revised target price of Rs 470, indicating an upside potential of 18.4%.
The brokerage believes the recent restructuring of Gujarat State Petroleum Corporation group entities has unlocked significant value by consolidating multiple businesses under a single platform.
Growth is expected to be driven by industrial gas demand, city gas distribution, gas trading operations and renewable energy initiatives. Management remains confident about sustaining profitability through diversified LNG sourcing and strong market demand.
- Conclusion
JM Financial’s latest recommendations highlight companies that are benefiting from favorable industry trends, operational improvements and long-term growth opportunities. While each business faces unique sector-specific challenges, the brokerage believes their earnings potential and current valuations offer attractive risk-reward opportunities.
Among the six stocks, HG Infra Engineering stands out with the highest upside potential of 71%, while BlueStone Jewellery, TBO Tek, Gujarat Pipavav, Aegis Logistics and Gujarat Energy also offer compelling double-digit return potential according to the brokerage.
Disclaimer : This article is for informational and educational purposes only. The views, ratings and target prices mentioned are based on brokerage reports and should not be considered investment advice. Investors should consult a SEBI-registered financial advisor before making any investment decisions.
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