Synopsis : JM Financial has reiterated Buy ratings on six stocks across real estate, banking, financial services, metals and media, with target prices indicating upside potential of up to 25.2%. The brokerage believes strong earnings visibility, improving business momentum and healthy balance sheets continue to support these companies.
JM Financial has reaffirmed its 'Buy' recommendation on six companies across multiple sectors, including real estate, metals, banking, financial services and media.
Following quarterly earnings, annual reports and company updates, the brokerage believes these companies continue to offer attractive risk-reward opportunities, with target prices implying upside potential of 15% to 25% from current levels.
Here are the six stocks that continue to feature among JM Financial's preferred picks.
1. WeWork India Management
WeWork India remains JM Financial's highest-conviction recommendation among the six stocks.
Although the company's first-quarter performance came in slightly below estimates due to lower value-added services income and delayed seat additions, the brokerage believes the long-term growth story remains intact.
Revenue increased to ₹687.3 crore during Q1FY27 from ₹537.9 crore a year earlier, while EBITDA improved to ₹127.6 crore.
Portfolio occupancy stood at 85%, while occupancy across mature centres remained healthy at 89%.
Management plans to add 15,000–16,000 seats during Q2FY27, with approximately 28,000 seats expected to be added during the full financial year.
JM Financial also expects higher-margin businesses such as digital products, Rivet and member services to contribute meaningfully to profitability in the coming years.
The brokerage forecasts revenue CAGR of 22% and EBITDA CAGR of 24% between FY26 and FY28.
2. Tips Music
JM Financial maintained its positive outlook on Tips Music despite the ongoing legal dispute involving producer Puja Entertainment.
The brokerage noted that the Bombay High Court ruled in favour of Tips, allowing the film release to proceed without restrictions.
According to JM Financial, the disputed songs have been commercially exploited for nearly 25 years, and the litigation is unlikely to materially affect earnings.
The brokerage believes the company's extensive music catalogue, strong digital monetisation opportunities and healthy profitability continue to support long-term growth.
3. Axis Bank
JM Financial believes Axis Bank is entering a phase of improving profitability despite continued pressure on net interest margins.
During Q1FY27, advances grew 19% year-on-year, deposits increased 18%, net interest income rose 8%, while profit after tax increased 23%.
Although margins remain under pressure because of wholesale lending and loan repricing, management expects margins to gradually recover as funding costs improve.
The brokerage also highlighted stable asset quality, lower credit costs and improving operating efficiency as key positives supporting future earnings growth.
4. ICICI Bank
ICICI Bank continues to remain JM Financial's preferred large private-sector bank.
The brokerage raised its target price following another strong quarterly performance.
Loan growth stood at 20%, net interest income increased 13%, profit after tax rose 16%, while fee income grew 23%.
The bank also maintained strong asset quality while provisions declined significantly.
JM Financial expects ICICI Bank to continue delivering industry-leading growth through its strong balance sheet, healthy loan growth, stable margins and superior asset quality. The brokerage has also increased its FY27 and FY28 earnings estimates.
5. JSW Steel
JM Financial believes JSW Steel continues to benefit from improving profitability and rapid deleveraging.
The company reported consolidated EBITDA of ₹9,380 crore during Q1FY27, while EBITDA per tonne improved to around ₹12,600, supported by stronger steel realisations.
The brokerage also highlighted a significant reduction in net debt, which declined from ₹53,900 crore in March 2026 to ₹46,200 crore in June 2026.
Production capacity expansion and improving operating leverage are expected to support earnings over the next few years.
6. Bajaj Finance
JM Financial continues to like Bajaj Finance because of its strong execution, improving operating efficiency and growing use of Artificial Intelligence across operations.
During FY26, consumer durable loan volumes increased 20%, consumer durable assets under management grew 30%, gold loan assets under management surged 115%, while microfinance assets under management expanded 75%.
The brokerage also highlighted Artificial Intelligence as an emerging competitive advantage.
Currently, 8% of personal loans are originated through AI voice bots, while 32% of customer emails are processed through AI-powered systems.
Operating expense ratios have steadily improved, and management expects AI-led automation to further enhance profitability during FY27.
Conclusion
JM Financial continues to favour companies with visible earnings growth, strong balance sheets and identifiable long-term growth drivers.
Among its preferred picks, WeWork India offers the highest implied upside of 25.2%, followed by Tips Music at 21.1%. Axis Bank, ICICI Bank, JSW Steel and Bajaj Finance also remain backed by the brokerage's Buy recommendation based on their improving business outlooks, healthy financial performance and long-term earnings visibility.
Disclaimer : This article is for informational and educational purposes only and summarises views published by JM Financial. The ratings, earnings estimates and target prices discussed are opinions of the brokerage and should not be construed as investment advice or a recommendation to buy, sell or hold any security. Stock market investments are subject to market risks, and projected upside may not materialise. Investors should conduct their own research and consult a SEBI-registered investment advisor before making any investment decisions.
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