Jefferies has initiated its coverage of Groww with a buy recommendation and a target price of Rs 180.
Analysts said Groww is the largest broker in India in terms of active clients, despite starting the business in FY21.
They believe Groww has several levers to drive a 35% compounded annual growth rate (CAGR) of its earnings per share (EPS) over FY26-FY28.
These include 19% growth in the broking business led by client vintage and market share gains, 5x growth in new initiatives like margin trading facility and wealth management, and 700 basis points margin expansion.
IIFL Finance has initiated its coverage of Firstsource Solutions with a buy recommendation and a target price of Rs 420. Analysts said that the company is the largest and well-diversified pure-play BPO services provider in India with annualised revenue of over $1 billion.
Groww has several levers to drive a 35% compound.
This puts the company in an advantageous position in terms of both scale and agility.
With its UnBPO approach, it is leading the paradigm shift in BPO industry from scale/labour arbitrage to tech-arbitrage driven by an inch-wide, mile-deep approach; domain-contextualised technology;
outcome-orientated approach with 50%+ of its revenues based on outcome-based pricing; and an agile business model.
Turnaround over the last two years was driven by the new CEO under One Firstsource Strategy has been credible.
resulting in a marked pick-up in large deal-wins from about one-per-quarter in FY24 to 4-5-per-quarter in FY26; strong new/strategic logo wins;
increasing clients across revenue buckets; strong annual contract value and larger deal sizes. Macquarie initiated its coverage of Lenskart with an outperform rating and a target price of Rs 530.
Analysts said India’s leading eyewear retailer, with an integrated supply chain, enjoys a competitive edge in cost, design, and efficiency against its peers.
The company has a proven history of industry-leading growth and enhances the outlook on market share gains from the current 5% closer to the 40%+ seen in other countries.
Improved supply chain utilisation should move earnings before interest,
taxes, depreciation and amortisation (EBITDA) margin near 33% store-level margin and triple return on invested capital (ROIC) to 20%+ over FY26-FY28. CLSA has a hold rating on Voltas with the target price at Rs 1,170.
Analysts said that the company’s management indicated room air conditioner (RAC) demand improved sequentially in Q3FY26, though it may still decline on an annualised basis.
Inventory, while down sequentially, remains elevated at 40–45 days against 20–25 days last year, with some instances of pre-buying due to energy efficiency (BEE table) changes.
The company’s pricing strategy remains under evaluation, with multiple factors being considered to decide on the percentage of pass-through to end users.
A demand recovery in the RAC segment and developments around price hikes remains key near-term triggers for business.
analysts said. Goldman Sachs has a buy rating on Max Healthcare with the target price at Rs 1,325. Analysts said that the company recently announced entry into the Pune market via acquisition of Yerawada Properties.
Investors anticipate a step-up in the purchase of an equity stake. In the first tranche,
The company intends to acquire 100% of Class A equity shares, representing 100% of voting rights and 50.22% of economic interest in YPPL. No other details on remaining ownership were shared.
Additionally, the board has also approved the setting up of a 450-bed super speciality hospital on the land owned by YPPL. (Disclaimer:
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