HSBC has initiated a Buy rating on Max Financial Services with a target price of ₹2,120, citing Axis Max Life as among the fastest-growing life insurers in India. According to HSBC, the brokerage expects distribution and product diversification to drive sustainable growth, with stable margins and predictable earnings outlook supporting the positive outlook. The stock is currently a 'consensus buy' on the street, with all 30 analysts covering the stock having a 'buy' recommendation, and the consensus price target of ₹2,063 implies an upside potential of 29% from current levels. However, HSBC also flagged risks including potential delays in the proposed reverse merger, restrictions on bancassurance arrangements, and any reduction in Axis Bank's focus on selling insurance products.
Jefferies has initiated a Buy rating on Meesho with a target price of ₹225, positioning the company as a scale-led value commerce platform. According to reports from Jefferies, the brokerage highlights Meesho's building of a platform anchored in affordability, discovery and logistics efficiency, with a loyal user base and deep MSME supplier network driving strong growth momentum. The company's growth-led strategy focuses on keeping monetisation back-ended with take rates expanding over time, while maintaining a net cash balance sheet and negative working capital to support capital-efficient growth.
DAM Capital has initiated a Buy rating on PhysicsWallah with a target price of ₹140, highlighting the company as India's largest full-stack education platform with a subscriber acquisition engine of 142 million users through its free-content ecosystem. According to DAM Capital, the brokerage expects PhysicsWallah's revenue and EBITDA to grow at a compound annual rate of 24% and 71% respectively between FY26 and FY28. The company's advertising expenditure accounts for only around 9% of revenue, significantly lower than most peers, allowing minimal incremental acquisition costs for expanding into newer categories like Civil Services, Chartered Accountancy and State Boards. PhysicsWallah's negative working capital model, where fees are collected upfront while costs are incurred over the academic year, supports strong cash generation and provides flexibility to fund future expansion.
Jefferies maintains its top sector pick status for JSW Steel despite elevated valuation multiples, with historical trends suggesting stronger returns ahead. According to Jefferies, FY27-28 earnings estimates for JSW Steel and Tata Steel remain above Street expectations, while multiple expansion typically precedes earnings upgrades. HSBC has maintained its Buy rating on NALCO with a target price of ₹480, noting that Guinea's bauxite export restrictions are boosting alumina and bauxite prices, with domestic aluminium prices estimated to be up 17%.
