NSDL To Tata Motors PV: Analysts See Up To 50% Upside In 8 Newly Listed Firms

Stocks To Buy: Several brokerage firms have recently initiated coverage on the following stocks: National Securities Depository, WeWork Management India, LG Electronics India, Tata Capital, Lenskart Solutions, Pine Labs, BlackBuck, and Tata Motors Passenger Vehicles, attracting fresh interest.

A host of domestic brokerages—ICICI Securities, Dolat Capital, IIFL Capital, Ambit, Emkay Global Financial Services, and JM Financial—have released their reports on these market debutants. The stocks have received mixed ratings, with upside potential of up to 50%. Here’s what each brokerage said:

Ambit on Lenskart Solutions

Rating: Sell | Target Price: Rs 337 | Upside Potential: -19%

“We expect Lenskart to deliver a 20% revenue CAGR over FY25–28, driven by India expansion and rising

global scale. GM gains and operating leverage should support a 630 bps Pre-IND AS 116 EBITDAM expansion. However, as eyewear is a made-to-order category, scaling requires capacity investments, which, along with goodwill, keep the balance sheet heavy,” Ambit noted.

“With Rs 2,000 crore capex over FY25–28E, FCF will turn positive only in FY28E. While its higher growth profile justifies a premium versus the retail universe, the implied 55x FY28E Pre-IND AS EV/Ebitda for India—20–30x above Trent & Nykaa BPC—is unwarranted given lower RoCE/RoIC despite similar revenue growth,” it said while assigning a sell rating and Rs 337 target.

Dolat Capital on LG Electronics India

Rating: Buy | Target Price: Rs 1,855 | Upside Potential: 15%

LG Electronics India (LGEL), one of the country’s most trusted consumer durable brands, commands leadership in key categories—washing machines, refrigerators, panel TVs, and inverter ACs. The company aims to strengthen its presence via capacity expansion, B2B and export scale-up, and continued premiumisation, Dolat Capital said.

“LGEL is well-positioned for growth, supported by its wide distribution network, advanced manufacturing and product innovation capabilities, and strong parentage. It posted a 13% revenue CAGR over FY22–25 with industry-leading EBITDA margins and robust return ratios. LGEL remains debt-free. We initiate coverage with an ‘accumulate’ rating and a target price of Rs 1,855,” it added.

IIFL Capital on Tata Capital

Rating: Buy | Target Price: Rs 410 | Upside Potential: 29%

Tata Capital (TCL), the flagship financial services arm of the Tata Group with a AAA rating, has rapidly grown into India’s third-largest NBFC with Rs 2.4 lakh crore AUM. Its comprehensive product suite caters to customers across income and geographic segments. Diversified AUM, 1% credit market share, and scaled distribution, tech, and operations enable rapid growth at scale, IIFL Capital said.

“A 60:40 retail–non-retail mix gives TCL profitability and asset quality stability comparable to leading private banks while offering retail loan yields similar to other NBFCs. We expect TCL’s current 15% PE discount to CIFC to narrow as it delivers a sector-leading 31% three-year EPS CAGR driven by 60 bps ROA improvement,” IIFL added, maintaining a buy rating with a Rs 410 target.

Emkay Global Financial Services on Pine Labs

Rating: Reduce | Target Price: Rs 210 | Upside Potential: -11%

Pine Labs holds a strong value proposition in enterprise POS solutions and dominates the EMI aggregation space. However, competitive intensity is expected to rise across both segments, with adjacent-market players increasingly targeting these pools. While its India gift-card business is profitable, growth remains constrained; meanwhile, its international business is scaling rapidly, Emkay Global said.

“We model a 19% revenue CAGR for FY25–28E, translating into 53% EBITDA CAGR from a low base. On FY28 estimates, the stock trades at 28.1x EV/Ebitda and 56.4x P/E. Rising competition creates an unfavourable risk–reward setup. We initiate coverage with a reduce rating and Rs 210 target,” it added.

ICICI Securities on WeWork India Management

Rating: Buy | Target Price: Rs 914 | Upside Potential: 50%

Backed by the Embassy Group, WeWork India is a leading premium flexible workspace operator and the exclusive licensee of the WeWork brand in India. As of 30 September 2025, it had 114,500 operational desks spanning 7.7 msf of operational leasable area, with a total desk capacity of 144,800 seats across 10 msf, ICICI Securities highlighted.

“We estimate 22% revenue CAGR and 26% EBITDA CAGR over FY25–28E driven by 21% new seat additions and operating leverage. Key risks include a slowdown in office leasing and demand for flexible workspaces. We initiate coverage with a buy rating and Rs 914 target based on 18x September 2027E EV/IGAAP EBITDA,” it said.

JM Financial on Tata Motors Passenger Vehicles

Rating: Reduce | Target Price: Rs 365 | Upside Potential: 2%

Management highlighted persistent geopolitical tensions, tariff uncertainty, and supply chain risks. Due to these challenges and the cyberattack impact, JLR cut its FY26 guidance, now expecting 0–2% EBIT and negative FCF of £2.2–2.5 billion. The India PV business reported 3.9% EBITDA margin, affected by weaker realisations and higher raw material costs, JM Financial noted.

“On the domestic EV side, Tata Motors maintained a strong 42% market share over the past three months. PV-EV margins improved to 4.2% from 0.2% in 1QFY26, supported by PLI benefits, operating leverage, and a favourable mix. EV profitability should improve further with product interventions and PLI support. The domestic business outlook for 2HFY26 remains strong, with double-digit industry growth expected,” JM added, assigning a reduce rating with a Rs 365 target.

Ambit on BlackBuck

Rating: Buy | Target Price: Rs 885 | Upside Potential: 34%

BlackBuck’s payments and telematics offerings help truck operators improve cost efficiency, establishing it as India’s largest CV technology platform. A focused single-segment approach and aggressive customer acquisition helped BlackBuck scale to a 790,000+ MTU base, delivering 53% revenue CAGR over FY22–25, Ambit said.

“High engagement and retention support cross-sell, faster adoption of new offerings, and lower customer acquisition costs, driving operating leverage as adjusted EBITDAM improved from -121% to 24.2% over FY22–25. The Superloads business could scale to $7.8 billion GTV by FY42, valuing it at Rs 220 and offering 79% upside to Rs 1,241 in our bull case if BlackBuck replicates global precedents,” it added.

ICICI Securities on National Securities Depository (NSDL)

Rating: Buy | Target Price: Rs 1,170 | Upside Potential: 6%

NSDL provides depository services to investors, issuers, market intermediaries, financial institutions, custodians, stockbrokers, and clearing corporations through an integrated platform. Its revenue mix comprises 42% recurring and 58% transaction-based revenue as of FY25, ICICI Securities said.

“We initiate coverage with a hold rating based on 40x FY28E EPS, similar to our CDSL target multiple. The high valuation reflects NSDL’s long-term compounding potential and optionality for market share gains, supported by a new, strong management team and renewed focus on digital capability,” it added, assigning a Rs 1,170 target price.

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