PFC, Tata Motors, MTAR Tech, Jindal Steel, TVS Motor: MOFSL shares target prices
Among these stocks, except for Tata Motors Ltd, the domestic brokerage has 'Buy' rating on all other stocks, with targets suggesting 17-21 per cent potential upsides.
- May 14, 2026,
- Updated May 14, 2026 7:55 AM IST
Power Finance Corporation Ltd, Tata Motors Ltd, MTAR Technologies Ltd, Jindal Steel Ltd and TVS Motor Company Ltd are among the stocks on which MOFSL released individual reports on Thursday. Except for Tata Motors, the domestic brokerage maintained a ‘Buy’ rating on all the other stocks, with target prices implying 17-21 per cent potential upside.
TVS Motor Company Ltd MOFSL said TVS Motor Company (TVS)’s Q4 PAT came in line with estimates. Ebitda margin remained stable sequentially at 13.1 per cent, which was in line, as cost headwinds were offset by improved mix and favorable currency benefits.
"Overall, we factor in a revenue/EBITDA/PAT CAGR of 16%/19%/21% over FY26-28E. TVS’s consistent market share gains across key domestic and export segments, along with a gradual improvement in margins, have driven healthy returns over the years. We expect this outperformance to continue over our forecast period, given its healthy new launch pipeline. This sustained outperformance is likely to help sustain its premium valuations in the long run. We reiterate our BUY rating and value the stock at 35x FY28E EPS to arrive at our target price of Rs 4,267," MOFSL said.
Power Finance Corporation Ltd (PFC) MOFSL said PFC has delivered an operationally weak quarter. While the earnings beat was driven by provision write-backs, loan growth remained muted. "Asset quality continued to improve, aided by the resolution of Sinnar thermal and TRN Energy, which resulted in provision write-backs. NIMs declined due to yield compression driven by competitive pressure from banks and higher incremental borrowing costs from volatility in forex markets," MOFSL said.
While PFC has indicated that the proposed merger could become effective from April 1, 2027, MOFSL has not factoring the same into estimates at this stage, given the limited clarity on the overall structure, execution roadmap, and potential financial implications.
"Further, the merger remains subject to multiple regulatory, governmental, and shareholder approvals, and hence we believe it is premature to build in any merger-related synergies, balance sheet benefits, or operational changes into our projections at this point," it said while suggesting 'Buy' and target of Rs 525 (18 per cent upside potential).
Tata Motors Ltd MOFSL said Tata Motors’ Q4 PAT was below its estimate, due to lower-than-expected other income, even as operational performance was in line. Ebitda margin expanded 130 basis points YoY to 13.9 per cent, led by operating leverage benefits.
"Demand outlook for the domestic CV industry has turned cautious post ongoing geopolitical dynamics and the impact it may have on the Indian economy, with likely margin pressure in the near term. We have, hence, lowered our growth forecast for TMCV CV volumes to 6 per cent CAGR over FY26-28E from 8 oer cent CAGR earlier. The stock at 20.8 times FY27 appears fairly valued," it said while suggesting 'Neutral' with a target of Rs 414 per share.
MTAR Technologies Ltd MOFSL said MTAR Technologies delivered a strong Q4 performance, with revenue and Ebitda increasing 67 per cent and 81 per cent YoY, led by strong performance in the fuel cells division. The order book rose 2.7 times YoY with strong inflows in the fuel cells segment. The management has again raised its FY27 revenue growth guidance to 80 per cent with Ebitda margins of 24 per cent, indicating a sequential margin improvement going forward. "Consequently, we raise our FY27E/FY28E earnings by 5 per cent/11 per cent, led by strong growth visibility and improving margins. We reiterate our BUY rating on the stock with a target price of Rs 8,000," MOFSL said.
Jindal Steel Ltd Jindal Steel has completed the 6mtpa expansion at Angul, taking its crude steel capacity in Angul to 12mtpa and total capacity. This expansion positions Jindal Steel as the fourth-largest steel producer in India. Supported by the incremental capacity and improving domestic demand, MOFSL expects the steelmaker to witness a 17 per cent CAGR in volume. Coupled with steady NSR growth and an increasing value-added portfolio, revenue is projected to witness a 21 per cent CAGR over FY26-28.
Jindal Steel has cut its net debt, maintaining a net debt-to-Ebitda ratio of 1.7 times as of FY26. Out of the Rs 47,000 crore of ongoing capex, Rs 26,000 crore has already been spent, and the remaining is expected to be deployed in FY27 and FY28.
"With strong earnings, we expect Jindal Steel to generate an operating cash flow of Rs 25,000 crore over FY27 and FY28, enabling it to comfortably fund its capex (ongoing + proposed) while maintaining the net debt-to-Ebitda threshold," MOFSL said while suggesting 'Buy' and a target of Rs 1,450 on the stock, suggesting 17 per cent upside potential.
Power Finance Corporation Ltd, Tata Motors Ltd, MTAR Technologies Ltd, Jindal Steel Ltd and TVS Motor Company Ltd are among the stocks on which MOFSL released individual reports on Thursday. Except for Tata Motors, the domestic brokerage maintained a ‘Buy’ rating on all the other stocks, with target prices implying 17-21 per cent potential upside.
TVS Motor Company Ltd MOFSL said TVS Motor Company (TVS)’s Q4 PAT came in line with estimates. Ebitda margin remained stable sequentially at 13.1 per cent, which was in line, as cost headwinds were offset by improved mix and favorable currency benefits.
"Overall, we factor in a revenue/EBITDA/PAT CAGR of 16%/19%/21% over FY26-28E. TVS’s consistent market share gains across key domestic and export segments, along with a gradual improvement in margins, have driven healthy returns over the years. We expect this outperformance to continue over our forecast period, given its healthy new launch pipeline. This sustained outperformance is likely to help sustain its premium valuations in the long run. We reiterate our BUY rating and value the stock at 35x FY28E EPS to arrive at our target price of Rs 4,267," MOFSL said.
Power Finance Corporation Ltd (PFC) MOFSL said PFC has delivered an operationally weak quarter. While the earnings beat was driven by provision write-backs, loan growth remained muted. "Asset quality continued to improve, aided by the resolution of Sinnar thermal and TRN Energy, which resulted in provision write-backs. NIMs declined due to yield compression driven by competitive pressure from banks and higher incremental borrowing costs from volatility in forex markets," MOFSL said.
While PFC has indicated that the proposed merger could become effective from April 1, 2027, MOFSL has not factoring the same into estimates at this stage, given the limited clarity on the overall structure, execution roadmap, and potential financial implications.
"Further, the merger remains subject to multiple regulatory, governmental, and shareholder approvals, and hence we believe it is premature to build in any merger-related synergies, balance sheet benefits, or operational changes into our projections at this point," it said while suggesting 'Buy' and target of Rs 525 (18 per cent upside potential).
Tata Motors Ltd MOFSL said Tata Motors’ Q4 PAT was below its estimate, due to lower-than-expected other income, even as operational performance was in line. Ebitda margin expanded 130 basis points YoY to 13.9 per cent, led by operating leverage benefits.
"Demand outlook for the domestic CV industry has turned cautious post ongoing geopolitical dynamics and the impact it may have on the Indian economy, with likely margin pressure in the near term. We have, hence, lowered our growth forecast for TMCV CV volumes to 6 per cent CAGR over FY26-28E from 8 oer cent CAGR earlier. The stock at 20.8 times FY27 appears fairly valued," it said while suggesting 'Neutral' with a target of Rs 414 per share.
MTAR Technologies Ltd MOFSL said MTAR Technologies delivered a strong Q4 performance, with revenue and Ebitda increasing 67 per cent and 81 per cent YoY, led by strong performance in the fuel cells division. The order book rose 2.7 times YoY with strong inflows in the fuel cells segment. The management has again raised its FY27 revenue growth guidance to 80 per cent with Ebitda margins of 24 per cent, indicating a sequential margin improvement going forward. "Consequently, we raise our FY27E/FY28E earnings by 5 per cent/11 per cent, led by strong growth visibility and improving margins. We reiterate our BUY rating on the stock with a target price of Rs 8,000," MOFSL said.
Jindal Steel Ltd Jindal Steel has completed the 6mtpa expansion at Angul, taking its crude steel capacity in Angul to 12mtpa and total capacity. This expansion positions Jindal Steel as the fourth-largest steel producer in India. Supported by the incremental capacity and improving domestic demand, MOFSL expects the steelmaker to witness a 17 per cent CAGR in volume. Coupled with steady NSR growth and an increasing value-added portfolio, revenue is projected to witness a 21 per cent CAGR over FY26-28.
Jindal Steel has cut its net debt, maintaining a net debt-to-Ebitda ratio of 1.7 times as of FY26. Out of the Rs 47,000 crore of ongoing capex, Rs 26,000 crore has already been spent, and the remaining is expected to be deployed in FY27 and FY28.
"With strong earnings, we expect Jindal Steel to generate an operating cash flow of Rs 25,000 crore over FY27 and FY28, enabling it to comfortably fund its capex (ongoing + proposed) while maintaining the net debt-to-Ebitda threshold," MOFSL said while suggesting 'Buy' and a target of Rs 1,450 on the stock, suggesting 17 per cent upside potential.