NSDL, WeWork, LG India, TMPV: 8 newly listed stocks with up to 50% upside targets

Select stocks including National Securities Depository, WeWork Management India, LG Electronics India, Tata Capital, Lenskart Solutions, Pine Labs, Black Buck and Tata Motors Passenger Vehicles have seen fresh interest from the various brokerage firms, who have recently initiated their coverage on these recently listed companies.

The host of domestic brokerages including ICICI Securities, Dolat Capital, IIFL Capital, Ambit, Emkay Global Financial Services and JM Financial have released their reports on these recent debutants, which have managed to get mixed reviews with an upside potential of up to 50 per cent. Here's what brokerage said on these stocks:
 

Ambit on Lenskart Solutions

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

"We expect Lenskart to deliver 20 per ent revenue CAGR over FY25–28 led by India expansion and rising global scale. GM gains and operating leverage should drive 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," said Ambit.

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

Dolat Capital on LG Electronics India

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

LG Electronics (LGEL) stands as one of India’s most trusted consumer durable brands, offering a wide product portfolio and commanding market leadership across key categories such as washing machines, refrigerators, panel TVs, and inverter ACs. It aims to strengthen its presence through capacity expansion, scale-up of B2B and export businesses, and continued premiumization, said Dolat Capital.

"LGEL is well-positioned for growth, supported by its large distribution network, advanced manufacturing & product innovation capabilities and strong parentage. It exhibited revenue CAGR of 13 per cent over FY22-25, with industry-leading EBITDA margins and superior return ratios. LGEL maintains a debt-free status, We initiate coverage with an 'accumulate' rating and target price of Rs 1,855," it said.
 

IIFL Capital on Tata Capital

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

Tata Capital (TCL) is the flagship financial services company of Tata Group, with AAA credit rating, that has rapidly scaled to become the third-largest NBFC with Rs 2.4 lakh crore AUM. Its comprehensive product suite caters to customers across income and geography. cohorts, diversified AUM, 1 per cent credit market share and scaled-up distribution, tech and operations enable it to grow rapidly at scale, said IIFL Capital.

"Non-retail mix of 60:40 results in TCL having profitability and AQ stability like leading private banks even as its retail loan yields are like other NBFCs’. We expect TCL’s 15 per cent PE valuation discount to CIFC to converge as it delivers sector-leading 31 per cent 3 year EPS CAGR led by 60bps ROA improvement," it added with a 'buy' rating and target price of Rs 410.
 

Emkay Global Financial Services on Pine Labs

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

Pine Labs has a strong value proposition in the enterprise POS segment and dominant position in EMI aggregation. However, we expect competitive intensity to rise across both segments, as adjacent-market players are increasingly targeting these pools. Its India gift-card business is profitable albeit growth-constrained, while its international business is scaling up rapidly, said Emkay Global.

"We model 19 per cent revenue CAGR for FY25-28E which translates into 53 per cent EBITDA CAGR on a low base. On FY28 estimates, the stock trades at 28.1 times EV/Ebitda and 56.4 per cent P/E. Given the rising competition, we see an unfavorable risk-reward. We initiate coverage on Pine Labs with 'reduce' and target price of Rs 210," it added.
 

ICICI Securities on WeWork India Management

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

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

"We estimate 22 per cent revenue and 26 per cent EBITDA CAGR over FY25–28E led by 21 per cent new seat addition and operating leverage. Key risks: Slowdown in office leasing and demand for flexible workspaces. We initiate coverage on WeWork India Management with a 'buy' rating and a target price of Rs 914, based on 18 times September 2027E EV/IGAAP Ebitda," it adds.
 

JM Financial on Tata Motors Passenger Vehicles

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

Management highlighted that geopolitical tensions, tariff uncertainty, and supply chain risks persist. Reflecting these challenges and the cyberattack impact, JLR lowered its FY26 guidance, now expecting EBIT in the range of 0–2 per cent and negative free cash flow of £2.2–2.5 billion. The India PV business posted an Ebitda margin of 3.9 per cent, impacted by adverse realisations and higher raw material costs, said JM Financial.

"On the domestic EV front, the company maintained a strong position with 42 per cent market share over the last 3 months. PV-EV margins improved to 4.2 per cent from 0.2 per cent in 1QFY26, aided by PLI benefits, operating leverage, and a favourable mix. EV profitability is expected to improve further with product interventions and PLI benefits. The outlook for the domestic business in 2HFY26 remains strong, with double-digit industry growth expected," it added with a 'reduce' rating and target price of Rs 365.
 

Ambit on Blackbuck

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

BlackBuck‘s offerings in payments/telematics aided truck operators to drive cost efficiency, making it India’s largest CV technology platform. Single segment focus and aggressive customer acquisition resulted in BlackBuck scaling to 790k+ MTU base at 53 per cent revenue CAGR over FY22-25, said Ambit.

"High engagement/retention result in easier cross-sell/faster adoption of new offerings; lower cost of customer acquisition for new products, driving operating leverage as adjusted EBITDAM improved from 121 per cent to 24.2 per cent over FY 22-25. Superloads business should scale up to $7.8 billion GTV by FY42, valuing it at Rs 220 and 79 per cent upside to Rs 1,241 (target price: Rs 885) in our bull case if BlackBuck can replicate global examples," it added.
 

ICICI Securities on National Securities Depository

Rating: Buy | Target Price: Rs 914 | Upside Potential: 6%

NSDL provides depository services to investors, issuers, depository participants, financial institutions, stockbrokers, custodians, clearing corporations and other market intermediaries through an integrated platform. NSDL is a play on broader Indian capital markets, with a mix of recurring/transaction revenue – split 42 per cent/58 per cent as of FY25, said ICICI Securities.

"We initiate coverage with a 'hold' rating, based on 40 times FY28E EPS which is similar to our CDSL’s target multiple. The high multiple factors in the long-term relative safe compounding potential with an optionality of market share gain, especially with a new, strong management team and a fresh focus on enhancing digital capability," it added with a target price of Rs 1,170.