Archive · 20 Aug 2026
Jefferies Retains Buy Calls on Three Stocks With Upside
Jefferies, a global brokerage firm, thinks three companies could be worth more than their current share prices.
The companies are Emmvee Photovoltaic Power, Turtlemint Fintech Solutions and TVS Motor Company.
Jefferies gave each company a Buy rating.
It expects Emmvee to benefit from making more solar cells and modules.
It expects Turtlemint to benefit from selling more insurance and improving profits.
It expects TVS Motor to benefit from exports, electric vehicles and better margins.
TVS Motor is also investing heavily in subsidiaries, some of which are making losses.
These targets are estimates, not guarantees, so investors are advised to do their own research and seek professional advice.
Jefferies retained Buy ratings on Emmvee Photovoltaic Power, Turtlemint Fintech Solutions and TVS Motor Company.
Emmvee received a Rs 440 target price, implying approximately 38% potential upside.
Turtlemint received a Rs 190 target price, implying approximately 37% potential upside.
TVS Motor received a Rs 5,425 target price, implying approximately 24% potential upside.
The recommendations are based on solar capacity expansion, insurance profitability, and TVS Motor’s exports, electric vehicles and margin growth.
- Who
- Jefferies issued recommendations on Emmvee Photovoltaic Power, Turtlemint Fintech Solutions and TVS Motor Company.
- What
- The brokerage retained Buy ratings and set target prices implying potential upside of 24% to 38%.
- When
- The article provides forecasts for FY26-FY29 but does not specify a publication date.
- Where
- The insurance-market discussion concerns India; the article does not identify one location covering all three companies.
- Why
- Jefferies cited Emmvee’s solar expansion, Turtlemint’s insurance-distribution growth and profitability, and TVS Motor’s volume, exports, electric-vehicle and margin prospects.
- Emmvee target price
- Rs 440, implying approximately 38% potential upside.
- Turtlemint target price
- Rs 190, implying approximately 37% potential upside.
- TVS Motor target price
- Rs 5,425, implying approximately 24% potential upside.
- Emmvee capacity
- Around 3 GW of operational TOPCon cell capacity; planned FY27 cell and module capacities are 8.9 GW and 16.3 GW.
- Turtlemint outlook
- Jefferies expects 38% three-year revenue CAGR and adjusted EBITDA margins of 10% by FY29.
- TVS Motor outlook
- Jefferies expects 13% volume CAGR and 24% EPS CAGR between FY26 and FY29.
- TVS subsidiary investments
- Investments rose at a 29% CAGR between FY21 and FY26 to Rs 11,300 crore, according to the article.