Brokerage JM Financial has reiterated its ‘Add’ rating on Tata Capital (TCL) following the company’s second-quarter results for FY26. The brokerage has also raised its target price to Rs 370 from Rs 360 earlier, implying a 13 per cent upside from the current price of Rs 327.30. The positive view stems from a "broadly in-line" quarterly performance and what JM Financial described as an "ambitious roadmap" outlined by the company’s management. Advertisement

The key driver of optimism was the management guidance shared during Tata Capital’s first-ever quarterly call. The company is targeting 18–20 per cent AUM growth for FY26, with a Return on Assets (RoA) of 2.0–2.1 per cent and a Return on Equity (RoE) of 13–14 per cent. Over the longer term, the management has outlined a three-year AUM C

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