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JM Financial starts OnEMI coverage with Rs 385 target
The Hindu BusinessLine··4 Sept
JM Financial initiated coverage on OnEMI Technology with a Buy rating and Rs 385 target, Hindu BusinessLine reported. The stock was near Rs 309.10. OnEMI offers loans via Kissht and had about Rs 8,000 crore AUM in Q1FY27. The brokerage projects 44 percent AUM CAGR from FY26 to FY28. Shares rose as much as 3.8 percent to Rs 316.90.
Prism
What It Means For You
- The coverage note sets a Rs 385 target against a CMP near Rs 309.10.
- Economic Times said the target implied about 28 percent upside from a Rs 301 reference price.
- OnEMI shares rose as much as 3.8 percent to Rs 316.90 on the NSE after the note.
What's Happening
- OnEMI is a digital-first NBFC offering personal loans and loan against property via Kissht.
- Personal loans were about 92 percent of AUM in Q1FY27, with LAP growing fast.
- JM Financial valued the stock at 2x FY28E book value in the initiation.
What the brokerage models for Kissht
- AUM stood at about Rs 8,000 crore in Q1FY27, up 61 percent year on year, Economic Times said.
- LAP assets rose to about Rs 620 crore, BusinessLine reported, or Rs 617 crore in the ET account.
- Average borrowing cost fell to 14.45 percent in Q1FY27 from 15.68 percent a year earlier.
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