May 30, 2026: Global brokerage firm Jefferies has identified three major “Buy” ideas across fintech and infrastructure, betting on strong growth visibility and operational expansion over the next few years.

Author: Aadarsh Patel | EQMint

The brokerage remains bullish on:

• Pine Labs
• Groww
• GMR Airports Infrastructure Limited

According to the brokerage, these companies could deliver upside potential ranging between 20% and 34% from current levels.

Jefferies on Pine Labs: Strong cash flow improvement

Jefferies maintained a “Buy” rating on Pine Labs with a target price of ₹185, implying nearly 34% upside potential.

The brokerage noted that the company’s March-quarter earnings came slightly below expectations due to slower point-of-sale rollout and weaker growth in some segments.

However, Jefferies highlighted that one of the biggest positives was the sharp improvement in cash flows and receivables management.

The brokerage also said management expects revenue growth to improve toward 20% from Q1FY27 onwards as affordability, gifting and issuing businesses recover.

Jefferies on Groww: Wealth and lending become key focus

Jefferies also retained a “Buy” rating on Groww with a target price of ₹225, implying around 20% upside.

The brokerage believes Groww is moving beyond pure stock broking and building a larger financial ecosystem through:

• wealth management
• lending
• mutual fund advisory
• cross-selling opportunities

Jefferies said the company still has room to gain market share in broking while improving monetisation opportunities through Margin Trading Facility (MTF) penetration.

At the same time, the brokerage cautioned that regulatory risks and derivatives trading trends remain important factors to monitor.

Jefferies on GMR Airports: Infrastructure growth story intact

Jefferies maintained a “Buy” rating on GMR Airports with a target price of ₹125, indicating nearly 30% upside potential.

The brokerage noted that although quarterly EBITDA came slightly below estimates due to weaker international traffic and higher Hyderabad airport costs, the overall airport platform continues scaling strongly.

According to Jefferies:

• FY26 EBITDA grew 60% year-on-year
• non-aero revenue increased 12%
• airport monetisation trends remain positive

The brokerage also highlighted that premiumisation and rising passenger traffic could continue driving long-term earnings growth.

EQMint analysis

What makes these three picks interesting is that Jefferies is not chasing traditional defensive sectors.

Instead, the brokerage is betting on:

• India’s digital payments ecosystem
• retail investing growth
• airport infrastructure expansion

All three themes are linked directly to rising Indian consumption and financialisation trends.

Among the three, GMR Airports currently appears to have the strongest visible cash-flow scaling story because India’s aviation growth remains structurally strong.

Groww, meanwhile, represents a long-term retail investing and wealth-management play, especially as younger investors increasingly shift toward digital-first financial platforms.

Pine Labs may carry slightly higher execution risk compared to the other two because fintech profitability cycles remain sensitive to competition and payment ecosystem changes. But if operating leverage improves as expected, the upside potential could become significant.

Overall, Jefferies’ latest picks reflect a broader market shift toward platform-led growth businesses rather than traditional cyclical plays.

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Disclaimer:  This article is not an investment advice and is for educational purpose only.