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Stock Ideas

VOLTAS

Duration:12 Month

Target:1

neutral IDFCFIRSTB

buy M&MFIN

buy TATASTEEL

Duration:12 Month

Target:220

buy SOLARINDS

buy PINELABS

buy SAATVIKGL

buy 360ONE

buy JSWCEMENT

buy COFORGE

buy

VOLTAS

Duration:12 Month

Target:1

neutral IDFCFIRSTB

buy M&MFIN

buy TATASTEEL

Duration:12 Month

Target:220

buy SOLARINDS

buy PINELABS

buy SAATVIKGL

buy 360ONE

buy JSWCEMENT

buy COFORGE

buy

Beyond fuel cells; multiple growth engines taking shape MTAR Technologies (MTAR) is a pioneer in precision-engineered products and solutions, with over five decades of manufacturing legacy and established capabilities across clean energy – civil nuclear, fuel cells, aerospace & defense (A&D), and other strategic sectors. We believe MTAR is entering a multi-year growth phase, scaling beyond fuel cells, as civil nuclear, A&D, data center infrastructure solutions, oil & ...

Buy MTAR Technologies Ltd for the Target Rs 9,000 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-24 11:21:14 am

Buy GE Vernova T&D India Ltd for the Target Rs 5,100 by Motilal Oswal Financial Services Ltd

Execution visibility remains strong In our recent meeting with GE Vernova T&D (GVTD), management highlighted improved activity in the transmission tendering in domestic markets. The company’s recent L1 win in Barmer HVDC project, along with existing South Olepad HVDC project, can potentially take its order book above INR300b, providing revenue visibility of 4-5 years. GVTD is optimistic about the finalization of more HVDC projects over next one year. Large export orders are takin...

Buy GE Vernova T&D India Ltd for the Target Rs 5,100 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-24 11:16:52 am

Buy Vishal Megamart Ltd for the Target Rs 135 by Motilal Oswal Financial Services Ltd

Key-man risk addressed; stake sale overhang remain We interacted with senior management and heads of key businesses of Vishal Mega Mart (VMM). The key takeaways are as below: * The central message of the meeting, in our view, was to showcase the senior leadership depth to address the key investor concern about the key-man risk (its longstanding CEO is ~66 years old). * Management is confident of sustaining double-digit SSSG on an annual basis (quarterly deviations might happen due to...

Buy Vishal Megamart Ltd for the Target Rs 135 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-24 11:11:51 am

Insurance Sector Update : Distribution regulations: The word is out By Motilal Oswal Financial Services Ltd

Massive regulatory changes to have significant ramifications IRDAI's Sep’26 consultation paper, "Recalibrating Economics of Insurance Distribution", is the most significant proposed overhaul of distribution regulation since the 2023 Expenses of Management (EoM) reforms. The 2023 reform removed hard commission caps and moved to an entity-level EoM ceiling computed on gross written premium (GWP) with the board’s discretion, whereas this consultation paper proposes t...

Insurance Sector Update : Distribution regulations: The word is out By Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-24 10:59:31 am

Buy SPR Auto Technologies Ltd for the Target Rs 6,150 by Motilal Oswal Financial Services Ltd

Building a powertrain-agnostic growth platform SPR Auto Technologies (SPR) is evolving from being a traditional piston manufacturer into a diversified, technology-driven, powertrain-agnostic mobility platform through strategic inorganic acquisitions. The piston business is a strong cash-cow franchise for SPR, supported by market leadership, ~500bp higher margins than the next peer and core RoCE of over 50%. SPR is benefiting from rising multi-fuel opportunities (CNG, ethanol, hydrogen and ...

Buy SPR Auto Technologies Ltd for the Target Rs 6,150 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-24 10:41:24 am

Neutral Voltas Ltd for the Target Rs 1,170 by Motilal Oswal Financial Services Ltd

Focusing on RAC market share gain and growth diversification Demand recovering, but margin improvement remains gradual We interacted with the management of Voltas (VOLT) to understand current demand trends, pricing action, commodity inflation impact, market share and diversification of growth drivers going forward. Management highlighted that RAC channel inventory is now below one month. RAC volume growth is in high teens across primary and secondary sales, aided by a low base. The company...

Neutral Voltas Ltd for the Target Rs 1,170 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-23 10:44:25 am

Upgrade to Buy IDFC First Bank Ltd for the Target Rs.105 by Motilal Oswal Financial Services Ltd

Earnings set to gain pace; RoA to swing back to ~1.2% FCNR (B) deposits to strengthen liability franchise * IDFC First Bank (IDFCFB) has delivered strong balance sheet growth, with advances and deposits registering a CAGR of 21% and 26%, respectively, in the past three years. Deposit growth has outpaced loan growth as the liability franchise has scaled up, with the CD ratio declining significantly to 94% from 108% in FY23. * The ~73% leverage provided on the USD3.57b FCNR (B) mobil...

Upgrade to Buy IDFC First Bank Ltd for the Target Rs.105 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-23 10:39:33 am

Buy Mahindra & Mahindra Financial Ltd for the Target Rs.430 by Motilal Oswal Financial Services Ltd

Digitizing operations to drive scale, efficiency, cross-selling The strategic pivot: From paper-heavy to high-tech, high-touch operations We visited the central processing center (CPC) of Mahindra Finance (MMFS), where management provided insights into its digital transformation strategy, covering the Udaan program, digital onboarding and underwriting, CPC automation, Samur.AI, and the evolving branch-led cross-selling model. We subsequently visited a tractor dealership in Pune to under...

Buy Mahindra & Mahindra Financial Ltd for the Target Rs.430 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-23 09:14:36 am

Buy Tata Steel Ltd for the Target Rs.220 by Motilal Oswal Financial Services Ltd

Favorable steel pricing supports near-term earnings; Europe remains monitorable Despite being a seasonally soft quarter, domestic steel prices across the board have surged sharply, driven by maintenance shutdown-led lean channel inventory, improved consumption (during Jul-Aug’26 as compared to Apr-May’26), and input cost inflation. Considering this, we expect Tata Steel’s (TATA) Indian business to deliver strong earnings in 2Q. Going forward, industry pricing discipline w...

Buy Tata Steel Ltd for the Target Rs.220 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-23 09:03:56 am

Buy Solar Industries Ltd for the Target Rs 23,000 by Motilal Oswal Financial Services Ltd

Building scale, expanding global footprint Solar Industries (SOIL) is a leader in the domestic explosive market and has established a strong presence in international markets for industrial explosives. Its recent acquisition of Omnia Holdings bolsters its position in South Africa and neighboring markets and provides strong support for the backward integration of ammonium nitrate. SOIL has also transitioned from being a supplier of explosive materials to becoming an integrated defense manuf...

Buy Solar Industries Ltd for the Target Rs 23,000 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-21 11:22:43 am

Powering payments: Monetization in motion!Strong roots, expanding canopy of products * Pine Labs is a leading merchant commerce platform offering payment acceptance, affordability and issuing solutions. Its digital infrastructure and transaction platform (DITP) and issuing and acquiring platform (IAP) generate a healthy mix of recurring and transaction-linked revenue, aided by longstanding enterprise relationships and scalable technology. * With a merchant base of over 1m, gross transac...

Buy Pine Labs Ltd for the Target Rs 250 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-21 10:20:26 am

Buy Saatvik Green Energy Ltd for the Target Rs 508 by Motilal Oswal Financial Services Ltd

New orders, cell capacity startup key catalysts in FY27 We reiterate our BUY rating on Saatvik Green Energy (SGEL) with a TP of INR508 (23% upside). Our positive outlook is premised on the following key factors * India solar capacity addition on track to exceed CEA target: India’s solar capacity additions remain firmly on track, with installed solar capacity reaching 168GW as of Aug’26 (~18GW of additions in Apr-Aug’26), positioning India well to surpass CEA’s FY...

Buy Saatvik Green Energy Ltd for the Target Rs 508 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-21 09:52:03 am

Buy 360 ONE WAM Ltd for the Target Rs 1,300 by Motilal Oswal Financial Services Ltd

Building a wealth management powerhouse! * Harnessing the golden opportunity: India’s USD30m+ population, currently at ~19,900, is expected to exceed 25,000 by 2031, while only ~15% of Indian wealth is professionally managed vs ~75% in mature markets. With 4,000+ UHNI families in an addressable base of 40,000-45,000, 360 ONE WAM (360 ONE) has significant headroom for client acquisition and scale. * Advisory moat for wallet share gains: 360 ONE’s advisory proposition enables ...

Buy 360 ONE WAM Ltd for the Target Rs 1,300 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-21 09:41:38 am

Upgrade to Buy JSW Cement Ltd for the Target Rs 146 by Motilal Oswal Financial Services Ltd

North ramp-up strengthens growth outlook Strong volume and efficiency gains in medium term support re-rating * JSW Cement (JSWC) is well positioned for sustained medium-term growth, led by strong volume momentum, successful entry into North India and an improvement in cost structure in coming quarters with stabilization of its north India plant. Further, internal cost efficiency initiatives (AFR/renewable power/logistics efficiency) are estimated to reduce opex/t and support OPM. * Industr...

Upgrade to Buy JSW Cement Ltd for the Target Rs 146 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-21 09:32:12 am

Buy Coforge Ltd for the Target Rs 2,200 by Motilal Oswal Financial Services Ltd

Strengthening the FDE and data layer for enterprise autonomy We attended Coforge’s (COFORGE) Enterprise Autonomy Strategy session, where discussions focused on how AI is changing enterprise software delivery and COFORGE’s approach to monetizing this shift through Nuuron (enterprise autonomy platform), Momentuum Blue (forward-deployed engineering unit), and industry-specific solutions. Management highlighted three key shifts: 1) AI is moving from assisting employees to doing ...

Buy Coforge Ltd for the Target Rs 2,200 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-18 09:05:15 am

Buy Turtlemint Fintech Solutions Ltd for the Target Rs 180 by Motilal Oswal Financial Services Ltd

Powering Bharat’s insurance journey * Tech-led PoSP franchise: Turtlemint Fintech Solutions (TURTLEMINT) has built a scaled, technology-enabled insurance distribution franchise in India. It has 550,000+ certified Point-of-Sale Persons (PoSPs) and a strong foothold in India’s insurance distribution, with ~75%+ of the premiums originating from the B30+ markets. * Underpenetrated industry: India's insurance penetration remains among the lowest globally against a government ...

Buy Turtlemint Fintech Solutions Ltd for the Target Rs 180 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-17 02:15:44 pm

Buy Avalon Technologies Ltd for the Target Rs 2,740 by Motilal Oswal Financial Services Ltd

Strategic shift toward higher-value electronics manufacturing Avalon Technologies (AVALON) is strategically shifting toward higher-value, engineering-intensive EMS segments, with semiconductor equipment and battery energy storage systems (BESS) emerging as key growth drivers. The semiconductor opportunity is supported by rising outsourcing by global OEMs, growing demand for AI/high bandwidth memory (HBM), advanced packaging, and ISM 2.0-led localization. Meanwhile, the energy storage syste...

Buy Avalon Technologies Ltd for the Target Rs 2,740 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-16 10:17:41 am

Buy Happy Forgings Ltd for the Target Rs 2,438 by Motilal Oswal Financial Services Ltd

Industrials and PVs to drive the next leg of growth We met with Happy Forgings’ (HFL) management, with discussions centered around incremental growth avenues, capacity ramp-up across forgings and machining to cater to the order book, and the steady outlook for the core CV and tractor segments. The ~INR9.5b order book is expected to drive majority of topline growth over FY27-29, with PVs and industrials accounting for ~70% of the order book. While PVs and Industrials combined currentl...

Buy Happy Forgings Ltd for the Target Rs 2,438 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-16 10:11:44 am

Our takeaways from the Board of Directors call * Coforge has seen two independent directors exit within four days. NonExecutive Independent Chairman Mr. O. P. Bhatt resigned with immediate effect on 8th Sep’26, followed by Independent Director and NRC Chairperson Mr. D. K. Singh on 11th Sep’26. The trigger was an internal audit of the Board Evaluation Exercise, which identified gaps in the way the evaluation findings were circulated and presented to the board. The board has sin...

Buy Coforge Ltd for the Target Rs 2,200 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-16 09:36:21 am

Neutral MCX Ltd for the Target Rs 3,500 by Motilal Oswal Financial Services Ltd

Structural growth levers broaden the earnings opportunity * MCX is emerging as a clear structural beneficiary of India’s deepening commodity derivatives ecosystem: F&O ADT reached ~INR10.5t in 1QFY27, with options notional ADT rising 266% YoY and futures ADT rising 47% YoY, reflecting strong underlying market expansion alongside continued volatility support. * The addressable market is expanding on both sides of the participation spectrum: traded clients increased 95% YoY to 1...

Neutral MCX Ltd for the Target Rs 3,500 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-16 09:30:28 am

Buy Grasim Industries Ltd for the Target Rs 3,800 by Motilal Oswal Financial Services Ltd

Diversification underpins long-term growth * We expect VSF profitability to remain resilient, supported by relatively tight supply conditions and lower inventory levels in China, which should help sustain higher VSF realizations. Stable pulp prices and lower caustic soda ash prices are estimated to support margin expansion in the VSF business. In the chemical segment, lower caustic soda ash prices (down ~17% QoQ in 2QFY27’QTD) would hurt realizations. However, backward integration, i...

Buy Grasim Industries Ltd for the Target Rs 3,800 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-16 09:24:01 am

Upgrade to Buy Oberoi Realty Ltd for the Target Rs 2,130 by Motilal Oswal Financial Services Ltd

The premium scale play Oberoi Realty’s (OBER) renewed focus on growth and significant project acquisitions position it well to ride the next leg of scale-up. Six new project acquisitions (INR305b GDV; our estimates) in the last 1Y reflect a considerable step-up in business development (BD). We expect sizeable acquisitions in the coming quarters, which should keep the growth engine running. The successful foray into NCR opens a new avenue for growth, while multiple upcoming launches i...

Upgrade to Buy Oberoi Realty Ltd for the Target Rs 2,130 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-16 09:15:35 am

Buy Tenneco Clean Air Ltd for the Target Rs 673 by Motilal Oswal Financial Services Ltd

Technology at the core, growth at scale! Tenneco Clean Air (TENNIND) holds leading positions across Clean Air and suspension, with ~58% share in CV Clean Air, ~68% in off-highway Clean Air (extractors), ~20% in PV Clean Air and ~55% in PV shock absorbers/struts. Deep OEM integration and access to Tenneco’s global technology and IP create strong entry barriers. Growth should be driven by premiumization, BS-VII, CAFE III and TREM-V, alongside localization of advanced products, new cust...

Buy Tenneco Clean Air Ltd for the Target Rs 673 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-16 09:01:12 am

Buy Titan Company Ltd for the Target Rs 6,000 by Motilal Oswal Financial Services Ltd

Growth runway remains long; guidance remains intact * We met the CFO of Titan Company (TTAN), Mr. Ashok Sonthalia, to discuss industry trends, demand outlook, competitive intensity, and the company’s growth and margin trajectory. TTAN remains constructive on the long-term jewelry opportunity, supported by sustained industry formalization, improving buyer growth, and continued store expansion. TTAN’s jewelry market share has increased to 8.5% in FY26 from 4.5% in FY19 and is tar...

Buy Titan Company Ltd for the Target Rs 6,000 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-11 02:59:55 pm

Coforge chairman resigns ahead of term end * Mr. O. P. Bhatt has resigned as Non-Executive Independent Director and Chairman with immediate effect. The resignation follows observations from an internal audit of the Board Evaluation Exercise, which highlighted gaps in the evaluation process and disclosure of certain material information, including aspects related to the Chairman's performance. * The board had sought an explanation from Mr. Bhatt and was reviewing his response. Mr. Bh...

Buy Brigade Enterprises Ltd for the Target Rs.900 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-07 09:21:12 am

Buy Fortis Healthcare Ltd for the Target Rs.1,130 by Motilal Oswal Financial Services Ltd

High Court orders forensic audit; operational aspects remain intact Brownfield expansion, richer mix, and Agilus recovery to sustain growth * The Delhi High Court has directed the appointment of a forensic auditor to examine certain historical transactions involving Fortis Healthcare (FORH), including the dissipation of the erstwhile promoters’ stake. * On overall basis, the audit would reconstruct the entire chain of transactions and identify persons, companies, banks and financi...

Buy Fortis Healthcare Ltd for the Target Rs.1,130 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-07 09:17:57 am

Neutral NTPC Ltd for the Target Rs.378 by Motilal Oswal Financial Services Ltd

Thermal demand and tariff competitiveness set to improve * We see a potential upside to the sector’s ~86GW thermal capacity addition requirement, supported by stronger-than-expected power demand growth – base case now at ~6% vs. ~5% earlier. As ISTS transmission charge waiver for RE projects is phased out in the next four years, we believe the relative attractiveness of thermal tariffs vis-à-vis renewable tariffs should improve. * NTPC focuses on brownfield expansion ...

Neutral NTPC Ltd for the Target Rs.378 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-07 09:10:51 am

Buy Hindustan Unilever Ltd for the Target Rs.2,400 by Motilal Oswal Financial Services Ltd

Growth aspirations intact; resetting to gather momentum * At Hindustan Unilever's (HUL) analyst meet, management presented its "Winning in New India" (WINI) strategy, positioning the portfolio to address fast changing consumer preferences (particularly among the youth). HUL clocked a turnover of INR638b in FY26, with 21 brands surpassing the INR10b mark. Over 90% of the turnover originated from categories where it holds the #1 position. More than 85b packs are sold annually a...

Buy Hindustan Unilever Ltd for the Target Rs.2,400 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-07 09:05:44 am

Buy CG Power and Industrial Solutions Ltd for the Target Rs.1,020 by Motilal Oswal Financial Services Ltd

Transformer plant visit We visited the new transformer plant of CG Power in Sehore, Madhya Pradesh, which has a manufacturing capacity of 45,000 MVA. With the commissioning of this greenfield capacity, CG Power’s transformer manufacturing capacity has increased to 120,000 MVA. Management highlighted that the company was ahead of the curve in commissioning capacities and expanded its capacity in 13 months. This plant has a potential to further scale up the capacity in future depending...

Buy CG Power and Industrial Solutions Ltd for the Target Rs.1,020 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2026-09-04 02:23:25 pm

Buy UltraTech Cement Ltd for the Target Rs.13,800 by Motilal Oswal Financial Services Ltd

Eying a strong position in cables and wires Aditya Birla Group has formally launched its cables and wires (C&W) business under the brand ‘Ultravolt’, housed under UTCEM with an initial Investment of INR18b. The company aims to build a scaled national brand and become one of the top two players in this segment within five years. It has commissioned a C&W plant at Bharuch, Gujarat, with installed capacity of 1.1m KM, and commenced commercial production from 1st Sep’...

Buy UltraTech Cement Ltd for the Target Rs.13,800 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd0
2026-09-04 02:07:50 pm

Affordable education, scalable economics * Physicswallah (PW) is among India's largest education platforms, built on what we believe is one of the most capital-efficient business models in Indian EdTech. PW has built a large free-to-paid funnel through YouTube, enabling it to acquire students at structurally lower costs and monetize them across online, hybrid and offline offerings. Today, the company boasts one of India's largest education communities with 100m+ YouTube subscribers...

Buy Physicswallah Ltd for the Target Rs.200 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-04 08:52:36 am

Buy Godrej Consumer Ltd for the Target Rs.1,150 by Motilal Oswal Financial Services Ltd

FY27 guidance intact; all eyes on execution * Godrej Consumer Products (GCPL) held a business update call, where new CEO Mr. Aasif Malbari outlined the company’s roadmap for its next phase of growth. Management acknowledged that while GCPL has strengthened its financials, simplified operations, and laid the foundation for portfolio transformation, its growth achievements remained below aspirations. The strategy, therefore, is focused on reviving the core through sharper innovation an...

Buy Godrej Consumer Ltd for the Target Rs.1,150 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-03 09:20:21 am

Pipeline building up Our recent interaction with Siemens Energy (ENRIN) suggests that ordering is gradually ramping up in the transmission sector, and long-term demand from grid strengthening, grid flexibilization and data center remains strong. The demand-supply situation is still favorable in transmission segment, implying margin sustainability. The company is also witnessing healthy export demand for transformers, switchgears for power transmission segment and services for power generat...

Buy Siemens Energy India Ltd for the Target Rs.4,000 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-03 09:10:58 am

Buy Adani Power Ltd for the Target Rs.250 by Motilal Oswal Financial Services Ltd

Riding India’s thermal power renaissance * We initiate coverage on Adani Power Limited (APL) with a BUY rating and TP of INR250/sh. We like APL for 1) ambitious growth plans (capacity up 2.3x to 42GW by FY32), 2) solid execution track record demonstrated by acquisition and turnaround of multiple distressed plants, and 3) optionality from nuclear foray + limited competition in the thermal segment. * APL, is India’s largest private thermal power producer with a capacity of ~18...

Buy Adani Power Ltd for the Target Rs.250 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-03 09:00:49 am

NAM: Building a diversified tech-driven franchise NAM held an analyst meet to outline its strategy for expanding investor penetration beyond B30, deepening its wallet share, scaling up its ETF franchise and further institutionalizing its investment process. The strategy focuses on building a broader, more diversified franchise, with near-term investments supporting long-term growth. Following are the key takeaways: * Investor acquisition remains the core strategic metric, with a focus o...

Buy Nippon AMC Ltd for the Target Rs.1,380 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-09-02 09:40:13 am

Buy SBI Funds Management Ltd For Target Rs.720 by Motilal Oswal Financial Services Ltd

Trusted legacy; plethora of future possibilities * SBI Funds Management (SBIFUNDS) is India’s leading asset manager with a total QAAUM of INR29.1t as of Jun’26, including INR12.6t of MF QAAUM, INR16.5t of PMS/advisory QAAUM, and INR68b of AIF AUM. * The company’s MF QAAUM recorded a 19% CAGR over FY21-26, driven by a 33%/20% CAGR in equity/passive QAAUM. Rising trajectory of monthly SIP flows (INR40b from INR25b in Mar’24) and 98% of SIPs registered for >36 mo...

Buy SBI Funds Management Ltd For Target Rs.720 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-08-31 10:59:39 am

Buy HDFC Bank for the Target Rs 925 by Motilal Oswal Financial Services Ltd

Undergoing a leadership overhaul Board to evaluate both internal/external candidates for CEO role * Mr. Sashidhar Jagdishan has decided to not seek his reappointment as MD & CEO of HDFC Bank and shall retire on 26th Oct’26. The board will thus fast-track the process of selection and appointment of his successor. * With Mr. Jagdishan’s decision not to seek reappointment, along with the upcoming superannuation of CFO Mr. Srinivasan Vaidyanathan on 30th Nov’26 and oth...

Buy HDFC Bank for the Target Rs 925 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-08-31 10:11:46 am

Neutral HDB Financial Services Ltd For Target Rs.760 by Motilal Oswal Financial Services Ltd

Ready for the next leg Improving disbursements and resilient margins strengthen earnings outlook HDB Financial Services (HDBFS) has entered FY27 on a stronger footing after nearly two years of portfolio recalibration. Improving disbursement momentum, resilient profitability, and healthier asset quality suggest that the company is moving beyond the stabilization phase. While the recovery in originations has yet to fully translate into loan book growth, we believe the next few quarters co...

Neutral HDB Financial Services Ltd For Target Rs.760 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-08-31 09:58:00 am

Buy InterGlobe Aviation Ltd For Target Rs.6,580 by Motilal Oswal Financial Services Ltd

The growth flywheel is set to reduce earnings volatility InterGlobe Aviation (INDIGO) is entering a pivotal phase in its evolution from India's dominant domestic airline to a globally scaled aviation platform. We believe the next leg of value creation will be led by three structural shifts: 1) internationalization of the network 2) rising fleet ownership and vertical integration 3) reduced operational and earnings volatility through strategic investments across the aviation ec...

Buy InterGlobe Aviation Ltd For Target Rs.6,580 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-08-31 09:52:15 am

Growth momentum builds; profitability set to improve * RRKABEL is well-positioned to outgrow the industry, targeting ~25% growth in cables vs. ~15% industry growth, which could increase its market share from 3.0% to 4.5%. Growth is expected to be primarily volume-led, supported by capacity expansion, a sharper focus on B2B cables, and an improved product availability. The ongoing shift from unorganized to organized players, aided by a limited price differential, is estimated to drive marke...

Buy R R Kabel Ltd For Target Rs.3,400 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-08-27 10:54:39 am

Multiple growth engines, one integrated platform * Adani Enterprises (AEL) is uniquely positioned to benefit from India’s next capex cycle, with exposure across airports, roads, data centers, new energy, mining, copper, and strategic manufacturing. Its diversified portfolio provides multiple avenues to participate in infrastructure build-out, energy transition, digitalization, and India’s push towards domestic manufacturing. * We view AEL as a differentiated infrastructure i...

Buy Adani Enterprises Ltd For Target Rs.3,880 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-08-27 10:44:13 am

Sell Cyient Ltd For Target Rs.790 by Motilal Oswal Financial Services Ltd

Key takeaways from CYL Investor Day Lifecycle engineering and semi-conductor are seen as the two next big opportunities We attended Cyient’s (CYL) Investor Day. The company highlighted strategies for all the three businesses and is seeing potential within lifecycle engineering for the DET business and the semi-conductor business as a whole. The company discussed TAM for each of these businesses and has based its own ambitious revenue growth and margin aspirations as it bets on these ...

Sell Cyient Ltd For Target Rs.790 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-08-27 09:11:34 am

Buy Vedanta Aluminum Ltd For Target Rs. 540 by Motilal Oswal Financial Services Ltd

Next growth phase - Capacity scale, RM integration, and cost leadership We remain constructive on Vedanta Aluminum Metal (VAML), as it is well positioned to benefit from favorable industry dynamics, company-specific structural drivers, and a valuation gap with peers. The company is entering a strong earnings inflection point (EBITDA projected to expand at ~18% CAGR over FY26-28), supported by a multi-year earnings growth runway, which is largely driven by three levers: volume scale, integr...

Buy Vedanta Aluminum Ltd For Target Rs. 540 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-08-27 09:06:16 am

Buy Cummins India Ltd For Target Rs. 6,400 by Motilal Oswal Financial Services Ltd

Beneficiary of strong data center growth Our recent meeting with Cummins management suggests a strong data center-led demand scenario for HHP gensets. This will continue to support growth despite the nonHHP segment growing at a slower pace. Volatility in RM prices suggests more price hikes will be needed in the coming months over and above the recent price hike taken by the company in Jul’26. We believe the growth drivers for Cummins remain: 1) data centers for powergen, 2) railways,...

Buy Cummins India Ltd For Target Rs. 6,400 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-08-25 08:46:05 am

Buy Aditya Infotech Ltd For Target Rs. 4,200 by Motilal Oswal Financial Services Ltd

Compelling play on rising surveillance penetration Aditya Infotech Ltd (AIL) has emerged as the pioneer in the rapidly growing video surveillance market in India. AIL, through its well-regarded brand “CP Plus”, has 1,000+ distributors and 2,500+ system integrators and operates as the third-largest Closed Circuit Television (CCTV) manufacturer in the world. AIL commands more than 44% market share in the video surveillance market. * AIL is well-positioned to benefit from a dem...

Buy Aditya Infotech Ltd For Target Rs. 4,200 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-08-24 03:55:33 pm

Research Center

Stock Ideas

Buy MTAR Technologies Ltd for the Target Rs 9,000 by Motilal Oswal Financial Services Ltd

Buy GE Vernova T&D India Ltd for the Target Rs 5,100 by Motilal Oswal Financial Services Ltd

Buy Vishal Megamart Ltd for the Target Rs 135 by Motilal Oswal Financial Services Ltd

Insurance Sector Update : Distribution regulations: The word is out By Motilal Oswal Financial Services Ltd

Buy SPR Auto Technologies Ltd for the Target Rs 6,150 by Motilal Oswal Financial Services Ltd

Neutral Voltas Ltd for the Target Rs 1,170 by Motilal Oswal Financial Services Ltd

Upgrade to Buy IDFC First Bank Ltd for the Target Rs.105 by Motilal Oswal Financial Services Ltd

Buy Mahindra & Mahindra Financial Ltd for the Target Rs.430 by Motilal Oswal Financial Services Ltd

Buy Tata Steel Ltd for the Target Rs.220 by Motilal Oswal Financial Services Ltd

Buy Solar Industries Ltd for the Target Rs 23,000 by Motilal Oswal Financial Services Ltd

Buy Pine Labs Ltd for the Target Rs 250 by Motilal Oswal Financial Services Ltd

Buy Saatvik Green Energy Ltd for the Target Rs 508 by Motilal Oswal Financial Services Ltd

Buy 360 ONE WAM Ltd for the Target Rs 1,300 by Motilal Oswal Financial Services Ltd

Upgrade to Buy JSW Cement Ltd for the Target Rs 146 by Motilal Oswal Financial Services Ltd

Buy Coforge Ltd for the Target Rs 2,200 by Motilal Oswal Financial Services Ltd

Buy Turtlemint Fintech Solutions Ltd for the Target Rs 180 by Motilal Oswal Financial Services Ltd

Buy Avalon Technologies Ltd for the Target Rs 2,740 by Motilal Oswal Financial Services Ltd

Buy Happy Forgings Ltd for the Target Rs 2,438 by Motilal Oswal Financial Services Ltd

Buy Coforge Ltd for the Target Rs 2,200 by Motilal Oswal Financial Services Ltd

Neutral MCX Ltd for the Target Rs 3,500 by Motilal Oswal Financial Services Ltd

Buy Grasim Industries Ltd for the Target Rs 3,800 by Motilal Oswal Financial Services Ltd

Upgrade to Buy Oberoi Realty Ltd for the Target Rs 2,130 by Motilal Oswal Financial Services Ltd

Buy Tenneco Clean Air Ltd for the Target Rs 673 by Motilal Oswal Financial Services Ltd

Buy Titan Company Ltd for the Target Rs 6,000 by Motilal Oswal Financial Services Ltd

Buy Coforge Ltd for the Target Rs 2,200 by Motilal Oswal Financial Services Ltd

Buy Lenskart Ltd for the Target Rs 800 by Motilal Oswal Financial Services Ltd

Buy V2 Retail Ltd for the Target Rs.275 by Motilal Oswal Financial Services Ltd

Buy Brigade Enterprises Ltd for the Target Rs.900 by Motilal Oswal Financial Services Ltd

Buy Fortis Healthcare Ltd for the Target Rs.1,130 by Motilal Oswal Financial Services Ltd

Neutral NTPC Ltd for the Target Rs.378 by Motilal Oswal Financial Services Ltd

Buy Hindustan Unilever Ltd for the Target Rs.2,400 by Motilal Oswal Financial Services Ltd

Buy CG Power and Industrial Solutions Ltd for the Target Rs.1,020 by Motilal Oswal Financial Services Ltd

Buy UltraTech Cement Ltd for the Target Rs.13,800 by Motilal Oswal Financial Services Ltd

Buy Physicswallah Ltd for the Target Rs.200 by Motilal Oswal Financial Services Ltd

Buy Godrej Consumer Ltd for the Target Rs.1,150 by Motilal Oswal Financial Services Ltd

Buy Siemens Energy India Ltd for the Target Rs.4,000 by Motilal Oswal Financial Services Ltd

Buy Adani Power Ltd for the Target Rs.250 by Motilal Oswal Financial Services Ltd

Buy Nippon AMC Ltd for the Target Rs.1,380 by Motilal Oswal Financial Services Ltd

Buy SBI Funds Management Ltd For Target Rs.720 by Motilal Oswal Financial Services Ltd

Buy HDFC Bank for the Target Rs 925 by Motilal Oswal Financial Services Ltd

Neutral HDB Financial Services Ltd For Target Rs.760 by Motilal Oswal Financial Services Ltd

Buy InterGlobe Aviation Ltd For Target Rs.6,580 by Motilal Oswal Financial Services Ltd

Buy R R Kabel Ltd For Target Rs.3,400 by Motilal Oswal Financial Services Ltd

Buy Adani Enterprises Ltd For Target Rs.3,880 by Motilal Oswal Financial Services Ltd

Sell Cyient Ltd For Target Rs.790 by Motilal Oswal Financial Services Ltd

Buy Vedanta Aluminum Ltd For Target Rs. 540 by Motilal Oswal Financial Services Ltd

Buy Cummins India Ltd For Target Rs. 6,400 by Motilal Oswal Financial Services Ltd

Buy Aditya Infotech Ltd For Target Rs. 4,200 by Motilal Oswal Financial Services Ltd