Research Center

Stock Ideas

MASFIN

Duration:12 Month

Target:380

buy HAPPYFORGE

buy LODHA

buy SHREECEM

neutral EXIDEIND

Duration:12 Month

Target:368

neutral PETRONET

buy GLENMARK

buy OIL

neutral MAXHEALTH

Duration:12 Month

Target:1360

buy POLICYBZR

Duration: Month

Target:2000

neutral

MASFIN

Duration:12 Month

Target:380

buy HAPPYFORGE

buy LODHA

buy SHREECEM

neutral EXIDEIND

Duration:12 Month

Target:368

neutral PETRONET

buy GLENMARK

buy OIL

neutral MAXHEALTH

Duration:12 Month

Target:1360

buy POLICYBZR

Duration: Month

Target:2000

neutral

Buy MAS Financial Services Ltd for the Target Rs. 380 by Motilal Oswal Financial Services Ltd

Resilient through cycles; positioned for steady compounding Multi-product NBFC with risk-calibrated growth and improving operating leverage * MAS Financial (MAS) navigated 1HFY26 with prudence amid macro moderation and sectoral stress. It maintained a strong focus on both portfolio quality and profitability. With improving economic conditions, better borrower cash flows driven by festive demand, and lower rejection rates, the business momentum and AUM growth are likely to rebound in 2H....

Buy MAS Financial Services Ltd for the Target Rs. 380 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2025-11-19 06:01:40 pm

Buy Happy Forgings Ltd for the Target Rs. 1,200 by Motilal Oswal Financial Services Ltd

Growth to revive led by pick-up in demand and new wins Industrials and PVs to be key growth drivers One of the key investor concerns for Happy Forgings (HFL) has been its subdued revenue growth over the past few quarters, despite a strong order backlog, which is also reflected in the stock’s underperformance over the past 12M relative to the broader index. Notably, this slowdown in revenue growth has largely been led by its exposure to overseas markets, which are currently experie...

Buy Happy Forgings Ltd for the Target Rs. 1,200 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2025-11-19 05:52:44 pm

Buy Lodha Developers Ltd for the Target Rs. 1,888 by Motilal Oswal Financial Services Ltd

MMR powerhouse, Pune scaler, Bengaluru riser, NCR newcomer LODHA’s presales are expected to clock a 22% CAGR, supported by healthy collections and debt at comfortable levels of 0.25x by the end of 1HFY26, despite aggressive BD additions of INR250b. Pune is scaling up at a healthy pace and is expected to deliver 40% YoY growth in sales. The company has also completed its pilot phase in Bengaluru and entered the growth phase, expecting a 12% market share by the end of the decade. In ad...

Buy Lodha Developers Ltd for the Target Rs. 1,888 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2025-11-19 05:50:40 pm

Neutral Shree Cement Ltd for the Target Rs. 30,030 by Motilal Oswal Financial Services Ltd

Slow growth in core market and limited scale cap upside Chasing premiumization, losing competitive edge * Shree Cement (SRCM) has been comparatively slower than its peers in terms of capacity expansion in one of its core markets in the north region, which led to market share loss for SRCM and also risks its pricing strategy over the medium term. SRCM’s capacity share in the north region declined to ~22% in FY25 from the peak of ~24% in FY19, and it is further estimated to decline to ...

Neutral Shree Cement Ltd for the Target Rs. 30,030 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2025-11-19 05:41:12 pm

Neutral Exide Ltd for the Target Rs. 368 by Motilal Oswal Financial Services Ltd

Weak 2Q due to channel destocking Demand likely to normalize in 2H * EXID's 2QFY26 PAT of INR2.2b came in well below our estimate of INR3.2b on account of lower-than-expected revenue. Revenue was mainly affected by channel destocking in segments like auto replacement, UPS and solar and weak demand in home UPS due to extended monsoon. Management expects the bulk of this demand to revive in 2H as the channel would look to restock and OEM demand is picking up. * Given the weak 2Q pe...

Neutral Exide Ltd for the Target Rs. 368 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2025-11-19 10:12:04 am

Buy Petronet LNG Ltd for the Target Rs. 410 by Motilal Oswal Financial Services Ltd

Upcoming projects set to boost earnings! Petronet LNG (PLNG) hosted a plant visit to Dahej Terminal, Gujarat, attended by MD & Chairman Mr. Akshay Kumar Singh, Director (Finance) & CFO Mr. Saurav Mitra, and other top officials. The company has outlined its 1-5-10-40 vision, targeting INR1t in revenue over the next five years, supported by a plan to deliver INR100b in profits with a cumulative investment of INR400b. PLNG also indicated that all investments are expected to deliver a ...

Buy Petronet LNG Ltd for the Target Rs. 410 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2025-11-19 10:04:59 am

Buy Glenmark Pharma Ltd for the Target Rs. 2,170 by Motilal Oswal Financial Services Ltd

Tough quarter led by GST shock and operational reset Earnings cut for FY26-28; valuation multiple revised lower * Glenmark Pharma (GNP) delivered a miss on 2QFY26 earnings, adjusted for a one-time upfront payment received from Abbvie. The miss was largely driven by a severe impact on the domestic formulation (DF) business following the GST transition. * Adjusting for ISB2001 deal-related income (INR45b for 2QFY26) and associated expenses (INR8.3b), GNP reported an operational loss of...

Buy Glenmark Pharma Ltd for the Target Rs. 2,170 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2025-11-19 09:55:51 am

Neutral Oil India Ltd for the Target Rs. 400 by Motilal Oswal Financial Services Ltd

Muted volume growth and well write-offs weigh on 2Q performance * Oil India’s (OINL) 2QFY26 revenue came in line with our estimate at INR54.6b. However, oil/gas sales were 4%/2% below our estimate at 0.83mmt/0.66bcm. Oil realization was USD68.2/bbl (our est. USD67.8/bbl). Adj. EBITDA was 16% below estimate at INR18.4b (-16% YoY). One-off expenses stood at INR5.2b. Exploration cost writeoff/provisions/impairments stood at INR9.8b (INR4.6b in 1QFY26). Reported PAT was 38% below our est...

Neutral Oil India Ltd for the Target Rs. 400 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2025-11-19 09:47:09 am

Buy Max Healthcare Ltd for the Target Rs. 1,360 by Motilal Oswal Financial Services Ltd

Steady delivery; bed capacity expansion continues Existing units deliver strong volume-led growth; expansion pipeline supports multi-year visibility * Max Healthcare (MAXH) reported in-line revenue and slightly better-thanexpected EBITDA in 2QFY26. * The overall performance was robust, with consistent 20%+ YoY revenue growth and better or in-line EBITDA YoY growth. The bed addition on the brownfield basis is expected to help MAXH sustain the growth momentum going forward. * For th...

Buy Max Healthcare Ltd for the Target Rs. 1,360 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2025-11-19 09:39:08 am

Neutral PB Fintech Ltd for the Target Rs. 2,000 by Motilal Oswal Financial Services Ltd

Protect, borrow, prosper! Building trustworthy digital rails for India’s financial needs * PB Fintech is a dominant digital marketplace in both insurance and consumer credit—two sectors benefiting from rising financial awareness, digitalization, and significant under-penetration. With ~90% share in online insurance and growing traction in digital unsecured loans, the company offers scaled access to India’s structurally growing protection (life and health insurance) and...

Neutral PB Fintech Ltd for the Target Rs. 2,000 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2025-11-19 09:25:39 am

Buy DreamFolks Ltd for the Target Rs. 140 by Motilal Oswal Financial Services Ltd

Challenging reset Rail and global lounge initiatives emerge as initial rebuilding * DreamFolks (DFS) posted a sharp revenue decline of 41% QoQ / 35% YoY to INR2.0b in 2QFY26, reflecting the significant disruption following the suspension of domestic lounge services (~90% of revenue). EBITDA was down 56% QoQ/48% YoY to INR120m, and EBITDA margin contracted to 5.8% (-190bp QoQ/-150bp YoY). Consolidated PAT stood at INR112m, declining 30% YoY and 47% QoQ, with a 5.5% margin. For 1HFY26, DF...

Buy DreamFolks Ltd for the Target Rs. 140 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial services Ltd
2025-11-17 04:09:24 pm

Growth outlook steady; RoE target at 13.5%/14.5% for FY27/FY28 We estimate 24% CAGR in earnings over FY26-28 * DCB Bank (DCBB) has been delivering healthy loan growth and has guided for a steady growth rate of 18-20% over the coming years. The bank continues to focus on granular retail loans with a retail mix (ex-Agri) at 65% of the total portfolio. * NIMs improved 3bp QoQ to 3.23% in 2QFY26, aided by a reduction in deposit costs. NIMs are expected to improve gradually, supported by ...

Buy DCB Bank Ltd for the Target Rs. 210 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial services Ltd
2025-11-17 03:56:41 pm

Buy VIP Industries Ltd for the Target Rs. 490 by Motilal Oswal Financial Services Ltd

Strategy reset leads to weak performance; turnaround in FY27. VIP Industries’ 2QFY26 print was below our estimates. Consolidated revenue declined 25.3% YoY and the company reported losses at the EBITDA/PAT level. The revenue decline was on account of 1) its focus on secondary sales by rationalizing trade discounting; 2) low uptick in BBD sales on e-com platforms as demand was skewed towards products owing to higher GST cuts, 3) lower trade discounting in MT/GT channels, and 4) lower ...

Buy VIP Industries Ltd for the Target Rs. 490 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial services Ltd
2025-11-17 03:49:00 pm

Sell Relaxo Footwears Ltd for the Target Rs. 370 by Motilal Oswal Financial Services Ltd

Tepid performance continues; hopeful of recovery from 4Q * Relaxo Footwears’ (RLXF) 2QFY26 results reflect persistent volume pressure amid muted demand trends and transient impact from the GST implementation. However, margins remained resilient, with EBITDA margin stable YoY on the back of robust cost controls. * Management indicated that the GST transition impact could continue till Dec’25, with distributors focusing on clearing old inventory. However, it remains hopeful of...

Sell Relaxo Footwears Ltd for the Target Rs. 370 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial services Ltd
2025-11-17 03:36:32 pm

Neutral Sun TV Network Ltd for the Target Rs. 630 by Motilal Oswal Financial Services Ltd

Movie segment drives growth; core business remains weak * Sun TV Network (SUNTV) reported a weak 2QFY26, with ad revenue declining 13% YoY amid weak consumer sentiment and cut back in ad spends by FMCG players on linear TV. * Reported revenue was boosted by a strong performance at the box-office from SUNTV ’s movie, Coolie. However, higher amortization costs and operating deleverage led to a sharp ~28% miss on EBIT (up by a modest 3% YoY) and adj. PAT (down 10% YoY). * SUNTV ac...

Neutral Sun TV Network Ltd for the Target Rs. 630 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial services Ltd
2025-11-17 03:23:51 pm

Sell Deepak Nitrite Ltd for the Target Rs. 1,530 by Motilal Oswal Financial Services Ltd

Muted operating performance amid macro challenges Operating performance in line with estimate * Deepak Nitrite (DN) reported a weak operating performance, with EBITDA declining 31% YoY to INR2b in 2QFY26. Gross margin contracted 440bp YoY to 27.6% and EBITDA margin contracted 390bp, driven by macro headwinds, pricing trends, and tariff developments. * Amid a volatile geopolitical environment and shifting global trade dynamics, we expect a recovery in 2H, led by the ramp-up of new cap...

Sell Deepak Nitrite Ltd for the Target Rs. 1,530 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial services Ltd
2025-11-17 01:43:03 pm

Buy IRB Infrastructure Ltd for the Target Rs. 52 by Motilal Oswal Financial Services Ltd

Steady operating performance; outlook improves * Revenue grew 10% YoY to INR17.5b in 2QFY26 (in line). Revenue included a gain from InvITs & related assets as per fair value measurement and dividend/interest income from InvITs & related assets. * EBITDA margins came in at 52.8% (vs. our estimate of 48.5%) in 2QFY26 (+450bp YoY and +740bp QoQ). EBITDA grew ~21% YoY to INR9.2b (8% above our estimate). APAT rose 41% to INR1.4b (in line). * Construction revenue stood at INR8.2b (...

Buy IRB Infrastructure Ltd for the Target Rs. 52 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial services Ltd
2025-11-17 12:48:47 pm

Moderate performance; stable outlook ahead * INOX Wind’s (IWL) 2QFY26 deliveries at 202MW were in line with our estimate, whereas revenue came in below our estimate by 8% at INR11.2b (+53% YoY, +35% QoQ). EBITDA stood at INR2.3b (+32% YoY, +24% QoQ), exceeding our estimate by 4%. EBITDA margin was 20% (our est. 18%). APAT at INR0.9b missed our est. by 14%. * Execution outlook and order book strength: In 1HFY26, IWL reported deliveries of 350MW and received new orders of 400MW. For...

Buy Inox Wind Ltd for the Target Rs. 190 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial services Ltd
2025-11-17 12:33:06 pm

Buy Indraprastha Gas Ltd for the Target Rs. 250 by Motilal Oswal Financial Services Ltd

Margin expansion ahead! * In 2QFY26, Indraprastha Gas (IGL)’s EBITDA/scm margin came in 9% below our estimate at INR5.2, primarily driven by higher gas costs due to the rising share of R-LNG in gas sourcing. Total volumes were slightly below at 9.3mmscmd (our est.: 9.7mmscmd). The resulting EBITDA/PAT was 13%/7% below our estimate at INR4.4b/INR3.7b. * Our earnings assumptions are conservative: We model an EBITDA/scm of INR6.0/ INR6.5/INR6.5 in FY26/FY27/FY28 vs. medium-term guida...

Buy Indraprastha Gas Ltd for the Target Rs. 250 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial services Ltd
2025-11-17 12:27:12 pm

Buy Apollo Tyres Ltd for the Target Rs. 603 by Motilal Oswal Financial Services Ltd

Healthy performance improvement in India and Europe Demand outlook remains positive in India, muted in Europe * Apollo Tyres’ (APTY) 2QFY26 consolidated PAT (adjusted for one-offs) at INR3.9b was broadly in line with our estimate of INR3.7b. While EBITDA margins for both India and Europe beat our estimates, the PAT upside was limited by a higher-than-expected tax rate. * Given the better-than-expected performance in 2Q and an expectation of benign input costs going forward, we ...

Buy Apollo Tyres Ltd for the Target Rs. 603 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial services Ltd
2025-11-17 12:20:59 pm

Neutral Voltas Ltd for the Target Rs. 1,390 by Motilal Oswal Financial Services Ltd

Disappointing performance; recovery expected in 2HFY26 Sequential market share gains in RAC * Voltas (VOLT)’s revenue declined ~10% YoY to INR23.5b (in line) in 2QFY26, driven by a 23%/5% dip in UCP/PES segments, while EMPS revenue grew ~10% YoY. EBITDA declined ~57% YoY to INR704m (~33% below our estimates, led by a loss in the UCP segment vs. our estimate of ~3% EBIT margin). Overall, OPM stood at ~3.0%, down 3.2pp YoY (1.7pp below our estimate). PAT declined ~74% YoY to INR343m...

Neutral Voltas Ltd for the Target Rs. 1,390 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial services Ltd
2025-11-17 12:02:36 pm

Poised for an improved 2H with receding asset-quality headwinds Credit cost pressure to gradually ease; expect NIM expansion to continue in 2HFY26 * Over the past year, HDB Financial (HDB) has navigated a phase of consolidation, reflected in subdued disbursement momentum, modest AUM growth, and emerging asset-quality pressure across a few of its key product segments. The company management has prioritized stability over scale, reinforcing collections, tightening underwriting frameworks,...

Neutral HDB Financial Services Ltd for the Target Rs. 800 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial services Ltd
2025-11-17 11:59:07 am

Buy Vishal Mega Mart Ltd for the Target Rs. 180 by Motilal Oswal Financial Services Ltd

Another superlative quarter on all fronts * Vishal Mega Mart (VMM) delivered another strong quarter, with ~22% YoY revenue growth, led by 25 net store additions (+15% YoY) and robust ~12.8% adjusted SSSG, benefiting from an early festive season. * Gross/EBITDA/pre-IndAS EBITDA margins expanded 5bp/80bp/100bp YoY, driven by operating leverage and robust cost controls. * Management estimated the SSSG boost of ~150-200bp from the shift in the festive season. However, it remains optimist...

Buy Vishal Mega Mart Ltd for the Target Rs. 180 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial services Ltd
2025-11-17 11:46:43 am

Sell MRF Ltd for the Target Rs. 121,162 by Motilal Oswal Financial Services Ltd

Margins improve due to low input costs Demand to accelerate in 2HFY25, fueled by the GST rate cuts * MRF’s 2QFY26 PAT at INR5.1b was in line with our estimate. While the EBITDA margin at 15% was ahead of our estimate of 14.2% due to lower input costs, revenue came in below our estimate due to a temporary GST-led destocking impact on distributors. * Following the recent rally, the stock currently trades at 32.5x/27.6x FY26E/ FY27E EPS above its 10-year LPA of ~25x, which appears...

Sell MRF Ltd for the Target Rs. 121,162 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial services Ltd
2025-11-17 11:31:39 am

Buy Marico Ltd for the Target Rs. 850 by Motilal Oswal Financial Services Ltd

Improving growth trajectory; all eyes on GM recovery * Marico (MRCO) reported a consolidated revenue growth of 31% YoY (in line) in 2QFY26. Domestic revenue growth was 35% YoY with volume growth of 7%. The GST transition and trade pipeline adjustments impacted revenue growth by ~2%. International growth was 19% YoY (+20% CC). * Domestic revenue growth was driven by strong core category growth and sustained success for its new growth drivers. Parachute coconut oil (PCNO) posted a 59% YoY...

Buy Marico Ltd for the Target Rs. 850 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial services Ltd
2025-11-17 11:21:34 am

Neutral Siemens Ltd for the Target Rs. 3,350 by Motilal Oswal Financial Services Ltd

Performance – a mixed bag Siemens (SIEM) delivered a revenue beat, while profitability came in slightly below our estimate. Segment-wise, smart infra and mobility did well in terms of revenue, while the digital industry remained weak on both revenue and margin fronts. This resulted in a lower-than-estimated overall EBITDA margin. Order inflows grew 10% YoY and stood at INR48b for the quarter. The company has changed the financial year to the Apr-Mar period. However, on a like-for-lik...

Neutral Siemens Ltd for the Target Rs. 3,350 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial services Ltd
2025-11-17 11:19:46 am

Buy LG Electronics India Ltd for the Target Rs. 1,890 by Motilal Oswal Financial Services Ltd

Margin under pressure amid external headwinds Margin recovery will be led by localization and premium mix * LG Electronics India’s (LGEIL) 2QFY26 revenue inched up ~1% YoY to INR61.7b. However, EBITDA declined ~28% YoY to INR5.5b. OPM contracted 3.5pp YoY to 8.9% due to external factors (under absorption of fixed cost, rising commodity prices, and higher recycling costs). PAT declined ~27% YoY to INR3.9b. * Management highlighted that it is entering its next phase of growth, wi...

Buy LG Electronics India Ltd for the Target Rs. 1,890 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial services Ltd
2025-11-17 11:13:46 am

Buy Hero MotoCorp Ltd for the Target Rs. 6,500 by Motilal Oswal Financial Services Ltd

Steady quarter Pickup in rural demand bodes well for HMCL * Hero MotoCorp’s (HMCL) 2QFY26 PAT at INR13.9b came in slightly below our est. of INR14.4b, largely due to lower other income. Margins expanded on the back of revenue growth and operational efficiencies. * We expect HMCL to deliver a volume CAGR of ~6% over FY26-28, driven by new launches and a ramp-up in exports. HMCL will also benefit from a gradual rural recovery, given strong brand equity in the economy and executiv...

Buy Hero MotoCorp Ltd for the Target Rs. 6,500 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial services Ltd
2025-11-17 10:57:51 am

Sell Tata Motors Passenger Vehicles Ltd for the Target Rs. 312 by Motilal Oswal Financial Services Ltd

JLR faces multiple headwinds across regions US tariffs and China luxury tax to structurally hurt future performance * Tata Motors Passenger Vehicles Ltd (TMPV) delivered one of its worst financial performance in recent times recording a consolidated loss of INR 55b largely due to significantly weak performance at JLR (EBITDA margin at - 1.6% Vs our estimate of 7%) even as India PV business performance was largely in line. * Given a significantly weak Q2 and a continued impact expecte...

Sell Tata Motors Passenger Vehicles Ltd for the Target Rs. 312 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial services Ltd
2025-11-17 10:51:42 am

Neutral Repco Home Finance Ltd for the Target Rs. 465 by Motilal Oswal Financial Services Ltd

Disbursements gain momentum; loan growth to gain traction Asset quality improves, but a sharp decline in Stage 3 PCR due to write-offs * Repco Home Finance’s (Repco) 2QFY26 PAT declined 5% YoY to INR1.07b (in line). NII in 2QFY26 grew ~14% YoY to ~INR1.9b (in line). Other income declined ~46% YoY to INR123m (vs. our est. of INR200m). Opex rose ~17% YoY to INR603m (in line). * PPOP grew ~3% YoY to INR1.4b (in line). Provision writebacks stood at INR15m, translating into 2QFY26 a...

Neutral Repco Home Finance Ltd for the Target Rs. 465 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial services Ltd
2025-11-17 09:47:17 am

Neutral KNR Constructions Ltd for the Target Rs. 190 by Motilal Oswal Financial Services Ltd

Weak execution leads to a sharp miss; outlook muted, estimates cut * KNR Constructions (KNRC)’s revenue dipped 42.4% YoY to ~INR4.9b in 2QFY26 (16% below our estimate). * EBITDA margin contracted 520bp YoY to 10.9% in 2QFY26 (vs. our estimate of 13.4%). EBITDA dipped 61% YoY to INR536 (vs. our estimate of INR785m). * In line with its weak operating performance, KNRC’s APAT decreased 81% YoY to INR INR279m (vs. our estimate of INR550m). * During 1HFY26, KNRC’s rev...

Neutral KNR Constructions Ltd for the Target Rs. 190 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial services Ltd
2025-11-17 09:37:50 am

Neutral Senco Gold Ltd for the Target Rs. 375 by Motilal Oswal Financial Services Ltd

Sharp dip in same store growth; margins remain volatile * Senco Gold (SENCO) delivered a consolidated revenue growth of 2% YoY, witnessing a sharp deceleration after clocking 30% growth in 1Q. The retail revenue growth was 6%, with same store sales declining 4%. The performance was quite tepid, as most other listed jewelry companies reported double-digit same store sales growth in 2Q. According to management, footfalls were weak due to high gold price inflation and extended rains. * Man...

Neutral Senco Gold Ltd for the Target Rs. 375 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial services Ltd
2025-11-17 09:35:14 am

Buy Galaxy Surfactants Ltd for the Target Rs. 2,570 by Motilal Oswal Financial Services Ltd

Macro headwinds hurt volume growth Earnings below our estimate * Galaxy Surfactants (GALSURF) delivered a weak quarter, with EBITDA declining 13% YoY. EBITDA/kg stood at ~INR17, down 11% YoY in 2QFY26, primarily due to global tariff headwinds, reformulation within the performance segment, and lower domestic volumes following GST-driven inventory adjustments. * The overall volumes remained flat YoY and QoQ, impacted by short-term disruptions in both the domestic and North American mar...

Buy Galaxy Surfactants Ltd for the Target Rs. 2,570 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial services Ltd
2025-11-17 09:26:39 am

Buy P N Gadgil Jewellers Ltd for the Target Rs. 825 by Motilal Oswal Financial Services Ltd

Robust earnings growth sustains; store expansion on track * PN Gadgil Jewellers (PNG) reported a 6% YoY rise in consolidated revenue to INR21.8b (est. INR21.5b) in 2QFY26. Reported growth was impacted by the discontinuation of refinery sales from 3QFY25. Ex-bullion revenue rose 31% YoY, led by 29% growth in retail, 113% in e-commerce, and 106% in franchisee sales. Festive sales during Navratri surged 66% YoY to INR4.3b, supported by an 18% rise in transaction volumes and an average ticket ...

Buy P N Gadgil Jewellers Ltd for the Target Rs. 825 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial services Ltd
2025-11-17 09:15:07 am

Buy Rubicon Research Ltd for the Target Rs. 780 by Motilal Oswal Financial Services Ltd

Outperformance across metrics; stellar start to the post-IPO phase Conservative upgrade; continued delivery to drive valuation re-rating * Rubicon Research (Rubicon) delivered better-than-expected performance, with a 7%/18%/21% beat on revenue/EBITDA/PAT for the quarter. Improved revenue from new launches and steady traction in existing products led to strong operating leverage for the quarter. * Rubicon started its post-IPO journey on a strong note, reporting robust YoY revenue gro...

Buy Rubicon Research Ltd for the Target Rs. 780 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2025-11-16 05:35:58 pm

Buy Lemon Tree Hotels Ltd for the Target Rs. 200 by Motilal Oswal Financial Services Ltd

Steady quarter; 2H to be robust Operating performance misses estimates * Lemon Tree Hotels (LEMONTRE) reported decent revenue growth of 8% YoY in 2QFY26, led by average room rate (ARR) growth of 6% YoY to INR6,247. Occupancy rate (OR) improved 140bp YoY to 69.8%. However, EBITDA margins declined by 330bp YoY due to increased investments in renovation, technology and one-time ex-gratia payments to employees (8% of revenue in 2Q). * LEMONTRE saw steady growth momentum in 2Q, despite m...

Buy Lemon Tree Hotels Ltd for the Target Rs. 200 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2025-11-16 03:38:27 pm

Buy Granules India Ltd for the Target Rs. 650 by Motilal Oswal Financial Services Ltd

FD remains on a robust footing Gearing up for USFDA inspection at its Gagillapur site * Granules India (GRAN) delivered better-than-expected operational performance (9.5%/8.3% beat on revenue/EBITDA). However, earnings were in line with estimates due to higher depreciation and tax rate for the quarter. * GRAN showed improved performance in the Finished Dosage (FD), Intermediates (PFI), and API segments for the quarter. The addition of CDMO revenue further boosted YoY growth. * Wi...

Buy Granules India Ltd for the Target Rs. 650 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2025-11-16 03:29:21 pm

Neutral Data Patterns India Ltd for the Target Rs. 2,950 by Motilal Oswal Financial Services Ltd

Large strategic contract execution drives revenue growth Strong beat on revenue and EBITDA * Data Patterns (DATAPATT) reported a strong quarter, with revenue surging 3.4x YoY. This growth was fueled by a high contribution from the Development segment (up 106x YoY), as the company delivered a strategic contract of ~INR1.8b (taken at a competitive price considering possible longterm opportunities). However, this resulted in a 15.4pp YoY dip in EBITDA margin. Further, the Production/Service s...

Neutral Data Patterns India Ltd for the Target Rs. 2,950 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2025-11-16 03:10:00 pm

Neutral National Securities Depository Ltd for the Target Rs. 1,270 by Motilal Oswal Financial Services Ltd

Revenue growth driving PAT beat * NSDL’s operating revenue grew 12% YoY/28% QoQ to INR4b (20% beat), led by 21%/7% YoY growth in Depository/Banking segments. For 1HFY26, revenue grew 3% YoY to INR7.1b. * Operating expenses grew 12% YoY to INR2.7b, driven by a 26%/9% YoY increase in employee costs/other expenses. EBITDA rose 13% YoY/34% QoQ to INR1.3b, resulting in an EBITDA margin of 32% (vs. 31.6% in 2QFY25 and 30.5% in 1QFY26). For 1HFY26, EBITDA grew 15% YoY to INR2.2b * PA...

Neutral National Securities Depository Ltd for the Target Rs. 1,270 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2025-11-16 02:48:44 pm

Buy Ipca Laboratories Ltd for the Target Rs. 1,600 by Motilal Oswal Financial Services Ltd

Beat on estimates; DF/API drive earnings Strengthening DF presence/integrating Unichem/reviving exports * Ipca Laboratories (IPCA) delivered slightly better-than-expected revenue in 2QFY26, while EBITDA/PAT beat our estimates by 18%/22%. Segmental mix and cost-control measures led to improved profitability in 2Q. * IPCA is consistently growing at a higher rate than the industry (IPM) rate in the domestic formulation (DF) segment. Notably, it outperformed IPM in acute and chronic the...

Buy Ipca Laboratories Ltd for the Target Rs. 1,600 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2025-11-16 12:50:31 pm

Neutral Jubilant FoodWorks Ltd for the Target Rs. 650 by Motilal Oswal Financial Services Ltd

Outperformance continues; positive festive commentary * Jubilant FoodWorks (JUBI) reported 16% YoY growth in standalone revenue to INR17b in 2QFY26 (in line). Domino’s reported order growth of 15% with LFL growth of 9%. The delivery business posted strong 22% YoY revenue growth (LFL +17%) and contributed 74% of total sales (vs. 70% in 2QFY25). Dine-in revenue was flat YoY despite 14% YoY growth in in-store traffic as takeaways declined 19% due to the free 20-minute delivery offer. ...

Neutral Jubilant FoodWorks Ltd for the Target Rs. 650 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2025-11-16 12:15:12 pm

Buy Endurance Technologies Ltd for the Target Rs. 3,215 by Motilal Oswal Financial Services Ltd

Healthy operational performance across segments Close to securing an entry in 4W suspensions * Endurance Technologies (ENDU) delivered an in-line operational performance in 2QFY26. PAT miss was largely driven by higher-thanexpected depreciation and a higher tax rate in 2Q. * We estimate a CAGR of ~17%/19%/18% in consolidated revenue/EBITDA/PAT over FY25-28 on account of healthy new order wins and its focus on ramping up presence in 4Ws in a meaningful way going forward. If ABS were ...

Buy Endurance Technologies Ltd for the Target Rs. 3,215 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2025-11-16 11:34:20 am

Buy Page Industries Ltd for the Target Rs. 47,500 by Motilal Oswal Financial Services Ltd

Uninspiring performance; growth recovery awaited * Page Industries (PAGE) reported muted revenue growth of 4% YoY, with volume growth of 2.5% (est. 4%; 2% in 1QFY26) to 56.6m units. With trade inventory normalized, volume growth was expected to acceleration from 2Q onward. However, since the consumption environment was mostly subdued during the quarter, growth delivery was uninspiring. Festive demand was healthy, and we would monitor if these demand trends are sustained. The GST rate rati...

Buy Page Industries Ltd for the Target Rs. 47,500 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2025-11-16 11:11:04 am

Buy Bharat Dynamics Ltd for the Target Rs. 2,000 by Motilal Oswal Financial Services Ltd

Execution ramping up Bharat Dynamics (BDL) delivered a strong performance in 2QFY26 as supply chain issues started easing out, resulting in a sharp execution ramp-up. However, margins were affected by project mix during the quarter. The company also announced an order inflow of INR20b from Invar anti-tank missiles, and BDL is expected to benefit from emergency procurement, QRSAM, follow-on Astra orders from HAL, VSHORADS, etc. With a strong order book of INR235b and a focus on execution, ...

Buy Bharat Dynamics Ltd for the Target Rs. 2,000 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2025-11-16 10:57:38 am

Neutral ALKEM Laboratories Ltd for the Target Rs. 5,560 by Motilal Oswal Financial Services Ltd

Broad-based show drives all-time high quarterly revenue Opex from CDMO/Med-tech to constrain margin expansion over the near term * ALKEM Laboratories (ALKEM) delivered better-than-expected revenue/EBITDA/PAT, with a beat of 6%/9%/13% for the quarter. The superior performance was driven by broad-based higher revenue growth and lower-than-expected R&D spend for the quarter. * Despite the GST transition in Sep’25, ALKEM delivered better-thanindustry growth in the domestic for...

Neutral ALKEM Laboratories Ltd for the Target Rs. 5,560 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2025-11-16 10:49:01 am

Buy Prestige Estates Projects Ltd for the Target Rs. 2,295 by Motilal Oswal Financial Services Ltd

Robust 1H launch propels presales beyond FY25 milestone Stellar business development of INR331b in 1H * Presales: PEPL reported 50% YoY growth and 50% QoQ decline in presales to INR60.2b (52% beat) in 2QFY26, boosted by stellar launches in NCR and Bengaluru. In 1HFY26, presales jumped 157% YoY to INR181b, surpassing the total FY25 presales. * Area volume: Total area sold during the quarter was 4.4msf, up 47% YoY but down 54% QoQ (42% beat). In 1H, total area volume was 14msf, up 138%...

Buy Prestige Estates Projects Ltd for the Target Rs. 2,295 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2025-11-16 10:37:20 am

Buy Samvardhana Motherson International Ltd for the Target Rs. 129 by Motilal Oswal Financial Services Ltd

Margins remain resilient despite adverse macro Margins likely to improve in 2H * Samvardhana Motherson’s (SAMIL) 2QFY26 adjusted PAT at INR8.6b was well above our estimate of INR6.3b, growing 15% YoY. Its margin has remained stable YoY at 8.7% despite the adverse global macro headwinds, which is commendable. * Given the better-than-expected performance in 2Q despite adverse global macro, we raise our earnings estimates by 9%/4% for FY26/FY27. We expect SAMIL to continue to outp...

Buy Samvardhana Motherson International Ltd for the Target Rs. 129 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2025-11-16 10:29:23 am

Neutral TATA Motors Ltd for the Target Rs. 341 by Motilal Oswal Financial Services Ltd

Market share loss across segments remains key concern CV demand likely to pick up in 2H * Tata Motors has reported the financials of the demerged entity for the first time. Given the restated financials for prior years, these are strictly not comparable to our estimates. * 2QFY26 operating margin was in line with our estimate at 12.4%. * The key concern in TTMT CV business has been its gradual loss of market share across key segments. Particularly worrisome is the market share lo...

Neutral TATA Motors Ltd for the Target Rs. 341 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2025-11-16 10:05:20 am