Research Center

Stock Ideas

JSWSTEEL

buy PRESTIGE

buy JSWINFRA

buy SUZLON

buy AMBUJACEM

Duration:6 Month

Target:750

buy TIMETECHNO

Duration:6 Month

Target:289

buy HINDPETRO

buy COFORGE

buy BHARATFORG

Duration:6 Month

Target:1290

neutral BIOCON

Duration:6 Month

Target:460

buy

JSWSTEEL

buy PRESTIGE

buy JSWINFRA

buy SUZLON

buy AMBUJACEM

Duration:6 Month

Target:750

buy TIMETECHNO

Duration:6 Month

Target:289

buy HINDPETRO

buy COFORGE

buy BHARATFORG

Duration:6 Month

Target:1290

neutral BIOCON

Duration:6 Month

Target:460

buy

Buy Grasim Industries Ltd for the Target Rs. 3,600 by Motilal Oswal Financial Services Ltd

Multiple growth engines at play; structurally positive VSF revival positive in the near term; Paint bolsters long-term growth We believe GRASIM has a compelling structural long-term investment case underpinned by an improving VSF earnings cycle, a stable margin in the chemicals business due to the company’s focus on specialty chemicals, and a long-term growth opportunity in decorative paints. The VSF business is entering a margin recovery phase in 2HFY26, supported by a modest reboun...

Buy Grasim Industries Ltd for the Target Rs. 3,600 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-01-20 05:11:14 pm

Buy HCL Technologies Ltd for the Target Rs. 2,200 by Motilal Oswal Financial Services Ltd

Another solid quarter Services guidance raised; margin recovery visibility improves as well * HCL Technologies (HCLT) reported 3QFY26 revenue of USD3.8b, up 4.2% QoQ CC, above our estimate of 2.3% QoQ CC growth. EBIT margin came in at 18.6% vs. our estimate of 18.1%. New deal TCV stood at USD3.0b (up 43.5% YoY). For FY26, revenue growth guidance was changed to 4-4.5% YoY in CC (vs 3-5% earlier). Services revenue growth is expected to be between 4.75% and 5.25% (vs. 4–5% earlier). ...

Buy HCL Technologies Ltd for the Target Rs. 2,200 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-01-20 04:07:10 pm

Buy TCS Ltd for the Target Rs. 4,400 by Motilal Oswal Financial Services Ltd

A safe quarter Just beats estimates, whereas demand signals remain choppy * TCS reported revenue of USD7.5b in 3QFY26, rising 0.8% QoQ in CC terms, above our estimate of 0.5%. Growth was led by regional market and others (up 4.6% QoQ CC). Consumer business/Energy, resources, and utilities/Life sciences and healthcare grew 1.3%/1.0%/0.9% QoQ CC. EBIT margin was 25.2% (flat QoQ), above our estimate of 24.9%. Adj PAT rose 6.4% QoQ/13.4% YoY stood at INR141b (above our est. of INR131b). Thi...

Buy TCS Ltd for the Target Rs. 4,400 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-01-20 03:54:30 pm

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

Unlocking value through business restructuring * Lemon Tree (LEMONTRE) currently operates an asset-light hotel management business alongside hotel ownership and development, operating a mix of owned, managed, and franchised properties. The standalone business owns 17 hotels (1,765 keys) and has two under development, manages/franchises 89 hotels (6,011 keys) with 127 more in the pipeline, and holds a 58.91% stake in Fleur Hotels, which operates 24 hotels (3,993 keys). * Warburg Pincus w...

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

Source: Motilal Oswal Financial Services Ltd
2026-01-20 03:38:47 pm

Buy JSW Energy Ltd for the Target Rs. 657 by Motilal Oswal Financial Services Ltd

Unlocking new growth avenues * We attended JSW Energy’s (JSWE) plant visit at Vijaynagar on 7-8th Jan’26, in which the company showcased its green hydrogen and floating solar plants. * The 5,000 m3 /hour green hydrogen plant was commissioned in Nov’25 for captive consumption of JSW Group’s steel plant, which is located at an adjacent site. Green hydrogen’s economics remain challenging vs. conventional fuels, and current costs continue to hover around USD3.5...

Buy JSW Energy Ltd for the Target Rs. 657 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-01-20 03:06:02 pm

Infosys partners with Cognition More AI-native collaborations likely to follow * We have argued in our recent upgrade note (Time to buy the next cycle, 24th Nov 2025) that 2026 will be the year when enterprises start deploying AI at scale, and Indian IT services stand to benefit from this. While nearterm demand signals remain choppy, our analysis suggests that the AI services layer is gradually starting to take shape. * The recent strategic collaboration between Infosys (INFO) and Co...

Buy Infosys Ltd For Target Rs.2,150 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-01-20 02:39:03 pm

Buy Avenue Supermarts Ltd For Target Rs.4,600 by Motilal Oswal Financial Services Ltd

Strong beat on profitability; sustainability remains key * Avenue Supermarts (DMART) delivered a strong beat on profitability in 3QFY26, driven primarily by gross margin (GM) expansion. * GM expanded 50bp YoY to 14.6% (~60bp beat) in 3Q, likely driven by GST reduction benefits (lower discounting) and a favorable category mix (higher GM&A and FMCG share at the expense of the lower-margin Food category). * Further, after several quarters of elevated cost of retailing (CoR), DMART r...

Buy Avenue Supermarts Ltd For Target Rs.4,600 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-01-20 02:20:11 pm

Buy Polycab India Ltd For Target Rs.9,600 by Motilal Oswal Financial Services Ltd

Strong volume; steep RM inflation impacts margins ~75%-80% of RM hikes passed on; demand commentary upbeat * Polycab India (POLYCAB) reported strong revenue growth of ~46% YoY in 3QFY26, led by ~54% growth in the cable & wire (C&W) segment. However, steep RM cost inflation impacted the C&W segment’s margins. Adj. OPM (~25bp employee cost provisioning impact) was at 12.9% (-85bp YoY; -1.6pp vs estimates) and Adj. EBITDA was at INR9.9b (+37% YoY; inline). AD spends as a...

Buy Polycab India Ltd For Target Rs.9,600 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services ltd
2026-01-17 02:04:29 pm

Buy Apl Apollo Tubes Ltd For Target Rs.2,260 by Motilal Oswal Financial Services Ltd

At inflection point with increasing capacity and improving demand APL Apollo Tubes (APAT) is India's undisputed market leader in structural steel tubes with a 55% market share and 4.5 MTPA capacity spread across 11 manufacturing facilities. It has delivered consistent volume growth in the last eight quarters, with sales rising to a record ~917KT in 3QFY26 (+11% YoY). In 3Q, HRC prices have declined by 4% QoQ and 8% vs. 1Q, though they have increased 8% in the last 20 days after the imposi...

Buy Apl Apollo Tubes Ltd For Target Rs.2,260 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd Ltd
2026-01-15 12:51:09 pm

Buy Mahindra And Mahindra Ltd For Target Rs.4,521 by Motilal Oswal Financial Services Ltd

Healthy launch pipeline to help sustain momentum We had the opportunity to test drive both the XUV7XO and the XEV9S. The XUV7XO comes with multiple feature upgrades, including best-in-class suspensions, a threescreen display layout, ambient lighting options, enhanced ADAS and electronics and computing system, Dolby Vision with Dolby Atmos, a 16-speaker Harman Kardon setup, and superior seating. We believe this model can add about 2-3k incremental units to the monthly run-rate of XUV700. Fo...

Buy Mahindra And Mahindra Ltd For Target Rs.4,521 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd Ltd
2026-01-15 12:30:40 pm

Neutral Senco Gold Ltd for the Target Rs. 365 by Motilal Oswal Financial Services Ltd

Robust show; store expansion on track SENCO released its pre-quarterly update for 2QFY26. Here are the key takeaways: Gold price trends Gold prices rose ~23% QoQ and ~65% YoY (on average) in 3Q, leading to major demand from global central banks and investment-led demand for ETFs, but muted volume growth. The gold price hit the highest level of INR140,000/10gm in 3QFY26, as against INR117,000 in 2QFY26 and INR79,800 in 3QFY25. Financial and operational performance In 3QFY...

Neutral Senco Gold Ltd for the Target Rs. 365 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd Ltd
2026-01-15 12:03:48 pm

Buy Godrej Consumer Products Ltd for the Target Rs. 1,450 by Motilal Oswal Financial Services Ltd

Performance better than expected Godrej Consumer Products (GCPL) released its pre-quarterly update for 3QFY26. Following are the key takeaways: India Business Demand conditions in India improved progressively during the quarter. Management remains confident of a gradual consumption recovery over the next few quarters, driven by easing inflation and better affordability following lower GST rates. Standalone Business (India): Standalone business is expected to deliver double-d...

Buy Godrej Consumer Products Ltd for the Target Rs. 1,450 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd Ltd
2026-01-15 11:53:20 am

Buy Titan Company Ltd for the Target Rs. 4,650 by Motilal Oswal Financial Services Ltd

Strong revenue growth; better than expectations TTAN released its pre-quarterly update for 3QFY26. Here are the key highlights: Consumer businesses recorded ~40% YoY growth. The company added 56 net new stores during the quarter, expanding its combined retail network to 3,433 stores. Jewelry division The jewelry portfolio delivered ~41% YoY (est. 28%) growth, supported by strong festive and wedding demand. Caratlane reported 42% YoY (est. 30%) revenue growth. Growth...

Buy Titan Company Ltd for the Target Rs. 4,650 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd Ltd
2026-01-15 11:46:59 am

Buy Devyani International Ltd for the Target Rs. 180 by Motilal Oswal Financial Services Ltd

Strategic consolidation of Yum! Brands’ India operations Devyani International (DIL) and Sapphire Foods India (SAPPHIRE) have approved a scheme of arrangement for the merger of SAPPHIRE into DIL. The transaction consolidates Yum! Brands’ India operations under a single listed entity. The merger will be executed through a share swap, with 177 equity shares of DIL to be issued for every 100 equity shares of SAPPHIRE. Before the scheme becomes effective, SAPPHIRE’s promot...

Buy Devyani International Ltd for the Target Rs. 180 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd Ltd
2026-01-15 11:36:15 am

Buy Adani Ports & SEZ Ltd for the Target Rs. 1,800 by Motilal Oswal Financial Services Ltd

Healthy volume growth continues in containers; closure of NQXT acquisition to support volumes ahead In Dec’25, Adani Ports & SEZ (APSEZ) completed the acquisition of the North Queensland Export Terminal (NQXT), Australia. NQXT has a contracted volume of 40mmt under a take-or-pay agreement, providing a sustainable cash flow from the port. APSEZ has revised its FY26 EBITDA guidance to INR223.5-233.5b from the earlier range of INR210-220b, and cargo volume to 545-555mmt from th...

Buy Adani Ports & SEZ Ltd for the Target Rs. 1,800 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd Ltd
2026-01-15 11:14:37 am

Neutral Vodafone Idea Ltd for the Target Rs. 11 by Motilal Oswal Financial Services Ltd

AGR relief a positive; though still not out of the woods * The Department of Telecom (DoT) has provided significant relief on Vodafone Idea’s (Vi) AGR dues by: i) waiving off interest beyond Dec’25, ii) providing significant relaxation on payment timelines (effectively a 10-year interest-free moratorium), and iii) constituting a committee to reassess the AGR dues. * We believe the relief measures indicate GoI’s steadfast commitment to maintaining a 3+1 market structure...

Neutral Vodafone Idea Ltd for the Target Rs. 11 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-01-10 11:52:36 am

Buy Infosys Ltd for the Target Rs. 2,150 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-01-10 11:46:42 am

Groww-ing India’s Wealth! No. 1 player in brokerage; multiple optionalities at play * Billionbrains Garage Ventures (GROWW) has scaled rapidly to emerge as the largest retail broking platform (on the NSE Active clients basis) within almost four years of its launch. It held a market share of 26.6% in Nov’25, about 9% higher than the second-largest player. Originally a niche mutual fund platform, it now commands a meaningful market share in stocks (~25%) and derivatives (~14%)...

Buy Billionbrains Garage Ventures Ltd for the Target Rs. 185 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-01-10 11:29:50 am

Buy ITC Ltd for the Target Rs. 400 by Motilal Oswal Financial Services Ltd

Unprecedent tax hike; valuation multiples to reset * The government in its recent notification has increased taxes on cigarettes, effective from 1st Feb’26. New rates will increase the taxes on cigarettes by ~50% (assuming NCCD continues). ITC will need a price hike of atleast 25% at a portfolio level just to maintain the current net realization per cigarette stick. Moreover, earlier in GST 2.0, the government had revised GST rate on cigarette from 28% to 40% which will also implemen...

Buy ITC Ltd for the Target Rs. 400 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-01-10 09:30:24 am

Buy Zydus Wellness Ltd for the Target Rs. 575 by Motilal Oswal Financial Services Ltd

Scaling up the wellness brand equity Relevant presence in health and wellness megatrends * Zydus Wellness is a diversified health and nutrition company (~INR40bn revenue) with leadership in several consumer wellness categories. The company’s core portfolio consists of sugar substitutes (Sugar Free), glucose powders (Glucon-D), skincare (Everyuth), functional foods (Nutralite), prickly-heat powder (Nycil), and nutritional beverages (Complan). Zydus maintains dominant positions in i...

Buy Zydus Wellness Ltd for the Target Rs. 575 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-01-04 05:45:44 pm

Buy VA Tech Wabag Ltd for the Target Rs. 1,900 by Motilal Oswal Financial Services Ltd

Strong order book supports robust outlook We remain constructive on VA Tech Wabag’s (VATW) prospects on the back of regular order inflows and a robust book-to-bill ratio of ~4.6x. In Dec’25, VATW secured a large repeat order worth up to ~INR7b from Saudi Water Authority for a technologically advanced 50 MLD BWRO Plant at Aljouf, Saudi Arabia, and was also declared the preferred bidder by the Saudi Water Partnership Company (SWPC) for the Hadda Independent Sewage Treatment Plant...

Buy VA Tech Wabag Ltd for the Target Rs. 1,900 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-01-04 05:15:29 pm

Neutral Kfin Technologies Ltd for the Target Rs. 1,200 by Motilal Oswal Financial Services Ltd

Strong annuity base with emerging international upside * KFintech remains a dominant, cash-generative market infrastructure platform with leadership across domestic MF investor solutions and issuer services, underpinned by deep AMC relationships (~54% of AMCs; ~32% industry AAUM), strong annuity visibility and consistently high mandate win rates. * MF revenue continues to grow steadily (up 10% YoY with ~70% revenue share), supported by marginally higher-than-industry AAUM growth, resili...

Neutral Kfin Technologies Ltd for the Target Rs. 1,200 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-01-04 05:04:17 pm

Strategic investor strengthens AUM growth and return outlook Growth strategy anchored in customer retention and multi-product execution * Shriram Finance (SHFL) hosted an investor call on 30th Dec’25 to provide further clarity and address investor queries regarding the proposed preferential allotment of a ~20% equity stake to MUFG Bank for an aggregate consideration of USD4.4b. Management emphasized that MUFG is being onboarded as a long-term strategic partner, bringing not only s...

Buy Shriram Finance Ltd for the Target Rs. 1,180 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-01-04 04:53:48 pm

Buy Ajanta Pharma Ltd for the Target Rs. 3,145 by Motilal Oswal Financial Services Ltd

Branded generics playbook fires; semaglutide adds a new growth leg We recently met the management of Ajanta Pharma (AJP) to gain deeper insights into the company’s business prospects. The key takeaways are as follows: * AJP is implementing multiple strategic initiatives across focus branded generics markets of India, Asia, and Africa to sustain robust industry outperformance. * In emerging markets across Africa and Asia, AJP has not only expanded its therapy coverage but has al...

Buy Ajanta Pharma Ltd for the Target Rs. 3,145 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-01-04 04:01:50 pm

Buy Coforge Ltd for the Target Rs.2,500 by Motilal Oswal Financial Services Ltd

Our view on Coforge’s Encora acquisition Encora to add capability and depth, but integration will be a key monitorable * Coforge announced the acquisition of Encora, a US-based engineering and AI-led services firm with revenue of ~USD500m, adding ~26% to Coforge’s FY26E revenue base. Encora has ~9,300 employees, implying revenue per employee of ~USD74k vs. ~USD69k for Coforge, and operates at higher margins than Coforge. The vertical mix, primarily HiTech and Healthcare, is...

Buy Coforge Ltd for the Target Rs.2,500 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-01-04 03:43:54 pm

Buy Brigade Enterprises Ltd for the Target Rs. 1,338 by Motilal Oswal Financial Services Ltd

Scaling core South; upside in rentals starting from FY26 Brigade Enterprises (BRGD) posted a 30% CAGR in presales over FY21-25 and is expected to deliver 19% growth during FY25-28, guided by its strong launch pipeline and a scale-up in Hyderabad and Chennai. Collections are expected to increase to INR123b by FY28, posting a 32% CAGR over FY25-28, which should translate into a cumulative operating cash flow of INR151b over the same period. Additionally, the commissioning of rental assets ac...

Buy Brigade Enterprises Ltd for the Target Rs. 1,338 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-01-04 11:25:19 am

Buy Cholamandalam Investment and Finance Company Ltd for the Target Rs. 2,000 by Motilal Oswal Financial Services Ltd

Refutes allegations; franchise fundamentals intact Robust near-term outlook on the back of improving business momentum * On 22nd Dec’25, an agency named Cobrapost released an investigative report alleging large-scale related-party transactions, cash handling irregularities, governance lapses, and regulatory non-compliance at CIFC. CIFC’s management responded promptly, categorically refuting the claims and stating that the allegations are malicious, distorted, and motivated, ...

Buy Cholamandalam Investment and Finance Company Ltd for the Target Rs. 2,000 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-01-04 10:10:49 am

Execution strength + strategic partner: Resilient -> remarkable Margin tailwinds, asset quality stability, and potential catalysts ahead * The Board of Shriram Finance (SHFL) has approved a preferential equity issuance of INR396.2b to MUFG Bank Ltd., a leading Japan-based financial institution, at an issue price of INR840.93 per share. Upon completion, MUFG will hold ~20% stake in the company on a fully diluted basis and will be classified as a public shareholder. * We view this t...

Buy Shriram Finance Ltd for the Target Rs. 1,100 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-01-04 09:08:18 am

Buy Interglobe Aviation Ltd for the Target Rs.6,300 by Motilal Oswal Financial Services Ltd

Short-term disruption; longer-term opportunity * India is emerging as a key beneficiary of global aviation growth, underpinned by rising long-haul demand, expanding connectivity, and robust outbound tourism. Faster international traffic growth for Indian carriers, strong diaspora-led routes, and income-tourism correlations comparable to China position India for a sustained multi-year travel upcycle. * Interglobe Aviation (INDIGO) has been proactively positioning itself to capture this o...

Buy Interglobe Aviation Ltd for the Target Rs.6,300 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-01-04 08:37:42 am

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

RAC downtrend bottoming out; market share in focus Structural drivers support RAC; EMP segment resilient We interacted with management of Voltas (VOLT) to understand the current demand trend, channel inventory, the likely impact of upcoming energy label changes and the overall recovery in home appliances business. VOLT highlighted that RAC volume remained under pressure in 3QFY26 due to higher channel inventory (~45 days) and a strong winter, though the YoY decline has moderated and the...

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

Source: Motilal Oswal Financial Services Ltd
2026-01-03 05:57:10 pm

Neutral Indus Tower Ltd for the Target Rs. 390 by Motilal Oswal Financial Services Ltd

Risk reward uncompelling despite potential relief for Vi We recently interacted with Indus Towers’ (Indus) senior management to understand the company’s growth outlook and execution strategy. Key takeaways are as follows: * Indus has been gaining market share in new tower builds as well as benefiting from the shift from other towercos in recent quarters, driven by its operational efficiencies and network uptime. * Management remains confident of securing most of RJio&rsqu...

Neutral Indus Tower Ltd for the Target Rs. 390 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-01-03 05:48:46 pm

Buy Aditya Birla Real Estate Ltd for the Target Rs. 2,275 by Motilal Oswal Financial Services Ltd

Shaping homes | Crafting legacies! Expect to clock a 26% presales CAGR % over FY25-28 Leveraging brand legacy to drive 26% presales CAGR * ABREL commenced operations in 2016 under the ‘Birla Estates’ division of its listed entity, Century Textiles. Following the divestment of legacy businesses such as textiles and pulp & paper, the company was rebranded as ‘Aditya Birla Real Estate Limited’ in Oct’24, emerging as a focused real estate platform. * ...

Buy Aditya Birla Real Estate Ltd for the Target Rs. 2,275 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-01-03 05:39:09 pm

Buy Kajaria Ceramics Ltd for the Target Rs. 1,252 by Motilal Oswal Financial Services Ltd

Focused on building a robust system and process-driven organization Kajaria Ceramics (KJC) in an exchange filing disclosed a financial fraud conducted by Mr. Dilip Maliwal, CFO of Kerovit Global, a wholly-owned subsidiary of Kajaria Bathware and a step-down subsidiary of KJC. In the analyst conference call, KJC management highlighted that the event will result in a financial loss of ~INR200m, of which ~50% is recoverable. All other subsidiaries have been thoroughly reviewed and no discrepa...

Buy Kajaria Ceramics Ltd for the Target Rs. 1,252 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-01-03 02:09:05 pm

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

New acquisition provides entry in PV wiring harness * Acquisition of wiring harness business: MOTHERSO, via its material subsidiary Motherson Global Investments B.V. (MGI B.V.) and its step-down subsidiaries in various geographies, has entered into exclusive negotiations to potentially acquire 100% of the business, including assets and certain real estate, of Nexans AutoElectric GmbH and Elektrokontact GmbH and their shares in the foreign subsidiaries (AutoElectric). AutoElectric is a 60-y...

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

Source: Motilal Oswal Financial Services Ltd
2026-01-03 01:58:50 pm

Buy Ambuja Cements Ltd for the Target Rs. 750 by Motilal Oswal Financial Services Ltd

Consolidation of the cement business under one entity * The Adani group has announced the simplification of its group structure and decided to consolidate the cement business under one entity. Currently, ACEM holds a 50.05% stake in ACC and 72.66% in Orient Cement. * Under the merger of ACC and Orient Cement with ACEM, the company will issue: 1) 328 equity shares of FV INR2/sh for every 100 equity shares of FV INR10/sh of ACC, and the merger ratio is almost at par at today’s closi...

Buy Ambuja Cements Ltd for the Target Rs. 750 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-01-03 01:50:49 pm

Neutral Fsn E-Commerce Ventures Ltd for the Target Rs. 280 by Motilal Oswal Financial Services Ltd

Beauty, Fashion, and a Full Valuation FSN E-Commerce Ventures (Nykaa) is a leading specialty platform for beauty and personal care (BPC) products, bringing brands, consumers and discovery together in one focused ecosystem. With a ~27% share in India’s online BPC market, Nykaa operates as a category specialist in a segment where product authenticity, brand trust and guided discovery drive purchase decisions more often than aggressive discounting or assortment. * While generalist e-...

Neutral Fsn E-Commerce Ventures Ltd for the Target Rs. 280 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-01-03 12:52:19 pm

Buy VRL Logistics Ltd for the Target Rs. 350 by Motilal Oswal Financial Services Ltd

Focus to remain on profitable growth; recent reduction in GST to support volumes We hosted VRL Logistics (VRLL) for a Non-Deal Roadshow (NDR). Following are the key highlights: * VRLL continues to perform well, with management guiding for revenue growth of ~4-5% in FY26, driven by disciplined pricing and a sustained focus on profitability, despite lower volumes following its strategic exit from lowmargin contracts. * VRLL expects EBITDA margins to normalize to ~19%, reflecting higher...

Buy VRL Logistics Ltd for the Target Rs. 350 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-01-03 12:14:02 pm

Neutral Blue Star Ltd for the Target Rs.1,950 by Motilal Oswal Financial Services Ltd

Subdued demand; inventory overhang persists Focus on RAC market share improvement and better mix in the project business Our recent interaction with Blue Star (BLSTR) management indicates that demand for RAC has not seen a meaningful uptick post the changes in GST (from 28% to 18%) implemented from 22nd Sep’25. After an initial pick up, unseasonal rains in many parts of the country impacted secondary sales, and inventory levels remained elevated at 60-65 days vs the normal level of 3...

Neutral Blue Star Ltd for the Target Rs.1,950 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-01-03 12:04:30 pm

TCS Investor Day 2025: A brave new world? We attended the TCS Analyst Day, where the company outlined its aspiration to become the world’s largest AI-led technology services company through five pillars: 1) internal transformation with a focus on driving an AI-first operating model; 2) redefining services, including a new AI services transformation unit and a human + AI delivery model; 3) a future-ready talent model centered on AI fluency; 4) making AI real for clients through indust...

Buy Tata Consultancy Services Ltd for the Target Rs. 4,400 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-01-03 11:39:16 am

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

A journey of strength, acceleration, and market arrival MMR leader tapping into NCR with a growth phase in Bengaluru and scale-up in Pune * Lodha Developers’ (LODHA) 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 i...

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

Source: Motilal Oswal Financial Services Ltd
2026-01-03 11:07:44 am

Buy Crompton Greaves Consumer Electricls Ltd for the Target Rs. 350 by Motilal Oswal Financial Services Ltd

Crompton 2.0 unlocking potential! Investing in the transition from tradition to technology * A leading consumer electricals company: Crompton Greaves Consumer Electricals (CROMPTON) is a prominent player in India's consumer electricals sector, with a strong presence across fans, lighting, pumps, and household appliances. The company is a market leader in the fans segment with ~25% market share and in residential pumps with ~30% market share. CROMPTON is among the top three com...

Buy Crompton Greaves Consumer Electricls Ltd for the Target Rs. 350 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-01-03 10:30:22 am

Buy Vishal Mega Mart Ltd for the Target Rs. 170 by Motilal Oswal Financial Services Ltd

Long runway for sustainable double-digit growth We interacted with senior management of Vishal Mega Mart (VMM) to understand the company’s growth runway, scope of operating leverage and profitability in South India, among other things. Here are the key takeaways: * Management remains optimistic about sustaining double-digit SSSG on an annual basis (quarterly deviations might happen due to a change in the festive season, etc.) for a fairly long period, driven by differentiated own ...

Buy Vishal Mega Mart Ltd for the Target Rs. 170 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-01-03 09:51:52 am

Buy Astra Microwave Products Ltd for the Target Rs. 1,100 by Motilal Oswal Financial Services Ltd

Precision in motion! Transitioning from a subsystems to a system-based player Astra Microwave Products (AMPL) designs and manufactures high-quality radio frequency and microwave modules, subsystems, and systems in India. The company is moving from being a subsystem-level player to a complete system solutions provider and is eyeing opportunities from Active Electronically Scanned Array (AESA) radar, Uttam radar, meteorological orders, repeat orders from the Navy, and counter-drone orders...

Buy Astra Microwave Products Ltd for the Target Rs. 1,100 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd
2026-01-03 09:12:57 am

Buy 360 ONE WAM Ltd for the Target Rs. 1,350 by Motilal Oswal Financial Services Ltd

Entering the next compounding cycle! India is witnessing a transformation with a rapidly expanding HNI population and rising adoption of financial products through advisory-driven wealth platforms. This expanding opportunity pool provides a long runway of doubledigit AUM growth for scaled players like 360 ONE WAM (360 ONE). 360 ONE has built one of India’s strongest UHNI platforms, with wealth ARR AUM growing from ~INR580b in FY21 to ~INR2t currently, backed by continued efforts...

Buy 360 ONE WAM Ltd for the Target Rs. 1,350 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd Ltd
2026-01-02 12:58:33 pm

Buy Tata Power Ltd for the Target Rs. 500 by Motilal Oswal Financial Services Ltd

Long-term value creation on track We attended Tata Power’s (TPWR) analyst meet held in Bhubaneswar on 15th Dec’25, which was attended by the company’s senior management. Our key takeaways: 1) TPWR aims to double EBITDA to INR300b by FY30; 2) for the Mundra plant, company is in advanced discussions to finalize a new SPPA mechanism (similar in nature to Section XI), which should enable power scheduling from Jan’26; and 3) a renewed strategic focus on captive genera...

Buy Tata Power Ltd for the Target Rs. 500 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd Ltd
2026-01-02 12:27:32 pm

Neutral Bajaj Auto Ltd for the Target Rs. 9,070 by Motilal Oswal Financial Services Ltd

Loss in motorcycle share remains a key concern We met with the management of Bajaj Auto (BJAUT) to understand the outlook for its key business segments. In the domestic motorcycle market, management looks to revive the lost market share, aided by new launches that include three Pulsar variants, a new 125cc model, and a few other premium models. Demand momentum is likely to sustain in the export markets due to healthy growth in the Latin American and Asian markets. In 2W and 3W EVs, BJAUT a...

Neutral Bajaj Auto Ltd for the Target Rs. 9,070 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd Ltd
2026-01-02 12:13:27 pm

Buy Arvind Fashions Ltd for the Target Rs. 725 by Motilal Oswal Financial Services Ltd

Fashioning a new cycle of profitable growth Arvind Fashions (AFL), part of the Lalbhai Group, is a leading branded apparel company with a portfolio of marquee brands such as U.S. Polo Assn. (USPA), Arrow, Tommy Hilfiger, Calvin Klein, and Flying Machine, commanding leadership in lifestyle and casualwear. After the Covid period, AFL executed a remarkable turnaround by exiting non-core businesses like Unlimited and Sephora to focus on profitability and capital efficiency. Despite exiting ...

Buy Arvind Fashions Ltd for the Target Rs. 725 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd Ltd
2026-01-02 11:42:51 am

Buy Siemens Ltd for the Target Rs. 3,250 by Motilal Oswal Financial Services Ltd

Growing selectively Siemens (SIEM) in its analyst meet highlighted healthy growth traction in the smart infrastructure segment and the possibility of improved revenue growth and margin profile for the mobility segment as locomotive delivery commences. Uncertainty persists about the timing of orders from the government, mainly railways, and private capex revival. We cut our estimates by 1%/4%/4% in 18MFY26E/12MFY27E/12MFY28E to factor in lower margin in digital industries. We expect revenue...

Buy Siemens Ltd for the Target Rs. 3,250 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services Ltd Ltd
2026-01-02 10:53:59 am