The brokerage house Motilal Oswal has maintained its ‘Buy’ recommendation on three companies operating in completely different sectors – energy and telecom, logistics, and retail apparel. All three stocks come with a potential upside of nearly 27% from current levels.

Let’s take a look at what is driving the brokerage’s optimism.

Motilal Oswal on Reliance Industries

For Reliance Industries Motilal Oswal has retained a ‘Buy’ rating with a target price of Rs 1,655. This implies an upside potential of around 26%.

According to Motilal Oswal report, Reliance Industries is entering a phase where multiple businesses could contribute to value creation simultaneously. 

The report highlighted that the company’s Annual General Meeting (AGM) outlined ambitions to significantly expand earnings over the next five years while also moving closer to the listing of Jio Platforms.

The brokerage noted, “We expect Reliance Jio to remain the biggest growth driver (digital to contribute ~80% of RIL’s incremental EBITDA), with 18% EBITDA CAGR over FY26-28E.”

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As per Motilal Oswal, growth in Reliance Jio is expected to be supported by tariff hikes, market share gains and the continued expansion of home broadband and enterprise services.

The brokerage added, “We expect Reliance Retail Ventures to deliver ~12% revenue CAGR over FY26-28E.”

Motilal Oswal on Delhivery

Another stock on brokerage’s list is Delhivery. Motilal Oswal has maintained a ‘Buy’ rating with a target price of Rs 580. This indicates an upside potential of nearly 26%.

Motilal Oswal added that Delhivery’s express parcel business continues to benefit from rising e-commerce activity and increased outsourcing by large customers.

The report highlighted that the company delivered strong volume growth despite a challenging operating environment.

A major focus area for analysts is the company’s Part Truckload (PTL) segment.

According to Motilal Oswal report, changing customer mix, better pricing discipline and operational efficiencies have helped improve margins.

The brokerage expects the momentum to continue and stated, “We expect the company to report a sales/EBITDA/APAT CAGR of 13%/33%/83% over FY26-28.”

The report also pointed to future opportunities arising from the integration of Ecom Express and newer services such as Delhivery Direct and Rapid.

Motilal Oswal on Go Fashion

Retail apparel company Go Fashion is another stock that finds a place in Motilal Oswal’s preferred list. The brokerage has maintained a ‘Buy’ rating and assigned a target price of Rs 450. This translates to an upside potential of around 27%.

FY26 was a challenging year for the company as weak same-store sales growth and lower operating leverage weighed on profitability, as per the brokerage house report. However, management is now focused on improving store productivity and strengthening customer acquisition.

According to Motilal Oswal, the company is also undergoing a network-led restructuring through store consolidation, merchandising improvements and investments in larger-format outlets.

The report stated, “Product diversification continues to reduce dependence on leggings, with newer categories now contributing more than 60%.”

What investors need to know

Motilal Oswal sees earnings growth being driven by business-specific catalysts – whether it is the digital expansion and Jio listing at Reliance Industries, profitability improvement at Delhivery, or operational restructuring at Go Fashion.

Disclaimer: This article summarises market analysis, specific “Buy” recommendations, and target prices from a third-party brokerage report by Motilal Oswal regarding Reliance Industries, Delhivery, and Go Fashion. These projections and upside potentials are based on analytical assumptions that may change due to market volatility and do not constitute direct investment advice or a solicitation to trade. Equities carry inherent market risks; readers are advised to verify facts independently and consult a SEBI-registered financial advisor before making any investment decisions. This disclaimer has been generated using AI to support user well-being and responsible content consumption.