The markets are listless but are you wondering what to add to your portfolio? Well, leading domestic brokerage firm, Motilal Oswal, in its latest report highlighted three stocks that it continues to remain bullish on. These include – Ambuja Cements, Blue Dart Express, and Niva Bupa Health Insurance.

According to the brokerage, these stocks have the potential to deliver anywhere between 34-28% retruns over the next 12 months.

Motilal Oswal’s top 3 picks

Let’s take a look at why Motilal Oswal is positive on these three companies and what its analysis says-

Motilal Oswal on Ambuja Cements

Motilal Oswal has maintained a ‘Buy’ rating on Ambuja Cements with a target price of Rs 740. This translates to an upside potential of around 28% from the current market price.

According to the brokerage report, “We raise our EBITDA estimate by 10% for FY26, considering outperformance in Q2, and approx. 3% for FY27/28E (each).”

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The brokerage said Ambuja Cements has shown steady improvement in profitability. The Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) per tonne improved for three consecutive quarters. This was supported by better realisations and lower costs.

Integration of recently acquired brands like Orient Cement, Penna Cement, and Sanghi Cement with Ambuja and ACC has also helped strengthen its portfolio. The company has now raised its capacity target to 155 million tonnes per annum by FY28, adding 15 million tonnes through debottlenecking at existing plants.

Execution remains a key area to watch, given delays in some projects. However, Motilal Oswal expects Ambuja’s consolidated revenue, EBITDA, and profit after tax to grow at a compound annual growth rate (CAGR) of 14%, 29%, and 30% respectively between FY25 – FY28.

Motilal Oswal on Blue Dart Express

Motilal Oswal has also given a ‘Buy’ rating on Blue Dart Express with a target price of Rs 7,900. This suggests an upside potential of around 24% from current levels.

According to the brokerage, Blue Dart reported a 31% year-on-year increase in adjusted profit after tax (APAT) in the second quarter of FY26. “Management expects EBITDA margins to remain strong going forward, driven by yield improvement, cost rationalization, product mix optimization, and network efficiencies,” the report said.

The company’s ground express segment, which caters to e-commerce and business-to-consumer (B2C) deliveries, continues to show healthy traction.

Motilal Oswal added, “We largely maintain our estimates for FY26/27. We reiterate our BUY rating with a revised target price of Rs 7,900 (based on 20x FY28 EV/EBITDA).”

Motilal Oswal on Niva Bupa Health Insurance

The third ‘Buy’ call from Motilal Oswal is on Niva Bupa Health Insurance, where the brokerage has set a target price of Rs 94 per share. This indicates an upside of around 24%.

According to the brokerage report, after the Goods and Services Tax (GST) exemption on health insurance, “customer behavior has shifted toward higher coverage, reflected in the rise in ticket sizes for both new and renewal policies.”

The brokerage noted that Niva Bupa has passed the entire GST impact to distributors, and management has reaffirmed its medium-to-long-term return on equity (RoE) guidance in the mid-to-high teens.

However, Motilal Oswal has slightly revised its profit estimates downward, stating,

The report said Niva Bupa’s retail health loss ratio remained stable, while the group health business faced some pressure. Operating expenses were higher due to a new product launch, but are expected to normalise.

“We believe Niva has a strong position to harness the growth opportunity, with a strategic global partner, a growing customer base, a diversified channel mix, and innovative product offerings,” the brokerage added.