The brokerage firm Motilal Oswal has highlighted three stocks that it believes could offer meaningful returns over the next few years. As per the brokerage house, the upside potential across these names range between 17-30%, depending on how each business delivers on growth, demand, and industry trends.

Let’s take a look at what the brokerage says about each company and why these stocks are on its ‘Buy’ list –

Motilal Oswal on GAIL

Motilal Oswal has reiterated its ‘Buy’ rating on GAIL, with a target price of Rs 220. This suggests about 25% potential upside. The brokerage believes the stock’s valuation has corrected enough to create room for recovery, supported by better gas demand and improved profitability in key business segments.

The company’s natural gas transmission volumes are expected to increase over the next few years. The brokerage report added, “an increase in natural gas transmission volumes to 132 mmscmd (million metric standard cubic meters per day) in FY28 from 123 mmscmd in FY26.”

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GAIL also expects the petrochemical division to perform better as new capacities become active. The report noted that the petrochemicals segment, which faced volatility earlier, could stabilise as spreads bottom out.

Motilal Oswal also highlighted the impact of the revised transmission tariffs that will come into effect from January 2026. It mentions that the tariff change alone “would raise the FY27E PAT (Profit After Tax) by around 7%.”

The brokerage expects a recovery in demand from major customers such as the power and fertiliser industries, especially after several supply disruptions seen earlier. The report also noted the long-term impact of government efforts toward natural gas taxation reforms.

Motilal Oswal on Privi Speciality Chemicals

Motilal Oswal has initiated coverage on Privi Speciality Chemicals. It has set a target price of Rs 3,960, which implies nearly 30% upside potential from current levels. The brokerage expects the company to grow as it expands capacity, diversifies products, and deepens its work with long-term customers.

According to the brokerage report, “We expect Privi Speciality Chemicals to deliver a CAGR (Compound Annual Growth Rate) of 27%/34% in revenue/EBITDA over FY25-28, driven by an increase in capacity of its core products, an increase in TAM (Total Addressable Market) with the addition of new products, and improving relationships with existing customers (Givaudan).”

The company is increasing its production capacity from 48,000 tonnes to 66,000 tonnes in its core categories by March 2028. It also plans to add another 18,000 tonne capacity in the financial year ending 2027 for new products, with the goal of doubling this addition to 36,000 tonnes by the financial year ending 2029.

The report added that the joint venture with Givaudan strengthens technological capabilities and connects Privi more closely with global fragrance ingredient supply chains.

Over the last three years, the company has seen a rise in earnings and profitability. As the brokerage notes, “Privi Speciality Chemicals has reported a CAGR of 14%/32%/24% in revenue/EBITDA/adj. PAT over FY22-25.”

Motilal Oswal on Global Health

Motilal Oswal has also maintained its ‘Buy’ call on Global Health, the operator of the Medanta hospital chain. The target price is Rs 1,480. This indicates nearly 17% upside potential.

The brokerage’s analysis focuses on the new Medanta hospital in Noida, a region that has seen rising demand for specialised medical services. According to the report, the hospitals in the Noida and Greater Noida belt serve patients across a radius of nearly 250 kilometres, covering areas such as Western Uttar Pradesh, South Delhi, Uttarakhand, Haryana and parts of Rajasthan.

The brokerage expects the Noida facility to take around a year to break even. As per the brokerage report, “we expect an EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) breakeven within 12-15 months.” After that period, the company’s larger network including Gurugram, Lucknow, Patna, Ranchi and Indore is expected to support overall earnings.

The company is building or expanding centres in Mumbai, South Delhi, Guwahati, Pithampura and other regions. According to the brokerage report, this expansion provides the company with a steady visibility of growth for the next several years.