Motilal Oswal Financial Services, in its Morning India report dated 22 January 2026, has shared its latest views on stocks across hospitality, healthcare, internet services, pharmaceuticals, and consumer segments.
The brokerage has reiterated ‘Buy’ ratings on Indian Hotels Company, Eternal and Apollo Hospitals based on operating performance, reported numbers, and valuation assumptions.
Motilal on Indian Hotels: ‘Buy’
Motilal has reiterated a ‘Buy’ rating on Indian Hotels Company with a target price of Rs 850, implying an upside of around 30% from the current market price.
The brokerage said, “IHCL’s outlook remains healthy, led by continued traction in the core as well as new and reimagined businesses.”
Motilal noted that Indian Hotels is India’s largest hospitality company with over 120 years of operating history and a presence across more than 175 locations globally, spanning luxury, upscale, mid-scale, and experiential segments.
Motilal said the company’s increasing focus on managed hotels has supported profitability, with managed keys delivering a CAGR of about 17.4% between FY20 and FY25, compared with modest growth in owned hotels. According to the brokerage, this has helped improve margins and return ratios.
Looking ahead, Motilal said it expects Indian Hotels to post a 14% CAGR in revenue, 18% CAGR in EBITDA, and 17% CAGR in adjusted PAT over FY25–FY28, while return on invested capital is expected to improve to 23.9% by FY28, supported by demand growth continuing to outpace supply.
Motilal on Eternal: ‘Buy’
Motilal has maintained a ‘Buy’ rating on Eternal with a target price of Rs 360, indicating an upside of about 27% from the current market price.
The brokerage said, “Expect high volatility in the short term as competition heats up.” Motilal noted that Eternal reported Q3FY26 net revenue of Rs 163 billion, marking a 20.7% quarter-on-quarter increase, which was above its estimates.
Motilal said food delivery net order value came in at Rs 9,840 crore, while Blinkit reported net order value of Rs 13,300 crore, growing 120% year-on-year. The brokerage added that Blinkit achieved EBITDA breakeven during the quarter due to better assortment mix and supply chain efficiencies.
However, Motilal cautioned that competitive intensity, higher discounting, and lower minimum order values could pressure profitability in the near term. Despite this, the brokerage said it continues to back Eternal due to its leadership in food delivery and quick commerce, along with Blinkit’s long-term growth potential.
Motilal on Apollo Hospitals: ‘Buy’
Motilal has reiterated a ‘Buy’ rating on Apollo Hospitals with a target price of Rs 9,015, implying an upside of around 32% from the current market price.
The brokerage said, “Hospital engine strong; HealthCo inflection in sight.” Motilal noted that Apollo Hospitals is preparing for the next phase of growth through higher-complexity case mix and capacity additions, with plans to add 3,660 beds over the next five years.
Motilal said hospitals continue to be the main earnings driver, contributing about 50% of revenue and 83% of EBITDA, while margins are being supported by operational efficiency and improved case mix. The brokerage also pointed to steady progress in the HealthCo segment.
According to Motilal, Apollo 24/7 is on track to achieve EBITDA breakeven by 4QFY26, while offline pharmacy expansion and diagnostics integration are expected to support earnings. Overall, Motilal expects Apollo Hospitals to deliver a 14% CAGR in revenue, 17% CAGR in EBITDA, and 24% CAGR in PAT over FY25–FY28.
Conclusion
Motilal said its latest Morning India report shows selective optimism across sectors, with ‘Buy’ ratings maintained on Indian Hotels, Eternal, and Apollo Hospitals due to earnings visibility and operating performance.