The brokerage firm Motilal Oswal has turned bullish on three stocks from diverse sectors. The brokerage has issued ‘Buy’ ratings on these three stocks, expecting up to 34% upside in one of them.
According to the brokerage report, these stocks shows a long-term fundamentals driven by expansion plans, strong demand, and improving profitability trends.
Motilal Oswal on Endurance Technologies
Motilal Oswal has maintained a ‘Buy’ call on Endurance Technologies with a target price of Rs 3,311 per share. This implies nearly 15% upside from current levels.
According to the brokerage, “Endurance has consistently outperformed core industry growth, both in India and Europe, over the last five years.” The firm noted that the company’s healthy order book of Rs 0.36 crore positions it well to sustain this momentum through FY25–FY27.
The management plans to ramp up its four-wheeler (4W) mix to 45% of consolidated revenue from the current 25%. To achieve this, Endurance is setting up a new plant in AURIC, Maharashtra, and has tied up with a Korean partner to enter the 4W suspensions segment. The company has also received its first orders for drum brakes and drive shafts.
A key growth trigger could be the Ministry of Road Transport and Highways proposal to mandate ABS for all 4Ws, which, according to the brokerage, “can increase Endurance’s addressable market by 10x, and targets a 25% share of this higher base going forward.”
The brokerage added, “We estimate a CAGR of ~18%/21%/20% in consolidated revenue/EBITDA/PAT over FY25–27 on account of healthy new order wins and its focus on ramping up presence in 4Ws in a meaningful way going forward.”
Motilal Oswal on Kalyan Jewellers
Jewellery retailer Kalyan Jewellers has also found favour with Motilal Oswal, which has reiterated its ‘Buy’ rating with a target price of Rs 650. This suggests an upside potential of 34% from current levels.
The brokerage noted that “Kalyan Jewellers reported consolidated sales growth of ~30% YoY (est. 26% in Q2FY26, 31% in 1QFY26, and 37% in Q2FY25).” During the second quarter, the company launched 15 Kalyan showrooms in India, two in the Middle East, and 15 Candere stores domestically.
As of September 30, 2025, Kalyan operated 436 stores, including 300 in India, 96 Candere outlets, 2 in the US, and 38 in the Middle East. The company has seen strong wedding and festive season demand, with “Q3FY26 starting well and the company experiencing robust footfalls across all major markets.”
In India, business grew about 31% YoY in Q2. According to Motilal Oswal, “Navratri sales, which were not part of the base quarter revenue, partially offset the impact of the higher base due to the customs duty reduction in India during Q2FY25.”
The brokerage added that the company is fully prepared for Diwali with “fresh collections, campaigns, and the launch of 15 more Kalyan showrooms before the festival.”
Motilal on Trent
Motilal Oswal has also reiterated its ‘Buy’ call on Tata Group’s retail arm Trent, citing a strong retail network and continued store expansion, though near-term growth has moderated.
According to the brokerage report, “Trent’s reported standalone revenue (including GST) grew 17% YoY to Rs 50 billion. The implied net revenue of Rs 47.4 billion (+17% YoY) is likely to be broadly in line with our expectations.”
However, the report pointed out that the growth rate has cooled off compared to previous quarters.
The company’s store expansion gained momentum in the second quarter, with the total count rising 33% YoY to 1,101 stores. “Westside added the highest number of quarterly stores on net in several quarters, with 13 net store additions, taking the total count to 261 (+15% YoY),” the brokerage noted.
Zudio, its value retail brand, saw 40 net store openings in Q2FY26, reaching 806 stores (+40% YoY). Trent also launched a new format, Burnt Toast, which helped increase its other fashion format’s store count to 34.