Motilal Oswal Financial Services, in a fresh set of research reports, has reiterated ‘Buy’ ratings on seven companies across technology, automobile, consumer, and industrial segments, citing strong domestic demand and company-specific growth drivers. The brokerage has assigned target prices that imply potential upside ranging from about 15- 41%, based on its analysis of recent quarterly performance and management interactions.
According to Motilal Oswal Financial Services, while certain global sectors continue to face pressure, demand within India remains steady and is supporting earnings momentum. The firm said improved sectoral breadth and margin resilience are visible across several businesses under its coverage.
The brokerage’s conviction rests on factors such as artificial intelligence-led service opportunities, electric vehicle launches, international expansion in Africa, vertical integration, brand strength, and structured turnaround plans.
Motilal Oswal on Infosys: ‘Buy’
Motilal Oswal Financial Services has maintained a ‘Buy’ rating on Infosys with a target price of Rs 1,850, implying a potential upside of about 33%. The brokerage said the company is pursuing an AI-first strategy where foundational model innovation is progressing faster than adoption by large enterprises. It noted that this gap between technology capability and actual deployment creates a fresh opportunity that Infosys is positioned to capture through specialised services.
The brokerage said Infosys expects the total addressable market for such AI-led services to reach $300 billion to $400 billion by 2030. Motilal Oswal Financial Services stated that partnerships with technology-native firms such as Cognition and Anthropic are expanding its solution stack and strengthening execution capabilities as enterprises begin scaling their use of intelligence tools.
Motilal Oswal Financial Services added that a cyclical recovery in core segments is underway, offering a stable base for future growth. While there are concerns around long-term terminal value, the firm sees limited near-term risk to earnings estimates. It also noted that the company is investing in large-scale reskilling and moving towards a new career structure with specialised paths and expert layers to better serve evolving client requirements.
The brokerage highlighted the role of the Topaz Fabric platform as a central integration tool connecting models and enterprise systems. It believes execution strength in this technology cycle will determine leadership positions and said the stock remains attractive when viewed against its FY28 earnings projections.
Motilal Oswal added, “This AI tech transition is different from prior tech shifts, with foundational model innovation advancing faster than enterprise adoption”.
Motilal Oswal on Varun Beverages: ‘Buy’
Motilal Oswal Financial Services has recommended a ‘Buy’ rating on Varun Beverages with a target price of Rs 550, indicating a potential upside of about 20%. The brokerage said the company is entering its next growth phase through international expansion, particularly in Southern Africa, where it has built a manufacturing and distribution base.
The firm noted that after covering over 90% of the domestic PepsiCo market, the company is using its execution strength to scale new geographies. Acquisitions of BevCo and Twizza are expected to give it a combined market share of about 27% in South Africa, with synergies from existing distribution and cold-chain infrastructure.
Motilal Oswal Financial Services said the scalable manufacturing base in Africa remains underutilised, offering scope for rapid expansion with limited additional capital expenditure. It also pointed out that the company is exploring localisation of other beverage categories across its African markets.
In India, the brokerage said the focus remains on product innovation, including entry into energy drinks and launches such as Nimbooz Jeera. Nearly 59% of the portfolio now comprises low or no-sugar products. The brokerage expects strong volume growth with margin stability through FY26, supported by recent capacity additions and disciplined pricing.
Motilal Oswal said, “Africa has emerged as VBL’s next scalable growth engine, evolving from a franchise-led presence into a structurally important international platform”.
Motilal Oswal on Maruti Suzuki India: ‘Buy’
Motilal Oswal Financial Services has maintained a ‘Buy’ rating on Maruti Suzuki India with a target price of Rs 18,197, implying a potential upside of about 20%. The brokerage said the launch of the e-Vitara, the company’s first ground-up electric SUV, marks a significant entry into the battery electric vehicle segment.
The brokerage noted that the model comes in three variants with two battery pack options, aimed at addressing varied customer needs. It also pointed to the Battery-as-a-Service model with an introductory price starting at Rs 10.99 lakh, along with assured ‘Buy’back options and long-term warranties to lower the entry barrier for customers.
Motilal Oswal Financial Services expects the company to post 10% volume CAGR over FY25–FY28, supported by a healthy pipeline that includes new variants of existing models such as Brezza. The brokerage has factored in earnings growth of 16% annually over the next few years and said the stock trades at 27 times its projected December 2027 earnings.
The brokerage added that connected car features and advanced technology offerings are expected to strengthen its position in the premium SUV category. It believes the company’s strong market position will help it maintain leadership even as the industry moves towards electric mobility.
Motilal Oswal said, “Given its healthy launch pipeline… we expect MSIL to post 10% volume CAGR over FY25-28E”.
Motilal Oswal on Safari Industries: ‘Buy’
Motilal Oswal Financial Services has assigned a ‘Buy’ rating to Safari Industries with a target price of Rs 2,600, suggesting a potential upside of about 41%. The brokerage said the company has calibrated store dispatches ahead of new product launches planned towards the end of the fiscal year.
The firm noted that while competitors have used aggressive discounting, Safari is maintaining a balanced approach to protect profitability. It is pushing premium products through offline channels and scaling its mass-market brand Genie through online platforms.
Motilal Oswal Financial Services expects earnings to grow at a 26% annual rate over the next few years. It added that the recent stock correction has provided a favourable entry point based on its long-term growth outlook and margin recovery expectations.
The brokerage said the company is witnessing strong demand trends, with about 15% growth expected in the current quarter. It believes disciplined product and channel management will support margin improvement and continued volume growth.
Motilal Oswal said, “Safari is witnessing volume growth with calibrated inventory dispatches ahead of new launches”.
Motilal Oswal on VIP Industries: ‘Buy’
Motilal Oswal Financial Services has recommended a ‘Buy’ rating on VIP Industries with a target price of Rs 475, implying a potential upside of about 33%. The brokerage said a new leadership team is implementing a structured turnaround to address execution gaps such as low product fill rates and inefficient channel mix.
The brokerage noted that the company’s strength lies in its multi-brand portfolio spanning mass to premium segments. It expects market share gains as new designs are introduced and inventory levels normalise, leading to margin recovery from the next fiscal year.
Motilal Oswal Financial Services said growth will increasingly be led by premium products to improve profitability. It also mentioned backing from Multiples PE in supporting the transformation process and strategic pricing interventions to improve offline traction.
The firm expects operating profit to grow at a high annual rate as operational improvements take effect. It believes the stock’s valuation is justified based on projected earnings through FY28 and improving execution metrics.
Motilal Oswal said, “VIP’s core strength lies in its strong multi-brand portfolio spanning the entire price pyramid”.
Motilal Oswal on CIE India Automotive: ‘Buy’
Motilal Oswal Financial Services has reiterated its ‘Buy’ rating on CIE Automotive India with a target price of Rs 539, indicating a potential upside of about 15%. The brokerage said India operations are performing ahead of expectations, even as the European business faces structural challenges.
The brokerage pointed out that the GST rate reduction in September 2025 led to an immediate improvement in demand across vehicle segments in India. Management expects this demand momentum to continue through FY26, according to Motilal Oswal Financial Services.
The firm noted that the company secured Rs 870 crore worth of new business in the last calendar year and remains completely net debt-free. It follows strict capital allocation guidelines and continues to generate positive cash flows.
Motilal Oswal Financial Services added that while Europe continues to face pressure due to electric vehicle transition and competition, the company is focusing on footprint optimisation and selective opportunities to protect profitability. It believes domestic growth and disciplined capital management support its positive stance.
Motilal Oswal explained , “Domestic demand in India is picking up across segments post the GST rate cut”.
Conclusion
Motilal Oswal remains positive on these stocks, stating that domestic demand strength, technology investments, international expansion, brand portfolios, and structured turnarounds are driving its conviction. The brokerage house believes these companies are positioned to deliver steady earnings growth and maintain margins even amid global uncertainties.
Disclaimer: This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation to ‘Buy’ or sell securities. Investors must conduct their own independent due diligence and seek advice from a SEBI-registered financial advisor.