Motilal Oswal has picked five heavyweight names on its large-cap radar for 2025 spanning telecom, banking, autos, cement, and insurance. The brokerage believes these companies have growth levers ahead and could deliver double-digit returns in the next 12 months.
Let’s take a look at the brokerage say on these stocks-
Bharti Airtel
Bharti Airtel remains a favourite for the brokerage, which has set a target price of Rs 2,200, implying a 14% upside potential from current levels. According to Motilal Oswal, Bharti Airtel posted a “healthy 1Q, with a 5% beat in Airtel Africa” and steady improvement in India wireless revenue and EBITDA.
The firm highlights that capex has normalised, enabling “a sharp ~Rs 130b reduction in net debt,” supported by free cash flow of Rs 143 billlion. The brokerage expects a 14% revenue CAGR and 17% EBITDA CAGR between FY25 and FY28, boosted by a potential 15% tariff hike in December 2025.
ICICI Bank
ICICI Bank has been given a target price of Rs 1,670 with 16% upside potential. The brokerage says the bank presents “a strong long-term opportunity, driven by consistent execution, solid core performance, and superior risk-adjusted returns through its ‘One Bank One RoE’ strategy.”
PAT rose 15.5% YoY in Q1, with stable net interest margins at 4.34% and strong business banking growth (+29.7% YoY). Advances are expanding steadily, and Motilal Oswal estimates RoA/RoE to improve to 2.3%/17.3% by FY27.
Mahindra & Mahindra
Mahindra & Mahindra (M&M) has a target price of Rs 3,212 and 15% upside potential. Motilal Oswal points to its “robust product pipeline through 2030” in SUVs, electric vehicles, and LCVs as key growth drivers.
In Q1FY26, M&M posted a 32% YoY PAT jump, aided by steady margins and strong market share gains . The company’s auto up 570bps, LCV up 340bps, and tractors up 50bps.
The brokerage believes M&M can post approx. 15% revenue CAGR and maintain RoE near 20% in the next two years.
UltraTech Cement
Motilal Oswal has given the cement maker UltraTech Cement a target price of Rs 14,600 and 19% upside potential.
The brokerage notes, “Cement consumption outlook is supported by robust govt infra capex, urban housing rebound, and rural demand recovery.”
EBITDA per tonne jumped 33% YoY in Q1 due to cost optimisation and a higher share of green power. The integration of Kesoram and ICEM is expected to boost productivity, while debt is projected to fall sharply over the next three years.
HDFC Life
HDFC Life has been given a target price of Rs 910, with 23% upside potential, the highest among the five picks. The brokerage in its report noted that HDFC Life delivered 13% YoY growth in annual premium equivalent (APE) in Q1FY26, with margins steady at 25.1%. Value of new business (VNB) rose in line, while gross premiums grew 16% YoY.
Premium growth was supported by stronger performance in participating products, while AUM rose 15% YoY. Motilal Oswal expects the second half of FY26 to be stronger, driven by “product mix normalisation, strong banca partnerships, and expanding agency channels.”