The brokerage house Motilal Oswal has retained a positive stance on select stocks across sectors.
Sectors such as renewable energy, jewellery retail and value fashion retail are in focus after recent earnings and business updates.
The latest brokerage report from Motilal Oswal has highlighted three stocks where it sees meaningful upside potential from current levels. According to the brokerage report, the positive outlook is backed by strong expansion plans, improving profitability trends, healthy demand visibility and balance sheet improvement.
Stocks in focus include ACME Solar Holdings, Kalyan Jewellers India and V-Mart Retail.
Brokerage ratings remain positive
Motilal Oswal has maintained a ‘Buy’ rating on all three companies.
The brokerage has set a target price of Rs 410 on ACME Solar Holdings, implying an upside potential of nearly 45% from the current market price.
For Kalyan Jewellers, the brokerage has fixed a target price of Rs 575, indicating nearly 35% upside potential.
Meanwhile, V-Mart Retail has received a target price of Rs 900, which suggests an upside of around 33%.
| Company | Target Price (Rs) | Current View | Upside Potential |
| ACME Solar Holdings | 410 | Buy | ~45% |
| Kalyan Jewellers | 575 | Buy | ~35% |
| V-Mart Retail | 900 | Buy | ~33% |
Let’s take a look at what is driving the brokerage’s outlook on these companies.
Motilal Oswal on ACME Solar: Renewable pipeline and battery storage in focus
According to the Motilal Oswal report, ACME Solar Holdings remains one of the key renewable energy plays due to its expanding project pipeline and growing battery energy storage plans.
The brokerage highlighted that the company’s capacity commissioning remains on track, with nearly 450 Megawatt expected to become operational during FY26.
Motilal Oswal stated, “Power Purchase Agreement secured for 65% of total pipeline of 5 Gigawatt, providing capacity addition visibility up to FY28.”
As per the brokerage report, the company is also targeting commissioning of 10 Gigawatt hour Battery Energy Storage System capacity by FY27-end. A large portion of this capacity is expected to operate under merchant and short-term contracts, which could support future earnings growth.
The brokerage added, “We reiterate our ‘Buy’ rating on ACME with a target price of Rs 410.”
According to the report, Motilal Oswal has also raised its Earnings Before Interest, Taxes, Depreciation and Amortisation estimates after factoring in merchant battery storage additions over FY27 and FY28.
Motilal Oswal on Kalyan Jewellers: Expansion and debt reduction remain key themes
Kalyan Jewellers India continues to benefit from strong franchise expansion and rising presence outside South India, as per Motilal Oswal report.
The brokerage believes the company’s growing share of franchise-led business and improving jewellery mix are supporting profitability and cash flow generation.
Motilal Oswal stated, “With the successful scale-up of the franchise businesses and stable success in non-Southern markets, the company has been established as a leading brand in the industry.”
The report also noted that the company repaid nearly Rs 560 crore of non-gold metal loan debt during FY26, reducing overall debt levels further.
According to the brokerage report, management has reiterated its target of becoming non-gold metal loan debt-free during FY27.
The brokerage added, “Consistent success on customer acquisition, expanding operating margin, and deleveraging balance sheet remains the key rationale for our constructive view on the business.”
Motilal Oswal expects the company to report strong growth in revenue, Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) and Profit After Tax over FY26 to FY28.
Motilal Oswal on V-Mart Retail: Profitability improvement and retail shift drive outlook
V-Mart Retail continues to benefit from the shift from unorganised retail to organised retail in the value fashion segment.
The brokerage highlighted that improved productivity across V-Mart and Unlimited stores, along with lower losses in the online business, supported overall profitability during FY26.
Motilal Oswal stated, “V-Mart Retail remains a key beneficiary of the unorganized-to-organized retail shift and the massive growth opportunity in value fashion.”
As per the brokerage report, pre-Indian Accounting Standards margins improved nearly 180 basis points year-on-year during FY26.
The brokerage also pointed out that V-Mart still trades at relatively lower valuations compared to some peers, leaving room for further upside if profitability improves.
However, the report added that raw material inflation linked to the West Asia conflict and pressure on consumer demand remain key near-term risks for the business.
The brokerage stated, “We reiterate ‘Buy’ with a revised target price of Rs 900.”
What it means for investors
According to the Motilal Oswal report, the three companies operate in very different sectors, but the common factor remains growth visibility and improving operating trends.
ACME Solar is being watched for its renewable energy pipeline and battery storage expansion, Kalyan Jewellers for its franchise-led growth and balance sheet improvement, and V-Mart Retail for margin expansion and rising organised retail penetration.
Disclaimer: Investment recommendations and target prices mentioned in this report are based on a brokerage note by Motilal Oswal and do not constitute personal financial advice. This information is for educational purposes and is not an offer or solicitation to buy or sell any specific securities. Readers are advised to consult a SEBI-registered investment advisor before making any investment decisions, as market investments are subject to inherent risks and volatility.
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