The mood on Dalal Street has turned sharply negative, with markets seeing a deep sell-off amid rising geopolitical tension and global uncertainty. Volatility has increased, and investor sentiment remains fragile as benchmark indices and broader markets continue to swing between sharp gains and losses.
In the middle of this uncertainty, the domestic brokerage house Motilal Oswal has given a select group of stocks across sectors where it sees meaningful upside potential despite the current market stress.
The brokerage has maintained a positive stance on these companies, with expected gains ranging from 21% to as high as 45% over the medium term.
Let’s take a look –
Motilal Oswal on Sagility
One of the key picks, according to the brokerage report, is Sagility, where it sees an upside potential of 45%. The brokerage has given a ‘Buy’ rating with a target price of Rs 58.
As per the brokerage report, “We expect Sagility to deliver a low- to mid-teens growth, aided by increased volume of work from top clients, new logo additions, cross-selling, and synergy from Broadpath will drive its revenue/EBIT/PAT CAGR of 20%/28%/23% over FY25-28.”
The report also highlighted structural demand in the healthcare outsourcing space. Motilal Oswal in its report noted, “We believe Sagility’s value proposition includes its ability to drive measurable cost transformation with minimal upfront client investment through a combination of process re-engineering, automation, and platform-led solutions.”
At the same time, the brokerage also added that technology will support rather than replace human roles. “AI can act as an augmentation layer and can increase efficiency in the decision-making process,” the report added.
Motilal Oswal on Kalpataru Projects
Another stock on the list is Kalpataru Projects International, where the brokerage has set a target price of Rs 1,500, implying around 35% upside.
According to the brokerage report, the company has strong visibility on future growth due to its robust order pipeline.
Motilal Oswal further in its report noted, “Kalpataru Projects International highlighted a strong addressable market for both its T&D and B&F segments over the next 2-3 years, providing clear visibility for order inflows as well as execution.”
The brokerage also pointed out that geopolitical risks have limited impact on the company.
“KPIL’s exposure in the Middle East is also limited to 10% of its order book,” it noted, adding that operations remain largely stable.
With a strong order book, the company is expected to deliver steady growth. The company’s revenue, operating profit, and net profit are expected to grow at around 18%, 20%, and 27% annually between FY25-28.
Motilal Oswal on InterGlobe Aviation
The brokerage has also maintained a ‘Buy’ rating on InterGlobe Aviation, the parent company of IndiGo, with a target price of Rs 5,500, indicating around 28% upside.
According to the brokerage report, the aviation sector is currently facing multiple headwinds due to geopolitical developments.
The report noted, “An escalation in the US-Iran conflict and the Pakistan airspace closure have rendered key Middle Eastern corridors inaccessible.”
Rising fuel costs are another concern. “The spike in Brent crude prices to around $113 per barrel (from around $60–65 per barrel) in March 2026 has pushed Aviation Turbine Fuel (ATF) costs higher to nearly Rs 115 per litre,” it added.
The brokerage maintains a longer-term perspective. “We expect the company’s revenue, operating profit (EBITDAR), and adjusted profit after tax (Adj. PAT) to grow steadily at 11%, 13%, and 6% annually over FY25 to FY28,” the report added.
Motilal Oswal on ICICI Prudential AMC
The fourth pick is ICICI Prudential Asset Management Company, where the brokerage has set a target price of Rs 3,500. This implies an upside of around 21%.
According to the brokerage report, the company is well placed to benefit from rising retail participation in financial markets.
“We expect IPRUAMC to deliver a FY26-28 revenue CAGR of 15%, driven by sustained equity and systematic investment plan (SIP) inflows,” Motilal Oswal report added.
The report also highlighted strong profitability. The brokerage house in its report noted, “We expect EBITDA margins to sustain above 70% and core PAT to expand at 16% CAGR over FY26-28.”
In addition, the brokerage underlined the long-term structural story. “ICICI Prudential AMC remains well-positioned to benefit from India’s structural financialization theme,” it noted.
Conclusion
Even as markets remain volatile due to global tension and macro uncertainty, selective opportunities are emerging across sectors. According to the brokerage report, companies with strong business models, visible earnings growth, and sectoral tailwinds could still deliver returns over time.
