The Indian corporate sector has concluded the third quarter of FY26 on a steady note, signaling a robust recovery across multiple industries.
According to an assessment by Motilal Oswal, nineteen out of twenty-seven tracked sectors achieved profit growth exceeding 10%.
Their analysis suggests that while mid-sized firms faced some hurdles, several large and small-cap entities are now standing at a point of significant breakout.
Here is a list of stocks that Motilal Oswal has a Buy rating on and a detailed analysis of the investment rationale.
Motilal Oswal on Indigo Paints: Buy
The analysts at Motilal Oswal have set a target price of Rs 1,450 for Indigo Paints, which indicates a massive upside potential of 49.2%.
The brokerage firm observed a sharp increase in sales beginning in November 2025, following a strong post-festive demand cycle that shows more households are investing in home improvement.
Motilal Oswal Financial Services believes the management’s strategy of focusing on differentiated product categories is effectively capturing a larger portion of the market.
They expect this momentum to persist as the company increases its reach across the country.
“Indigo Paints highlighted that the prices of raw materials reached a multi-year low… demand was robust, and the company achieved double-digit growth since Nov’25,” reports Motilal Oswal Financial Services.
Motilal Oswal on Inox Wind: Buy
Motilal Oswal has assigned a target price of Rs 150 to Inox Wind, suggesting a potential gain of 41.5%.
Although the company delivered fewer turbines than initially projected in the last quarter, the brokerage remains highly positive about the long-term trajectory.
A significant highlight from their report is the improvement in cash management, with the working capital cycle reducing from over three hundred days to two hundred twenty days.
The company currently holds a massive order backlog of 3.2 gigawatts, which provides high revenue visibility for at least the next two years. Motilal Oswal anticipates that the company could potentially double its sales in the upcoming fiscal year as project execution speeds up.
“Management commentary about the sector and new order outlook remained positive, and IWL remains confident about growing the order book,” according to Motilal Oswal Financial Services.
Motilal Oswal on Indraprastha Gas: Buy
With a target price of Rs 235, Motilal Oswal projects an upside of 40.7% for this Indraprastha Gas.
The brokerage firm argues that the company’s earnings have hit a bottom and are now prepared for a steady recovery. While they noticed a decline in gas sales to city buses, this has been largely compensated by healthy growth in the private car and taxi segments.
The company is planning an aggressive expansion of its retail network, aiming to add between eighty and one hundred new gas stations every year. Motilal Oswal expects this expansion to drive a total sales volume growth of six percent annually.
The firm remains confident that stable profit margins will be maintained through better cost management and supportive regulatory developments.
“At 3% FY27E dividend yield and 9% EPS growth over FY25-28, we believe the valuation is attractive,” reports Motilal Oswal Financial Services.
Motilal Oswal on Galaxy Surfactants: Buy
The experts at Motilal Oswal have fixed a target price of Rs 2,550, which translates to a potential upside of 39.9%.
The brokerage reports that the company’s recent profits exceeded market expectations due to a surge in the volume of chemicals handled for the personal care industry.
To meet the rising demand from international clients, the company is currently investing in expanding its manufacturing capacity and improving its supply chain efficiency.
Motilal Oswal notes that the management remains optimistic about maintaining this growth rate in the coming years.
The brokerage firm views the current stock price as an attractive valuation for a company with such a strong global footprint. They expect profits to grow at a healthy rate as the new capacities become operational.
Motilal Oswal on Time Technoplast: Buy
Motilal Oswal has set a target price of Rs 280, indicating a potential growth of 39.3% for Time Technoplast.
The firm describes the recent financial results as very healthy, noting a profit growth of twenty-five percent driven by specialized high-value products.
They found that the international business is currently outperforming the Indian operations, which serves as a positive indicator for future global earnings.
There is a particularly high demand for their composite gas cylinders which is helping improve the overall product mix.
They anticipate a yearly profit growth rate of twenty-two percent over the next few years as the company expands its energy sector equipment capacity.
The firm has reiterated its positive rating based on these strong fundamentals.
“Robust outlook and attractive valuation warrant a re-rating,” according to the Motilal Oswal analysis.
Motilal Oswal on Cello World: Buy
The brokerage firm has established a target price of Rs 680 for Cello World, suggesting a potential upside of 33.9%.
While the most recent quarterly profits were slightly below expectations due to one-time employee costs, Motilal Oswal maintains that the core business remains strong.
The firm observed that the demand for household consumer products, kitchenware, and stationery continues to be robust across the country. The firm expects the company to return to a faster growth trajectory in the upcoming quarters as these one-time costs phase out.
They also suggest that the brand’s strong leadership in the consumer products market provides a competitive advantage. The brokerage firm considers the recent price correction as a good opportunity for long-term buyers to build a position.
Motilal Oswal on Siemens Energy: Buy
Motilal Oswal has set a target price of Rs 3,600, pointing toward a 31.4% potential upside for Siemens Energy.
The brokerage is particularly optimistic because the company is witnessing a massive surge in demand for power equipment like transformers and high-voltage gear.
This performance was driven by disciplined internal expense management and a beneficial lower tax rate during the period.
The company is currently in the process of building additional factories to meet the rising requirements of India’s electricity grid, with new facilities expected to be ready by early fiscal year 2027. Motilal Oswal believes that this extra capacity will allow the company to expand its export business as well.
“Net profit growth of 57% YoY was driven by a beat in EBITDA margin and a low tax rate,” mentions the Motilal Oswal report.
Motilal Oswal on Astra Microwave: Buy
The analysts at Motilal Oswal have provided a target price of Rs 1,150, which suggests a 26.9% upside for Astra Microwave Products.
The firm notes that the company’s recent results were better than anticipated because of excellent cost-control measures implemented by the management.
The brokerage report highlights a total addressable market of Rs 25,000 crore over the next four to five years, which gives the company immense room for expansion.
Motilal Oswal believes the firm is perfectly positioned to capture a significant portion of the government’s increased defense spending.
The brokerage house expects the company’s profits to grow at a rapid yearly rate of twenty-three percent. The firm has increased its target price to reflect this strong outlook and the company’s specialized technological capabilities.
Motilal Oswal on Mrs Bector Foods: Buy
Motilal Oswal has upgraded this stock to a Buy rating with a target price of Rs 2,700 (adjusted for face value/splits as per report context), indicating a potential upside of 26.8% for Mrs. Bectors Food Specialities.
The brokerage notes that while the export segment faced some temporary slowdowns, the domestic bakery and biscuit business remains very strong.
The brokerage found that consumers are increasingly moving toward the company’s premium and health-focused biscuit brands. This shift in consumer behavior is expected to drive steady growth in the domestic market over the next few years.
The management is also working on expanding its distribution network to reach more retail outlets across different regions of India. The brokerage firm believes the company is well-placed to take advantage of the growing demand for branded and packaged food products.
Motilal Oswal on Petronet LNG: Buy
The brokerage has set a target price of Rs 365 for Petronet LNG, suggesting a potential upside of 25.9%.
Motilal Oswal highlights that the company’s profits were ten percent higher than their estimates, largely due to better management of older debts.
The company is diversifying its operations by building a new large-scale plant to produce chemicals from gas, which could open new revenue streams.
Motilal Oswal believes the company will continue to be a major beneficiary as India increases its natural gas consumption. They have maintained their Buy rating, citing the stock’s inexpensive valuation and strong dividend yield.
“At 10.3x FY27E P/E and a 3.7% dividend yield, we believe valuations are inexpensive,” Motilal Oswal stated in the report.
Conclusion
The analysis by Motilal Oswal suggests a strong positive outlook for these ten companies, driven by robust quarterly performances and strategic expansion plans. While certain sectors face short-term pressures, the fundamental growth story for these selected stocks remains intact.
