The brokerage indicated upside potential in the range of 20% – 38% based on its target prices, backed by steady loan growth, improving margins, premiumisation gains and earnings visibility over FY27 to FY28 across these companies.
Below is a detailed look at five such stocks, based entirely on Motilal Oswal’s published analysis.
Motilal Oswal on ICICI Bank: ‘Buy’
Motilal Oswal maintained a ‘Buy’ rating on ICICI Bank with a target price of Rs 1,750, implying an upside of 30%. The brokerage said the bank delivered a strong March quarter performance, with profit after tax rising to Rs 13,700 crore in Q4FY26, supported by negligible provisions and steady core income growth.
The Q4 net interest margins expanded to 4.32% in the quarter, while return on assets stood at 2.4%, reinforcing its position among the best in the sector. Loan growth remained healthy at 15.8% year on year, led by traction in business banking and retail segments, while asset quality improved with gross non-performing assets declining to 1.4%.
Motilal Oswal expected the bank to sustain average return on assets of around 2.25% over FY27 to FY28, driven by stable margins, controlled credit costs and steady business expansion.
“ICICI Bank is well positioned to sustain steady business growth with resilient margins and controlled credit cost, which should support return ratios over the medium term,” Motilal Oswal said.
Motilal Oswal on HDFC Bank: ‘Buy’
Motilal Oswal reiterated a ‘Buy’ rating on HDFC Bank with a target price of Rs 1,100, indicating an upside of 38%. The brokerage noted that the bank posted a stable performance for the March quarter, with profit after tax rising to Rs 19,220 crore, supported by steady revenue growth and lower provisioning.
The Q4 net interest income increased to Rs 33,080 crore, while margins improved slightly to 3.38%. Loan growth stood at 12.1% year on year, driven by corporate and small and medium enterprise segments, while deposits grew 14.4% year on year to Rs 31.1 lakh crore. Asset quality trends remained healthy, with gross non-performing assets declining to 1.15%. Motilal Oswal expected margins to improve gradually as high-cost borrowings reduced and operating leverage strengthened.
“HDFC Bank reported a steady quarter with healthy business growth, improving margins and robust asset quality, which should support return ratios in the coming years,” Motilal Oswal said.
Motilal Oswal on Jio Financial Services: ‘Buy’
Motilal Oswal maintained a ‘Buy’ rating on Jio Financial Services with a target price of Rs 315, suggesting an upside of 29%. The brokerage highlighted that the company continued to scale up its lending business rapidly, with assets under management rising about 35% quarter on quarter to Rs 25,700 crore as of March 2026.
Disbursements grew strongly, while net interest income for the consolidated entity rose to Rs 340 crore in the quarter. However, overall profitability remained impacted by higher operating expenses and investments in new business verticals, with profit after tax declining to around Rs 270 crore.
The firm expected strong growth momentum ahead, with projections of high compounded growth in assets and earnings over FY26 to FY28, supported by expansion across lending, asset management and digital financial services.
“We expect earnings momentum to strengthen, driven by disciplined scale-up and a strong focus on profitability across business segments,” Motilal Oswal said.
Motilal Oswal on M&M: ‘Buy’
Motilal Oswal reiterated a ‘Buy’ rating on Mahindra and Mahindra with a target price of Rs 3,825, indicating an upside of 20%. The brokerage said the company remained well placed to sustain growth across its automotive and farm segments despite potential macro uncertainties.
It expected strong momentum in utility vehicles supported by new launches and variant upgrades, while the tractor business was likely to remain stable even if monsoon conditions turned weaker.
The brokerage had factored in revenue, earnings before interest, tax, depreciation and amortisation, and profit after tax growth over FY25 to FY28, supported by product pipeline strength and operating leverage. The company’s ability to manage input cost pressures through hedging and its diversified business mix were seen as key strengths.
“Mahindra and Mahindra is well placed to outperform across its core businesses, led by a healthy launch pipeline and resilience in its tractor segment,” Motilal Oswal said.
| Company | Rating | Target Price (₹) | Upside |
| ICICI Bank | Buy | 1,750 | 30% |
| HDFC Bank | Buy | 1,100 | 38% |
| Jio Financial Services | Buy | 315 | 29% |
| Mahindra and Mahindra | Buy | 3,825 | 20% |
| Radico Khaitan | Buy | 3,850 | 21% |
Motilal Oswal on Radico Khaitan: ‘Buy’
Motilal Oswal maintained a ‘Buy’ rating on Radico Khaitan with a target price of Rs 3,850, implying an upside of 21%. The brokerage pointed to the company’s strong positioning in the premium alcoholic beverages segment, where volumes and realisations continued to improve.
It noted that Radico Khaitan had significantly increased its share of prestige and above products, which contributed a larger portion of revenues, supporting margin expansion. The company’s premium portfolio, including Rampur and Jaisalmer, continued to gain traction, while cost pressures eased due to stable raw material prices and backward integration.
Motilal Oswal expected steady earnings growth supported by premiumisation and operating leverage over the next few years.
“Radico Khaitan continues to benefit from premiumisation trends, with strong growth in its higher-margin portfolio supporting earnings expansion,” Motilal Oswal said.
Conclusion
Motilal Oswal’s latest research notes presented a consistent view across sectors where execution and earnings delivery remained strong despite broader market volatility. Banks such as ICICI Bank and HDFC Bank were supported by steady loan growth and improving asset quality, while Jio Financial Services was building scale across multiple financial verticals.
In the consumption and auto space,M&M and Radico Khaitan continued to benefit from product strength and premiumisation trends. With target prices indicating meaningful upside across these names, the brokerage remained constructive on their medium-term prospects based on operating performance and growth visibility.
Disclaimer: The investment details and target prices mentioned are based on reports by Motilal Oswal Financial Services and are for informational purposes only. These do not constitute an offer, solicitation, or specific investment advice by this publication. Stock market investments are subject to market risks; please consult a SEBI-registered investment advisor before making any financial decisions based on these projections.
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