Motilal Oswal Broker Research reports

According to the RBI, total electronic payments surged to INR11.3t on 22nd Sep’25, nearly ten times higher than the INR1.18t recorded the previous day.

SBI Cards (SBICARD) is the second-largest player in the card segment in terms of cards-in-force (CIF), with a 19.1% market share in CIF and 16.6% share in total industry spends.

As per media reports and our channel checks, Indraprastha Gas (IGL) could see a potential EBITDA/scm upside of 16-20% due to a change in the tax rate on gas sourced from Gujarat (official confirmation is awaited).

Endurance (ENDU) has consistently outperformed core industry growth, both in India and Europe, over the last five years. Given its healthy order backlog of INR36.1b worth of new orders, we expect ENDU to sustain its outperformance over FY25-27.

Demand has remained steady but has yet to show material pickup. JUBI expects demand recovery to begin from 3QFY26, supported by GST reforms.

We met with the management team of Amara Raja to get an update on the business. OE demand has picked up after GST rate cuts, while replacement is yet to pick up, lead costs, excl. currency depreciation, remain stable QoQ.

Acme Solar (ACME) remains our top pick in the Power/Renewables space, with the stock up 45% in the last six months.

We maintain a neutral stance on TCI Express (TCIE) due to ongoing challenges in volume and profitability.

NEST was witnessing sequential improvement in growth delivery, supported by the company’s own initiatives along with steady improvement in macros. GST rate reductions will further boost the FMCG sector from 3QFY26 onward.

The company plans to start its CPVC resin plant in Sep’26, leveraging low-cost operational capacity in India, where supply is currently limited.

As per press reports, the Indian Army has issued a tender to Bharat Electronics (BHE) for the QRSAM project, also known as Anant Shastra, worth INR300b. The Indian Army will procure 5-6 regiments of the indigenously developed ‘Anant Shastra’ surface-to-air missile weapon systems and BHE will be the lead integrator.

We attended Piramal Finance’s (PIEL) Piramal.AI day, where the company showcased its extensive use of AI across all business functions and demonstrated how it is driving improvements in efficiency and productivity.

MAHGL is set to deliver robust earnings growth, driven by aggressive CNG network expansion, improving throughput at existing stations, and strategic land tie-ups that strengthen long-term visibility.

We attended the plant visit event organized by R R Kabel (RRKABEL) at its Waghodia plant in Gujarat, where we interacted with the senior management team, followed by a tour of the plant.

Grasim Industries (GRASIM) organized an interaction with senior management, who shared their perspectives on the Paints business and highlighted new initiatives being implemented in this segment.

Hindustan Aeronautics (HAL) has received the follow-on order of 97 light combat aircraft (LCA) Mk1A worth INR624b from the Ministry of Defence (MoD). This is in addition to the previous order of 83 Tejas LCA Mk1A received in Jan’21.

Our recent meeting with LT reinforces our thesis that execution growth will remain strong for the company over the next few years, driven by a strong order book. The company is selectively eyeing projects from domestic markets and expects international ordering to keep supporting growth.

We interacted with the management of Aditya Birla Fashion and Retail (ABFRL) to discuss the growth prospects and profitability outlook for the company’s various segments and other focus areas.

Sri Lotus Developers and Realty (LOTUS), a public limited company incorporated in February 2015 under the name AKP Holdings Private Limited, has established itself as a key player in the society redevelopment space.

Management said that SUNP aims to sustain its outperformance in the domestic formulation (DF) segment through increased doctor engagement, new launches, addition of field force and strengthening the brand recall of its existing products.