Motilal Oswal Broker Research reports

Blockade of the Strait of Hormuz (SoH) (~20% of global oil/LNG supply), ~3-4mb/d of refining capacity disruptions, refined product export restrictions in China, and decade-high crude freight rates have lifted gasoil/gasoline/jet fuel cracks to USD42/16/58 per bbl in Mar’26’TD, 147%/40%/124% above LTA.

MSIL’s recent underperformance relative to the Auto index is likely to be driven by near-term underperformance in wholesale and disappointing 3Q performance. However, we believe these concerns seem to be overdone, given that retail demand for MSIL remains healthy, both in cars and UVs, and the same is reflected in its outperformance in retail sales post-GST cut.

Domestic Business & Distribution: The company is focused on expanding in lower north markets (UP, Haryana, MP, Rajasthan), with ~80% of distribution additions expected from this region.

Jio Financial Services (JIOFIN) is being architected as a diversified, technologyled financial services platform, aiming to operate across lending, payments, asset management, wealth management, insurance manufacturing and broking, and other digital financial services, while leveraging the unparalleled distribution and data ecosystem of the Reliance group.

JSW Steel (JSTL) has outlined a structured expansion roadmap targeting ~56MTPA crude steel capacity by FY31 (India ex-BPSL: 50MTPA). The 5MTPA integrated steel plant at Jagatsinghpur (Odisha) remains the cornerstone project, comprising BF, SMS, and HSM (900–2,150mm) with ~350MW CPP.

AU Small Finance Bank (AUBANK) has successfully transitioned from a niche vehiclefinance NBFC into a diversified, pan-India banking franchise, set to attain universal bank status.

NAM continues to deliver industry-leading market share gains, with MF QAAUM of INR7t (+23% YoY) and overall share at a five-year high of 8.7%. It is underpinned by steady net inflows, robust SIP momentum, and a favorable equity mix (47% in Dec’25), driving the highest FY26YTD equity share accretion in the industry to 7.1% (+11bp YoY).

Crompton Greaves Consumer Electricals’ (CROMPTON) core total addressable market (TAM)—comprising fans, residential & agri pumps, lighting, and appliances (LDA & SDA), including kitchen appliances—stood at INR770b.

In the Express logistics segment, management expects industry consolidation to continue, with cash-burning players likely to exit or rationalize operations, leading to volume redistribution toward stronger, well-capitalized operators.

Jain Resource Recycling (JAINREC) is one of India’s largest non-ferrous metal recyclers. It operates an integrated platform capable of processing multiple materials at a single location with a total capacity of 287K MT.

Our recent interaction with Havells India’s (HAVL) management indicated that: in C&W, raw material inflation remains a headwind, and margins are likely to contract QoQ as the benefit of lower-cost inventory unwinds in 4Q.

With a constantly changing scenario in the Middle East impacting core EPC business and increasing risks for IT business from AI-led disruption, LT is turning more into a ‘moving parts’ thesis from a ‘sum-of-the-parts’ thesis.

Aditya Birla Capital (ABCL) is entering a structurally stronger earnings phase, supported by synchronized momentum across its lending, asset management, and insurance franchises.

Our recent interaction with LG Electronics India (LGEIL) management suggests that LGEIL continues to gain market share across key categories despite mixed industry trends, with refrigerators growing marginally against a 1.5-2.0% industry decline and TVs delivering 6.4% growth vs. 3.8% growth for the industry.

The company continues to benefit from healthy demand momentum in powergen, coupled with strong growth opportunities from fast-growing data centre market, improving demand for industrial segment, which was impacted in 9MFY26 due to slower capex.

Management indicated that retail demand continues to remain healthy for both small cars and SUVs, although compact/micro-SUVs are currently outperforming cars.

UltraTech Cement (UTCEM) has consistently outpaced industry growth led by organic expansion and strategic acquisitions, increasing its market share from ~16% in FY14-15 to ~28% in FY25 (~29% in 9MFY26).

MTAR Technologies (MTARTECH) is a precision engineering company serving niche, high-barrier industries across defense, aerospace, nuclear energy, and clean energy with a growing exposure to global fuel cell technology through its decadelong partnership with Bloom Energy (BE).

CreditAccess Grameen (CREDAG) is emerging from the recent MFI stress phase with improving operating momentum, resilient portfolio retention, and a structurally stronger business mix.

We analyzed narration versus actual outcomes and financial performance across CDMO peers, highlighting an uneven recovery, with some companies facing guidance resets due to program delays, destocking, and slower commercial conversions.