Motilal Oswal Broker Research reports

Siemens Energy in its analyst meet highlighted the opportunity pipeline across domestic and international markets for power transmission business.

We attended Coforge’s Investor Day 2025 wherein the management discussions were largely centered on strategic objectives, growth vectors and execution intensity.

Biocon (BIOS) is fully integrating Biocon Biologics (BBL) by acquiring the remaining stake of 23.3%. In addition to the share swap, BIOS is raising additional capital through a QIP of up to INR45b, subject to shareholder approval, for the cash component payable to Viatris.

Management expects limited impact on near-term order flows from the slowdown in central renewables bidding (~40 GW projects lacking PPAs), highlighting that ~15 GW of wind orders remain in the pipeline (bidding/award stage).

Prestige Estates (PEPL) has a diverse portfolio with a presence in the residential, office, retail, and hospitality segments. The company’s 1HFY26 incremental BD of INR331b and a launch pipeline of INR770b are expected to drive a presales CAGR of 40% over FY25-28, reaching INR463b by FY28.

On Dec 3rd, JSTL announced a strategic restructuring of the Bhushan Power and Steel Limited (BPSL) unit. As part of the transaction, BPSL (the step-down subsidiary of JSTL) will be transferred to JSW Sambalpur via a slump sale for a cash consideration of INR244.8b.

With considerable investment (INR35b) done till date by Aurobindo Pharma (ARBP) in the Pen-G/6-APA project and support from the government under the PLI scheme, ARBP is scaling up the production to enhance self-sufficiency of India in bulk drugs/intermediates to be used for Beta-Lactum antibiotics.

In Oct’25, Adani Ports & SEZ (APSEZ) reported 6% YoY growth in cargo volumes, supported by a 24% rise in container volumes (driven by international volume and operationalization of new port).

On 27th Nov’25, the Petroleum and Natural Gas Regulatory Board (PNGRB) issued a tariff order for GAIL’s integrated natural gas pipeline network.

Privi Speciality Chemicals (PRIVI) is India’s largest aroma chemical manufacturer and exporter with 75 products and over 30 years of industry expertise.

NTPC is reportedly planning a large coal-to-synthetic natural gas (SNG) facility with a capacity of 5-10m tonnes per year (link). Producing SNG from its own coal would lower dependence on imported LNG, which is prone to price and supply volatility.

We analyzed the supply-demand dynamics of hospitals in the Noida/Greater Noida regions, given the recently commissioned hospital of Medanta.

Leading player in commercial refrigeration with steady market share gainsin RAC: Blue Star (BLSTR) is steadily gaining market share in the Indian RAC segment. Its share improved to ~14% in FY25 from ~7% in FY14.

Jindal Stainless (JDSL) is executing a strategy to support sustainable longterm growth, which focuses on: capacity expansion, raw material security, and product diversification and value addition.

We attended MM’s analyst meet in Mumbai on 20th Nov’25. The company has a clear long-term roadmap for each of its businesses: SUVs and LCVs – targets to deliver 8x growth over FY20-30; and Farm – 3x revenue growth over FY20-30.

MMFS shared its long-term aspiration to position itself as the most trusted financial services partner for Bharat, leveraging its over three-decade operating history, deep rural presence across 500k villages, and a 12m strong customer base.

PFL continues to deliver on its stated ambition of building a digitally enabled, multi-product, and high-ROA retail lending franchise.

Reliance Industries (RIL) continues to progress on the 40GWh battery GIGA factory, which is set to commence operations in early CY26. We raise the New Energy business valuation for RIL to INR174/sh (earlier INR 116/sh) as we incorporate value for the battery manufacturing segment.

We recently interacted with Mr. S. N. Subrahmanyan, Chairman and MD of Larsen & Toubro (LT), to get insights into the company’s long-term growth strategy for domestic and international geographies, capital allocation and future focus areas.

MAS Financial (MAS) navigated 1HFY26 with prudence amid macro moderation and sectoral stress. It maintained a strong focus on both portfolio quality and profitability.