Motilal Oswal Broker Research reports

Godrej Consumer (GCPL)’s FY25 strategy focused on expanding the existing categories by innovating products across various sizes and price points while broadening distribution to enhance consumer reach, streamlining operations through radical simplification by reducing SKUs, personnel, and processes.

We recently upgraded PLNG to BUY (Tide is turning, slowly) on inexpensive valuations and strong upcoming capacity growth.

Star Health (STARHEAL) has reported lower growth than its SAHI peers, which has led to market share loss for the company in the health segment to 11.4% (YTDFY26) vs. 15.7% in FY21.

HDB Financial Services (HDB) is the seventh-largest diversified, retail-focused NBFC in India with an AUM of ~INR1.1t as of Jun’25.

JSWINFRA’s strategy of augmenting capacity, modernizing infrastructure, and pursuing selective acquisitions is well aligned with India’s long-term port sector growth ambitions, as the government targets a fourfold expansion of capacity to 10,000MTPA by FY47 from the current ~2,700MTPA.

Vodafone Idea’s (Vi) reported EBITDA declined 1% QoQ (vs.3%/5% QoQ for Bharti India Wireless/RJio), ~1% above our estimates, as lower network opex (+1% QoQ) was offset by higher SG&A costs (+8% QoQ).

We reiterate our Neutral stance on NTPC with a TP of INR380. After a 17% correction in the share price over the last 12M, valuations at 11x FY27 P/E appear relatively reasonable, even as the long-term project pipeline continues to build up, supported by an expanding footprint in nuclear, PSP, renewables, and green chemicals.

IOCL’s EBITDA/PAT came in 16%/20% below our estimates in 1QFY26, impacted by higher-than-anticipated refining inventory loss (USD4.8/bbl).

Amara Raja’s (ARENM) 1QFY26 PAT at INR1.9b was below our estimate of INR2.1b due to lower-than-expected other income. Margins remained under pressure at 11.5% due to higher non-lead alloy costs and higher power costs.

Revenue stood in line with our estimate at INR67.4b, rising 25% YoY but declining 4% QoQ. Muted volumes QoQ were offset by healthy NSR.