Motilal Oswal Broker Research reports

Bharat Dynamics (BDL) is a prominent player in missile technology within the defense sector and has established itself as a leading integrator for various missile platforms.

JK Cement’s (JKCE) stock performance has played out broadly in line with our expectations, reflecting its strong track record of consistent operational delivery and disciplined execution.

Delhivery is India’s leading 3PL logistics player, catering to a wide network of ~19,000 pincodes. Its service offerings include express parcels, part truck load (PTL), supply chain services, and others.

LODHA’s presales are expected to clock a 20% CAGR, led by healthy collections and a comfortable debt level of 0.2x as of 4QFY25 end.

We interacted with the management of PN Gadgil (PNG) to discuss the industry outlook, growth prospects for its business, profitability outlook, and other focus areas.

Siemens Energy India (ENRIN) reported 2QFY25/1HFY25 financials, which were better than our estimates. The comparable numbers for the previous period are not available.

In FY25, EBITDA grew ~7% YoY to INR28.3b, driven by growth in Chemicals (up 5%) and Performance Films & Foils (PFF) (up 45%), while Technical Textiles (TTB) saw a decline (down ~8%).

We upgrade PLNG to Buy with a DCF-based TP of INR410/sh. According to our DCF analysis (WACC: 11.2%), at CMP, PLNG is pricing in an unrealistic scenario of a 20% decline in tariff at both the Dahej and Kochi terminals in FY28.

In FY25, JSWINFRA handled 117MMT of cargo (up 9% YoY), supported by higher volumes at terminals in Mangalore, Ennore, and Paradip, along with the commencement of interim operations at JNPA and Tuticorin.

We initiate coverage on INOX Wind Limited (IWL) with a BUY rating and a TP of INR210/share, implying 21% upside. IWL is a leading vertically integrated player in India’s wind energy sector, delivering end-to-end solutions from conception and commissioning to O&M of wind power projects.

We attended the plant visit event organized by ACEM at its Marwar Mundwa plant in Rajasthan, where we interacted with the senior management team, followed by a tour of the plant.

The proposal to demerge the pharmacy business—including offline pharmacy, online and telehealth operations, and Kiemed—into NewCo bodes well for longterm value creation across both the healthcare services (hospital/clinics business) and pharmacy businesses.

Multiple projects being commissioned contribute to building a strong execution track record: ACME Solar Holdings (Acme)’s operational capacity currently stands at 2.9GW vs. only 1.3GW at the time of IPO.

Paytm’s business metrics continue to see a gradual recovery, led by healthy momentum in merchant business, while disbursement volumes and GMV are also growing at a steady rate.

Torrent Pharma (TRP) is set to acquire a controlling stake in JB Chemicals and Pharmaceuticals (JBCP). The deal is at an equity valuation of INR256b (on a fully diluted basis).

We interacted with Power Finance Corporation (PFC) to understand the company’s revised growth outlook, evolving sector dynamics and asset quality trends.

Federal Bank (FB) has demonstrated strong business growth and is rebalancing its portfolio toward medium- and high-yielding segments like LAP, used CVs, gold loans, and credit cards to drive profitability.

We recently interacted with COFORGE’s CFO to understand the company’s growth outlook, execution strategy, and margin trajectory.

AACL’s management remains cautiously optimistic, leveraging strong domestic leadership and expanded capacities (DEK, DMA) to drive scalable growth.

We interacted with the senior management team of Piramal Enterprises (PIEL), represented by Mr. Jairam Sridharan, CEO of Retail Lending and MD of Piramal Finance, to gain insights into the company's future growth plans and other strategic developments.