Motilal Oswal Broker Research reports

In Dec’25, Adani Ports & SEZ (APSEZ) completed the acquisition of the North Queensland Export Terminal (NQXT), Australia. NQXT has a contracted volume of 40mmt under a take-or-pay agreement, providing a sustainable cash flow from the port.

Devyani International (DIL) and Sapphire Foods India (SAPPHIRE) have approved a scheme of arrangement for the merger of SAPPHIRE into DIL. The transaction consolidates Yum! Brands’ India operations under a single listed entity.

Billionbrains Garage Ventures (GROWW) has scaled rapidly to emerge as the largest retail broking platform (on the NSE Active clients basis) within almost four years of its launch.

The government in its recent notification has increased taxes on cigarettes, effective from 1st Feb’26. New rates will increase the taxes on cigarettes by ~50% (assuming NCCD continues).

Kotak Mahindra Bank (KMB) continues to align its balance sheet expansion with a disciplined growth framework of ~1.5-2.0x nominal GDP while steadily improving business granularity through retail and SME-led growth.

Zydus Wellness is a diversified health and nutrition company (~INR40bn revenue) with leadership in several consumer wellness categories. The company’s core portfolio consists of sugar substitutes (Sugar Free), glucose powders (Glucon-D), skincare (Everyuth), functional foods (Nutralite), prickly-heat powder (Nycil), and nutritional beverages (Complan).

KFintech remains a dominant, cash-generative market infrastructure platform with leadership across domestic MF investor solutions and issuer services, underpinned by deep AMC relationships (~54% of AMCs; ~32% industry AAUM), strong annuity visibility and consistently high mandate win rates.

Shriram Finance (SHFL) hosted an investor call on 30th Dec’25 to provide further clarity and address investor queries regarding the proposed preferential allotment of a ~20% equity stake to MUFG Bank for an aggregate consideration of USD4.4b.

We remain constructive on VA Tech Wabag’s (VATW) prospects on the back of regular order inflows and a robust book-to-bill ratio of ~4.6x. In Dec’25, VATW secured a large repeat order worth up to ~INR7b from Saudi Water Authority for a technologically advanced 50 MLD BWRO Plant at Aljouf, Saudi Arabia, and was also declared the preferred bidder by the Saudi Water Partnership Company (SWPC) for the Hadda Independent Sewage Treatment Plant (ISTP) Project.

With basic needs in rural India being fulfilled through government initiatives, such as free food schemes and cash handouts for women, disposable incomes have risen, driving growth in aspirational spends that benefits value fashion retailers.

AJP is implementing multiple strategic initiatives across focus branded generics markets of India, Asia, and Africa to sustain robust industry outperformance.

We met Apollo Tyres’ (APTY) management to understand the outlook for its key segments. Demand in India across most key segments remained healthy in 3Q, both in replacement and OEM.

Coforge announced the acquisition of Encora, a US-based engineering and AI-led services firm with revenue of ~USD500m, adding ~26% to Coforge’s FY26E revenue base.

Midwest Ltd. (MIDWESTL) is India’s largest producer and exporter of premium Black Galaxy Granite. It holds over 60% of India’s export market share and is a leading player in Absolute Black Granite.

Brigade Enterprises (BRGD) posted a 30% CAGR in presales over FY21-25 and is expected to deliver 19% growth during FY25-28, guided by its strong launch pipeline and a scale-up in Hyderabad and Chennai.

On 22nd Dec’25, an agency named Cobrapost released an investigative report alleging large-scale related-party transactions, cash handling irregularities, governance lapses, and regulatory non-compliance at CIFC.

We met with the management of Hero MotoCorp (HMCL) to discuss the demand trends in the domestic 2W market and the company’s plan to capitalize on the same. Demand for 2Ws has picked up well post-GST rate cuts, and it is expected to be sustained, according to the management.

FSN E-Commerce Ventures (Nykaa) is a leading specialty platform for beauty and personal care (BPC) products, bringing brands, consumers and discovery together in one focused ecosystem.

The Adani group has announced the simplification of its group structure and decided to consolidate the cement business under one entity. Currently, ACEM holds a 50.05% stake in ACC and 72.66% in Orient Cement.

Kajaria Ceramics (KJC) in an exchange filing disclosed a financial fraud conducted by Mr. Dilip Maliwal, CFO of Kerovit Global, a wholly-owned subsidiary of Kajaria Bathware and a step-down subsidiary of KJC.