Motilal Oswal Broker Research reports

IGL's stock has corrected ~10% over the last four months, primarily on elevated input gas costs (Brent at USD93/bbl in 1HFY27'TD vs FY26: USD69/bbl) and INR depreciation (INR95/USD in 1HFY27'TD vs FY26: INR88.4/USD), which contracted margins.

We met the CFO of Titan Company (TTAN), Mr. Ashok Sonthalia, to discuss industry trends, demand outlook, competitive intensity, and the company’s growth and margin trajectory.

Mr. O. P. Bhatt has resigned as Non-Executive Independent Director and Chairman with immediate effect. The resignation follows observations from an internal audit of the Board Evaluation Exercise, which highlighted gaps in the evaluation process and disclosure of certain material information, including aspects related to the Chairman's performance.

Since its listing (Nov’25), Lenskart’s share price has risen ~70%. We note that the strong performance has largely been driven by strong earnings momentum, leading to consistent upgrades in consensus estimates (FY28 PAT up by ~30%) and roll-forward, rather than multiple re-rating (~8.5%).

Adani Airport Holdings (AAHL), a subsidiary of Adani Enterprises (AEL), has entered into a share subscription agreement and a shareholders’ agreement to raise equity capital of INR98b (USD1b) from a consortium of investors, comprising Alpha Wave Global, Premji Invest, Temasek and BlackRockmanaged funds.

Cholamandalam’s (CIFC) core vehicle-finance franchise continues to provide scale, but the next phase of growth is increasingly being supported by mortgage, consumer finance, MSME and gold loans.

We attended the analyst meet hosted by the management team of HDFC AMC on 8th Sep’26. Discussions were focused on the structural growth opportunity in mutual funds and the company’s multiple levers to sustain growth.

All-India major port volumes increased 8.9% YoY in July’26 and 6.8% in FY27’YTD, led by strong POL (+10%) and coal (+17%) growth, while container volumes remained flat YoY.

V2 Retail is a pure-play, offline-first value fashion retailer focused on India’s tier-2/3 markets, catering to aspirational yet price-sensitive households.

Brigade Enterprises (BRGD) has a launch pipeline of ~9.4msf in FY27 (GDV ~INR100-110b). Of this, it recently launched ~2msf in Hyderabad, with a GDV of INR27b (ahead of schedule) and ~0.5msf in Mysuru, with a GDV of INR3b.

At Hindustan Unilever's (HUL) analyst meet, management presented its "Winning in New India" (WINI) strategy, positioning the portfolio to address fast changing consumer preferences (particularly among the youth).

We see a potential upside to the sector’s ~86GW thermal capacity addition requirement, supported by stronger-than-expected power demand growth – base case now at ~6% vs. ~5% earlier.

The Delhi High Court has directed the appointment of a forensic auditor to examine certain historical transactions involving Fortis Healthcare (FORH), including the dissipation of the erstwhile promoters’ stake.

Physicswallah (PW) is among India's largest education platforms, built on what we believe is one of the most capital-efficient business models in Indian EdTech.

We visited the new transformer plant of CG Power in Sehore, Madhya Pradesh, which has a manufacturing capacity of 45,000 MVA. With the commissioning of this greenfield capacity, CG Power’s transformer manufacturing capacity has increased to 120,000 MVA.

Aditya Birla Group has formally launched its cables and wires (C&W) business under the brand ‘Ultravolt’, housed under UTCEM with an initial Investment of INR18b.

Godrej Consumer Products (GCPL) held a business update call, where new CEO Mr. Aasif Malbari outlined the company’s roadmap for its next phase of growth.

We initiate coverage on Adani Power Limited (APL) with a BUY rating and TP of INR250/sh. We like APL for ambitious growth plans (capacity up 2.3x to 42GW by FY32), solid execution track record demonstrated by acquisition and turnaround of multiple distressed plants.

Our recent interaction with Siemens Energy (ENRIN) suggests that ordering is gradually ramping up in the transmission sector, and long-term demand from grid strengthening, grid flexibilization and data center remains strong.

SBI Funds Management (SBIFUNDS) is India’s leading asset manager with a total QAAUM of INR29.1t as of Jun’26, including INR12.6t of MF QAAUM, INR16.5t of PMS/advisory QAAUM, and INR68b of AIF AUM.