Motilal Oswal Broker Research reports

Nestle India (Nestle) has seen a strong recovery in FY26, with revenue growth of 15% YoY, supported by a rebound in volume growth (+11% in FY26 vs. broadly flat volumes in FY25).

Tata Capital (TCL) is among India’s leading diversified NBFCs, with an AUM of INR2.77t as of Mar’26. The company has delivered a robust ~29% AUM CAGR (excluding Motor Finance) over FY23-26, reflecting the strength of its franchise, diversified business model, and consistent execution.

Astral’s (ASTRA) Board has approved the business restructuring plan to consolidate its Plumbing and Chemical businesses into separate entities.

Persistent Systems announced two strategic developments: the acquisition of Nagarro for an enterprise value of €1.27b, and a new USD650m+ services contract over 6.5 years with an existing US-based technology customer.

Retail health insurance – the fastest-growing non-life insurance segment (FY20-25 CAGR of 18%), has witnessed stellar growth of ~30% in 2HFY26, supported by rising healthcare inflation, improving awareness, increasing middle-class penetration and GST exemption.

APL Apollo Tubes (APAT), a pioneer and market leader in India’s structural steel tubes industry with ~55-60% market share and a manufacturing capacity of 5 million metric tons (MMT) per annum across more than 11 plants, is currently facing demand headwinds.

FY26 was characterized by a volatile and uncertain global environment, with the geopolitical tensions in the Middle East disrupting trade flows and supply chains.

We attended the TMCV’s annual investor day wherein management outlined a roadmap for becoming a globally diversified, technology-led CV company, underpinned by profitable growth, market leadership and capital discipline.

15% volume CAGR (half of the same achieved in FY21-26) that will drive a 5-6% rise in market share to 20%, structural cost reduction, with an aim to reduce costs by 5-6%.

The key message from Trent’s Chairman at the FY26 AGM was that the company remains in the early stages of its growth journey, with an estimated share of modest ~2% in India’s fashion and lifestyle retail market.

Telco is turning around—two deals are ramping up on staggered timelines, which should help the vertical transition from a multi-year drag to a neutral-to-positive contributor.

Waaree Energies (WEL) remains well-positioned to benefit from the structural transformation that is underway in India’s solar ecosystem, supported by strong demand visibility.

Five-Star appears to be transitioning from a year of portfolio stabilization toward a more balanced growth phase, underpinned by improving collection trends, moderation in fresh stress formation, recovery in disbursement momentum, and strengthening business activity across its core markets.

We expect BFSI to be the strongest vertical and could lead growth in FY27E, followed by healthcare and hitech, although SaaS remains relatively softer, AI and license revenue, coupled with Sasva and iAura, continue to provide PSYS with a competitive edge over the market for now.

Hindustan Unilever’s (HUVR) FY26 annual report highlights its key focus on portfolio transformation, driven by increased innovation across high-growth segments and strengthening omnichannel capabilities.

Delhivery’s Express segment recorded a robust 73% YoY volume growth in 4QFY26 (including the Ecom Express acquisition), despite a challenging operating environment arising from the West Asia crisis and the typical moderation witnessed post the festive-led 3Q season.

Niva Bupa (Niva) maintains its position as one of the fastest-growing retail health players, with growth trajectory improving from FY22-25 GWP CAGR of 27% to 35% YoY in FY26 (excluding 1/n) and market share of 10.1%.

Retail demand improved sequentially in 1QFY27, with SSSG recovering gradually, albeit remaining negative. Management expects FY27 revenue growth to return to single digits, supported by improving footfalls and consumer sentiment.

We attended JLR’s Annual Investor Day held online today, where management outlined its FY27 guidance, including: GBP26b in revenue, implying a 13% YoY growth, an EBIT margin of 4%, rising 400bp YoY, OCF break-even vs a GBP2.3b loss in FY26.

We attended Coforge's Analyst Day, where discussions were centered on the company's medium-term growth aspirations, margin outlook following the Encora acquisition, evolving commercial models and the role of AI across its key verticals.