Motilal Oswal Broker Research reports

We recently hosted Westlife Foodworld’s (WESTLIFE) management at our Ideation Conference to gain insights into the company's current business environment and future plans.

We met with Havells’ (HAVL) management to gain insights into industry trends and the outlook for key business segments. The management remains optimistic about growth prospects across core categories, supported by margin improvement initiatives.

Five Star Business Finance (FIVESTAR) had calibrated its AUM growth in light of the macroeconomic environment, the overleveraging of certain customers with unsecured loans, and regulatory expectations.

HDFC AMC is India's third-largest mutual fund house with QAAUM of INR7.9t. It holds an overall market share of 11.5% and a 12.8% share in actively managed equity QAAUM, underpinned by strong brand reputation, consistent fund performance, and an extensive distribution network.

Brigade Enterprises (BRGD) posted a 36% CAGR in presales over FY20-24 and is expected to deliver more than 24% growth during FY25-27, guided by its strong launch pipeline and scale-up in Hyderabad and Chennai.

We met with the management of Marico (MRCO) to discuss industry trends, the company’s growth across verticals, and its long-term strategies. MRCO is focused on achieving steady double-digit growth, driven by the gradually improving trajectory in its core categories, rapid scaling of new-age businesses, and stable growth in international markets.

We initiate coverage on Suzlon Energy (SUEL) with a BUY rating and a target price of INR70/share, implying 21% upside. SUEL is a global leader in wind energy with an installed capacity of ~20.9GW across 17 countries.

CY24 was a transformative year for Varun Beverages Limited (VBL), marked by strong growth, global expansion, and unwavering sustainability commitments.

We attended DLF’s Analyst Day, which included visits to several projects followed by a meeting with management.

We met with Hyundai's (HMI) management to understand the current industry landscape and the company’s strategic direction. The overall demand environment remains muted, with the PV segment expected to grow modestly at 1-4% in FY26E.