Motilal Oswal Broker Research reports

We initiated coverage on Jindal Stainless (JSL) on 13th May’25 at a price of INR610 for a target price of INR770. The stock has gained 20% after our report in one month and we believe there is further steam left.

Over the past 10 years, GALSURF has demonstrated its ability to scale profitably while navigating cyclical and regional challenges.

UTI AMC’s fund performance over the past five months has improved considerably, with an average of ~70% equity AUM appearing in Q1 and Q2 on a one-year return basis in May’25 vs an average of 25% in the preceding 12 months.

PGHH’s strategic pillars that drive growth in the Personal and Healthcare categories are intact. The company holds a dominant ~50% market share in both the Feminine Hygiene and Healthcare categories.

TCOM has deferred its ambition of doubling data revenue to INR280b by one year to FY28, which implies a 3-yr CAGR of ~13% (vs. ~19% CAGR target over FY23-27 earlier).

Home First Finance (HomeFirst), in its FY25 Annual Report, highlighted its digital-first approach to making home ownership more accessible by offering innovative housing finance solutions and leveraging technology to streamline processes.

We attended Tata Motors’ (TTMT) analyst meet for India business. TTMT expects CV industry volumes to grow at a slower CAGR of 3-5% over the next five years relative to average freight demand CAGR of 5-7% due to the impact of dedicated freight corridors (DFCs).

Tata Consumer Products’ (TATACONS) FY25 annual report highlights the management’s strategic efforts to reinforce its foundation by broadening distribution reach and market presence, driving growth through portfolio expansion, pursuing new opportunities, and prioritizing innovation.

We initiate coverage on Time Technoplast (TIME) with a BUY rating and a target price of INR578 (41% upside potential), based on 22x FY27E P/E (close to sector average).

Valuations inexpensive: Over the last eight months, MAHGL’s share price has corrected ~30%, with the stock now trading at 11x FY27E P/E.