Motilal Oswal Broker Research reports

Multiple projects being commissioned contribute to building a strong execution track record: ACME Solar Holdings (Acme)’s operational capacity currently stands at 2.9GW vs. only 1.3GW at the time of IPO.

Paytm’s business metrics continue to see a gradual recovery, led by healthy momentum in merchant business, while disbursement volumes and GMV are also growing at a steady rate.

Torrent Pharma (TRP) is set to acquire a controlling stake in JB Chemicals and Pharmaceuticals (JBCP). The deal is at an equity valuation of INR256b (on a fully diluted basis).

We interacted with Power Finance Corporation (PFC) to understand the company’s revised growth outlook, evolving sector dynamics and asset quality trends.

Federal Bank (FB) has demonstrated strong business growth and is rebalancing its portfolio toward medium- and high-yielding segments like LAP, used CVs, gold loans, and credit cards to drive profitability.

We recently interacted with COFORGE’s CFO to understand the company’s growth outlook, execution strategy, and margin trajectory.

AACL’s management remains cautiously optimistic, leveraging strong domestic leadership and expanded capacities (DEK, DMA) to drive scalable growth.

We interacted with the senior management team of Piramal Enterprises (PIEL), represented by Mr. Jairam Sridharan, CEO of Retail Lending and MD of Piramal Finance, to gain insights into the company's future growth plans and other strategic developments.

Aditya Birla Lifestyle Brands (ABLBL) will be listed on 23rd Jun’25. ABLBL was demerged from Aditya Birla Fashion and Retail (ABFRL) in May’25 and comprises four industry-leading lifestyle brands (Louis Philippe, Van Heusen, Allen Solly and Peter England) and emerging brands such as Van Heusen Innerwear, Reebok and American Eagle.

LT’s annual report of 2025 highlighted its consistent focus on diversifying revenue streams, exploring new opportunities and enhancing return profile.

Gravita India Ltd (Gravita), a prominent leader in India's recycling industry, is wellplaced to leverage strong industry growth and rising momentum through its global and pan-India operations, supported by a comprehensive procurement network.

Siemens Energy India Limited will get listed on 19th Jun’25. This business was demerged from Siemens Ltd in April’25 and focuses on Transmission and Distribution (T&D) as well as small-sized turbines.

Despite robust growth over the past few years (6.5x revenue growth over FY19-25), management indicated that Trent’s share in India’s fashion and lifestyle retail industry remains in low-single digits.

The key highlights of ACEM’s FY25 annual report, the company’s consolidated cement capacity has risen to 100.3mtpa currently from 76.9mtpa in FY24-end, primarily led by inorganic growth.

CCRI holds a dominant position with a ~58% market share at JNPT and a 56% pan-India share as of Mar’25, complemented by a significant presence at Mundra (37.7%) and Pipavav (48.4%) ports.

HZL’s Board has approved a growth capex of ~INR120b (funded through internal accruals and debt) to expand the zinc smelting capacity by 250ktpa at Debari, along with a mines capacity expansion of 330ktpa (Rajpura Dariba - 2.5ktpa and Zawar - 0.8ktpa).

We had upgraded BSE to BUY from Neutral in our thematic report titled “Indian Capital Market: A golden era!” published in Dec’24. We followed up in Jan’25 with BSE as one of our top ideas for 2025.

We interacted with the management of Voltas (VOLT) to gain insights into the current demand trends, the company’s strategy amid challenging conditions, and segmental performance.

We attended Tata Motors’ (TTMT) virtual analyst meet for its JLR business. JLR continues to face several headwinds, such as tariff wars and resultant USD depreciation vs. GBP, uncertainty over EV transition, challenging market conditions in China, and rising warranty costs.

Zee’s Board of Directors has approved the issuance of up to 169.5m fully convertible warrants to promoter group entities on a preferential basis at INR132 per warrant (~2.6% premium to the SEBI floor price).