Motilal Oswal Broker Research reports

AU Small Finance Bank (AUBANK) remains an attractive combination of growth and earnings as the bank navigates through the last leg of stress in the MFI and Cards segments.

In FY25, India’s tea production declined 5% YoY but rebounded in the current season (Jan–Jul’25) with 14% growth, led by Assam and West Bengal. This stabilized prices after a peak in Jun’25.

Tata Steel (TATA) is pursuing an aggressive capacity expansion strategy in India to capitalize on the rising domestic demand.

We interacted with the management of Voltas (VOLT) to understand the current demand trend, the company’s strategy to play festive demand and GST rate cuts, and the segmental performance.

Kotak Mahindra Bank (KMB) has aligned its loan trajectory with a disciplined target of 1.5-2.0x, while consciously improving business granularity by focusing on the retail and SME segments.

Prince Pipes and Fittings (PRINCPIP) hosted an analyst meet on 18th Sep’25, where it highlighted the current demand-supply and pricing scenarios in the PVC pipes industry.

Aditya Birla Capital (ABCL) has steadily evolved into a digitally enabled, customer-focused financial services platform with a diversified presence spanning lending, insurance, and asset management.

The opportunities for the entire Indian capital market ecosystem over the next decade, with a rising financialization trend but low penetration (demat penetration at 15% vs 60%+ in the US), continue to be immense (highlighted in our capital market thematic report).

VRL Logistics’ (VRLL) management implemented a price hike of 8-10% in Jun’24, which was rolled out across customer segments.

India’s total installed power capacity reached ~490GW as of Jul’25, grew at 7.8% CAGR over the past 15 years. Renewable energy (~237 GW, 49% share) has surpassed thermal capacity (~220 GW, 44% share), where RE and thermal grew at 10.9% and 6.5% CAGR, respectively, over the past 15 years.

Bajaj Housing Finance (BHFL) is the fastest-growing and the second-largest HFC in India, with a five-year AUM CAGR of ~29% over FY20-FY25. It had an AUM of INR1.2t as of Jun’25.

UltraTech Cement (UTCEM) has in the recent past strengthened its market presence in the southern region through organic and inorganic expansions. The company’s grey cement capacity mix in the south region has increased to ~27% of total capacity currently from ~16% in FY23.

Ellenbarrie Industrial Gases (ELLEN), with a legacy of over five decades, is among the oldest industrial gas companies in India.

JSW Cement’s (JSWC) 1QFY26 revenue/EBITDA increased ~8%/39% YoY to INR15.6b/INR3.2b. EBITDA/t surged ~29% YoY/45% QoQ to INR975. OPM was up 4.6pp YoY at ~21%.

LTF began FY26 on a stable footing, despite ongoing asset quality challenges in the MFI industry (more residual in nature), unsecured business loans and micro-LAP.

During FY15-25, PHNX’s retail portfolio witnessed an 11% CAGR in consumption, supported by ~7% like-for-like growth in the existing malls and the opening of new malls in Lucknow, Indore, Ahmedabad, Pune, and Bengaluru.

We recently hosted Mr. J.P. Chalasani, Group CEO of Suzlon Energy (SUEL), for an expert session on the wind industry. Mr. Chalasani has reiterated his long-term commitment to SUEL, highlighting that his position as CEO carries no defined sunset clause.

In the FY25 AGM speech, RIL’s chairman, reiterated his ambition to double RIL’s EBITDA by 2027 (vs. 2022 levels), set a timeline of 1HCY26 for the IPO of Jio Platforms (JPL), targeted 20%+ Retail revenue CAGR over the next three years, and unveiled AI and FMCG as the new growth drivers.

SRF is set to benefit from regulatory shifts and evolving global consumption patterns, particularly under the Kigali Amendment. This will be led by its fully backwardintegrated operations, robust supply chains, and strong international presence.

India’s real GDP growth surprised positively as it accelerated to 7.8% YoY in 1QFY26 (highest in five quarters), up from 6.5% in 1QFY25 and well above our expectations of 6.5% (Exhibit 1).