NDTV Profit's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer NDTV Profit's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Motilal Oswal's review of 30 key companies across the Industrials, defence, and railways universe indicates a broadly positive Q3 FY26, marked by resilient profitability and steady order inflows. The brokerage notes that sector fundamentals remain supported by healthier budgetary allocations for capex and sustained spending in high‑growth categories such as renewables, data centers, and defence, both domestically and internationally.
While government-led capex remains strong, private capex continues to be selective, with activity concentrated in sectors witnessing clear demand visibility. The export environment has improved on the back of recent India–US and India–EU trade agreements, which are expected to support order pipelines for several engineering and defence companies.
Motilal Oswal, however, cautions that sharp commodity price movements need close monitoring, given their potential impact on margins. Companies with proven execution capabilities and margin stability are better positioned to navigate volatility, the brokerage said.
Motilal Oswal reiterated its preference for strong execution-driven large caps, including Larsen and Toubro Ltd., Cummins India Ltd., and Siemens Energy Ltd., while highlighting Kirloskar Oil Engines Ltd. and Kalpataru Projects International Ltd. as key picks in the mid- and small-cap space.
In the defence segment, Bharat Electronics Ltd. remains the brokerage's top pick, backed by a strong order book and long‑term growth visibility.
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