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Following September-quarter earnings, domestic brokerage Motilal Oswal has maintained its ratings on all seven stocks across pharma, building material, retail, oil and gas, real estate, chemicals, healthcare and financial sector including Mahanagar Gas, Glaxo Smith Kline Pharma, V2 Retail, Anant Raj, Power Finance Corporation, Fine Organics and Global Health (Medanta).
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The brokerage's latest assessment reflects a mixed earnings season, with improving business momentum, margin expansion, volume growth and execution visibility supporting select companies, while elevated operating costs, competitive pressures, demand challenges and execution delays remain key concerns for others.
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The brokerage has maintained rating on all the seven stocks but has revised target prices for few.
The strongest return potential is seen in Anant Raj with a 48% upside potential with a target price of Rs 680, followed by V2 Retail with 35%,
In oil and gas segment, the brokerage has maintained its 'Buy' rating on Mahanagar Gas with upto 32% potential upside. The brokerage expect a 9% CAGR in volume over FY26-29, driven by multiple initiatives implemented by the company, such as collaborating with OEMs and transporters to drive conversions of commercial CNG vehicles and providing guaranteed price discounts to new I/C-PNG customers.
In financial segment Power Finance Corporation has a potential of up to 26% from the report's market price, thoug the company reported an operationally weak quarter, with earnings broadly in line but underlying loan growth remaining weak. Asset quality improved, resulting in benign credit costs. However, NIM remained under pressure amid heightenedcompetitive intensity and higher incremental borrowing costs, believes Motilal Oswal.
Global Health (Medanta) delivered a strong Q2 FY27 performance, with revenue/EBITDA/PAT growing 33.6%/60.3%/50.3% YoY, exceeding brokerage's
estimates by 14%/23%/20%with 21%. The brokerage has retained its 'Buy' rating on the stock, implying a potential upside of 26% from the reports cited market price.
Motilal Oswal optimism is premised on three key factors:
- resilient growth across mature and developing hospitals, with improving operating leverage;
- faster-than-expected Noida ramp-up and additional capacity planned across Delhi-NCR, including the new Ghaziabad project; and
- an aggressive expansion pipeline supported largely by internal accruals and existing cash surplus (~Rs 780 crore), limiting balance sheet stress despite significant planned capex.
Despite above estimate earnings, Motilal Oswal has maintains a 'Sell' rating on Fine Organic Industries with a projected downside of 14% for Motilal Oswal.
The brokerage anticipates the chemical stock's performance to be affected by the following three key factors-
- longer-than-expected delays in the commissioning of new capacities forexpansion,
- existing plants operating at close to optimum utilization, with nopotential for debottlenecking, and
- the macroeconomic environment.
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