Synopsis : Motilal Oswal has reiterated its bullish stance on six stocks across technology, travel, steel and renewable energy, citing strong earnings visibility, capacity expansion, market-share gains and long-term industry tailwinds.
The brokerage has maintained Buy ratings on Coforge, TBO Tek, JSW Steel and Suzlon Energy, while initiating coverage on Ixigo and Yatra Online with positive recommendations. Based on its target prices, the brokerage sees upside potential of up to 30% from current levels.
Here's a closer look at Motilal Oswal's preferred stock picks and the key growth drivers behind each recommendation.
Motilal Oswal's Top 6 Buy Picks
| Company | Rating | Target Price | Upside Potential |
|---|---|---|---|
| Coforge | Buy | Rs 1,900 | 30% |
| TBO Tek | Buy | Rs 1,765 | 30% |
| Ixigo | Buy | Rs 217 | 24% |
| Yatra Online | Buy | Rs 125 | 21% |
| JSW Steel | Buy | Rs 1,520 | 19% |
| Suzlon Energy | Buy | Rs 65 | 18% |
Coforge: Strong Deal Pipeline Supports Growth Outlook
Motilal Oswal has maintained its Buy rating on Coforge with a target price of Rs 1,900.
The brokerage's confidence stems from management's long-term roadmap presented during its recent analyst day. Coforge aims to nearly double its revenue base and reach approximately $5 billion in revenue by FY30.
According to the brokerage, growth is expected to be driven by larger client engagements, expanding wallet share, continued large-deal wins and selective acquisitions.
Motilal Oswal believes Coforge remains one of the strongest mid-tier IT services players, supported by consistent execution, margin expansion and industry-leading growth.
TBO Tek: Beneficiary of India's Travel Boom
The brokerage has reiterated its Buy rating on TBO Tek with a target price of Rs 1,765.
Motilal Oswal expects TBO Tek to remain a key beneficiary of India's rapidly expanding online travel ecosystem. The brokerage forecasts gross transaction value (GTV) growth at a CAGR of 23% between FY26 and FY28.
Additionally, operating margins are expected to improve steadily, supported by increasing scale and stronger operating leverage.
The brokerage highlighted that rising digital adoption, increasing travel demand and growing online penetration continue to create a favourable environment for online travel intermediaries.
Ixigo: Positioned for Long-Term OTA Growth
Motilal Oswal has initiated coverage on Le Travenues Technology, the operator of Ixigo, with a Buy rating and a target price of Rs 217.
The brokerage expects India's online travel market to continue growing at a healthy pace, supported by rising disposable incomes, increasing internet penetration and growing travel demand across Tier-2 and Tier-3 cities.
It estimates Ixigo's overall GTV growth at a CAGR of 22% between FY26 and FY28.
The company's leadership in train bookings and expanding presence in flight and bus ticketing are expected to support future earnings growth.
Yatra Online: Corporate Travel Opportunity Remains Strong
Motilal Oswal has initiated a Buy rating on Yatra Online with a target price of Rs 125.
The brokerage believes Yatra's earnings growth will be supported by higher-margin segments such as hotels, holiday packages and corporate travel services.
Its growing presence in meetings, incentives, conferences and exhibitions (MICE) is also expected to strengthen profitability.
According to the brokerage, India's travel sector remains in the early stages of a multi-year structural growth cycle, benefiting online travel platforms such as Yatra.
JSW Steel: Expansion Plans Drive Positive Outlook
Motilal Oswal continues to remain positive on JSW Steel and has maintained a Buy rating with a target price of Rs 1,520.
The brokerage highlighted the company's ambitious capacity expansion plans, which aim to increase steelmaking capacity to 50 million tonnes per annum by FY31.
Growth is expected to come from ongoing projects at Dolvi, Kadapa and Utkal, along with a greater contribution from value-added steel products.
Motilal Oswal also expects captive raw-material sourcing, logistics efficiencies and stronger operational integration to support profitability going forward.
Suzlon Energy: Renewable Energy Ambitions Support Growth
The brokerage has reiterated its Buy rating on Suzlon Energy with a target price of Rs 65.
Motilal Oswal remains optimistic about Suzlon's transition into a broader renewable energy platform. The company's long-term strategy includes expanding its renewable energy order book, increasing annual sales, strengthening its solar and battery storage presence, and maintaining leadership in the domestic wind market.
The brokerage believes Suzlon remains one of the strongest investment opportunities in India's wind energy space due to its market position, execution track record and improving balance sheet.
What Investors Should Watch
While Motilal Oswal remains positive on all six companies, execution will remain the key factor determining future returns.
For technology stocks such as Coforge, deal wins and client spending trends will be critical. In travel-related businesses, sustaining transaction growth and improving margins will remain important.
Meanwhile, capacity expansion at JSW Steel and execution of Suzlon's renewable energy roadmap will be closely monitored by investors.
Conclusion
Motilal Oswal's latest high-conviction stock picks span multiple sectors but share a common theme—strong growth visibility supported by identifiable business catalysts. Whether through digital transformation, travel demand, industrial expansion or renewable energy adoption, the brokerage believes these companies are well-positioned to deliver sustained earnings growth over the coming years.
Disclaimer : The stock recommendations, target prices and ratings mentioned above are based on brokerage research reports and are intended for informational purposes only. They do not constitute investment advice or a recommendation to buy or sell any security. Investors should conduct their own research and consult a SEBI-registered investment advisor before making investment decisions.
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