Motilal Oswal has listed ten Indian companies it believes will deliver steady earnings growth in 2026. Here’s a plain‑English rundown of each pick, the price target and why they could be worth a look.
Why 2026 Could Be a Calm Growth Year
The market ended 2025 up almost 10% despite global trade worries and some foreign investor selling. The broker expects corporate earnings to bounce back to about 9% in FY26 and rise to 15% in the next two years, helped by stable policies, lower RBI rates and more private investment.
Motilal Oswal’s 10 Stock Ideas for 2026
Bharti Airtel (Target: ₹2,365, Upside ~12%)
Airtel is growing its mobile and digital infrastructure business. Higher average revenue per user, more broadband customers and efficient spending on 5G are boosting cash flow.
State Bank of India (Target: ₹1,100, Upside ~14%)
SBI’s broad banking franchise, solid balance sheet and improving loan quality make it a favourite. Credit growth is about 13% YoY, with loan growth expected at 12‑14% and net interest margins above 3%.
HCL Technologies (Target: ₹2,150, Upside ~29%)
HCL is seeing early gains from AI‑driven services, now making up around 3% of revenue. Strong free cash flow and a diversified portfolio support its growth outlook.
Eternal (Target: ₹410, Upside ~46%)
The parent of Zomato is moving to an inventory‑based model, which improves revenue recognition and margins. Its quick‑commerce arm Blinkit is scaling quickly.
TVS Motor (Target: ₹4,159, Upside ~14%)
TVS benefits from strong festive demand, GST‑driven recovery and a growing share in two‑wheelers and electric bikes. Export sales in Africa and Latin America remain solid.
Max Financial Services (Target: ₹2,100, Upside ~26%)
Max is growing its insurance and annuity business across both its own and bancassurance channels. Margins on new business are expected to reach about 25‑27% over the next three years.
Biocon (Target: ₹460, Upside ~16%)
Biocon’s purchase of Viatris’ biosimilar unit adds a global footprint. The company expects higher sales from biologics, generics and its contract‑manufacturing arm.
JK Cement (Target: ₹7,000, Upside ~23%)
JK Cement is keeping volumes strong despite price pressure. New plants and a shift to green energy (aiming for 75% renewable by FY30) should lift margins.
Poonawalla Fincorp (Target: ₹600, Upside ~27%)
The lender is building a digital, multi‑product platform. Fast growth in personal, gold and education loans is driving asset‑under‑management growth of about 50% per year.
Privi Speciality Chemicals (Target: ₹3,960, Upside ~21%)
Privi is set to benefit from the global aroma chemicals market, which is expected to hit $9.2 billion by 2030. Capacity expansion and a merger with Privi Fine Sciences will add high‑margin bio‑based products.
Bottom Line
Motilal Oswal’s list focuses on companies with clear earnings visibility and reasonable valuations. While no stock is guaranteed to rise, these picks aim to deliver steady growth rather than speculative spikes.
Disclaimer
These views are those of the analysts at Motilal Oswal and not a recommendation from us. Always do your own research or talk to a qualified advisor before investing.