Motilal Oswal recommends 5 'Buy' stocks with up to 34% upside potential

Motilal Oswal recommends buying ICICI Bank, Suzlon, Kaynes Technologies, and two other stocks with potential upside of up to 34%. The brokerage house expects significant growth in these stocks due to factors such as the Ministry of New and Renewable Energy amendment mandating use of domestic wind turbine components and the bank's investment in technology.

Motilal Oswal, a leading domestic brokerage house, has recommended five stocks with significant upside potential, ranging from 11% to 34%. The brokerage house expects these stocks to perform well due to various factors, including regulatory changes and the banks' investment in technology.

ICICI Bank

Motilal Oswal recommends buying ICICI Bank with a target price of Rs 1,650 per share, implying an 11% upside from current levels [1]. The brokerage house praises the bank's resilience and consistent performance, despite sectoral challenges. ICICI Bank has been able to deliver stellar results, beating street expectations, and maintaining a contingency provisioning buffer of 1% of loans. The bank's investment in technology has resulted in consistent productivity gains and steady improvement in cost ratios. The continued improvement in asset mix and limited NIM compression support the buy call.

Suzlon Energy

Motilal Oswal has a Buy recommendation on Suzlon Energy with a target price of Rs 82 per share, implying an upside of as much as 34% [1]. The brokerage house expects this optimism due to the Ministry of New and Renewable Energy's amendment mandating the use of major wind turbine components from the Approved List of Models and Manufacturers (Wind). This amendment also includes mandatorily locating the Wind Turbine R&D Centre, Data Centre, and/or Servers within India to strengthen the cybersecurity ecosystem. Suzlon, being a market leader with domestic manufacturing across all major components, is well positioned to gain market share under the new framework.

Kaynes Technologies

Another big Buy recommendation by Motilal Oswal is Kaynes Technologies, with a target price of Rs 7,300 per share, implying an 18% upside from current levels [1]. The brokerage house highlighted that Kaynes exhibited a robust operating performance in Q1FY26 with a robust order book of Rs 7,400 crore as of June 2025. The company is likely to sustain strong revenue growth momentum going forward. Moreover, the company appears well-positioned to sustain growth and profitability going ahead on the back of improving operating leverage.

Time Technoplast

Motilal Oswal has a Buy rating on Time Technoplast with a target price of Rs 578 per share, implying a 24% upside from current levels [1]. The brokerage house expects moderate but stable growth in Established Products (12% revenue CAGR) and strong anticipated performance in VAP (20% revenue CAGR, 18%+ EBITDA margin). Despite an annual capex of Rs 170 crore, the company’s pre-tax RoCE/RoIC is expected to expand from 18.2% each in FY25 to 23%/26% in FY28.

LT Foods

LT Foods also gets a Buy recommendation from Motilal Oswal with a target price of Rs 600 per share, implying an upside of as much as 23% from current levels [1]. The brokerage house expects LT Foods to continue showcasing growth in both India and international markets, backed by India's leading position in the global basmati market, the continued shift from unorganised to organised players in the domestic market, margin expansion, and new plant and partnerships with top four retail chains in the UK.

References:

[1] https://www.financialexpress.com/market/5-buy-recommendations-by-motilal-oswal-with-as-much-as-34-upside-suzlon-kaynes-icici-bank-lt-foods-time-technoplast-3935523/
[2] https://m.economictimes.com/industry/renewables/govt-makes-use-of-major-wind-turbine-components-from-rlmm-mandatory/articleshow/123025113.cms
[3] https://economictimes.indiatimes.com/industry/renewables/indias-new-wind-turbine-norms-mandate-local-sourcing-data-control/articleshow/123034549.cms