Motilal Oswal Buy Calls: 4 Picks With 24% Upside

Market setup: risk-on mood and Nifty above 24,200

Indian equities were described as being in a broader rally, helped by global risk-on sentiment, with the Nifty crossing 24,200. Against that backdrop, multiple brokerage notes pointed to improving earnings visibility and identifiable medium-term triggers. The stock calls clustered around insurance, asset management, NBFCs, autos, and real estate, with an explicit reference to Q4 earnings momentum. Motilal Oswal’s report stood out for a “quartet” of Buy calls, each linked to specific growth or business mix factors. Separately, other brokerages including Axis Securities, Emkay and Goldman Sachs were also mentioned as issuing Buy calls on NSE and BSE stocks.

Motilal Oswal’s “high-conviction” financials cluster

Motilal Oswal’s core set of Buy calls focused on financial services themes that have been active across the market: insurance product mix improvement, mutual fund participation growth, and a retail-focused NBFC turnaround. The note framed the calls as medium-term ideas with identifiable execution paths. It also highlighted expected multi-year growth rates for key operating metrics where available.

The four Buys included ICICI Prudential AMC, ICICI Prudential Life Insurance, Indostar Capital Finance, and LT Foods. Three of these were explicitly framed as part of the financials cluster, while LT Foods was described as a separate long-term Buy call driven by consumption demand. The report also singled out Indostar Capital Finance as the standout high-conviction call among the day’s recommendations.

ICICI Prudential AMC: growth thesis anchored to industry structure

On ICICI Prudential AMC, Motilal Oswal’s Buy call carried a target price of ₹3,850, implying around 15% upside. The brokerage argued that the structural growth of the mutual fund industry remains intact even if near-term equity flows remain volatile. The note highlighted diversified products, strong distribution, and investor stickiness as key supports for the franchise.

Motilal Oswal shared expected CAGRs over FY26-28 for AUM, revenue and PAT at 17%, 15% and 16%, respectively. The way the thesis is framed suggests the brokerage is looking through near-term market volatility and focusing on sustained participation and product breadth. The emphasis on distribution strength and stickiness indicates confidence in the ability to retain clients and grow wallet share.

ICICI Prudential Life: product mix shift and margins in focus

ICICI Prudential Life Insurance received a Buy call with a target price of ₹650, implying around 19% upside. The report linked the call to an ongoing shift towards retail protection and a better product mix that is already lifting VNB margins year-on-year. A potential GST exemption on non-linked products was also cited as a driver that could support higher volumes.

The note’s central point was that product mix changes are translating into margin improvement, which matters in life insurance because profitability is tightly linked to mix and cost discipline. The mention of a policy-related catalyst indicates the brokerage is also monitoring regulatory and tax developments that could influence demand.

Indostar Capital Finance: a retail-led NBFC turnaround

Indostar Capital Finance was given a Buy rating with a target price of ₹270 and an implied upside of around 24%, the highest among Motilal Oswal’s four calls. The brokerage described the company as having moved to a cleaner retail-led model after a multi-year transition. It highlighted a cleaner portfolio, improved funding, and operating efficiency as the building blocks for the next phase of growth.

Motilal Oswal expects an AUM CAGR of 23% and a PPOP CAGR of 36% through FY28. The report positioned this as the clearest “turnaround winner” in the day’s notes, suggesting that the thesis hinges on the transition being largely complete and scalability improving. For investors, the implied message is that the brokerage sees improving operating leverage and a more predictable earnings path as the portfolio mix shifts.

LT Foods: a separate long-term Buy on consumption demand

Motilal Oswal also issued a long-term Buy call on LT Foods, with a target price of ₹500 from ₹410, implying 22% upside. The report linked the view to steady consumption demand. While the rest of the quartet leaned heavily into financial services, LT Foods was presented as a consumption-linked opportunity.

Other broker calls and broader top-picks list

Beyond Motilal Oswal’s four Buys, the provided material also listed a broader set of stock recommendations with target prices and upside estimates. The summary included Lodha Developers (target ₹1,880, 58% upside) and Mahanagar Gas or MGL (target ₹1,645, 54% upside). It also listed Eternal (target ₹410, 46% upside), Tata Consultancy Services or TCS (target ₹4,400, 36% upside), HCL Technologies (target ₹2,200, 32% upside), and GAIL (India) (target ₹215, 23% upside).

In financials, Poonawalla Fincorp appeared in the list with a target price of ₹600 and upside ranging from 26% to 27% across the excerpts. State Bank of India (SBI) was shown with a target price of ₹1,100 and 14% upside. Bharti Airtel was also referenced with a target price of ₹2,365 and 14% upside potential.

Snapshot table: Motilal Oswal’s four Buy calls

Broader recommendations: selected targets and upside

Financial datapoints cited: Nuvama Wealth’s Q2FY26 print

The material also included specific quarterly numbers for Nuvama Wealth. In Q2FY26, operating revenue was reported at ₹770 crore, up 4% year-on-year. PAT was stated at ₹250 crore, described as flattish year-on-year but 9% above estimates, helped by cost control. The note said management maintained PAT growth guidance of 20-25% and guided opex growth at 8-10% for FY26.

Why these calls matter heading into Q4 earnings

Across the set of recommendations, a common thread is a preference for businesses where either the operating mix is improving (life insurance), industry participation is expanding over time (asset management), or a business transition is expected to show through in financials (NBFC turnaround). The mention of Q4 earnings momentum places extra emphasis on near-term results as a validation point for these theses.

At a market level, the rally context and the breadth of Buy calls across sectors can influence positioning, but each idea is still anchored to company-specific drivers and target prices. The most explicit growth forecasts in the text relate to ICICI Prudential AMC’s FY26-28 CAGRs and Indostar’s AUM and PPOP growth expectations through FY28.

Conclusion

Motilal Oswal’s April 15, 2026 note put four Buy calls in focus, led by Indostar Capital Finance with an implied upside of about 24% and a turnaround narrative tied to a retail-led model. Alongside these, the broader list of recommendations highlighted high-upside calls in real estate and city gas, and sizeable target-led upside in large-cap IT and select financials. With Q4 earnings approaching, the next set of results and management commentary will be key reference points for the assumptions laid out in these broker reports.