3 hours ago
Motilal Oswal Wealth Management has unveiled its top 10 stock picks for 2026, including Bharti Airtel, Eternal, SBI, HCL Tech and TVS Motor, for an upside potential of up to 46%.
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As Indian equity markets trade near all-time highs and the Nifty ends CY25 with gains of nearly 10%, Motilal Oswal Wealth Management has identified 10 high-conviction stock ideas for 2026. Key names include Bharti Airtel, SBI, HCL Tech, TVS Motor and Eternal, reflecting a blend of defensives, cyclicals and new-age growth stories.
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Bharti Airtel continues to deliver strong execution across mobility, broadband and digital infrastructure, driven by premiumisation and steady ARPU expansion. Motilal Oswal expects consolidated revenue and EBITDA CAGR of 15% and 18% over FY25–28E and values the stock at ₹2,365, implying about 12% upside from current levels.
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State Bank of India (SBI) remains resilient with a diversified franchise, strong balance sheet and improving asset quality. Credit growth is running at around 13% YoY, with management guiding for 12%–14% loan growth and NIMs to remain above 3%. Motilal Oswal sees the stock reaching ₹1,100, suggesting a potential 14% upside over the medium term.
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HCL Technologies continues to outperform peers, led by steady growth in IT services and ER&D, alongside early traction in AI-led solutions, now contributing about 3% of revenues. Motilal Oswal expects USD revenue and INR PAT CAGR of 5.3% and 7.2% over Financial year 2025–2027 respectively, valuing the stock at ₹2,150, which implies a potential upside of nearly 29%.
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Eternal is witnessing strong revenue momentum as it transitions to an inventory-led model, driving sharp growth in net revenues and improving gross margins. Blinkit continues to scale rapidly through store expansion and operational execution. Motilal Oswal pegs the stock’s value at ₹410, implying a potential upside of around 46%.
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TVS Motor continues to outperform the industry, supported by strong festive demand, rising market share across two-wheelers and EVs. A healthy product pipeline support upgraded earnings estimates, with the brokerage expecting the company's revenue, EBITDA and PAT to grow at a Compounded Annual Growth Rate (CAGR) of 21%, 25% and 29% over FY25–28E. Motilal Oswal values the stock at ₹4,159, indicating a potential upside of 14% from current levels.
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Max Financial is delivering better-than-industry APE growth, driven by higher contribution from protection, non-par and annuity products. Motilal Oswal expects VNB margins to improve to 25% – 26.5% over FY26–28 and values the stock at ₹2,100, implying an upside potential of around 26%.
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Biocon’s acquisition of Viatris’ biosimilars business has strengthened its global biologics footprint. Earnings revival is expected over FY26–28, driven by biologics launches, generics scale-up and operating leverage at Syngene. Motilal Oswal sees the stock reaching ₹460, suggesting a potential upside of about 16%.
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JK Cement continues to show operational resilience despite near-term pricing pressures, supported by strong volume growth in central and southern markets and effective cost control. Motilal Oswal expects robust earnings compounding over financial year 2025-2028, and values the stock at ₹7,000, implying a potential upside of 23%.
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Poonawalla Fincorp is building a digitally enabled, multi-product retail lending platform under new leadership. Rapid scaling in personal loans, gold loans, CVs and education loans supports strong AUM growth. Motilal Oswal estimates sharp earnings growth and values the stock at ₹600, implying an upside of around 27%.
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Privi Speciality Chemicals stands to benefit from the global aroma chemicals market, expected to reach USD 9.2 billion by 2030. Planned capacity expansion and the proposed merger with Privi Fine Sciences strengthen its green chemistry and high-margin product portfolio. Motilal Oswal expects strong revenue and EBITDA compounding over FY25–28 and values the stock at ₹3,960, implying around 21% upside.
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