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The Indian stock market has undergone a prolonged phase of consolidation since the bull run lost steam in September 2024, but Motilal Oswal Financial Services (MOFSL) now believes that cooler valuations, improving earnings, strong domestic liquidity and resilient economic fundamentals have strengthened the risk-reward for Indian equities. Here are 10 stocks the brokerage is bullish on.
Bharti Airtel
Motilal Oswal has identified Bharti Airtel as one of its top large-cap picks, projecting EPS to rise from Rs 44.2 in FY26 to Rs 83.2 in FY28. The brokerage expects a 37% EPS CAGR over FY26-28.
State Bank of India
State Bank of India features among Motilal Oswal's preferred Nifty-50 ideas, with EPS estimated to increase from Rs 91.8 in FY26 to Rs 107.1 in FY28. The brokerage forecasts an 8% EPS CAGR during FY26-28.
ICICI Bank
One of India’s leading private lenders is expected to deliver steady earnings growth, with EPS projected to rise from Rs 70.2 in FY26 to Rs 92.1 in FY28. Motilal Oswal estimates a 15% EPS CAGR over the period.
Mahindra & Mahindra
One of India’s largest SUV makers by market share is projected to report strong earnings growth, with EPS expected to increase from Rs 130.7 in FY26 to Rs 166.3 in FY28. Motilal Oswal sees a 13% EPS CAGR over the next three years.
Titan Company
The Tata Group company engaged in jewellery, watches and eyewear is expected to deliver robust earnings expansion, with EPS projected to rise from Rs 57.9 in FY26 to Rs 86.8 in FY28. The brokerage estimates a 22% EPS CAGR through FY28.
Bharat Electronics
The state-owned defence company is among Motilal Oswal's preferred picks, with EPS expected to increase from Rs 8.3 in FY26 to Rs 11.3 in FY28. The brokerage forecasts a 17% EPS CAGR during the period.
Eternal
Eternal is projected to witness sharp earnings growth, with EPS expected to increase from Rs 0.4 in FY26 to Rs 4.5 in FY28. Motilal Oswal forecasts an EPS CAGR of 236%, the highest among its top Nifty-50 ideas.
InterGlobe Aviation
InterGlobe Aviation is expected to see a sharp turnaround in earnings, with EPS projected to move from a loss of Rs 11.4 in FY26 to Rs 219.6 in FY28. The brokerage has highlighted the stock among its preferred large-cap ideas.
Apollo Hospitals
Shares of the company have risen 16% in 6 months and about 25% since the beginning of the year. The company reported a 38.4% year-on-year (YoY) jump in consolidated net profit to Rs 610 crore for the quarter ended June 30, 2026 (Q1FY27).
Hindalco
Shares of the company have risen 8% in 6 months and about 27% in the last one year. The company reported a 75% year-on-year (YoY) rise in consolidated net profit to a record high of Rs 7,013 crore for the quarter ended June, helped by strong performance across its India aluminium and copper businesses and a recovery at subsidiary Novelis.
Disclaimer: This article has been written by Veer Sharma, who is not a SEBI-registered Research Analyst or an Investment Adviser. Veer Sharma and his ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.
