Apollo, Page, Petronet, Tata Motors PV: Motilal Oswal on which stocks to buy and what to sell post Q1

Q1FY27 results are in, and Motilal Oswal has picked winners and one clear loser. From hospitals beating estimates to Tata Motors disappointing on margins, here's what the numbers actually mean for your portfolio.
Eight stocks, eight calls Buy, Sell, and everything you need to know before the market reacts.

Apollo Hospitals delivered better-than-expected profits, with EBITDA and PAT beating estimates by 6% and 5%. Patient volumes surged, hospital revenue grew on 11% acute volume growth, and the diagnostics business exploded with 136% EBITDA growth. The online pharmacy arm (Apollo 24/7) is still burning cash but expects to break even by Q3.

Motilal Oswal raises its target price to INR10,160 - an 18% upside. Rating: Buy.

Tata Motors Passenger Vehicles posted a surprise profit of INR11.4b against an expected loss, thanks to JLR outperforming. But dig deeper and the story turns cautious: India margins stayed flat despite strong volume growth, and consolidated auto debt jumped to INR422b from INR307b in just one quarter, entirely due to JLR. Geopolitical headwinds and rising costs keep pressure on.

Motilal Oswal maintains a Sell with a target of INR310 - an 11% downside from current levels.

Axis Max Life delivered a standout quarter. Value of New Business (VNB) grew 33% year-on-year, beating estimates by 14%, while VNB margin expanded a sharp 310 basis points to 23.2%. Profit rose 37%, and most of the GST-related drag from last year is now behind the company. With over 3,300 bank branches feeding its distribution network, growth headroom remains large.

Motilal Oswal reiterates Buy with a target of INR1,860, implying 23% upside.

Despite losing access to roughly 7.5 million tonnes of Qatari LNG volumes due to an ongoing conflict, Petronet LNG still beat estimates. EBITDA came in 18% above forecast, helped by inventory and trading gains, while third-party cargoes from Deepak Fertilizers and Exxon are starting to fill the gap. The Dahej terminal ran at a healthy 68% utilization. Risks remain around bad debt from a key customer and the pace of a new Qatar supply contract.

Motilal Oswal stays Buy with a target of INR362, a 31% upside.

Page Industries grew revenue 8%, missing estimates, but the shortfall wasn't about weak demand — it was logistics. A last-mile delivery bottleneck pushed roughly 3-4 days of billing into the next quarter. Management expects that lost volume to bounce back, and a May price hike will fully kick in going forward. Margins dipped on cotton and synthetic input cost inflation, but the long-term guidance of 19-21% EBITDA margin stays intact.

Motilal Oswal keeps its Buy rating, targeting INR45,000, a 23% upside.

Domino's parent Jubilant FoodWorks posted steady 9% revenue growth, in line with estimates, as same-store sales growth improved and delivery revenue jumped 12%. But the standout was Popeyes, which grew revenue 97% with 45% same-store growth. International operations were mixed, with strong momentum in Sri Lanka and Bangladesh offsetting weakness in Turkey.

Motilal Oswal recently upgraded the stock to Buy, setting a target of INR625 for 27% upside.

Two textile names posted strong topline growth while battling the same headwind: rising raw material costs. Welspun Living grew revenue 24%, led by home textiles, though gross margin slipped nearly 250 basis points on higher input costs; a flood-hit Vapi plant is being restored in phases. Arvind grew revenue nearly 25%, powered by record Advanced Materials performance and strong denim volumes, with margin recovery expected as garmenting capacity matures.

Motilal Oswal rates both Buy - Welspun with a target of INR215 (35% upside) and Arvind with a target of INR670 (20% upside).

Seven Buy calls, one Sell. Healthcare, insurance, gas, and textiles are showing resilience and margin recovery ahead, while Tata Motors PV faces real pressure from JLR's rising debt and weak India margins. Diagnostics, defense-linked materials, and quick-service dining stand out as the strongest growth stories this quarter. Swipe back through to see which stocks made the cut.