BSE, Infosys, CG Power and 6 others to watch: Motilal Oswal reveals 9 stock ratings and target prices after Q2 results

Motilal Oswal has published its stock calls after the Q2 FY27 earnings season. Seven stocks carry a Buy rating and two are rated Neutral. BSE has been upgraded to Buy. The biggest upside in the brokerage’s targets is in CG Power at 40%, followed by Shriram Finance at 33%. The two Neutral calls, Torrent Pharma and Tata Motors, come with limited upside of about 11% and 5%. Read on for each stock’s rating, target price and the reason behind the call.

Motilal Oswal has upgraded BSE to Buy. At a market price of Rs 3,265, its target of Rs 4,000 implies about 23% upside, based on 40x FY28 estimated earnings. The brokerage says notional average daily turnover jumped 85% in October 2026 compared with August. A partial reversal of the CAS norms, effective 7 December 2026, is called a structural catalyst. It notes a premium market share above 30% and cash market share up from about 7% to 9%. EBITDA margins have risen from 9% in FY21 to over 65% in FY26. Motilal Oswal forecasts a 27% PAT CAGR over FY26-28.

Motilal Oswal retains its Buy rating on Infosys with a target price of Rs 1,300, about 13% above the Rs 1,153 market price. Infosys reported Q2 FY27 revenue of USD 5.1 billion, up 1.2% quarter on quarter, below the brokerage’s estimate. The company lowered its FY27 revenue growth guidance to 1-2% in constant currency, though margin guidance of 20-22% is unchanged. Large deal wins rose to USD 5.2 billion. Motilal Oswal expects Infosys to keep lagging peers such as TCS, HCLTech and Tech Mahindra, citing pricing pressure and the Daimler deal exit. It trimmed FY27 and FY28 EPS estimates by about 1.5% and 2%, and values the stock at 16x FY28 earnings.

Motilal Oswal rates Kotak Mahindra Bank a Buy with a revised target of Rs 500 against a market price of Rs 430. The bank’s standalone Q2 FY27 profit was Rs 42.1 billion, up 29% year on year and in line with estimates. Net interest income grew 16% to Rs 84.6 billion, and advances rose 25% to Rs 5.8 trillion. Margins fell 22 basis points to 4.31% because of surplus FCNR(B) liquidity, though the brokerage expects improvement once it is deployed. Asset quality improved, with gross NPAs at 1.04%. Motilal Oswal raised FY27 and FY28 earnings estimates by 3% and 7%, and expects return on assets near 2.07%.

Motilal Oswal has reiterated Buy on Adani Ports & SEZ with a target of Rs 2,130, about 25% above the Rs 1,703 market price. The company handled around 142 million tonnes of cargo in Q2, up 15% year on year, beating the industry. Year-to-date volumes reached 280 million tonnes, driven by containers and dry bulk. It also won a letter of award for two dry bulk berths at Paradip Port in Odisha, lifting total capacity to 671 million tonnes. Colombo Port’s capacity doubled to 48 million tonnes. The brokerage’s target rests on 17x FY28 EV/EBITDA, and it sees improving earnings visibility despite geopolitical uncertainty.

Motilal Oswal rates JSW Steel a Buy, with a target price of Rs 1,470 in its headline against a market price of Rs 1,187. Q2 FY27 revenue of Rs 545 billion was well above the brokerage’s estimate, powered by strong volume growth. Adjusted profit came in at Rs 51 billion versus an estimate of Rs 33.1 billion. Sales volume was 7.46 million tonnes, helped by the Vijayanagar blast furnace ramp-up. Net debt fell to Rs 445 billion, and net debt to EBITDA improved to 1.28x. Motilal Oswal expects EBITDA per tonne to recover to around Rs 14,000 by FY28 and says the stock trades at 6.9x FY28 EV/EBITDA.

Motilal Oswal keeps a Buy on Shriram Finance with a target of Rs 1,155 against a market price of Rs 867, the second-highest upside in this list at 33%. Q2 FY27 profit rose about 60% to roughly Rs 36.8 billion, and net interest income grew about 40%. The caution is credit costs, which rose to about 2.35% on weak monsoons. Management cut FY27 loan growth guidance to 15-17% from 18% and expects credit costs to rise temporarily by 30-40 basis points. The brokerage expects about 18% AUM growth and 31% profit growth over FY26-28, and values the stock at 2x September 2028 book value.

Motilal Oswal maintains a Neutral rating on Torrent Pharma with a target of Rs 4,970, roughly 11% above the Rs 4,482 market price. The quarter was slightly better than expected on revenue and EBITDA, helped by Brazil, a strong domestic business and the semaglutide opportunity. US revenue grew 13% in constant currency. Germany remains weak, with supply disruptions and pricing pressure. The brokerage cut FY27 and FY28 earnings estimates by 5% each, citing higher interest costs, JB Pharma integration disruption and Germany. The target values the stock at 52x forward earnings. It stays Neutral because of limited upside.

Motilal Oswal rates Tata Motors (TMCV) Neutral with a target of Rs 416, about 5% above the Rs 394 market price. Q2 FY27 profit of Rs 19.7 billion beat the brokerage’s estimate by 17%, thanks to strong margins and higher other income. Motilal Oswal raised its FY27 earnings estimate by 9% and left FY28 broadly unchanged. It models revenue, EBITDA and profit CAGRs of 11%, 8% and 11% over FY26-28. At 20.8x FY27 and 18.1x FY28 earnings, it calls the stock fairly valued. The target does not yet include Iveco.

Motilal Oswal rates CG Power and Industrial Solutions a Buy and raises its target to Rs 1,140 from Rs 1,020. That is about 40% above the Rs 815 market price. Q2 FY27 results were ahead of estimates. Order inflows jumped 85% year on year to Rs 78 billion, and the order book stands at Rs 236 billion, up 58%. Motilal Oswal raised earnings estimates by 5%, 9% and 10% for FY27, FY28 and FY29. The stock trades at 78.4x FY27 earnings, so valuation is rich. The brokerage lists risks including a T&D capex slowdown, commodity prices, weak motor demand and limited OSAT experience.