Sun Pharma to Thermax: 10 stocks Motilal Oswal is buying, selling and neutral on post Q1 results

India Inc. just wrapped a Q1FY27 that nobody saw coming. Motillal Oswal Financial Services analysts expected profits to fall 10%, instead, earnings actually rose 2%. Strip out the oil marketing companies (which took a massive hit) and the picture gets even better: 17% growth, beating even the most bullish forecasts. Banks, metals, tech, and autos led the charge, while cement, healthcare, and aviation stumbled. Swipe through to see which stocks are turning heads this quarter, and which ones investors should watch closely. The following are a look at select shares in the Motilal Oswal investment universe and whether they continue to be a buy, sell or hold going ahead.

Sun Pharma just posted profits that blew past expectations, driven by strong other income and a global specialty portfolio growing at 13% a year. Now making up nearly a quarter of quarterly sales, this international push is becoming the company's real growth engine. The catch: US generic sales dipped due to tougher competition and one fading blockbuster drug. But India business is firing on all cylinders, thanks to aggressive brand-building and a bigger sales team. Analysts are staying bullish, expecting steady double-digit profit growth over the next two years.

Rating: Buy | Target Price: INR 2,310 (CMP: INR 1,991, +16% upside)

Maruti Suzuki's profits slipped about 11% this quarter as raw material costs squeezed margins harder than expected. But don't write off India's biggest carmaker just yet. Two upcoming price hikes and cooling commodity costs are set to repair those margins in the coming months. A packed new-model pipeline, low inventory levels, and two brand-new factories ramping up production all point to a stronger back half of the year. Analysts still expect a healthy earnings recovery over the next two years, betting this quarter's dip is just a temporary speed bump.
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Rating: Buy | Target Price: INR 17,064 (CMP: INR 14,234, +20% upside)

Smokers are feeling the pinch, and so is ITC. A sharp tax increase forced the cigarette giant into a slow, calibrated round of price hikes instead of passing on costs immediately, and it's costing them. Cigarette revenue fell over 20% this quarter, dragging overall profits down sharply. The bright spot: ITC's FMCG business is thriving, growing in double digits with improving profit margins. The company has even rolled out 30 new products to fight back against illegal cigarette competition. Analysts expect the pain in tobacco to continue for a few more quarters before things stabilize.

Rating: Neutral | Target Price: INR 300 (CMP: INR 281, +7% upside)

Bajaj Finserv just earned a rare vote of confidence, an upgrade to a buy rating, after a standout quarter across its businesses. Revenue jumped nearly 20%, but the real headline is the life insurance arm, where the value of new business surged an impressive 87% year-on-year, far outpacing expectations. The general insurance unit also grew steadily, even as it waits for the motor insurance segment to pick back up. With profitability improving across the board and new ventures inching toward breakeven, analysts see a meaningful upside ahead for this financial services powerhouse.

Rating: Upgraded to Buy | Target Price: INR 2,490 (CMP: INR 2,029, +23% upside)

Tata Steel delivered a steady quarter, powered almost entirely by its India operations, where strong prices and controlled costs kept profits humming. The European business remains a drag, hovering near breakeven due to soft demand and operational headwinds — though analysts expect improving prices and efficiency gains to help turn that around in coming quarters. Near-term uncertainty around pricing and emissions rules in Europe hasn't dented the long-term outlook. With the stock trading at attractive valuations, analysts continue to recommend buying in, backed by India's continued strength.

Rating: Buy | Target Price: INR 220 (CMP: INR 190, +16% upside)

Divi's Laboratories just delivered one of its strongest quarters in recent memory, smashing profit estimates by a stunning 37%. The secret? Its highest gross margins in 20 quarters, fueled by booming demand for custom drug manufacturing and a favorable currency environment. Major capacity expansion projects are nearing completion, and the company's growing peptide manufacturing business is shaping up as a key long-term growth driver. Analysts have raised their earnings forecasts in response, though with the stock already pricing in much of this optimism, they're staying cautiously neutral rather than turning outright bullish.

Rating: Neutral | Target Price: INR 7,720 (CMP: INR 8,056, -4% downside)

Indian Oil Corporation stunned the market with a much smaller loss than analysts feared, thanks largely to one-time inventory gains worth over INR150 billion. Strip that out, and the underlying picture is tougher: massive losses on subsidized cooking gas cylinders, rising debt, and fuel margins under pressure from a spike in crude oil prices amid renewed geopolitical tensions. On the positive side, fuel demand is growing steadily and refining efficiency hit an all-time high. With several mega refinery projects nearing completion by year-end, analysts are holding a neutral stance while watching government support measures closely.

Rating: Neutral | Target Price: INR 150 (CMP: INR 140, +7% upside)

ABB India delivered a quarter of contrasts, revenue and profit both beat expectations, but margins remain under pressure. New orders jumped an impressive 50%, pushing the total order book up 22%, largely driven by booming demand from data centers and electrification projects. That strong order momentum should support revenue growth ahead, but rising raw material and currency costs continue to squeeze profitability. With the stock already trading at a premium valuation near 91 times earnings, analysts are staying neutral, preferring to wait for margins to catch up with the growth story.

Rating: Neutral | Target Price: INR 6,700 (CMP: INR 7,285, -8% downside)

India's gold loan market is heating up — and not in a good way for Muthoot Finance. Margins fell sharply this quarter as competition from bigger, well-funded rivals intensified, forcing Muthoot to cut pricing just to protect its market share. While management expects lending rates to stabilize soon, analysts see real risk of continued pressure as more players chase the same booming gold loan demand. The company is now expected to grow its loan book by around 22% this year, but profit growth is projected to slow to just single digits, prompting a cautious neutral stance from analysts.

Rating: Neutral | Target Price: INR 2,850 (CMP: INR 3,120, -9% downside)

Thermax just delivered one of the weakest results of the season, missing estimates by a wide margin after a costly overrun on a major industrial project. The silver lining: that troubled legacy order book is set to wind down by early next year, which should help margins recover. The company's order pipeline still looks healthy, spanning clean energy, waste-to-energy, power plants, and even data center projects from the US. But with the stock trading at rich valuations despite the recent stumble, analysts have cut their earnings forecasts and are recommending investors sell.

Rating: Sell | Target Price: INR 4,000 (CMP: INR 4,306, -7% downside)