Domestic brokerage Motilal Oswal has identified three stocks across defence, apparel and electronics manufacturing sectors with significant upside potential. According to reports from The Financial Express, the brokerage has maintained 'Buy' ratings on MTAR Technologies, Go Fashion (India) and Syrma SGS Technology, with expected upside ranging from 28% to 38%. The recommendations are based on improving earnings visibility, expanding order books, operational efficiencies and long-term growth opportunities across these sectors.
For MTAR Technologies, Motilal Oswal has set a target price of ₹7,550, implying an upside potential of around 38%. The company delivered a strong 1QFY27 performance with revenue/EBITDA increasing 2.3x/3x YoY, led by 2.1x YoY growth in fuel cells (61% of revenue) and 4.7x YoY growth in products division (28% of revenue). As reported by Motilal Oswal's research report dated July 30, 2026, the order book grew 5.5x YoY/2x QoQ to ₹51.4 billion, with strong inflows of ~₹29.2 billion in the fuel cells segment. The brokerage estimates a CAGR of 78%/98%/118% in revenue/EBITDA/adj. PAT over FY26-FY28 and reiterates the 'Buy' rating based on 50x FY28E EPS.
Motilal Oswal has retained a 'Buy' rating on Go Fashion (India) with a target price of ₹450, indicating an upside potential of about 31%. According to the brokerage report, the company went through a challenging financial year with revenue and operating profit under pressure. However, management is now focused on improving store productivity, customer acquisition and operating efficiency. The brokerage expects revenue/Pre-IND AS EBITDA/PAT CAGR of 9%/20%/21% over FY26–29E on a low base, noting that valuations remain attractive at ~14x TTM Pre-Ind AS EV/EBITDA despite limited near-term visibility.
Syrma SGS Technology maintains a 'Buy' rating with a target price of ₹1,770, implying an upside potential of around 28%. The brokerage raised earnings estimates by 6%/9% for FY27/FY28 factoring in strong operating performance and management guidance. As reported by Motilal Oswal's research report dated July 30, 2026, the company continued its strong operating performance with EBITDA rising ~87% YoY in 1QFY27 and EBITDA margin expanding 100bp YoY, led by operating leverage and higher ODM share. Revenue grew 68%, driven by strong performance in Auto (25% of sales) which grew 78% YoY, Consumer (34% of sales) which rose 68% YoY, and exports (24% of sales) which jumped 62% YoY. The brokerage estimates revenue/EBITDA/adj. PAT CAGR of 38%/41%/46% over FY26-28 driven by strong revenue growth and margin expansion.
