Multiple brokerages have issued fresh stock calls on key Indian equities, with Motilal Oswal maintaining BUY ratings on Trent and Tech Mahindra, while setting a ₹3,500 target price for Trent and ₹1,750 target price for Tech Mahindra. Waaree Energies also received a BUY rating with a ₹3,825 target price. Bharat Electronics (BEL) maintained its BUY status with a ₹515 target price, as reported by ET Now.
According to Motilal Oswal's latest research report dated June 23, 2026, the brokerage maintains a BUY rating on Trent with an unchanged target price of ₹3,500, implying a potential upside of 11% from current levels. The company's Chairman at the FY26 AGM emphasized that Trent remains in the early stages of its growth journey with an estimated share of modest ~2% in India's fashion and lifestyle retail market. Since outlining its ambition in 2023 to deliver 10x revenue and commensurate profitability growth, Trent has achieved over 2.5x revenue and ~3x profit growth, remaining ahead of its roadmap. The brokerage continues to like Trent for its strong footprint additions, retail formats with robust store economics, long runway for growth in Star (presence in just 12 cities), and potential scale-up of emerging categories (Beauty, Innerwear and Footwear). After several quarters of growth deceleration, Trent witnessed growth recovery in Q4 FY26, with the brokerage's recent channel checks suggesting that sales decline in cannibalized stores has eased, and LFL recovery is underway. However, Trent's store productivity could still remain under pressure in FY27 as stores added in tier 2+ markets typically have lower initial productivity and take longer to reach maturity levels versus metro and tier 1 markets. The brokerage builds in a CAGR of 21%/19%/17% in consolidated revenue/pre-IND AS Ebitda/adjusted PAT over FY26-28E. The company continues to aspire for early double-digit LFL growth going forward and plans to open 50 Westside stores, 200-250 Zudio stores, and 25-40 Star stores annually, with medium-to-longer term opportunity pegged at 700 Westside stores (vs. 300 currently) and ~5,000 Zudio stores (vs. ~960 currently).
Motilal Oswal has reiterated a BUY rating on Tech Mahindra with a target price of ₹1,750, implying an upside potential of around 24% from current levels. The brokerage highlights Tech Mahindra as a bottom-up turnaround story backed by improving demand visibility, stabilising telecom vertical and margin expansion initiatives. According to NDTV Profit, the brokerage remains constructive on the company's transformation under new leadership, with early signs of recovery visible across key business segments. A key trigger for the turnaround is the recovery in the telecom vertical, with two large deals currently ramping up in phases and likely to transition the vertical from a multi-year headwind to a neutral-to-positive contributor going forward. Motilal Oswal values the stock at 20x FY28E EPS and maintains its bullish stance on the company's medium-term outlook.
As reported by ET Now, Motilal Oswal maintains a neutral rating on Tata Motors with a target price of ₹416, while Morgan Stanley and Goldman Sachs both maintain neutral ratings with target prices of ₹367 and ₹355 respectively. The mixed brokerage sentiment suggests cautious optimism about the automaker's near-term prospects. Latest market data shows Tata Motors PV trading at ₹355.85 with a 0.37% gain today, while the stock has delivered 5.96% returns over the past five years. The company has posted a 16.15% return over the past three months, indicating recent positive momentum despite mixed brokerage recommendations. According to Motilal Oswal's latest research report dated June 23, 2026, the brokerage attended TMCV's annual investor day where management outlined a roadmap for becoming a globally diversified, technology-led CV company. Management reiterated its confidence in the medium-term CV opportunity, driven by GDP-linked freight growth, rising logistics demand, electrification and continued expansion of the vehicle parc while maintaining its guidance of high single-digit industry growth in FY27 despite moderation in volumes during the second half. The company expects strong double-digit growth in 1Q and healthy momentum in 2Q. Key themes include sustaining leadership in trucks, successful turnaround in the SCV-PU business, rapid progress in electric mobility and scaling downstream digital businesses. The proposed IVECO acquisition was highlighted as a transformational opportunity to accelerate global expansion, unlock sourcing and engineering synergies, and diversify earnings. Management also reiterated its aspiration of achieving sustainable double-digit EBITDA margins and increasing overall commercial vehicle market share toward 40% through growth in SCV-PU, buses, vans and ILMCV segments. The stock, trading at 21.7x FY27E EPS and 18.6x FY28E EPS, appears fairly valued, with Motilal Oswal valuing the core business at 12x FY28E EV/EBITDA.
