Motilal Oswal Stock Picks: BSE, Lenskart Across Large-, Mid- and Small-Caps

Motilal Oswal’s Six Stock Ideas Span Banks, Exchanges and Consumer Growth

The broker’s selections put earnings growth and execution capacity at the centre of the investment case across market capitalisations.

Large-caps hinge on lending momentum and exchange volumes

Kotak Mahindra Bank carries a target price of ₹500. The brokerage’s case rests on lending across retail, SME and corporate segments, deposit mobilisation and the potential for net interest margin recovery as surplus FCNR(B) liquidity is deployed and repo-rate transmission benefits floating-rate advances. In 2QFY27, standalone profit after tax rose 29.5% year on year to ₹42.1 billion, while net interest income increased 15.7% to ₹84.6 billion.

There are counterpoints: NIM fell 22 basis points quarter on quarter to 4.31%, and the CASA ratio declined to 38.2%. The brokerage also notes improving asset quality, with gross and net non-performing asset ratios at 1.04% and 0.24%. Its FY26–FY28 estimates imply a 19.7% annualised increase in standalone net interest income and 24.1% in profit after tax.

BSE, with a ₹4,000 target, represents a different kind of growth exposure: trading activity and the economics of exchange volumes. Motilal Oswal says F&O notional average daily turnover rose 85% in October 2026 month-to-date from the post-CAS reset in August. It expects the partial CAS reversal effective 7 December to support activity, and estimates FY27 turnover of ₹216 trillion. Premium turnover share above 30% and an improved premium-to-notional ratio are cited as further supports. These estimates remain sensitive to sustained trading volumes and regulatory conditions.

Hotel demand and store economics shape the mid-cap cases

Indian Hotels has a target price of ₹870. Its 2QFY27 revenue grew 22% year on year and EBITDA rose 24%, with margins reaching 28.4%. The standalone hotel business reported 26% revenue growth; RevPAR increased 28% to ₹13,860, supported by higher room rates and occupancy. The company raised its FY27 revenue growth guidance to 15–17%, from 12–14%, while its 34,800-key pipeline offers scope for expansion, much of it through asset-light models. Delivery will depend on demand and bringing the pipeline into operation.

Lenskart’s ₹800 target reflects its vertically integrated model and store economics, including a payback period below 10 months and store EBITDA margins above 33%, as cited by the brokerage. Motilal Oswal expects expansion towards about 4,500 India stores by FY29 and forecasts FY26–FY29 revenue, EBITDA and profit CAGRs of 27%, 46% and 59%. Those projections make the pace and quality of expansion, alongside improving international profitability, important to monitor.

Small-cap upside comes with commercialisation tests

Symbiotec Pharmalab, assigned a ₹1,430 target, is seeking to broaden beyond steroidal APIs into CDMO services and complex injectables. Its established API business remains the base, while new capacity and customer adoption are central to the growth case. The brokerage estimates revenue, EBITDA and profit will each compound at more than 30% over FY26–FY29; it also expects CDMO and injectables revenue to rise materially from current levels. After cumulative capex of ₹16.7 billion by FY27, converting investment into commercial sales and utilisation is the key execution question.

Urban Company has a ₹165 target. Its India services business recorded 26.3% year-on-year NTV growth in 2QFY27, with contribution margin at 22% and adjusted EBITDA margin at 3.5%. InstaHelp could add scale, but pricing, retention and professional utilisation will influence unit economics. The proposed ₹25 billion fundraise offers flexibility, while management’s consolidated adjusted EBITDA breakeven target remains 3QFY28.

Key Highlights

• Kotak Bank: ₹500 target; the case combines loan growth with a possible margin recovery.
• BSE: ₹4,000 target; turnover recovery and regulatory changes underpin the brokerage view.
• Indian Hotels and Lenskart carry targets of ₹870 and ₹800, respectively.
• Symbiotec Pharmalab and Urban Company have targets of ₹1,430 and ₹165.
• Small-cap growth forecasts depend on capacity commercialisation, customer adoption and improving unit economics.

Investor Note: Brokerage target prices are estimates, not guarantees. Investors should weigh the underlying assumptions, execution requirements and risks against their own research and investment horizon before acting.