The brokerage house, Motilal Oswal has reiterated its 'Buy' rating on three companies - Amber Enterprises, Endurance Technologies, and Tata Steel.
According to the brokerage report, these stocks offer upside potential of up to 27% from current levels.
Let’s take a look at the key reasons why the brokerage has given ‘Buy’ rating to these stock and the rationale behind it –
Motilal Oswal on Amber Enterprises
Motilal Oswal has maintained a 'Buy' rating on Amber Enterprises, even after trimming its estimates to factor in softer margins. The brokerage has set a revised target price of Rs 8,000, which implies an upside of about 21% from the current market price.
The brokerage has lowered its margin expectations and reduced its estimates by 9% for FY27, and 5% for FY28.
Furthermore, it noted that demand in the consumer durable segment has improved quarter-on-quarter, although the room air conditioner industry continues to face inventory-related issues.
Motilal Oswal pointed out that growth is expected to pick up in the second half of financial year 2026, with a clearer rebound likely in the fourth quarter. The report added that "channel inventory remains high in the system," but upcoming changes in Bureau of Energy Efficiency ratings from January 1, 2026, could lead to higher prices and a short-term demand push for older-rated products.
The brokerage also flagged risks from higher copper prices and currency fluctuations, which could affect margins with a lag. Even so, Amber is expected to outperform the broader room air conditioner industry, which may remain flat in financial year 2026. According to the brokerage report, "We expect a revenue CAGR of 38% over FY25-28," driven by expansion into higher-margin segments such as Power-One, Unitronics, Shogini, and printed circuit boards.
Motilal Oswal on Endurance Technologies
Motilal Oswal has also reiterated a 'Buy' rating on Endurance Technologies, setting a target price of Rs 3,050. This suggests an upside potential of around 15% from current levels.
The brokerage expects the company's consolidated revenue, operating profit (EBITDA), and net profit (PAT) to grow at around 16%, 17%, and 16% per year, respectively, between FY25 – FY28.
As per the report, the brokerage expects Endurance to continue outperforming domestic two-wheeler growth due to multiple operational triggers lined up over the next few years.
The report highlighted that a new alloy wheel plant at Bidkin is likely to reach an annualised revenue run rate of Rs 600 crore from the second quarter of financial year 2027. In addition, the commencement of dual-channel anti-lock braking system supplies to two customers and the start of operations at a new Chennai brakes facility are expected to add momentum.
Motilal Oswal also noted the ramp-up of inverted front forks for key customers, which could further strengthen Endurance's product mix and execution visibility.
Motilal Oswal on Tata Steel
Motilal Oswal has given a 'Buy' rating on Tata Steel with a target price of Rs 210, implying an upside of 27% from current market levels.
According to the brokerage report, "The TPPL acquisition is strategically margin-accretive in the long run." The acquisition is expected to strengthen raw material security through pellet capacity and slurry pipelines, particularly as some iron ore mine leases expire around financial year 2030.
The brokerage said Tata Steel is entering a multi-year expansion phase across long and flat products, along with downstream segments. While capital expenditure intensity is expected to rise, it is likely to remain phased, keeping leverage within manageable levels.
Motilal Oswal also highlighted that "the MoU with LMEL positions TATA in the Gadchiroli iron-ore-steel cluster," opening up future growth options. The report added that improving steel price realisations, operating efficiencies, and steady domestic demand could support earnings, even as global uncertainties persist.
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