Bharti Airtel
Bharti Airtel continues to deliver strong performance across mobility and digital infrastructure. FY26 capex moderation and robust free cash flow of ₹146 billion highlight its financial discipline. Key drivers include broadband expansion, ARPU gains, and Nxtra data centre growth. Analysts project 15% CAGR in revenue and 18% CAGR in EBITDA for FY25-28E.
Bharat Electronics (BEL)
BEL maintains leadership in India’s defence electronics space with a robust order book of ₹746 billion. Q2FY26 performance showed 26% YoY revenue growth and 18% YoY PAT growth. Export expansion from 3-4% to 10% over the coming years and strategic programs like QRSAM and Project Kusha ensure long-term growth visibility.
ICICI Bank
ICICI Bank exhibits strong RoA of 2.3-2.4%, with declining provisions and improved cost ratios. The bank’s focus on risk-adjusted returns, credit discipline, and technology investments drives consistent market share gains and operational efficiency, ensuring sustainable long-term performance.
Mahindra & Mahindra (M&M)
M&M aims for multi-segment growth including SUVs, farm equipment, and Last Mile Mobility. Upcoming launches like XEV 9S and NU-IQ platform, along with a 1.6x volume increase in sub-3.5-tonne vehicles, target 12% CAGR over FY20-30. Expansion across aerostructures, holidays, and Lifespace further supports long-term growth potential.
HCL Technologies
HCL Technologies benefits from a diversified service portfolio and strong AI adoption by clients. Revenue momentum continues with 4.2% QoQ CC growth and $3 billion deal TCV. EBIT margins remain healthy at 18.6%, and USD revenue/INR PAT CAGR of 6.7%/8.9% is projected for FY25-28, reflecting resilient long-term performance.
Investor Takeaways
Motilal Oswal’s analysis suggests that quality stocks with robust operational execution, sustainable cash flows, and sector leadership provide reliable long-term investment opportunities. Investors should consider Bharti Airtel, BEL, ICICI Bank, M&M, and HCL Technologies for portfolio diversification and growth potential.
