Global supply disruptions, port expansion plans and steady project pipelines have prompted Motilal Oswal to reiterate ‘Buy’ calls on several companies across energy, logistics and water infrastructure. The brokerage believes these businesses have strong earnings visibility over the next few years, supported by sector tailwinds and company-specific expansion plans.
Here are three stocks where Motilal Oswal has maintained a ‘Buy’ rating, along with target prices and its detailed reasoning based on the brokerage report.
Motilal Oswal on Reliance Industries: ‘Buy’
Motilal Oswal has reiterated a ‘Buy’ rating on Reliance Industries with a target price of Rs 1,750, implying about 26% upside from the current market price. The brokerage said tightening global refining and petrochemical markets could support earnings for the oil-to-chemicals segment if supply disruptions persist.
According to the brokerage, geopolitical tensions have pushed refining margins higher and may keep product spreads elevated even if the situation stabilises gradually. Reliance Industries also benefits from a diversified feedstock mix and integrated operations which help cushion cost volatility.
Motilal Oswal noted that the company’s oil-to-chemicals earnings rose strongly in earlier periods of global disruption, and a similar pattern may repeat if elevated margins continue through the first half of the financial year 2027.
“Geopolitical disruptions tighten refining and petrochemical markets and lift product prices, supporting refining-petchem margins,” Motilal Oswal said in its report.
The brokerage said supply disruptions across global energy markets have pushed diesel, gasoline and jet fuel margins far above long-term averages. These elevated spreads, along with stronger petrochemical prices, could support Reliance Industries’ refining and petrochemical earnings over the coming quarters.
Motilal Oswal on JSW Infrastructure: ‘Buy’
Motilal Oswal has maintained a ‘Buy’ rating on JSW Infrastructure with a target price of Rs 360, suggesting about 39% upside from the current price. The brokerage believes the company is approaching a period where investments in port capacity and logistics infrastructure will translate into stronger earnings growth by the financial year 2028.
JSW Infrastructure currently operates a network of ports and terminals across both coasts of India and continues to expand its presence through new projects and acquisitions. Motilal Oswal expects the company’s cargo volumes, revenue and operating profit to grow steadily as port capacity increases and the logistics segment gains scale.
The brokerage said recent challenges at the Paradip iron ore terminal affected volume growth in the current year, but traffic has already begun recovering and is expected to strengthen going forward.
Motilal Oswal estimates that the company’s expansion plans could drive strong revenue and operating profit growth over the next few years as major projects are completed and logistics operations scale up.
“JSW Infrastructure is well positioned to benefit from India’s push for multimodal integration and port-led industrial growth,” Motilal Oswal said.
Motilal Oswal on VA Tech Wabag: ‘Buy’
Motilal Oswal has reiterated a ‘Buy’ rating on Va Tech Wabag with a target price of Rs 1,900, indicating about 48% upside from the current price. The brokerage said the company remains well-positioned for sustained growth because of steady order inflows, a strong order book and improving profitability.
VA Tech Wabag operates in the water treatment and desalination sector and has a significant international presence, particularly in the Middle East. Despite the geopolitical tensions in the region, Motilal Oswal said project execution has remained normal and the company’s desalination projects are expected to continue operating without disruption due to their critical nature.
The company recently secured a large contract in Chennai to refurbish and operate a tertiary treatment reverse osmosis plant, adding to an already strong order pipeline. Motilal Oswal said the company’s order book stands at more than Rs16,300 crore, which provides strong visibility for revenue growth over the next several years.
The brokerage also expects improving return ratios and strong free cash flow generation to support the investment case for the company. VA Tech Wabag’s focus on high-margin segments such as engineering, procurement and operations and maintenance is expected to strengthen profitability.
“VA Tech Wabag remains well positioned for sustained growth with regular order inflows and normal project execution in the Middle East,” Motilal Oswal said.
Conclusion
Motilal Oswal sees strong growth potential across sectors ranging from energy to infrastructure and water treatment. Reliance Industries could benefit from elevated refining margins and stronger petrochemical spreads amid global supply disruptions. JSW Infrastructure is entering a phase where port capacity expansion and logistics investments may begin translating into faster earnings growth. VA Tech Wabag continues to build a strong order book and maintain stable execution across international projects.
Disclaimer: This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation to buy or sell securities. Investors must conduct their own independent due diligence and seek advice from a SEBI-registered financial advisor.
