Motilal Oswal Wealth Management (MOSL) has released its latest Focus Investment Ideas, identifying five large-cap stocks that investors may consider adding to their portfolios.
MOSL believes the overall market setup remains favourable despite global uncertainties, as the impact of US tariffs on Indian equities is expected to be limited.
The brokerage notes that Nifty valuations, currently at 22x FY26 P/E compared to the 10-year average of 20.7x, leave room for further expansion. Backed by its 10 per cent PAT growth forecast for FY26, MOSL remains positive on domestic themes that are set to benefit from the rollout of GST 2.0. It highlights sectors such as auto, consumer durables, consumer staples, cement, hotels, insurance, and retail as top beneficiaries, and adds that mid-caps are also looking attractive given improved earnings visibility and stronger growth prospects.
Here are its 5 large-cap stock picks
HDFC Bank: The brokerage has a target price of ₹1,150 for the private sector lender, indicating an upside potential of 19 per cent. MOSL said HDFC Bank is well-positioned for steady growth, with advances projected to expand in line with system levels in FY26, driven by rural recovery, MSME activity, and business banking traction. Deposit growth remains strong, though CASA has moderated post-merger to 34 per cent. Asset quality remains healthy with no SME stress and controlled CV slowdown, with FY27E RoA/RoE projected at 1.9 per cent/14.9 per cent.
Bharti Airtel: The brokerage has a target of ₹2,285 for the telecom major, implying a 20 per cent upside potential. MOSL said Bharti Airtel stands to gain from its premiumisation strategy, growth in Airtel Africa’s digital and financial services, and margin expansion. With capex intensity expected to moderate in FY26 after ₹300 billion India capex in FY25, MOSL projects free cash flows of nearly ₹1 trillion over FY26-27E, enabling balance sheet strength and higher shareholder payouts. Revenue/EBITDA CAGR is seen at 14 per cent/17 per cent over FY25-28E, driven by a likely 15 per cent wireless tariff hike in December 2025, faster broadband adoption, and strong Africa performance.
Hindustan Unilever: The target price for the FMCG major is ₹3000, which indicates an upside of over 14 per cent. MOSL views Hindustan Unilever as a structurally strong FMCG play with deep distribution, robust brands, and volume-led growth. Rural recovery, contributing a third of revenue, and premium portfolio expansion are key drivers, while acquisitions like Minimalist and Oziva strengthen its position in high-growth categories. GST reduction on personal care and packaged foods from 18 per cent to 5 per cent is set to boost consumption, with revenue/EBITDA/APAT CAGR estimated at 7 percent/7 percent/8 per cent over FY25-28E.
UltraTech Cement: MOSL has a target of ₹14,600 for the cement stock, which implies an upside potential of 18 per cent. MOSL said UltraTech Cement continues to lead the industry with its pan-India footprint, steady capacity additions, and smooth integration of acquisitions. Demand growth from infrastructure spending, urban housing, and rural activity should support a 12 per cent volume CAGR, with revenue/EBITDA/PAT CAGR projected at 14 per cent/25 per cent/30 per cent over FY25-28. Net debt is expected to fall sharply to ₹30 billion by FY28.
Nippon AMC: For the AMC stock, the brokerage has a target of ₹930, indicating an upside potential of over 12 per cent. MOSL said NAM-India posted 27 per cent YoY QAAUM growth to ₹6.1 trillion with market share at 8.5 per cent, its highest since 2019. Strong SIP momentum, rising equity mix, and scaling of AIF and offshore businesses support earnings. MOSL expects revenue/EBITDA/PAT CAGR of 14 per cent/16 per cent/15 per cent over FY25-27E.