Motilal Oswal’s August small-midcap strategy highlights opportunities across retail, electronics manufacturing, liquor, packaging, and water treatment. These sectors capture key themes like structural consumption, Make-in-India supply chains, premiumisation, materials innovation, and critical infrastructure demand.

For investors, these picks offer diversified exposure with strong growth potential backed by research. Let’s look at the 5 Motilal Oswal recommended stocks that can deliver up to 26% upside.

1. Vishal Mega Mart – Target Price ₹165 (Upside ~13.4%)

Vishal Mega Mart is a leading Indian retailer with 600+ stores across 458 cities, targeting middle and lower-middle-income customers.

  • Market Cap: ₹68,125 Cr

  • Current Price: ₹145.40

  • Target Price: ₹165 (Upside ~13.4%)

📌 Strong private-label brands (73% of revenue), Tier-2/3 presence (72% of stores), and robust unit economics (50% RoCE) support growth. Motilal Oswal expects 19% revenue CAGR and 24% PAT CAGR for FY25–28.

2. Kaynes Technology – Target Price ₹7,300 (Upside ~17.7%)

Kaynes Technology is a leading electronics manufacturing and IoT solutions company with 8 advanced facilities across India.

  • Market Cap: ₹41,737 Cr

  • Current Price: ₹6,200

  • Target Price: ₹7,300 (Upside ~17.7%)

📌 Q1FY26 results were strong: Revenue +34% YoY, EBITDA +69% YoY, margins 16.8%. With acquisitions and expansion in ODM, Kaynes is projected to deliver 58% revenue CAGR and 74% PAT CAGR for FY25–27.

3. Radico Khaitan – Target Price ₹3,250 (Upside ~14.5%)

Radico Khaitan is one of India’s top IMFL liquor manufacturers, known for brands like Magic Moments, Rampur, and Morpheus.

  • Market Cap: ₹38,138 Cr

  • Current Price: ₹2,837.50

  • Target Price: ₹3,250 (Upside ~14.5%)

📌 Strong Q1FY26 performance with sales +32% YoY and volumes +38%. Premium brands are driving margins and earnings, with Motilal Oswal projecting 16% revenue CAGR and 30% PAT CAGR for FY25–28.

4. Time Technoplast – Target Price ₹578 (Upside ~26%)

Time Technoplast is a global polymer products manufacturer with over 40 facilities worldwide, serving industries like packaging, automotive, and energy.

  • Market Cap: ₹10,409 Cr

  • Current Price: ₹459.50

  • Target Price: ₹578 (Upside ~26%)

📌 Focus on high-value composite products, strong free cash flow, and disciplined capital allocation support growth. Brokerage projects 15% revenue CAGR, 16% EBITDA CAGR, and 23% PAT CAGR (FY25–28).

5. VA Tech Wabag – Target Price ₹1,900 (Upside ~18%)

VA Tech Wabag is a global leader in water treatment solutions with expertise in engineering, procurement, and O&M services.

  • Market Cap: ₹9,995 Cr

  • Current Price: ₹1,601.70

  • Target Price: ₹1,900 (Upside ~18%)

📌 Strong order book of ₹137 billion (~4.2x FY25 revenue) and a ₹200 billion bid pipeline provide visibility. With its asset-light model and high-margin contracts, VA Tech Wabag is expected to deliver 15–20% revenue CAGR for FY25–28.

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