Brokerage firm Motilal Oswal has maintained 'Buy' ratings for Reliance Industries, Delhivery, and Go Fashion, projecting potential upside based on long-term growth triggers. Investors should note that these targets reflect brokerage projections, and business success remains dependent on factors like digital expansion for Reliance, logistics integration for Delhivery, and retail network restructuring for Go Fashion.
What Happened
Brokerage firm Motilal Oswal has released an updated research report maintaining 'Buy' ratings on three prominent Indian companies: Reliance Industries (RIL), Delhivery, and Go Fashion. The brokerage has assigned specific price targets to these stocks, suggesting significant upside potential from current trading levels. This report comes amid a period where each company is navigating distinct business phases, ranging from large-scale digital and energy expansion to retail network transformation and logistics market penetration. Investors are advised to view these targets as the brokerage’s forward-looking analysis rather than guaranteed price movements.
Reliance Industries: Digital and Energy Growth
For Reliance Industries, Motilal Oswal’s positive view is largely tied to the conglomerate’s aggressive growth plans in its digital and retail arms. Reliance recently held its 49th Annual General Meeting (AGM), where the company confirmed the commencement of the process for the Jio Platforms IPO. The brokerage anticipates that Reliance will enter a phase where digital services, including home broadband and enterprise solutions, act as primary growth engines alongside its established energy business. While the stock has seen record revenues for FY26, investors will be monitoring how the company manages its significant capital expenditure and executes its new energy and artificial intelligence initiatives.
Delhivery: Logistics and E-commerce Momentum
Delhivery continues to attract brokerage attention due to its strong position in India’s logistics sector. The company has shown a significant recovery in volumes, particularly in its express parcel segment, and is scaling its Part Truckload (PTL) services. The brokerage’s outlook is supported by Delhivery’s ongoing integration of Ecom Express and improved operational discipline. While the stock has recently hit new 52-week highs amid positive institutional interest, investors should track whether the company can maintain profitability in non-peak quarters and successfully manage the integration costs associated with its recent acquisitions.
Go Fashion: Retail Restructuring Phase
Go Fashion is currently undergoing a strategic network reset as it works to improve store productivity. Following a challenging FY26, where the company saw a decline in annual profit and compression in operating margins, management is focusing on consolidating its store network and transitioning toward larger, more productive formats. The brokerage’s 'Buy' rating is built on the expectation that these structural changes will lead to a sequential recovery in FY27. For investors, the key monitorable is whether these operational changes can effectively boost same-store sales growth and stabilize margins in a competitive retail landscape.
What Investors Should Track Next
When considering these brokerage reports, investors should focus on company-specific triggers rather than just the target prices. For Reliance Industries, the progression of the Jio Platforms IPO and updates on its new energy capacity will be vital. For Delhivery, the focus should be on its ability to manage competitive pressure and maintain free cash flow as it scales its infrastructure. Regarding Go Fashion, success will depend on the effectiveness of its store network overhaul and its ability to return to consistent profit growth. As always, brokerage reports are estimates, and actual results may differ based on market conditions, raw material costs, and consumer demand.