Motilal Oswal Wealth Management Research Desk has named Happy Forgings and Siemens Energy as its top stock recommendations for the trading week starting August 10, 2026, according to a report published by Business-Today. The research desk set target prices of Rs 2,095 and Rs 4,100 for the two stocks, implying upside of 11% and 12%, respectively, from current market prices.
Stock Recommendations and Target Prices
Motilal Oswal Wealth Management Research Desk issued the following targets for the week:
| Stock | CMP (Rs) | Target (Rs) | Upside (%) |
|---|---|---|---|
| Happy Forgings | 1,895 | 2,095 | 11% |
| Siemens Energy | 3,648 | 4,100 | 12% |
Happy Forgings: Strong Q1 Execution and Margin Expansion
Happy Forgings delivered a strong performance in Q1 FY27, with revenue rising 27% year-on-year and EBITDA margin expanding 280 basis points to 31.3%, according to Motilal Oswal Wealth Management Research Desk. This marked the fourth consecutive quarter with margins above 30%. The research desk attributed the resilient margin performance to cost-efficient manufacturing capabilities, better product mix and operating leverage, enabling the company to outperform expectations.
Growth visibility remains healthy, supported by an order book of around Rs 9.5 billion and management's guidance of high-teen volume growth for FY27, the report said. New opportunities in the industrial and passenger vehicle segments are expected to drive the next phase of growth, while the captive solar project should enhance EBITDA margins by 100–150 basis points from FY28 onwards.
Reflecting the strong execution, Motilal Oswal said it has upgraded its FY27/FY28 earnings estimates by 3% and 9%, respectively. The research desk expects the company to deliver a revenue CAGR of around 30%, maintain EBITDA margins of nearly 33% over FY26-28, and generate an earnings CAGR of 41%.
Siemens Energy: Record Order Book and Structural Demand
Siemens Energy India reported a robust performance in Q3 FY26, with revenue, EBITDA and profit after tax rising 39%, 72% and 68% year-on-year, respectively, according to Motilal Oswal Wealth Management Research Desk. Strong execution and improved operating leverage supported margin expansion, while order inflows of Rs 34 billion took the order book to a record Rs 193 billion, up 16% year-on-year, providing healthy revenue visibility.
The company is well placed to benefit from structural growth opportunities driven by rising investments in renewable energy transmission, grid modernization, industrial decarbonization and data centers, the research desk said. Ongoing capacity expansion, increasing export opportunities and a healthy order pipeline across both its Power Transmission and Power Generation businesses further strengthen the outlook.
Motilal Oswal expects order inflows in the Power Transmission segment to grow at a 13% CAGR over FY25-28E and forecasts revenue, EBITDA and profit after tax to deliver CAGRs of 26%, 32% and 34%, respectively, over the same period, supported by strong execution, healthy profitability and sustained demand.
Analyst Outlook and Disclaimer
The recommendations highlight two companies with differentiated growth drivers: Happy Forgings is leveraging manufacturing efficiency and a robust order book to sustain margin expansion, while Siemens Energy is riding a record order pipeline tied to India's energy transition and grid modernization spending. For equity investors and portfolio managers tracking the Indian market, the stated target prices imply near-term upside of 11% and 12%, respectively.
(Disclaimer: Recommendations and views on the stock market, or any other asset classes or personal finance management tips given by experts and analysts are their own. These opinions do not represent the views of The Times of India.)
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