Motilal Oswal Financial Services (MOFSL) has released detailed reports and share price targets for several key companies, including Anant Raj Ltd, Zee Entertainment Enterprises Ltd (ZEEL), Safari Industries Ltd, VRL Logistics Ltd, and Equitas Small Finance Bank Ltd (Equitas SFB). While MOFSL maintains a 'Buy' rating on most of these stocks, ZEEL has received a 'Neutral' recommendation.
Anant Raj Ltd | Buy | Target: Rs 650 | Potential upside: 35%
Anant Raj Ltd is positioned for significant growth, driven by its real estate and expanding data center businesses. In Q4FY26, the company successfully launched an additional phase of a group housing project with a gross development value (GDV) of Rs 1,000 crore, which was largely sold out. Looking ahead to FY27, Anant Raj plans to launch two new projects with a combined GDV of Rs 4,000-4,500 crore, spanning 2 msf, expected to boost pre-sales.
MOFSL projects pre-sales of Rs 3,050 crore and Rs 3,340 crore for FY27 and FY28, respectively, with cumulative free cash flow from real estate expected to reach Rs 2,000 crore over the next two years. The company's data center capacity is planned to scale to 357 MW IT load by 2032, with 117 MW operational by FY28. MOFSL forecasts a 134% CAGR in data center revenue over FY26-28E, reaching Rs 960 crore.
Zee Entertainment Enterprises Ltd (ZEEL) | Neutral | Target: Rs 80 | Downside: 9%
ZEEL concluded FY26 on a subdued note, reporting a 7% year-on-year decline in consolidated revenue for Q4. Ad revenue fell by 4% YoY, and adjusted EBITDA plunged 51% YoY, missing MOFSL's estimates due to higher advertising, promotion, and other expenses. Reported profitability was further impacted by changes in movie rights accounting.
Despite a prolonged trend of declining ad revenue, MOFSL has factored in a 3.5% CAGR in ad revenue over FY26-28E, but warns of downside risks from the structural shift of ad spending towards digital platforms.
Safari Industries Ltd | Buy | Target: Rs 2,250 | Upside: 35%
Safari Industries delivered in-line revenue performance in Q4FY26, with revenue growing 12.4% supported by a 15% YoY volume increase. However, EBITDA growth was modest at 1.6% YoY, and PAT remained largely flat due to higher raw material prices impacting margins. The company implemented a 5-6% price hike in April 2026, which was less than the 10% raw material inflation, suggesting further scope for price adjustments.
MOFSL anticipates Safari's revenue momentum will outpace the industry, driven by the addition of 0.15 million pieces per month capacity at its Jaipur plant. EBITDA margins are expected to remain in the 13.5-14% range over the next two years.
VRL Logistics Ltd | Buy | Target: Rs 300 | Upside: 23%
VRL Logistics reported a steady Q4 performance, benefiting from disciplined pricing strategies and a recovery in volumes. The company's future focus will be on growing tonnage, with realizations expected to remain stable, apart from marginal hikes driven by fuel price increases.
MOFSL expects volumes to recover from FY27, supported by strategic branch additions, regaining lost customers, and industry consolidation favoring organized players. The brokerage projects a 7% volume CAGR and a 9% revenue, 9% EBITDA, and 11% PAT CAGR over FY26-28.
Equitas Small Finance Bank Ltd (Equitas SFB) | Buy | Target: Rs 80 | Upside: 19%
Equitas SFB is projected to achieve an 18.5% annual loan book growth over FY26-FY28E, fueled by steady expansion in core vehicle finance, small business loans, and a recovery in the microfinance (MFI) segment. Deposit growth is expected to slightly outpace loan growth, as management aims to control the CD ratio, which jumped 800 basis points to 92% in FY26.
While the bank saw a sharp uptick in margins during Q4FY26, MOFSL anticipates some near-term pressure due to increased funding costs, including a recent hike in savings account rates to a peak of 7% for balances over Rs 25 crore. With stability in asset quality across portfolios, credit costs and slippages are expected to trend lower, driving earnings reflation.