Waaree Energies, Trent, TechM, Tata Motors PV: MOFSL shares target prices
MOFSL suggested 'Buy' rating on Waaree Energies, Trent and Tech Mahindra. It recommended 'Sell' on Tata Motors PV.
- Jun 24, 2026,
- Updated Jun 24, 2026 2:26 PM IST
MOFSL has come out with individual reports on several stocks including Waaree Energies Ltd, Trent Ltd, Tech Mahindra (TechM) and Tata Motors Passenger Vehicles Ltd (Tata Motors PV). The brokerage suggested 'Buy' rating on all, except for Tata Motors PV. The brokerage suggested 11-26 per cent potential upsides for TechM, Trent and Waaree Energies. The target for Tata Motors PV hinted at double-digit downside.
Waaree Energies Ltd share price target MOFSL said Waaree Energies is well-positioned to benefit from the structural transformation that is underway in India’s solar ecosystem, supported by strong demand visibility. The brokerage said Waaree's capacity expansion plans remained on track, with 10GW of domestic cell capacity and 2.6GW of module capacity in the US scheduled for commissioning in H2FY27.
Waaree Energies' diversified business model, supported by a strong retail and overseas presence (54 p cent of FY26 sales mix, provides an advantage over peers. MOFSL said an ambitious Rs 1 lakh crore revenue target by 2030, implies 4 times growth over FY26 revenue, translating into a CAGR of 39 per cent over FY26–30. MOFSL reiterated 'Buy' rating on Waaree with a target of Rs 3,825.
Trent Ltd share price target
MOFSL said the key message from Trent’s Chairman at the FY26 AGM was that the company remains in the early stages of its growth journey, with an estimated share of modest 2 per cent in India’s fashion and lifestyle retail market.
Since outlining its ambition in 2023 to deliver 10 times revenue and commensurate profitability growth, Trent has remained ahead of the roadmap so far, achieving over 2.5 times revenue and 3 times profit growth, MOFSL said.
"The Chairman remains confident of opening 50 Westside stores, 200-250 Zudio stores, and 25-40 Star stores annually, with medium-to-longer term opportunity pegged at 700 Westside stores (vs. 300 currently) and 5,000 Zudio stores (vs. ~960 currently). LFL growth was impacted by store densification and higher starting throughput of new stores. However, Trent continues to aspire for early double-digit LFL growth going forward," MOFSL said.
Trent is seen continuing to incubate new formats, expand emerging categories and meaningfully diversify into international markets through Westside and Zudio over the medium term to achieve its stated ambitions. Reiterate BUY with an unchanged target of Rs 3,500.
Tech Mahindra Ltd share price target MOFSL met with Rohit Anand, CFO of Tech Mahindra. It said Telcom is turning around, with two deals ramping up on staggered timelines, which should help the vertical transition from a multi-year drag to a neutral-to-positive contributor.
MOFSL said the vertical mix appears balanced, with healthy traction across European auto, manufacturing, HLS, and retail, while exposure to the most challenged pockets remains limited.
The IT major, MOFSL said, noted that AI adoption is real but still in its early stages; management is cautiously approaching frontier-model licenses and partnerships as model capabilities remain a moving target. TechM, MOFSL said, believes the 15 per cent margin target remains within reach, although the new labor code and wage actions could add pressure in near term.
"We reiterate Buy on TechM with a target of Rs 1,750 (implying a 24 per cent upside), based on 20 times FY28E EPS," MOFSL said.
Tata Motors Passenger Vehicles Ltd share price target MOFSL attended Tata Motors Passenger Vehicles’ (TMPV) Analyst Meet. The management has laid out a five-year roadmap till FY31, which included 15 per cent volume CAGR that will drive a 5-6 per cent rise in market share to 20 per cent.
Tata Motors PV sees structural cost reduction, with an aim to reduce costs 5by -6 per cent.
"These goals are expected to help the company drive standalone business EBIT margin to 5 per cent without PLI from 1.4 per cent(with PLI) and deliver cumulative free cash flow (FCF) of Rs 10,000 crore over this period. Its volume growth is expected to be driven by six new nameplate launches and over 20 refreshes. The company would continue to adopt a multi-powertrain approach, with the bulk of its incremental volumes coming from EV+CNG powertrains," MOFSL said.
Given significant challenges at JLR and the continued geopolitical uncertainty, MOFS reiterated its 'Sell' rating on the stock with a target price of Rs 312 per share.
MOFSL has come out with individual reports on several stocks including Waaree Energies Ltd, Trent Ltd, Tech Mahindra (TechM) and Tata Motors Passenger Vehicles Ltd (Tata Motors PV). The brokerage suggested 'Buy' rating on all, except for Tata Motors PV. The brokerage suggested 11-26 per cent potential upsides for TechM, Trent and Waaree Energies. The target for Tata Motors PV hinted at double-digit downside.
Waaree Energies Ltd share price target MOFSL said Waaree Energies is well-positioned to benefit from the structural transformation that is underway in India’s solar ecosystem, supported by strong demand visibility. The brokerage said Waaree's capacity expansion plans remained on track, with 10GW of domestic cell capacity and 2.6GW of module capacity in the US scheduled for commissioning in H2FY27.
Waaree Energies' diversified business model, supported by a strong retail and overseas presence (54 p cent of FY26 sales mix, provides an advantage over peers. MOFSL said an ambitious Rs 1 lakh crore revenue target by 2030, implies 4 times growth over FY26 revenue, translating into a CAGR of 39 per cent over FY26–30. MOFSL reiterated 'Buy' rating on Waaree with a target of Rs 3,825.
Trent Ltd share price target
MOFSL said the key message from Trent’s Chairman at the FY26 AGM was that the company remains in the early stages of its growth journey, with an estimated share of modest 2 per cent in India’s fashion and lifestyle retail market.
Since outlining its ambition in 2023 to deliver 10 times revenue and commensurate profitability growth, Trent has remained ahead of the roadmap so far, achieving over 2.5 times revenue and 3 times profit growth, MOFSL said.
"The Chairman remains confident of opening 50 Westside stores, 200-250 Zudio stores, and 25-40 Star stores annually, with medium-to-longer term opportunity pegged at 700 Westside stores (vs. 300 currently) and 5,000 Zudio stores (vs. ~960 currently). LFL growth was impacted by store densification and higher starting throughput of new stores. However, Trent continues to aspire for early double-digit LFL growth going forward," MOFSL said.
Trent is seen continuing to incubate new formats, expand emerging categories and meaningfully diversify into international markets through Westside and Zudio over the medium term to achieve its stated ambitions. Reiterate BUY with an unchanged target of Rs 3,500.
Tech Mahindra Ltd share price target MOFSL met with Rohit Anand, CFO of Tech Mahindra. It said Telcom is turning around, with two deals ramping up on staggered timelines, which should help the vertical transition from a multi-year drag to a neutral-to-positive contributor.
MOFSL said the vertical mix appears balanced, with healthy traction across European auto, manufacturing, HLS, and retail, while exposure to the most challenged pockets remains limited.
The IT major, MOFSL said, noted that AI adoption is real but still in its early stages; management is cautiously approaching frontier-model licenses and partnerships as model capabilities remain a moving target. TechM, MOFSL said, believes the 15 per cent margin target remains within reach, although the new labor code and wage actions could add pressure in near term.
"We reiterate Buy on TechM with a target of Rs 1,750 (implying a 24 per cent upside), based on 20 times FY28E EPS," MOFSL said.
Tata Motors Passenger Vehicles Ltd share price target MOFSL attended Tata Motors Passenger Vehicles’ (TMPV) Analyst Meet. The management has laid out a five-year roadmap till FY31, which included 15 per cent volume CAGR that will drive a 5-6 per cent rise in market share to 20 per cent.
Tata Motors PV sees structural cost reduction, with an aim to reduce costs 5by -6 per cent.
"These goals are expected to help the company drive standalone business EBIT margin to 5 per cent without PLI from 1.4 per cent(with PLI) and deliver cumulative free cash flow (FCF) of Rs 10,000 crore over this period. Its volume growth is expected to be driven by six new nameplate launches and over 20 refreshes. The company would continue to adopt a multi-powertrain approach, with the bulk of its incremental volumes coming from EV+CNG powertrains," MOFSL said.
Given significant challenges at JLR and the continued geopolitical uncertainty, MOFS reiterated its 'Sell' rating on the stock with a target price of Rs 312 per share.