ICICI Bank, Airtel, Varun Beverages among Motilal Oswal's top-10 picks for April; check targets

Following five months of decline, Nifty experienced a rebound of 6.3 per cent rise in March 2025, its highest monthly gain since July 2024. This recovery was driven by improving domestic macros, including a seven-month low in retail inflation and an above-expectation industrial output growth in January.
 

Foreign institutional investors (FIIs) became net buyers, contributing Rs 2,014 crore to the secondary market. However, global tensions heightened as the US imposed reciprocal tariffs on 185 countries, leading to significant sell-offs in global equities. Despite these challenges, Nifty's broader market indices.
 

Nifty's performance is part of a nuanced market outlook where future earnings growth is expected to be modest. The focus remains on largecap stocks, particularly within financials and domestic consumption sectors, Motilal Oswal Wealth. The potential for further global economic disruptions, as well as the ongoing adjustments following the US tariff announcement, provide a complex backdrop for investors, it said.
 

The financial services player has suggested 10 stocks from largecap and broader markets, across all sectors that may deliver a strong upside in the coming days.
 

Bharti Airtel | Target price: Rs 1,990

Bharti Airtel's financial momentum continues to gain traction as its free cash flow (FCF) generation shows marked improvement, largely due to tariff repairs in the India wireless segment. Over the past few years, the company has focused on prepaying high-cost debt, allowing it to generate significant FCF projected at approximately INR 1.3 trillion over the fiscal years 2025 to 2027. This financial flexibility underscores the company's strategic focus on capital allocation.
 

ICICI Bank| Target price: Rs 1,600

ICICI Bank remains optimistic about its growth trajectory, with a sustained 17% loan compound annual growth rate (CAGR) anticipated across retail and business banking segments from FY22 to FY24. The bank attributes this growth to strong asset quality and a robust contingency buffer. Digital-led deposit growth continues to support margins, despite a dip in the CASA ratio. The bank's strategic focus on analytics is expected to further optimise customer acquisition and risk assessment.

Varun Beverages | Target price: Rs 670

Varun Beverages is expanding its horizons by venturing into the food snacking market, a strategic move aimed at driving long-term growth. Despite weather-related challenges and consumption downturns, the company achieved volume growth of 12% domestically last year. With anticipated strong volume growth in the upcoming quarter, supported by enhanced distribution and rural refrigeration, Varun Beverages sees a favourable risk-reward scenario.

Shriram Finance | Target price: Rs 775

Shriram Housing Finance, boasting a diversified product suite, is set to benefit from reduced borrowing costs, which are poised to enhance net interest margins and profitability. This financial agility positions the company to effectively navigate economic cycles and leverage its expanded distribution network to offer a broader range of products to customers.
 

Tata Consumer Products | Target price: Rs 1,047

Tata Consumer Products is optimistically positioned for margin recovery, driven by strategic price hikes in key product categories like tea and salt. The company's international operations continue to be significant profit contributors. Strong performance across ecommerce and modern trade channels further enhances visibility, setting the stage for robust revenue growth driven by higher tea prices and sustained volume increases.
 

Indian Hotels | Target price: Rs 950

Indian Hotels anticipates double-digit revenue growth in FY25, spurred by robust demand across weddings, tourism, and MICE segments. The company's strategic expansion, including plans for 2,800 rooms in spiritual tourism hubs, aligns with government tourism promotion efforts. Key cities such as Mumbai, Delhi, and Bengaluru are witnessing sustained demand momentum, reinforcing the company's positive outlook.
 

Max Healthcare | Target price: Rs 1,301

Max Healthcare is poised for significant growth, with plans to add over 3,600 beds through strategic acquisitions and expansions over the next three to four years. The acquisition of Jaypee Hospital strengthens its presence in North India. The company's growth is further supported by rising insurance coverage and investments in medical infrastructure. Max Healthcare expects strong revenue growth, buoyed by volume expansions and operational improvements.
 

SRF | Target price: Rs 3,520

SRF's chemicals segment is expected to drive growth, supported by a healthy pipeline in specialty chemicals and rising exports in fluorochemicals. With consistent capital expenditure and improved pricing power, SRF anticipates long-term profitability. The company's growth is further bolstered by government support for electric vehicle battery production, which is likely to boost demand and margins in its core chemical segments.
 

Hindustan Petroleum | Target price: Rs 455

HPCL is set to benefit from declining oil prices due to increased OPEC+ output and US tariffs, improving its gross marketing margins, which are expected to offset ₹76 billion in LPG under-recoveries. Key developments include the possible demerger and listing of its lubricant business, with the bottom upgrade unit's commissioning in Q4 FY25 and the Rajasthan refinery's launch in 2025. Expectations for Q4 include a refining throughput of 6.6 million metric tonnes and marketing sales volume of 12.5 million metric tonnes.
 

Amber Enterprises | Target price: Rs 1990

Amber, a prominent player in the RAC and components sector, is capitalizing on robust demand in the RAC and EMS segments. It is enhancing its EMS capabilities through a Rs 650 crore investment in Ascent Circuits and a PLI-linked joint venture with Korea Circuit. Monitoring the EMS margin trajectory and demand across segments, especially in railway electronics, remains crucial.