MOFSL has come out with individual reports on several stocks, including Arvind Fashions Ltd, L&T Finance Holdings Ltd, Blue Jet Healthcare Ltd and Campus Activewear Ltd, with target prices suggesting 20-40 per cent potential upsides. MOFSL finds the prevailing Arvind Fashions share price as a good entry point. Factoring in recovery in the Pharma Intermediates (PI) segment and the management guidance, the broking firm sees 20 per cent upside on Blue Jet Healthcare. MOFSL expects 40 per cent upside on Campus Activewear, on likely margin expansion due to product mix and premiumisation. L&T Finance is anticipated to clock 28 per cent growth in profit annually over FY26-28. Here's what MOFSL said on the four stocks:-

Arvind Fashions | Buy | Target: Rs 620 | Upside potential: 33%

MOFSL said Arvind Fashions is transitioning into a higher-quality, D2C-led fashion platform under its ‘Arvind 3.0’ strategy, with improving execution, a stronger D2C mix, and margin-accretive growth.     

Arvind Fashions is delivering steady operating momentum despite a subdued demand backdrop, supported by consistent execution across retail, online, and brand portfolios, MOFSL said adding that the growth is increasingly driven by direct channels, improving mix, inventory discipline, and margin quality. 

"USPA has emerged as the key earnings driver with broad-based traction across channels, while adjacent categories continue to scale profitably, adding a second growth engine without diluting margins and improving overall earnings quality. Despite this, the stock has corrected 25 per cent since Aug’25, with valuation now at 34 times FY27E earnings (vs. 45 times for ABLBL). We see this as an attractive entry point into a franchise with an improving mix, stronger direct channel exposure, and visible adjacency-led growth runway," MOFSL said.

L&T Finance | Buy | Target: Rs 340 | Upside potential 22%

MOFSL said FY26 marked a strategic inflection point for L&T Finance Ltd as the company concluded its Lakshya 2026 transformation roadmap and now transitions into the next growth phase under Lakshya 2031. L&T Finance has effectively transformed itself from a diversified, wholesale-oriented financier into a predominantly retail-focused NBFC with 98 per cent retailisation, an Rs 1.2 lakh crore total loan book, and one of the most technology-intensive operating models within the Indian NBFC sector, MOFSL said.

"Despite macroeconomic volatility and stress in the microfinance ecosystem, LTF delivered a healthy FY26. The bigger story, however, lies in the development of institutional architecture around AI-led underwriting, digital servicing, cross-sell ecosystems, and granular retail franchise expansion," it said.

The brokerage is expecting  L&T Finance to deliver a PAT CAGR of 28 per cent over FY26-28, driven by healthy retail loan growth, operating leverage benefits from technology investments, moderation in credit costs, and improving profitability across key business segments. 

"Consequently, we estimate the RoA/RoE to improve to 2.6%/15.0% by FY28. We reiterate our BUY rating on LTF with a TP of INR340, based on 2.4x Mar’28E P/BV, supported by improving return ratios, strengthening franchise quality, and the company’s emergence as a scalable AI-enabled retail financial services platform," it said.

Blue Jet Healthcare | Buy | Target: Rs 580 | Upside potential: 20%

In the case of Blue Jet Healthcare, MOFSL anticipates a recovery in pharma intermediates in FY27, led by the end of destocking. The domestic brokerage believes that growth is likely to be supported by strong momentum in contrast media through new launches, NCE molecule commercialisation, backward integration, and capacity expansion, alongside recovery in pharma intermediates supported by healthy order visibility and new opportunities.

"Further, ongoing investments in Vizag, Hyderabad, and CDMO capabilities are expected to support the company’s next phase of commercialisation-led growth.
We expect a CAGR of 16 per cent, 19 per cent, 16 per cent in revenue, Ebitda and PAT over FY26-28. Factoring in recovery in the PI segment and management guidance, we raise our FY27/FY28 earnings estimates by 14 per cent each, MOFSL said. 

Campus Activewear | Buy | Target: Rs 325 | Upside potential: 40% 

MOFSL said Campus Activewear is expanding beyond its core category of sports shoes into sneakers, women’s, and kids’ categories. 

"A sharper segmentation, affordability-led positioning, and ongoing operational initiatives are supporting stronger execution and an improving product mix. Channel feedback on execution remains stronger vs. peers," it said.

MOFSL fine-tune its estimates for Campus Activewear and is building in revenue CAGR of 13 per cent over FY26-28, driven by 8 per cent average selling price (ASP) growth and 5 per cent volume growth. Improving product mix, price hikes, and recent launches are likely to support stronger ASP growth, while the focus remains on volume growth, as the company has linked distributors’ incentives to volume growth rather than value growth for FY27, MOFSL said.

"We build in 155 basis points Ebitda margin expansion over FY26-28E, with gross margin expansion contributing 65bp, led by premiumisation and mix improvements. The recent price hike is expected to cushion margins against near-term headwinds from raw material inflation. Accordingly, we model EBITDA/PAT CAGR of 18 per cent/21 per cent over FY26-28E," MOFSL said.