Motilal Oswal Financial Services expects execution growth to remain healthy for capital goods companies in its coverage universe, driven by strong order inflows and robust order books. The brokerage has identified several sectors showing promising growth potential while maintaining a selective investment approach.

Sector-wise Growth Opportunities

The brokerage highlights strong ordering momentum across multiple sectors that are driving growth in the capital goods space:

Investment Strategy and Stock Selection

Motilal Oswal maintains a selective approach in its stock recommendations, particularly focusing on companies with strong execution capabilities and healthy order books. The brokerage has specifically highlighted L&T and Siemens Energy among its preferred picks in the capital goods sector.

Key Investment Considerations

• Order Book Strength: Companies with robust order books are expected to deliver consistent execution growth
• Sector Diversification: Multiple sectors contributing to overall growth momentum
• Selective Approach: Careful evaluation of domestic private sector opportunities

Market Outlook

The brokerage's positive outlook on the capital goods sector reflects the underlying strength in infrastructure development and industrial expansion across India. Strong government initiatives in defense and renewable energy sectors are expected to provide sustained growth opportunities for well-positioned companies.

While ordering remains strong across various segments, Motilal Oswal emphasizes the importance of selective stock picking, particularly in the domestic private sector, to identify companies with the best growth prospects and execution capabilities.

Motilal Oswal Financial Services Limited has successfully completed its postal ballot process with all six proposed director appointments receiving overwhelming shareholder approval. The company announced the voting results on December 31, 2025, through regulatory filings to BSE Limited and National Stock Exchange of India Limited, marking the completion of a comprehensive governance exercise that began with the original postal ballot notice dated November 28, 2025.

Postal Ballot Overview and Process

The e-voting process was conducted exclusively through electronic mode, commencing from December 1, 2025, at 09:00 a.m. (IST) and concluding on December 30, 2025, at 05:00 p.m. (IST). All six resolutions were passed with requisite majority, as confirmed by Scrutinizer Mr. Umashankar K. Hegde, Practising Company Secretary (Membership No. A22133).

Detailed Voting Results by Resolution

Next-Generation Director Appointments (Ordinary Resolutions)

Pratik Oswal Appointment and Remuneration:

Vaibhav Agrawal Appointment and Remuneration:

Independent Director Appointments (Special Resolutions)

Independent Directors Voting Results:

Key Appointments Confirmed

Non-Executive Directors

Pratik Oswal (DIN: 06704419) - Son of Managing Director & CEO Motilal Oswal, currently leads the Passive & Quant Funds Division at MOAMC with educational background from Emory University and London Business School.

Vaibhav Agrawal (DIN: 06663890) - Son of Non-Executive Chairman Raamdeo Agarawal, serves as Chief Investment Officer for Alternate Investments and PMS at MOAMC, overseeing AUM of approximately ₹10,000.00 crores.

Independent Directors

Joseph Conrad Agnelo D'Souza (DIN: 00010576) - Former HDFC Limited executive with 39 years of experience in strategy, treasury, corporate planning, and investor relations.

Ashok Kumar Parasmal Kothari (DIN: 11233451) - Retired Indian Revenue Service Officer and former Commissioner of Central Board of Indirect Taxes and Customs.

Shareholder Participation Analysis

Category-wise Voting Participation:

Regulatory Compliance and Documentation

The company filed the voting results with both BSE Limited (Security Code: 532892) and National Stock Exchange of India Limited (Symbol: MOTILALOFS) pursuant to Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results and scrutinizer's report are also available on the company's website at www.motilaloswalgroup.com and NSDL's e-voting portal at www.evoting.nsdl.com .

Remuneration Structure Approved:

Strategic Implications

The successful completion of the postal ballot represents a significant milestone in the company's generational transition strategy. The appointments bring together next-generation leadership with international education and specialized asset management expertise, alongside experienced independent directors to strengthen governance standards. The overwhelming shareholder support across all resolutions, with approval rates ranging from 99.31% to 99.97%, demonstrates strong confidence in the company's strategic direction and leadership succession planning.