Market Brief: High-Conviction Growth Bets Motilal Oswal has identified **Billionbrains Garage Ventures** (Groww) and **Dixon Technologies** as standout "Buy" ideas in its latest non-Nifty coverage. The brokerage is betting on a structural earnings recovery in **2026**, forecasting an improved performance for Indian equities after midcaps trailed estimates in late **2025**. Billionbrains Garage Ventures (Groww) Groww has solidified its position as India’s leading retail brokerage, commanding a dominant active client market share. The platform has successfully disrupted the space with a digital-first approach that now captures nearly **78%** of the industry's active users. * **Financial Growth:** Analysts forecast a robust **30%** EPS CAGR for the **FY25–27** period. * **Revenue Diversification:** While brokerage fees account for **85%** of revenue today, high-margin segments like Margin Trade Funding (MTF) are expected to scale from **1%** to **12%** of the total mix by **2028**. * **Recent Performance:** The stock recently faced a short-term hit of **4%**, trading near **₹166**, following new regulatory norms from the RBI affecting capital market intermediaries. Dixon Technologies (India) Ltd As a high-conviction pick in the Electronics Manufacturing Services (EMS) sector, Dixon is positioned to benefit from the **₹40,000 crore** electronics component outlay announced in the **2026 Budget**. * **Sector Tailwinds:** India's electronics production has reached an estimated **₹11.3 trillion**, with mobile phone manufacturing driving a massive portion of this volume. * **Valuation & Targets:** Motilal Oswal maintains a bullish stance with a target price of **₹20,500**. The stock currently trades near **₹11,751**, reflecting a recovery from its **52-week low** of **9,835**. * **Future Guidance:** Management anticipates mobile phone volumes reaching **60–65 million** units by **2028**. Revenue growth remains aggressive, supported by an EPS CAGR projection of **27%** through **2027**. Strategic Outlook The EMS sector continues to see **30%** year-on-year growth, bolstered by the "China+1" strategy and domestic PLI schemes. Despite recent margin pressures in the mobile segment, high-capacity players like Dixon are achieving operational leverage that justifies a premium valuation. Meanwhile, Groww’s lean, tech-led model is expected to drive EBITDA margins toward **66%** by **2028**. Both companies represent a shift toward secular growth themes where market leadership and scale provide a significant competitive moat.