# Motilal Oswal remains selective in the capital goods and defence sector and continues to favor companies with strong execution capabilities, order book visibility, and exposure to high-.

*business · news · 2026-04-07 · NDTV Profit*

## Key points

- Motilal Oswal expects Q4 FY26 execution growth of 12% YoY in capital goods sector.
- The brokerage sees limited impact from the Middle East conflict on sector order books for Q4 FY26.
- Motilal Oswal highlights transmission, defense, data centers, and EMS as key growth areas.
- Bharat Electronics is Motilal Oswal's top pick in the defense sector for upcoming quarters.
- EMS sector valuations have dipped, but government initiatives aim to accelerate value addition in India.

**Companies:** Siemens Energy, Cummins India, L&T, Kirloskar Oil Engines, Kalpataru Projects International, Bharat Electronics
**Countries:** India

[Read the full story on NDTV Profit](https://www.ndtvprofit.com/markets/l-t-siemens-energy-cummins-among-motilal-oswals-pick-in-capital-goods-bel-tops-defence-pack-in-q4-preview-11320948)

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