IndusInd Bank, Aurionpro could be multibaggers; avoid Ola Electric: Chola Securities

Dharmesh Kant, Head of Research at Chola Securities, sees IndusInd Bank and Aurionpro Solutions as potential multi-bagger opportunities across banking and IT.IndusInd Bank could be a turnaround play, he said, adding that recent numbers suggest profitability is returning even though a few quarters of mild challenges may remain. “What we are banking on from the banking space, I think IndusInd bank numbers were something to take away, where it turned back into black,” Kant stated.

He added that the stock is “deeply undervalued as of now, trading at around one times price-to-book, whereas its peers are around two times.” With valuations low and loan growth expected to improve, he said the stock could potentially double from current levels.
In the IT sector, Kant prefers Aurionpro Solutions, a product-based company he has tracked for some time. “They have done seven deal wins post the July-September quarter of 2025 (Q2FY26) numbers. And that will play out in the coming quarter,” he said, highlighting strong business momentum. He pointed to an order book of ₹1,600–1,700 crore and an improving deal pipeline.

“It’s available at 17 times one year forward earnings multiples, which makes it cheap given 21% kind of a margin and a growth trajectory of 25% going forward for the next two years,” he added, stating the stock has corrected 45-50% from its peak and valuations have become attractive.

On sectors, Kant said public-sector banks, NBFCs, and automobiles were the strongest performers in the December quarter. He continues to prefer financials, automobiles, auto ancillaries and metals going forward.

Also Read:

IndusInd Bank sees no loan stress in gems and jewellery portfolio despite sector slowdown

He was sharply critical of Ola Electric, raising concerns about the company’s business clarity and performance. Kant said monthly sales are below 10,000 units and highlighted heavy discounting of 35-40% below MRP, along with compliance issues. With the company also exploring battery manufacturing and battery swapping services, he advised investors to avoid the stock until the management presents a clear strategy, though short-term trading may still be possible.

Kant also discussed the impact of upcoming regulatory changes on stock exchanges. He said the new RBI circular and changes in Securities Transaction Tax (STT) could reduce overall Futures & Options (F&O) volumes by 15-20% from April 1, but the financial impact on BSE would be limited. “BSE is a very small player in the F&O volumes. NSE is a far larger player than BSE. So, I don’t think the revenue dent in BSE would be that impactful. I mean, 2-3% here and there,” he stated.

He added that valuations for exchange stocks may cool after the NSE listing. “Post NSE gets listed, the valuation multiple which these two companies will command would be around 45 to 50X one year forward. So, based on that, around 15-20% kind of a correction is warranted in a company like BSE,” he said, while stating the timing of such a correction is uncertain.

Also Read: F&O volumes may fall 15-20% after RBI funding curbs: HDFC Securities

Despite near-term headwinds, Kant remains positive on the broader capital market ecosystem. “We are a buyer in this entire capital marketplace, except the brokers,” he concluded.