Motilal Oswal expects Budget 2026 to spur domestic demand, private investment and jobs through tax simplification, rural support, infrastructure and defence capex. The brokerage recommends five beneficiaries—TVS Motor, UPL, Bharat Dynamics, M&M Financial Services and Dalmia Bharat—citing strong sectoral tailwinds, balance-sheet strength and earnings visibility across consumption, agriculture, defence and infrastructure.