Diwali Stock Picks 2025: JM Financial bets on 12 shares for up to 31% potential upside

Fiem Industries | JM Financial has a price target of ₹1,600 for Fiem Industries, which implies a potential upside of 22% from current levels. It values the stock at 16 times financial year 2027 estimated Earnings Per Share, which, according to JM Financial, is attractive. It expects Fiem to report an earnings CAGR between 20% to 22% over financial year 2025-2027.

Axis Bank | JM Financial retains its preference for large private banks over mid-sized ones given their strong returns profiles, better liability franchise, lower asset quality risk and attractive valuations relative to growth. Therefore, it bets on Axis Bank with a price target of ₹1,330, implying a potential upside of 12% from current levels. Higher-than-expected decline in margins is a key risk factor.

IIFL Finance | JM Financial sees a 22% upside on the stock with a price target of ₹600 per share. The brokerage is of the view that valuation comfort and earnings recovery would drive re-rating and makes risk reward favourable. Continuous momentum in gold prices could result upward revision of earnings estimates and quality of loan portfolio, it added.

L&T Finance | The brokerage has set a price target of ₹300 per share for the stock, indicating a potential upside of 12% from its previous close. It expects the company to sustain its growth momentum with healthy traction in the September quarter, followed by a strong acceleration in the second half of FY26, supported by festive season demand.

Apollo Hospitals Enterprise | JM Financial has a 17% upside on the stock with a price target of ₹9,000 per share. The company is undergoing a strategic restructuring involving the demerger of its offline pharmacy distribution and Apollo 24/7 into a new entity, with Keimed merging into this new company. JM Financial is of the view that the restructuring will ensure automatic listing and a dedicated leadership for focused growth and sustained financial performance across the company’s hospital, diagnostics and specialty businesses.

Lloyds Metals and Energy | The metal stock can rise another 28% to ₹1,680 per share, as per JM Financial. It is of the view that the recent 16% decline in the stock price is a good entry opportunity given its expectation of a sharp ramp-up in the iron ore production to 6-7 MT from the third quarter onwards. This provides volume and earnings growth visibility over FY26-28, it added.

Ratnamani Metals & Tubes | JM Financial sees a 25% upside on the stock with a price target of ₹2,900 per share. With a strong balance sheet and a diversified product offering in steel tubes and pipes, the company is well-positioned to take advantage of medium-term to long-term growth opportunities in the oil and gas and water sectors, the brokerage said.

Brainbees Solutions | JM Financial has projected a 25% upside on the stock by setting a price target of ₹460 per share. It said the company’s management remains focused on sustainable growth and improving margins, with an early to mid-teens revenue growth target for FY26. COCO store expansion cannibalizing the existing footprint, execution challenges in the international segment, and increased competition from Quick Commerce players or Meesho could erode market share are some of the key risks.

Anant Raj | The stock can rise 23% to ₹844 per share, as per JM Financial.  The company’s diverse portfolio spanning housing, commercial, hospitality, and data centers provides a well-balanced growth engine for medium to long term, it said. The launch pipeline of 10.9 million square feet across luxury and high-end housing ensures strong pre-sales visibility while operational commercial assets with long-term leases support stable annuity income, the brokerage added.

Eureka Forbes | JM Financial sees a 31% upside on the stock with a price target of ₹715 per share. The water purifiers categories in India have only 6% penetration as compared to 43%, 20%, and 7% in refrigerators, washing machines, and air conditioners, respectively, which implies secular growth potential for a few decades for top brands within the segment, the brokerage said.

Astral | The brokerage has set a price target of ₹1,600 apiece for the stock, projecting a potential 13% upside. It said the company’s valuation reflects the company’s superior margins in the pipes segment, potential for further margin expansion through backward integration, strong growth momentum in the adhesives business, and a solid balance sheet