1 / 9Nirmal Bang has selected eight names as its top picks for this Samvat 2082. These include Diffusion Engineers, Finolex Industries, ICICI Bank, TCS, Varun Beverages, among others. The brokerage sees an 18% to 52% upside on its top Diwali picks.
2 / 9Diffusion Engineers | Nirmal Bang has a price target of ₹466 per share on the stock, indicating an upside potential of 22% from its previous close. Diffusion Engineers is well-positioned for long-term growth, driven by capacity expansion, strong demand from core sectors like cement and steel, and improving margins from value-added engineering work, the brokerage said.. Based on projected earnings growth and rising return on capital, the stock appears reasonably valued at current levels, it added.
3 / 9Finolex Industries | The stock can rise 46% to ₹278 per share, as per the Nirmal Bang note. It believes, the company’s ongoing efforts towards capacity expansion, improving product mix and enhancing margins via disciplined pricing and operational efficiency would reap benefits in the future.
4 / 9GlaxoSmithKline Pharma | Nirmal Bang sees a 24% upside potential on the stock with a price target of ₹3,425 apiece. The brokerage said it estimates the pharma company’s revenue to grow at a Compounded Annual Growth Rate (CAGR) of 10% over FY25-27, with profit after tax (PAT) growing at a 12% CAGR, mainly supported by volume-led growth in general medicines, scale up in adult vaccination and ramp up in specialty launches.
5 / 9GNG Electronics | The brokerage has projected a 52% upside on the stock with a price target of ₹482 per share. It said at the current market price, the stock is priced at a price-to-earnings ratio of 20.9x its FY27 estimated earnings per share, which looks attractive considering higher growth is expected and the benefits of repayment of loan from IPO proceeds will also show up.
6 / 9ICICI Bank | The stock can rise 18% to ₹1,631 apiece, as per the brokerage. Nirmal Bang said the lender continues to deliver best-in-class asset quality, with gross non-performing asset (NPA) at 1.67% and net NPA at 0.41% in the first quarter. It said the bank has also maintained a strong return on assets and is expected to deliver a peer-leading RoA and RoE in the 2.3% and 17% range over FY26-27. This will be supported by disciplined cost control, strong core fee income, it added.
7 / 9Stove Kraft | Nirmal Bang has set a price target of ₹870 per share, indicating an upside potential of 30%. It estimates the company’s revenue to increase at a 13% CAGR between FY25 and FY27 and PAT to grow by a 58% CAGR. Key drivers of growth include margin expansion, debt reduction via likely free cash flow generation, overseas business growth and a favourable shift in Indian consumption patterns.
8 / 9Tata Consultancy Services | The stock can rise 22% to ₹3,611 apiece, as per the brokerage. It said TCS has embarked on the supply side restructuring and creating more AI-relevant pool to remain future ready and become the world’s largest AI service provider. Also, its inclination to put its balance sheet to use, which is a significant deviation from its previous conservative approach, is a welcome change in the present environment, the brokerage added.
9 / 9Varun Beverages | The brokerage sees a 23% upside on the stock with a price target of ₹541 per share. It said with a normalised demand environment, GST-led volume tailwind, ramp up in new capacities, growth from international markets and a debt free balance sheet, the company is poised for growth in the near to medium term.
