As Diwali lights begin to glow across the streets, the markets too are gearing up for the annual Muhurat Trading session. This is a time when investors place symbolic trades to welcome the new year, Samvat 2082.
Ahead of the auspicious session, Kotak Securities has released its list of Fundamental Muhurat Picks, a basket of seven stocks that the brokerage believes could shine bright in the coming year.
According to the brokerage, the Indian market may witness “stability in earnings after large downgrades over the past year,” and FY27 could see “strong growth in earnings of 18% for the Nifty 50 Index.”
Let’s take a look at the stocks that Kotak Securities believes will light up investor portfolios this festive season –
Adani Ports & SEZ
According to Kotak Securities, Adani Ports and SEZ remains a strong contender in the logistics and infrastructure space.
The brokerage has a ‘Buy’ rating on the stock with a target price of Rs 1,900.
The brokerage noted, “We take note of the strong pace of value addition by Adani Ports and SEZ,” adding that nearly two-thirds of the company’s port portfolio is expected to witness robust growth.
Kotak expects Adani Ports to deliver a topline of Rs 11,400 crore and EBITDA of Rs 2,800 crore by FY29, supported by container volume growth and better pricing.
Cummins India
Cummins India, one of the leaders in the power solutions space, finds itself in Kotak’s list with an ‘Add’ rating and a target price of Rs 4,400 per share.
The brokerage highlighted that the company has “penetrated new markets and raised its new offerings in FY25,” and has “meaningful scope for growing its distribution business over time.”
“We expect Cummins India to be well-placed to sustain or grow its current 20%+ margin profile,” Kotak stated. It further estimated a 14-15% CAGR in revenue, EBITDA, and PAT over FY26–28, valuing the stock at 40x September 2026 EPS estimate with an additional multiple for its battery energy storage systems (BESS) venture.
Eternal (Zomato)
The brokerage has placed a ‘Buy’ rating on Eternal (formerly Zomato), setting a target price of Rs 375. The brokerage believes that the company’s growing dominance in the food delivery and quick-commerce space gives it an edge.
Kotak also expects Zomato’s quick-commerce arm Blinkit to reach EBITDA breakeven by H2FY26, supported by “higher proportion of older stores driving operating leverage.” With consolidated revenue expected to grow at a CAGR of 83% over FY25-FY28, Zomato’s expansion story continues to remain strong.
ICICI Bank
Among financials, ICICI Bank features prominently in Kotak’s Muhurat list. The brokerage has given the stock a ‘Buy’ rating with a target price of Rs 1,700.
The report stated, “Return on Equity (RoE) at 18% is among the best in the industry,” with “strong PBT performance across each business segment.” Kotak added that asset quality remained healthy with “no stress visible in the unsecured loan portfolio.”
Mahindra & Mahindra
Mahindra & Mahindra (M&M) is another top pick from Kotak Securities’ festive portfolio. The brokerage has a ‘Buy’ rating with a target price of Rs 4,000, citing strong prospects across tractors, SUVs, and commercial vehicles.
According to the brokerage report, “M&M executes well by maintaining a leadership position in all three segments.” It further added that the SUV segment volumes are expected to grow in mid to high teens YoY in FY26, while tractor demand remains strong.
Acutaas Chemicals
Acutaas Chemical has emerged as one of Kotak’s high-conviction bets in the chemicals and pharma space. The brokerage has a ‘Buy’ rating with a target price of Rs 1,780.
As per the brokerage report, the company is a “fast-growing producer of pharma intermediates and specialty chemicals.” It further added that there has been a “sharp margin expansion owing to process improvements and a favourable mix.”
Kotak also pointed out that three CDMO projects are under discussion, expected to start contributing by Q4FY26, and that the company is “well-placed to deliver strong expansion in margins for the second successive year.”
Kotak’s outlook for Samvat 2082: Cautiously optimistic
Looking beyond individual stocks, Kotak Securities struck a cautiously bullish tone for Samvat 2082. The brokerage expects “stability in earnings after large downgrades over the past 12–15 months” and projects Nifty earnings growth of 17.6% in FY27 and 14.3% in FY28.
However, it also cautioned that “rich valuations across sectors and global headwinds” could limit sharp upside in the near term. “The market may offer modest returns over the next 12–15 months, with growth in earnings being partly offset by lower multiples,” the brokerage added.