Diwali rings in a festive cheer, not just across our homes, but often across the investment portfolios. To add to this excitement. Several brokerage houses come out with their top recommendations for Diwali. SBI Securities has picked 15 stocks for Diwali 2025. They believe that as the new Samvat year kicks starts, earnings growth is likely to go back to double digit beginning Q3 FY26 and inflation of 3-5% during FY27 is likely to support earnings growth.
The stocks that the brokerage house has identified include marquee index heavyweights like HDFC Bank, recent listings like NSDL and some recent news-based buzzers like Apollo Hospitals. They see the highest return potential in Oswal Pumps, with 25% upside, and Swaraj Engines, with 24% upside potential.
SBI Securities on HDFC Bank
The management’s guidance suggests loan growth recovery to 10% in FY26 and 13% in FY27, outpacing industry averages from FY27 onwards, driven by corporate and retail banking (CRB), technology-enabled sourcing, and branch expansion. This led the brokerage to set the target price that implies 14% gains at Rs 1,110.
SBI Securities on Apollo Hospitals
Apollo Hospitals is expected to deliver a revenue CAGR of 18.3% and a net profit CAGR of 30.5%, respectively, between FY25-FY27 driven by sustained momentum in the core hospital business, increased contribution from newer capacities, increasing traction in AHLL helping margins, break-even in Apollo 24/7 (Apollo HealthCo) helping overall margins, and demerger of Apollo HealthCo unlocking value for investors. SBI Securities has a target price of Rs 8,675, with an upside of 13.2%.
SBI Securities on TVS Motor Company
The GST 2.0 will act as a key catalyst for volume growth in the next 12 months, said the brokerage firm. TVS Motor Company’s operating leverage benefits from higher capacity utilisation, which will help maintain and improve margins. The brokerage set the target price at Rs 3,975, suggesting a further growth of 13.2% in the stock price.
SBI Securities on NSDL
NSDL is one of the proxy plays on the likely revival in the market sentiment over the next 3-6 months. Demat account (net to A/c) market share on a run rate basis for Q1 FY26 stood at 15.5% vs Q1 FY25 market share at 9.4%. It has crossed 4 crore accounts as of June 2025. The brokerage has a target price of Rs 1,380, an upside of 15.2%.
It expects Pondy Oxides & Chemicals to rally over 23% and sees 13-22% the remaining counters. These include Indian Bank, Ashok Leyland, Jubilant FoodWorks, National Aluminium Company, Azad Engineering, Subros, Indian Metals & Ferro Alloys, and Fiem Industries.
SBI Securities: Triggers for Samvat 2082
SBI Securities lists out the top triggers for Samvat 2082. They believe that FY27 is set for double-digit earnings growth; comfortable valuations. The Reserve Bank of India (RBI) has implemented three rate cuts, resulting in a total 100 basis point repo rate cut, coupled with the consumption push provided by the Budget allocations.
They believe that the rationalisation of the Goods and Services Tax (GST) has enhanced affordability and consumption. Demand revival in the initial days of Navratri has been strong and is expected to sustain through the festive season.