After a year marked by single-digit returns and what many called Murphy’s Law volatility, ICICI Securities believes Indian equities are setting up for a stronger 2026. Corporate earnings are expected to grow at a 15% CAGR over FY26–28E, and ICICI Securities sees this as the base for a new market phase. With Nifty 50 seen heading toward 29,500 and BSE Sensex toward 98,500, the brokerage points to rising retail participation, a clear J-curve in domestic flows, and the 8th Pay Commission, which could put nearly Rs 2 lakh crore into the system. Against this backdrop, ICICI Securities has laid out seven high-conviction stock ideas it believes are well placed to benefit from the 2026 recovery.
ICICI on Bank of Baroda: ‘Buy’
ICICI Securities says Bank of Baroda, the country’s third-largest public sector bank, is set to gain from a seasonal rise in loan disbursements and a strong corporate sanction pipeline of about Rs 40,000 crore. The brokerage expects the bank’s credit growth to stay in line with the system at 11–12% through 2028, led by steady retail growth and an improved liabilities mix. With gross NPAs likely to stay below 2%, ICICI Securities sees better earnings comfort and balance sheet strength. It has a target price of Rs 340, which implies an upside of 17%.
ICICI on Bajaj Finance: ‘Buy’
According to ICICI Securities, Bajaj Finance is moving beyond being just a lender and is building a large customer-focused franchise, with plans to take its customer base to 20–22 crore by FY30. The brokerage notes that the company stands to gain from a GST-led consumption pick-up and deeper formalisation of MSMEs. Its push toward tech-led processes is expected to sharply cut operating costs and speed up credit decisions. ICICI Securities has set a target price of Rs 1,180 on the stock, indicating an 18% upside.
ICICI on Bharti Airtel: ‘Buy’
ICICI Securities views Bharti Airtel as a clear winner in India’s telecom space, supported by its strong average revenue per user of Rs 256 and healthy free cash flows. Beyond mobile services, the brokerage points to growth in its data centre arm, Nxtra, which is scaling capacity to 1GW, and its home broadband business, which is aiming to double reach to 100 million homes. ICICI Securities expects tariff hikes by FY26-end to further lift margins. The target price is Rs 2,450, offering a potential upside of 17%.
ICICI on Dalmia Bharat: ‘Buy’
ICICI Securities believes Dalmia Bharat is well placed to ride the ongoing cement upcycle. The company has doubled capacity over the past five years and is on track to reach 61.5 mtpa by FY28, with a longer-term aim of much higher scale. The brokerage says the focus on green power and better logistics should lift operating profit per tonne sharply over the next few years. ICICI Securities has pegged the target price at Rs 2,650, which translates into the highest upside in the list at 32%.
ICICI on NRB Bearings: ‘Buy’
ICICI Securities describes NRB Bearings as a focused auto-linked play and the country’s largest maker of needle and cylindrical roller bearings. The brokerage says the company is reworking its strategy to tap newer areas such as electric and hybrid vehicles, where penetration is still low. A Rs 200 crore capex plan is expected to raise capacity by up to 25% by FY27. At current levels, ICICI Securities finds valuations attractive and sees the stock heading to Rs 350, an upside of 25%.
ICICI on Phoenix Mills: ‘Buy’
ICICI Securities sees Phoenix Mills as a strong way to play India’s premium consumption trend. The company plans to expand from 12 malls to 17 by 2030 and is generating solid internal cash flows to fund this growth. With net debt to EBITDA below 1x, ICICI Securities says the balance sheet remains comfortable. The brokerage has set a target price of Rs 2,210, implying a 21% upside.
ICICI on KPIT Technologies: ‘Buy’
ICICI Securities calls KPIT Technologies a pure automotive software bet, with a clear focus on software-defined vehicles. The brokerage points out that KPIT is also testing sodium-ion battery technology for e-commercial vehicles, which adds an extra growth lever. Strong demand from Europe, China and India, along with a move toward full-solution offerings, supports margin expectations. ICICI Securities values the stock at Rs 1,475, suggesting a 20% upside.
ICICI Securities says Indian equities are moving past a weak 2025 and into a phase where earnings recovery, lower rates, and domestic flows start doing the heavy lifting. With corporate profits expected to improve steadily and retail participation rising, the brokerage remains positive on 2026 as a year of better, broader market returns.