From HDFC Bank to a 192% mid-cap bet, here’s the Diwali stock picks from 10 brokerages, ranked by projected upside.
Ten brokerages have released their Diwali stock picks for Samvat 2083: 111 recommendations across 91 stocks.
The lists come from Mirae Asset Sharekhan, Arihant Capital, Equirus Prive, HDFC Securities, Eureka Stock & Share Broking, Nirmal Bang, Kotak Neo, Ashika Stock Broking, Globe Capital and Jainam Broking.
Based on market caps, smaller companies generally carry bigger projected gains. Arihant’s mid-cap picks have a median upside of about 93%, nearly four times the 26% of its large-cap picks, which range from 13% to 49%. Sharekhan’s small-cap picks, led by Dee Development Engineers at 37%, have a median upside of 33%, against 22% for its large caps. Large caps such as HDFC Bank, ICICI Bank, Larsen & Toubro and Titan offer steadier projections, mostly in the 13% to 30% range.
Here is the list, ranked by projected upside based on each brokerage’s own target and reference price. The typical pick has a projected upside of 26.5%.
Here are the 20 stocks with the most potential.
Much of the biggest projected gains come from one basket. Arihant Capital’s mid-cap list, which the brokerage labels “High Risk · High Gain,” holds the top eight spots.
Arihant expects Sammaan Capital, rated “BUY (High Risk),” to nearly triple to ₹330, an upside of 192%. Sheela Foam (170%), Inox Wind (160%) and Texmaco Rail (145%) come next. HFCL, Raymond Lifestyle, MapmyIndia parent C.E. Info Systems and HEG Advanced Materials complete the top eight, each with more than 90% upside.
Outside that basket, the highest projected return is Kotak Neo’s 74% on Jubilant Ingrevia. Equirus Prive’s Regaal Resources is close behind at 73%, followed by its MAS Financial Services pick at 65%. Kotak Neo’s Ujjivan Small Finance Bank comes in at 60%. Leaving out Arihant’s mid-cap basket, the typical upside falls to about 24%.
The most widely backed stocks sit lower in the ranking. HDFC Bank, Axis Bank and Tata Consumer Products were the only stocks picked by three brokerages each. Targets for HDFC Bank range from ₹785 (Ashika) to ₹990 (Equirus), an average upside of 22%. Axis Bank’s targets run from ₹1,395 to ₹1,547, also averaging 22%. Tata Consumer has targets from ₹1,180 to ₹1,227, an average of 18%.
Banks are the biggest theme in the lists. Lenders make up 10 of the 91 stocks recommended, including Kotak Mahindra Bank, ICICI Bank, Bank of Baroda, Canara Bank, Karnataka Bank and South Indian Bank. Equitas and Ujjivan small finance banks also feature.
Fourteen more stocks were picked by two brokerages each. GMM Pfaudler has the highest average upside among them at 45%, followed by Ambuja Cements at 44%. Bharat Electronics and Hindustan Aeronautics each made two lists. So did Mahindra & Mahindra, Larsen & Toubro, Titan, UltraTech Cement, Eternal, Adani Power, Kotak Mahindra Bank, CG Power, L&T Technology Services and Indian Hotels.
At the other end of the ranking, Kotak Neo sees 7.5% upside in Persistent Systems and 9.3% in Hindustan Aeronautics. Most targets are for about a year, that is till next Diwali!
Here’s the rest of the list.
The list is a starting point, even as brokerages differ in time frame and risk. Of course, the highest returns come with the highest risk. Additionally, readers may want to look at how often a stock appears across brokerages, not just how high its target is.
Happy Diwali, and a prosperous Samvat 2083!
Disclaimer: This article compiles stock recommendations published by the brokerages named above in their Diwali 2026 (Samvat 2083) reports. The prices, targets and views are theirs, and could differ based on date of reports, etc. This is for information only and is not investment advice or a recommendation to buy or sell any security. Target prices are estimates and may not be reached, and prices may have changed since the reports were published. Equity investments are subject to market risks. Readers should do their own research and consult a SEBI-registered investment adviser before investing.
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