Diwali Stock Picks: SBI Securities names 15 shares for up to 25% upside

About this update from Swaraj Engines Ltd

HDFC Bank- Target ₹1,110; Upside 14% | SBI Securities expects HDFC Bank to rebound strongly, projecting loan growth of 10% in FY26 and 13% in FY27. Robust deposit growth and a balanced funding mix are set to fuel its next expansion phase. TVS Motor- Target ₹3,975; Upside 13.2% | TVS Motor is positioned to benefit from rural recovery and export strength. The brokerage cites GST 2.0 and capacity leverage as key margin drivers through FY26–27. Apollo Hospitals- Target ₹8,675; Upside 13.2% | Apollo Hospitals’ earnings visibility remains strong, backed by higher occupancy, digital expansion, and asset-light growth. SBI Securities maintains a positive long-term outlook. Indian Bank- Target ₹875; Upside 15.4% | Indian Bank is expected to post steady growth across NII, PPOP, and PAT, each clocking around 10% CAGR. The stock trades attractively at 1.1x FY27 book value, the brokerage said. Ashok Leyland- Target ₹170; Upside 23.2% | SBI Securities sees margin improvement at Ashok Leyland, led by lower input costs, favorable mix, and pricing discipline. The stock trades at 20.5x FY27 earnings, offering solid upside potential. Jubilant FoodWorks- Target ₹720; Upside 15.5% | The brokerage expects GST rationalisation to boost consumption and QSR demand. Lower input costs and stronger same-store sales could enhance growth momentum for Jubilant FoodWorks. NALCO- Target ₹260; Upside 19.7% | SBI Securities sees operational efficiency and production growth driving NALCO’s performance. The stock trades at 6.1x FY27 EV/EBITDA, with strong demand recovery prospects. NSDL- Target ₹1,380; Upside 15.2% | NSDL is seen as a proxy play on market revival, with revenue and PAT projected to grow at 5% and 14% CAGR through FY27, according to SBI Securities. Azad Engineering- Target ₹2,105; Upside 22.5% | SBI Securities expects Azad Engineering to deliver 42.7% PAT CAGR through FY27. The company’s strong order book and growth in aerospace and energy components underpin optimism. Oswal Pumps-Target ₹970; Upside 25.2% | Oswal Pumps is projected to post over 30% CAGR in revenue and profit till FY27. Strong expansion plans and operating efficiency support the highest upside potential in the list. Subros Ltd- Target ₹1,355; Upside 21.2% | Subros is expected to gain from the PV/CV industry upcycle and GST cuts, driving higher volumes. Supportive monetary policy adds further tailwinds. Indian Me...

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