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With Diwali 2026 today, market participants are prepared for Muhurat Trading, a special session that marks the start of the new Hindu financial year, Samvat 2083. Traditionally regarded as an auspicious time to begin new investments, the session coincides with Lakshmi Puja and carries symbolic significance for wealth and prosperity. Beyond the festive sentiment, investors are also keen to identify stocks with the potential to generate long-term returns in the year ahead.
The NSE and BSE will hold the Muhurat Trading session on Sunday, 8 November 2026, on the occasion of Diwali. Trading will take place from 2:20 PM to 3:30 PM IST.
Geojit has identified 10 stocks across banking, infrastructure, information technology, auto components, hospitality, healthcare services and new-age businesses as its preferred picks for Samvat 2083.
The brokerage's Diwali portfolio combines established large-cap companies with select mid-cap opportunities, focusing on earnings visibility, strong balance sheets, sectoral growth prospects and reasonable valuations.
Geojit acknowledged that Indian equities continue to face external headwinds, including elevated crude oil prices, geopolitical uncertainty, high US bond yields and persistent foreign investor outflows, which could keep near-term volatility elevated. However, it believes the recent market correction has improved the risk-reward for investors with a medium- to long-term investment horizon.
The brokerage's 10 stock picks are ICICI Bank, Larsen & Toubro (L&T), Kotak Mahindra Bank, Eternal, Tech Mahindra, Samvardhana Motherson, Indian Hotels Company, Sagility, PVR Inox and Cyient. Here is why Geojit is bullish on these stocks.
Geojit said ICICI Bank's credit growth stood at 30% year-on-year in Q2FY27, supported by broad-based expansion across retail, business banking and corporate segments, along with an expanding branch network. The brokerage considers it its preferred large-cap private sector bank, citing its consistent outperformance against peers.
ICICI Bank mobilised the highest FCNR(B) deposits among private banks at $17.9 billion, strengthening its deposit base. Lower provisions and healthy fee income are also supporting profitability.
The brokerage believes improving asset quality, contained credit costs and a strong capital position provide the bank with sufficient headroom to sustain loan growth. Although margins have moderated in the near term, ICICI Bank remains well positioned to compound earnings, supported by its strong franchise and disciplined risk management.
Geojit believes L&T is well positioned to benefit from opportunities across infrastructure, manufacturing, energy transition and technology, supported by its diversified business portfolio, execution capabilities and robust project pipeline.
The brokerage highlighted the company's focus on offshore wind, digital technologies, semiconductors and green energy under its Lakshya 2031 roadmap as important long-term growth drivers.
L&T's order book increased 27.1% year-on-year to ₹7.79 lakh crore, while order inflows in Q1FY27 rose 14.4% to ₹1.08 lakh crore, reflecting strong order momentum.
Geojit expects the company's revenue and profit after tax (PAT) to grow at a compound annual growth rate (CAGR) of 13% and 19%, respectively, over FY26–FY28.
Geojit said Kotak Mahindra Bank has accelerated loan and deposit growth ahead of the industry, gaining market share across segments. Easing credit costs and improving operational efficiency are expected to support profitability. Its Q1FY27 net interest margin (NIM) of 4.53% was the highest among the four largest private sector banks, according to the brokerage.
With Anup Kumar Saha set to take charge as MD and CEO on 1 January 2027, the retail segment is expected to gain momentum in the bank's advances. Management plans to scale up unsecured lending without compromising underwriting standards, while expanding its home loan and SME financing businesses.
The brokerage also highlighted Kotak's strong current account and savings account (CASA) franchise, which provides a structural funding cost advantage. Its Kotak 811 platform continues to expand the savings and salary account base, reducing dependence on higher-cost term deposits.
With strong capital adequacy and stable asset quality, Geojit believes the bank is well positioned to sustain growth and earnings visibility.
Geojit expects Eternal's food delivery business to deliver long-term annual growth of more than 20%, supported by continued investments in customer acquisition and order frequency while maintaining stable margins.
The brokerage noted that District, the company's going-out platform, is on track to achieve breakeven, while Hyperpure is evolving into a broader supply chain partner for restaurants.
Eternal plans to accelerate Blinkit's store expansion, targeting more than 3,500 stores by March 2027 and around 5,000 by March 2028, with Tier-2 cities expected to contribute significantly to the expansion. Improving profitability, including adjusted EBITDA margins of more than 5% in mature cities, reinforces the brokerage's confidence in the long-term business model.
Geojit said Eternal has developed multiple growth engines across food delivery, quick commerce, going-out and B2B supplies, with most of its businesses already profitable. New initiatives such as dark.ai, its recently launched artificial intelligence venture, offer additional growth opportuniti
Geojit expects Tech Mahindra's revenue to grow at around 10% CAGR over FY26–FY28 to approximately ₹69,200 crore. EBIT margins are projected to expand from 12% in FY26 to around 15.6% by FY28, supported by its turnaround programme, Project Fortius savings and operating leverage.
The brokerage noted that deal wins exceeded $1 billion for the third consecutive quarter, taking the company's last 12-month total contract value (TCV) to $4.27 billion, up 35% year-on-year. Deal momentum has remained broad-based across verticals and geographies.
Tech Mahindra's AI-led offerings under TechM Helix are expected to position the company to benefit from demand for technology modernisation.
Geojit estimates earnings per share (EPS) to compound at around 29% over FY26–FY28, driven by margin expansion, with return on equity (ROE) projected to improve from 16.9% to around 25%. At approximately 21 times FY28 estimated EPS, the brokerage believes the valuation leaves room for a potential re-rating as earnings growth materialises.
Geojit highlighted Samvardhana Motherson's global auto component business, which is diversified across geographies, customers and products. No single country contributes more than 22% of its revenue, while its largest customer accounts for around 9%, reducing dependence on any one market.
The company has a booked order pipeline of approximately $96 billion. Recent wiring harness acquisitions and 13 new plants scheduled to commence operations in FY27 are expected to support growth ahead of the industry.
The brokerage also pointed to the company's expansion into faster-growing segments such as consumer electronics and aerospace. Consumer electronics revenue increased 7.5 times in FY26, with a third plant expected to be commissioned in Q3FY27, while aerospace revenue grew 40% during the year.
These emerging businesses now contribute around 11% of revenue and could support a higher valuation over time. Potential future listings could also unlock additional value, Geojit said.
The restructuring of its European polymer business, which accounts for 42% of revenue, and expansion in electronics could further drive earnings growth. The company reported a 26% year-on-year increase in Q1FY27 EBITDA on 17% revenue growth. Higher asset utilisation and disciplined investments are expected to support cash flows and returns on capital.
Geojit said Indian Hotels Company's asset-light expansion strategy remains a key growth driver. Around 94% of its pipeline of more than 34,800 rooms is under management contracts and revenue-sharing leases, supporting capital-efficient expansion and improving earnings visibility.
The company has guided for more than 5,000 room openings annually and expects its portfolio to reach 700 hotels by the end of FY27.
The brokerage said IHCL remains confident of delivering high-teens CAGR in management fees, supported by its strong pipeline of new hotel openings. Its emerging brands are also expanding, with Ginger targeting 150 hotels by FY27, while ama Stays & Trails and Tree of Life continue to grow.
Structural demand tailwinds and limited supply additions in key markets are expected to support the company's growth. Geojit also identified the proposed OHL merger, higher management fees and asset upgrades as additional growth drivers. Its asset-light strategy is expected to support margin expansion and stronger returns.
Geojit described Sagility as a technology-led healthcare operations provider serving US health insurers and healthcare providers, with exposure largely to non-discretionary spending.
The company aims to sustain growth by expanding relationships with existing clients, scaling recent business wins and shifting from fragmented, process-led engagements towards integrated, outcome-driven managed services.
The brokerage highlighted the CareSeed acquisition, which strengthens Sagility's capabilities in healthcare quality by adding technology to measure and report the performance of US health plans, along with supporting analytics. The acquisition is particularly relevant for Medicare Advantage plans and provides an opportunity to serve smaller payers. Sagility now has capabilities across the healthcare quality cycle, from identifying care gaps to helping close them.
Geojit believes continued cost, regulatory and utilisation pressures on US health insurers will favour service providers with deep domain expertise, scale and outcome-driven offerings. Healthy cash generation and planned debt repayment could also reduce finance costs.
However, the brokerage flagged client concentration, changes in US healthcare regulations and potential pricing deflation due to generative AI as key risks.
Geojit expects PVR Inox to benefit from a strong movie release pipeline in the second half of FY27. Films such as Ramayana Part 1, King, Avengers: Doomsday and Dune: Part Three could support higher footfalls and occupancy, while also boosting advertising revenue.
The brokerage expects screen openings to accelerate in the coming quarters, largely through capital-light franchise-owned, company-operated (FOCO) and asset-light formats in Tier-2 and Tier-3 cities.
Live sports screenings, alternative content and food courts are also expected to provide revenue opportunities beyond theatrical releases.
Geojit believes stronger operating cash flows and a healthier balance sheet should allow the company to fund a large part of its capital expenditure through internal accruals, while working towards restoring pre-pandemic return ratios.
Geojit projects Cyient's revenue to grow at around 19% CAGR over FY26–FY28. EBIT margins are expected to expand from 9.5% in FY26 to approximately 11.7% by FY28, supported by improvements in its Digital, Engineering & Technology (DET) segment.
The DET segment's margin reached a ten-quarter high of 14.2% in Q2FY27, driven by cost optimisation and the margin-accretive TAO Digital acquisition.
The brokerage also highlighted record Q2 DET order intake of $158.4 million, up 21% year-on-year. AI-led offerings under CYiNGINE and a semiconductor ASIC pipeline exceeding $100 million are expected to position Cyient to benefit from rising demand for engineering-led AI solutions.
Geojit estimates EPS to compound at around 24% over FY26–FY28, supported by margin expansion, with ROE projected to improve from 7.8% to approximately 13%. The brokerage believes the current valuation leaves room for a potential re-rating as earnings growth materialises.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
Dhanya Nagasundaram works as a Content Producer at LiveMint, specializing in news related to financial markets, stocks, and business. With over eight years of experience in journalism and content creation, she has honed her skills in data-driven reporting and market analysis. Her focus is on monitoring stock trends, initial public offerings (IPOs), corporate news, policy shifts, and larger economic trends that affect investors and market players. <br><br> At LiveMint, Dhanya consistently writes and produces articles that make complex financial topics accessible to readers. She keeps a close eye on equity markets, commodities, and macroeconomic indicators, assisting audiences in comprehending how global and domestic events influence investment perspectives. Her stories frequently underscore emerging trends within sectors, the IPO market, company earnings results, and market strategies pertinent to both retail and institutional investors. <br><br> Before her tenure at LiveMint, Dhanya accumulated a wealth of professional experience at various companies, including MintGenie, Informist, Cogenics, Chary Publications, KPMG, and the Royal Bank of Scotland. These positions allowed her to establish a solid foundation in financial research, reporting, and content creation. <br><br> Throughout her career, she has explored numerous subjects such as trading strategies, commodities, IPOs, wealth generation, corporate profits, and macroeconomic indicators. Her background in both financial journalism and corporate settings has given her the ability to tackle stories with analytical rigor while ensuring clarity for her audience. Through her contributions, Dhanya strives to deliver insightful, trustworthy, and investor-centric financial content.
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