Diwali Samvat 2082 Recommendations

Outlook:

CDSL is well-positioned for continued growth, driven by increasing retail participation, regulatory support, and digital adoption across India’s capital markets. The company is expected to expand its Demat account base as investor awareness rises and new investment avenues emerge. Technology-enabled services, such as MyEasi and insurance repositories, will further enhance convenience and customer engagement. With ongoing infrastructure investments and cost-efficient operations, CDSL is likely to maintain its market leadership, capture untapped opportunities, and deliver sustainable long-term value to both retail and institutional participants, reinforcing its role as a central pillar of India’s financial ecosystem. It has a TTM EPS of ₹ 24.35 and is trading at a TTM P/E of 65.87x. We recommend buying shares at the current market price, with a target price of Rs 1900 over a 12-month time horizon.

Outlook:

ITC Hotels is well-positioned for robust growth in the Indian and emerging international hospitality markets. With a strong operational base of 143 hotels and 58 in the pipeline, the company is expanding strategically into high-demand locations while scaling owned hotel assets. The international ventures like ITC Ratnadipa, reinforce ITC Hotels’ potential to capture market share, drive revenue growth, and deliver sustainable long-term value. It has a TTM EPS of ₹ 3.27 and is trading at a TTM P/E of 66.05x. We recommend buying shares at the current market price, with a target price of Rs 270 within a 12-month time horizon.

Outlook:

Max Healthcare is well-placed to benefit from structural growth in India’s healthcare sector, driven by capacity expansion, digital integration, and high-margin specialty services. EBITDA per bed and ROCE metrics are expected to remain robust, supporting long-term profitability and shareholder value. Strategic brownfield/greenfield projects and oncology expansion provide visibility for FY26–28 growth, making it a compelling investment in the organized healthcare space. It has a TTM EPS of ₹ 12.34and is trading at a TTM P/E of 93.53x. We recommend buying shares at the current market price, with a target price of Rs 1450 over a 12-month time horizon.

Outlook:

Welspun Living is navigating near-term headwinds from US-India tariff uncertainties and cautious retailer demand. However, strategic initiatives such as geographic diversification, expansion of the pillow business in the US, and growth in branded and domestic segments provide a strong growth trajectory. The India-UK Free Trade Agreement and other trade opportunities position the company to capture incremental market share. Focused cost management, operational efficiency, and prudent financial discipline underpin a positive medium-to-long-term outlook for sustainable value creation. It has a TTM EPS of ₹ 5.57 and is trading at a TTM P/E of 22.08x. We recommend buying shares at the current market price, with a target price of Rs 160 within a 12-month time horizon.

Outlook:

GMDC is well-positioned for steady growth, supported by a diversified portfolio spanning lignite, coal, copper, and rare earth projects. Near-term revenues are driven by its established lignite operations, while upcoming mines and the Odisha coal blocks are expected to contribute significantly to volume and revenue growth from FY’27 onwards. Strategic investments in renewable energy and critical minerals further strengthen long-term sustainability. Robust CAPEX planning, a strong balance sheet with low debt, and a phased production expansion strategy provide confidence in GMDC’s ability to deliver strong financial performance and enhance shareholder value over the medium to long term. The company has a TTM EPS of ₹28.85 and is currently trading at a TTM P/E of 30.11x. We recommend a Buy on the stock at current levels, with a target price of ₹900 over a 12-month horizon.

Outlook:

BEML is positioned for robust growth across Mining, Defense, Rail, and Metro segments. Key projects include Bangalore Metro train deliveries and execution of high-mobility defense platforms, supported by a strong sustenance business. Margins are expected to improve through material cost optimization, enhanced product mix, and system-level solutions. Strategic Capex is underway to expand manufacturing capacity, improve operational efficiency, and strengthen readiness for high-end rail and defense projects. The company has a TTM EPS of ₹71.77 and trades at a TTM P/E of 60.79x. We recommend buying at the current market price, targeting Rs 5,500 over a 12-month horizon.

Outlook:

Voltas expects a gradual recovery in FY26, driven by festive season demand, potential “second summer” in select regions, and improved product availability. The company targets mid-teen revenue growth and margin normalization as channel inventories stabilize. Focus on cost optimization, operational efficiency, and strategic investments across segments will help maintain market leadership in cooling products and appliances, while selectively pursuing profitable projects, ensuring resilient growth and long-term shareholder value. It has a TTM EPS of ₹ 19.57 and is trading at a TTM P/E of 72.45x. We recommend buying shares at the current market price, with a target price of Rs 1650 within a 12-month time horizon.

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