HDFC Securities has released its eagerly anticipated list of top 10 stock recommendations for Samvat 2083, featuring prominent names like Adani Power Ltd, Bharat Electronics Ltd (BEL), and Tata Steel Ltd. The domestic brokerage's 'Diwali portfolio' spans a diverse range of sectors, including cement, energy, automobile, financial services, textiles, metals, pharmaceuticals, and infrastructure, with target prices set for the period leading up to the next Diwali.
Adani Power Targets Strong Growth
HDFC Securities projects a target price of Rs 234 for Adani Power, an upside of approximately 24% from its reference price of Rs 189. The recommended buy range for the stock is Rs 185-195, with an add-on-dips level at Rs 170. The brokerage's optimistic outlook is underpinned by Adani Power's ambitious expansion plans, aiming to increase its operational capacity from 18.3 GW to 45 GW by FY32. A significant 62% of its 23.7 GW expansion pipeline is already secured by long-term power purchase agreements (PPAs), reinforcing confidence in the company's future.
Bharat Electronics (BEL) Poised for Defense Sector Upside
For Bharat Electronics (BEL), HDFC Securities has set a target price of Rs 475, indicating an upside of around 28% from its reference price of Rs 370. Investors are advised to consider a buy range of Rs 368-378, with an add-on-dips level at Rs 330. BEL's robust order book, standing at Rs 68,717 crore as of October 1, 2026, and a full-year order inflow guidance of Rs 55,000 crore, are key drivers. Furthermore, a substantial $500 million pipeline of potential export leads, coupled with strategic cost-control and indigenisation efforts, contribute to the positive sentiment.
Tata Steel Benefits from Capacity Expansion
Tata Steel is another key pick, with HDFC Securities assigning a target price of Rs 210, suggesting an upside of about 25% from its reference price of Rs 167.60. The recommended buy range is Rs 168-175, with an add-on-dips level at Rs 151. The brokerage's confidence stems from the ongoing capacity expansion at Tata Steel's Kalinganagar facility, increased sales of high-value-added products, continuous cost optimization initiatives, and an anticipated recovery in global steel prices.
Other Notable Picks
The comprehensive list also includes companies such as Coal India, Ambuja Cements, Maruti Suzuki India, Can Fin Homes, K.P.R. Mill, Emcure Pharmaceuticals, and Larsen & Toubro, each with specific target prices and strategic rationales highlighted by HDFC Securities.
Disclaimer: This report from HDFC Securities is for informational purposes only and should not be construed as investment advice. Readers are strongly encouraged to consult with a qualified financial advisor before making any investment decisions.