Diwali 2025 Stock Picks: Motilal Oswal Recommends 10 Stocks for Samvat 2082

The beginning of Samvat 2082 is characterized by positive vibes, backed by fiscal and monetary tailwinds, and Motilal Oswal Wealth Management has suggested 10 stocks for the investment consideration during the festival of lights. The recommendations are made just before the special Diwali Muhurat trading session on the NSE and BSE, which will take place on October 21 from 1:45 PM to 2:45 PM.

This one-hour session signifies the commencement of the Hindu financial year and thus it is an important time for making investment decisions.

Motilal Oswal’s Top Diwali Stock Picks

1. State Bank of India (SBI)

Target Price: ₹1,000

Upside Potential: ~13%

SBI is backed by strong growth across retail, SME, and corporate segments, supported by digital transformation and a robust credit pipeline. Structural tailwinds like GST 2.0, income tax reforms, and RBI liquidity infusion are expected to boost profitability in the BFSI sector.

2. Mahindra & Mahindra (M&M)

Target Price: ₹4,091

Upside Potential: ~15%

M&M plans to launch 7 ICE SUVs, 5 BEVs, and 5 LCVs by 2030, positioning it well in both ICE and EV segments. Growth is expected from rural recovery, tractor margins, and robust product launches.

3. Bharat Electronics (BEL)

Target Price: ₹490

Upside Potential: ~19%

The Anant Shastra project, with BEL as lead integrator, adds to an order book exceeding ₹1 trillion, strengthening its role in strategic defense programs.

4. Swiggy

Target Price: ₹550

Upside Potential: ~23%

Swiggy’s Instamart Quick Commerce is projected to reach profitability sooner, supported by lower expansion costs and rising discretionary spending. Food delivery growth is expected at ~23% in FY26–FY27.

5. Indian Hotels Company

Target Price: ₹880

Upside Potential: ~19%

Robust growth in ARR, occupancy, and RevPAR, along with increased MICE activity and weddings, supports the hospitality sector’s strong outlook.

6. Max Financial

Target Price: ₹2,000

Upside Potential: ~29%

Strong bancassurance traction, resilient agency channel, and favorable product mix are expected to drive above-industry growth.

7. Radico Khaitan

Target Price: ₹3,380

Upside Potential: ~13%

The company is expanding in premium and luxury spirits, leveraging brands like 8PM, Magic Moments, and Rampur Single Malt, along with a 47.5% stake in D’YAVOL Spirits B.V to target international markets.

8. Delhivery

Target Price: ₹540

Upside Potential: ~21%

Delhivery’s market share of over 20% in express logistics and recent acquisitions enhance network density and rural coverage, supporting sustainable growth.

9. LT Foods

Target Price: ₹560

Upside Potential: ~35%

With strong brand equity (Daawat & Royal) and significant export exposure (66% of revenue), LT Foods is structurally positioned for long-term growth.

10. VIP Industries

Target Price: ₹530

Upside Potential: ~24%

VIP Industries has achieved CAGR of 19% (FY22–25) and is leveraging digital scale and premiumization to capture further market share.

Samvat 2082 Outlook

Motilal Oswal pointed out that the fiscal and monetary measures such as a 100 bps repo rate cut, a 150 bps CRR reduction, and ₹1 lakh crore income tax relief will lead to greater liquidity, higher demand, and increased corporate profits. Moreover, the rollout of the new, more simplified GST 2.0 rates are expected to contribute to the consumer sentiment further thus creating an environment for a strong private capital expenditure cycle.

The brokerage expects Nifty earnings growth at 8% in FY26 and 16% in FY27, with mid- and small-cap stocks requiring selective stock-picking. Sectors expected to outperform include BFSI, capital markets, consumption, manufacturing (EMS/defense/industrial), and digital services.

Last Year’s Diwali Picks:

Stocks like Eternal (+37%), Amber Enterprises (+33%), ICICI Bank (+11%), L&T (+10%) delivered strong returns, with the overall portfolio generating 4.8%, outperforming Nifty’s 3.6% gain in Samvat 2081.