Summary of this article
ICICI Direct has shortlisted 10 stocks for Muhurat trading 2026
Picks include Kotak Bank, Adani Ports, Zydus Lifesciences and Info Edge
Brokerage expects double-digit equity returns over the next 12 months
A new Samvat begins this Diwali, and with it comes a fresh set of opportunities for investors. ICICI Direct has shortlisted 10 stocks across banking, ports, hospitality, defence, chemicals and consumer sectors for its Muhurat picks for the year.
The brokerage is positive on markets despite the recent correction. "We therefore retain a constructive stance on equities," it said, adding that the next leg of the market will be driven by "fundamental earnings delivery—a healthier and more sustainable foundation for returns."
It put the recent fall down to external factors such as elevated crude prices, rising bond yields and geopolitical uncertainty, not weakening earnings. According to the brokerage, the listed universe has reported more than 20 per cent year-on-year growth in both revenue and profit after tax (PAT) in Q2FY27 so far. Mid- and small-cap companies have also reported profit growth of over 30 per cent during the quarter.
ICICI Direct's 10 Muhurat Stock Picks
1. Venus Pipes and Tubes
The stainless-steel pipes and tubes manufacturer has around 10 per cent share in the domestic seamless pipes segment. The company has received a letter of intent (LoI) worth Rs 185 crore from a data centre player and has an order book of Rs 600 crore.
A proposed preferential allotment is expected to help the company repay its debt and achieve a net debt-free position in FY27E.
2. Kotak Mahindra Bank
ICICI Direct believes Kotak Mahindra Bank's net interest margin (NIM), currently at 4.31 per cent, is close to its bottom. It expects margins to recover as the bank deploys its FCNR(B) liquidity and reprices repo-linked loans.
The bank's gross non-performing asset (GNPA) ratio stands at 1.04 per cent, while its credit cost is at 35 basis points. The appointment of Anup Saha as managing director and chief executive officer in January 2027 is expected to address the leadership overhang.
The brokerage expects the bank's advances to grow by 20-22 per cent.
3. Zydus Lifesciences
Zydus Lifesciences has guided for high-teen revenue growth in FY27, with Ebitda margins of over 24 per cent. New product launches and niche 505(b)(2) products are expected to support growth.
The US market contributes around 40 per cent of the company's revenue. ICICI Direct has identified the acquisitions of Amplitude Surgical and Assertio as key developments to monitor.
4. Info Edge
ICICI Direct considers Info Edge a "proxy play on investments in New-Age/Deep-tech companies". The company's investment portfolio is valued at around Rs 4,900 crore and spans 135 companies, including stakes of 12.43 per cent in Eternal and 12.12 per cent in PB Fintech.
Its artificial intelligence-led offerings have reached an annualised revenue run rate of around Rs 240 crore. Meanwhile, 99acres reported a 93 per cent year-on-year reduction in its operating loss to Rs 1.6 crore in Q2FY27.
5. Adani Ports and Special Economic Zone
Adani Ports handles more than 27 per cent of India's cargo and has a capacity of 671 million tonnes per annum (MTPA). Its revenue grew around 21 per cent year-on-year in the first half of FY27.
The company has raised its FY27 revenue guidance to Rs 44,000-46,000 crore and Ebitda guidance to Rs 26,000-27,000 crore. It has also increased its capital expenditure guidance by Rs 3,000 crore to Rs 15,000-17,000 crore.
6. Apollo Micro Systems
Apollo Micro Systems reported a 61 per cent increase in FY26 revenue to Rs 904 crore. Its order book stood at Rs 1,765 crore as of September 2026.
The company holds a 41.33 per cent stake in Premier Explosives and has made an open offer to acquire an additional 26 per cent stake. However, ICICI Direct has not yet factored the potential consolidation of Premier Explosives into its estimates.
7. Neogen Chemicals
Neogen Chemicals has completed a qualified institutional placement (QIP) worth Rs 600 crore at Rs 2,255 per share. It also expects to receive Rs 90-95 crore from Morita Investment.
The company expects its battery materials business to contribute more than Rs 300 crore in revenue in FY27, with most of the ramp-up likely in the second half of the year.
ICICI Direct estimates consolidated revenue of around Rs 2,300 crore in FY28E, including approximately Rs 1,000 crore from the battery materials business.
8. Indian Hotels
Indian Hotels Company (IHCL) has 34,200 operational rooms and plans to add another 34,800 rooms over the next five years. Around 90 per cent of the planned additions will follow an asset-light model.
The company has a cash balance of over Rs 4,350 crore. It has also raised its FY27 revenue growth guidance by 300 basis points to 15-17 per cent.
9. Saregama India
Paid music streaming penetration in India stands at only around 3 per cent, compared with 57 per cent in the US. ICICI Direct believes greater monetisation through paid subscriptions could emerge as "a game changer for Saregama in medium term".
The company's management has retained its medium-term revenue growth guidance of 20-23 per cent CAGR for the music business.
10. Ethos
Ethos, India's largest luxury watch retailer, has a portfolio of 85 international brands and operates 102 watch boutiques across 34 cities.
ICICI Direct expects the company to report around 23 per cent volume growth and a revenue CAGR of approximately 27 per cent between FY26 and FY29E, taking revenue to Rs 3,295.5 crore.
The brokerage also expects Ebitda margins to expand by around 170 basis points to 14.6 per cent.
What Lies Ahead For The Stock Market
ICICI Direct expects Indian equity markets to deliver healthy double-digit returns over the next 12 months. The brokerage does not see any material risk to its estimate of 16 per cent CAGR growth in Nifty earnings over FY26-28E.
Valuations also appear relatively comfortable. The Nifty 50's two-year forward price-to-earnings (P-E) multiple stands at 16.6 times, below its 10-year average of 18.2 times.
As with all equity investments, these stocks are subject to market risks. Investors should assess their risk appetite, investment horizon and financial goals before investing.
