Summary of this article
Kotak Securities shared seven stock picks across sectors. These include Adani Port, Acutaas Chemical, Cummins, Eternal, ICICI Bank, Mahindra & Mahindra (M&M), and Reliance Industries (RIL).
As Diwali 2025 approaches, the mood on Dalal Street is cautiously optimistic. Brokerages have started sharing their top picks for Muhurat trading.
Among them, brokerage firm Kotak Securities shared seven stock picks across sectors. These include Adani Port, Acutaas Chemical, Cummins, Eternal, ICICI Bank, Mahindra & Mahindra (M&M), and Reliance Industries (RIL).
This calendar year, domestic equities have seen several bouts of volatility and a few short-lived rallies. The Nifty 50 touched its lowest level of the year at 21,743.65 on April 7 and climbed to its highest at 25,669.35 on June 30.
India’s stock market has underperformed many global peers so far this year, with the benchmark Nifty 50 delivering a modest 6.70 per cent returns year-to-date (YTD). Meanwhile, Asian markets, such as South Korea’s Kospi gained 52.50 per cent, Japan’s Nikkei 225 rose 21.30 per cent, China’s CSI 300 added 20.60 per cent, and the Hong Kong-based Hang Seng climbed over 32 per cent, all delivering double-digit returns.
Even Wall Street, the stock market of the world’s largest economy, outperformed Dalal Street, with the Dow Jones, S&P 500, and Nasdaq rallying over 9 per cent, 13 per cent, and nearly 17 per cent, respectively.
The lackluster performance was mainly on account of weaker-than-expected corporate earnings, the uncertainty around global trade policies unleashed by US President Donald Trump’s tariff tantrums, geopolitical unrest in West Asia and Ukraine, and other macroeconomic challenges.
Even with easing inflation, falling crude oil prices, interest rate cuts by the Reserve Bank of India (RBI) and the US Federal Reserve, and GST rate rationalisation, the markets traded under pressure.
Foreign portfolio investors (FPIs) offloaded around Rs 1.50 lakh crore so far this year, while domestic institutional investors (DIIs) infused Rs 5.96 lakh crore, providing the much-needed support to Indian equities.
With the onset of Samvat 2082, market participants are hoping for a turnaround in sentiment and a stronger performance from domestic equities.
Muhurat Trading Stock Picks 2025 By Kotak Securities
Ahead of Diwali, Kotak Securities shared its list of seven top stock picks across different sectors for Samvat 2082 as part of its Muhurat trading recommendations. Let’s take a deep dive into the rationale behind each pick.
Adani Ports
Kotak Securities, in its recommendation, cited Adani Ports and Special Economic Zone’s strong operational momentum and consistent value addition across businesses. The brokerage expects solid volume growth in nearly two-thirds of the company’s port portfolio, supported by steady performance across key locations.
According to the brokerage, the East Coast ports are “poised for strong growth and a capex boost,” which should help drive overall volumes in the coming years. The brokerage added that a major share of Adani Ports’ volumes comes from containers, a segment that continues to show a strong growth trend.
The brokerage estimates the company’s revenue at around Rs 11,400 crore and earnings before interest taxation depreciation and amortisation (ebitda) at Rs 2,800 crore by FY29.
Acutaas Chemical
On Acutaas Chemical, the brokerage said that the company has a strong position as a fast-growing producer of pharma intermediates and specialty chemicals and it has seen sharp margin expansion owing to process improvements and a favourable product mix.
Acutaas has reiterated its guidance of 25 per cent revenue growth for the year, supported by improved profitability. The company is currently in discussions for three CDMO projects, which are expected to start contributing from the fourth quarter of FY26.
Kotak noted that Acutaas is well-placed to deliver strong margin expansion for the second consecutive year. The brokerage sees the company’s growth outlook as robust, with good visibility in key segments such as pharmaceuticals, electrolytes, and semiconductors.
Eternal (Formerly Zomato)
According to the brokerage firm, Eternal has a strong position in the food delivery market with an estimated gross merchandise value (GMV) share of around 57 per cent in FY25, as against Swiggy’s 43 per cent. The company also enjoys a wider geographical reach, operating across 750 cities versus Swiggy’s 660.
Kotak believes Blinkit, Eternal’s quick commerce arm, has further room to expand its take rate as operations mature. A higher proportion of older stores is also expected to improve operating leverage.
The brokerage expects Blinkit to achieve EBITDA breakeven in the second half of FY26 and forecasts Eternal to deliver a strong consolidated revenue growth of 83 per cent CAGR over FY25 to FY28.
ICICI Bank
ICICI Bank has strong fundamentals and consistent performance across business segments, and its return on equity (ROE) stands at 18 per cent, among the best in the industry, Kotak said.
The brokerage noted that ICICI Bank’s profit before tax (PBT) performance was solid across all major segments, supported by healthy loan growth that is broad-based and granular. Asset quality is also strong, with no visible stress in the unsecured loan portfolio.
Kotak added that the bank’s capital market-related subsidiaries delivered another strong year.
Mahindra & Mahindra
In its recommendation, Kotak Securities cited M&M’s strong execution and leadership across all three of its core business segments. The brokerage said M&M continues to maintain its dominance in the tractor, SUV, and light commercial vehicle categories. It expects the tractor segment’s volume growth momentum to sustain, supported by steady rural demand and improving farm sentiment.
The company also anticipates SUV volumes to grow in the mid- to high teens year-on-year in FY26, driven by a healthy order book and new launches. The brokerage further expects demand in the light commercial vehicle segment to pick up and profitability to improve across both the LCV and tractor businesses.
Reliance Industries
The brokerage said RIL has strong growth visibility across its key business verticals, and is planning an initial public offering (IPO) of its telecom arm, Reliance Jio Infocomm, by the first half of calendar year 2026, which could unlock significant value for shareholders.
The brokerage also cited RIL’s aim to double its EBITDA between FY22 and FY27 to about Rs 2.11 lakh crore, driven by steady growth in its telecom, retail, and new energy businesses. In organised retail, RIL is targeting over 20 per cent revenue CAGR over the next three years.
In the fast-moving consumer goods (FMCG) segment, RIL has set a five-year revenue ambition of Rs 1 lakh crore, up from around Rs 11,500 crore in FY25, with a long-term goal of becoming India’s largest FMCG company with a global footprint.
Kotak added that RIL is also deepening its technology play, announcing a new joint venture with Meta and expanding its partnership with Google Cloud as part of its strategy to transform into a deep-tech enterprise.
