Summary of this article
Kotak Neo reveals seven fundamental stocks for Samvat 2083.
Top stock picks include HAL, Titan, Eternal, and more.
Selections focus on long-term growth and strong reasonable valuations.
Diwali brings a season of prosperity and renewed optimism. The festival also marks the transition into the new Hindu accounting year, or Samvat 2083. Notably, this transition takes place with the opening of the Muhurat trading session.
The Muhurat Trading session will be held on Sunday, November 8, 2026, from 02:05 PM to 04:00 PM. Ahead of the trading session, Kotak Neo, the digital trading and investment platform of Kotak Securities, projects a steady growth outlook for the domestic stock market led by private sector investments in value-added manufacturing.
Despite recent foreign outflows, a spike in crude oil prices, and global macroeconomic headwinds, the firm believes that India's underlying economic engine remains fundamentally sound, supported by corporate balance sheets.
Kotak Neo also believes the recent market correction has brought Indian equities to more reasonable valuations. As the markets prepare for the upcoming Muhurat Trading session, Kotak Neo has shared its top seven fundamental Muhurat Trading stock picks for Samvat 2083:
APL Apollo Tubes
APL Apollo Tubes operates with a market cap of Rs 60,116 crore. According to the report, the company is India's largest structural steel tube manufacturer.
The company has a competitive moat supported by a portfolio of over 5,000 products catering to infrastructure, real estate, and industrial applications, distributed through a network of over 800 distributors spread across 300 cities.
The investment platform favours the stock due to the company’s planned capacity expansion from 5 million tons to 8 million tons by FY28, which is expected to support volume growth and market share gains while improving return ratios to around 24 per cent.
"Strong growth visibility, improving return ratios (ROE/ROCE ~24 per cent) and continued market share gains support a positive outlook," Kotak Neo said.
Eternal
Eternal commands a market cap of Rs 331,634 crore. The company is transforming into a diversified consumer-tech platform. Kotak Neo has recommended the company’s stock because it sees Blinkit emerging as a powerful growth engine, recently delivering 79 per cent year-on-year growth in gross order value alongside sequentially expanding margins in Q2FY27.
The quick-commerce arm has aggressively raised its target to surpass 3,500 dark stores by March 2027, which can potentially boost consolidated EBITDA margins to 4.6 per cent by FY29 from 2.2 per cent in FY26.
"We expect Eternal to deliver a robust 63 per cent revenue CAGR over FY26-29E, led by rapid expansion in quick commerce and sustained growth in food delivery," Kotak Neo said.
Hindustan Aeronautics (HAL)
The state-run defence firm operates with a market cap of Rs 3,24,603 crore. According to the note, Kotak Neo is optimistic about HAL because of its Rs 2.55 lakh crore order book, which provides the company seven to eight years of clear revenue visibility, supplemented by a near-term prospect pipeline of Rs 90,000 crore.
The investment platform expects upcoming strategic opportunities from the Tejas Mk2, Light Utility Helicopter, and Su-30MKI upgrades to drive a 16 per cent revenue CAGR over the next five years, with management also targeting exports and civil aerospace.
"HAL's integrated model across production, repair, overhaul, upgrades, engines, avionics and lifecycle support remains a key differentiator," Kotak Neo said.
Jubilant Ingrevia
The speciality chemicals manufacturer holds a market cap of Rs 8,894 crore. The investment platform has maintained a positive stance on the stock despite recent price corrections linked to Middle East hostilities and the Zettaone acquisition. Notably, Zettaone is a deep-tech electronics engineering and manufacturing enterprise.
Kotak Neo has retained a strong FY27 EBITDA guidance of Rs 750-800 crore, citing a new product pipeline and a resilient nutrition segment being built by the company. Emphasising the company's robust growth runway, which is expected to double its earnings per share by FY29, Kotak said:
"Incremental revenues of Rs 500 crore from the existing order book are seen flowing into the speciality chemicals segment each year from FY27-29," Kotak Neo said.
Persistent Systems
Persistent Systems commands a market cap of Rs 1,00,296 crore and is one of the prime beneficiaries of artificial intelligence-driven enterprise spending according to the report. The investment platform is bullish on the stock because of its recent acquisition of digital product engineering and enterprise transformation company, Nagarro.
According to the trading platform, the stock offers a strategic opportunity to gain mindshare among a wider set of enterprises, with management expected to accelerate revenue and margin expansion. The company maintains a comfortable balance sheet even if the acquisition is fully debt-funded, and is estimated to post an earnings per share CAGR of 31 per cent through FY29. Highlighting its strong fundamental momentum, the digital trading platform stated,
"Strong bookings performance over recent quarters should continue to support healthy growth in the near term," Kotak Neo said.
Titan
Titan holds a market cap of Rs 3,93,866 crore. Kotak expects Titan to benefit from a stable gold price environment, as it is expected to help the company continue gaining market share, noting that its current single-digit market share leaves ample headroom for long-term expansion. The threat of lab-grown diamonds has substantially receded, and the company is comfortably modelling a 17 to 18 per cent CAGR in consolidated jewellery sales and operating earnings through FY29.
Underlining its steady and reliable growth trajectory, the firm noted, "Titan maintained 19-20 per cent CAGR in consolidated jewellery sales guidance and share gain of 250 bps to 11 per cent".
Ujjivan Small Finance Bank
The scheduled commercial bank operates with a market cap of Rs 10,368 crore, managing an Rs 45,700 crore loan book across 880 branches. The brokerage is positive on the bank due to its robust Q2FY27 profitability metrics, which included a 20 per cent Return on Equity and a 2.4 per cent Return on Assets.
According to the report, asset quality remains deeply resilient with credit costs dropping below 1 per cent, while deposits grew 30 per cent year-on-year to support an expanding portfolio. Stressing its strength in the current financial cycle, Kotak Neo stated,
"We like Ujjivan for its outperformance in the recent microfinance cycle and view it as a play on the benign asset quality environment," Kotak Neo said.
