As Diwali 2025 approaches, optimism has returned to Dalal Street with brokerages rolling out their Muhurat trading strategies. Among them, Nirmal Bang’s Diwali 2025 stock picks Diwali Muhurat Trading Stocks – have made headlines, highlighting eight companies poised for potential gains of up to 52 percent in the coming year.
The brokerage’s list blends manufacturing, consumption, financial, and technology plays, aligned with Samvat 2082’s expected themes of economic revival, policy support, and retail liquidity.
GNG Electronics – Top Performer with 52% Potential
Leading the list, GNG Electronics has the highest potential upside at 52 percent, with a target price of ₹482. The brokerage cites the company’s strong order book, improving margins, and stable demand outlook. With the repayment of debt through IPO proceeds and benefits from the government’s Make in India initiative, GNG is expected to sustain double-digit earnings growth through FY27.
Finolex Industries – A Solid Capital Goods Bet
Finolex Industries ranks next with a projected 46 percent upside and a price target of ₹278. The firm expects margin expansion and improved pricing power as the real estate and water infrastructure markets continue to recover. Consistent capex and operational discipline further solidify its long-term outlook.
Stove Kraft – Riding India’s Consumption Boom
The maker of Pigeon and Gilma brands, Stove Kraft, comes in with a 30 percent upside (target ₹870). Nirmal Bang expects its revenue to grow at a 13 percent CAGR between FY25 and FY27, while profit growth may accelerate at 58 percent. The brokerage highlights debt reduction, export expansion, and higher-margin product introductions as key triggers.
Tata Consultancy Services (TCS) – Strength in Digital and AI
TCS continues to be a key tech bet with an estimated 22 percent upside and a price target of ₹3,611. The brokerage emphasises the company’s shift toward building AI-relevant talent and deploying its large cash holdings to drive innovation and acquisitions. TCS’s efforts to lead the global AI services market could unlock new revenue streams over the next two years.
Varun Beverages – Festive Demand Booster
With India’s beverage market expanding rapidly, Varun Beverages has a 23 percent upside potential with a target of ₹541. Analysts expect growth driven by plant capacity additions, GST-led efficiencies, and expanding global operations. The company’s debt-free balance sheet improves its ability to sustain expansion cycles.
ICICI Bank – Quality at a Reasonable Valuation
Banking giant ICICI Bank holds a target of ₹1,631, reflecting an 18 percent upside. The lender maintains a gross NPA ratio of just 1.67% and enjoys steady fee income. The brokerage expects peer-leading return ratios (RoA ~2.3%, RoE ~17%) over FY26–27, underpinned by cost discipline and digital lending initiatives.
GlaxoSmithKline Pharma – Healthcare Revival Play
GSK Pharma enters the list with a 24 percent upside and a target of ₹3,425 per share. Revenue is expected to grow at a 10 percent CAGR between FY25 and FY27, while PAT could rise at 12 percent. The company’s focus on adult vaccines, specialty product launches, and chronic therapies is expected to fuel steady performance.
Diffusion Engineers – Capex and Industrial Growth
Lastly, Diffusion Engineers is projected to climb 22 percent to ₹466. The firm benefits from India’s industrial capex push, strong cement and steel industry linkages, and improved operating efficiency from high-margin engineering services.
Market Outlook – Diwali Muhurat Trading Stocks
According to Nirmal Bang, the broader market is expected to see steady earnings-led growth through Samvat 2082, supported by domestic demand resilience, manufacturing revival, and increasing FPI inflows. The brokerage suggests investors focus on companies with visible earnings triggers, efficient cost structures, and exposure to India’s ongoing infrastructure and consumption cycles.
As investors gear up for Muhurat trading, these eight Diwali stock picks are seen as a reflection of confidence in India’s long-term growth story — blending stability, growth, and opportunity in true festive spirit.
