Diwali stocks 2026: Tata Steel, MCX, IHCL and 8 more to add sparkle to shares portfolio in Samvat 2083 | Full list
Diwali marks the beginning of a new chapter for India's stock market, with investors looking beyond short-term volatility to identify opportunities for wealth creation in the year ahead. The annual Muhurat Trading session, considered an auspicious start to the Hindu accounting year, offers market participants an opportunity to make symbolic investments as Samvat 2083 begins.
This year, the BSE and NSE will conduct a special one-hour Muhurat Trading session on Sunday, 8 November, coinciding with Lakshmi Puja. Continuous trading in the equity segment is scheduled from 2:20 pm to 3:30 pm, compared with the regular market hours of 9:15 am to 3:30 pm.
As investors prepare for the new Samvat year, SBI Securities has identified 11 stocks across sectors that it believes could offer opportunities for returns. The recommendations include Tata Steel, Multi Commodity Exchange of India (MCX) and Indian Hotels Company (IHCL), alongside companies in engineering, power equipment, electronics, industrial manufacturing and automotive components.
SBI Securities expects Indian equities to stage a gradual recovery in Samvat 2083 following a prolonged period of consolidation. A sustained decline in crude oil prices below $90 per barrel could emerge as a key catalyst, easing pressure on the economy and improving sentiment towards domestic equities.
The brokerage remains constructive on the market outlook, citing the potential for double-digit earnings growth despite external uncertainties. Progress towards a trade agreement between India and the US, diversification of India's export markets and continued government reforms could also support the next phase of market performance.
SBI Securities sees a possible shift in global investment flows as enthusiasm around the artificial intelligence trade moderates, potentially directing more capital towards diversified emerging markets such as India. Any relief in securities transaction tax (STT) or long-term capital gains (LTCG) taxation could provide an additional boost to investor sentiment.
For Samvat 2083, SBI Securities sees opportunities across a broad range of sectors, including automobile manufacturers and component makers, capital goods, engineering, defence, aerospace, railway safety and power equipment.
The brokerage also favours selective opportunities in banking, capital-market businesses and non-banking financial companies (NBFCs), alongside electronics manufacturing services (EMS), recycling, new-age platform businesses and pharmaceutical contract development and manufacturing organisations (CDMOs).
Structural steel tubes, discretionary consumption—including hotels, jewellery and alcoholic beverages—and metals and mining also feature among the sectors that could produce potential wealth creators in the coming year.
SBI Securities' 11 recommendations for Samvat 2083 include Tata Steel, Indian Hotels Company, MCX, Jyoti CNC Automation, Sky Gold, Genus Power Infrastructures, Power Mech Projects, Centum Electronics, Stylam Industries, Sambhv Steel Tubes and Lumax Industries. Current market price taken for all the stock are as on 27th October, 2026.
Tata Steel is among SBI Securities' preferred picks for Diwali Muhurat Trading, with a target price of ₹200 against the current market price (CMP) of ₹171, implying an upside potential of 17%.
The brokerage expects Tata Steel's revenue, EBITDA and profit after tax (PAT) to grow at compound annual growth rates (CAGRs) of 8.3%, 17.6% and 36%, respectively, between FY26 and FY28. The company's revenue is projected to reach ₹2,72,448 crore, EBITDA ₹47,512 crore and PAT ₹19,968 crore over the period.
At the current market price, the stock trades at enterprise value-to-EBITDA (EV/EBITDA) multiples of 6.8 times for FY27E and 6.2 times for FY28E, according to the brokerage.
SBI Securities has set a target price of ₹935 for Indian Hotels Company, implying a potential upside of 15% from its CMP of ₹813.
The brokerage projects revenue, EBITDA and PAT CAGRs of 14.6%, 17.6% and 10.1%, respectively, over FY26–FY28. At the current market price, IHCL trades at EV/EBITDA multiples of 28.8 times for FY27E and 24.6 times for FY28E.
SBI Securities considers these valuations reasonable, citing the company's healthy operating momentum, asset-light expansion strategy and strong balance sheet. IHCL had gross cash reserves of ₹4,369 crore as of September 2026.
MCX features among the brokerage's Diwali picks, with a target price of ₹3,633 against its CMP of ₹3,187, indicating an upside potential of 14%.
SBI Securities expects the exchange's revenue, EBITDA and PAT to grow at CAGRs of 24%, 24.3% and 25.2%, respectively, between FY26 and FY28. The corresponding figures are projected to reach ₹3,540 crore, ₹2,544 crore and ₹2,087 crore.
At the current market price, MCX trades at price-to-earnings (P/E) multiples of 45.9 times for FY27E and 38.9 times for FY28E.
SBI Securities has assigned Jyoti CNC Automation a target price of ₹1,087, suggesting an upside of 17.4% from its CMP of ₹926.
The brokerage expects revenue, EBITDA and PAT to expand at CAGRs of 30%, 32% and 34%, respectively, over FY26–FY28. Revenue is projected to reach ₹3,514 crore, EBITDA ₹912 crore and PAT ₹600 crore during the period.
At the current market price, the stock trades at P/E multiples of 48.8 times for FY27E and 34.9 times for FY28E.
Sky Gold & Diamonds has a target price of ₹1,080 from SBI Securities, implying a potential upside of 15.5% from its CMP of ₹935.
The brokerage forecasts revenue, EBITDA and PAT CAGRs of 37.1%, 45.9% and 48.4%, respectively, between FY26 and FY28.
At the current market price, the stock trades at P/E multiples of 32.4 times for FY27E and 23.3 times for FY28E. SBI Securities considers the valuation reasonable given the company's growth outlook and prospects for improving return on capital employed (RoCE), supported by margin expansion.
SBI Securities has set a target price of ₹320 for Genus Power Infrastructures, indicating an upside potential of 19.4% from its CMP of ₹268.
The brokerage expects the company's revenue, EBITDA and PAT to grow at CAGRs of 18.6%, 15.4% and 10.6%, respectively, over FY26–FY28, reaching ₹6,682 crore, ₹1,284 crore and ₹724 crore.
Genus Power trades at P/E multiples of 12.1 times for FY27E and 11.2 times for FY28E at the current market price. The brokerage also highlighted the company's ₹148.2 crore share buyback at ₹312 per share through the tender route, which could offer support to the stock amid market volatility.
Power Mech Projects has a target price of ₹2,576 from SBI Securities, implying an upside of 18.9% from its CMP of ₹2,167.
The brokerage projects revenue, EBITDA and PAT to grow at CAGRs of 21%, 24% and 29%, respectively, between FY26 and FY28. Revenue is expected to reach ₹8,858 crore, EBITDA ₹1,089 crore and PAT ₹603 crore.
At the current market price, Power Mech trades at P/E multiples of 15.6 times for FY27E and 11.4 times for FY28E. SBI Securities considers the valuation attractive in light of the company's projected earnings growth.
Centum Electronics offers the highest indicated upside among SBI Securities' 11 recommendations. The brokerage has set a target price of ₹4,980, implying a potential gain of 22% from its CMP of ₹4,082.
The company's revenue, EBITDA and PAT are projected to grow at CAGRs of 26%, 35% and 38%, respectively, over FY26–FY28, reaching ₹1,544 crore, ₹219 crore and ₹134 crore.
SBI Securities expects earnings growth to be supported by operating leverage from higher order execution and improved margins resulting from a favourable business mix, including a higher contribution from the BTS segment.
At the current market price, Centum Electronics trades at P/E multiples of 62.9 times for FY27E and 45.1 times for FY28E.
SBI Securities has recommended Stylam Industries with a target price of ₹3,662, implying an upside potential of 14.2% from the CMP of ₹3,206.
The brokerage expects revenue, EBITDA and PAT to grow at CAGRs of 24%, 25% and 26%, respectively, over FY26–FY28. The corresponding figures are projected to reach ₹1,734 crore, ₹347 crore and ₹238 crore.
At the current market price, Stylam Industries trades at P/E multiples of 28.1 times for FY27E and 21.9 times for FY28E.
SBI Securities has assigned Sambhv Steel Tubes a target price of ₹197, indicating an upside potential of 16.6% from its CMP of ₹169.
The brokerage forecasts revenue, EBITDA and PAT CAGRs of 44.9%, 45.9% and 34.8%, respectively, between FY26 and FY28. Revenue is expected to reach ₹5,068 crore, EBITDA ₹588 crore and PAT ₹258 crore.
At the current market price, the stock trades at an EV/EBITDA multiple of 17.4 times for FY27E. The FY28E multiple was not specified in the supplied figures.
Lumax Industries is another key pick, with SBI Securities setting a target price of ₹6,097 against its CMP of ₹5,051, implying an upside potential of 20.7%.
The brokerage expects revenue, EBITDA and PAT to grow at CAGRs of 18%, 21% and 30%, respectively, over FY26–FY28. The company has also raised its FY27 revenue growth guidance to more than 25%, from its earlier projection of over 20%.
At the current market price, Lumax Industries trades at P/E multiples of 20.5 times for FY27E and 14.9 times for FY28E, based on consolidated earnings.
Dhanya Nagasundaram works as a Content Producer at LiveMint, specializing in news related to financial markets, stocks, and business. With over eight years of experience in journalism and content creation, she has honed her skills in data-driven reporting and market analysis. Her focus is on monitoring stock trends, initial public offerings (IPOs), corporate news, policy shifts, and larger economic trends that affect investors and market players. <br><br> At LiveMint, Dhanya consistently writes and produces articles that make complex financial topics accessible to readers. She keeps a close eye on equity markets, commodities, and macroeconomic indicators, assisting audiences in comprehending how global and domestic events influence investment perspectives. Her stories frequently underscore emerging trends within sectors, the IPO market, company earnings results, and market strategies pertinent to both retail and institutional investors. <br><br> Before her tenure at LiveMint, Dhanya accumulated a wealth of professional experience at various companies, including MintGenie, Informist, Cogenics, Chary Publications, KPMG, and the Royal Bank of Scotland. These positions allowed her to establish a solid foundation in financial research, reporting, and content creation. <br><br> Throughout her career, she has explored numerous subjects such as trading strategies, commodities, IPOs, wealth generation, corporate profits, and macroeconomic indicators. Her background in both financial journalism and corporate settings has given her the ability to tackle stories with analytical rigor while ensuring clarity for her audience. Through her contributions, Dhanya strives to deliver insightful, trustworthy, and investor-centric financial content.
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HomeMarketsStock MarketsDiwali stocks 2026: Tata Steel, MCX, IHCL and 8 more to add sparkle to shares portfolio in Samvat 2083 | Full list
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