Diwali 2025 Muhurat Trading: ICICI Securities Reveals 7 Stocks With Strong Growth Outlook

ICICI Securities has released its annual Muhurat Picks 2025 list, featuring seven stocks poised to deliver strong returns as markets enter the auspicious Diwali trading session. The brokerage expects domestic equities to outperform global peers, driven by resilient macro fundamentals, easing inflation, policy reforms, and robust earnings growth.

The report notes that the Indian economy is on a solid footing with GDP growth near 7%, inflation below 3%, and interest rates trending lower. “With improving growth outlook amid greater purchasing power and a policy push toward manufacturing, we remain positive on markets,” said Pankaj Pandey, Head of Research, ICICI Securities.
ICICI Securities has pegged its one-year Nifty target at 27,000, implying potential gains supported by GST 2.0 reforms, a likely US-India trade deal, and stronger consumer demand during the festive season.

Top Muhurat Picks for 2025
1. HDFC Bank – 

Buying Range (Rs  940-985)
Target Rs 1,150 (18% Upside)
The largest private-sector lender is expected to accelerate credit growth post its merger consolidation. ICICI Securities highlighted that HDFC Bank’s focus on retail and MSME lending, supported by improving rural demand and robust consumption, should drive profitability.
Margins may remain under short-term pressure due to rate cuts, but recovery is expected in H2FY26 as liquidity improves. The brokerage values the bank at 2.5x FY27E BV and recommends a Buy.

2. CreditAccess Grameen 

Buying Range (Rs  1,350-1,450)
Target Rs 1,600 (15% Upside)

The microfinance lender is witnessing asset quality stabilization, with collection efficiency improving to 93.2%. ICICI Securities expects AUM growth to revive to 14–18% in FY26, driven by retail finance and improved rural cash flows. The stock trades at 2.7x FY27E BV, supported by a healthy revival outlook.

3. Larsen & Toubro 

Buying Range (Rs  3,600-3,800)
Target Rs 4,500 (20% Upside)

Engineering giant L&T remains a structural play on India’s infrastructure expansion. With an order backlog of ₹6.1 lakh crore and significant pipeline across EPC and energy segments, ICICI Securities projects revenue and PAT growth of 14.9% and 16.5% CAGR, respectively, over FY25–27.
The Hyderabad Metro sale is expected to free up capital and enhance ROE, which may reach 18% by FY26E.

4. AIA Engineering –

Buying Range (Rs  3,100-3300)
Target Rs 4,060 (26% Upside)
The global wear-resistant casting manufacturer is turning a corner after two years of subdued growth. AIA has bagged a $32.9 million order from Chile, marking its entry into the world’s largest copper market. The brokerage expects 17% volume growth over FY26–27 led by mining demand, projecting a 9.2% PAT CAGR.

5. Allied Blenders & Distillers 

Buying Range (Rs 515-555)
Target Rs 640 (17% Upside)
The maker of Officer’s Choice whisky is banking on premiumisation and backward integration to lift profitability. The company has invested ₹525 crore in capacity expansion and single-malt production.
“Prestige and Above” brands now contribute 40% of revenues, and EBITDA margins are expected to rise to 15% by FY28, according to ICICI Securities.

6. Kaynes Technology 

Buying Range (Rs  6,500-6,900)
Target Rs 8,900 (32% Upside)
Electronics manufacturer Kaynes Technology continues to be a standout pick with 48% revenue CAGR expected over FY25–28. The company’s foray into chip and PCB manufacturing aligns with India’s semiconductor mission.
ICICI Securities values the stock at 67x FY28E EPS, noting it as “a key beneficiary of India’s electronics and semiconductor revolution.”

7. Data Patterns 

Buying Range (₹ 2,630-2,800)
Target ₹3,560 (30% Upside)
Defence electronics firm Data Patterns has a strong order book of ₹1,080 crore and expects ₹2,000–3,000 crore in inflows over the next two years. With rising demand from DRDO, ISRO, and defence OEMs, ICICI Securities projects a 22% revenue CAGR through FY28 and rates the stock a Buy.

8. Greenlam Industries 

Buying Range (₹ 240-260)
Target ₹300 (20% Upside)
Laminate maker Greenlam has completed major capacity expansion, positioning itself to tap into India’s fast-growing plywood and particleboard markets. Revenues are projected to grow 16.7% CAGR over FY25–28 with margins improving to 13.7%, the report noted.

Macro Tailwinds Support Bullish Outlook
ICICI Securities forecasts corporate earnings growth of 12% CAGR over FY25–27, with double-digit expansion expected to resume strongly from FY27 onwards. The brokerage believes the combination of lower rates, GST cuts, and higher disposable incomes will drive domestic consumption-led recovery.

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