PL Capital’s Top Diwali 2025 Stock Picks: SBI, ITC, HAL, Max Healthcare Among Top Buys with up to 35% Upside

Mumbai | October 9

PL Capital’s Outlook for Samvat 2082

As the markets prepare for Muhurat trading, PL Capital believes the festive quarter could mark a turning point for equities. The brokerage expects earnings momentum to strengthen in the second half of FY26, supported by lower inflation, stable policy rates and a recovery in domestic demand.

“Our Diwali 2025 picks balance safety with opportunity. Stocks with strong fundamentals, improving technical indicators and steady volume participation are likely to outperform as we move into Samvat 2082,” PL Capital said.

PL Capital on SBI: Banking Strength Remains Intact

PL Capital continues to favour State Bank of India (SBI) as one of its top large-cap recommendations. The brokerage expects the stock, currently trading around ₹855, to move towards ₹920–₹1,020 in the coming months, reflecting a potential upside of nearly 19 per cent. It noted that the bank’s strong loan growth, stable margins and improving asset quality position it well for sustainable performance. Technical indicators also show solid support near the ₹780 level, with heavy institutional interest at current prices.

PL Capital on ITC: FMCG Play with Consistent Returns

Among defensives, ITC Ltd continues to feature prominently in PL Capital’s festive portfolio. Trading around ₹400, ITC offers a potential upside to ₹465–₹520, or about 30 per cent, supported by its robust FMCG segment, steady dividend yield and healthy cash generation. The brokerage noted that the ₹380–₹400 band has acted as a reliable support zone, suggesting limited downside. “ITC remains a core holding for investors seeking stability and incremental growth during volatile market phases,” the firm said.

PL Capital on HAL: Defence Sector Momentum Builds

In the high-beta segment, Hindustan Aeronautics Ltd (HAL) leads PL Capital’s Pataka Picks. The stock, currently near ₹4,750, is expected to advance to ₹6,200 — an upside potential of nearly 30 per cent. The brokerage highlighted that HAL has stabilised after a brief correction and is likely to benefit from rising defence spending, a strong order pipeline and export opportunities. Technical indicators suggest a favourable risk–reward setup with support at ₹4,300.

PL Capital on Max Healthcare: Healthcare Rally to Continue

Max Healthcare, trading near ₹1,140, is another strong inclusion in PL Capital’s high-conviction list. The brokerage expects the stock to climb towards ₹1,500, offering around 31 per cent potential upside. It pointed out that the hospital chain’s sustained expansion, rising occupancy levels and margin improvement could act as key growth triggers. “The consolidation seen over the past few months indicates a potential breakout, supported by improving fundamentals,” PL Capital added.

PL Capital on Hi-Tech Pipes: Mid-Cap with Structural Strength

Among smaller industrial names, Hi-Tech Pipes has drawn attention for its improving momentum. The stock, currently at ₹120, could rise to ₹165, representing a 35 per cent gain. PL Capital observed that the stock recently broke out from a flag pattern backed by strong volume activity, suggesting renewed investor interest. The brokerage expects further upside as infrastructure spending remains firm and operating efficiencies improve.

Other Stocks to Watch This Diwali

PL Capital also identified several mid-cap opportunities worth tracking. Anant Raj Ltd is projected to reach ₹1,100 from ₹697, driven by sustained volume build-up and RSI strength. HBL Engineering, after a phase of consolidation, could rise to ₹1,250 as technical indicators signal a bullish reversal. Hind Copper is seen moving towards ₹440, supported by favourable global copper prices and strong domestic demand.

Meanwhile, Swiggy has shown signs of stabilisation around ₹425 and may move to ₹580, while TVS Motor could deliver up to 30 per cent gains as it resumes its upward trajectory after a long consolidation. VA Tech Wabag and V-Mart Retail are also part of the extended list, with potential upside targets of ₹1,900 and ₹1,130 respectively.

PL Capital’s Take on Market Direction

PL Capital believes that sectors such as financials, consumption, industrials and defence are likely to lead the next leg of the market’s recovery. According to the brokerage, lower borrowing costs, stronger government capex and a rebound in urban consumption are expected to support earnings growth through FY26 and FY27.

The firm also expects festive-season spending to provide a boost to discretionary sectors, particularly autos, FMCG and retail, as consumer confidence improves.

Investor Takeaway

With a mix of large-cap reliability and mid-cap growth potential, PL Capital’s Diwali 2025 recommendations capture the broad market recovery expected in the months ahead. Investors are advised to accumulate quality names on declines and maintain a medium-term investment horizon.

(All prices as of October 9, 2025, 10:30 AM.)