Here are 25 stocks to bet on in 2025!
As we step into the year 2025, most market participants believe that India is likely to continue its growth momentum in the new year and remain the land of stability against the backdrop of a volatile global economy.
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“Overall, the growth prospects are likely to improve in the forthcoming quarters. FY26 is expected to be better than FY25, driven by fiscal tailwinds, private capex revival, and easing credit conditions post-CRR cuts,” stated a recent note by Axis Securities.
The Indian stock market has shown consistent strength, with indices regularly hitting new peaks. In 2025, the likely key drivers include a recovery in corporate earnings, fuelled by increased government spending and private investments. Additionally, easing inflation may enhance demand, driving consumer spending and boosting purchasing power.
Here are 25 stocks to bet on in 2025!
DLF [CMP: Rs 841 | Target: Rs 1,050 | Upside: 25%]
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Religare Broking believes that DLF has a robust launch pipeline with a projected sales potential of Rs 41,000 crore for FY2025 and Rs 63,500 crore in the medium term beyond FY2025, highlighting strong revenue growth potential.
Further, DLF is expected to benefit from the strong growth potential of the real estate industry. The residential segment in India is experiencing a resurgence, with demand exceeding supply in major cities
KNR Constructions [CMP: Rs 340 | Target: Rs 390 | Upside: 24%]
KNR Constructions is a leading company in the highways sector and has an order book of Rs 5,606 crore, 1.4x book to bill, as of Q2FY25. anticipates to capitalise on the accelerated tendering process, guiding for order inflows to the tune of Rs 5,000-6,000 crore from here on and has identified 80-85 tenders (ticket size of Rs 600-1800 crore) to be awarded by NHAI.
“We like KNR as it enjoys a strong execution track record, healthy balance sheet and strong return ratio. We believe that KNR could capitalise on the accelerated ordering process during H2 which could drive order inflows and sharply improve growth visibility,” stated a report by ICICI Securities.
Samvardhana Motherson International [CMP: Rs 157 | Target: Rs 195 | Upside: 24%]
Samvardhana Motherson International Limited’s revenue is expected to grow at a healthy rate, driven by a robust order book, expansion into non-automotive segments, and the full-year impact of recent acquisitions. As of September 2024, the company has an order book of $88 billion, with approximately 24% attributed to Electric Vehicles (EVs).
The company follows a customer-centric acquisition strategy to enhance capabilities and expand product offerings in line with customer needs. With 43 strategic acquisitions completed between 2002 and March 2024, the company emphasizes disciplined capital expenditure and prudent financial governance, as per a report by Religare Broking.
Zomato [CMP: Rs 273 | Target: Rs 325 | Upside: 19%]
Zomato’s leadership in food delivery and quick commerce, along with Blinkit’s expansion and Hyperpure’s alternate revenue streams, positions Zomato for exponential growth, as per StoxBox. Rising internet penetration and evolving consumer behaviour further strengthen its position, making Zomato a strong contender in India’s fast-growing digital economy.
Ramco Cements [CMP: Rs 955 | Target: Rs 1,180 | Upside: 22%]
Ramco Cements, primarily a south India based cement manufacturer, has cement capacity of 24 mtpa at present, of which 84% is located in southern states and balance in Eastern region. The company’s volume growth is expected to improve substantially over H2FY25 & FY26-27E, led by demand pick-up (in its selling markets like TN, Karnataka, AP, Telangana, Odisha and WB).
Along with substantial improvement in operational performance, Ramco Cements remains focused on debt reduction, monetisation of non-core assets and incurring lower capex for upcoming expansion, stated a report by ICICI Securities.
Bharti Airtel [CMP: Rs 1600 | Target: Rs 1,880 | Upside: 18%]
Bharti Airtel leads the mobile services industry in ARPU, currently at Rs 233, noted Axis Securities. The company expects ARPU to rise, driven by a richer customer mix, strong 2G-to-4G/5G conversion, and other services. Airtel aims for ARPU to reach Rs 300 in the future.
The company’s fundamentals remain strong and are improving. Management sees significant revenue and profit growth potential, fuelled by expanding rural distribution, network investments, and increased 4G/5G coverage. There are also strategic opportunities in tower sales, minority investments, and IPOs in mobile money.
Amar Raja Energy and Mobility [CMP: Rs 1,194 | Target: Rs 1,440 | Upside: 21%]
ARE&M serves prestigious OEMs and exports its industrial and automotive batteries to over 50 countries worldwide. In India, it is the preferred supplier for major telecom service providers, telecom equipment manufacturers, the UPS sector, Indian Railways, and the power, oil, and gas industries, among others, said Religare Broking.
The company’s products are utilised across several high-growth themes, including data centers, EV batteries, and 5G capital expenditures. To capitalise on these sectoral tailwinds, the company is establishing a giga cell plant and an EV battery pack facility.
Piramal Pharma [CMP: Rs 265 | Target: Rs 320 | Upside: 26%]
Piramal Pharma operates in three major segments — CRDMO, Complex hospital generics (CHG) and Consumer healthcare. Piramal’s innovative CRDMO segment is witnessing signs of improvement in biotech funding besides good demand for differentiated offerings with increase in customer enquiries and visits.
Despite the likely delay in the enactment of the US Biosecure Act for want of passage in the US Senate, we do not see growth related issues as the China rebalancing by global innovators is likely to continue, said ICICI Securities. The guidance for FY30E for $2 billion revenues and around 25% EBITDA margins is irrespective of the positive implications of the Biosecure Act and hence provide better visibility.
JSW Infrastructure [CMP: Rs 310 | Target: Rs 375 | Upside: 21%]
JSW Infrastructure is the second-largest private port operator and has embarked on a massive capex plan of Rs 30,000 crore (Rs 15,000 crore over FY25-28) towards expanding the total cargo handling capacity from 170 mtpa currently to 288 mtpa by FY28 and eventually to 400 mtpa by FY30, banking on the rise of India’s cargo movement.
Leveraging its strong balance sheet, JSW Infra aims to pursue organic and inorganic growth opportunities, strengthening its market presence.
Indian Hotels Company [CMP: Rs 798 | Target: Rs 930 | Upside: 17%]
IHCL follows an asset-light expansion strategy and ventures into areas like Qmin and Amã Stays to capitalise on the growing domestic leisure travel market. The company’s focus on improving EBITDA margins and leveraging supply-demand imbalances ensures robust growth, said StoxBox. With a strong balance sheet, IHCL remains a key player in the hospitality sector, well positioned for continued success.
Cipla [CMP: Rs 1,489 | Target: Rs 1,735 | Upside: 17%]
Cipla’s US revenue stood at $237 million, which was affected by lower Lanreotide sales as the partner’s manufacturing plant underwent capacity expansion. Sales are expected to rebound in Q4FY25, with Q3FY25 sales projected at around $220 million. Cipla has maintained its market share at 15% in Albuterol and 35% in gLanreotide.
Moreover, the addition of 1,000 new MRs has increased the total sales force to 8,700, which is anticipated to drive incremental revenue for India’s business going forward, noted Axis Securities.
Ethos [CMP: Rs 3,112 | Target: Rs 3,750 | Upside: 20%]
Axis Securities recommends Ethos, believing that the company’s robust and consistent performance over the last several quarters underpins Ethos’ promising future. This, as per the brokerage firm, will be driven by factors like continued strong demand in the premium and luxury watch space, foray into the fast-growing CPO segment, increasing share of high-margin exclusive brands, and diversification into fast-growing luxury segment like luggage and jewellery, among other things.
Given these factors, the brokerage anticipates the company to report robust revenue CAGR growth of 33% and PAT growth of 38% over FY24-27E.
Hero MotoCorp [CMP: Rs 4,867 | Target: Rs 5,717 | Upside: 18%]
The company is poised for strong growth, driven by its flagship models and entry into the EV market with upcoming e-scooter launches. A revival in rural and semi-urban demand, along with strong festive season sales, strengthens its market position. With a robust product portfolio and a focus on both premium and traditional segments, Hero MotoCorp is well positioned for continued success, said StoxBox.
Axis Bank [CMP: Rs 1,163 | Target: Rs 1,425 | Upside: +22.5% ]
Despite delivering muted returns last year, the Street remains bullish on this private lender following its strong Q2 performance compared to its peers. Analysts at JM Financial expect the bank’s performance to remain robust in 2025, supported by the extension of the MD & CEO’s tenure, moderation in operating expenses, and effective control over credit costs.
“While credit costs in H1 remained elevated, we expect H2 to see moderation, as the bank already holds excess provisions on its balance sheet. The bank is expected to achieve RoA/RoE of 1.72 percent/16.1 percent by FY26E, with an EPS CAGR of 11.6 percent over FY24-26E,” stated the report by JM Financial.
Maruti Suzuki [CMP: Rs 11,260 | Target: Rs 15,250 | Upside: +35.4%]
The auto major is preparing for back-to-back SUV launches in 2025 and has strengthened its position in the B-segment, regaining the leadership position with around 26 percent market share. With its tech-agnostic approach—offering hybrids, EVs, CNG, flex-fuel vehicles, and more—the automaker is well-positioned and hedged against the slower pace of electrification.
The stock is currently trading at 18x FY27E EPS, below its 5-year average of 27.5x, according to analysts at JM Financial. The strong growth in average selling prices (ASP), driven by a favourable shift in the powertrain mix, is still underappreciated by the market and is expected to drive healthy operating leverage.
Zee Entertainment [CMP: Rs142 | Target: Rs 200 | Upside: +40.8%]
After the Zee-Sony merger fell through, Zee Entertainment shifted its focus to profitable growth. The management has guided for an 8-10 percent revenue CAGR and an EBITDA margin of 18-20 percent by FY26. They expect ad revenues to pick up in the second half of the year, driven by better monsoons, increased brand marketing by FMCG companies, and higher festive spending. With the merger-related settlement now closed, one-off expenses should be behind, resulting in improved reported profits, according to analysts.
According to JM Financial estimates, Zee Entertainment is expected to achieve a 5.6 percent revenue CAGR over FY24-26, with its EBITDA margin expanding to 18 percent by FY26 (up from 10.5 percent in FY24).
Havells [CMP: Rs 1,715 | Target: Rs 2,031 | Upside: +18%]
In the short term, excluding Lloyd, consumer demand and growth are expected to improve, driven by festive season sales, rebound in real estate, and increased capital expenditure. Consumer sentiment is also likely to improve for kitchen and domestic appliances going into 2025.
In the medium to long term, analysts at JM Financial expect completion of appliances portfolio, benefits from domestic manufacturing, new opportunities from exports and the PLI scheme to benefit the company. As a result, it would lead to growth rates of 29 percent in FY25, 15 percent in FY26, and 15 percent in FY27 for Lloyd.
Metropolis [CMP: Rs 2,187 | Target: Rs 2,500 | Upside: +14% ]
The company’s B2C, wellness, and Mumbai market growth have been outperforming overall growth, while phasing out discounts has supported B2B growth. The reduction in competition, margin expansion, and inorganic growth suggest a positive outlook for the company, according to analysts.
The stock is currently trading at 47x/39x FY26/27E earnings estimates, which is above its 5-year average consensus P/E. JM Financial analysts project an EPS CAGR of 30 percent over FY24-27E and 25 percent over FY25-27E.
Global Health [CMP: Rs 1,170 | Target: Rs 1,440 | Upside: +23% ]
Medanta’s upcoming major hospital projects in Noida (FY26), South Delhi (FY28), Mumbai (FY29), and the recently announced Pitampura O&M project are expected to be strategically located and will play a key role in driving future growth. With a strong focus on clinical excellence, high-quality assets, and new developments, JM Financial analysts anticipate significant growth ahead.
The brokerage firm expects an EBITDA CAGR of 19 percent over FY24-27E and 25 percent over FY25-27E. Currently, the company is trading at 22.5x FY27 EV/EBITDA, valuing it at 30x EBITDA.
BHEL [CMP: Rs 249 | Target: Rs 371 | Upside: +49% ]
Currently, 31 GW of thermal power plants are under construction. The government is focused on preventing a power deficit starting in FY26 and aims to add 93 GW of thermal power plants by FY32. BHEL has secured orders for 9,600 MW of thermal power projects in FY24, up from 1,320 MW in FY23. In FY25, it has already won orders for 10,400 MW, and tenders for an additional 7,960 MW have been issued.
With a growing and executable order book, increased execution (29 percent YoY revenue growth in Q2FY25), and improving margins, JM Financial analysts forecast revenue and EBITDA to grow at a CAGR of 30 percent and 103 percent, respectively, from FY24 to FY27E.
KPIT Technologies [CMP: Rs 1,553 | Target: Rs 2,040 | Upside: +33%]
KPIT reported strong revenue growth in Q2FY25. However, a cautious outlook for the second half of the year and guidance for growth towards the lower end of its 18-22 percent CC growth range for FY25 led to a stock price correction after the results.
JM Financial analysts believe that KPIT, with its focus on the automotive embedded software space, strong client relationships with leading OEMs and Tier-1 suppliers, and early success in middleware/SDV programs, is well positioned. The brokerage firm expects the company to achieve 17 percent revenue CAGR from FY24-27 and 22 percent EPS CAGR.
L&T [CMP: Rs 3,642 | Target: Rs 4,270 | Upside: +17%]
In Q2FY25, the company received orders worth Rs 80,045 crore at the group level, showing a year-on-year growth of 10 percent. According to management, the company’s projects and manufacturing businesses continue to perform well. Its new investments in green energy, data centers, digital platforms, and semiconductor design are expected to enhance its digital and sustainability footprint, while complementing its existing business portfolio.
SMC Securities believes the company is well positioned to take advantage of emerging opportunities across its diversified portfolio and reduce exposure to non-core businesses.
Nippon AMC [CMP: Rs 734 | Target: Rs 800 | Upside: +9% ]
NAM stock has benefited from the small and midcap rally in FY24-FY25, and its SIP market share has increased from 6 percent in Q4FY22 to 12.6 percent in Q2FY25. The company has seen a 67 percent growth in equity AUM over the past 12 months (Oct-23 to Oct-24), the highest among listed peers, which has improved its equity AUM market share by +34bps, compared to +20bps for HDFC AMC and -46bps for UTI AMC.
Ahluwalia Contracts [CMP: Rs 1,072 | Target: Rs 1,315 | Upside: +23%]
The company is a diversified building construction firm with a proven track record and a strong order backlog of Rs 16,200 crore. JM Financial analysts are expecting an EPS CAGR of 30 percent from FY24-27E and 43 percent from FY25-27E, driven by strong revenue growth and margin expansion, which is anticipated due to a better project mix.
SJVN [CMP: Rs 109 | Target: Rs 134 | Upside: +22%]
The company plans to issue tenders for an additional 18.6 GW, with 8.1 GW already awarded. Expected capacity additions are 1,800 MW in FY24-25, with a significant ramp-up in the following years. Management is optimistic about meeting growth targets and expanding its renewable energy portfolio, with SJVN being recognised as a renewable energy implementing agency by the Ministry of New and Renewable Energy, said analysts at SMC Securities.
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