Diwali stock picks 2026: SBI Securities’ 11 recommendations for Samvat 2083; Tata Steel, IHCL among top bets

This year, BSE and NSE will hold one-hour Diwali Muhurat Trading session on Sunday, November 8, on the occasion of Laxmi Pujan. The exchanges said continuous trading in the equity segment will begin at 2.20 pm and run until 3.30 pm. Unlike regular trading days, when the equity market operates between 9.15 am and 3.30 pm, Diwali Muhurat Trading takes place during a one-hour special window. Trading members will be able to log in between 1.15 pm and 1.50 pm, followed by a block deal window from 1.50 pm to 2.05 pm.

The pre-open session will begin at 2.05 pm, with order entry for both limit and market orders permitted until 2.10 pm. Only limit orders will be accepted between 2.10 pm and 2.15 pm. The order matching and confirmation period is scheduled from 2.15 pm to 2.17 pm. This will be followed by a buffer period until 2.20 pm. The exchange has scheduled continuous trading from 2.20 pm to 3.30 pm, although closing-auction processes will begin during the latter part of this window.

Diwali Muhurat Trading Stock Picks 2026 by SBI Securities As the markets prepare for the ceremonial one-hour special trading session, domestic brokerage SBI Securities has shared a list of 11 stocks, including Tata Steel, IHCL, MCX, during the festive season for over the next 12 months. During SAMVAT 2083, following a 24 months consolidation phase, the brokerage expects Indian equities to witness a gradual recovery, with the primary catalyst being a pullback in crude oil prices below $90/bbl.

“We remain optimistic about forward outlook and believe domestic equities are likely to deliver better returns on the back of (a) double-digit earnings growth despite of vulnerable external environment; (b) likely conclusion of trade deal between US-India, alongside India’s ongoing export basket diversification; (c) reversal of global AI trade, which should redirect capital flows toward well diversified markets emerging markets like India and (d) likelihood of continued reforms by government to accelerate economic growth,” it stated.

Additionally, SBI Securities said any relief in the taxation pertaining to STT/LTCG would serve as a big sentiment booster for equity markets. The brokerage highlighted that wealth creators are likely to emerge from the following sectors: Muhurat trading picks for Diwali 2026: 11 stock recommendations for over next 12 months by SBI Securities 1. Tata Steel – Target price Rs Rs 200, upside of 17% Tata Steel is SBI Securities’ top stock recommendations for Diwali Muhurat Trading, with the brokerage assigning a target price of Rs 200, implying an upside potential of 17% from the current market price (CMP) of Rs 171.

For FY26-FY28E, Tata Steel’s revenue, EBITDA and profit after tax (PAT) are projected to grow at compound annual growth rates (CAGRs) of 8.3 percent, 17.6 percent and 36 percent, respectively, reaching Rs 2,72,448 crore, Rs 47,512 crore and Rs 19,968 crore. At the current market price, the stock trades at enterprise value-to-EBITDA multiples of 6.8x for FY27E and 6.2x for FY28E, the brokerage said.

2. Indian Hotels Company Ltd (IHCL) – Target price Rs 935, upside of 15% SBI Securities has given a target price of Rs 935 for the stock with an upside potential of 15 percent. The brokerage said IHCL’s revenue, EBITDA and profit after tax (PAT) are expected to grow at compound annual growth rates (CAGRs) of 14.6%, 17.6% and 10.1%, respectively, over FY26-FY28E. At the current market price (CMP) of Rs 813, SBI Securities said the stock trades at enterprise value-to-EBITDA (EV/EBITDA) multiples of 28.8x for FY27E and 24.6x for FY28E.

These valuations appear reasonable given the company’s healthy operating momentum, asset-light expansion strategy and strong balance sheet, with gross cash reserves of Rs 4,369 crore as of September 2026. 3. Multi Commodity Exchange of India (MCX) – Target price Rs 3,633, upside 14% With a target price of Rs 3,633, the brokerage forecasts 14 percent upside from current levels. The brokerage stated MCX’s revenue, EBITDA and PAT are projected to grow at CAGRs of 24%, 24.3% and 25.2%, respectively, over FY26-FY28E, reaching Rs 3,540 crore, Rs 2,544 crore and Rs 2,087 crore, respectively.

At a current market price of Rs 3,187, the stock trades at price-to-earnings (P/E) multiples of 45.9x for FY27E and 38.9x for FY28E. 4. Jyoti CNC Automation – Target price Rs 1,087, upside 17.4% With a target price of Rs 1,8087, SBI Securities sees 17.4 percent upside potential. The brokerage highlighted that Jyoti CNC Automation’s revenue, EBITDA and PAT are expected to grow at CAGRs of 30%, 32% and 34%, respectively, over FY26-FY28E, reaching Rs 3,514 crore, Rs 912 crore and Rs 600 crore, respectively.

At a CMP of Rs 926, the stock trades at P/E multiples of 48.8x for FY27E and 34.9x for FY28E. 5. Sky Gold & Diamonds – Target price Rs 1,080, upside 15.5% SBI Securities has pegged the target price at Rs 1,080, an upside of 15 percent. The brokerage expects Sky Gold & Diamonds’ revenue, EBITDA and PAT to grow at CAGRs of 37.1%, 45.9% and 48.4%, respectively, over FY26-FY28E. At a CMP of Rs 935, the stock trades at P/E multiples of 32.4x for FY27E and 23.3x for FY28E.

These valuations appear reasonable given the company’s strong growth guidance and improving return on capital employed (RoCE) outlook, supported by margin expansion, the brokerage added. 6. Genus Power Infrastructures – Target price Rs 320, upside 19.4% With a target of Rs 320, SBI Securities analysts forecast 19.4 percent upside from current levels. Genus Power Infrastructures’ revenue, EBITDA and PAT are expected to grow at CAGRs of 18.6%, 15.4% and 10.6%, respectively, over FY26-FY28E, reaching Rs 6,682 crore, Rs 1,284 crore and Rs 724 crore, respectively, said the brokerage.

At a CMP of Rs 268, the stock trades at P/E multiples of 12.1x for FY27E and 11.2x for FY28E, indicating an attractive valuation. The company has also announced a share buyback worth Rs 148.2 crore at Rs 312 per share through the tender route, which could provide support to the stock amid current market volatility, it added. 7. Power Mech Projects – Target price Rs 2,576, upside 18.9% For Power Mech Projects, SBI Securities has pegged the target price at Rs 2,576, an upside of 18.9 percent from the current levels.

The brokerage said Power Mech Projects’ revenue, EBITDA and PAT are projected to grow at CAGRs of 21%, 24% and 29%, respectively, over FY26-FY28E, reaching Rs 8,858 crore, Rs 1,089 crore and Rs 603 crore, respectively. At a CMP of Rs 2,167, the stock trades at P/E multiples of 15.6x for FY27E and 11.4x for FY28E, making its valuation attractive. 8. Centum Electronics – Target price Rs 4,980 with 22% upside

SBI Securities analysts have pegged the target at Rs 4,980, an upside of 22% from current levels. Centum Electronics’ revenue, EBITDA and PAT are expected to grow at CAGRs of 26%, 35% and 38%, respectively, over FY26-FY28E, reaching Rs 1,544 crore, Rs 219 crore and Rs 134 crore, respectively. Earnings growth during this period is expected to be driven by operating leverage from higher order execution and margin improvement resulting from a favourable segment mix, with a higher contribution from the BTS segment, said the brokerage.

At a CMP of Rs 4,082, the stock trades at P/E multiples of 62.9x for FY27E and 45.1x for FY28E. 9. Stylam Industries – Target price 3,206 with 14.2% upside With a target of Rs 3,206, SBI Securities forecasts 14.2 percent upside potential in the stock. The brokerage Stylam Industries’ revenue, EBITDA and PAT are expected to grow at CAGRs of 24%, 25% and 26%, respectively, over FY26-FY28E, reaching Rs 1,734 crore, Rs 347 crore and Rs 238 crore, respectively.

At a CMP of Rs 3,206, the stock trades at P/E multiples of 28.1x for FY27E and 21.9x for FY28E. 10. Sambhv Steel Tubes – Target price Rs 197 with 16.6% upside potential For Sambhv Steel Tubes, SBI Securities has pegged the target price at Rs 197, an upside of 16.6 percent from the current levels. The brokerage stated Sambhv Steel Tubes’ revenue, EBITDA and PAT are expected to grow at CAGRs of 44.9%, 45.9% and 34.8%, respectively, over FY26-FY28E, reaching Rs 5,068 crore, Rs 588 crore and Rs 258 crore, respectively.

At a CMP of Rs 169, the stock trades at EV/EBITDA multiples of 17.4x for FY27E and 10.7x for FY28E. 11. Lumax Industries – Target price Rs 6,097 with upside of 20.7% SBI Securities has given a target price of Rs 6,097 for Lumax Industries with an upside potential of 20.7 percent. The brokerage stated Lumax Industries’ revenue, EBITDA and PAT are projected to grow at CAGRs of 18%, 21% and 30%, respectively, over FY26-FY28E, respectively.

The company’s management has raised its FY27E revenue growth guidance to over 25%, from the earlier projection of over 20%. At a CMP of Rs 5,051, the stock trades at P/E multiples of 20.5x for FY27E and 14.9x for FY28E, based on consolidated earnings.