8 stocks to buy this Diwali: Ventura sees up to 120% upside

As Indian equities trade near record highs ahead of Diwali, optimism is being fuelled by robust earnings, moderating inflation, and strong domestic inflows. In this backdrop, Ventura Securities has identified eight stocks poised to outperform, offering potential gains of up to 120% over the next two years.

Ventura Securities sees Ambuja Cements benefiting from “FutureX initiatives, capacity expansion and cost optimisation strategies,” positioning it to ride India’s infrastructure boom. With the Adani Group’s push toward 140 MTPA capacity by 2028 and rising margins, Ventura recommends a 'buy' with a 39.8% upside.

Royal Orchid Hotels’ “Vision 2030” aims to triple its portfolio to over 345 hotels through an asset-light, franchise-led model. Ventura says this “expansion will accelerate brand visibility across India, positioning ROHL among the largest hotel chains in the country.” It expects revenue to grow at 24.8% CAGR through FY28.

Adani Green Energy is “at the forefront of India’s renewable energy revolution,” according to Ventura, with 15.8 GW already operational and Khavda driving future capacity growth. Ventura highlights its “operational excellence and best-in-class sustainability framework” and values the stock at more than double its current price.

Ventura notes Paytm’s sharp turnaround, with profitability driven by AI-led cost efficiency and merchant growth. “Paytm is well placed to benefit from the industry tailwind,” it said, projecting FY28 net profit of Rs 2,138 crore versus losses in FY25, as digital payments expand across India.

V-Mart is poised to benefit from India’s expanding apparel market, driven by demand in Tier 2–4 cities. Ventura said the company’s focus on “volume-driven strategy, process optimisation, and store expansion” will boost margins and returns, calling it a “low-risk buy” at current valuations.

Capri Global Capital is "riding the gold loan surge,” Ventura said, citing strong profitability and asset quality with NPAs below 2%. The brokerage expects AUM to grow 29% annually to Rs 48,975 crore by FY28, driven by gold, MSME, and housing finance segments.

Ventura calls HCC’s turnaround story “a compelling play on India’s infrastructure cycle.” With a Rs 11,852 crore order book and focus on deleveraging, the firm expects margins to expand sharply and profitability to surge, noting, “HCC’s margin-focused execution and strong order pipeline offer investors a multi-year growth story.”

Transformers & Rectifiers is well-positioned to capture India’s power expansion, Ventura said, driven by its capacity expansion and full backward integration. The brokerage expects revenue and profit growth of more than 50% annually through FY28, as the company benefits from rising demand for transformers under India’s power push.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)