Bajaj Broking’s Diwali 2026 stock picks include M&M, ICICI Bank, Adani Power and CG Power. Check target prices and potential upside for all nine stock…
1/109 stocks to buy for Diwali 2026: Bajaj Broking has identified nine stocks for investors to watch this Diwali, spanning automobiles, banking, beverages, power equipment, chemicals, industrial components and engineering. The list includes Mahindra & Mahindra (M&M), ICICI Bank, Adani Power, Varun Beverages and CG Power & Industrial Solutions. The brokerage’s recommendations combine fundamental stock ideas with technical picks.
2/10Mahindra & Mahindra share price target: Bajaj Broking has set a target price of ₹3,251 for Mahindra & Mahindra, against a CMP of ₹2,908, indicating a potential upside of 11.80%. The brokerage expects earnings growth to be supported by strong SUV demand, pricing power, capacity expansion and new vehicle launches. Its expanding electric SUV portfolio and improving profitability of its electric vehicle business are additional growth drivers, although rising commodity costs and execution risks remain key concerns.
3/10Varun Beverages share price target: Bajaj Broking has assigned Varun Beverages a target price of ₹459, compared with a CMP of ₹408.15, implying an upside potential of 12.46%. The brokerage expects volume growth, international expansion and higher production capacity across markets such as Morocco, Zimbabwe and the Democratic Republic of the Congo to drive earnings. Cost-saving initiatives and operating leverage could further support profitability, although higher raw material costs, competition and overseas inflation remain risks.
4/10CG Power & Industrial Solutions share price target: Bajaj Broking has set a target price of ₹938 for CG Power & Industrial Solutions, against a CMP of ₹810, suggesting an upside of 15.80%. The brokerage sees growth opportunities from its strong ₹21,820 crore order backlog, expansion in transformer manufacturing and rising demand for power infrastructure. Its semiconductor business also offers a long-term growth opportunity, while improving industrial segment margins could support earnings. However, execution challenges and the cyclical nature of the power equipment business remain risks.
5/10GE Vernova T&D India share price target: Bajaj Broking has set a target price of ₹4,545 for GE Vernova T&D India, compared with a CMP of ₹4,050, indicating a potential upside of 12.22%. The brokerage expects the company to benefit from rising investments in power transmission and distribution infrastructure, high-voltage direct current (HVDC) projects and export opportunities. Its ₹21,440 crore order book as of September 30, 2026, provides strong revenue visibility, although project execution delays, margin normalisation and supply-chain constraints remain key risks.
6/10Sudarshan Chemical Industries share price target: Bajaj Broking has assigned Sudarshan Chemical Industries a target price of ₹1,144, against a CMP of ₹1,076.70, indicating an upside potential of 6.25%. The brokerage expects the company’s acquisition of Heubach to support its global expansion, while improving capacity utilisation, procurement efficiencies and cost-control measures could drive margin recovery. Higher overseas utilisation and operational restructuring are expected to support earnings growth, although integration challenges, weak overseas demand and elevated energy costs remain concerns.
7/10Rolex Rings share price target: Bajaj Broking has set a target price of ₹185 for Rolex Rings, compared with a CMP of ₹168.76, indicating a potential upside of 9.62%. The brokerage expects the company to benefit from outsourcing opportunities, the China-plus-one strategy and its established relationships with global original equipment manufacturers. Despite pressure from tariffs and weak European demand, its ability to maintain EBITDA margins above 20%, debt-free balance sheet and planned share buyback provide support to its investment outlook.
8/10ICICI Bank share price target: Bajaj Broking has set a target price of ₹1,570 for ICICI Bank, against a CMP of ₹1,424.50, suggesting a potential upside of 10.21%. The brokerage’s recommendation is based on the bank’s positive technical outlook, with the stock trading above its 52-week exponential moving average (EMA) and a rising demand line. Improving relative strength against the Bank Nifty index and an upward trend in the weekly relative strength index (RSI) indicate continued momentum, according to the brokerage.
9/10Adani Power share price target: Bajaj Broking has assigned Adani Power a target price of ₹223, compared with a CMP of ₹195.50, indicating an upside potential of 14.07%. The brokerage believes the stock’s five-month correction is nearing completion, with prices rebounding from the ₹175 support zone. The formation of higher highs on the weekly chart, improving momentum and a positive signal from the stochastic indicator support its expectation of a recovery in the coming quarters.
10/10Lloyds Engineering Works share price target: Bajaj Broking expects Lloyds Engineering Works to reach ₹99–104, against a CMP of ₹79.72, offering a potential upside of 24.18% to the lower target of ₹99. This is the highest potential gain among the nine stocks. The brokerage highlights the stock’s breakout above a two-year consolidation range of ₹35–77, supported by rising trading volumes and a pattern of higher highs and higher lows. It expects the positive technical momentum to support further gains towards its target range.