As investors gear up for Diwali and Samvat 2083, Bajaj Broking has identified five stocks that it believes can deliver double-digit returns over the next 12 months. The brokerage’s festive picks span from automobiles to consumer beverages to electrical equipment to other themes, with potential upside ranging from 10 per cent to 16 per cent from current levels.
Mahindra & Mahindra
The brokerage house kept the price target at Rs 3,251 on the automobile giant, which looks at an upside of 13 per cent. “We value M&M on a sum-of-the-parts on FY28E: Core Auto and Farm on one-year-forward EV/EBITDA, MEAL at its last funding round less 20 per cent, listed stakes at market less a 25 per cent holding-company discount, plus net cash,” said Bajaj Broking.
Consolidated EPS is estimated to rise from Rs 153.1 in FY26 to Rs 237.3 in FY29, with PAT growing about 16 per cent a year. FY26 was a strong tractor year while Auto margins sat below normal on commodities, so FY27 standalone EBITDA is only 1.6 per cent above the mid-cycle estimate–the forecasts do not lean on a peak year.
Bajaj Broking sees the PepsiCo bottler reaching Rs 459 over the next 12 months, seeing an upside of 15 per cent. The brokerage sees the entry price of Rs 394 to Rs 402. “We value each business separately on CY27E profits (sum of the parts), discounted back at an 11.55 per cent cost of equity and arrive at a target price of Rs 459,” said the brokerage house.
In Q3, revenue rose 33.2 per cent to Rs 660.76 crore and EBITDA 25.1 per cent to Rs 142.67 crore, with margin down only 140 basis points to 21.6 per cent despite a 300-bps packaging hit. More than half of the cost increase has already been recovered through savings, and low/no-sugar drinks rising to 88 per cent of the India mix from 44 per cent largely offset a16 per cent rise in sugar costs.
CG Power and Industrial Solutions
The brokerage firm kept the price target of Rs 938 on the stock, seeing an upside of 16 per cent with a buying range of Rs 800–820. “We value the company using the P/E method, applying a 70x multiple to FY28E earnings, arriving at a target price of Rs 938,” said the firm.
CG Power & Industrial Solutions is a global enterprise providing end-to-end solutions to utilities, industries and consumers for the management and application of efficient and sustainable electrical energy.
Bajaj Broking sees the entry at Rs 4,080–4,165 on GE Vernova T&D India, with a price target of Rs 4,545, looking at an upside of 10 per cent from the buying range. ” We value the stock on a P/E applied to FY28E EPS of Rs 72.78,” said the brokerage.
Gross margin recovered to 44.5 per cent in Q2 from 41.3 per cent in Q1, and the first-half EBITDA margin of 26.2 per cent sits at the top of the mid-20s guidance reaffirmed on 30 October 2026. First-half revenue of Rs 3,860 crore rose 35 per cent with profit of Rs 790 crore, while Q2 order intake rose 52 per cent to Rs 2,440 crore with no single large contract behind it.
Bajaj Broking sees the stock to reach Rs 1,144 from the buying range of Rs 1,010-1,035, which is an upside of 12 per cent. We value Sudarshan on a sum-of-the-parts (SOTP) basis, supported by long-term operating leverage from the utilisation ramp-up across already installed capacity.