Stocks to buy for the long term: The Indian stock market has been witnessing strong volatility this year amid persisting geopolitical uncertainties, foreign capital outflow, and stretched valuations. Till March 4, the volatility index, India VIX, had surged 121% in the calendar year 2026. Market benchmark Nifty 50 has declined more than 6% for the same period.
The US-Iran war, crude oil price rise, FII selloff, and rupee’s weakness have caused sharp selling over the last few sessions, stoking fears that the market may deliver muted returns over the medium term.
However, Vinit Bolinjkar, the head of research at Ventura, believes the overall scenario for the Nifty 50 in FY27 does not point to muted returns.
Bolinjkar highlighted that the consensus estimates forecast earnings growth accelerating to 16-27% from FY26’s 6-17%, driven by nominal GDP expansion (7-7.4%), consumption revival, capex momentum, and stable financials/infra sectors.
Moreover, macro stability, such as favourable monsoons, and policy support like GST tweaks, bolsters mid-teens EPS, shifting from valuation expansion to delivery-led upside amid consolidation.
While geopolitical risks, volatile oil prices and BFSI concentration pose short-term challenges and inflation risk, Bolinjkar believes broad cyclicals (consumer, healthcare) and resilient GDP signal moderate positive returns, not stagnation.
Are value stocks coming back to focus?
The recent market volatility and fears of near-term turmoil have brought value stocks back into focus.
Bolinjkar underscored that the overall scenario favours shifting to value stocks from growth.
Bolinjkar pointed out that sector rotation shows capital moving to undervalued cyclicals like banks, infra, energy, and pharma amid lower interest rates and earnings normalisation.
High growth valuations compress as multiples reset (e.g., consumer 80 times to 40 times), while value offers stability via dividends, cash flows, and broad EPS support in a 6.5-7.4% GDP backdrop.
Macro tailwinds—liquidity, and domestic demand—reward resilient, beaten-down plays over narrative-driven growth, especially with FII flows pivoting.
5 value stocks to buy for the long term
Bolinjkar recommends buying the following five value stocks for the long term. He shares the investment rationale and 24-month target price for each stock. Take a look:
Larsen & Toubro | Previous close: ₹3,882.60 | Target price: ₹4,448
Bolinjkar pointed out that L&T is India’s largest and most diversified infrastructure and engineering conglomerate, serving as a proxy for the nation’s growth.
With a massive order book of ₹5.8 trillion and a robust prospective pipeline of ₹19 trillion, particularly in hydrocarbons and green energy, it offers exceptional revenue visibility.
The company is strategically expanding its international presence in the MENA region, which is expected to outpace domestic growth.
“L&T maintains a disciplined balance sheet with low leverage and is projected to deliver strong return ratios, with RoE reaching 17.7% by FY28,” said Bolinjkar.
NBCC (India) | Previous close: ₹85.63 | Target price: ₹167 (24-month horizon)
Bolinjkar highlighted that NBCC operates a low-risk, asset-light business model and holds a near-monopoly in India’s lucrative GPRA redevelopment ecosystem.
A massive order book of over ₹1.28 lakh crore provides exceptional revenue visibility, with significant growth expected from high-margin real estate projects like Sarojini Nagar and Amrapali.
“Operating as a zero-debt, cash-rich entity, NBCC is poised to gain disproportionately from the government’s massive infrastructure push. Projected RoE expansion to nearly 29% by FY28 reflects its ability to deliver structurally higher returns through scale and fixed overhead absorption as major redevelopment projects scale up,” Bolinjkar said.
Jubilant Pharmova | Previous close: ₹834.30 | Target price: ₹1,557
Bolinjkar highlighted that Jubilant Pharmova holds a dominant position in specialised pharma niches, including the second-largest US radio pharmacy network and allergy immunotherapy market.
The investment thesis is driven by high-margin growth in radiopharmaceuticals, fueled by new product launches like Ruby-Fill and the upcoming MIBG for pediatric cancer.
The company is also a key beneficiary of global “China+1” outsourcing trends in its sterile injectables and CRDMO segments.
Bolinjkar underscored that as major capacity upgrades at Spokane and Montreal ramp up, the company expects to deliver improved operating leverage and transition to positive free cash flow by FY27.
V-Mart Retail | Previous close: ₹537.80 | Target price: ₹1,069
Bolinjkar highlighted that V-Mart is a leading value fashion retailer strategically targeting the aspirational, underserved populations in India’s tier 2, 3, and 4 cities.
Its investment thesis centres on a disciplined store-level expansion plan, aiming for approximately 677 stores by FY28.
The company is driving profitability through improved unit economics, volume-led growth, and a rising share of high-margin private labels, targeted to reach 80% of sales.
“With declining operational expenses and resilient cash flows, V-Mart is well-positioned to capitalise on the robust 16% CAGR projected for India’s retail apparel market,” said Bolinjkar.
Gujarat Industries Power Company (GIPCL) | Previous close: ₹133.69 | Target price: ₹225
Bolinjkar underscored that GIPCL offers a strong investment rationale through its government-backed stability and diversified 1,574.4 MW power portfolio.
Promoted by major state entities, the company demonstrates financial resilience, with profit after tax reaching ₹211.43 crore in FY25 and a robust net worth of ₹3,430 crore.
Future growth is driven by ambitious renewable expansions, including the 2,375 MW Khavda RE Park and strategic MoUs with NHPC and IOCL.
“By leveraging captive lignite mines and scaling green energy capacity, GIPCL is well-positioned to benefit from India’s energy transition while maintaining consistent financial performance,” said Bolinjkar.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of the expert, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
