As investors look for opportunities in the new Samvat year, Mirae Asset Sharekhan has identified 15 stocks across large-cap, mid-cap and small-cap segments that it believes could deliver attractive returns. The list spans sectors as diverse as banking, telecom, engineering, cement, hotels, consumer goods and water infrastructure, offering investors a mix of established businesses and emerging growth opportunities.
The brokerage’s picks include familiar market heavyweights such as Bharti Airtel, ICICI Bank and Larsen & Toubro, alongside smaller companies such as DEE Development Engineers, Karnataka Bank and VA Tech Wabag.
The potential upside varies considerably across the basket. DEE Development Engineers leads with an indicated upside of 37%, followed by Karnataka Bank and VA Tech Wabag at 33% each, based on the brokerage’s target prices. Navin Fluorine International, meanwhile, has the lowest indicated upside at 12%.
Here is a closer look at the 15 stocks Mirae Asset Sharekhan has picked for Samvat 2083 and the investment rationale behind each.
Large-cap picks: Banking, telecom and infrastructure in focus
The large-cap basket brings together companies with established market positions and opportunities to grow through higher consumption, infrastructure spending and expanding demand.
Bharti Airtel
Bharti Airtel is one of the brokerage’s preferred telecom plays, with the investment case resting on improving average revenue per user (ARPU), customer premiumisation and growth in its African business.
Higher data consumption, additions to the postpaid customer base and subscribers upgrading to more valuable plans are supporting revenue monetisation. In Africa, rising smartphone penetration and opportunities in digital financial services offer additional growth avenues.
Mirae Asset Sharekhan has set a target price of ₹2,350, implying an upside of 21%.
ICICI Bank
For ICICI Bank, the brokerage expects earnings growth to be accompanied by an improvement in profitability ratios. Earnings per share (EPS) are projected to increase from ₹82.8 in FY27 to ₹98.7 in FY28, while return on equity (RoE) is expected to improve from 16.6% to 17.1%.
The brokerage’s target price of ₹1,750 indicates a potential upside of 27%.
Larsen & Toubro
Infrastructure and engineering major Larsen & Toubro features in the list on expectations of sustained revenue and earnings expansion, supported by its order prospects.
Mirae Asset Sharekhan estimates revenue will rise from ₹3,20,179 crore in FY27 to ₹3,68,206 crore in FY28. Adjusted profit after tax is projected to increase from ₹19,556 crore to ₹24,258 crore over the same period.
The brokerage has retained its Buy rating and set a target price of ₹4,700, implying a 24% upside. A slowdown in domestic economic activity and geopolitical conflicts are among the risks that could weigh on order prospects.
Titan Company
Titan Company is another large-cap selection, with the brokerage expecting EPS to grow from ₹70.6 in FY27 to ₹85.3 in FY28. However, RoE is projected to moderate from 34.6% to 32.1%.
Mirae Asset Sharekhan’s target price of ₹5,287 suggests an upside of 22%.
UltraTech Cement
Capacity expansion and higher volumes underpin the brokerage’s positive outlook on UltraTech Cement. Its domestic cement capacity has reached 205 million tonnes per annum (MTPA), following an addition of 4.6 MTPA in September. The company is targeting capacity of 240 MTPA by March 2028.
UltraTech has also guided for double-digit volume growth in FY27, against the industry’s expected growth of 7-8%. The brokerage has assigned a target price of ₹13,500, indicating an upside of 22%. A slowdown in demand and pressure on cement prices remain key risks.
Mid-cap picks: Growth across hotels, chemicals and consumption
The mid-cap selection offers exposure to businesses in which earnings expansion, improving return ratios, and sector-specific opportunities form the central investment case.
Indian Hotels Company
The brokerage expects Indian Hotels Company’s EPS to increase from ₹15.7 in FY27 to ₹17.3 in FY28. RoE is projected to edge down from 14% to 13.6%.
Its target price of ₹928 implies a potential upside of 15%.
Navin Fluorine International
Navin Fluorine International has the lowest upside potential among the 15 selections, at 12%. Nevertheless, Mirae Asset Sharekhan expects EPS to rise from ₹169.8 in FY27 to ₹207.9 in FY28, with RoE improving from 18.8% to 19.5%.
The brokerage has set a target price of ₹9,500.
Welspun Corp
Welspun Corp makes the list on expectations of a sharp improvement in earnings. Its EPS is estimated to increase from ₹60.3 in FY27 to ₹80.2 in FY28, while RoE is projected to improve from 16.1% to 18.2%.
The target price of ₹3,150 points to an upside of 24%.
Tata Consumer Products
Tata Consumer Products offers exposure to the consumption theme. The brokerage projects EPS growth from ₹20.5 in FY27 to ₹23.9 in FY28, alongside an improvement in RoE from 9.6% to 10.5%.
Mirae Asset Sharekhan has set a target price of ₹1,197, indicating a potential 20% upside.
Radico Khaitan
Radico Khaitan rounds off the mid-cap basket. The brokerage expects EPS to rise from ₹65.9 in FY27 to ₹80.8 in FY28. RoE is projected at 21.1% in FY27 and 20.8% in FY28.
Its target price of ₹5,012 implies a 21% upside.
Small-cap picks: Three stocks offer over 30% upside
The small-cap basket contains the three stocks with the highest potential upside in the entire list, according to the brokerage’s estimates.
DEE Development Engineers
DEE Development Engineers tops the 15-stock selection, with Mirae Asset Sharekhan assigning it a target price of ₹750, implying a 37% upside.
The brokerage estimates EPS will grow from ₹18 in FY27 to ₹25.1 in FY28. RoE is also projected to improve from 20.3% to 22.9%.
Karnataka Bank
Karnataka Bank is another high-upside pick, with a target price of ₹415, indicating a potential gain of 33%.
The brokerage expects book value per share to increase from ₹39.9 in FY27 to ₹46.8 in FY28, while RoE is projected to improve from 10.9% to 11.6%. However, investors should keep an eye on risks arising from the bank’s regional concentration in Karnataka, leadership continuity and the possible impact of the West Asia crisis on asset quality.
Lumax Auto Technologies
Lumax Auto Technologies features in the small-cap list on expectations of continued earnings growth. EPS is projected to increase from ₹56.1 in FY27 to ₹70.5 in FY28, while RoE is estimated at 23.8% and 22.9%, respectively.
The brokerage’s target price of ₹2,490 implies a 22% upside.
Sagility
For Sagility, Mirae Asset Sharekhan expects EPS to rise from ₹2.6 in FY27 to ₹3 in FY28. RoE is projected to improve from 11.7% to 12.4%.
The brokerage has set a target price of ₹53, implying an upside of 17%.
VA Tech Wabag
VA Tech Wabag completes the small-cap basket and ranks alongside Karnataka Bank as one of the brokerage’s second-highest upside opportunities. Its target price of ₹2,400 indicates a potential upside of 33%.
The brokerage expects EPS to increase from ₹79.2 in FY27 to ₹95.8 in FY28, with RoE improving from 17.6% to 18.1%.
What investors should watch
Mirae Asset Sharekhan’s Samvat 2083 portfolio spans established large-cap franchises, mid-sized growth businesses and smaller companies with higher indicated upside. While DEE Development Engineers, Karnataka Bank and VA Tech Wabag lead on potential returns, the broader selection reflects opportunities across several parts of the Indian economy.
However, target prices are estimates, not assured returns. Earnings delivery, valuations, sector conditions and company-specific risks will remain important in determining how these stocks perform over the coming year.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
