Even as the US-Iran war continues, keeping stock markets volatile, SEBI-registered independent market expert Ambareesh Baliga believes this is the right time to buy select stocks across segments as the Indian economy continues to be well-positioned to bounce back after the West Asian war.
“The war continues, but efforts are on to have an amicable truce which will give an honourable exit to all of them, especially the US. The way the markets have fallen, they have discounted that the war may continue for a while longer, as well as the fact that earnings would be affected for the March quarter and the June quarter. Taking this into account, I believe the Indian economy continues to be positioned better than its peers in terms of bouncing back post-war,” said Baliga.
Baliga expects the Nifty 50 to surpass 25,000 in a few weeks if a truce or withdrawal of forces is announced.
“If the war continues with India able to get preferential passage through the Hormuz Strait, we may have already seen the worst in terms of Nifty levels. If the war intensifies and the Hormuz Strait is completely shut, the Nifty could fall to 21,000 or lower. However, I would assign a low probability for this,” said Baliga.
Baliga recommends five stocks to buy at the current juncture. These stock picks are part of his contrarian investing strategy.
As the term suggests, a contrarian investing strategy involves going against prevailing market trends and buying stocks or other assets when they are underperforming or markets are in a downtrend.
Stock picks for the short term
Let’s take a look at five stock recommendations by Ambareesh Baliga. The current market price of each stock is the closing price of each stock on April 7, 2026.
Himadri Speciality Chemical | Current market price: ₹456.10 | Target price: ₹630
Baliga highlighted that Himadri Speciality Chemical, which is a leading integrated carbon and speciality chemical manufacturer, has steadily shifted focus from bulk industrial products to high-margin value-added solutions.
“Himadri has a strong presence in export markets, contributing 30% of overall revenue. The ongoing Iran war has minimal effect on the company since most of the raw material is sourced domestically,” Baliga said.
“Himadri’s balance sheet strength ( ₹371 crore net cash), high return profile (34% ROCE), and diversified end-market exposure offer downside protection in the current market environment. We are looking at an EPS of ₹21 for FY28 with a target price of ₹630,” said Baliga.
Shakti Pumps (India) | Current market price: ₹507.30 | Target price: ₹900
Baliga highlighted that Shakti Pumps, which is a leading manufacturer of solar and electricity-operated submersible pumps, supplies to various sectors, including agriculture, building services, industrial users, OEMs, and households.
“Shakti Pumps has a 25% market share in the PM Kusum Scheme and a healthy order book position of ₹2,000 crore. The company is moving from being a pure solar pump manufacturer to a diversified clean-tech solutions provider. We are looking at an EPS of ₹45 for FY28 with a target price of ₹900,” said Baliga.
Sagility | Current market price: ₹41.90 | Target price: ₹54
Sagility provides operational and technology services to the healthcare industry.
“Sagility’s growth has picked up sharply over the past year. The longer-term growth outlook remains encouraging. Revenue is expected to cross ₹10,000 crore by FY28. We are looking at an EPS of ₹3 for FY28 with a target price of ₹54,” said Baliga.
Orkla India | Current market price: ₹602.95 | Target price: ₹756
According to Baliga, around 70% of Orkla India’s revenue comes from South India, which is a high-income region and has strong packaged food consumption.
“South India contributes roughly 30% of India’s gross domestic product and records some of the highest per-capita spending on packaged foods. The company is entering a phase where incremental improvements in distribution, product mix and channel strategy can steadily compound earnings over time. We are looking at an EPS of ₹27 for FY28 with a target price of ₹756,” said Baliga.
EMS Limited | Current market price: ₹289.75 | Target price: ₹380
Baliga pointed out that nearly half the order book of EMS, around ₹1,100 crore, is currently in early-stage design and engineering. Around ₹4,000 crore worth of projects are in the pipeline.
“Over the next year, the story depends less on winning new projects and more on delivering what is already in hand. If execution holds and billing catches up as expected, the numbers should start reflecting the scale already visible beneath the surface. We are looking at an EPS of ₹38 for FY28 with a target price of ₹380,” said Baliga.
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of the expert, not Mint. The stock recommendations are not exclusive to Mint and may have been shared by the expert on other platforms. Investors are advised to consult certified financial advisors before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
