Eternal To NTPC: Goldman Sachs Top 14 Picks To Ride Market Rally

Global investment bank Goldman Sachs has identified 14 Indian stocks it believes are best positioned to lead the next phase of the equity market rally, spanning themes from consumption and defence to energy transition, travel, and new-age digital growth.

The list includes blue-chip names such as Reliance Industries, NTPC, Titan Company, InterGlobe Aviation and Maruti Suzuki, alongside newer market favourites like Zomato parent Eternal, PTC Industries, and MakeMyTrip.

Goldman remains bullish on Titan, calling it a key play on India’s affluent consumption story. The brokerage expects Titan’s jewellery business to sustain double-digit growth as consumers continue shifting from unorganised jewellers to branded chains.

The company’s omnichannel arm Caratlane and international operations are seen as important margin drivers. With an expected FY25–28 EPS CAGR of around 24%, Titan trades at a discount to other discretionary peers, offering room for further valuation upside.

Goldman expects a sharp recovery in Godrej Consumer’s growth trajectory, led by new formulations in the home insecticides segment and scale-up in underpenetrated categories like air fresheners, detergents, and pet care. Ebitda growth is projected to accelerate to 13% between financial year 2026–2028, supported by price hikes and improving margins in the domestic business.

The brokerage sees Neuland Labs as well-positioned in the fast-expanding global API outsourcing market. Upcoming catalysts include ramp-ups in key molecules such as Bempedoic acid and Cobenfy, alongside new specialty API launches. Goldman forecasts a 15% industry CAGR over the next five years, driven by higher outsourcing penetration and Neuland’s rising share.

Goldman highlights Piramal Pharma’s diversified presence across CRAMS, hospital generics, and OTC products. While short-term CDMO pressures persist, strong recovery is expected post fiscal 2026 with ramp-ups in critical care and consumer healthcare. The brokerage expects top-quartile profit growth, aided by operating leverage and improving capacity utilisation.

After muted growth in recent years, Havells is seen entering a phase of demand recovery, supported by new capacity additions in cables and wires, product launches in premium segments, and GST cuts in consumer durables. Margins are expected to bottom out by financial year 2026, with profitability improving on better operating leverage and strong execution.

Goldman expects IndiGo to continue gaining from industry consolidation, cost leadership, and the expansion of India’s air travel market. The airline’s market share of over 64% positions it to benefit disproportionately from capacity additions and new airport infrastructure. Improved pricing discipline and a long runway in international routes underpin the earnings outlook.

Goldman calls PTC Industries one of India’s most exciting defence plays, expecting a staggering 123% earnings CAGR through financial year 2028. The company is ramping up capacity in titanium and superalloy castings—vital for aerospace and defence applications—and is on track to commission the world’s largest single-site recycled titanium facility by fiscal 2026.

With a strong defence order book of over Rs 15,500 crore, Solar Industries is set for sustained growth, aided by diversification into ammunition, UAV systems, and energetic materials. The company plans to invest Rs 12,700 crore over the next decade to expand capacity. Goldman expects a 25% annual profit growth and ROE above 26%.

Goldman sees MakeMyTrip as a long-term winner in the digital travel space, driven by increasing online penetration in hotels, outbound travel, and bus bookings. The brokerage expects 19% revenue CAGR over financial year 2025–2030 and more than 30% growth in Ebitda and EPS, supported by operating leverage and strong free cash flow generation.

Eternal is viewed as a core India Internet holding, with Blinkit’s rapid 90%+ annual growth fuelling strong momentum. Goldman expects Eternal’s B2C gross order value to grow at 50%+ CAGR through fiscal 2027, driven by profitability in food delivery and expanding margins in quick commerce. The stock, it notes, trades at an attractive growth-adjusted discount to Indian consumer peers.

Goldman anticipates RIL’s Ebitda to rise 15% in financial year 2026, aided by strong refining margins, steady 15% retail topline growth, and telecom tariff hikes. With upside potential of up to 63% in a bull-case scenario and catalysts including new energy capacity commissioning, the stock offers an attractive risk-reward profile.

Goldman calls NTPC a central player in India’s energy transformation. The company plans to build 60GW of renewable capacity by financial year 2032, leveraging its low cost of capital, experience with DISCOMs, and integrated infrastructure. NTPC is also set to benefit from a revival in thermal capex and RTC RE demand, providing stable returns and growth visibility.

Uno Minda is positioned as a beneficiary of India’s EV transition, with an expanding portfolio in alloy wheels, premium lighting, and electric two-wheeler components. Its longstanding OEM relationships and expanding international footprint underpin Goldman’s positive view. Catalysts include new EV order wins and capacity expansion.

Goldman sees Maruti Suzuki benefiting from lower interest rates, tax rationalisation, and potential GST cuts, leading to a revival in small car demand. Upcoming SUV launches and the expected seventh Pay Commission could further boost volumes. The company’s strong balance sheet and product pipeline support a multi-year growth cycle.