Stock Picks For 2025: Maruti Suzuki, SBI, Airtel, Havells, BHEL And More—What Top Brokerages Recommend

Indian equity market was resilient in 2024, with the benchmark Nifty 50 rising around 9% year-to-date. As investors brace for the new calendar year, analysts at top brokerages have shared their stock picks for 2025.

The recommendations include an array of stocks, including Maruti Suzuki Ltd., Axis Bank Ltd., State Bank of India, Bharti Airtel Ltd., Havells India Ltd. and Bharat Heavy Electricals Ltd., among others.

While sharing their recommendations, the analysts have taken into account the macro-economic parameters, including the pace of gross domestic product growth and the likely initiation of rate cut cycle by the Reserve Bank of India.

Jefferies, in its outlook, sees Nifty 50 to scale 26,600 by December 2025, which implies a return of about 10%. The earnings per share is expected to grow by 13% in fiscal 2026 and calendar year 2025, it added.

The investment upcycle should go on for another four to five years, according to Mahesh Nandurkar and Abhinav Sinha, both equity analysts at Jefferies.

On the macro-front, they expect the RBI to likely slash the repo rate by 50 basis points as inflation cools.

Here's a look at the key recommendations of the two Jefferies analysts:

ICICI Bank Ltd., Axis Bank Ltd., SBI, Bharti Airtel, JSW Energy Ltd., TVS Motor Co., Coal India Ltd., Godrej Properties Ltd. and Sun Pharmaceutical Industries Ltd. are among their top picks.

Overweight banks remain the "highest-conviction idea", they said, while adding that they prefer large-cap stocks over small and mid-caps.

Analysts at HSBC sounded bullish about real estate stocks, as they the expect the sector to rebound after a weak 2024. The mega launches in the upcoming calendar year are expected to drive strong pre-sales base, said Puneet Gulati and Akshay Malhotra—both analysts covering power and real estate sectors at HSBC.

The growth in real estate demand will start pivoting towards mid-income housing, they added. The analysts see sectoral stocks benefitting from potential interest rate cuts by the RBI.

Here are the top real estate stock picks of HSBC:

• Godrej Properties Ltd.: The brokerage maintains a 'buy', with a target price of Rs 3,700, which implies a potential gain of 30%.

• DLF Ltd.: 'Buy' rating maintained, with target price of Rs 1,010, which implies and upside of 17%.

• Sobha Ltd.: 'Buy' maintained, with target price of 2,150, that implies an upside of 28%.

• Oberoi Realty Ltd.: HSBC maintains 'hold', and sees target price at Rs 2,050, suggesting a downside of 4%.

Meanwhile, JM Financial has shared an array of stock picks for 2025, ranging from Samvardhana Motherson International Ltd. to Global Health Ltd., and Havells India Ltd. to Zee Entertainment Enterprises Ltd.

Here's a look at the key recommendations shared by Venkatesh Balasubramaniam, co-head of research at JM Financials:

• Axis Bank: Rs 1,425 target price, which implies a 22.5% upside.

• Maruti Suzuki: Rs 15,250 target price, implying a 35.4% upside.

• Samvardhana Motherson: Rs 210 target price, implying a 25.7% upside.

• Ahluwalia Contracts (India): Rs 1,315 target price, which implies 22.7% upside.

• KPIT Technologies: Rs 2,040 target price, implying 33.15% upside.

• Zee Entertainment: Rs 200 target price, implying 40.8% upside.

• Havells India: Rs 2,031 target price, which implies 18.4% upside.

• Cyient DLM: Target price at Rs 960, implying 44.8% upside.

• Metropolis Healthcare: Rs 2,500 target price, which implies 14.3% upside.

• Global Health: Rs 1,440 target price, implying 23.1% upside.

• BHEL: Target price at Rs 371, which implies 49% upside.

Meanwhile, Motilal Oswal Wealth Management said in a note that the first half of 2025 will continue to see market consolidation, while a recovery is expected in the second half.

The expected RBI rate cut in February 2025, along with rate cuts in the US, and changes in American trade policy under Donald Trump's presidency will contribute to market volatility, the brokerage said.

"With a fragile global economic environment and mixed macroeconomic factors at home, the market is expected to remain in consolidation mode in the near term," it said.

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