Adani Power, Bajaj Finance, HDFC Bank, Trent, NBCC: 10 bullet-proof stocks by Ventura

Domestic brokerage Ventura Securities has come out with a list of 10 stocks that it called bullet-proof in the light on ongoing trade tensions between the United States, the world’s largest consumer, and exporting nations. US tariffs are likely to create significant challenges in the form of a consumer shock within the US, while leading to a supply glut in producing countries, Ventura Securities said. 

This, it said, could result in a global deflationary environment, which may persist until a new economic realignment occurs.

In such a scenario, India, with its consumption-driven economy, is expected to remain relatively insulated and offer a safer market amidst global economic uncertainty, the domestic brokerage said. 

Bajaj Finance | Target: Rs 10,205 in 24 months
Bajaj Finance Ltd (BFL) has exhibited impressive growth, with a 29 per cent CAGR in AUM over the past decade. The company’s diversified portfolio and strategic partnership with Bharti Airtel are key drivers of its expansion. While BFL faces challenges with credit costs, particularly in used car financing, its strong risk management strategies and focus on technology position it well for sustained growth, Ventura said. It sees Bajaj Finance's AUM to increase 25 per cent annually over the coming years.

HDFC Bank | Target: Rs 2,350 in 24 months
Following the merger, HDFC Bank’s credit deposit ratio increased to 110 per cent, prompting a strategic slowdown in advances growth while accelerating deposit accumulation, Ventura said. This approach resulted in a 10 basis point contraction in NIMs to 3.6 per cent. Over the period from FY24 to FY27E, the bank is poised to achieve robust financial growth, with substantial increases in AUM and deposits, along with improved asset quality and profitability, the brokerage said.

Fino Payments Bank | Target: Rs 856 in 24 months
Ventura said Fino Payments Bank is well-positioned for significant expansion, leveraging its vast merchant network and digital platforms to cater to the underbanked population. With an anticipated increase in accounts from 11 million to 25 million by FY27E, Fino’s innovative B2B revenue streams are expected to drive strong growth, it said.

Over the FY24-FY27 period, the company’s revenues, operating profits, and earnings are projected to grow at CAGRs of 28 per cent, 38 per cent, and 34 per cent, respectively.

Adani Power | Target: Rs 806 in 24 months
Ventura said Adani Power has benefitted from rising power demand and enhanced coal availability, resulting in an increase in its average PLF to 72 per cent in H1FY25, thereby boosting both revenue and profitability. In FY24, the company saw revenue and Ebitda grow by 29.9 per cent and 81 per cent, respectively. Adani Power aims to reach a total capacity of 30.67 GW by FY31, with projected revenue and Ebitda growth of 11.8 per cent and 10.6 per cent CAGR over FY24-27E, Ventura said.

Trent | Target: Rs 6,300 in 24 months
Ventura said Trent has established itself as a leader in Asia in terms of sales growth and inventory efficiency, achieving a remarkable 45 per cent sales CAGR from FY23 to FY25. 

The retailer, it said, is expanding its footprint by entering new categories such as beauty and innerwear, while also strengthening its online presence. Westside currently operates 238 stores, and Zudio has 635 stores. Furthermore, Trent’s Star Bazaar joint venture with Tesco is focusing on enhancing operational efficiency to curb losses, Ventura noted.

Nippon Life India AMC Ltd | Target: Rs 694 in 24 months
As the 4th largest asset management company in India, Ventura said Nippon Life India AMC is poised for significant growth, with AUM expected to grow at a 28.8 per cent CAGR from FY24 to FY27, reaching Rs 9.2 lakh crore. 

It sees Nippon's equity AUM to rise at a 33.2 per cent CAGR, driven by increased retail participation and SIP inflows. Over the same period, the company’s revenues, Ebitda, and net profit are forecasted to grow at CAGRs of 26 per cent, 29 per cent, and 18 per cent, respectively, with improved margins and return on equity (ROE).

Indraprastha Gas | Target: Rs 257 in 24 months
Indraprastha Gas Ltd (IGL) has faced some headwinds, including rising input gas costs and reductions in APM gas volumes. However, the company is expected to see volume growth at an 11.4 per cent CAGR, reaching 5310 mmscm by FY27E, Ventura said. 

Revenue is projected to grow to Rs 23,951 crore by FY27E, driven by CNG, PNG, and industrial volumes. Ebitda and net profit are forecasted to grow at CAGRs of 24.5 per cent and 23.3 per cent, respectively, indicating strong financial performance despite current challenges, Ventura said.

Krsnaa Diagnostics | Target: Rs 1,741 in 24 months

Ventura said Krsnaa Diagnostics has established itself through a public-private partnership (PPP) model, offering affordable healthcare services that attract steady footfall and high utilization. 

Krsnaa Diagnostics is anticipating robust revenue growth, with a projected 27.9 per cent CAGR to Rs 1,297 crore by FY27E, driven primarily by its radiology and pathology segments. 

With planned capital expenditure and strategic partnerships, KDL is poised for long-term success in India’s expanding healthcare sector, Ventura said.

P N Gadgil Jewellers | Target: Rs 768 in 24 months

P N Gadgil Jewellers is the second-largest organized jewellery retailer in Maharashtra, operating 39 stores across India and the USA, with gold jewellery comprising 92 per cent of sales. 

The company plans to open 12-15 new stores in Maharashtra by FY26, focusing on expanding its retail and online presence, Ventura said. 

With a strong growth trajectory, PNG is expected to achieve significant revenue and profit expansion, projecting revenue of Rs 10,156 crore by FY25, it said.

NBCC India | Target: Rs 93 in 24 months

NBCC India Ltd specialises in project management consultancy (PMC), engineering procurement and construction (EPC), and real estate development. With an order book of Rs 1 lakh crore, the company is well-positioned to benefit from India’s ongoing urban development initiatives, Ventura said. 

Revenue, Ebitda, and net profit are expected to grow at 13 per cent, 15 per cent, and 18 per cent YoY, respectively, in FY25, reflecting strong prospects in the infrastructure space.