Adani Power, BEL, Tata Steel shares among HDFC Securities' top 10 Diwali ideas; targets

Adani Power Ltd, Bharat Electronics Ltd (BEL) and Tata Steel Ltd are among HDFC Securities' top 10 stock picks for Samvat 2083. The domestic brokerage's Diwali portfolio also features stocks from the cement, energy, automobile, financial services, textile, metals, pharmaceutical and infrastructure sectors. The targets are set for the period till next Diwali.

Adani Power: HDFC Securities has set a target price of Rs 234 against the reference price of Rs 189, indicating an upside of around 24%. The recommended buy range is Rs 185-195, with an add-on-dips level of Rs 170. The brokerage's optimism is supported by the company's planned expansion from an operational capacity of around 18.3 GW to 45 GW by FY32. Its expansion pipeline stands at around 23.7 GW, with long-term power purchase agreements (PPAs) already covering 62% of it. The brokerage also sees thermal power playing an important role in meeting India's rising electricity demand.

Bharat Electronics: BEL has a target price of Rs 475, compared with the reference price of Rs 370, implying an upside of around 28%. HDFC Securities has suggested a buy range of Rs 368-378 and an add-on-dips level of Rs 330. The company's order book stood at Rs 68,717 crore as of October 1, 2026, while its full-year order inflow guidance remains at Rs 55,000 crore. The brokerage also highlighted a $500 million pipeline of potential export leads, along with cost-control and indigenisation efforts.

Coal India: The brokerage has assigned a target of Rs 490, against Rs 389, implying an upside of around 26%. Its buy range is Rs 389-405, while the add-on-dips level is Rs 355. Higher power demand, increased coal production and cost-control measures are among the key triggers. Coal India produced 151.37 million tonnes in Q2FY27, compared with 145.82 million tonnes in Q2FY26. Its plans to develop 36 new coal projects over five years also support the investment case.

Ambuja Cements: HDFC Securities has set a target of Rs 481 against Rs 348, indicating an upside of around 38%. The buy range is Rs 347-362, with an add-on-dips level of Rs 325. Capacity additions, a higher share of blended cement, greater green-power usage and logistics efficiencies are expected to support volume growth and margin recovery. The brokerage expects the company's installed capacity to reach 119 MTPA in FY27 and 134 MTPA by FY29-end.

Maruti Suzuki India: The target price is Rs 13,900, against a reference price of Rs 11,397, implying an upside of around 22%. The buy range is Rs 11,250-11,650, and the add-on-dips level is Rs 10,400. HDFC Securities cited capacity expansion, a strong booking backlog, new product launches and export traction as growth drivers. The company's manufacturing capacity is being expanded towards 30 lakh units annually.

Can Fin Homes: The brokerage has a target of Rs 845 against Rs 720, implying an upside of around 17%. Its buy range is Rs 720-740, with an add-on-dips level of Rs 655. The investment case rests on asset quality, relatively low funding costs and a focus on salaried borrowers. Branch additions, customer diversification and technology upgrades are expected to support loan growth, although competition and slower housing demand remain monitorable.

K.P.R. Mill: HDFC Securities has set a target of Rs 1,289 against Rs 1,115, indicating an upside of around 16%. The buy range is Rs 1,098-1,129, and the add-on-dips level is Rs 995. The brokerage sees the textile maker benefiting from its integrated business model, improving garment realisations and trade-agreement-led export opportunities. It also highlighted strong H1FY27 performance, with EBITDA and profit after tax growing 39.7% and 40.1%, respectively, on a half-year-on-half-year basis.

Tata Steel: The target price is Rs 210, compared with Rs 167.60, implying an upside of around 25%. The recommended buy range is Rs 168-175, with an add-on-dips level of Rs 151. Capacity expansion at Kalinganagar, higher sales of value-added products, cost optimisation and a recovery in steel prices are among the factors supporting the brokerage's view.

Emcure Pharmaceuticals: HDFC Securities has assigned a target of Rs 2,208 against Rs 1,872, implying an upside of around 18%. Its buy range is Rs 1,863-1,898, while the add-on-dips level is Rs 1,681. The brokerage highlighted growth in domestic formulations, traction in Europe and Canada, and a pipeline of complex products. It expects operating leverage and growth across business segments to support earnings.

Larsen & Toubro: The final pick is Larsen & Toubro Ltd, with a target price of Rs 4,458 against Rs 3,872, implying an upside of around 15%. The buy range is Rs 3,840-3,935, with an add-on-dips level of Rs 3,585. Its order book stood at Rs 8.53 lakh crore as of September 2026, supported by domestic and international projects. HDFC Securities sees opportunities in infrastructure, energy, defence, green hydrogen, semiconductors and data centres.