Why Infosys, VBL, ICICI Bank, SBI Life are among Deven Choksey's 6 top stock picks

DRChoksey FinServ Private Limited, in a fresh note, highlighted that resilient businesses, consistent financial performance, strong growth potential, and high returns on invested capital are the defining attributes of its high-conviction ideas. For September, it suggested six stocks namely ICICI Bank, Infosys, ACC, Varun Beverages (VBL), SBI Life Insurance Company and Anupam Rasayan India Ltd for potential upsides of up to 27 per cent.

Infosys is seen gaining from mega deals and AI-led efficiencies. SBI Life delivers balanced growth with wider reach and digital push, said Deven Choksey Research. While early monsoon hits volumes for VBL, medium-term growth outlook is seen strong. SBI Life delivered balanced growth with wider reach and digital push, the domestic brokerage said adding that ICICI Bank delivered steady growth with strong margins healthy deposit traction and stable asset quality. It cited strong volume growth for ACC, which is eyeing Ebitda per ton improvement of Rs 300–400. 

Deven Choksey Research values ICICI Bank’s standalone business at Rs 1,576 per share, while valuing its stake in its subsidiaries at Rs 200  per share, with an SOTP valuation target at Rs 1,776 per share, implying a potential upside of 27.3 per cent potential upside. 

"We believe that the bank is well-positioned to maintain its leadership position, driven by its focus on all banking segments and balance sheet strength. We reiterate our Buy rating on the stock," it said.

Infosys is expected to see sales growth of 5.3 per cent, Ebitda growth of 7.6 per cent and profit growth of 6.2 per cent, compounded annually, over FY25-FY27E. It values Infosys at 24.5 times June 2027 EPS, implying a target price of Rs 1,830. This implies a leftover upside of 24.5 per cent from the current levels. 

Deven Choksey Research 'Accumulate' rating on the SBI Life stock, driven by sustained market leadership, anchored by a well-diversified distribution engine led by improved digital penetration, customer-centric innovation, and operational discipline. It suggested a target of Rs 1,975 on the stock.

A 'Buy' rating on Varun Beverages is maintained, supported by robust international growth, increased traction in new launches like Gatorade and Prime, and enhanced capacities from recent plant additions. It suggested a target of Rs 588 on the stock.

Deven Choksey Research reiterated its 'Accumulate' rating on the Anupam Rasayan stock as scale-up of pharma KSM molecules, commercialization in specialty polymers, and diversification into EV and semiconductor-linked chemistries enhance long-term growth prospects. 

The brokerage suggested a target price of Rs 2,128 on ACC, as it rolled forward its valuation to Q1FY28. "We have a BUY rating on the shares of ACC Ltd. since 29th Aug 2025," it noted.