Diwali 2025 Picks: ICICI Direct Bullish On HDFC Bank, L&T, Kaynes Tech And More

ICICI Direct has identified these eight stocks, which include large caps such as HDFC Bank and Larsen & Toubro (L&T), with strong growth potential. The brokerage has assigned a ‘buy’ rating to each stock mentioned below.

Let’s take a look at ICICI Direct’s Diwali Muhurat 2025 picks:

HDFC Bank: Brokerage recommendation – ‘buy’ with a target price of ₹1,150.
India’s largest private sector lender is focusing on accelerating credit growth post-merger, driven by urban retail, unsecured lending, and improving rural demand. Margins may remain under near-term pressure, but revival is expected in H2FY26 through repricing deposits, better liquidity, and higher-yielding retail loans. Key risks include slower-than-expected credit growth and additional rate cuts affecting margins.

CreditAccess Grameen: Brokerage recommendation – ‘buy’ with a target price of ₹1,600.
CreditAccess Grameen has a strong distribution network and stabilized asset quality. AUM growth is expected to revive to 14% - 18% in FY26, supported by retail finance and improved collection efficiency. Key risks include moderation in AUM growth and delays in regional recovery, which impact credit costs.

Larsen & Toubro (L&T): Brokerage recommendation – ‘buy’ with a target price of ₹4,500.
L&T has a strong order backlog of ₹6.1 lakh crore, supported by a robust international pipeline. Continued focus on execution, return ratios, and resource allocation from asset sales is expected to drive revenue and profit growth. Risks include delays in order execution and lower-than-expected improvement in return ratios.

AIA Engineering: Brokerage recommendation – ‘buy’ with a target price of ₹4,060.
The company has made expansions in China and Ghana, and its new international orders support volume recovery, with expected 17% growth over FY26 - 27. Key risks include delays in conversion to high-chrome media and rising input or freight costs.

Allied Blenders & Distillers: Brokerage recommendation – ‘buy’ with a target price of ₹640.
The firm expects EBITDA margins to rise to 15% by FY28, boosting RoCE to 26%. Key risks include delayed payments in Telangana and potential changes in liquor policy or excise duty.

Kaynes Technology India: Brokerage recommendation – ‘buy’ with a target price of ₹8,900.
Kaynes has a strong growth runway and EBITDA margin of 15%+. Investments in chip and PCB manufacturing, supported by government subsidies, strengthen long-term growth visibility. Key risks include execution delays in new ventures and any reduction in government support measures.

Data Patterns: Brokerage recommendation – ‘buy’ with a target price of ₹3,560.
Data Patterns has a strong order backlog of ₹1,080 crore. Opportunities in hi-tech defence platforms and space applications support future growth. The risks include dependence on government contracts and high working capital requirements.

Greenlam Industries: Brokerage recommendation – ‘buy’ with a target price of ₹300.
Greenlam Industries has a strong domestic and export market share and has recently expanded its capacity in plywood and chipboard. Revenue and margins are expected to grow steadily, driven by high utilization and operating leverage. Key risks include geopolitical impact on exports and a slower ramp-up in new segments affecting margins.

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