Stocks to buy for long-term: Axis Bank, BHEL, Maruti Suzuki, Zee, Cyient, among JMFL’s top 12 stock picks for 2025 | Stock Market News

The Indian stock market’s benchmark indices, Sensex and Nifty 50, have delivered commendable returns in 2024 despite navigating significant volatility. The Nifty 50 index has risen over 13% year-to-date (YTD). This performance unfolded against the backdrop of pivotal domestic and global events, such as the Indian Lok Sabha elections, escalating geopolitical tensions in the Middle East, the US presidential elections, and the initiation of monetary policy easing by major central banks, including the US Federal Reserve.

Looking ahead to 2025, analysts maintain a cautiously optimistic outlook for the Indian stock market. The optimism is underpinned by robust domestic economic growth, as India continues to hold its position as the world’s fastest-growing major economy.

JM Financials has released the list of its top 12 bottom-up stock picks for 2025. The approach in picking these stocks to buy for long-term was akin to growth at a relatively reasonable price (GARRP).

This list of the stocks to buy include Axis Bank, Nippon Life India Asset Management, Maruti Suzuki India, Samvardhana Motherson International, Ahluwalia Contracts (India), KPIT Technologies, Zee Entertainment Enterprises (ZEEL), Havells India, Cyient DLM, Metropolis Healthcare, Global Health and Bharat Heavy Electricals Ltd (BHEL).

Here are the stocks to buy:

Axis Bank | Target Price: ₹1,425

JM Financial remains positive on Axis Bank shares given limited valuation downsides from current levels (core bank trades at 1.6x FY26E BVPS), and is at a meaningful discount of 31% to ICICI Bank’s valuations (core bank trades at 2.1x FY26E BVPS).

Nippon Life India Asset Management | Target Price: ₹800

Nippon Life India Asset Management stock appears fairly valued at 26.8x FY26e EPS for a PAT to average AUM of 0.28%. Over the medium term, we forecast PAT to average AUM to inch closer to 0.34% levels, as is projected for HDFC AMC, said the brokerage firm.

Maruti Suzuki | Target Price: ₹15,250

Maruti Suzuki’s strong ASP growth owing to the favorable shift in powertrain mix is still underappreciated by the street and is expected to drive healthy operating leverage, JM Financial said, adding that the auto stock is trading at 18x FY27E EPS, below its 5-year average of 27.5x.

Samvardhana Motherson International | Target Price: ₹210

The brokerage firm believes Samvardhana Motherson International with its global presence, wide customer base and an expanding product portfolio especially w.r.t. an opportunity in consumer electronics and Aerospace presents a multi-year growth opportunity.

Ahluwalia Contracts (India) | Target Price: ₹1,315

JM Financial factors in an EPS CAGR of 30% over FY24-27E and 43% over FY25-27E driven by strong revenue growth and margin expansion, which is expected to be the result of a better project mix. Ahluwalia Contracts stock is currently at 19x/14x FY26E/27E EPS, and the brokerage firm values it at 20x Sept-26 EPS, and arrives at a price target of ₹1,315.

KPIT Technologies | Target Price: ₹2,040

As per the brokerage firm’s estimates, KPIT Technologies still will be able to deliver a 17% Revenue CAGR over FY24-27 (consensus estimate of 17.5%) and 22% EPS CAGR (consensus estimate at 24%). Operating leverage and offshoring are the key levers for EBITDA margin expanding from 20.2% in FY24 to 21.3% in FY27. Stock currently trades at 44x FY26E P/E and 28x EV/EBITDA. It has a ‘Buy’ rating on KPIT Technologies stock with a target price of ₹2,040 apiece.

Zee Entertainment Enterprises | Target Price: ₹200

Zee shares currently trade at 13x FY26E P/E and 7x EV/EBITDA, and the brokerage firm has a buy rating on Zee stock with a target price of ₹200 (15x 12M forward).

Havells India | Target Price: ₹2,031

JMFL values Havells India share at P/E of 50x on FY27 EPS, a premium based on its strong brand, distribution, in-house manufacturing, along with now investing in team + brand + distribution, opening up export opportunity, market share gain, strong balance sheet and improved ratios. Its target price for Havells India shares is ₹2,031.

Cyient DLM | Target Price: ₹960

Cyient DLM’s revenue is being positively impacted by addition of new logos, global tailwinds and increased offering of value added services. JMFL forecasts margin expansion led by change in mix, and a consequent increasing share from higher margin segments and a higher share of export.

Metropolis Healthcare | Target Price: ₹2,500

The stock currently trades at 47x/39x our FY26/27E earnings estimates and above 5-year average consensus P/E. We build in an EPS CAGR of 30% over FY24-27E and 25% over FY25E-27E. We value Metropolis Healthcare stock at 50x EPS arriving at a target price of ₹2,500, JMFL said.

Global Health | Target Price: ₹1,440

The brokerage firm builds in EBITDA CAGR of 19% over FY24-27E and 25% over FY25E-27E for Global Health. At present the company trades at 22.5x FY27 EV/EBITDA and JMFL values the company at 30x EBITDA to arrive at a target price of ₹1,440.

BHEL | Target Price: ₹371

JMFL expects BHEL’s revenue / EBITDA to grow at a CAGR of 30% / 103% through FY24-FY27E. It has a ‘Buy’ rating on the BHEL shares with a target price of ₹371 apiece.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.