As investors enter Samvat 2083, the landscape calls for selectivity rather than indiscriminate optimism. Global uncertainties, fluctuating capital flows and evolving market expectations continue to influence equity performance. In this environment, sustainable wealth creation is likely to depend less on broad-based market movements and more on identifying businesses capable of delivering consistent earnings growth. Here are 8 stocks PL Capital is bullish on.

BEL

PL Capital has set a target price of Rs 490 for Bharat Electronics (BEL), implying an upside of 24% from current levels. The company has a strong order book of Rs 68,720 crore, equivalent to 2.3x its trailing 12-month sales, providing healthy execution visibility. Key programmes, including Electronic Fuses, LCA MK1A, LR-SAM, BMP-2 upgrades, Ashwini Radar and EW Suites for Mi-17, account for around Rs 17,600 crore. The Rs 20,000 crore NGC opportunity is expected to translate into staggered orders from GSL and GRSE, largely by the end of FY27. Orders worth Rs 30,000 crore for QRSAM are also expected shortly, with BEL well positioned to retain its role given its decade-long development experience.

Britannia Industries

PL Capital has set a target price of Rs 6,579 for Britannia Industries, implying an upside of 37.5% from current levels. The brokerage maintains a high-conviction view on the company, supported by its leadership in the biscuits and bakery segments, sustained growth in signature brands and improving scalability and profitability across adjacencies. Its signature brands grew 3x faster than the rest of the portfolio in FY26. A robust innovation pipeline focused on region- and channel-specific offerings, alongside premiumisation, further supports the growth outlook. The complete resolution of the dual-pricing issue is also expected to restore volume stability and support a recovery in growth.

ICICI Bank

PL Capital has set a target price of Rs 1,900 for ICICI Bank, implying an upside of 21% from current levels. The brokerage considers ICICI Bank the best-performing bank in terms of earnings quality, supported by a strong balance sheet. Its CET-1 ratio stands at 16%, while the loan-to-deposit ratio is maintained between 86% and 89%, and the liquidity coverage ratio remains adequate at 126%. Sizable fixed-rate funding mobilised through FCNR deposits could support future credit growth amid the rate hike cycle. A revival in credit growth, resilient margins, strong net interest and fee income, improving asset quality and greater operating efficiency are expected to sustain earnings momentum and support industry-leading profitability.

Shriram Finance

PL Capital has set a target price of Rs 1,200 for Shriram Finance, implying an upside of 25% from current levels. The brokerage sees the company as a compelling long-term investment opportunity, supported by structurally higher AUM growth aided by capital infusion from MUFG Bank. A stronger balance sheet and potential credit rating upgrade could lower its cost of funds, while diversification across vehicle finance, MSME and gold loans is expected to support growth. Gradual improvement in profitability further strengthens the investment outlook.

Blue Star

PL Capital has set a target price of Rs 1,783 for Blue Star, implying an upside of 13.2% from current levels. The company is well positioned to benefit from India's structural cooling demand, supported by low room air conditioner penetration, market share gains and an expanding distribution network. The RAC industry is expected to grow by around 25% in FY27, while Blue Star is targeting UCP EBIT margins of above 6.5% through calibrated price hikes, product rationalisation and cost optimisation.

CESC: PL Capital has set a target price of Rs 204 for CESC, implying an upside of 62% from current levels. The company is well positioned to benefit from an expanding renewable energy portfolio, alongside stable cash flows from its core distribution and generation businesses. CESC plans to increase its renewable capacity from 0.4GW in Q1FY27 to 4.5GW by FY29E, with power purchase agreements already secured for 4.3GW, providing strong revenue visibility.

Delhivery

PL Capital has set a target price of Rs 541 for Delhivery, implying an upside of 26% from current levels. With inflationary pressures being addressed and seasonality favouring its B2C and PTL businesses in the second half of FY27, the brokerage expects operating leverage benefits to play out during the period. Healthy volume growth is expected to drive an 18% sales CAGR over the next three years, with EBITDA margins projected at 6.9% in FY27E and 9.4% in FY28E. PL Capital has maintained its Buy rating with a target price of Rs 541, based on 30x September 2028E pre-Ind AS EBITDA.

Ingersoll-Rand: PL Capital has set a target price of Rs 5,029 for Ingersoll Rand India, implying an upside of 28% from current levels. The company is well positioned to capitalise on strong domestic demand for compressors, backed by its leadership in centrifugal, air treatment and oil-free rotary compressors. The around 50% capacity expansion at its Sanand facility is expected to serve as a key growth catalyst through higher volumes and operating leverage. Strong demand from the power, renewable energy, semiconductor and industrial segments, along with increasing aftermarket traction, supports the company's growth visibility.

Disclaimer: This article has been written by Veer Sharma, who is not a SEBI-registered Research Analyst or an Investment Adviser. Veer Sharma and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here