New Year Stock Picks: From SBI To VBL; These 9 Stocks Are Axis Securities’ Top Stock Bets For 2026

The Indian equity market is at a critical juncture as 2026 approaches, moving from rallies fueled by liquidity to an era of growth driven by earnings. Indian equities performed favourably in 2025; on December 1st, the Nifty 50 reached a record high of 26,326 and had an annual return of 10.2%. The Nifty 500 climbed 6.4% and the Nifty smallcap 250 dropped 6.4% as of December 1, 2025, while broader markets lagged.

The brokerage firm Axis Securities is bullish on 9 stocks for the year 2026. These New Year stock picks, which range from SBI to Varun Beverages (VBL), are expected to produce returns of up to 20% amid the brokerage building in a Nifty base-case target of 28,100 for Dec'26, valuing the index at 20x Dec'27 earnings.

Stocks To Buy In 2026

"The year 2026 is expected to be more constructive for Indian equities, transitioning from a period of valuation-led consolidation to an earnings-led market. The favourable domestic macro drivers, combined with policy support and the anticipated resolution of US tariff issues, create a compelling investment case. We also suggest a "Buy on Dips" strategy in the stocks listed below, with an investment horizon of over 12 months," said Axis Securities.

Stocks	CMP in Rs as of 19th December 2025	Target price in Rs	Upside
State Bank Of India	980	1,135	16%
Varun Beverages	469	550	17%
Hindalco Industries	852	950	12%
Nippon Life India Asset Management Ltd.	888	1,000	13%
Dalmia Bharat Ltd.	2,015	2,320	15%
Astral Ltd.	1,424	1,625	14%
Affle 3i Ltd.	1,719	2,000	16%
Healthcare Global Enterprises Ltd.	707	850	20%
Mold-Tek Packaging Ltd.	578	670	16%
Source: Axis Securities

SBI Target Price

"SBI's performance has been the best amongst the larger banks. The bank remains well-poised to sustain its performance, supported by the management's focus on deepening its liability franchise, allocating capital to higher RoRWA assets, maintaining a disciplined pricing approach, and leveraging tech to drive operating efficiency," said the research analysts of Axis Securities.

"The bank is making concentrated efforts to contain Opex growth by focusing on improving productivity and maintaining the C-I Ratio at

Varun Beverages Target Price

As per Axis Securities VBL is poised to maintain its strong growth trajectory, driven by multiple levers, such as (1) The BevCo acquisition strengthening its presence in South Africa and the DRC; (2) International expansion of its snacks business, especially into Zimbabwe and Zambia; (3) Deepening rural distribution to widen market reach; (4) Capacity enhancement through new greenfield and brownfield facilities, improving operational efficiency; and (5) Scaling high-margin brands like Sting, alongside increased focus on value-added dairy, sports drinks, and juices.

"These strategic initiatives are set to support sustained revenue and margin expansion. We expect Revenue/EBITDA/PAT to grow at 23%/22%/29% CAGR over CY24-27E. We recommend a BUY on the stock with a target price of Rs 550/share," the research analysts of Axis Securities recommended.

Hindalco Industries Target Price

"Our BUY recommendation is supported by a) Expansion projects in India and Novelis b) Strong Aluminum prices: Spot aluminum prices are trading strongly above $2,800/t levels, supported by strong macro expectations for interest rate cuts and tight supply-demand fundamentals. We recommend a BUY on the stock with a target price of Rs 950/share," recommended the research analysts of Axis Securities.

Nippon Life India Asset Management Target Price

"We expect NAM to deliver a healthy MF QAAUM/Revenue/Earnings growth of 21/16/14% CAGR over FY26-28E, supported by (i) Diversified product offerings, (ii) Improving market share across segments, (iii) Focus on passive offerings, and (iv) Strong SIP franchise. We recommend a BUY on the stock with a TP of Rs 1,000/share," as per Axis Securities.

Dalmia Bharat Target Price

"The company is undertaking strategic capacity additions to capitalise on strong demand and improve market presence. These expansions are expected to enhance volume growth, capture incremental market share, and support long-term revenue and EBITDA growth. We expect DBL to deliver Volume/Revenue/EBITDA/PAT CAGR of 7%11%/27%/47% over FY25-FY27E. We recommend a BUY on the stock with a target price of Rs 2,320 /share," the research analysts of Axis Securities said.

Astral Target Price

"Our BUY recommendation is supported by a) Maturing capex cycle, b) Reduced costs and pick up in Adhesives & Paints, c) Improving margins due to backward integration, and d) Healthy pickup in volumes post festive season. We expect Astral to deliver a strong 15/17/21% CAGR Revenue/EBITDA/PAT growth over FY25-28E. We recommend a BUY on the stock with a target price of Rs 1,625/share," commented the research analysts of Axis Securities.

Affle 3i Target Price

"Management remains confident in achieving 20% sustainable revenue growth and maintaining 23% EBITDA margins in the coming years. We believe Affle's Revenue/EBITDA/PAT to grow at a CAGR of 23%/23%/25% over FY25-28E, supported by its scalable CPCU model, strong strategic moat, and expansion into emerging markets. The company is currently trading at a 40x/31x P/E multiple for FY27E/FY28E. We recommend a BUY on the stock with a target price of Rs 2,000/share," recommended the research analysts of Axis Securities.

Healthcare Global Enterprises Target Price

"Our BUY recommendation is supported by strong structural tailwinds from under-penetration in oncology care, sustained volume growth driven by rising incidence and limited quality capacity, operating leverage from maturing hospitals, disciplined capital allocation, and improving ROCE visibility. We expect HCG to deliver a 16% sales CAGR over FY25-FY28E and ~22% EBITDA growth, with margins expanding to ~21-22% and ROCE rising above 20% over the medium term. We recommend a BUY with a target price of Rs 850/share," stated the research analysts of Axis Securities.

Mold-Tek Packaging Target Price

"We expect Mold-Tek to deliver robust growth, driven by (a) rapid scaling of the pharma packaging segment, (b) capacity expansions translating into higher volumes, (c) improvement in margins driven by improved product mix, and (d) focus on revenue diversification. We recommend a BUY on the stock, with a target price of Rs 670/share," commented the research analysts of Axis Securities.

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