
ICICI Securities, Motilal Oswal, JM Financial: Top stock picks for 2025

Summary
- Want to make profitable trades in 2025? Check out the top stock picks recommended by analysts. Don't miss out on potential market opportunities.
The calendar year is coming to an end with Nifty 50 seeing a correction in the final quarter after surging as much as 20.58% in the first nine months. Bidding adios to 2024, analysts at D-street got to number crunching, tossing around stock ideas for 2025.
Goldman Sachs and Motilal Oswal Wealth Management expect a market consolidation in the first half of the year as events such as RBI and the US Fed interest rate cuts, newly elected US President Donald Trump’s trade policy changes, and the Union Budget in February 2025 unfold. However, they expect a recovery in the second half with strong earnings, government spending, and wedding season. This presents a buying opportunity in several stocks at the start of the year.
Analysts’ top stock picks for 2025
We looked at several analysts’ top stock picks for 2025. Each broking house has unique stock ideas. We shortlisted ideas from ICICI Securities, JM Financial, and Motilal Oswal to compile a list of the top three stocks from each of these broking houses based on the highest upside potential.
From the list of nine stocks, seven are mid-cap stocks and analysts are bullish on electronics manufacturing.
Without much further ado, we present the list of nine stocks with an upside potential of 25-49% in 2025.
Starting with our most bullish analyst JM Financial, here are the top three stocks it believes have a 41-49% upside.
Also Read: Top sectors to pick and avoid in 2025
#1 Bhel
The state-run company Bharat Heavy Electricals, with a market cap of ₹ 83,343 crore, is one of JM Financial’s picks for 2025. It has set a price target of ₹371, representing a 49% upside from the date of the report (December 10).
One year Stock Price Momentum of BHEL

Bhel supplies electricals to the power sector, transportation, defence, aerospace, oil & gas, and other core sectors. It has orders to supply equipment for VandeBharat trains and is a key beneficiary of the government’s push for indigenous technology development. It has a growing and executable order book. JM Financial is bullish on the stock, as it expects the execution of the ₹1.31 trillion order book to pick up and drive margins.
The brokerage expects BHEL’s revenue and earnings before interest, taxes, depreciation, and amortization (EBITDA) to grow at a compounded annual growth rate (CAGR) of 30% and 103% between FY24 and FY27. Even though BHEL is trading at a price-to-earnings (PE) ratio of 187x, way above its five-year PE median of 50.9x, the PE ratio is 20x considering the FY27 EPS estimate.
#2 Cyient DLM
JM Financial’s second bullish pick is Cyient DLM, with a market cap of ₹5,329 crore. It has set a price target of ₹960, representing a 45% upside from the 10 December market price.
Cyient DLM supplies electronics systems to the aerospace and defence original equipment manufacturers (OEMs) and other high-tech engineering segments. The broker expects revenue and net profit to grow at a CAGR of 44% and 66%, respectively, between FY24 and FY26 driven by acquisitions.
However, Cyient DLM depends on exports for two-thirds of its revenue, exposing it to risk from global inflation, economic downturns, and geopolitical uncertainties. The stock is trading at a PE ratio of 79x, below its 5-year PE median of 88.1x. However, considering the FY26 EPS estimate, the stock is trading at a 31x PE ratio.
Also read: Starting 2025 with two defensive titans of the stock market
#3 Zee Entertainment
JM Financial’s third bullish pick is Zee Entertainment on which it has set a price target of ₹200, representing a 41% upside from the December 10 market price. This ₹12,116 crore market cap stock has a 36% market share in the Indian television market. Zee overcame its insolvency issues after entering into a merger deal with Sony Pictures. However, the merger fell through, pulling Zee's share price down 55% this year.
JM Financial expects Zee to put behind the merger-related settlements and one-off expenses and move to better profits ahead. It estimates the company’s revenue to grow at a 5.6% CAGR and improve its EBITDA margin from 10.5% to 18% between FY24 and FY26.
Zee stock is trading at a PE ratio of 28.4x, closer to its 5-year PE median of 26.5x. However, the PE ratio is 13x considering the FY26 EPS estimate.
The next set of stocks are quant picks from the ICICI Securities report dated December 23. They have a slower revenue and profit growth rate, but the dip in stock price has created a buying opportunity.
#4 Ashok Leyland
ICICI Securities’ most bullish pick for 2025 is Ashok Leyland on which it has set a price target of ₹295, representing a 36% upside from the 23 December market price. This ₹64,568 crore market cap stock has been growing its sales and net profit at a three-year CAGR of 33% and 206%, respectively. However, the stock trades at a PE ratio of 25x, below its 5-year median of 29x. The lower valuation is because of its high debt, which is 4.3x its equity.
One year Stock Price Momentum of Ashok Leyland

However, ICICI Securities sees a strong risk-reward opportunity at the current price level of ₹219. At the technical level, the stock finds support near ₹180. In the futures & options (F&O) market, it has the lowest open interest since June 2023, hinting at limited downside risk.
#5 Zydus Lifesciences 
ICICI Securities’ next bullish pick is Zydus Lifesciences, for which it has set a price target of ₹1,320, representing a 36% upside from the 23 December market price. This ₹97,081 crore market cap stock has been growing its sales and net profit at a three-year CAGR of 11% and 18%, respectively. The company is almost debt-free. However, the stock trades at a PE ratio of 22.7X, closer to its 5-year median of 23.4x. The lower valuation creates a buying opportunity.
ICICI Securities sees a fresh entry opportunity at the current price level of ₹965 and expects the price to go up to ₹1,320. The dip is primarily because of profit booking after a big rally as the stock’s open interest declined in the F&O space without any delivery-based pressure.
#6 Ambuja Cement
ICICI Securities expects a 30% upside on Ambuja Cement with a price target of ₹715 as infrastructure-related stocks attract buying interest from foreign portfolio investors. This ₹1.3 trillion market cap stock has been growing its sales and net profit at a 3-year CAGR of 11% each and is almost debt-free. However, the stock trades at a PE ratio of 41.2X, above its five-year median of 28.6x, as the cement sector approached its all-time highs.
ICICI Securities sees an attractive risk-reward ratio for Ambuja Cement at the current price level of ₹543 as significant short positions were not added in the F&O space despite selling pressure. It hints that investors are bullish on the stock. The broker expects the stock to make new highs driven by fresh long positions and delivery-based buying.
The next set of stock picks is from  Motilal Oswal Wealth Management, as reported by CNBC-TV18. The broker is 'overweight' on electronic manufacturing services (EMS), IT, healthcare, consumer discretionary, industrials, and real estate sectors. However, it expects a correction in the first half of 2025.
#7 Macrotech Developers 
Motilal Oswal's most bullish stock pick is the Lodha brand real estate company Macrotech Developers. It has a target price of ₹1,770, reflecting a 26.7% upside. The ₹1.39 trillion market cap stock reported a three-year revenue and net profit CAGR of 24% and 69%, respectively, as housing demand picked up post-pandemic. The growth shows no signs of slowing with a 50% increase in Q2 FY25 revenue.
One year Stock Price Momentum of Macrotech Developers

Motilal Oswal expects Macrotech’s diversification and strong market presence in luxury real estate to drive growth in the coming months. The stock trades at a 64.4x PE ratio, below its 5-year median of 50.5x. However, its accelerated growth and profitability create upside potential.
#8 Lemon Tree Hotels 
Motilal Oswal’s next stock pick is Lemon Tree Hotels, and it has a target price of ₹190, reflecting a potential upside of 25.5%. The ₹12,006 crore market cap stock will benefit from wedding and MICE (meetings, incentives, conferences, and exhibitions) activities. It has reported a three-year revenue and net profit CAGR of 62% and 47%, respectively. The broker expects Lemon Tree Hotel’s net profit to grow at a CAGR of 33% over the next few years, driven by favourable supply-demand dynamics.
The stock is trading at a 79.9x PE ratio, in line with its 5-year median of 78.7x. Higher profits could drive growth in the coming months.
#9 Syrma SGS Technology 
Motilal Oswal’s next stock pick is Syrma SGS Technology which has a target price of ₹750, reflecting a 25.2% potential upside. The ₹10,646 crore market cap stock reported a 3-year revenue and net profit CAGR of 53% and 20%, respectively, driven by strong order books.
The company provides electronics manufacturing services for industrial, automotive, and consumer products. It makes - Printed circuit board assemblies, radiofrequency identification (RFID) products, USB drives, and other memory products. The growing digitization could drive sustained growth in the coming years. The company launched its IPO in 2022 and still has the IPO proceeds to invest in growth opportunities. Its strong order book of ₹4,800 crores brings revenue visibility for the next year.
Syrma SGS stock is trading at a 100.4x PE ratio, but the upcoming growth potential could drive the stock higher.
Also Read: India’s stock market in 2025 and the growing appeal of US bonds
In Conclusion
While JM Financial opted for fast-growth stocks, ICICI Securities opted for stocks with an attractive risk-reward opportunity. Meanwhile, Motilal Oswal took the macro route and picked stocks with a favourable demand environment.
Each of the three brokers used a different approach to stock picks. You could consider adding these nine stocks to your watchlist and get a good diversification of sector and approach.
For more such analyses, read The Best of Profit Pulse in 2024
Note: We have relied on data from www.Screener.in throughout this article. Only in cases where the data was not available, have we used an alternate, but widely used and accepted source of information. 
The purpose of this article is only to share interesting charts, data points, and thought-provoking opinions. It is NOT a recommendation. If you wish to consider an investment, you are strongly advised to consult your advisor. This article is strictly for educative purposes only. 
Puja Tayal is a seasoned financial writer with over 17 years of experience in the field of fundamental research. She brings a good blend of comprehensive, well-researched insights into a company’s work in her articles.
Disclosure: The writer and his dependents do hold the stocks/commodities/cryptos/any other asset discussed in this article.