Shriram Research has released its Diwali 2026 stock picks, a curated basket of 11 companies spanning banking, healthcare, consumer, industrial and technology sectors, with estimated upside of as much as 32 percent, according to a CNBC-TV18 report published on November 4, 2026.

The recommendations arrive alongside a series of festival-themed stock lists from Indian brokerages and research houses, typically published around Diwali, which marks the start of the new Samvat trading year on Indian exchanges. Comparable Diwali 2026 selections include Bajaj Broking's basket of nine stocks featuring Mahindra & Mahindra (M&M), ICICI Bank and Adani Power; Axis Securities' 12 technical picks for Samvat 2083 with up to 50 percent upside; and SBI Securities' 11-stock list ranging from Tata Steel to Sky Gold.

The Shriram Research basket covers large private-sector banks, a regional lender, a diagnostics chain, a specialty chemicals maker, quick-commerce and consumer durables companies, an industrial conglomerate, an auto-components supplier and a jewellery retailer. The selections cluster around a few recurring themes: capacity additions at manufacturing and healthcare companies, premiumisation among consumer-facing businesses, and diversification into newer segments such as data-centre cooling, AI infrastructure, electric-vehicle components and quick commerce. Below are the 11 stocks and the rationale outlined by the research house.

Aeroflex is benefiting from rising demand for liquid cooling solutions in data centres. Shriram Research expects capacity expansion and a higher contribution from engineering solutions to support revenue growth.

Dr. Lal PathLabs plans to expand its laboratory network and strengthen genomics and radiology services. Growing specialised testing volumes and demand from smaller cities are expected to support growth.

Eternal's food delivery, quick commerce and going-out businesses offer multiple growth drivers. Blinkit's expanding dark-store network, higher order values and improving operating leverage support the company's outlook.

ICICI Bank reported strong loan and deposit growth, supported by broad-based business momentum. Low bad loans, modest credit costs and a contingency buffer strengthen the lender's outlook.

Karur Vysya Bank's record performance, healthy loan growth and stable margins underpin its outlook. Strong asset quality, provisions and a growing CASA (current and savings account) franchise provide further support.

Larsen & Toubro's (L&T) record order inflows and expanding order book support revenue visibility. Strong project execution and investments in AI infrastructure, semiconductors, green energy and defence offer growth opportunities.

LG Electronics India is positioned to benefit from rising appliance penetration and premiumisation. Its Sri City investment, export expansion and growing business-to-business (B2B) operations provide additional growth drivers.

Navin Fluorine's growth prospects are supported by strong CDMO (contract development and manufacturing organisation) performance, specialty chemicals demand and capacity additions. New projects and an extended HFO supply agreement add revenue visibility.

Radico Khaitan is focusing on premium brands, luxury offerings and international expansion. Strong growth in its Prestige and Above portfolio, alongside margin improvement plans, supports its outlook.

Sona BLW's strong order book and electric vehicle (EV) exposure support long-term growth. Its expansion into robotics, physical AI and railways is expected to diversify revenue and reduce dependence on existing businesses.

Titan's jewellery business, established brands and expanding retail network underpin its growth prospects. CaratLane's performance, premiumisation in watches and international expansion offer additional opportunities.

The upside estimates and company assessments cited above are those of Shriram Research, as reported by CNBC-TV18. For readers tracking the basket, the drivers the research house cites — capacity expansions, order inflows and network growth across banking, healthcare, retail and manufacturing — offer concrete markers to follow in companies' upcoming quarterly disclosures.