BHEL, Maruti Suzuki among JM Financial’s top 12 bottom-up stock picks for 2025 with up to 50% upside – New Year Picks

“It trades at 52x/42x FY26/27E EPS, respectively, with an average P/E of 55 (+1SD at 61 and -1SD at 48). We value HAVL at a P/E of 50x on FY27 EPS, a premium based on its strong brand, distribution network, in-house manufacturing, and ongoing investments in team, brand, and distribution. These factors open up export opportunities, market share gains, a strong balance sheet, and improved ratios,” it said.