Daijiworld Media Network - Mumbai

Mumbai, Nov 12: Global investment bank Goldman Sachs has identified 14 Indian companies it believes are poised to spearhead the next phase of the country’s equity market rally, spanning sectors such as consumption, defence, energy transition, travel, and digital innovation.

The list features top names including Reliance Industries, NTPC, Titan Company, InterGlobe Aviation, and Maruti Suzuki, alongside emerging market leaders like Zomato parent Eternal, PTC Industries, and MakeMyTrip.

According to the report, Goldman remains optimistic on Titan Company, calling it a key beneficiary of India’s premium consumption story. The brokerage expects the jeweller’s business to maintain double-digit growth as consumers shift from unorganised to branded players. Its online arm Caratlane and international ventures are expected to strengthen margins, while the stock continues to trade at an attractive valuation relative to its peers.

Godrej Consumer Products is expected to witness a strong turnaround, led by innovation in home insecticides and expansion into underpenetrated categories such as air fresheners, detergents, and pet care. The brokerage projects EBITDA growth of around 13% between FY26 and FY28, supported by price-led growth and improving domestic margins.

In the pharmaceutical space, Neuland Laboratories is seen as a strong beneficiary of global API outsourcing. Goldman said the company’s pipeline, which includes ramp-ups in key molecules like Bempedoic acid and Cobenfy, positions it well in a sector expected to grow 15% annually over the next five years.

Piramal Pharma has also found a place on the list, with the brokerage expecting recovery and profit leverage in the coming years. Despite short-term headwinds in its CDMO business, Goldman expects strong growth post-FY26 from its hospital generics and consumer healthcare divisions.

After a period of subdued performance, Havells India is expected to benefit from demand recovery, capacity expansion, and new product launches in premium segments. Margins are likely to improve by FY26 on the back of better execution and operating efficiency.

Among travel and aviation stocks, InterGlobe Aviation (IndiGo) is expected to continue gaining from its dominant market share and industry consolidation. Goldman said the airline’s 64% market share, cost leadership, and international route expansion give it a clear edge in the fast-growing aviation market.

PTC Industries has been described as one of India’s most promising defence and aerospace plays, with Goldman forecasting an impressive 123% earnings CAGR through FY28. The company’s titanium and superalloy casting expansion and its upcoming recycled titanium facility are seen as key growth drivers.

MakeMyTrip has been highlighted as the dominant online travel platform, expected to post a 19% revenue CAGR through FY25–30. Its expanding hotel and bus booking business, coupled with rising digital adoption, is projected to boost profitability.

Eternal, the parent of Zomato and Blinkit, has been identified as a core internet holding with dual growth engines. Blinkit’s 90%+ annual growth and Zomato’s profitability are expected to drive a B2C order value CAGR of over 50% through FY27, giving the stock strong upside potential.

Reliance Industries is seen as a multi-sector leader with strong growth prospects across energy, retail, and telecom. Goldman expects a 15% EBITDA rise in FY26, supported by firm refining margins, robust retail sales, and telecom tariff hikes, projecting up to 63% upside in a bull-case scenario.

NTPC has been named a central player in India’s renewable energy transition, with plans to build 60 GW of renewable capacity by FY32. The brokerage said NTPC’s scale, cost advantage, and experience with DISCOMs provide a clear path for sustainable growth and stable returns.

Uno Minda is seen benefiting from India’s electric vehicle shift, supported by its expanding portfolio in alloy wheels, lighting, and EV components. Strong OEM partnerships and global expansion are expected to sustain growth momentum.

Goldman also remains positive on Maruti Suzuki, calling it a key play on India’s consumption recovery. The company is expected to benefit from lower interest rates, potential tax cuts, and new SUV launches, while the 7th Pay Commission could further boost small car demand and overall volumes.

Goldman Sachs concluded that India’s next market rally will be driven by a mix of resilient domestic consumption, digital innovation, and policy reforms—placing these 14 stocks at the forefront of the country’s evolving growth story.