Stocks to buy: Adani Enterprises, Jio Financial to DLF — 10 stocks that can offer solid returns in second half of 2025

Market Outlook: Turning the Page to H2 2025

As the Indian equity market transitions into the second half of 2025, investors are eyeing a fresh batch of opportunities driven by economic resilience, policy continuity post-general elections, and a buoyant global risk appetite. The Nifty 50 has already gained over 12% year-to-date, and with expectations of stable interest rates and a pick-up in private capex, analysts are recommending a mix of growth and value bets for the upcoming quarters.

From diversified conglomerates like Adani Enterprises to emerging financial powerhouses like Jio Financial Services, here are 10 stocks that brokerages and market strategists believe could deliver solid risk-adjusted returns in H2 2025.

1. Adani Enterprises – Betting on Infra and Green Energy

Sector: Infrastructure, Energy Transition
CMP: ₹3,120 | Target: ₹3,750 | Upside: ~20%

Adani Enterprises continues to strengthen its hold across multiple verticals including data centers, roads, green hydrogen, and airports. “The demerger of AdaniConnex and focus on green energy projects will unlock value. Balance sheet deleveraging has added to investor comfort,” said Ravi Menon, Head of Research, Elara Capital.

2. Jio Financial Services – Digital Lending on the Rise

Sector: NBFC, Fintech
CMP: ₹280 | Target: ₹340 | Upside: ~21%

With a wide digital ecosystem and access to millions of customers, Jio Financial is expected to disrupt consumer lending, insurance tech, and mutual funds. “The platform play is unfolding, with the NBFC business poised to scale rapidly,” noted Madhavi Joshi, Banking Analyst, Prabhudas Lilladher.

3. DLF Ltd. – Real Estate Revival in Tier 1 Cities

Sector: Real Estate
CMP: ₹990 | Target: ₹1,200 | Upside: ~21%

DLF has strong visibility in the premium housing segment, with new launches in Gurugram and Mumbai seeing robust pre-sales. Analysts believe that low inventory levels and rising disposable income are tailwinds for the sector.

4. ICICI Bank – Consistent Compounding Story

Sector: Banking
CMP: ₹1,110 | Target: ₹1,280 | Upside: ~15%

ICICI Bank remains a consistent performer, backed by best-in-class asset quality and strong retail loan growth. “Valuations remain reasonable relative to growth. Its tech-driven banking model is a long-term differentiator,” said Rahul Shah, Head of Equities, Motilal Oswal.

5. Larsen & Toubro (L&T) – Riding the Infrastructure Boom

Sector: Engineering, Infrastructure
CMP: ₹3,580 | Target: ₹4,200 | Upside: ~17%

L&T is benefiting from rising government and private sector infra spends. “Strong order inflows and manufacturing PLI tailwinds position L&T well for 15-18% earnings CAGR through FY27,” says Sonia Dey, Capital Goods Analyst, HDFC Securities.

6. Tata Motors – EV Play with JLR Rebound

Sector: Auto
CMP: ₹980 | Target: ₹1,180 | Upside: ~20%

Tata Motors' EV portfolio, combined with Jaguar Land Rover’s sustained recovery in key international markets, is drawing investor interest. The company is expected to reduce net debt significantly in FY26, further strengthening fundamentals.

7. Infosys – AI and Digital Demand Recovery

Sector: IT Services
CMP: ₹1,480 | Target: ₹1,700 | Upside: ~15%

While the IT sector faced headwinds in H1, Infosys is expected to benefit from increased enterprise spending on AI-led transformation and cybersecurity in H2. “Valuations are supportive and deal wins are accelerating,” said Anil Sharma, Tech Analyst, IIFL.

8. Bharti Airtel – ARPU Growth and 5G Monetization

Sector: Telecom
CMP: ₹1,330 | Target: ₹1,550 | Upside: ~16%

Bharti Airtel stands to gain from higher average revenue per user (ARPU), reduction in spectrum payments, and growing 5G user base. Analysts also expect potential tariff hikes before year-end.

9. Hindustan Aeronautics (HAL) – Defence Sector Darling

Sector: Defence, Aerospace
CMP: ₹5,120 | Target: ₹6,000 | Upside: ~17%

HAL is witnessing robust order inflows, and the government’s emphasis on self-reliance in defence manufacturing continues to drive growth. Export prospects are also rising, particularly in Southeast Asia and the Middle East.

10. Bajaj Finance – Undeterred Lending Momentum

Sector: Financial Services
CMP: ₹7,260 | Target: ₹8,500 | Upside: ~17%

Despite rising competition, Bajaj Finance continues to dominate consumer lending with strong underwriting, tech adoption, and cross-sell opportunities. Analysts believe recent capital raising will support future expansion into rural markets.

Expert Take: Build a Balanced Portfolio

Investors are advised to mix large caps with selected high-quality midcaps and focus on businesses with strong visibility and low leverage.

“The second half of 2025 could see strong earnings recovery in BFSI, real estate, and capital goods. Stock selection is crucial amid elevated valuations,” said Nilesh Shah, MD, Kotak AMC.

Risks to Watch

• Global growth slowdown or persistent inflation could lead to FII outflows

• Geopolitical risks, especially oil-related, may impact macros

• Domestic policy changes post-union budget or state elections

Time to Stay Selective Yet Optimistic

While Indian equities are no longer cheap, there remains scope for stock-specific outperformance. With reform continuity, infrastructure push, and digital adoption on the rise, the second half of 2025 offers plenty of opportunities for disciplined investors. Staying focused on fundamentals, earnings visibility, and sectoral leadership will be key to unlocking returns in the months ahead.