Axis Securities’ small-cap top picks include Mahanagar Gas, Kirloskar Brothers, Sansera Engineering, and Kalpataru Projects. The brokerage noted September’s market volatility after a strong May–August 2025 rally. Despite GST 2.0 reforms providing a positive trigger, momentum faltered due to delayed impact, currency depreciation, inventory overhang, foreign institutional selling, and uncertainty in global policy, especially from the US.

Reliance Industries shares present a risk-reward proposition. Citi reports Jio or Retail units are valued at a 15 percent discount. Jio's implied valuation is 15-25 percent below Bharti Airtel. Retail's valuation is 15 percent below prior private equity deals. Citi sets a target price of Rs 1,690. This suggests over 22 percent upside potential. This disparity exists despite growth forecasts.

Dividends are a portion of a company’s profits that are distributed to its shareholders, typically on a quarterly or annual basis. These payouts are an important source of income for investors, especially those who prefer stable and recurring returns. Companies that consistently pay dividends are often viewed as financially sound and shareholder-friendly.
This financial ratio measures how much a company returns to its shareholders in the form of dividends, relative to its current market price. Below are the top 10 dividend-yielding stocks in India for FY25, as compiled by SBI Securities. These companies have consistently paid dividends over the last three fiscal years — FY25, FY24, and FY23 — making them notable picks for income-focused investors:

Goldman Sachs has secured significant gains, ranging from 50% to 155%, from its India portfolio companies over the past year. This impressive performance occurred despite Indian equities posting muted returns and facing FII selling. The global investment giant successfully identified high-performing stocks amidst market turbulence.

Godfrey Phillips is challenging ITC's dominance in the Indian cigarette market, with Marlboro's aggressive rollout capturing younger, aspirational smokers. While ITC stock has fallen, Godfrey Phillips shares have seen a massive surge, driven by superior volume and revenue growth. This shift highlights rising competitive intensity and market share loss for the incumbent.

Hindustan Aeronautics Limited shares are soaring. This follows a major contract from the Defence Ministry for 97 Light Combat Aircraft Mk1A. Analysts predict further stock gains. The deal is worth over Rs 62,370 crore. Deliveries are expected to start in FY28. The aircraft will have over 64% indigenous content. This project will boost India's domestic aerospace sector and create jobs.

Precious metals have dramatically outperformed Indian stock market this year, with silver up 59% and gold 47% against Nifty50's 4%. While some experts see equities poised for a comeback due to lower valuations and earnings recovery, others remain bullish on precious metals, though caution is advised at current highs. The market faces a potential reversal of fortunes.

Krishnan VR of Marcellus Investment Managers has advised limiting gold and silver allocation to 8–10% despite record returns. He stresses equities as core, tactical debt addition and selective opportunities in consumption, healthcare, insurance and financialisation themes amid stretched valuations.

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Unmesh Kulkarni of Julius Baer India highlights India’s growth opportunities over the next 3–5 years, focusing on BFSI, consumption, and healthcare sectors. He notes FPI outflows, tariff uncertainties, and IT sector challenges as short-term headwinds, while triggers like GST cuts, private capex revival, and domestic consumption recovery could drive the next phase of equity growth, offering strategic opportunities for long-term investors.

Indian IT companies face a challenge with the new US H-1B visa fee. This fee could impact their profit margins. Companies are planning to adapt by hiring more local workers in the US. They may also shift work to other countries like Canada and India. Analysts remain cautiously optimistic about the sector's ability to adjust.