# Long-Term Wealth Builders: Vinit Bolinjkar's Top 10 Value Stocks – From HAL's Defence Surge to Paytm's Digital Rebound
November 9, 2025**
In a market still shaking off recent volatility—with Sensex and Nifty dipping after highs—investors are eyeing resilient bets for the long haul. Enter Vinit Bolinjkar, Head of Research at Ventura Securities, who just unveiled his curated list of 10 undervalued stocks poised for multi-year compounding. Spanning defence heavyweights like HAL, banking behemoths such as SBI, power plays from Adani Power and Adani Green, to fintech phoenix Paytm, these picks blend stability with growth narratives aligned to India's capex boom and green transition. Bolinjkar's rationale? "These are value opportunities with strong fundamentals, backed by government tailwinds and execution firepower." With targets implying 20-50% upsides over 2-3 years, they're ideal for patient portfolios. Let's dive into the details.
## The Power of Patience: Why These 10 Now?
Bolinjkar's selections emphasize sectors like infrastructure, renewables, and consumer staples—India's growth engines amid a 7%+ GDP trajectory. He stresses robust order books, deleveraging balance sheets, and margin expansions as hallmarks of sustainability. No quick flips here; these are for horizons of 3-5 years, weathering elections or rate cycles. Key themes: Defence indigenisation, energy security, digital economy revival, and retail expansion in tier-2/3 cities.
| Stock | Sector | Key Reasons & Projections | Upside Potential |
|-------|--------|---------------------------|------------------|
| **Hindustan Aeronautics (HAL)** | Defence/Aerospace | Robust FY25 revenue at ₹30,100 Cr (+10% PAT to ₹8,317 Cr); ₹2.2L Cr order book (97 Tejas Mk1A, 156 Prachand helos). Airbus tie-ups for civil aviation; ₹2,500 Cr annual R&D. 21% revenue CAGR through FY27; EBITDA margins ~29%. | Strong long-term via indigenisation push |
| **State Bank of India (SBI)** | Banking | Q2FY26 net profit ₹20,160 Cr (+10% YoY); loan book >₹43L Cr, GNPA 1.73%. 12-13% loan CAGR FY25-27; digital transformation & govt backing. | Reliable bet on credit revival |
| **Adani Green Energy** | Renewables | 17 GW capacity (75% Khavda); targets 50 GW by 2030. ₹9,350 Cr promoter infusion for capex. FY25-28E: Revenue CAGR 30.3% (₹24,795 Cr), EBITDA 31.9% (₹20,351 Cr, margins +290 bps to 82.1%), PAT 53% (₹5,173 Cr, +798 bps to 20.9%). | Green energy leader with AI/ML efficiencies |
| **Adani Power** | Power/Thermal | 70.5% PLF FY25; 42 GW expansion by FY32, 4.5 GW SHAKTI PPAs. Q2FY26 PAT ₹2,906 Cr (-11.9% YoY, but capex focus). FY25-28E: Revenue 12.3% CAGR (₹79,670 Cr), EBITDA 13.8% (₹31,382 Cr, +148 bps to 39.4%), PAT 15.7% (₹20,054 Cr, +106 bps to 24.1%). | Capacity ramp-up for energy security |
| **One97 Communications (Paytm)** | Fintech | MTUs 74M (Q1FY26) to 95M FY28E; GMV ₹18.7L Cr FY25 to ₹33.9L Cr FY28E. FY25-28E: Revenue 27.3% CAGR (₹14,200 Cr), contribution profit 30.8% (₹8,208 Cr, margins 53.2-57.8%). EBITDA ₹2,164 Cr (15.2%), PAT ₹2,138 Cr (15.1%) by FY28E (from FY25 loss ₹1,543 Cr). | Digital payments rebound via ops tweaks |
| **Ambuja Cements** | Cement | 107 MTPA capacity; targets 155 MTPA FY28 (expansions + debottlenecking). EBITDA/ton ₹1,060 to ₹1,500. FY25-28E: Volume 18.8% CAGR (109.3M tons), revenue 19.6% (₹59,897 Cr), EBITDA 39.4% (₹16,172 Cr), PAT 22.8% (₹7,721 Cr). RoE +343 bps to 11.2%, RoIC +1,565 bps to 23.3%. | Infra boom & green power shift |
| **Royal Orchid Hotels** | Hospitality | 115 to 345 hotels by 2030 (asset-light franchises). FY25-28E: Revenue 24.8% CAGR (₹621 Cr), EBITDA 26.2% (₹147 Cr, +80 bps to 23.7%), PAT 23.8% (₹90 Cr, -34 bps to 14.4%). | Tier-2/3 expansion for tourism rebound |
| **V-Mart Retail** | Retail/Apparel | 510 to 660 stores FY28 (₹350 Cr capex). Market to ₹10.68L Cr by 2027. FY25-28E: Revenue 16.1% CAGR (₹5,094 Cr), EBITDA 16.6% (margins to 12%), PAT 33.7% (to 2.1%). RoE to 10.1%. | Value retail in underserved markets |
| **Titagarh Rail Systems** | Railways/Defence | ₹24,000 Cr Vande Bharat contract (35 yrs); wagon share leader, 1,500 units/month FY26 target (order book >10,000). Naval ship deliveries. | Govt rail infra & export push |
| **Transformers and Rectifiers India** | Power Equipment | Power capacity to 900+ GW; 40 GVA expansion. Targets $1B revenue FY28 (from ₹2,017 Cr FY25); EBITDA growth > revenue. Net debt-free in 18-24 months. | Backward integration for T&D boom |
## Sector Spotlights: Where the Alpha Lies
- **Defence & Infra (HAL, Titagarh)**: With budgets swelling to ₹6.2L Cr FY26, indigenisation mandates these as must-haves—HAL's R&D edge and Titagarh's Vande Bharat jackpot scream 20%+ CAGRs.
- **Power Duos (Adani Power, Adani Green)**: Thermal for baseload reliability, renewables for the net-zero sprint. Adani's execution—Khavda mega-hub—could deliver 30%+ returns as capex cycles peak.
- **Banking & Fintech (SBI, Paytm)**: SBI's scale offsets risks, while Paytm's post-RBI pivot (EBITDA positivity) positions it for UPI's trillion-dollar run.
- **Consumption Plays (Ambuja, V-Mart, Royal Orchid)**: Housing, apparel, and travel revival—asset-light models ensure margins without debt drags.
Bolinjkar cautions: "Diversify across these; monitor macros like rates and monsoons." No explicit targets per stock, but collective CAGRs suggest 15-25% annualised returns.
## Final Verdict: Build, Don't Flip
In choppy seas, Bolinjkar's basket offers ballast—value at reasonable prices (most trade below 20x FY27 PE). For long-term bulls, allocate 10-15% here, rebalancing yearly. Remember, past performance isn't future-proof, but aligned stories like these? They're as close as it gets. Which one's your top add—HAL's jets or Paytm's pixels? Weigh in below.
Stocks to buy for long term: The Indian stock market has underperformed major domestic and emerging markets over the last year, largely due to stretched valuations, weak earnings, foreign capital outflow and dearth of AI-play.
Nifty 50 has gained just 6 per cent over the last year, while the S&P 500 has jumped over 12 per cent.
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