5 Best Growth Stocks in India to Watch Right Now (2026)
Five Indian companies actually growing in 2026, with the real FY26 numbers, and risks
Five Indian growth stocks are backing the hype with real FY26 numbers: Eternal (formerly Zomato), Trent, Suzlon Energy, Dixon Technologies and ICICI Bank. Each reported results in the last quarter, is actively expanding, and rides a structural tailwind. But every one carries a catch — Eternal trades near 600x earnings, Dixon's Q4 profit fell 36%, and a chunk of Suzlon's profit comes from a one-off tax credit. Here is what the data actually shows, with the risks spelled out.
Let us be honest. Everyone has a list. Your broker has one. Your WhatsApp group has three. They all claim to know the next multibagger.
But growth stocks are not about what could happen. They are about what is already happening — companies compounding revenue, expanding margins, and building moats while the rest of India is still figuring out their SIPs.
So we did the homework: quarterly results, broker reports, analyst targets. Five stocks that are genuinely growing right now, and the honest risk attached to each. None of this is a recommendation — it is a starting point for your own research. If you are new to this, start with how to pick stocks for long-term investing before acting on any list.
1. Eternal Limited (formerly Zomato)
NSE: ETERNAL | Current price: ~₹264 | 52-week range: ₹212 to ₹368
Remember when people said Zomato was burning cash with no end in sight? It still spends heavily. But now it is making money while doing it.
Eternal reported Q4 FY26 revenue of ₹17,292 crore, up 196% year-on-year, with net profit up 346% to ₹174 crore. One number needs context, though: that 196% jump is largely an accounting effect. Blinkit moved from a marketplace model to an inventory-led (first-party) model during FY26, which grosses up reported revenue. On a like-for-like basis, consolidated revenue grew closer to 64%. Still strong, but not triple-digit organic growth.
For the full year FY26, consolidated revenue came in at ₹54,364 crore. A point most cheerleaders skip: full-year net profit actually fell to ₹366 crore from ₹527 crore in FY25, as the company reinvested aggressively in quick commerce. The bright spot is Blinkit, which turned adjusted EBITDA positive, building on the milestone it first hit in Q3 FY26, not a one-quarter fluke.
Blinkit now accounts for 76.5% of total revenue and operates 2,243 dark stores. The food delivery arm grew net order value 18.8% year-on-year, with gross order value up 22.5%, and monthly transacting customers on food delivery crossed 25.4 million. Management is guiding for a $1 billion adjusted EBITDA target by FY29, with the next $10 billion in annual order value expected in under two years — against the 18 years the first $10 billion took.
What brokers say: 32 analysts track the stock on Investing.com, and 29 rate it a Buy. The average 12-month target is ₹346, roughly 30% above current levels, with ICICI Securities pegging it higher at ₹360.
The valuation problem: The stock trades near 600x trailing earnings — priced for 2030, not 2026. Trailing EPS is tiny, so that multiple is volatile and almost meaningless on its own. Any slowdown in Blinkit's dark-store rollout or a sharp rise in delivery costs could trigger a painful correction. This is a story stock, and story stocks have to keep delivering chapters on time.
2. Trent Limited
NSE: TRENT | Current price: ~₹3,140 | 52-week range: ₹2,184 to ₹4,174
Imagine opening 272 stores in a single year. That is what Trent did in FY26.
The Tata Group retailer added 60 Westside and 212 Zudio stores, including 4 new Zudio outlets in the UAE. By March 2026, Trent operated 1,286 stores across 321 cities with over 17.7 million square feet of retail space. Q4 FY26 standalone revenue grew 20% year-on-year to ₹4,937 crore, and net profit rose 30% to ₹455 crore. EBITDA climbed 43% year-on-year to ₹668 crore. Full-year consolidated revenue crossed ₹20,074 crore.
What makes Trent structurally different is Zudio. It sells fashion at prices that compete with unbranded local markets but with organised-retail quality and consistency, and it is steadily eating into a huge unorganised sector. Tier-2 and Tier-3 cities are barely warming up. The company also issued a 1:2 bonus — its first bonus in nearly three decades — and the board approved an enabling resolution to raise up to ₹2,500 crore to fund the next expansion phase, signalling management's own conviction in the runway ahead.
Chairman Noel N Tata wrote in the FY26 annual report that Trent remains in the "early phase" of its growth journey and aims to become ten times bigger in revenue terms in the "not-so-distant future."
What brokers say: The street leans firmly bullish on the structural retail thesis. Elara Capital, among others, expects revenue growth to stay strong, driven by store additions and improving same-store sales trends.
The real risk: Rapid store expansion is hard to execute cleanly. Hundreds of new stores a year means hundreds of new landlords, local supply chains, and store managers learning on the job. If new-store productivity underperforms, the margin story frays quickly. At current valuations, the stock prices in years of flawless execution.
Which company in this list turned its quick-commerce arm (Blinkit) adjusted-EBITDA positive during FY26?
3. Suzlon Energy
NSE: SUZLON | Current price: ~₹59 | 52-week range: ₹38 to ₹68
A decade ago, Suzlon was drowning in debt and writing off overseas acquisitions. Today it holds a net cash position of ₹2,384 crore and just posted the highest annual India deliveries in its history.
FY26 numbers: revenue of ₹16,679 crore, up 54% year-on-year; net profit of ₹3,163 crore, up 53%; EBITDA up 63% to ₹3,022 crore; and profit before tax up 67%. In Q4 alone, Suzlon installed 830 MW, its highest-ever quarterly figure. The order book stands at 5.9 GW, with 66% from PSUs and corporate buyers. Suzlon's 3 MW platform, anchored by the flagship S144 turbine, has crossed nearly 9 GW in cumulative orders, making it the dominant product in the Indian wind market.
The macro tailwind is enormous. India's 500 GW non-fossil-fuel target by 2030, rising corporate sustainability mandates, and growing peak power demand all point to more wind. Suzlon is India's largest vertically integrated wind solutions company, which means it captures the full value chain from turbine manufacturing to long-term operations and maintenance. Foreign institutional investors have been adding to their stake, which now sits near 23.8%, and the five-year stock return runs well above 900%.
What brokers say: ICICI Securities reiterated a Buy in March 2026 with a target of ₹65. The brokerage projects revenue crossing ₹23,700 crore by FY28, with return on capital employed maintained above 24%.
The honest concern: The one-year return is negative and the stock sits around 14% below its 52-week high. Q4 margins dipped slightly year-on-year as competitive pricing pressure built up. At roughly 8x book value, plenty of optimism is still in the price. And read the profit closely: that ₹3,163 crore net profit is flattered by a large deferred-tax credit from Suzlon's old loss years — underlying operating margin is around 18%, not the ~19% the net figure implies. As the tax shield runs down, reported margins will normalise. Land-acquisition delays and grid bottlenecks in states like Karnataka remain real execution risks.
4. Dixon Technologies
NSE: DIXON | Current price: ~₹12,000 | 52-week range: ₹9,600 to ₹18,471
India wants to manufacture its own electronics. Dixon is the company doing the actual work.
India's largest contract electronics manufacturer assembles LED TVs, washing machines, mobile phones, and security systems for Samsung, Motorola, Vivo, and others. Recent news that its joint venture with Vivo was nearing government approval pushed the stock up around 12% in a week. Full-year FY26 revenue came in at ₹49,590 crore, up 28% year-on-year, with net profit up 33% to ₹1,644 crore.
The investment case is structural. India's Production-Linked Incentive scheme pushed global brands to manufacture locally, and the China+1 strategy — where multinationals diversify supply chains away from China — is creating a once-in-a-generation shift. Dixon sits at the centre of both, and is deliberately moving up the value chain into component manufacturing, targeting display modules, camera modules, and batteries to capture more margin per device.
What brokers say: 29 analysts track the stock, with 19 rating it a Buy. Nomura, CLSA, Kotak, and JPMorgan all carry Buy or equivalent ratings. But the consensus 12-month target from Investing.com sits around ₹11,869, roughly in line with the current price — the street is watching near-term execution before committing to fresh upgrades.
The difficult part: Q4 FY26 net profit actually fell 36% year-on-year to ₹298 crore. Memory-chip prices squeezed smartphone margins hard, and the PLI scheme for mobiles concluded in March 2026, removing roughly a 60 basis-point tailwind. Goldman Sachs has a Sell and Morgan Stanley an Underweight. The stock is down about 33% from its 52-week high. Dixon is not a smooth compounder — it moves with every policy announcement, every chip-price update, and every major customer contract. If you are not comfortable with that volatility, this one is not for you.
Which stock in this list is described as 'the compounder, not the gambler' — one you hold for years and check on occasionally?
5. ICICI Bank
NSE: ICICIBANK | Current price: ~₹1,360 | 52-week range: ₹1,188 to ₹1,500
Growth stocks do not have to be flashy.
ICICI Bank posted Q4 FY26 net profit of ₹13,702 crore, up 8.5% year-on-year, beating analyst estimates of ₹12,949 crore, and up 21% sequentially. For the full year FY26, net profit came in at ₹50,147 crore, up 6.2%. The loan book grew 15.8% year-on-year to ₹15.54 lakh crore. Gross NPA declined to 1.40% from 1.67% a year ago, net NPA sits at just 0.33%, and provisions collapsed 89% year-on-year to ₹96 crore. The board declared a ₹12 per share dividend for FY26.
Return on assets is around 2.3%, among the highest of any large Indian private bank, and return on equity sits in the 16–17% range. The capital adequacy ratio stands at 17.18%, comfortably above regulatory requirements, and the iMobile Pay app remains one of the most widely used banking super-apps in the country.
What separates ICICI from being just another bank story is the transformation it quietly completed. Five years ago, it had NPA problems that kept credit analysts up at night. It cleaned the books, rebuilt customer trust, and embraced digital banking while everyone was watching HDFC. The result is a bank that now grows its loan book faster than the system while maintaining the best asset quality among large private peers.
What brokers say: Most domestic and global brokerages rate it a Buy. The consensus 12-month target from Trendlyne sits at ₹1,705, based on 30 reports, with MOFSL at ₹1,620 and YES Securities at ₹1,680. The broad target range of ₹1,550 to ₹1,750 implies roughly 14–29% upside from current levels.
The risk that is real: Interest rates are in a down cycle, which compresses net interest margins over time. FII holding near 34.5% — and FIIs have actually been trimming — means any global risk-off event can trigger outsized selling. Retail unsecured lending stress, particularly in personal loans and credit cards, could push credit costs higher in a bad scenario. But this is the compounder, not the gambler — the kind of stock you hold for eight years and check on occasionally.
The Part Everyone Skips
None of these are tips. Markets surprise everyone, always.
What all five companies share is this: growing revenues, businesses actively expanding, and structural tailwinds that will not disappear in one budget cycle. Most have majority Buy ratings from institutional research, and all five reported results in the last quarter. That is about as close to a foundation as equity research gets.
The rest is conviction, patience, and a willingness to sit with discomfort when the market disagrees with you temporarily. If you want to understand the difference between buying a business and buying a ticker, our guide on how to pick stocks for long-term investing is a good next read.
Sources: company Q4 and FY26 results and press releases; NSE; Trendlyne and Investing.com analyst consensus; ICICI Securities, MOFSL, YES Securities, Elara Capital and other broker reports. All prices and data are as of June 2026.
This blog is for educational and informational purposes only. It is not investment advice. Please consult a SEBI-registered financial advisor before making any investment decisions. Past performance does not guarantee future results.