Value Stocks for Long-Term Investment: Ventura's Vinit Bolinjkar recommends L&T, NBCC, and Three Other Companies

Indian Stock Market Update

Volatility Index Surges 121% in 2026

As of March 4, 2026, the India VIX (volatility index) has surged 121% in the calendar year, while the market benchmark Nifty 50 has declined more than 6% for the same period. The sharp selling has been driven by various factors, including the US-Iran war, crude oil price rise, foreign institutional investor (FII) selloff, and rupee's weakness.

Consensus Estimates Forecast Earnings Growth

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Despite the short-term challenges, consensus estimates forecast earnings growth accelerating to 16-27% in FY27, driven by nominal GDP expansion (7-7.4%), consumption revival, capital expenditure momentum, and stable financials/infra sectors. Vinit Bolinjkar, head of research at Ventura, believes that macro stability, favorable monsoons, and policy support like GST tweaks will bolster mid-teens earnings per share (EPS), shifting from valuation expansion to delivery-led upside amid consolidation.

Value Stocks Come into Focus

The recent market volatility and fears of near-term turmoil have brought value stocks back into focus. Bolinjkar underscores that the overall scenario favors shifting to value stocks from growth. Sector rotation shows capital moving to undervalued cyclicals like banks, infra, energy, and pharma amid lower interest rates and earnings normalization.

5 Value Stocks to Buy for the Long Term

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Bolinjkar recommends buying the following five value stocks for the long term:

1. Larsen & Toubro (L&T)
   • Previous close: ₹3,882.60
   • Target price: ₹4,448
   • L&T is India's largest and most diversified infrastructure and engineering conglomerate, serving as a proxy for the nation's growth.
2. NBCC (India)
   • Previous close: ₹85.63
   • Target price: ₹167 (24-month horizon)
   • NBCC operates a low-risk, asset-light business model and holds a near-monopoly in India's lucrative GPRA redevelopment ecosystem.
3. Jubilant Pharmova
   • Previous close: ₹834.30
   • Target price: ₹1,557
   • Jubilant Pharmova holds a dominant position in specialized pharma niches, including the second-largest US radio pharmacy network and allergy immunotherapy market.
4. V-Mart Retail
   • Previous close: ₹537.80
   • Target price: ₹1,069
   • V-Mart is a leading value fashion retailer strategically targeting the aspirational, underserved populations in India's tier 2, 3, and 4 cities.
5. Other Value Stocks (not specified in the original article)

These value stocks offer stability via dividends, cash flows, and broad EPS support in a 6.5-7.4% GDP backdrop. Macro tailwinds, liquidity, and domestic demand reward resilient, beaten-down plays over narrative-driven growth, especially with FII flows pivoting.