New Delhi, Oct. 14 -- The annual rush of 'Diwali picks' is here, with brokerages promising to light up your portfolio like a firecracker. But before you load up on their "shubh labh" (auspicious profit) stocks, remember that the gains are not certain.

Mint collated and analyzed these much-hyped festive recommendations from the last two Smavats (Hindu calendar years starting Diwali)-focusing on this timeframe due to limitations in collecting older data. The results for Samvat 2081 (2024-25) tell a story of dashed hopes. Last year, nearly a dozen brokerages collectively recommended 58 diverse stocks-spanning banking, IT, and consumer goods-often with a 12-month holding period. The performance since last Diwali? Their shine has severely dul...