Brokerage firm Jefferies has shared a list of its top 11 picks with potential to deliver returns at a compounded annual growth rate of 15-25% over the next 5 years.

The stocks, ranging across sectors, were selected based on two major themes -  strong fundamentals and long-term plays.

With the US dollar clocking a CAGR of around 10-12 percent over the last 10 and 20 years, the Indian equity market is likely to reach $10 trillion in market valuation by 2030, Jefferies noted. The brokerage firm believes consistent and fast growing domestic flows will complement FPI inflows to sustain Indian market performance, especially for stocks with strong fundamentals.

A revival in India's capex cycle, which has turned around from its FY20 bottom, should last more than five years as the housing and corporate capex cycle play out, Jefferies said. "The capex cycle theme drives several of our top picks (#AmbujaCem #AxisBank #JSWEnergy #L&T #Macrotech ). Other themes to play include government manufacturing push ( #Amber ), state-owned enterprise reforms (#sbin ), penetration stories ( #MaxHealth #Zomato ), financialisation of savings (#AxisBank #sbin ) and key consumer / bottom-of-pyramid ideas ( #BhartiArtl #tvsmotor )."

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