Goldman Sachs has maintained its buy rating on Reliance Industries with a target price of Rs 1,910. Analysts noted that the company's January-March (Q4FY26) earnings before interest, taxes, depreciation, and amortisation (EBITDA) fell short of expectations due to weak margin capture in the oil-to-consumer (O2C) segment. High crude premiums and logistics costs offset strong product cracks. However, analysts anticipate sequential margin recovery in the coming quarters. They highlighted that retail growth was strong, but margins were impacted by quick commerce. The company's integrated model is expected to benefit from tightening downstream environments, with earnings recovery led by refining and chemicals normalization.
Nomura on Axis Bank
Nomura has a buy rating on Axis Bank with a target price of Rs 1,560. Analysts said that in Q4FY26, the bank's credit cost beat salvaged a soft core quarter. Pre-provision operating profit (PPOP) was below estimates, while profit after tax (PAT) was in line. The bank reported strong improvement in asset quality, and robust loan growth was driven by the corporate segment. Analysts believe the bank's valuations look attractive.
HSBC on Shriram Finance
HSBC has a buy rating on Shriram Finance with a target price of Rs 1,200. Analysts stated that the company's Q4FY26 earnings beat was driven by strong operating cost control, resulting in sharp expansion in return on assets (RoAs). They noted that an uncertain macro environment and a weaker monsoon are key monitorables for growth and asset quality. They expect lower assets under management (AUM) compounded annual growth rate (CAGR) to 16% over FY26-FY28, down from 18% earlier, amid expectations of weaker monsoon and slowdown in vehicle sales. However, this impact would be more than offset by lower operating cost assumptions over FY27-FY28.
Jefferies on IndusInd Bank
Jefferies has a buy rating on IndusInd Bank with a target price of Rs 1,100. Analysts said the bank's performance in Q4FY26 was encouraging, with earnings ahead of estimates aided by lower credit cost and higher treasury gains. Profit of Rs 500 crore was ahead of estimates. The leadership team and board resets are largely done, and quality of collaboration will be key going forward. Analysts expect an uptick in growth and improvement in profitability. They raised estimates and said upsides can come from better treasury and lower opex.
UBS on IDFC First Bank
UBS has a sell rating on IDFC First Bank with a target price of Rs 70. Analysts said the bank's PAT was impacted by multiple one-offs, while asset quality improved sequentially. Loan growth remained steady, and margins expanded by 17 basis points over the quarter. Management guided for improvement in deposits and expected margins to remain stable. Analysts cut margin assumptions and fee income but also lowered opex.
