Key Companies to Monitor on April 28, 2026: RIL, Axis Bank, and More
Goldman Sachs has reaffirmed its buy rating on Reliance Industries, setting a target price of Rs 1,910. The investment bank noted that the company’s earnings for the January-March quarter (Q4FY26) fell short of expectations, primarily due to disappointing oil-to-consumer (O2C) margins. Despite this setback, analysts anticipate a recovery in margins in the upcoming quarters. Meanwhile, Nomura has also issued a buy rating for Axis Bank, with a target price of Rs 1,560, citing strong asset quality improvements and robust loan growth. Additionally, HSBC and Jefferies have provided positive outlooks for Shriram Finance and IndusInd Bank, respectively, while UBS has downgraded IDFC First Bank to a sell rating.
Reliance Industries: Mixed Earnings but Positive Outlook
Goldman Sachs has maintained a buy rating for Reliance Industries, setting a target price of Rs 1,910. The company’s earnings for Q4FY26 were below expectations, primarily due to weak oil-to-consumer (O2C) margins. Analysts pointed out that high crude premiums and logistics costs offset the benefits of strong product cracks. Despite this earnings miss, there is optimism for a sequential margin recovery in the coming quarters. Analysts noted that while retail growth remains strong, margins have been affected by the rapid expansion of quick commerce. They believe that Reliance’s integrated business model will benefit from tightening downstream conditions, leading to a recovery in earnings driven by normalization in refining and chemicals.
Axis Bank: Strong Asset Quality and Loan Growth
Nomura has given Axis Bank a buy rating, with a target price of Rs 1,560. The bank’s performance in Q4FY26 showed resilience, with credit costs helping to salvage what was otherwise a soft quarter. Although the pre-provision operating profit (PPOP) fell below estimates, the profit after tax (PAT) aligned with expectations. Analysts highlighted a significant improvement in asset quality, driven by robust loan growth, particularly in the corporate segment. They noted that the bank’s current valuations appear attractive, suggesting potential for further growth.
Shriram Finance: Earnings Beat Amidst Caution
HSBC has issued a buy rating for Shriram Finance, setting a target price of Rs 1,200. The company’s Q4FY26 earnings exceeded expectations, largely due to effective control over operating costs, which led to a notable expansion in return on assets (RoAs). However, analysts expressed caution regarding the uncertain macroeconomic environment and the potential impact of a weaker monsoon on growth and asset quality. They revised their expectations for the company’s assets under management (AUM) compounded annual growth rate (CAGR) down to 16% for FY26-FY28, from an earlier estimate of 18%. Despite these challenges, analysts believe that lower operating cost assumptions will help mitigate the impact of these external factors.
IndusInd Bank: Encouraging Performance and Future Growth
Jefferies has rated IndusInd Bank as a buy, with a target price of Rs 1,100. The bank’s performance in Q4FY26 was encouraging, with earnings surpassing estimates due to lower credit costs and increased treasury gains. The reported profit of Rs 500 crore was ahead of expectations, indicating a positive trajectory for the bank. Analysts noted that the leadership team and board resets are largely complete, and the focus will now shift to enhancing collaboration quality. They anticipate an uptick in growth and profitability, prompting them to raise their estimates. Potential upsides could arise from improved treasury performance and reduced operating expenses.
IDFC First Bank: Downgraded Amid Mixed Results
UBS has downgraded IDFC First Bank to a sell rating, with a target price of Rs 70. Analysts reported that the bank’s profit after tax (PAT) was affected by several one-off items, although there was a sequential improvement in asset quality. Loan growth remained steady, and margins expanded by 17 basis points during the quarter. Management has indicated expectations for improved deposits and stable margins moving forward. However, analysts have adjusted their margin assumptions and fee income forecasts downward while also reducing operating expenses.
Observer Voice is the one stop site for National, International news, Sports, Editor’s Choice, Art/culture contents, Quotes and much more. We also cover historical contents. Historical contents includes World History, Indian History, and what happened today. The website also covers Entertainment across the India and World.
