Reliance Industries: Goldman Sachs on Reliance Industries Maintains Buy with Target Price of ₹1,870 as Q1 core EBITDA was in line, O2C outperformed with 17% QoQ EBITDA growth and a stronger Q2 outlook, retail margins compressed due to digital and hyperlocal investments, while the integrated solar PV and battery manufacturing plant nears commissioning.

JSW Steel: Citi on JSW Steel Maintains Sell with Target Price of ₹1,100 as Q1 EBITDA beat on higher realizations and India margins improved to ₹15,110/ton, leverage declined to 1.5x, but the brokerage expects EBITDA/ton to peak in Q1 with Q2 facing price corrections and higher coking coal costs despite better operating leverage and lower iron ore costs.

JSW Steel: Jefferies on JSW Steel Maintains Buy with Target Price of ₹1,650 as Q1 EBITDA beat estimates by 20% with a fifth straight quarter of double-digit EBITDA growth, FY27–28 EPS estimates are raised by 1–4%, EBITDA is expected to strengthen through FY27, and capacity is targeted to double to 80 mt by FY32, supporting a sharp earnings upcycle.

JSW Steel: Goldman Sachs on JSW Steel Maintains Buy with Target Price of ₹1,525 as Q1 volumes rose 5.5% YoY despite furnace shutdowns, BF-3 commissioning should lift Q2 volumes, net debt/EBITDA improved to 1.46x after the BPSL divestiture, and ongoing capacity expansion is expected to drive higher volumes and margins despite near-term spread softness.

JSW Steel: Morgan Stanley on JSW Steel Maintains Overweight with Target Price of ₹1,470 as Q1 standalone and consolidated EBITDA beat estimates despite weaker volumes, driven by better realizations and cost control, while BPSL slump sale proceeds aided deleveraging and the brokerage advises looking beyond seasonally weak Q2FY27.

JSW Steel: JPMorgan on JSW Steel Maintains Overweight with Target Price raised to ₹1,500 as Q1 consolidated EBITDA rose 32% YoY on strong India, US Ohio and Italy performance, net debt/EBITDA improved to ~1.5x, the company remains JPM's top India metals pick, and margins are expected to recover in 2HFY27 as raw material costs peak despite Q2 spread moderation.

JSW Steel: Kotak Institutional Equities on JSW Steel Upgrades to Buy with Target Price of ₹1,450 as Q1FY27 EBITDA beat estimates on higher realizations and India steel margins expanded to ₹15,110/ton, while despite expected Q2 seasonal softness and higher coal costs, capacity expansion to 49 mtpa by FY30, margin-accretive projects and the recent correction make the risk-reward attractive.

Kotak Bank: Jefferies on Kotak Bank Maintains Buy with Target Price of ₹460 as Q1 PAT beat estimates on stronger NII, fees and lower credit costs, with 15% loan growth, improving asset quality, 12% deposit growth and a 89% LDR, while better fees and opex drive a 2% FY27 EPS upgrade, though CEO succession remains a key monitorable.

Kotak Bank: Bernstein on Kotak Bank Maintains Market Perform with Target Price of ₹500 as Q1 delivered steady loan growth, stable asset quality and healthy earnings with RoA above 2% supported by cost discipline and lower credit costs, but NIM remained under pressure, deposit growth lagged peers and elevated capital levels continued to constrain RoE.

L&T: Co Secures Major Contract Valued Between 100 Billion To 150 Billion Rupees

Axis Bank: Bernstein on Axis Bank Maintains Outperform with Target Price of ₹1,600 as Q1 delivered strong corporate-led balance sheet and NII growth, but NIM compressed 16 bps, weaker non-interest income weighed on operations, while disciplined costs, lower credit costs and 23% YoY earnings growth offset a marginal deterioration in asset quality.

Axis Bank: Jefferies on Axis Bank Maintains Buy with Target Price of ₹1,700 as Q1 PAT beat estimates on higher NII, lower credit costs and opex, with 19% loan growth, strong asset quality, improving retail deposit and fee growth expected to support earnings despite temporary NIM pressure, leading to a 2% FY27 EPS upgrade.

HDFC Bank: Jefferies on HDFC Bank Maintains Buy with Target Price of ₹1,050 as Q1 PAT was in line with estimates, 16% loan growth driven by corporate lending offset a slight NII miss from a 12 bps QoQ NIM decline, while lower opex, low credit costs, and strong operating leverage support an expected 15% PBT CAGR (ex-treasury).

HDFC Bank: Nomura on HDFC Bank Maintains Buy with Target Price of ₹950 as Q1FY27 was in line with expectations, loan and deposit growth accelerated, asset quality remained pristine, margins declined as expected, and the bank is well positioned for FCNR-led growth acceleration.

HDFC Bank: Bernstein on HDFC Bank Maintains Outperform with Target Price of ₹1,150 as Q1 showed healthy loan and deposit growth, resilient asset quality and strong operating efficiency, though persistent margin pressure from lower loan yields and higher funding costs continues to constrain earnings growth.

ICICI Bank: Bernstein on ICICI Bank Maintains Market Perform with Target Price of ₹1,550 as Q1 was a standout with the strongest loan growth among large private banks, accelerating deposit growth, industry-leading NIM, and sector-leading profitability with a 2.5% RoA.

ICICI Bank: Nomura on ICICI Bank Maintains Buy with Target Price of ₹1,700 as Q1FY27 delivered a normalized PAT beat of 6%, sector-leading loan growth, sustained margins despite industry pressure, pristine asset quality, and prompted a 5% increase in FY27–28 EPS estimates.