Brokerage houses have released several stock-specific updates based on the recent Q1 results and business developments. Here’s a detailed round-up:

Reliance Industries (RIL) share

Brokerages maintained a positive stance despite operational softness in O2C and retail.

  • HSBC retained a Buy rating with a target price of ₹1,630. It noted that while earnings were aided by a one-time share sale, operational performance was lighter. The brokerage sees momentum in Air Fibre and expects a turnaround in retail, with new energy on the horizon.

  • Nomura reiterated Buy, TP ₹1,600, though it cut FY27F EBITDA by 3% and PAT by 10%. It sees three triggers: scale-up in new energy, Jio tariff hikes, and a delayed Jio IPO.

  • Jefferies also maintained Buy, TP ₹1,726. It noted a 3% EBITDA miss but strong telecom gains and sees 11% EBITDA growth in FY26E. Focus is now on the upcoming AGM.

  • Morgan Stanley (MS) maintained Overweight, TP ₹1,617. It flagged a lack of growth confidence from the results but acknowledged positives in telecom, new energy, and balance sheet improvements.

  • Macquarie retained Outperform, TP ₹1,500. It highlighted strong Jio performance, tepid retail, and gradual O2C recovery.

  • Nuvama was most bullish with a Buy rating and TP of ₹1,767. It sees the NE (New Energy) platform as a key multidecade growth driver and expects fully integrated capacity by FY26.

Bandhan Bank share

Mixed commentary as stress in microfinance (MFI) weighs on outlook.

  • Jefferies raised TP to ₹215 and maintained Buy, though it cut FY26/27/28 earnings estimates. It expects a turnaround as MFI pressures ease.

  • Macquarie kept Outperform, TP ₹210. It flagged elevated slippages and downside risks to FY26E RoA.

  • CLSA remains highly optimistic with a High Conviction Outperform, TP ₹220. It expects NIM bottoming in Q2 and credit cost improvement in 2HFY26.

RBL Bank share

Views diverge as core operating performance stays weak.

  • CITI maintained Buy, TP ₹300. It noted stress in credit cards and business banking, but expects NIM to rebound to 4.8% by Q4.

  • CLSA retained Hold, TP ₹260, citing weak PPOP and high slippages but noted deposit repricing is underway.

  • IIFL raised TP to ₹300, Buy. Despite tepid growth, it expects RoA/ RoE of 1.2%/12.2% in FY27/28 with margin rebound and better fee income.

ICICI Bank share

Mostly bullish views with strong core performance.

  • CLSA maintained Outperform, TP ₹1,700. It was impressed by ICICI being the only bank to report sequential NII growth despite rate cuts.

  • Nomura raised TP to ₹1,740, Buy. It called Q1 a strong all-round performance.

  • Bernstein rated it Market Perform, TP ₹1,440, but said profitability remains strong and asset quality healthy.

  • Nuvama and Goldman Sachs both praised ICICI’s liability strategy and PPOP resilience, with TP of ₹1,670 and ₹1,660 respectively.

HDFC Bank share

Steady operating quarter but rising concerns on margins.

  • Nomura maintained Buy, TP ₹2,190. It expects RoA/ROE of 1.7–1.9%/13–14.5% over FY26–28.

  • Nuvama has Buy, TP ₹2,270. It noted a higher-than-expected NIM decline but lauded asset quality and prudent provisioning.

  • Bernstein maintained Buy, TP ₹2,300. It sees loan growth revival by FY27E as balance sheet repair progresses.

JSW Steel share

Earnings supported by cost tailwinds.

  • CLSA retained Underperform, TP ₹890. Despite earnings in line, it expects margin support from lower coal costs.

  • Jefferies maintained Buy, TP ₹1,200. It noted 5% beat in Q1 EBITDA and expects 9% volume CAGR through FY25–27.

AU Small Finance Bank share

Disappointing Q1, with stress rising in key segments.

  • CITI maintained Neutral, TP ₹850, citing weak NIM and credit cost concerns.

  • Nuvama downgraded to Reduce, TP ₹650. It flagged a rise in stress from south-based mortgages and MFI segments.

L&T Finance share

Cautious outlook as yield shift continues.

  • Morgan Stanley kept Underweight, TP ₹135. It flagged a shift to lower-yielding assets and slower AUM growth.

JK Cement share

Strong Q1 supported by pricing and volume growth.

  • Jefferies maintained Buy, TP ₹5,925. It highlighted 9% beat in EBITDA and organic growth in grey cement volumes.

IndiaMART InterMESH share

Weak outlook on subscriber metrics.

  • Nomura retained Reduce, TP ₹2,000. It noted muted subscriber addition and weak collections.

Sunteck Realty share

Strong presales growth with aggressive launch plans.

  • Jefferies retained Buy, TP ₹575. It sees strong momentum with ₹110bn worth of launches planned in the next nine months.

Can Fin Homes share

Resilient quarter, management outlook key.

  • Morgan Stanley maintained Overweight, TP ₹880. It noted strong NII growth and improving loan spreads, though Q1 is seasonally soft for HFCs.

Disclaimer: The brokerage views mentioned above are based on publicly available reports and do not constitute investment advice. Readers are advised to consult a certified financial advisor before making any investment decisions.

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