Stock Picks Today: Axis Bank, RIL, Adani Green, IEX And More On Brokerages' Radar

Check out top stocks under brokerages' radar heading into trade today.

NDTV Profit Desk
Markets
Apr 27, 2026 07:02 am IST
- Published On Apr 27, 2026 07:02 am IST
- Last Updated On Apr 27, 2026 07:02 am IST

Read Time: 10 mins

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Stock Picks Today: Axis Bank, RIL, Adani Green, IEX And More On Brokerages' Radar

Photo: NDTV Profit

Brokerages rolled out fresh calls on IndusInd Bank, Axis Bank, Adani Green, Swiggy, RIL and more, while also flagging trends across life insurance and Indian markets as a whole.

Macquarie on IndusInd Bank

Maintain Underperform with TP of Rs 635
Q4 FY26: ROA improves
Significant beat to Q4FY26 estimates due to lower credit cost
Need to see how deposit growth picks up
No capital raising in FY27; ROEs to remain sub-par near term

Jefferies on IEX

Maintain Underperform; Cut TP to Rs 100 from Rs 105
Market coupling threat remains
See 0% EPS CAGR in FY26-29E despite not assuming commission price cut
Believe this regulation will accelerate the market share loss for the company
Estimates factor 80%+ share in FY25-26 reducing to 60% by FY28E
Remain concerned on profitability decline

Macquarie on RIL

Maintain Outperform with TP of Rs 1570
Mar-Q: Soft print; Jio subs growth supportive
Q4 miss led by softness in the Energy divisions and a lower margin in Retail
Upstream Gas EBITDA is now in structural decline with KGD6 production past peak
See additional downside risk related to weakness in the Energy segments
Outperform-rated on Reliance as we see positive sentiment into the Jio listing

Macquarie on M&M Finance

Maintain Underperform with TP of Rs 280
Q4FY26: ROA at 2.4% is good, growth weak
Q4FY26: PAT in line with estimates, lower opex offset by rise in provisions
Higher NIM temporary; Elevated credit costs due to overlay
Growth and ROA metrics lower than peers, maintain Underperform

Macquarie on Shriram Finance

Maintain Outperform with TP of Rs 1220
A good year; focus now shifts to FY27
Q4FY26: Opex control drives beat on PAT estimates
Conservative margin outlook as focus shifts toward growth
Credit cost under wraps, but remains a key monitorable

Jefferies on Hindustan Zinc

Maintain Buy with TP of Rs 700
Good Earnings Growth Momentum
EPS has risen at 34% CAGR over FY24-26; expect a further 33% growth in FY27 led by higher metal prices
Its 8.6x FY27E EV/EBITDA is above long-term average of 7.8x, but justified for rising share of silver in EBIT
Silver to remain in deficit in 2026; Largely balanced market for zinc in 2026

Citi on Hindustan Zinc

Maintain Sell; Cut TP to Rs 520 from Rs 585
Q4 Slightly Ahead; Expect Downtrend in Zinc Prices
31% Dividend Payout in FY26 Disappoints

Citi on ICICI Lombard

Maintain Sell with TP of Rs 1735
See pressure on retail health claims ratio once new business moderates
Multiple new entrants with strong capital backing are expected to commence operations in non-life insurance
This could further amplify the competitive pressure, especially in retail segments
Case for a motor TP tariff hike remains weak, especially against the backdrop of elevated commission construct

Kotak Securities on CIE Auto

Maintain Reduce with TP of Rs 465
Decent quarter aided by industry tailwinds
Expect the CIE Automotive India business to marginally outperform domestic blended automotive industry growth
EU automotive business trends remain muted; however, favorable translation should drive growth in INR terms

Bernstein on Paytm

Maintain Outperform with TP of Rs 1500
Paytm - RBI cancels Payments Bank license
No impact on current business/numbers
Company had taken a write-off related to its investment - hence no one-offs expected either
Paytm has no role in the current management/board, the harsh language in the RBI's letter is concerning
For the super optimistic investor, this development could be seen as clearing the way for the company to apply for a NBFC or PPI license
This can pave way for certain payments products (e.g. wallet) and credit products to be offered by Paytm

Jefferies on Paytm

Maintain Buy with TP of Rs 1350
Cancellation of Paytm Payments Bank's License has Low Impact for Paytm
All of Paytm's services continue to be operational
Buy call stays

MS on RIL

Maintain Overweight with TP of Rs 1803
Positives: Better-than-expected Retail growth, led by quick commerce, fashion and grocery; FMCG revenue grew 2.2x
Negatives: Oil-to-chemical margins underperformed peers, and Upstream oil and gas production division missed EBIDTA on higher costs
Leveraging energy and chemical market tightness and sustained recovery in retail top-line growth is key for RIL to reverse its recent underperformance
See signs of that emerging in chemicals, fuel and consumer retail

Jefferies on IndusInd Bank

Maintain Buy; Hike TP to Rs 1100 from Rs 1000
Q4: Turning Around
Earnings ahead of estimates aided by lower credit cost and higher treasury gains
Leadership team & Board resets are largely done, quality of collaboration will be key
Expect uptick in growth & improvement in profitability
Valuations attractive; Buy call stays

Jefferies on Adani Green

Maintain Buy; Hike TP to Rs 1435 from Rs 1260
Evacuation Issues Impact Capacity Addition
EBITDA was 5% above expectations given lower operating expenses
Mgmt highlighted that 4.5-5 GW is a more realistic capacity addition target vs their 7-8 GW capability given evacuation issues
Lower FY27 addition estimate to 5 GW vs 6.3 GW earlier
Company is on its way to delivering 50 GW by 2030 vs 19.3 GW current capacity

MS India Strategy

Q1CY26 Ownership Trends: FPI Ownership at 16-year Low
Domestic investors' ownership hit new highs whereas FPI ownership retreated to a 16-year low
Expect strong institutional demand for primary issuances, alongside a potential pickup in buybacks
Domestic ownership rose 40 bps QoQ, making a new high of 29%, led by institutional bid
Controlling stakeholders' ownership recovered from multi-year lows
Largest overweight and underweight positions for institutions are in Financials and Materials, respectively

Kotak Securities on GMR Airports

Maintain Buy with TP of Rs 112
Acquiring stake at an opportune point in the value cycle
~11% of shareholding on diluted basis transferred between promoters
Deal suggests confidence of the GMR group in value addition in airports
Key imponderable is the ability of the group to raise the remaining US$0.8 bn
Next two years critical in the evolution of airport EBITDA

HSBC on Shriram Finance

Maintain Buy; Hike TP to Rs 1200 from Rs 1050
Delivering amidst challenges
Q4 earnings beat was driven by strong operating cost control, resulting in sharp expansion in RoAs
Uncertain macro environment and weaker monsoon would be key monitorables for growth and asset quality outlook

HSBC on IndusInd Bank

Maintain Buy; Hike TP to Rs 1100 from Rs 880
Course correction visible
Q4 earnings performance underscores the gradual course correction being undertaken by management
Increase FY27/28 EPS estimates by 20/10%, respectively, to build in stronger loan growth, margins, and lower credit costs

Bernstein on IndusInd Bank

Maintain Outperform with TP of Rs 1000
Visible improvement in asset quality
Signs of stabilization in the balance sheet
RoA improvement led by lower credit costs

HSBC on Life Insurance

Valuation reset creates opportunity
Impact on valuations can be largely attributable to frequent changes to regulations; fundamental outlook remains robust
Recent share price weakness has improved the risk-reward
Current valuations imply modest VNB CAGR expectations
Expect limited impact from evolving regulations and retain a positive outlook on sector
Prefer SBI LIFE
ICICI Pru Life – Maintain Buy with TP of Rs 690
HDFC Life – Maintain Buy with TP of Rs 690
SBI Life – Maintain Buy with TP of Rs 2270

HSBC on Hindustan Zinc

Maintain Buy; Hike TP to Rs 730 from Rs 720
Strong zinc and sulfuric acid should offset higher costs and weak silver production
Q4 earnings beat on higher volumes and lower costs; interim DPS of Rs 11/share declared for FY27
Guidance for zinc-lead in line, silver marginally lower; higher sulfuric acid, LME to offset higher costs

CLSA on Swiggy

Maintain Outperform with TP of Rs 357
Swiggy is scaling Toing, but what's the cost?
Toing's profitability hinges on successful batching and ad monetisation
Data indicate a rise in usage in the past two months
Toing is seeing a rapid pickup in consumer adoption, as per app usage and download data
Initiative seeks to scale volumes, improve logistics efficiency and widen the addressable market
Early traction appears strong, indicating rising acceptance of a value-led proposition
We are concerned about the effect on profitability of Toing and the main app due to cannibalisation of the customer base

Jefferies on Axis Bank

Maintain Buy; Hike TP to Rs 1700 from Rs 1660
Q4: Slight Miss, but Core Trends Are Improving; Stays Among Top Picks
Loan growth pick-up led by corporate; disbursement uptick to lift retail growth
Deposit moderates slightly; Asset quality continues to improve
Raise estimates and see valuations attractive

Jefferies on Shriram Finance

Maintain Buy; Cut TP to Rs 1210 from Rs 1220
March Q Results: Profit Beat on Lower Opex; Mixed Core Trends
AUM growth and NIM was tad below our estimate
GNPA was steady, but GS2 inched up QoQ
AUM growth can lag Mgmt target, but NIMs should surprise positively & offset this
Expect 17% EPS CAGR & ROE of 13/14% over FY27-28; Valuations seem reasonable

Jefferies on IDFC First

Maintain Buy with TP of Rs 82
Q4: Improving Core Trends; Tad Lower NIM Drives Slight Est Cuts
Credit quality continues to improve; Tad softer growth in loans and deposits
Trim estimates by 3% to factor in results, but profitability should see marked improvement with lower credit costs
ROA to reach 1% by FY28

MS on Can Fin Homes

Maintain Overweight with TP of Rs 1000
Q4: PBT beat of 2%; Disbursements beat of 10%
Disbursements growth, a key monitorable; Run-offs remain elevated
Loan growth was led by non-housing loans
NII missed; reported loan spread fell 1 bps QoQ on 8 bps lower yields
Borrowing costs fell against expectation of stable QoQ
Had highlighted successive quarters of NIM beats prior to Q4 could be a potential timing difference
Await management's outlook on NIM, loan growth

MS on L&T Finance

Maintain Underweight with TP of Rs 160
Q4: Largely in line results; ROE<COE
PPOP was 2% below our estimates
MFI collections were largely normalized
Continue to see risks to our estimates and consensus on loan growth and NIM
Below consensus EPS estimates by 14% in FY27 and 15% in FY28

Citi on Shriram Finance

Maintain Buy; Hike TP to Rs 1180 from Rs 1160
In-line Core; Headwinds Weigh on Growth/Credit Cost
Growth steady; persistent headwinds may pose risk to 18-20% growth target
MUFG equity infusion fortifies the balance sheet, providing robust capital buffers to navigate macro uncertainties and absorb potential credit risks

Citi on M&M Finance

Maintain Buy; Cut TP to Rs 380 from Rs 425
NIMs/Spreads Sustain, Buffers Cushion; Growth Ramp-Up to Watch
GS3/GS2 at multi-year lows; Overlay buffer elevated prudently
Prolonged geopolitical conflict may weigh on underlying vehicles sales

Kotak Securities on Axis Bank

Maintain Buy; Hike TP to Rs 1600 from Rs 1500
Stable core performance; provisions do not derail the thesis
A few one-offs but internals look comfortable
Growth accelerating across segments; NIM takes an impact
Significant relative re‑rating versus peers has already occurred, making further outperformance materially harder to sustain

Kotak Securities on RIL

Q4: Below estimates on weak O2C and E&P
O2C: Crude sourcing challenges, high costs, product diversion and SAED
Retail: Relatively subdued on weaker volume recovery and further decline in margins
E&P: Impacted by declining volumes, lower realization and higher costs

MS on RBL Bank

Maintain Equal-weight with TP of Rs 305
Q4: Miss driven by lower NIM
PAT was below largely led by lower NII and lower fees
Credit costs stayed elevated due to higher slippages in credit cards
Stay Equal-weight on valuations

MS on IndusInd Bank

Maintain Equal-weight with TP of Rs 730
Good quarter; Gradual improvement in profitability ahead
PAT beat was led by lower provisions driven by lower slippages and credit costs
Core PPoP saw a 4% miss led by lower core fees however was supported by lower operating expenses
Balance sheet growth remained subdued

MS on Axis Bank