Adani Enterprises Ltd, Shriram Finance Ltd, Nestle India Ltd, JSW Steel Ltd and Hindalco Industries Ltd were among Nifty constituents, which witnessed highest earnings per share (EPS) upgrades for FY27 in April. The Adani group flagship Adani Enterprises Ltd saw 11.7 per cent EPS upgrade, data compiled by JM Financial suggested. It was followed by JSW Steel (up 4.8 per cent),  Hindalco (up 3.9 per cent), Shriram Finance (up 3.5 per cent) and Nestle India (up 3.2 per cent). 

Adani Enterprises Ltd (AEL)
Following the results, Jefferies retained its 'Buy' on the AEL stock with a target of Rs 2,800 compared with Rs 2,600 earlier. The foreign brokerfage noted that AEL clocked a stronger March quarter Ebitda, driven by Airports, ANIL and Copper, partly offset by Trading, Mining Services and Commercial Mining losses. 

"PAT, however, turned neg due to higher dep from new Navi Mumbai & Copper assets. FY26 was a stabilisation year and management guides FY27 Ebitda ramp-up, expecting over Rs 3,000 crore incremental Ebitda as airports, copper, roads businesses scale. We tweak Ebitda estimates, while trim PAT estimate on higher depn ests. We stay at BUY," Jefferies said.

Ebitda and profit after tax of AEL is anticipated to grow at 14 per cent each over FY25-FY28. Jefferies expects the Airport segment to benefit from the recent revision in aero tariffs, growth in non-aero business, and contributions from NMIAL Airport. 

"ANIL should see a scale-up in Solar PV capacity. Airports and ANIL contribute 75-80 per cent of target EV for the stock. We value AEL at Rs 2,800, based on EV/EBITDA basis (segment-wise, SOTP valuation) for individual businesses," it said.

Shriram Finance 
Analysts said Shriram Finance is well positioned to emerge as a dominant leader in the NBFC space over the next five years, underpinned by structurally superior profitability and robust operational scale.

HDFC Institutional Equities said Shriram Finance’s Q4FY26 earnings were largely in line with estimates with lower-than-expected opex offset by lower other income. With equity capital by MUFG completed in April, this brokerage believes SHFL is geared to drive higher loan growth, driven by new CV segment, with focus on customer retention. 

"We revise our FY27E-FY28E earnings estimates to factor in marginally lower loan growth and maintain ADD, with a revised target of Rs 1,100," it said.

Nuvama has retained ‘BUY’ on the stock with a target of Rs 1,300. It expects re-rating benefits with margin pickup, better growth opportunities and improvement in AUM mix. 

Nestle India
March was the third quarter of top line beat by Nestle India. PL Capital said Nestlé India delivered a strong March quarter, with revenue growth of 22.6 per cent YoY Ebitda growth of 27.5 per cent YoY, and margins expanding 101 basi points led by operating leverage despite elevated input costs (SMP & palm oil). 

"We expect sales momentum to sustain in 1H27 given relatively low base although 4Q26 growth numbers are unlikely (panty loading). Nestle India will also benefit from lower prices of coffee (down 25 per cent from peak) and cocoa in FY27, even as Palmoil and packaging costs will increase," it said while suggesting accumulate and a target of Rs 1,504.

MOFSL said the stock at 68 times FY27 earnings per share is trading at expensive valuation. It suggested 'Neutral' rating on the stock with a revised target of Rs 1,400. 

Hindalco
Hindalco is yet to announce its quarterly results. Ahead of its results, Systematix Institutional Equities suggested 'Hold' on the stock in its metals & mining preview note. The brokerage suggested a target of Rs 1,007. All eyes would be on the impact of West Asia conflict on businesses in US and Europe. India expansion plans and capex guidance, reinstatement of Novelis Ebitda/t guidance will also be keenly followed.

"Overall, given higher LME prices, better volumes sequentially and rupee depreciation, we have marginally increased our estimates but downgrade our rating on the stock to “Hold” with a revised target price of Rs 1,100 (from earlier Rs 1,065), valuing the stock at 6.5 times FY28E EV/Ebitda, given the stretched valuations," B&K Securities said in a recent not.