Indian equity markets have taken a big knock in recent weeks, with benchmark indices slipping sharply as crude oil surged and foreign outflows continued. Axis Securities, in its April 2026 report, has listed out its top stock ideas while keeping a constructive stance on select names. The brokerage argues that the correction has cooled valuations and brought them closer to long-term averages, even as near-term risks from oil prices and global tensions remain elevated.
The picks lean heavily on businesses with steady earnings visibility, strong balance sheets and exposure to domestic demand. Financials dominate the list, alongside telecom, healthcare and select cyclical plays where growth visibility remains intact.
Axis Securities on Bajaj Finance: ‘Buy’
Axis Securities has maintained a ‘Buy’ call on Bajaj Finance with a target price of Rs 1,150, implying an upside of 43% from the current level of Rs 802. The brokerage continues to back the lender for its consistent execution, granular retail lending model and ability to deliver growth across cycles. It expects loan growth to remain healthy, driven by demand across consumer durables, personal loans and small business segments, while asset quality is likely to stay stable given its underwriting discipline.
The report also points to Bajaj Finance’s diversified portfolio as a key strength, helping it absorb shocks from macro volatility. Even as borrowing costs move up and liquidity tightens, the company’s strong liability franchise and pricing power are expected to support margins. Axis Securities believes that operating leverage, coupled with steady customer additions, should keep earnings momentum intact over the medium term.
“Financials are expected to remain the largest contributors to earnings growth in FY26 and FY27,” Axis Securities says in its report.
Axis Securities on State Bank of India: ‘Buy’
The brokerage has reiterated its ‘Buy’ stance on State Bank of India with a target price of Rs 1,350, suggesting a potential upside of 38% over the current price of Rs 979. It expects the bank to benefit from strong credit demand across retail and corporate segments, supported by government-led capital expenditure and improving economic activity. Asset quality trends have been improving steadily, which in turn supports profitability and reduces the risk of earnings volatility.
Axis Securities also notes that the bank’s large deposit base and improving operating efficiency position it well to handle a rising interest rate environment. With credit growth holding up and slippages under control, the brokerage expects return ratios to strengthen further. The public sector lender remains a key beneficiary of domestic growth trends, especially in infrastructure-linked lending.
“Domestic-oriented sectors such as banking continue to benefit from strong internal demand and government spending,” the report notes.
Axis Securities on Kotak Mahindra Bank: ‘Buy’
Kotak Mahindra Bank is among the preferred private sector names, with a target price of Rs 515, implying an upside of 46% from Rs 353. Axis Securities expects the bank to maintain steady growth backed by its strong liability profile and conservative risk approach. The lender’s focus on high-quality assets and calibrated expansion is seen as a key advantage in a volatile macro environment.
The brokerage believes Kotak’s balance sheet strength provides room to scale up lending without compromising on asset quality. It also points to improving traction in retail and corporate segments, which should aid loan growth. As funding costs remain manageable and credit demand holds up, earnings are expected to stay on a stable trajectory.
“Quality businesses, market leaders and domestically oriented sectors remain our preferred areas,” Axis Securities explains.
Axis Securities on Bharti Airtel: ‘Buy’
Axis Securities has a ‘Buy’ rating on Bharti Airtel with a target price of Rs 2,530, indicating a 42% upside from the current price of Rs 1,782. The brokerage sees continued strength in the telecom sector, driven by rising data usage and improving monetisation. Airtel’s focus on premium customers and its strong spectrum position are expected to support revenue growth in the coming quarters.
The report also highlights the company’s expanding digital ecosystem and enterprise offerings as additional growth drivers. With tariff increases expected to sustain average revenue per user growth, margins are likely to improve further. Axis Securities expects Airtel to maintain its leadership position while benefiting from industry consolidation and steady subscriber additions.
“Earnings visibility, valuation comfort and sustainable growth are likely to drive markets going forward,” the report states.
Axis Securities on Max Healthcare Institute: ‘Buy’
Max Healthcare Institute carries a target price of Rs 1,250, suggesting an upside of 30% from Rs 962. Axis Securities remains positive on the hospital chain, citing strong demand trends, improving occupancy levels and expansion into new facilities. The company’s focus on high-end treatments and operational efficiency is expected to support margins and profitability.
The brokerage also points to the long-term demand for quality healthcare services, which remains resilient regardless of economic cycles. With capacity additions underway and a favourable case mix, Max Healthcare is expected to deliver steady revenue growth. Improved operating metrics and disciplined cost management are likely to support earnings going ahead.
“Healthcare remains a preferred segment given stable demand and long-term growth visibility,” Axis Securities adds.
Axis Securities on Dalmia Bharat: ‘Buy’
Dalmia Bharat features among the mid-cap ideas with a target price of Rs 2,520, implying a 42% upside from Rs 1,779. Axis Securities expects the cement maker to benefit from sustained infrastructure activity and a pickup in construction demand. Volume growth is likely to remain healthy, supported by capacity expansions and improving regional demand trends.
The brokerage also sees scope for margin improvement as operating leverage kicks in, although energy costs remain a key monitorable. It believes the company’s focus on efficiency and cost control should help cushion the impact of higher input prices. Over the medium term, Dalmia Bharat is expected to gain from its strategic positioning in key markets and continued investment in capacity.
“Capex-linked cyclical stocks now offer attractive valuations and reasonable growth visibility,” the report says.
Conclusion
Axis Securities in its latest calls, shows a tilt toward businesses that can keep earnings steady even when costs rise and liquidity tightens. Financials form the core of its strategy, backed by telecom, healthcare and selective cyclical exposure. The brokerage is effectively using the recent correction to lean into companies where growth visibility remains intact, even as global risks continue to weigh on sentiment.
Disclaimer: This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation to ‘Buy’ or sell securities. Investors must conduct their own independent due diligence and seek advice from a SEBI-registered financial advisor.
