ITC, RIL, Infosys, Wipro, TCS: What should investors do amid Q4 results season
ITC, RIL, Infosys, Wipro, TCS: The large caps are trading near their 52 week lows during the Q4 earnings session. In fact, Infosys stock hit its 52-week low of Rs 1152.35 in the current session post Q4 earnings.
- Apr 24, 2026,
- Updated Apr 24, 2026 4:16 PM IST
Shares of ITC, Reliance Industries Ltd (RIL), Infosys, Wipro and Tata Consultancy Services (TCS)-the large caps-are trading near their 52 week lows during the Q4 earnings session. In fact, Infosys stock hit its 52-week low of Rs 1152.35 in the current session post Q4 earnings. Infosys announced its earnings on Thursday.
While Infosys, Wipro and TCS have announced their Q4 earnings, FMCG major ITC is likely to announce its earnings in May and RIL will announce the same after market hours today.
Shares of ITC fell to their 52-week low of Rs 287 on March 30, 2026. In the current session, ITC shares were trading at Rs 301 level. Market cap of ITC stood at Rs 3.79 lakh crore.
On similar lines, shares of market heavyweight RIL were trading at Rs 1327 level today. Market cap of RIL rose to Rs 17.98 lakh crore. Shares of RIL fell to their 52-week low of Rs 1288 on March 25, 2025.
Wipro shares slipped to a 52 week low of Rs 186.50 on March 30,2026. The stock was trading at Rs 197.80 today. Market cap of Wipro fell to Rs 2.09 lakh crore.
Shares of TCS were trading at Rs 2389 in today's session. Market cap of the firm stood at Rs 8.68 lakh crore. The IT stock slipped to a 52 week low of Rs 2346.35 on March 30,2026.
Here's a look at what investors should do with these large cap stocks during the Q4 earnings season with some yet to declare their Q4 and fiscal performance.
ITC
Mirae Asset Sharekhan has a buy call with a price target of Rs 400 on the ITC stock. Attractive valuations and diversified business support the outlook, according to the brokerage.
Brokerage Systematix has a price target of Rs 355 on the ITC stock with ‘Hold’ call. The conglomerate saw its cigarette volumes rise 6.5 per cent YoY, while its FMCG segment grew 11 per cent, led by staples such as atta and biscuits.
Antique Broking has a price target of Rs 408 on the ITC stock.
UBS has a price target of Rs 395 on the ITC stock with a buy call. According to the brokerage, new prices should protect volumes. The company has adopted a three-pronged pricing strategy to protect volumes.
RIL
JPMorgan has maintained its 'overweight' stance on the stock with a price target of Rs 1,675, implying an upside potential of 22%.
RIL stock has pared its recent gains on uncertainties related to the near-term margins for the Oil-to-Chemicals business.
"Yet, even as supply chains normalize, both refining and petchem margins for Reliance should turn out higher than earlier assumed," JPMorgan's note said.
Global brokerage Morgan Stanley has reiterated its ‘Overweight’ stance on RIL with a target price of Rs 1,803, implying an upside of around 28 per cent from the current levels.
JM Financial has a price target of Rs 1,730 per share, with a potential upside of 28.6 per cent from the current market price of Rs 1,345.
Infosys
Brokerage firm Nomura has maintained its bullish stance the IT major with a 'buy' call and a revised price target of Rs 1,640 from Rs 1,630 earlier. The revised price target implies an upside potential of 33%. The IT stock is Nomura's top pick within the largecap Indian IT space.
Citi has cut its price target on Infosys to Rs 1,300 but maintained its 'neutral' stance. Infosys will continue to deliver a better performance compared to its peer group in financial year 2027 as well, according to the brokerage.
DAM Capital has lowered its rating to "Neutral" on the IT stock from its earlier rating of "buy". The brokerage pared its target to Rs 1,300 from Rs 1,700 earlier. The IT major's medium-term outlook is uncertain with weak guidance.
Three quarters of incremental impact from the European auto client will help maintain growth rates for financial year 2028 in check as well.
Jefferies has a 'hold' call with a price target of Rs 1,235. The brokerage raised its estimates by 1% to 2% due to forex and said Infosys may deliver a 7% recurring Earnings per Share (EPS) CAGR in the future.
Wipro
Axis Securities has a hold call on the IT stock with a price target of Rs 225 per share. Wipro is seeing rising enterprise focus on scaling AI adoption across applications, workflows, and data platforms. The company is likely to perform better sequentially, supported by recent large deal wins and a healthy pipeline. The growth outlook for the company is likely to improve sequentially
Elara Securities has a sell call on the IT stock with a Reduce call and a lower target price of Rs 180 from Rs 205. The brokerage said, the stock is down 23% from the peak in December 2025, but it believes there is a possibility of further correction on weak outlook on FY27. The brokerage downgraded the stock to Sell. It said upside risks are better than expected revenue and earnings growth.
TCS
Nirmal Bang Institutional Equities has a buy call on the IT giant. The brokerage reiterated ‘BUY’ rating on TCS and valued it at an unchanged multiple of 19x on Mar-28E EPS for an unchanged target of Rs 3,046
Antique Stock Broking has a hold call on the the stock with a target price of Rs 2,900.
"The company expects a return to normal seasonality, with 1Q and 2Q likely to be stronger than 4Q, in line with historical trends. Discretionary spending remains subdued but is showing early signs of recovery," Antique said.
Emkay Global has raised its FY26-28 earnings marginally, factoring in Q4 performance. The brokerage retained 'ADD' call on TCS and raised its price target by 5 per cent to Rs 2,950 from Rs 2,800.
Foreign brokerage Nomura raised its FY27-28F earnings per share (EPS) estimates by 2-3 per cent and retained its 'Buy' call on the stock. "Our EPS increases are driven by both higher revenue growth and margin estimates. We raise our target to Rs 2,930 against Rs 2,840 earlier), based on unchanged 18x FY28F EPS (methodology in this report). We introduce FY29F estimates.
Elara Securities said, "TCS also sees a minimal firsthand impact of the ongoing war as its exposure to the travel vertical and to the Middle East is limited. EBIT improved by 70bps in FY26, but we believe there may be a dip in margin in FY27 given limited tailwind of rupee depreciation in FY27. Maintain Accumulate with a higher target of Rs 2,780 from Rs 2,700."
Shares of ITC, Reliance Industries Ltd (RIL), Infosys, Wipro and Tata Consultancy Services (TCS)-the large caps-are trading near their 52 week lows during the Q4 earnings session. In fact, Infosys stock hit its 52-week low of Rs 1152.35 in the current session post Q4 earnings. Infosys announced its earnings on Thursday.
While Infosys, Wipro and TCS have announced their Q4 earnings, FMCG major ITC is likely to announce its earnings in May and RIL will announce the same after market hours today.
Shares of ITC fell to their 52-week low of Rs 287 on March 30, 2026. In the current session, ITC shares were trading at Rs 301 level. Market cap of ITC stood at Rs 3.79 lakh crore.
On similar lines, shares of market heavyweight RIL were trading at Rs 1327 level today. Market cap of RIL rose to Rs 17.98 lakh crore. Shares of RIL fell to their 52-week low of Rs 1288 on March 25, 2025.
Wipro shares slipped to a 52 week low of Rs 186.50 on March 30,2026. The stock was trading at Rs 197.80 today. Market cap of Wipro fell to Rs 2.09 lakh crore.
Shares of TCS were trading at Rs 2389 in today's session. Market cap of the firm stood at Rs 8.68 lakh crore. The IT stock slipped to a 52 week low of Rs 2346.35 on March 30,2026.
Here's a look at what investors should do with these large cap stocks during the Q4 earnings season with some yet to declare their Q4 and fiscal performance.
ITC
Mirae Asset Sharekhan has a buy call with a price target of Rs 400 on the ITC stock. Attractive valuations and diversified business support the outlook, according to the brokerage.
Brokerage Systematix has a price target of Rs 355 on the ITC stock with ‘Hold’ call. The conglomerate saw its cigarette volumes rise 6.5 per cent YoY, while its FMCG segment grew 11 per cent, led by staples such as atta and biscuits.
Antique Broking has a price target of Rs 408 on the ITC stock.
UBS has a price target of Rs 395 on the ITC stock with a buy call. According to the brokerage, new prices should protect volumes. The company has adopted a three-pronged pricing strategy to protect volumes.
RIL
JPMorgan has maintained its 'overweight' stance on the stock with a price target of Rs 1,675, implying an upside potential of 22%.
RIL stock has pared its recent gains on uncertainties related to the near-term margins for the Oil-to-Chemicals business.
"Yet, even as supply chains normalize, both refining and petchem margins for Reliance should turn out higher than earlier assumed," JPMorgan's note said.
Global brokerage Morgan Stanley has reiterated its ‘Overweight’ stance on RIL with a target price of Rs 1,803, implying an upside of around 28 per cent from the current levels.
JM Financial has a price target of Rs 1,730 per share, with a potential upside of 28.6 per cent from the current market price of Rs 1,345.
Infosys
Brokerage firm Nomura has maintained its bullish stance the IT major with a 'buy' call and a revised price target of Rs 1,640 from Rs 1,630 earlier. The revised price target implies an upside potential of 33%. The IT stock is Nomura's top pick within the largecap Indian IT space.
Citi has cut its price target on Infosys to Rs 1,300 but maintained its 'neutral' stance. Infosys will continue to deliver a better performance compared to its peer group in financial year 2027 as well, according to the brokerage.
DAM Capital has lowered its rating to "Neutral" on the IT stock from its earlier rating of "buy". The brokerage pared its target to Rs 1,300 from Rs 1,700 earlier. The IT major's medium-term outlook is uncertain with weak guidance.
Three quarters of incremental impact from the European auto client will help maintain growth rates for financial year 2028 in check as well.
Jefferies has a 'hold' call with a price target of Rs 1,235. The brokerage raised its estimates by 1% to 2% due to forex and said Infosys may deliver a 7% recurring Earnings per Share (EPS) CAGR in the future.
Wipro
Axis Securities has a hold call on the IT stock with a price target of Rs 225 per share. Wipro is seeing rising enterprise focus on scaling AI adoption across applications, workflows, and data platforms. The company is likely to perform better sequentially, supported by recent large deal wins and a healthy pipeline. The growth outlook for the company is likely to improve sequentially
Elara Securities has a sell call on the IT stock with a Reduce call and a lower target price of Rs 180 from Rs 205. The brokerage said, the stock is down 23% from the peak in December 2025, but it believes there is a possibility of further correction on weak outlook on FY27. The brokerage downgraded the stock to Sell. It said upside risks are better than expected revenue and earnings growth.
TCS
Nirmal Bang Institutional Equities has a buy call on the IT giant. The brokerage reiterated ‘BUY’ rating on TCS and valued it at an unchanged multiple of 19x on Mar-28E EPS for an unchanged target of Rs 3,046
Antique Stock Broking has a hold call on the the stock with a target price of Rs 2,900.
"The company expects a return to normal seasonality, with 1Q and 2Q likely to be stronger than 4Q, in line with historical trends. Discretionary spending remains subdued but is showing early signs of recovery," Antique said.
Emkay Global has raised its FY26-28 earnings marginally, factoring in Q4 performance. The brokerage retained 'ADD' call on TCS and raised its price target by 5 per cent to Rs 2,950 from Rs 2,800.
Foreign brokerage Nomura raised its FY27-28F earnings per share (EPS) estimates by 2-3 per cent and retained its 'Buy' call on the stock. "Our EPS increases are driven by both higher revenue growth and margin estimates. We raise our target to Rs 2,930 against Rs 2,840 earlier), based on unchanged 18x FY28F EPS (methodology in this report). We introduce FY29F estimates.
Elara Securities said, "TCS also sees a minimal firsthand impact of the ongoing war as its exposure to the travel vertical and to the Middle East is limited. EBIT improved by 70bps in FY26, but we believe there may be a dip in margin in FY27 given limited tailwind of rupee depreciation in FY27. Maintain Accumulate with a higher target of Rs 2,780 from Rs 2,700."