Revenue growth is expected to remain healthy across segments, with large, mid and small-cap companies likely to report sales growth of 17%, 15% and 16% YoY, respectively. EBITDA is estimated to decline 2% for large-caps and 7% for mid-caps, while small-caps are expected to register 12% growth during the quarter.

Here are 10 Nifty stocks that the brokerage is bullish on ahead of Q1 results.

1) Bharti Airtel: With a target price of Rs 2,270, the brokerage forecasts an upside of 21% from current market levels.

The brokerage expects India wireless revenue and reported EBITDA to grow around 2.5% quarter-on-quarter, supported by one additional operating day during the quarter and steady subscriber additions.

2) State Bank of India: The brokerage has assigned a target price of Rs 1,300, an upside of 25% from the last closing price.

The brokerage expects loan growth of 4.1% quarter-on-quarter and 18.5% year-on-year, driven by healthy traction in gold loans, corporate lending, personal loans and mortgages. Deposits are projected to grow 3.2% sequentially and 15.2% annually.

The brokerage expects the standalone jewellery EBIT margin, excluding bullion and inventory gains following the customs duty increase, to decline by 80 basis points year-on-year to 10.7%. The margin pressure is likely to be driven by an unfavourable product mix, with higher sales of gold coins amid elevated gold prices.

Key monitorables for the quarter include management commentary on competitive intensity, Blinkit's performance, food delivery gross order value growth and margin trends.

Key monitorables for the quarter include management's commentary on loan growth in the commercial vehicle segment and asset quality trends in the two-wheeler and personal loan portfolios.

8) InterGlobe Aviation: The operator of IndiGo has a target price of Rs 6,590, a 22% upside. The brokerage expects fuel costs to account for around 38% of revenue during the quarter, compared with 28.5% in the year-ago period, due to higher ATF prices.

9) HDFC AMC: The brokerage has pegged the target at Rs 3,250, an upside potential of 18% from current levels.

Revenue growth is likely to be muted, reflecting largely flat QAAUM during the quarter. The brokerage expects EBITDA margin to remain around the 80% mark, while other income is projected to improve sequentially.