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As the Q1 results for the quarter ending June have rolled in, analysts waited to see the impact of overall growth trends, the GST rollout, and specific court rulings on different sectors - the BS IV SC ruling on emissions that impacted auto inventory, and the SC ruling against charging discretionary tariffs in the power sector.

With over 1,600 companies having announced Q1 results, the verdict is largely out, and while revenue growth is healthy, overall EBIDT growth and operating profit growth have taken a hit across industries during the quarter. Some sectors like Metals outperformed the overall trend with double-digit growth in revenues and profit, while others like Pharma took a big negative hit in Q1. See the full results dashboard here.

Over the last couple of weeks as Q1 results rolled in, some largecap stocks took a beating in share price as revenues and net profits took a hit in the quarter. Auto companies took an additional hit from the GST impact and the SC ruling on BS emission norms.

A closer look at fundamentals proved useful for analysts, as some big gun stocks - thanks to overall weak market sentiment and subdued results - now look competitively priced. Here is a rundown of the biggest picks with double-digit upsides in target price from analysts, for investors looking for largecaps stocks with lower volatility but still holding value in the coming year.

Tata Motors:  Tata Motors hit a new year low in the past week on a weaker than expected Q1. Analysts are projecting a sales recovery for this company, as it rolls out new JLR models (which already have advance bookings and long waiting periods) and sees delayed growth in markets including UK and Europe. This stock has received buy calls from HDFC Securities, Motilal Oswal, Prabhudas Lilladhar in the past week. 

State Bank of India (SBIN): State Bank of India management budgeted conservatively for loan slippages and a large at risk corporate exposure, and failing agri loans. All of this rose slippages, worrying investors. Analysts estimate that a challenge for SBI in the last quarter has been the merger with other state banks, and with that now completed the bank should be able to focus on operational efficiencies and growth in the coming Qs. Another positive was thattThe watchlist declined to 1.3% vs. 1.66% QoQ, with the drop in power and other segments. The bank has received buy calls from HDFC Securities and ICICI Securities.

Tata Steel: Another largecap Tata stock to regain analyst enthusiasm is Tata Steel. The company looks finally set for strong quarters, saying it is close to resolution on the UK pensions issue. Regulations are also now in its favor: domestic steel companies are gaining from measures protecting them from future falls in steel price. Tata Steel is also benefiting from increased domestic capacity and strong profitability in both India and Europe. Domestic spreads according to analysts, are improving. The company got buy calls from Axis Direct, HDFC Securities and ICICI Securities, all in the last week.,

Mahindra and Mahindra: M&M saw inline performance for Q1 after adjusting for the GST impact, and the management says it expects the upcoming quarters to be strong for the company. Costs for GST transition had hit EBITDA margins, disappointing investors. However a good monsoon is set ro reap benefits for the company in the rural and agri segment, with tractors set to see a sharp uptick in sales. The company received buy calls from HDFC Securities, Motilal Oswal, ICICI Securities.