India Stock Market Strategy: Nifty 500 Sees Broad-Based Growth Amid Challenges Says Motilal Oswal— Read Report

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Motilal Oswal Report

Nifty-500 delivered a healthy double-digit earnings growth in Q2 FY26, the highest in five quarters, despite geopolitical headwinds and weak consumption trends.

Aggregate earnings of the Nifty-500 Universe grew 15% YoY. Excluding-financials, the reported aggregate earnings jumped 20% YoY. Ex-metals and oil and gas, the aggregate earnings grew 9% YoY.

Aggregate sales/Ebitda/adjusted profit after tax of Nifty-500 companies grew 8%/12%/15% YoY to ~Rs 35 tonne/Rs 8 tonne/Rs 4 tonne in Q2 FY26.

Corporate earnings in Q2 FY26 were resonably driven by broad-based growth, with significant contributions from key sectors such as O&G (+59% YoY growth), NBFC (21% YoY), Metals (+18% YoY), Cement (+211% YoY), Capital Goods (30% YoY), Telecom (loss-to-profit), Retail (32% YoY), and Real Estate (22% YoY).

Chemicals (+35% YoY) and Consumer Durables (+45% YoY) recorded strong growth on a soft base.

Meanwhile, Technology (+8% YoY), Healthcare (+9% YoY), PSBs (+3% YoY), Consumer (+5% YoY), and Utilities (flat YoY) witnessed muted earnings growth.

In contrast, Automobile (-16% YoY), Pvt. Banks (-3% YoY), and Media (-10% YoY) hurt overall earnings growth.

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