Corporate earnings have sustained their growth momentum in Q2 FY27 so far, building on a meaningful recovery witnessed in Q1 FY27 after two years of muted performance. More importantly, the recovery is not merely reflected in aggregate earnings growth but is increasingly broad-based across sectors, despite persistent commodity cost pressure and an uncertain global environment.
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Motilal Oswal Report
Earnings of the aforesaid 230 MOFSL Universe companies witnessed strong growth, demonstrating a broadbased outperformance across all key aggregates.
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For the MOFSL Universe, sales/EBITDA/PAT grew 26%/24%/33% YoY, vs estimate of +19%/+14%/+19%, the highest growth in 12 quarters; excluding oil marketing companies, earnings grew 30% vs estimate of 22% YoY.
This growth was fueled by BFSI, metals and oil and gas. These three sectors contributed 78% to the incremental YoY earnings growth. In contrast, healthcare and cement were the only sectors that dragged down the overall aggregates.
Nifty EPS sees an upgrade:
The Nifty EPS estimate for FY27 was raised by 1.1% to Rs 1,247, largely owing to Reliance Industries, JSW Steel, HDFC Bank, Bajaj Auto, and Kotak Mahindra Bank. FY28E EPS was also raised by 1.6% to Rs 1,428 (from Rs 1,406) due to upgrades in Reliance Industries, HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank.
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