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Motilal Oswal Report
The Q1 FY27 corporate earnings season concluded on a strong note, demonstrating widespread outperformance across all key aggregates, highlights domestic brokerage firm Motilal Oswal.
The earnings growth and beat were led by financials, metals, oil and gas excluding oil marketing companies, and automobiles as well as sectors such as chemicals, textiles, and real estate.
OMCs expectedly dragged the overall aggregates.
Nifty-50 – PAT growth hits a 10-quarter high:
The Nifty delivered an 18% YoY PAT growth (vs brokerage's estimate of +10%), led by ONGC, Hindalco, Reliance Industries, JSW Steel, and Bharti Airtel. These five companies contributed 60% to the incremental YoY accretion in earnings. Conversely, InterGlobe Aviation, ITC, Dr Reddy's Labs, Tata Motors PV, and Cipla dragged Nifty earnings lower.
Upgrade-to-downgrade ratio stands at 1.5x:
A total of 130/89 companies within the MOFSL Coverage Universe have reported an upgrade/downgrade of more than 3% each, leading to a favorable upgrade-to-downgrade ratio for FY27E.
Nifty EPS sees a modest upgrade:
The Nifty EPS estimate for FY27 was raised by 0.6% to Rs 1,232, largely owing to Reliance Industries, Hindalco, ONGC, ICICI Bank, and SBI.
The FY28E EPS was also raised by 0.3% to Rs 1,425 (from Rs 1,422) due to upgrades in SBI, ICICI Bank, Hindalco, Bajaj Finserv, and Bajaj Auto.
Top ideas:
Nifty-50 – Bharti Airtel, ICICI Bank, SBI, Titan Company, M&M, Bharat Electronics, Eternal, Hindalco, Shriram Finance, Interglobe Aviation, and Apollo Hospitals.
Non-Nifty-50 – TVS Motor, BSE, GE Vernova T&D, HDFC AMC, Lenskart Solutions, Indian Hotels, Meesho, Dixon Tech, Coforge, Radico Khaitan, Delhivery, Kirloskar Oil Engines, RBL Bank, TBO Tek, and Arvind.
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