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Motilal Oswal Report
The Nifty‑500 universe delivered a robust performance in Q3 FY26, posting its strongest double‑digit earnings growth in eight quarters, supported by improved sectoral breadth and early benefits of GST 2.0 reforms filtering through select industries. This resilience came despite persistent global geopolitical headwinds.
Aggregate earnings of Nifty‑500 companies rose 19% YoY during the quarter. Excluding financials, earnings growth was even stronger at 23% YoY, underscoring the improved profitability across core sectors. When metals and oil and gas were excluded, aggregate earnings grew 15% YoY, highlighting broad‑based traction beyond commodity‑led gains.
Revenue performance also improved meaningfully. Aggregate sales for the Nifty‑500 universe grew 11% YoY, marking the highest growth in eleven quarters. This signals a notable pickup in underlying demand momentum across multiple industries.

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