- Nifty Q3 earnings mostly met Street expectations with 21 beats, 19 in-line, 10 misses
- State Bank of India posted record quarterly profit driven by higher non-interest income
- Reliance Industries missed estimates due to weak retail and lowest EBITDA margin in 13 quarters
The Q3 earnings season for Nifty companies concluded on a balanced note, with results largely aligning with Street expectations despite pockets of significant outperformance and a handful of notable misses. Out of the 50-index constituents, 21 companies beat estimates, 19 delivered in-line numbers, while 10 fell short, underscoring a quarter marked by resilience amid a mixed macro backdrop.
Here's an overview of how the Nifty 50's Q3 earnings looked like.
Which Companies Stood Out
Among the standout performers, State Bank of India led the charts with its highest-ever quarterly profit, buoyed by a sharp rise in non-interest income. The performance reinforces the banking major's balance sheet strength and continued credit momentum even as funding costs inch up across the system.
Tech Mahindra delivered one of the most consistent surprises this season, posting its ninth straight quarter of margin expansion. The company remains firmly on track to achieve its 15% margin target by FY27, aided by operational efficiencies and improving deal wins.
In healthcare, Apollo Hospitals saw optimism return as digital losses narrowed sequentially, signalling improving traction in its omni-channel healthcare strategy.
Auto major Eicher Motors posted a sharp margin surprise, supported by favourable product mix and operating leverage. The company also announced fresh capacity expansion, reflecting confidence in sustained demand. Meanwhile, HCL Technologies reported its strongest constant-currency revenue growth in eight quarters, accelerating to 4.2% versus 2.4% in Q2, driven by broad-based deal execution.
The Dull Performances
However, not all sectors shared the momentum. Asian Paints disappointed with a lacklustre show, with analysts flagging that industry-wide demand trends will be more critical to watch going forward. Cipla's quarter was weighed down by a sluggish US business, while NTPC faced muted demand, resulting in lower plant load factors.
In autos, Tata Motors' passenger vehicle business swung into losses due to a steep decline in JLR volumes and one-time charges. Market heavyweight Reliance Industries also missed estimates, largely on account of weak retail performance, where EBITDA margin slipped to 7.06% — the lowest in 13 quarters.
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