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Motilal Oswal Report
In this report, Motilal Oswal presents its interim review of the Q4 FY26 earnings season.
As of May 06, 2026, 154/28 companies within the the brokerage Universe/Nifty have announced their Q4 FY26 results. These companies constituted -
- 56% and 67% of the estimated PAT for the brokerage's and Nifty Universe, respectively;
- 39% of India's market capitalization; and
- 67% weightage in the Nifty.
Earnings of the 28 Nifty companies that have declared results so far have grown 7% YoY (vs the brokerage's estimate of +6% YoY). Barring Reliance Industries, which posted a profit dip of 13% YoY, the Nifty Universe posted an 11% YoY earnings growth.
The earnings growth was led by HDFC Bank, Infosys, TCS, M&M, and Coal India. These five companies contributed 73% to the incremental YoY accretion in earnings.
Conversely, Reliance, Maruti, Wipro, Axis Bank, and Jio Financial dragged Nifty earnings lower. Seven companies within the Nifty reported lowerthan-expected profits, while nine posted a beat, and 12 recorded in-line results.
Mid-caps deliver better-than-estimated numbers, while large-caps and smallcaps post in-line results:
Within Motilal Oswal Universe, large-caps (42 companies) posted an earnings growth of 14% YoY, in line with the overall universe. Mid-caps (45 companies) delivered earnings growth of 29% YoY (vs estimate of 22%).
Multiple mid-cap sectors, such as BFSI, technology, utilities, real estate, and oil and gas, lifted the overall performance. These sectors contributed ~87% of the incremental YoY accretion in earnings. In contrast, small-caps (67 companies) delivered in-line performance, with earnings rising 30% YoY (brokerage estimate of +33%).
Within small-caps, 70% of the coverage universe exceeded/met our estimates. Conversely, within the large-cap/mid-cap universes, 76%/84% of the companies exceeded/met our estimates.
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