The June quarter earnings season has largely matched Street expectations, with Nifty earnings estimates for FY26 trimmed by 2 per cent.

Data showed that earnings of the 38 Nifty companies that have reported so far rose 7.5 per cent YoY, beating the estimated 5.7 per cent growth, led by Reliance Industries, HDFC Bank, ICICI Bank, JSW Steel, Bajaj Finance, Larsen & Toubro, and Mahindra & Mahindra.

These seven companies contributed 100 per cent to the incremental YoY accretion in earning, MOFSL said in a note. Conversely, Coal India, IndusInd Bank, HCL Technologies, Kotak Mahindra Bank, Axis Bank, and Eternal dragged Nifty earnings lower.

The brokerage believes June quarter earnings have broadly been in line, with the intensity of earnings cuts moderating against previous quarters, even as the trend of a higher number of downgrades has continued into the quarter.

Overall, Tata Consumer saw 9.7 per cent earnings upgrade for FY26. It was followed by Eicher Motors (3.8 per cent), IndusInd Bank (2.6 per cent), Wipro (2 per cent), ICICI Bank (1.9 per cent) and Maruti Suzuki India (1.1 per cent).

Eternal saw 35.4 per cent earnings downgrades. Axis Bank, Power Grid, Sun Pharma andNestle India witnessed 3.9-8.7 per cent earnings downgrades.

#A3RT @arbindtiwariT