Nifty 50 Scorecard: Winners and Losers Emerge from Q4 Results Season

India Inc. Reports Strong Earnings Growth in Q4FY26

India's corporate sector reported a robust earnings growth in the fourth quarter of the fiscal year 2026, driven by a broad-based outperformance across most sectors. The earnings momentum was led by the BFSI, Metals, Oil Marketing Companies (OMCs), Technology, Telecom, and Automobiles sectors, while the Oil & Gas sector (excluding OMCs) weighed on overall profitability.

According to Motilal Oswal Financial Services, the companies under its coverage reported an aggregate earnings growth of 16% year-on-year (YoY), significantly surpassing expectations of 8% growth in Q4FY26. The stronger-than-expected performance was primarily driven by the BFSI sector, where profits rose 18% YoY against estimates of 11%. This was further supported by the Metals sector, which posted a robust 50% YoY profit growth versus expectations of 24%, and OMCs, where profits surged 62% YoY compared with the brokerage’s estimate of 7% growth.

Nifty 50's Single-Digit PAT Growth Continues

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The companies in the Nifty 50 index delivered an average net profit growth of 4% YoY in Q4FY26, its single-digit earnings growth for the eighth consecutive quarter, as compared with the estimates of 2% growth. Within the Nifty 50, a total of 15 companies reported lower-than-expected profits, while 18 posted a beat, and 17 registered in-line results. Barring Reliance Industries, which posted a profit dip of 13% YoY, and InterGlobe Aviation, which posted a loss, the Nifty 50 companies posted a 9% YoY earnings growth.

Top Performers and Losers

The top three companies in the Nifty 50 index with high net profit growth during the March quarter were Eternal, JSW Steel, and Tata Steel. Eternal, a food delivery and quick commerce major, reported the strongest net profit growth, with PAT surging 346% YoY in Q4FY26, significantly outperforming expectations. JSW Steel, a JSW Group steel manufacturer, posted a robust 118% YoY net profit growth in Q4, aided by improved metal prices and margin expansion.

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Nifty EPS Growth

Nifty EPS for FY26 ended at ₹1,065, up 5% YoY, a second consecutive year of single-digit growth. Brokerage firm Motilal Oswal cut its FY27 Nifty EPS estimates by 0.9% to ₹1,235 from ₹1,246 earlier, led by SBI, Reliance Industries, JSW Steel, ONGC, and Coal India.