Whalesbook
India's Nifty companies reported a modest 2% year-on-year profit growth for the September quarter (Q2FY26), falling below the expected 5%. This growth was significantly bolstered by five major corporations: Bharti Airtel, Tata Steel, HDFC Bank, Reliance Industries, and TCS, which together accounted for 300% of the incremental earnings. Performance was hampered by sectors like automobiles (led by Tata Motors), oil & gas (excluding OMCs), and banking. The earnings revision cycle for FY26 estimates also showed a mixed trend.