As markets wrap up the Q4 results season for the financial year 2026, Motilal Oswal highlighted that Indian corporate earnings showcased widespread outperformance across aggregates, with commodity strength driving the broad-based beat to estimates.
In its latest Indian strategy report, Motilal Oswal Financial Services said that aggregate earnings of the companies under its coverage grew 16% year-on-year, beating its estimate of 8% growth in the January-March quarter of FY26. According to the domestic brokerage, the better-than-expected earnings growth was powered by BFSI (profit grew 18% YoY vs. brokerage’s estimate of 11%) and supported by metals (profit surged 50% YoY vs. brokerage’s estimate of 24%) and OMCs (profit jumped 62% YoY vs. brokerage’s estimate of 7% growth). Further, technology (+13% YoY), telecom (+8.4x YoY), and automobiles (+13% YoY vs. brokerage’s estimate of 6% decline) propelled earnings, Motilal added.
