India’s Q2FY26 earnings season reflects a mixed but stabilizing trend across sectors, according to reports by Kotak Institutional Equities and JM Financial. Both highlight subdued consumption demand, weak volume growth in staples, and GST-linked disruptions, while select discretionary segments and cyclicals like metals, mining, and OMCs drove earnings resilience. Advertisement

Banks and IT services reported stable yet cautious performances, with modest margin stability and limited growth visibility. While Kotak noted mild upgrades to Nifty earnings on steady results from large caps such as HDFC Bank and Reliance, JM Financial observed widespread EPS cuts—over half of Nifty50 constituents saw downgrades—underscoring uneven earnings momentum and limited near-term catalysts.

The second qua

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