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Informist, Wednesday, Jun. 10, 2026

 

By Simran Rede

 

MUMBAI – The aggregate net profit of Nifty 200 companies for the March quarter exceeded analysts' estimates on the back of a stronger-than-expected increase in the bottom line of 11 of the 21 sectors in the index. Of these 11 sectors, seven beat analysts' expectations for both cumulative net profit and revenue growth in the March quarter.

 

Nine of the 21 sectors outpaced the cumulative sales growth of Nifty 200 companies during the quarter, while 12 sectors outperformed the cumulative net profit growth of Nifty 200 companies. Four sectors in the index met the Street's estimates for cumulative revenue growth, while only one sector's net profit growth, excluding one-time items, came in line with expectations.

 

Nifty 200 companies registered aggregate net profit growth of over 25% on year in the March quarter. Excluding one-time items, the aggregate net profit of these companies rose slightly over 15% in the March quarter, sharply higher than the 4.7% growth expected by analysts. The cumulative net sales of these companies rose over 12% on year in Jan-Mar, slightly lower than the nearly 14% growth estimated by analysts.  

 

The aggregate net profit of 189 of the 200 companies, for which analysts' earnings estimates were available, rose around 27% on year in the March quarter. The net profit, excluding exceptional items, grew more than 14% on year in the quarter under review, well above the consensus estimate of 4.7%. 

 

Within the Nifty 200 universe, the services sector was the top performer in the March quarter, with growth in both net profit and revenue outpacing the cumulative growth of Nifty 200 companies. On the other hand, consumer durables companies posted the slowest aggregate growth in net sales among sectors. On the net profit front, four companies classified under the "others" category reported the sharpest decline in cumulative net profit. These companies were Adani Ports and Special Economic Zone Ltd., InterGlobe Aviation Ltd., IRB Infrastructure Developers Ltd., and GMR Airports Ltd.

 

Adjusted for one-time costs and income, the aggregate net profit of the seven services companies in the Nifty 200 skyrocketed 170% on year in the March quarter, against expectations of a 152% rise. Including exceptional items, the metric grew 142%, below analysts' expectations. Their aggregate revenue grew over 83%, slightly missing the analysts' consensus estimate of 86% growth for the reporting quarter. 

 

Compared with analysts' estimates, jewellery companies exceeded revenue expectations by a wide margin, outperforming other sectors, even after sharply missing the net profit view. The telecommunications sector beat analysts' net profit estimate by the widest margin among the 21 sectors, while oil and gas companies' revenue fell well short of expectations. 

 

TOP PERFORMERS

Services, metal and mining, auto-ancillary, and jewellery were among the sectors in the Nifty 200 index to record the highest growth in adjusted net profit, outpacing the rise in Nifty 200 companies' net adjusted profit. Revenue in these sectors was also the highest compared to the other 17 sectors. Together, companies in these sectors contributed 9% to the Nifty 200's adjusted net profit and 14% to its aggregate revenue in the March quarter.

 

The aggregate bottom line of the nine Nifty 200 metal and mining companies more than doubled on year in the March quarter, against analysts' expectations of 44% growth, led by higher base metal and steel prices. However, after adjusting for exceptional items, it jumped 59% on year in the quarter under review, still higher than estimated. Their combined top line rose 19% on year in the quarter, higher than the 13% consensus estimate.

 

Five auto-ancillary companies reported a nearly 30% rise in cumulative net profit and 16% revenue growth. Analysts had pegged a rise of almost 20% and over 12% in the metrics. Adjusting for exceptional items, the companies reported a 36% rise in net profit, which was still higher than expected.

 

The two jewellery companies in the Nifty 200 remained among the top performers, as their total net profit rose 45% on year, and 40% excluding exceptional items. However, they missed the 65% rise expected by analysts as their aggregate expenses rose faster than revenue. These companies posted 74% year-on-year growth, exceeding the Street's 53.5% estimate.

 

LAGGARDS 

Within the Nifty 200 universe, companies in the pharmaceutical, automobile, and other sectors reported a weak net profit performance in the March quarter. The 15 pharmaceutical companies, along with Adani Ports and Special Economic Zone, InterGlobe Aviation, IRB Infrastructure Developers, and GMR Airports, were the only companies in the Nifty 200 index to report a fall in their cumulative net profit growth, adjusted for exceptional items.

 

The aggregate net profit of these four companies, which do not fall under any particular sector, nosedived 79% in the March quarter. Excluding exceptional items, their net profit plunged 74% on year. Meanwhile, analysts had expected the aggregate bottom line of these four companies to fall 70% on year in Jan-Mar. The combined revenue of these companies grew just 9.5% on year in the reporting quarter, slightly above the near-8% projection.

 

The aggregate net profit of the 15 pharmaceutical companies fell around 3% on year and declined 1?ter adjusting for exceptional items. This was better than the over 3% drop expected by analysts. Four of the 15 companies reported a double-digit on-year fall in their net profit, which dragged down the sector's performance. 

 

For the automobile sector, the near-4?ll in cumulative net profit was slightly better than the expected 5?cline. A significant decline in the net profit of Tata Motors Passenger Vehicles Ltd., Maruti Suzuki India Ltd., and Hyundai Motor India Ltd. affected the overall sector. Additionally, Bharat Forge Ltd. reported a net loss for the March quarter, compared with a net profit a year ago. However, stronger earnings among the remaining six companies limited the sector's decline in net profit.

 

On the revenue front, the power, defence, and consumer sectors were among the slowest-growing sectors in the Nifty 200. The revenue of these sectors grew 5%, 4%, and 2% on year, respectively.

 

Considering both net profit and revenue growth, companies in banking, pharmaceuticals, IT, oil and gas, and defence underperformed in the March quarter. The aggregate earnings growth of these sectors lagged that of the Nifty 200 companies.  

 

The following table is a snapshot of the sector-wise performance of Nifty 200 companies, sorted in the order of number of companies per sector, during the March quarter, compared with the same quarter last year and with an Informist poll:

 

Sector	Number of Cos	Jan-Mar net sales	Jan-Mar PAT Adjusted		No. of cos for which estimates were available	Jan-Mar sales as per Informist Poll	Jan-Mar PAT as per Informist Poll
		(% change YoY)	(% change YoY)			(% change YoY)	(% change YoY)
NIFTY 200	200	12.2	15.2		189	13.7	4.7
Financial services, ex-banks	29	11.0	23.0		22	15.6	15.8
Capital goods	17	18.2	12.3		17	15.8	12.6
Banks	16	6.4	11.1		15	7.6	5.6
Pharma and healthcare	15	10.8	-0.9		15	10.1	-3.1
Power	14	5.4	18.8		13	2.4	-7.4
Information technology	13	12.0	13.2		13	11.8	10.9
FMCG	13	8.4	16.1		12	9.5	1.3
Automobile	10	17.0	1.9		10	18.0	-5.1
Oil & Gas	9	7.8	11.7		8	15.5	-2.4
Metal and mining	9	19.2	59.0		9	12.7	44.0
Chemicals	7	17.1	11.2		7	9.4	12.1
Services	7	83.3	170.4		7	86.4	152.2
Real estate	6	29.4	28.5		6	28.1	24.4
Defence	6	3.6	9.3		6	3.6	0.5
Retail	5	20.1	26.4		5	20.4	16.4
Auto-ancillary	5	16.0	35.9		5	12.4	19.6
Telecommunications	5	11.9	16.3		5	11.9	-27.6
Cement	4	11.5	25.8		4	11.8	-5.7
Others	4	9.5	-73.6		4	7.7	-70.1
Consumer durables	4	2.1	18.9		4	5.3	-3.9
Jewellery	2	74.0	40.4		2	53.5	65.4

 

Note: Analyst estimates for each index group are derived from estimates for companies that are part of the index.

 

End

 

Data compiled by Vinod Bhovad

Edited by Avishek Dutta

 

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