ANALYSIS
Oil, metal companies push Nifty 50 companies net profit growth to 9-quarter high
This story was originally published at 16:18 IST on 17 August 2026
Register to read our real-time news.Informist, Monday, Aug. 17, 2026
By Anshul Choudhary
MUMBAI – The disruptions caused by the US-Iran war hit the margins of Indian companies in the June quarter but also benefitted a handful of oil and metal companies disproportionately, which largely led the earnings growth. Several companies raised prices to offset the higher costs of raw materials, which helped the Nifty 50 index companies to report their best net profit growth in nine quarters.
The combined net profit of the Nifty 50 index companies, excluding one-time items, rose 17.4% on year for the June quarter. The index companies had reported earnings growth of 5.4% for the March quarter and over 8% for the June quarter a year ago.
The earnings growth beat analysts' expectations by a wide margin. Analysts estimates were available for 49 of the 50 index companies. These companies reported a year-on-year rise of 17.2% in combined adjusted net profit, much better than the 10.3% rise expected by analysts. Earnings estimates
were not available for Adani Enterprises Ltd.
This sharply better performance than expected was driven by two oil companies--Reliance Industries Ltd. and Oil and Natural Gas Corp. Ltd.--and three metal companies--Hindalco Industries Ltd., JSW Steel Ltd., and Tata Steel Ltd. Excluding these five companies, the remaining 44 index companies outperformed estimates by three percentage points only as compared to an outperformance of seven percentage points for the 49 companies.
Excluding the five oil and metal companies, the adjusted net profit growth for the remaining 45 index companies dropped to slightly below 9%, compared with over 17% for all 50 index companies. ONGC benefitted from higher crude oil prices, RIL benefitted as it increased retail fuel prices, and metal companies also raised prices amid supply constraints.
Automobile companies and airlines were a drag on the overall net profit growth as higher costs hit their profitability. Excluding InterGlobe Aviation Ltd.--the sole airline company in the benchmark index--and five automobile companies, the net profit of the remaining 44 companies rose 20.6%, an improvement from 17.4% growth for all index companies.
The combined revenues of the Nifty 50 index companies rose nearly 19% on year for the June quarter--higher than the nearly 13% rise reported in the March quarter and nearly 6% rise in the June quarter last year. The near-19% growth is the highest for the index companies in 15 quarters, or more than three years.
Revenue growth for companies was broad-based, helped by price hikes announced during the quarter. Automobile, retail, metal, oil, financial services, and paints sector companies reported strong growth in sales.
DEARER RAW MATERIALS
Companies' costs jumped in the June quarter as raw material prices rose due to the disruption in the supply of crude oil and other key input materials. Brent crude oil futures averaged nearly $97 per barrel during the June quarter, over 24% higher than in the March quarter.
Owing to this, the Nifty 50 index companies' cost of materials rose nearly 28% on year in the quarter--the highest rise in 15 quarters or over three years. Its effect was clearly visible as the index companies' net profit growth of 17.4% was 150 basis points lower than the revenue growth, indicating a hit on margins.
The impact of higher costs was stark in the earnings of automobile, pharmaceutical, and fast-moving consumer goods companies. The five automobile companies' combined net profit fell 6% on year despite revenue growth of over 20%. Pharmaceutical companies also saw a hit to earnings as the war in West Asia hit the supply of active pharmaceutical ingredients, pushing prices of this key raw material higher. The three pharmaceutical companies that are part of the Nifty 50 index reported a drop of over 25% in their combined net profit despite a rise of nearly 4% in revenues.
GROWTH DRIVERS
While the war hit the margins of most companies, it benefitted companies selling commodities as prices jumped with supply fallling. The three metal companies that are part of the Nifty 50 index nearly doubled their combined net profit during the quarter, the best growth among all sectors. Excluding the metal companies, the net profit growth of the remaining 47 index companies dropped to nearly 14% from over 17% for all companies. The revenue growth of the three metal companies was 20% on year.
ONGC had a bumper quarter as crude oil prices jumped, leading to a rise of over 66% in net realisation in rupee terms during the quarter. Its net profit more than doubled on year and it singlehandedly pushed the index companies' combined earnings growth higher by four percentage points. Excluding ONGC, the net profit growth of the remaining companies in the Nifty 50 dropped to 13.4% from over 17% for all companies.
Interestingly, there are no oil marketing companies in the 50-stock index, which would have hurt the profit growth of the index companies as a whole. RIL mainly sells its petroleum products overseas where they are not subject to price controls. This, coupled with strong growth in its telecommunications business, helped the company limit the impact of higher crude oil prices.
FINANCIALS MIXED
Credit growth during the quarter improved to over 18% at the end of the June quarter for scheduled banks from 16% at the end of the March quarter, according to data from the Reserve Bank of India. While loan growth improved, high costs due to competition for deposits and lower yields on advances hit banks' profitability.
The combined net profit of five banks rose nearly 12% on year during the quarter and their net interest income rose 11% on year--underperforming
against the Nifty 50 index. Excluding banks, the net profit growth of the remaining 45 companies improved to nearly 20% from 17% for all companies.
Non-banking financial companies and life insurance companies reported better growth and the six financial services companies reported a 33% rise in combined net profit. These companies' net revenues rose over 18%.
Following are the Apr-Jun sales, adjusted net profit, and sales and profit growth of companies that are part of the Nifty 50 index. All absolute numbers are in INR million and all percentages are year-on-year. The actual growth or fall is juxtaposed with the estimates for each company:
|
Company Name |
PAT Actual |
PAT Expected |
PAT Growth Actual |
PAT Growth Expected |
Sales Actual |
Sales Expected |
Sales Growth Actual |
Sales Growth Expected |
|
|
(in INR million) |
(in % YoY) |
(in INR million) |
(in % YoY) |
||||
|
AIRPORTS & AVIATION |
|
|
|
|
|
|
|
|
|
Interglobe Aviation |
-3,815 |
12,305 |
-117.65 |
-43.06 |
2,45,841 |
2,42,639 |
19.94 |
18.38 |
|
Total |
-3,815 |
12,305 |
-117.65 |
-43.06 |
2,45,841 |
2,42,639 |
19.94 |
18.38 |
|
|
|
|
|
|
|
|
|
|
|
Company Name |
PAT Actual |
PAT Expected |
PAT Growth Actual |
PAT Growth Expected |
Sales Actual |
Sales Expected |
Sales Growth Actual |
Sales Growth Expected |
|
|
(in INR million) |
(in % YoY) |
(in INR million) |
(in % YoY) |
||||
|
AUTO |
|
|
|
|
|
|
|
|
|
Bajaj Auto |
29,828 |
27,874 |
42.31 |
32.99 |
1,72,437 |
1,70,481 |
37.02 |
35.47 |
|
Eicher Motors + |
14,625 |
13,801 |
21.35 |
14.51 |
66,324 |
63,627 |
31.55 |
26.20 |
|
Mahindra and Mahindra |
36,850 |
35,958 |
6.82 |
4.23 |
4,19,588 |
4,17,390 |
22.89 |
22.25 |
|
Maruti Suzuki India |
33,521 |
32,180 |
-10.80 |
-14.37 |
5,24,557 |
5,25,188 |
35.92 |
36.08 |
|
Tata Motors PV + |
8,070 |
12,540 |
-68.54 |
-51.11 |
9,57,990 |
9,24,734 |
9.26 |
5.47 |
|
Total |
1,22,894 |
1,22,351 |
-6.00 |
-6.42 |
21,40,896 |
21,01,420 |
20.25 |
18.03 |
|
|
|
|
|
|
|
|
|
|
|
Company Name |
PAT Actual |
PAT Expected |
PAT Growth Actual |
PAT Growth Expected |
NII Actual |
NII Expected |
NII Growth Actual |
NII Growth Expected |
|
|
(in INR million) |
(in % YoY) |
(in INR million) |
(in % YoY) |
||||
|
BANKS |
|
|
|
|
|
|
|
|
|
Axis Bank |
71,139 |
69,173 |
22.52 |
19.14 |
1,46,461 |
1,48,746 |
8.01 |
9.70 |
|
HDFC Bank |
1,90,597 |
1,92,824 |
4.98 |
6.21 |
3,35,340 |
3,43,520 |
6.67 |
9.27 |
|
ICICI Bank |
1,48,045 |
1,34,110 |
15.95 |
5.03 |
2,43,844 |
2,37,661 |
12.71 |
9.85 |
|
Kotak Mahindra Bank |
41,230 |
39,442 |
25.64 |
20.19 |
79,284 |
80,220 |
9.22 |
10.51 |
|
State Bank of India |
2,11,212 |
1,89,907 |
10.23 |
-0.89 |
4,69,924 |
4,55,912 |
14.88 |
11.45 |
|
Total |
6,62,223 |
6,25,456 |
11.92 |
5.70 |
12,74,853 |
12,66,059 |
11.05 |
10.29 |
|
|
|
|
|
|
|
|
|
|
|
Company Name |
PAT Actual |
PAT Expected |
PAT Growth Actual |
PAT Growth Expected |
Sales Actual |
Sales Expected |
Sales Growth Actual |
Sales Growth Expected |
|
|
(in INR million) |
(in % YoY) |
(in INR million) |
(in % YoY) |
||||
|
CAPITAL GOODS |
|
|
|
|
|
|
|
|
|
Larsen and Toubro + |
41,229 |
38,501 |
13.98 |
6.44 |
6,79,417 |
6,85,638 |
6.69 |
7.67 |
|
Total |
41,229 |
38,501 |
13.98 |
6.44 |
6,79,417 |
6,85,638 |
6.69 |
7.67 |
|
|
|
|
|
|
|
|
|
|
|
Company Name |
PAT Actual |
PAT Expected |
PAT Growth Actual |
PAT Growth Expected |
Sales Actual |
Sales Expected |
Sales Growth Actual |
Sales Growth Expected |
|
|
(in INR million) |
(in % YoY) |
(in INR million) |
(in % YoY) |
||||
|
CEMENT |
|
|
|
|
|
|
|
|
|
Ultratech Cement + |
26,125 |
25,035 |
15.38 |
10.57 |
2,46,482 |
2,40,746 |
15.85 |
13.16 |
|
Total |
26,125 |
25,035 |
15.38 |
10.57 |
2,46,482 |
2,40,746 |
15.85 |
13.16 |
|
|
|
|
|
|
|
|
|
|
|
Company Name |
PAT Actual |
PAT Expected |
PAT Growth Actual |
PAT Growth Expected |
Sales Actual |
Sales Expected |
Sales Growth Actual |
Sales Growth Expected |
|
|
(in INR million) |
(in % YoY) |
(in INR million) |
(in % YoY) |
||||
|
CHEMICALS |
|
|
|
|
|
|
|
|
|
Asian Paints + |
15,393 |
12,613 |
39.96 |
14.69 |
1,05,419 |
1,01,771 |
17.94 |
13.86 |
|
Grasim Industries |
2,467 |
1,001 |
-308.71 |
-184.66 |
1,17,947 |
1,24,710 |
27.88 |
35.21 |
|
Total |
17,859 |
13,614 |
81.94 |
38.69 |
2,23,367 |
2,26,480 |
22.99 |
24.70 |
|
|
|
|
|
|
|
|
|
|
|
Company Name |
PAT Actual |
PAT Expected |
PAT Growth Actual |
PAT Growth Expected |
Sales Actual |
Sales Expected |
Sales Growth Actual |
Sales Growth Expected |
|
|
(in INR million) |
(in % YoY) |
(in INR million) |
(in % YoY) |
||||
|
DEFENCE |
|
|
|
|
|
|
|
|
|
Bharat Electronics |
10,483 |
10,355 |
8.17 |
6.85 |
55,331 |
50,364 |
25.27 |
14.03 |
|
Total |
10,483 |
10,355 |
8.17 |
6.85 |
55,331 |
50,364 |
25.27 |
14.03 |
|
|
|
|
|
|
|
|
|
|
|
Company Name |
PAT Actual |
PAT Expected |
PAT Growth Actual |
PAT Growth Expected |
Sales Actual |
Sales Expected |
Sales Growth Actual |
Sales Growth Expected |
|
|
(in INR million) |
(in % YoY) |
(in INR million) |
(in % YoY) |
||||
|
FINANCE |
|
|
|
|
|
|
|
|
|
Bajaj Finance + * |
59,858 |
58,708 |
27.37 |
24.92 |
1,25,706 |
1,26,734 |
22.91 |
23.91 |
|
Bajaj Finserv + |
31,324 |
28,000 |
12.31 |
0.39 |
4,20,369 |
3,91,000 |
19.08 |
10.76 |
|
HDFC Life Insurance # |
6,114 |
5,860 |
11.89 |
7.24 |
1,65,480 |
1,67,115 |
11.25 |
12.35 |
|
Jio Financial + * |
8,303 |
3,345 |
180.40 |
12.97 |
5,433 |
3,961 |
105.73 |
50.00 |
|
SBI Life Insurance # |
7,249 |
7,270 |
21.97 |
22.31 |
2,00,782 |
2,00,128 |
12.71 |
12.34 |
|
Shriram Finance * |
34,446 |
30,515 |
59.79 |
41.55 |
77,057 |
72,417 |
33.49 |
25.45 |
|
Total |
1,47,293 |
1,33,698 |
32.92 |
20.65 |
9,94,827 |
9,61,354 |
18.08 |
14.10 |
|
|
|
|
|
|
|
|
|
|
|
Company Name |
PAT Actual |
PAT Expected |
PAT Growth Actual |
PAT Growth Expected |
Sales Actual |
Sales Expected |
Sales Growth Actual |
Sales Growth Expected |
|
|
(in INR million) |
(in % YoY) |
(in INR million) |
(in % YoY) |
||||
|
FMCG |
|
|
|
|
|
|
|
|
|
Hindustan Unilever |
27,060 |
27,222 |
-4.38 |
-3.81 |
1,66,570 |
1,68,642 |
9.77 |
11.14 |
|
ITC |
35,788 |
44,635 |
-27.12 |
-9.11 |
1,69,076 |
1,85,749 |
-14.44 |
-6.00 |
|
Nestle India |
9,814 |
8,173 |
48.86 |
23.97 |
63,782 |
60,315 |
25.16 |
18.35 |
|
Tata Consumer Products + |
4,270 |
4,098 |
27.78 |
22.65 |
53,489 |
53,882 |
11.93 |
12.75 |
|
Total |
76,932 |
84,128 |
-11.92 |
-3.68 |
4,52,917 |
4,68,588 |
1.08 |
4.57 |
|
|
|
|
|
|
|
|
|
|
|
Company Name |
PAT Actual |
PAT Expected |
PAT Growth Actual |
PAT Growth Expected |
Sales Actual |
Sales Expected |
Sales Growth Actual |
Sales Growth Expected |
|
|
(in INR million) |
(in % YoY) |
(in INR million) |
(in % YoY) |
||||
|
IT |
|
|
|
|
|
|
|
|
|
HCL Technologies + |
46,240 |
44,824 |
20.32 |
16.64 |
3,45,790 |
3,43,538 |
13.94 |
13.20 |
|
Infosys + |
77,690 |
78,665 |
12.25 |
13.66 |
4,82,110 |
4,84,454 |
14.03 |
14.59 |
|
Tata Consultancy Services + |
1,40,170 |
1,33,933 |
9.85 |
4.96 |
7,22,750 |
7,18,504 |
13.93 |
13.26 |
|
Tech Mahindra + |
14,651 |
15,739 |
28.45 |
37.99 |
1,57,119 |
1,54,561 |
17.68 |
15.77 |
|
Wipro + |
33,520 |
34,337 |
0.65 |
3.10 |
2,44,786 |
2,48,175 |
10.59 |
12.12 |
|
Total |
3,12,271 |
3,07,499 |
11.55 |
9.84 |
19,52,555 |
19,49,233 |
13.82 |
13.62 |
|
|
|
|
|
|
|
|
|
|
|
Company Name |
PAT Actual |
PAT Expected |
PAT Growth Actual |
PAT Growth Expected |
Sales Actual |
Sales Expected |
Sales Growth Actual |
Sales Growth Expected |
|
|
(in INR million) |
(in % YoY) |
(in INR million) |
(in % YoY) |
||||
|
JEWELLERY |
|
|
|
|
|
|
|
|
|
Titan Co. |
16,990 |
12,915 |
64.95 |
25.38 |
1,81,010 |
2,06,476 |
24.29 |
41.77 |
|
Total |
16,990 |
12,915 |
64.95 |
25.38 |
1,81,010 |
2,06,476 |
24.29 |
41.77 |
|
|
|
|
|
|
|
|
|
|
|
Company Name |
PAT Actual |
PAT Expected |
PAT Growth Actual |
PAT Growth Expected |
Sales Actual |
Sales Expected |
Sales Growth Actual |
Sales Growth Expected |
|
|
(in INR million) |
(in % YoY) |
(in INR million) |
(in % YoY) |
||||
|
METAL & MINING |
|
|
|
|
|
|
|
|
|
Hindalco Industries + |
93,120 |
58,172 |
132.57 |
45.29 |
8,48,250 |
8,89,698 |
32.06 |
38.51 |
|
JSW Steel + |
46,510 |
32,117 |
112.96 |
47.05 |
4,73,640 |
4,46,669 |
9.77 |
3.52 |
|
Tata Steel + |
26,638 |
24,440 |
20.55 |
10.60 |
6,07,943 |
5,88,016 |
14.32 |
10.57 |
|
Total |
1,66,268 |
1,14,729 |
97.99 |
36.62 |
19,29,833 |
19,24,384 |
20.20 |
19.86 |
|
|
|
|
|
|
|
|
|
|
|
Company Name |
PAT Actual |
PAT Expected |
PAT Growth Actual |
PAT Growth Expected |
Sales Actual |
Sales Expected |
Sales Growth Actual |
Sales Growth Expected |
|
|
(in INR million) |
(in % YoY) |
(in INR million) |
(in % YoY) |
||||
|
OIL & GAS |
|
|
|
|
|
|
|
|
|
ONGC |
1,70,338 |
1,43,891 |
112.28 |
79.32 |
4,64,605 |
4,52,130 |
45.18 |
41.28 |
|
Reliance Industries + |
2,09,460 |
1,90,128 |
15.92 |
5.22 |
30,94,680 |
31,50,230 |
27.02 |
29.30 |
|
Total |
3,79,798 |
3,34,019 |
45.55 |
28.00 |
35,59,285 |
36,02,360 |
29.13 |
30.69 |
|
|
|
|
|
|
|
|
|
|
|
Company Name |
PAT Actual |
PAT Expected |
PAT Growth Actual |
PAT Growth Expected |
Sales Actual |
Sales Expected |
Sales Growth Actual |
Sales Growth Expected |
|
|
(in INR million) |
(in % YoY) |
(in INR million) |
(in % YoY) |
||||
|
PHARMA, HEALTHCARE |
|
|
|
|
|
|
|
|
|
Apollo Hospitals + |
5,807 |
5,575 |
34.17 |
28.82 |
70,435 |
68,939 |
20.56 |
18.00 |
|
Cipla + |
7,891 |
8,356 |
-39.19 |
-35.61 |
71,193 |
71,168 |
2.33 |
2.29 |
|
Dr. Reddy's Lab + |
4,443 |
7,846 |
-68.67 |
-44.67 |
80,998 |
82,431 |
-5.51 |
-3.84 |
|
Max Healthcare Institute + |
3,225 |
3,951 |
4.71 |
28.28 |
23,662 |
27,203 |
16.70 |
34.17 |
|
Sun Pharmaceutical + |
30,989 |
30,105 |
0.07 |
-2.78 |
1,52,999 |
1,55,252 |
10.46 |
12.08 |
|
Total |
52,354 |
55,833 |
-20.11 |
-14.80 |
3,99,286 |
4,04,993 |
7.19 |
8.72 |
|
|
|
|
|
|
|
|
|
|
|
Company Name |
PAT Actual |
PAT Expected |
PAT Growth Actual |
PAT Growth Expected |
Sales Actual |
Sales Expected |
Sales Growth Actual |
Sales Growth Expected |
|
|
(in INR million) |
(in % YoY) |
(in INR million) |
(in % YoY) |
||||
|
PORTS |
|
|
|
|
|
|
|
|
|
Adani Ports + |
36,204 |
33,746 |
9.23 |
1.81 |
1,08,208 |
1,05,607 |
18.57 |
15.72 |
|
Total |
36,204 |
33,746 |
9.23 |
1.81 |
1,08,208 |
1,05,607 |
18.57 |
15.72 |
|
|
|
|
|
|
|
|
|
|
|
Company Name |
PAT Actual |
PAT Expected |
PAT Growth Actual |
PAT Growth Expected |
Sales Actual |
Sales Expected |
Sales Growth Actual |
Sales Growth Expected |
|
|
(in INR million) |
(in % YoY) |
(in INR million) |
(in % YoY) |
||||
|
POWER |
|
|
|
|
|
|
|
|
|
Adani Enterprises + |
14,838 |
N.A. |
67.62 |
N.A. |
3,29,240 |
N.A. |
49.92 |
N.A. |
|
Coal India + |
88,521 |
86,878 |
0.63 |
-1.24 |
4,62,548 |
4,39,244 |
7.77 |
2.34 |
|
NTPC |
53,424 |
52,538 |
11.89 |
10.04 |
4,38,319 |
4,79,331 |
2.96 |
12.59 |
|
Power Grid Corp. |
34,110 |
38,979 |
-6.63 |
6.70 |
97,954 |
1,22,852 |
-1.34 |
23.74 |
|
Total |
1,90,892 |
1,78,396 |
5.41 |
-1.49 |
13,28,060 |
10,41,427 |
13.14 |
-11.28 |
|
|
|
|
|
|
|
|
|
|
|
Company Name |
PAT Actual |
PAT Expected |
PAT Growth Actual |
PAT Growth Expected |
Sales Actual |
Sales Expected |
Sales Growth Actual |
Sales Growth Expected |
|
|
(in INR million) |
(in % YoY) |
(in INR million) |
(in % YoY) |
||||
|
RETAIL |
|
|
|
|
|
|
|
|
|
Trent |
5,318 |
4,881 |
25.84 |
15.49 |
56,663 |
57,504 |
18.51 |
20.27 |
|
Total |
5,318 |
4,881 |
25.84 |
15.49 |
56,663 |
57,504 |
18.51 |
20.27 |
|
|
|
|
|
|
|
|
|
|
|
Company Name |
PAT Actual |
PAT Expected |
PAT Growth Actual |
PAT Growth Expected |
Sales Actual |
Sales Expected |
Sales Growth Actual |
Sales Growth Expected |
|
|
(in INR million) |
(in % YoY) |
(in INR million) |
(in % YoY) |
||||
|
SERVICES |
|
|
|
|
|
|
|
|
|
Eternal + |
920 |
2,947 |
268.00 |
1,078.70 |
2,02,110 |
1,98,302 |
182.00 |
176.69 |
|
Total |
920 |
2,947 |
268.00 |
1,078.70 |
2,02,110 |
1,98,302 |
182.00 |
176.69 |
|
|
|
|
|
|
|
|
|
|
|
Company Name |
PAT Actual |
PAT Expected |
PAT Growth Actual |
PAT Growth Expected |
Sales Actual |
Sales Expected |
Sales Growth Actual |
Sales Growth Expected |
|
|
(in INR million) |
(in % YoY) |
(in INR million) |
(in % YoY) |
||||
|
TELECOM |
|
|
|
|
|
|
|
|
|
Bharti Airtel + |
85,208 |
85,509 |
43.26 |
43.76 |
5,85,391 |
5,72,889 |
18.35 |
15.82 |
|
Total |
85,208 |
85,509 |
43.26 |
43.76 |
5,85,391 |
5,72,889 |
18.35 |
15.82 |
|
|
|
|
|
|
|
|
|
|
|
Grand Total |
23,47,446 |
21,95,915 |
17.40 |
9.83 |
1,66,16,331 |
1,63,06,461 |
18.91 |
16.69 |
Notes:
+ Consolidated figure
* Net interest income
# Net premium income
YoY: Year-on-Year
N.A.: Not Available
End
Edited by Rajeev Pai
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2026. All rights reserved.
To read more please subscribe
Share this Story:
