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Informist, Friday, Aug. 21, 2026

 

By Simran Rede

 

MUMBAI – Companies in 13 of the 21 sectors represented in the Nifty 200 index reported better-than-expected growth in revenue and net profit for the June quarter adjusted for exceptional items. Among the laggards, two sectors--fast-moving consumer goods and real estate--failed to meet the expectations for both revenue and profit. The remaining six saw a mixed performance.

 

Of the 21 sectors, 15 beat the net profit expectations and 16 outpaced revenue expectations. Five of the 15 sectors beat profit estimates by a wide margin, including banks, metals and mining, chemicals, consumer durables, and jewellery companies. No sector could exceed revenue expectations by a wide margin.

 

A sharp rise in input costs due to the war in West Asia slowed the year-on-year growth in adjusted net profit for the June quarter of the 191 companies in the Nifty 200 index for which earnings estimates were available. The aggregate revenue growth of these companies was, however, the best in 15 quarters. On a cumulative basis, the index companies exceeded analysts' expectations for both net profit and revenue for the June quarter.

 

Analysts had expected companies in the oil and gas sector to collectively report a loss for the June quarter. Yet, none of the sectors did so. The net profit of the 191 companies rose 12% for the reporting quarter, against an expectation of a 6?cline. The revenue was up almost 21% on year, beating the Street's view of a rise of roughly 19%.

 

Of the 21 sectors, 15 reported a rise in the bottom line while four sectors posted a decline on a year-on-year basis. In the year-ago quarter, the performance was similar; 14 of the 21 sectors had reported a rise in bottom line and five had posted a decline.

 

As many as 12 of the 21 sectors outperformed the net profit growth of the benchmark Nifty 50. The net profit growth of the services sector was not comparable as it had reported a cumulative net loss in the year-ago quarter. Seven sectors reported revenue growth higher than that of the Nifty 50 companies while the revenue growth of seven others was below it.

 

The aggregate net profit of the 191 companies in the Nifty 200 marked the slowest growth in three quarters. The cumulative top line of these companies grew a little over 21%, the highest growth in 15 quarters. The adjusted net profit of the 191 companies in the index for which estimates were available was expected to decline over 6%, according to an Informist Poll. The cumulative net sales of the 191 companies were seen rising almost 19% on year.

 

While all sectors within the Nifty 200 reported an on-year rise in their aggregate top line for the June quarter, the cumulative adjusted bottom line of companies in the pharmaceuticals and healthcare, FMCG, automobile, oil and gas, cement, and "others" sectors declined.

Within the Nifty 200 universe, companies in three sectors--metals and mining, telecommunications, and jewellery--were the top performers as far as net profit growth goes. Together, these sectors contributed nearly 10% of the Nifty 200 companies' top line and bottom line for the quarter.

 

On the other hand, companies in six sectors--pharma and healthcare, FMCG, automobiles, oil and gas, cement, and "others"--reported a decline in net profit for the quarter. On the sales front, four sectors outperformed the other 17, while three of those 17 underperformed sharply. However, the cumulative sales growth of companies in each of those three sectors was still about 9% on year.

 

TOP PERFORMERS

The metals and mining sector was among the front-runners in terms of net profit and revenue growth. Companies in this sector reported an aggregate adjusted bottom-line growth of nearly 80% on year, the most in seven quarters and better than the estimated 41% growth. This was mainly on the back of a multifold jump in adjusted net profit of Hindalco Industries, JSW Steel, Hindustan Zinc, and Steel Authority of India. The aggregate top line of the metals and mining companies rose 22% on year, the fastest pace of growth in 16 quarters, supported by higher commodity prices. This was in line with the Street's estimate.

 

Telecommunications companies also fared well in the quarter, with the aggregate top line of the four telecom companies growing more than 14% on year, better than the 12% growth reported in the trailing quarter and the 12% growth in top line estimated by an Informist Poll. This was, however, lower than the over 20% growth reported by them in the corresponding quarter a year ago. The cumulative bottom line of these four telecom companies increased nearly four-fold on year but fell 27% on quarter.

 

The two jewellery companies that are part of the Nifty 200 shone brighter in the June quarter, outpacing all other sectors as well as the broader Nifty 200 pack, in terms of growth in net profit as well as revenue. The aggregate adjusted bottom line of the two companies jumped 58% on year while revenues rose 31%.

 

UNDERPERFORMERS

The eight oil and gas companies put on a poor show on the profitability front. These companies, which contributed 30% to the Nifty 200 companies' cumulative top line for the quarter, reported a 40% year-on-year fall in aggregate adjusted bottom line for the quarter. This was mainly on the back of higher crude oil prices, which weighed down on the growth of oil marketing companies Bharat Petroleum Corp., Hindustan Petroleum Corp., and Indian Oil Corp., partially negating the rise in the bottom line of Reliance Industries, Oil and Natural Gas Corp., and Oil India. The aggregate top line of the eight companies grew around 31% on year against the 25% rise expected by the Street. The adjusted net profit of Reliance Industries, which is the largest contributor to the sector's sales, grew 16% on year. The net profit of ONGC more than doubled. These two companies helped the sector report a profit. Without them, the sector would have fallen into a loss.

 

The three companies in the "others" segment in the Nifty 200, which are not categorised under any specific sector, reported sharp profit declines for the quarter. These were Adani Ports and Special Economic Zone, InterGlobe Aviation, and GMR Airports. The aggregate adjusted bottom line of these three fell 36% on year, declining for the second quarter. 

 

The 11 automobile companies that are part of the Nifty 200 showed poor growth on the net profit front despite revenue growth being the highest in four quarters. The aggregate top line of these 11 companies rose 20% on year, slightly above the 18% growth estimated. This was also better than the over 17% year-on-year growth reported in the trailing quarter but well below the 91% rise in the year-ago quarter.

 

The cumulative bottom line of the 11 auto companies fell nearly 2% on year in the June quarter after rising 4% in the trailing quarter. This was the worst June quarter based on net profit for the sector since 2022. Tata Motors Passenger Vehicles dragged the cumulative net profit of the sector down sharply. Excluding Tata Motors PV, the sector's net profit rose 9% on year.

 

Lower realisations and higher power and fuel costs limited the gains from higher sales volumes of cement companies. The aggregate adjusted bottom line of the three cement companies fell almost 2% on year against the expectation of an 8% on-year fall. This was mainly on the back of a 31% and 29% year-on-year fall in the bottom line of Ambuja Cement and Shree Cement, respectively, which together accounted for 29% of the sector's bottom line for the quarter.

 

FMCG companies also reported weak earnings for the June quarter, with their cumulative net profit falling roughly 2% on year after rising in the mid-teens in the previous two quarters. The bottom line fell for the first time in six quarters. The cumulative top line of FMCG companies grew over 8% for the quarter, maintaining slow and steady growth in the high single digit for the fourth consecutive quarter.

 

The following table is a snapshot of the sector-wise performance of the Nifty 200 companies, sorted in order of number of companies per sector, during the June quarter, compared with the year-ago quarter and with the Informist Poll for the 191 companies for which analysts' estimates were available:

 

Sector	No. of cos for which estimates were available	Apr-Jun sales as per Informist Poll	Apr-Jun PAT as per Informist Poll		No. of cos for which estimates were available	Apr-Jun net sales	Apr-Jun PAT Adjusted
		(% change YoY)	(% change YoY)			(% change YoY)	(% change YoY)
NIFTY 200	191	18.7	-6.0		191	20.9	12.0
Financial services, ex-banks	26	15.3	18.1		26	16.6	23.2
Capital goods	18	15.3	24.7		18	16.0	28.2
Banks	16	10.2	6.5		16	11.3	20.8
Pharma and healthcare	16	13.7	-4.9		16	15.5	-4.4
Power	11	9.8	2.6		11	10.5	10.3
Information technology	12	15.1	13.4		12	15.5	14.7
FMCG	13	9.3	3.1		13	8.8	-0.4
Automobile	11	18.0	-5.5		11	20.0	-1.6
Oil & Gas	7	24.7	--		7	30.8	-40.0
Metal and mining	9	21.8	40.8		9	22.4	79.8
Chemicals	7	17.7	9.2		7	18.4	39.0
Services	6	85.5	--		6	88.1	--
Real estate	6	26.9	26.3		6	8.7	20.1
Defence	6	13.5	15.9		6	25.6	22.2
Retail	6	20.1	21.2		6	18.6	26.7
Auto-ancillary	4	14.0	19.9		4	16.2	30.0
Telecommunications	4	12.4	298.3		4	14.4	286.8
Cement	3	9.2	-8.0		3	8.9	-1.6
Others	3	18.9	-5.9		3	19.9	-36.2
Consumer durables	5	17.1	19.5		5	18.7	42.1
Jewellery	2	41.6	29.9		2	31.4	58.2

 

 

Sector	Number of Cos	Apr-Jun net sales	Apr-Jun PAT Adjusted
		(% change YoY)	(% change YoY)
NIFTY 200	200	21.1	11.7
Financial services, ex-banks	32	16.8	18.3
Capital goods	18	16.0	28.2
Banks	16	11.3	20.8
Pharma and healthcare	16	15.5	-4.4
Power	12	15.5	12.2
Information technology	12	15.5	14.7
FMCG	14	8.3	-1.7
Automobile	11	20.0	-1.6
Oil & Gas	8	30.8	-39.9
Metal and mining	9	22.4	79.8
Chemicals	7	18.4	39.0
Services	6	88.1	--
Real estate	6	8.7	20.1
Defence	6	25.6	22.2
Retail	6	18.6	26.7
Auto-ancillary	4	16.2	30.0
Telecommunications	4	14.4	286.8
Cement	3	8.9	-1.6
Others	3	19.9	-36.2
Consumer durables	5	18.7	42.1
Jewellery	2	31.4	58.2

 

End

 

Data compiled by Vinod Bhovad

Edited by Rajeev Pai

 

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