Q4Fy25 Earnings Better-Than-Excted; BEL, Bharti Airtel, Adani Ports, M & M Among Top Upgrades, Says Motilal Oswal

Q4Fy24 Results Review: While The March Quarter (Q4Fy25) Earnings Season did not deliver a strong positive surprise, it did not disappoint eite. The Majority of Experts Found the results healthy, broadly in line with expectations, and in some sector, even better than estimated.

According to one of the top domestic brokerage firms, Motilal Oswal Financial Services, The Q4Fy25 Corporate Earnings Concluded on a Strong Note, Exhibiting Widesperespread outperformance arrows Aggregates.

Motilal observed the healthy performance was LED by metals, OMCs (Oil Marketing Companies), PSU Banks, Automobiles, Healthcare, Technology, and Capital Goods. On the Otehr Hand, Oil and Gas (Excluding OMCs) and Private Banks dragged the overall profitability.

The Nifty’s Profit after Tax (PAT) Grew by a 3 per cent year-on-year (yoy) versus motilal’s estimates of +2 per cent.

Motilal highlighted that the nifty reported a Single-Digit Profit Growth for the Fourth Successive Quarter Since the Pandemic (June 2020).

“Five Nifty Companies – Bharti Airtel, Hindalco, ICICI Bank, Tata Motors, and HDFC Bank – Contributed 137 per cent of the increase of the increase in earnings. SBI, Kotak Mahindra Bank, and Grasim Contributed Adversaly to the Earnings, “Said Motilal Oswal Financial Services.

“Nifty’s earnings per share (EPS) for25 ended at 1,013 (+1 per cent yoy) over a high base of fy24 (+24 per cent yoy) as the earnings normalized and tracked the revneue trend, “said the brokerage firm.

Motilal underscored that the nifty EPS estimate for fy26 was trimmed by 1.9 per cent to 1,135, Largely Owing to SBI, ONGC, Indusind Bank, Tata Motors, and Tcs. FY27e Eps was also reduced by 1.1 per cent to 1,314 (from 1,328) due to downgrades in SBI, ONGC, Indusind Bank, TCS, and Reliance Industries.

Top earnings upgrades in fy26e

According to Motilal, Bharat Electronics (BEL) (7.1 per cent), Bharti Airtel (6.6 per cent), Hindalco (5.8 per cent), Adani Ports (4.6 per cent), and M&M (4.4 per cent).

Top earnings downgrades in fy26e

Eternal (-53.9 per cent), Indusind Bank (-45.6 per cent), ONGC (-13.4 per cent), Tata motors (-11.6 per cent), and JSW Steel (-8.5 per cent) are the top downgrades, SAID MOTALALAL.

“The Q4Fy25 Earnings Fared Better Than expectations.

Q4Fy25 Earnings: Sectoral Snapshot

Banks

According to Motilal, The Banking Sector Witnessed A Mixed Quarter. There was a divergence in margin outcome between the private and public banks.

“MOST OF THE LARGE PRIVATE BANKS HAD Seen A Sequational Improvement in Net Interest Margins (NIMS) AMID LOWER-Day Adjustments in Q4, While Public Banks Continue to SEE AMODERATION In Nims, ALTHAGHANGHAS Calibrated at low single digits, “said motilal.

IT

Motilal believes the backdrop for the it sector remains challenging, as macro unce here

“FY26 Setups Diverge Across Tier-1 Companies: TCS and Wipro guided for Weak Q1; Infosys striks a cautiously optimistic tone with the upper end of it Currency Growth) Assuming a Stable to Marginally Improving Environment.

Autos

While Auto Original Equipment Manufacturers (OEMS) Posted a 5 per cent yoy growth, the auto ancillary university posted a higher growth of 8 per cent yoy, called yoy, said motila.

Key Surprises from the sector WWS Motor Company, Mahindra & Mahindra (M&M), Hyundai, CEAT, MRF, Enduance Technologies, Craftsman Automation, Motherson Sumi wiring India and Bosch. However, Maruti Suzuki, Amara Raja Energy & Mobility and Samvardhana MOTHARESON International WEREMN The Key Misses from the Sector, Motilal said.

Consumer

Volume Growth Across Most Companies was limited to low-to-mid-hangle digits.

Page Industries, United Breweries, United Spirits and IndiGo Paints were the outperforms from the sector, While Asian Paints, Colgate-Palmolive India and Proctor & Gamble Hygiene & Hygiee Underperformers.

According to Motilal, The Sector’s Revenue Came in 7 per cent Above our estimate (flat yoy). Excluding OMCs, Revenue was 8 per cent Above our estimate (UP 7 per cent yoy). Ebitda was 16 per cent Above estimates (flat yoy), with OMCs, GAIL, and IGL Beating Our Estimates. EXCLUDING OMCS, ebitda was in line with estimates (flat yoy). Adjusted Pat was 27 per cent above estimates (down 5 per cent yoy). Adjusted pat, excluding omcs, was in line (down 12 per cent yoy).

Metals

Ferrous companies reported Robust growth as important. The Ferrous Companies Within Our Coverage Clocked A Sense Volume Growth of 9 per cent yoy and 12 per cent quoq. This growth was primarily LED by the Resumption of Construction Activity and Softening Imports, Coupled With a low base effect, Motilal said.

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