India Inc's earnings pulse weakens after Q1: Top 5 EPS upgrades, downgrades

Brokerages trim FY26 estimates for 130 of 192 BSE 200 companies, with a median EPS downgrade of 3.5%

India Inc’s financial performance in the first quarter of 2025-26 (Q1FY26) was subpar, with low single-digit revenue growth for the ninth consecutive quarter and profit before tax — excluding other income and one-offs — declining  year-on-year. 

Leading companies across key sectors such as banking, information technology services,  automotive, consumer, capital goods, and pharmaceutical struggled with weak sales and earnings growth. 

As a result, most brokerages have lowered forward earnings estimates for FY26 and FY27, both at the market level and for individual firms. 

For instance, Kotak Institutional Equities now expects FY26E and FY27E net profits of Nifty 50 companies to