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Indian equities continued to face earnings pressure in July 2025, with 40 per cent of Nifty50 companies seeing cuts in their earnings per share (EPS) estimates for financial year 2025–26 (FY26), according to JM Financial. However, data in July marks a slight improvement from June 2025, when 44 per cent of the index constituents faced downgrades.
Among the major sectors, banks saw the worst downgrades, with all six banking names in the Nifty50 seeing EPS cuts. The consumer space followed closely, with seven of the eight companies witnessing downward revisions, JM Financial said in a report.
Pharmaceuticals, IT services, and financials also came under pressure. Three out of four pharma companies saw earnings cuts, while 60 per cent of IT firms and 50 per cent of non-banking financial companies (NBFCs) reported similar downgrades. The auto and insurance sectors also saw select companies witnessing a cut in EPS.
On a month-on-month basis, the most significant EPS downgrades were observed in pharmaceuticals (down 2.9 per cent), banks (down 2.3 per cent), and metals and mining (down 2.1 per cent). In contrast, some sectors saw upgrades, led by industrials (up 3.0 per cent), oil and gas (up 2.9 per cent), and automobiles (up 0.7 per cent).
Despite the broader weakness, 18 Nifty50 companies, or 36 per cent, received upward revisions to their FY26 EPS. The oil and gas sector stood out with its constituents seeing most upgrades. The auto sector also fared better, with four out of six companies receiving improved estimates. Insurance, NBFCs, utilities, infrastructure and ports each had one out of two companies upgraded.
ALSO READ: Motilal Oswal trims FY26 Nifty EPS; bets on midcaps in interim Q1 review
Over the past year, from July 2024 to July 2025, the Nifty50 index has delivered a marginal negative return of 0.7 per cent. During the same period, consensus earnings estimates for FY26 and FY27 have been cut by 9 per cent and 7 per cent, respectively. Notably, both FY26 and FY27 EPS forecasts were reduced by 0.5 per cent in July, reversing the flat and upward trends seen in June.
ALSO READ: Motilal Oswal trims FY26 Nifty EPS; bets on midcaps in interim Q1 review
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 "The number of active investors on the National Stock Exchange (NSE) have jumped 44 per cent over the past one year to 47.9 million at the end of September 2024. The surge in active clients is underpinned by the rally in the markets, with the Nifty 50")
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