J.P. Morgan India FTM 19 May 26 India Equity Strategy; Global Health; Concrete Insights; Amber Enterprises; Delhivery Limited and More

Research evidence excerpt

J.P. Morgan India FTM 19 May 26 India Equity Strategy; Global Health; Concrete Insights; Amber Enterprises; Delhivery Limited and More

Asia Pacific Equity Research

India First to Market 19 May 2026

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India Equity Strategy (Rajiv Batra)

4QFY26 Earnings Dissector – Better-than-expected-prints; upgrade Industrials to OW

As of 15 May, 73% companies in the MSCI India (83% by market cap) and 76% companies in the Nifty 50 (84% by market cap)

have reported their 4QFY26 earnings. Based on the cluster of MSCI/Nifty India stock results released so far, companies have

performed better than expected. MSCI India ex-financials companies’ revenue/PAT grew by +11%/+11% YoY with EBITDA

margin expansion of 31bps. For the Nifty Midcap 100 and Smallcap 100 companies, PAT came in +33%/+28% YoY,

respectively. Management commentary across most companies clearly flags macro, logistics, and pricing risks; impacts have

been manageable so far, and FY27 growth outlooks have largely been maintained - assuming tensions ease. If the disruption

lasts longer than expected, companies might be forced to reduce their full-year outlook on upcoming calls. We believe earnings

in 1QFY27 (potentially 2QFY27 if oil shock is prolonged) are likely to face pressure from higher input prices and currency

depreciation. Inflation and El Nino remain other key risks to monitor for demand resilience in FY27. Our preferred positioning

leans heavily towards high-growth domestic cyclicals . We are upgrading Industrials to Overweight (from Neutral)

driven by strong government-backed infrastructure spending & electrification demand, the defense modernization &

indigenization push and manufacturing expansion. Our bear/base/bull case Nifty-50 targets remains 20,500/27,000/30,000

respectively.