India Earnings Radar: Jun‘26: Limited breadth in revisions

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India Earnings Radar: Jun‘26: Limited breadth in revisions

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India Earnings Radar

Jun’26: Limited breadth in revisions

Equity Strategy

Earning Revisions: At Nifty level, FY27/28 MoM earnings revisions were (-0.6%/-0.6% 22 June 2026

each) while CYTD26 revisions stood at -1.3%/-2%. FY27/FY28 MoM revisions at NSE500 Equity Strategy

level were (-0.5%/-0.2% each) and CYTD26 revisions came in at 0.2%/-0.9%. We remain India

below consensus for Nifty FY27 earnings growth at 8.5% vs consensus at 15%.

MoM Consensus FY27 earnings revisions: Upgrades were seen in Cement, Metals,

Energy and Discretionary while downgrades were seen in Healthcare, Industrials,

Staples and Telecom

MoM BofA FY27 earnings revisions: Upgrades were seen in Metals and

Discretioanry while downgrades were seen in Staples & Utilties Amish Shah, CFA >>

Research Analyst

BofA Upbeat vs Downbeat: We are significantly ahead of consensus earnings on BofAS+91 22India6632 8656

MGFL, APHS, DRRD, BANDHAN and AUBANK While we are significantly below shah.amish@bofa.com

consensus on UBBL, TMPV, BHEL, IDEA and LPC. Udit Dhekale >>

BofAe vs Consensus at Nifty level BofAS India

udit.dhekale@bofa.com

 Sectors we lead vs consensus: Telecom, Cement, and Industrials for FY27 and FY28

Manya Kakkar >>

 Sectors we lag vs consensus: Discretionary, Staples, Energy and IT for FY27 and Research Analyst

FY28. BofAS India

manya.kakkar@bofa.com

Exhibit 3: CYTD26 Nifty vs Sector Performance; MSCI India vs EM premium above its LTA Rithik Dhiman >>

Metal & Utilities (12%/8%) led CYTD performance while IT underperformed sharply at -27%; MSCI India’s Research Analyst

valuation premium vs EM at 68%, above its LTA of 46% BofASrithik.dhiman@bofa.comIndia

Exhibit 1: BofA screen Top ranked

Top 5 based on BofA vs consensus EPS