India Equity Strategy: 1QFY27 Earnings Preview: Top-line strength could offset margin headwinds

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India Equity Strategy: 1QFY27 Earnings Preview: Top-line strength could offset margin headwinds

Rajiv Batra AC Global Markets Strategy

(65) 6882-8151 08 July 2026 J P M O R G A N

rajiv.j.batra@jpmorgan.com

quarter). Non-food bank credit growth accelerated to an average of 16.5% in the June Madhukar Ladha

quarter. Auto sales also remain strong. GST collections rebounded to 14% oya in June, (91-22) 6157-3594

madhukar.ladha@jpmorgan.com

driven by imports, although domestic collections also improved in June. Industrial J.P. Morgan India Private Limited, J.P. Morgan

activity held up in May, printing at 5.1%oya. Please see Figure 35IndiaHeatmap and Figure 36IndiaHeatmap(continued.) for more Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

high-frequency macro indicators.

Bhavik Mehta, CFA

• Over the last three months, MSCI India’s consensus earnings expectations for 2026 (91-22) 6157-3871

were revised down by 2.3%, while for 2027 they were revised up by 0.1% (Figure 2EPSrevisionsbysector–MSCIIndia). Last bhavik.mehta@jpmchase.com

month, Materials had the highest positive revisions, while Autos and Energy had the J.P.Tower,MorganSantacruz(E),India PrivateMumbaiLimited,- 400098,J.P. MorganSEBI

highest negative revisions. For FY27, only Hindalco and Solar Industries saw >10% Registration: INH000001873, (91-22) 6157-3000.

positive EPS revisions (Figure 610stocksinMSCIIndiawiththehighestpositiveFY27EPSrevisionsoverthelast1month10stocksinMSCIIndiawithhighestpositiveFY26EPSrevisionoverthelast1monthEPSrevisionsbystock-MSCIIndia(continued)), while a higher number saw lower than -10% earnings Rishabh Gupta

revisions (BPCL, IOCL, Voltas and Siemens) (Figure 710stocksinMSCIIndiawiththehighestnegativeFY27EPSrevisionsoverthelast1month).