Tata Steel, Bajaj Finance, RIL to drive Nifty Q2; Tata Motors, Axis Bank may drag numbers
Index constituents such as ONGC, State Bank of India (SBI), Axis Bank, Tata Motors, and Hindalco, on the other hand, are projected to drag the growth.
- Oct 6, 2025,
- Updated Oct 6, 2025 10:12 AM IST
MOFSL in a note on Monday said Reliance Industries Ltd (RIL), Bharti Airtel, Tata Steel, JSW Steel, and Bajaj Finance are likely to drive incremental Nifty earnings in the September quarter. Index constituents such as ONGC, State Bank of India (SBI), Axis Bank, Tata Motors, and Hindalco, on the other hand, are projected to drag the growth.
Reliance Industries is expected to report a 22.1 per cent YoY growth in profit at Rs 20,200 crore. This would be 10.4 per cent of the total Nifty Q2 profit and contribute to 35 per cent of the incremental index profit YoY. Bharti Airtel is seen clocking 66.1 per cent YoY rise in profit at Rs 6,500 crore, accounting for 3.3 per cent of Nifty Q2 profit and 24.8 per cent to incremental profit.
Tata Steel is seen reporting Q2 profit at Rs 2,800 crore, up 514.9 per cent. This would be 1.4 per cent of Nifty Q2 profit but contribute 22.3 per cent of the index's incremental profit YoY.
JSW Steel will contribute 8.7 per cent and Bajaj Finance 8.4 per cent of the index's incremental profit, MOFSL said. On the downside, ONGC's may log 16.5 per cent YoY fall in Q2 profit at Rs 10,000 crore. The profit would account for 5.2 per cent of Nifty profit but would weigh 18.9 per cent of to the decremental Nifty Q2. Similar is the case with SBI, Axis Bank, Tata Motors, and Hindalco Industries, which may drag Nifty's incremental profit by 10-15 per cent.
Overall, MOFSL expects Nifty to clock a revenue growth of 7 per cent, Ebitda growth of 8 per cent and net profit at 6 per cent YoY in the September quarter. It sees Nifty's Ebitda margin to expand to 21.1 per cent against 20.4 per cent YoY.
The brokerage has cut its FY26 and FY27 Nifty earnings per share (EPS) estimates by 1.1 per cent and 1.7 per cent, respectively. It sees FY26 EPS to grow 8 per cent YoY Rs 1,096 and FY27 EPS to 16 per cent YoY to Rs 1,274.
"The metals, cement, BFSI, auto, and technology sectors have contributed to the majority of the reduction in our earnings estimate," MOFSL said.
MOFSL in a note on Monday said Reliance Industries Ltd (RIL), Bharti Airtel, Tata Steel, JSW Steel, and Bajaj Finance are likely to drive incremental Nifty earnings in the September quarter. Index constituents such as ONGC, State Bank of India (SBI), Axis Bank, Tata Motors, and Hindalco, on the other hand, are projected to drag the growth.
Reliance Industries is expected to report a 22.1 per cent YoY growth in profit at Rs 20,200 crore. This would be 10.4 per cent of the total Nifty Q2 profit and contribute to 35 per cent of the incremental index profit YoY. Bharti Airtel is seen clocking 66.1 per cent YoY rise in profit at Rs 6,500 crore, accounting for 3.3 per cent of Nifty Q2 profit and 24.8 per cent to incremental profit.
Tata Steel is seen reporting Q2 profit at Rs 2,800 crore, up 514.9 per cent. This would be 1.4 per cent of Nifty Q2 profit but contribute 22.3 per cent of the index's incremental profit YoY.
JSW Steel will contribute 8.7 per cent and Bajaj Finance 8.4 per cent of the index's incremental profit, MOFSL said. On the downside, ONGC's may log 16.5 per cent YoY fall in Q2 profit at Rs 10,000 crore. The profit would account for 5.2 per cent of Nifty profit but would weigh 18.9 per cent of to the decremental Nifty Q2. Similar is the case with SBI, Axis Bank, Tata Motors, and Hindalco Industries, which may drag Nifty's incremental profit by 10-15 per cent.
Overall, MOFSL expects Nifty to clock a revenue growth of 7 per cent, Ebitda growth of 8 per cent and net profit at 6 per cent YoY in the September quarter. It sees Nifty's Ebitda margin to expand to 21.1 per cent against 20.4 per cent YoY.
The brokerage has cut its FY26 and FY27 Nifty earnings per share (EPS) estimates by 1.1 per cent and 1.7 per cent, respectively. It sees FY26 EPS to grow 8 per cent YoY Rs 1,096 and FY27 EPS to 16 per cent YoY to Rs 1,274.
"The metals, cement, BFSI, auto, and technology sectors have contributed to the majority of the reduction in our earnings estimate," MOFSL said.