Adani Enterprises tops Nifty EPS upgrade in Nov; IndiGo, Trent lead downgrades; full list

A total of 44 per cent of Nifty50 companies saw downward revisions to their FY26 earnings per share (EPS) estimates in November, an improvement from 52 per cent in October. Adani Enterprises recorded the strongest upgrade, with analysts raising FY26 EPS estimate by 8.3 per cent, while InterGlobe Aviation saw the steepest downgrade with an 11.2 per cent cut, data compiled by JM Financial suggested.

"In November 25, EPS estimates for FY26E and FY27E saw a MoM increase of 0.2 per cent and 0.4 per cent respectively. The number of Nifty companies that saw an EPS cut decreased from 52 per cent in Oct’25 to 44 per cent in Nov’25, with pharmaceuticals, cement, aviation, metals & mining, NBFC, utilities and insurance being key contributors," JM said.

These follow a 0.6 per cent MoM decrease in EPS estimates for FY26E and 0.7 per cent MoM decrease for FY27E EPS in October. 

The stocks that saw the biggest EPS cuts included InterGlobe Aviation (11.2 per cent), Trent (7.1 per cent), Kotak Mahindra Bank (6.1 per cent), Power Grid (3.8 per cent) and Grasim (3 per cent) while stocks that saw the largest upgrades included Adani Enterprises (8.3 per cent), Hindalco Industries (7.4 per cent), State Bank of India (5.4 per cent), NTPC (3.2 per cent) and Mahindra & Mahindra (2.7 per cent).  

In November 2025, 22 Nifty50 companies, or 44 per cent of the index, saw cuts in their FY26E earnings per share (EPS) estimates. The declines were concentrated in several large sectors, with Pharmaceuticals and Cement recording the highest incidence of downgrades, as all companies under coverage in these sectors faced cuts. Aviation, represented by a single company, also saw its FY26E EPS reduced. Metals and Mining saw three of four companies downgraded, while half of the NBFC, Utilities, and Insurance companies experienced reductions.

Upgrades were more selective, with 18 companies, or 36 per cent of the Nifty50, seeing their FY26E EPS estimates raised. Among the larger sectors, Telecom and Industrials, where each had only one company under coverage, saw 100 per cent of constituents upgraded. Infrastructure and Ports had two of three companies upgraded, Automobiles three of five, and Oil & Gas, Utilities, and Insurance each had one of two companies revised higher.

On a month-on-month basis, notable sector-level EPS movements included sharp cuts in Aviation (down 11.2 per cent) and Cement (down 2.1 per cent). Sectors registering MoM upgrades included Telecom and Metals & Mining (both up 1.5 per cent), Auto (up 1.1 per cent), Industrials (up 0.6 per cent), Oil & Gas (up 0.5 per cent), and Banks (up 0.5 per cent).