Mohanlal Oswal report highlights robust growth, OMCs under pressure

Mumbai, 16 Aug – A new analysis released Sunday by Mohanlal Oswal shows that the first quarter of fiscal year 2026‑27 was marked by strong earnings across a broad swathe of Indian corporations. Nineteen sectors posted better‑than‑expected results, with financial services, metals, oil & gas (excluding oil‑marketing companies) and automotive firms emerging as the top performers.

According to the compiled figures, the income season wrapped up with a solid performance gap over forecasts. Rising crude oil prices placed significant strain on oil‑marketing companies, but the rest of the oil and gas sector, alongside technology, telecom, chemicals, textiles and real‑estate, injected positive momentum into the earnings pool.

Mohanlal Oswal Financial Services Ltd (MOFSL) recorded an 18% jump in sales, a 15% rise in EBITDA and a 22% increase in profit after tax on a year‑over‑year basis. The brokerage had projected growth of 15%, 10% and 15% respectively.

The report points to BFSI, metals and the non‑OMC oil & gas, technology and telecom segments as the main drivers behind the impressive numbers. By contrast, oil‑marketing companies posted their worst quarter, swinging from a ₹162 billion profit a year earlier to a ₹181 billion loss.

Cement producers and InterGlobe Aviation also contributed negatively to overall earnings. The Nifty index posted an 18% rise in post‑tax profit—its highest in ten quarters and well above Mohanlal Oswal’s 10% estimate.

Across market‑capitalisation tiers, earnings beat expectations: large‑cap companies posted a 21% annual rise versus a 14% consensus, mid‑caps grew 23% (the best in eleven quarters) and small‑caps surged 31%, topping the 22% forecast.