The September quarter (Q2FY26) earnings season wrapped up on a healthy note, with overall growth led by oil marketing companies (OMCs), telecom, metals, technology, NBFCs – lending, cement, and capital goods.

However, Oil & Gas (ex-OMCs), automobiles, dragged largely by Tata Motors, and both private and public sector banks pulled down aggregate profitability.

The Nifty delivered 2% year-on-year profit growth, undershooting expectations of 5%. This also marks the sixth consecutive quarter of single-digit earnings growth since the June 2020 pandemic quarter.

Notably, just five companies, including Bharti Airtel, Tata Steel, HDFC Bank, Reliance Industries, and TCS, contributed 300% of the incremental YoY earnings accretion, offsetting weaknesses elsewhere.

In contrast, Tata Motors, ONGC,

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