Nifty 50 has delivered a negative return of 5% over 12 months from March 2025 to March 2026. Its EPS estimates, meanwhile, have been slashed by 7% and 5% respectively for FY26 and FY27, the domestic brokerage said, adding that 40% of the benchmark index’s constituents saw EPS estimate cuts for FY27 in March.
Which stocks saw biggest EPS cuts
Automobiles, infrastructure and ports, pharmaceuticals, insurance, cement and utilities were the key contributors to the FY27 EPS estimate cuts in March 2026. IndiGo-parent InterGlobe Aviation led the pack, seeing nearly an 8% reduction in its EPS estimate. This came as soaring oil prices raised worries over rising operational costs, right when the airline was bouncing back from the recent disruption.NTPC, Maruti Suzuki, Larsen & Toubro (L&T) and Bharti Airtel followed, with EPS cuts ranging around 1-1.4%.
Which stocks saw biggest EPS upgrades
Meanwhile, the domestic brokerage noted that 13 Nifty 50 companies saw upgrades in FY27 EPS estimates in March. Among the larger sectors, higher upgrades were seen in oil and gas, metals and mining, utilities and insurance counters. The stocks that saw the biggest EPS upgrades included Hindustan Unilever (10.1%), ONGC (4.2%), Coal India (2.4%), Titan (0.8%) and Power Grid (0.5%), according to JM Financial.
Sectorally, aviation and infrastructure & ports were the key sectors that witnessed more than 1% cut in FY27E EPS on a month-to-month basis, while oil & gas, consumer and metals & mining saw upgrades.Sensex and Nifty accompanied global peers in the massive selloff in March, declining around 11% each. Notably, investor worries still persist as oil prices remain elevated and war continues to escalate in the oil-rich Middle East.
Trump on Sunday claimed that the US will massively escalate its strikes on Iran on Tuesday in case the country doesn’t open the Strait of Hormuz, the critical waterway for the passage of oil and other trade. In a strongly-worded post on Truth Social, the US President wrote, “Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!! Open the F****n’ Strait, you crazy bastards, or you’ll be living in Hell – JUST WATCH! Praise be to Allah.”
Meanwhile, Iran’s Parliament Speaker Mohammad-Bagher Ghalibaf warned that Washington risks being dragged into a “living HELL” after Trump’s expletive-laden threat targeting Iran’s infrastructure. “Your reckless moves are dragging the United States into a living HELL for every single family, and our whole region is going to burn because you insist on following Netanyahu’s commands. Make no mistake: You won’t gain anything through war crimes. The only real solution is respecting the rights of the Iranian people and ending this dangerous game,” he said in a post on X.
Trump’s fresh threats to Iran raised worries over further escalations in the oil-rich Middle East, pushing oil prices higher. Brent crude futures gained nearly 1% to trade at $110 per barrel. WTI Crude futures, meanwhile, were hovering around $111.5 per barrel.
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