Q4 FY26 earnings are underway, and about 40% of Nifty 50 companies have reported as of April 14. The overall picture is mixed — strong banking, solid IT, weak consumption, and a surprisingly upbeat capital goods segment.
The winners
Banking: HDFC Bank, ICICI Bank, and Axis Bank posted strong NIMs and better-than-expected credit growth. Asset quality remains clean; slippages are at multi-year lows. Provisions have eased, boosting reported PAT.
IT services: TCS and Infosys both beat estimates on margin, driven by AI-related services pickup and currency tailwinds. Wipro and HCL Tech also came in marginally ahead. Deal TCV was strong across all four, suggesting a better FY27 pipeline.
Capital goods: L&T, ABB, and Siemens reported robust order books. Government capex in infrastructure continues to drive domestic demand, and export orders have picked up modestly.
The losers
Consumer goods: HUL, Nestle, and Britannia reported softer volume growth, especially in rural markets. Pricing actions offset some of the hit, but the demand story remains weak. Management commentary across FMCG has been cautious about H1 FY27.
Autos: Two-wheeler majors saw soft urban demand; only premium segments held up. Passenger vehicle growth slowed noticeably from the boom years. EV transitions continue to weigh on margins.
Cement: Realizations stayed flat despite input cost relief. Industry pricing discipline has been poor. Expect another quarter of single-digit EBITDA growth for most players.
The big surprise
Reliance Industries reported stronger retail and Jio segments than expected, offsetting a weak O2C quarter. Market took the result positively despite the oil business's drag.
What it means for your SIPs
If you're in broad market index funds, this kind of mixed quarter is exactly why diversification works — you benefit from banking and IT strength while weak FMCG and autos average out. If you're in sector funds, the divergence is much starker and you need to be actively watching. Our explorer has sector-wise filters for those who want a closer look.