The rating agency ICRA has said that its sample set of 838 listed companies have reported aggregate revenue growth of 22% in the June quarter, which higher than 13% year-on-year (Y-o-Y) growth recorded in the March quarter, reflecting earnings resilience of India Inc offsetting weakness in the oil sector. This was driven by commodity and bullion price-led value inflation, the enduring demand lift from the Goods and Services Tax (GST) rate cuts last year that continued to spur the automobile sector, and resilient overall consumption volumes, notwithstanding the West Asia flare-up and El Nino worries. ICRA’s sample set excludes financial sector entities and those with annual revenues of less than Rs 50 crore.
In spite of this, aggregate Operating Profit Margin (OPM) of these companies contracted by over 200 basis points (bps) in Y-o-Y in the first quarter of 2026-27, while net profit numbers came in flattish mainly due to the oil-refining sector, where elevated crude prices and under-recoveries on LPG and petroleum products weighed on profitability. Meanwhile, it pointed that excluding oil & gas, OPM was stable at 19% and net profits grew by over 20% YoY. On sectoral side, IT services reported muted constant-currency growth, while revenue growth lagged in domestic cyclicals such as cement and sugar, and export-focused companies in sectors like textiles and auto components.
ICRA noted that despite concerns over a demand-and-cost shock weighing on sentiments at the beginning of the quarter, the eventual impact was limited, while the consumption-led sectors being the key growth drivers. It added that automobile Original Equipment Manufacturers (OEMs) recorded the strongest revenue growth, along with several other consumer-oriented sectors including FMCG, consumer durables, apparel and grocery retail, jewellery retail and quick-service restaurants.
Moreover, it highlighted that renewed geopolitical tensions in West Asia, the consequent volatility in crude oil and commodity prices, and an uncertain global trade environment will remain key monitorables in coming times. However, healthy balance sheets and comfortable credit metrics of Indian corporates provide a meaningful cushion against potential earnings volatility and near-term external shocks.
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