This sector is set to dominate Q1 earnings for all the wrong reasons

Motilal Oswal expects India Inc's aggregate Q1FY26 PAT to decline 3 percent YoY, the weakest quarterly performance since September 2020, dragged by oil marketing companies posting a combined loss of around Rs 36,400 crore due to elevated crude prices amid the West Asia conflict. Nomura projects HPCL, BPCL and IOCL to report EBITDA losses of Rs 13,900 crore, Rs 15,800 crore and Rs 17,300 crore respectively. Telecom is set to lead with profits rising 3.3 times YoY led by Bharti Airtel, while financials, metals, and building materials are expected to post strong growth, partially offsetting the oil and gas drag.