India Q1 earnings accelerate as Infosys takes centre stage
Around 250 Indian companies will report June-quarter results next week, with Infosys poised to dictate the near-term trajectory of the country's resilient IT sector.
Roughly 250 Indian companies are set to release earnings for the quarter ending 30 June 2026 next week. The roster includes major names such as Infosys, Bajaj Auto, Adani Energy Solutions, Bharat Petroleum Corporation, NTPC and IDFC First Bank. The reports arrive after a strong session on Friday, where the Sensex gained 1.25% to 78,151.45 and the Nifty 50 climbed 1.09% to 24,334.30, driven by Reliance Industries and private banks.
Investor attention is narrowing toward stock-specific performance as the earnings cycle intensifies. The IT sector is the primary focus, having defied a sharp global technology selloff driven by AI spending anxieties and stretched valuations. The Nifty IT Index rose 4.34% last week, buoyed by better-than-expected results from TCS and HCL Technologies. "Infosys' earnings and management commentary will therefore be closely watched for further cues on demand, margins, and the sector's near-term outlook," said Ponmudi R, CEO of Enrich Money.
Analysts at Motilal Oswal anticipate Infosys will post a 2% quarter-on-quarter constant currency revenue increase, including 1% organic growth, supported by the two-month contribution from recent acquisitions Optimum and Stratus. Operating margins are expected to expand by 40 basis points to 21.4%, benefiting from the absence of first-quarter wage hikes, visa cost reversals and Project Maximus efficiencies. However, the brokerage forecasts the company will trim the upper end of its full-year revenue guidance by 50 basis points to 1.5–3.0%. US banking and financial services demand is expected to hold steady, while telecom and manufacturing segments may lag due to client-specific issues and the Daimler ramp-down.
Beyond traditional IT, the results will provide a critical gauge on India's consumer internet sector. Motilal Oswal projects strong order value growth for Eternal, with its Blinkit quick-commerce arm expected to see net order value jump 17.9% sequentially and 84.4% year-on-year. Blinkit is forecast to achieve an adjusted EBITDA margin of 0.6% of net order value, while Eternal's food delivery business should see its adjusted EBITDA margin rise 60 basis points to 6.1%. Payment firm Paytm is expected to report a 7% sequential revenue increase, holding its contribution margin steady at 55% on the back of 27% annualised gross merchandise value growth.
The breadth of next week's reporting schedule extends across the broader Indian economy. Results from Indian Hotels Company and Interglobe Aviation will indicate tourism demand, while Adani Energy Solutions and NTPC will reflect the state of infrastructure and power capital expenditure. Together, the batch of earnings will provide the most comprehensive test yet of corporate India's ability to navigate ongoing global macroeconomic headwinds.
