Q3FY26 Earnings Winners, Losers Revealed! Tata Steel, Nestle Shine; Maruti, Eternal Under Pressure | Full List

India companies wrapped up Q3FY26 earnings on a firm footing, supported by an improving macro environment and policy tailwinds from the Reserve Bank of India and the Government of India. Fiscal measures and stabilising demand trends helped corporate performance gain momentum during the December quarter, according to Motilal Oswal Q3FY26 review.

Companies such as Titan, Dr Reddy's, Tata Steel, UltraTech Cement and Nestle emerged as key earnings upgrades, while Eternal, Cipla and Maruti Suzuki figured among the notable laggards for the quarter, as per the report.

Q3FY26 Review: Top Companies That Stole The Show

The q3fy26 earnings growth was powered by metals, oil & gas (O&G), and other sector companies. As per MOFSL report metals sector companies profit surged by 33% on a year-on-year. Oil marketing Companies (OMCs) profit was up 2.4x on an annual basis. BFSI sector companies saw their profit jump 14% on a year-on-year basis.

State Bank of India, Tata Steel, HDFC Bank, Tata Consultancy Services, and Bharti Airtel were among the top companies that outperformed the market expectations in terms of their Q3 earnings. As per Motilal Oswal report, these companies contributed 78% of the incremental year-on-year accretion in earnings.

Companies With Earnings Upgrade

Titan saw an 8% upgrades, Dr Reddy's Labs saw a 5.6% upgrade, Ultratech Cement saw 4.9% upgrade, Tata Steel share price saw 3.9% upgrade, and Nestle saw a 3% upgrade by Motilal Oswal.

Q3FY26 Review: Top Companies That Dragge The Q3 Profit

Around 32% of the companies falling under Motilal Oswal's coverage missed the profit after tax (PAT) expectations. Earnings of nearly 100 companies, (under Motilal Oswal's coverage) was downgraded by more than 3% during the quarter.

Eternal, Cipla, Tata Motors, Maruti Suzuki, and Max Healthcare were among the key companies that saw big earnings downgrade for the coming quarters.

"The Nifty EPS for FY26E was cut by 0.2% to INR1,082 (from INR1,084) due to downgrades in Tata Motors PV, Bharti Airtel, ICICI Bank, Interglobe Aviation, JSW Steel, Maruti Suzuki, and Cipla. The FY27E EPS was cut by 0.3% to INR1,263 (from INR1,267), led by Maruti Suzuki, HDFC Bank, Tata Motors PV, ICICI Bank, ONGC, and Bharti Airtel," read the brokerage report.

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