Vedanta, Hindustan Zinc, Siemens, Muthoot, JSW Or BPCL: Which Large-Cap Emerged as Q4 Profit King?

BFSI, metals, and oil marketing companies (OMCs) emerged as the top-performing sectors among Indian corporates in the fourth quarter of FY26. As the Q4 earnings season concluded on a strong note, large-cap companies such as Vedanta, Hindustan Zinc, Siemens Energy, Muthoot Finance, JSW Steel, Tata Steel, and Samvardhana Motherson stood out as some of the best-performing names, based on Motilal Oswal's coverage.

The Nifty 50 delivered 4% year-on-year PAT growth against Motilal Oswal's estimate of 2% growth. As per Motilal Oswal's Q4 result review report, "Nifty reported a single-digit earnings growth for the eighth consecutive quarter, first time since the pandemic (Jun'20)."

Five Nifty companies, i.e., Bharti Airtel, JSW Steel, HDFC Bank, Infosys and TCS, contributed 75% of the incremental annual accretion in earnings. Whereas, Reliance Industries, Interglobe Aviation, Adani Enterprise, Power Grid, Dr Reddy's, Cipla, Tata Motors, and Sun Pharma dragged down earnings.

"The Nifty-50 registered a modest 5% EPS growth in FY26 (following a 16%+ CAGR during FY20-25). Following India's sharp underperformance in FY26 and record FII outflows, a favorable base has likely been set for Indian equities," read Motilal Oswal's India Strategy report.

Which Large Cap Company Delivered the Strongest Q4 Profit?

Anil Agarwal-led Vedanta delivered the best large-cap Q4 results within MOFSL coverage. Vedanta's Q4 profit saw a whopping 206% jump in the fourth quarter of the financial year 2025-26. Second on the list is JSW Steel which delivered a 118% annual jump in its March quarter profit. Muthoot Finance saw its Q4 profit grow by 105% y-o-y in March. Whereas, IOC, Hindustan Zinc, and Samvardhana Motherson, saw an 81%, 81% and 68% annual jump in Q4 profit.

Many large-cap sector stocks delivered impressive growth in the March quarter as 16 out of 20 sectors yunder Motilal Oswal coverage delivered PAT growth. "BFSI, Metals, OMCs, Technology, and Automobiles were the key drivers of healthy earnings performance, which contributed 116% to the incremental YoY accretion in earnings. In contrast, Healthcare and Utilities contributed adversely to the earnings," stated MOFSL in its report.

Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.