A 357-company Indian earnings tally published by The Economic Times showed September-quarter net profit growth of 27.5%, while a drop in operating margins signaled uneven gains across sectors.
The outlet put revenue growth at 22.1%, its highest reading in nine quarters, and said profit growth had accelerated from 9.7% in the June quarter. The comparison quarter had been slower: the same sample recorded revenue growth of 6.7% and profit growth of 12.4% in September 2025, The Economic Times said.
For the full group, operating margin was 20.8% after a 150-basis-point year-over-year decline, according to the tally. The Economic Times said revenue and profit growth were 26.9% and 33.9%, respectively, after banking and finance companies were excluded. In a separate margin calculation that excluded lending companies, operating margin rose 20 basis points to 15.1%.
The Economic Times identified metals, capital goods, auto ancillaries, chemicals and consumer durables among the stronger sectors. It said banking and finance, IT and pharmaceuticals grew more slowly year over year than in the June quarter. The outlet linked banking pressure to soft net interest margins and said IT project cycles had lengthened as clients considered artificial intelligence’s possible effects on their businesses.
Company filings show results from two firms, but do not establish sector-wide trends. HDFC Bank reported that net interest income rose 9.7% year over year to ₹346.2 billion and profit after tax increased 4.7% to ₹195.1 billion for the quarter ended Sept. 30, 2026. Infosys reported September-quarter revenue growth of 1.5% in constant-currency terms and set FY27 revenue-growth guidance at 1% to 2% on the same basis.
A separate IndiaPulse snapshot through Oct. 25 covered 270 companies and showed median revenue growth of 24.5% and median profit growth of 19.5% across available results. Its financial services, IT and pharmaceutical sector medians were positive, but the smaller sample and median measures differ from The Economic Times’ aggregate tally.
In a forecast reported by The Economic Times, Elara Securities (India) expects double-digit sales growth in 13 of 18 sectors in coming quarters. It identified automobiles, consumer discretionary, industrials and nonbanking financial services as leaders.
