March 2026 earnings: revenue hits 7-quarter high

Early results show a stronger quarter

Corporate earnings reported so far for the March 2026 quarter point to a better-than-expected start to the results season. Profit growth has turned decisively positive across broad samples, helped by a low base a year ago and strong contributions from banking and finance companies. Revenue growth has also improved, with one large sample showing the fastest pace in seven quarters. The early trend matters because it shapes expectations for the rest of the season, including how much of the growth is broad-based versus concentrated in a few sectors. It also sets the tone for management commentary on demand, costs, and credit quality. More results are due in the coming weeks, which should clarify whether the early strength holds across sectors.

ET Intelligence sample: profit up 13% across 159 firms

ET Intelligence Group data for a sample of 159 companies showed aggregate net profit rising 13% year-on-year in the March quarter. That compares with 2.6% growth in the year-ago quarter, highlighting the role of base effects alongside improved operating trends. The prior two quarters had only single-digit profit growth, making the March-quarter acceleration notable within this sample. Revenue for the same set rose 9%, described as the highest growth in seven quarters. The data also underscores how sector mix can shape the headline number. Banking and finance firms were a key support, while weakness in some large constituents held back the aggregate.

Reliance Industries drags profits despite higher sales

Reliance Industries (RIL) reported a weaker March-quarter profit, with pressure cited in its oil and gas business. The company’s net consolidated profit excluding non-controlling interest fell 12.6% year-on-year to ₹16,971 crore, even as net sales rose 12.9% to ₹330,000 crore. Because RIL is a large part of most market-wide samples, its performance materially influenced the aggregate. In the ET Intelligence sample, RIL’s share of total revenue expanded to 33.5% from 33.1% a year ago. But its net profit share fell to 14.2% from 17.5% over the same comparison. This is one reason the broader profit picture looks stronger when RIL is excluded.

Excluding RIL: faster profit growth, slightly softer revenue

ET Intelligence reported that excluding RIL, the sample’s net profit grew 17.6% year-on-year, while revenue rose 8.3%. This suggests that underlying profitability improved across many companies even without the largest contributor. The contrast between the 13% headline profit growth and 17.6% ex-RIL growth shows how one large decline can mask strength elsewhere. The exclusion also helps readers distinguish between sector-wide trends and company-specific factors. It is also a reminder that headline “India Inc” numbers can shift based on the weight of a few large firms.

Lenders take the lead in revenue and profit mix

Banking and finance companies were the main stabiliser within the 159-company sample. These firms together contributed 28% of total revenue and 47% of total net profit in the March quarter, according to the ET Intelligence dataset. Their double-digit profit growth helped partially offset the impact of RIL’s lower profit. However, the same data also shows that lenders’ profitability trends influenced margins at the aggregate level. Excluding the lending sector, the sample’s net profit growth reduced to 9%, while revenue growth improved to 11.4%. The split implies that lenders boosted profits, but other sectors delivered relatively better top-line growth in this sample.

Margin picture: contraction in the total sample, improvement ex-lenders

Operating margins for the total sample contracted to 22.3% from 22.9% year-on-year, attributed to lower profitability of lenders in the ET Intelligence analysis. In contrast, excluding banking and finance companies, operating margin improved to 17.9% from 17.1%. This divergence is important because it shows that the same sector driving profits can still pressure consolidated margins, depending on funding costs, spreads, and provisioning cycles. It also helps explain why investors often look beyond profit growth to margin trends and the quality of earnings. The margin data strengthens the case for tracking sector-level contributions rather than relying only on the aggregate.

IT profits rise 12.9%, helped by currency

Information technology companies in the ET Intelligence sample reported 12.9% year-on-year growth in net profit, compared with 1.7% growth in the year-ago quarter. The report attributed the rupee-denominated profit boost to a weaker currency against major global currencies. The IT sector contributed 22% of the total sample’s revenue and 27% of net profit, similar to the previous year’s comparable quarter. This indicates IT remained a meaningful profit contributor even if the sector’s revenue mix was stable. Currency tailwinds can lift reported profits, but investors typically weigh this against demand commentary, pricing, and utilisation trends.

Moneycontrol compilation: revenue +12.3%, profit +18.1%

A separate compilation cited by Moneycontrol pointed to an even stronger early picture for companies that have reported so far. It said revenue rose 12.3% year-on-year, marked as the highest growth in three years. Aggregate net profit increased 18.1%, described as the strongest growth in five quarters. It also noted sequential profit jumped 25%, the highest since 2021. These figures underline that early reporters can show stronger momentum, although the final picture can change as more sectors, including those with different seasonality, announce results. Harsh Thakkar of Samco Securities was cited as saying a large part of the season is still to unfold and a clearer trend will emerge as more results come through in the coming weeks.

What analysts are watching: Gulf crisis signals and management commentary

An ICICI Securities report referenced in the provided text said results and management commentary from financial companies so far do not indicate any major threat to FY27 earnings from the Gulf crisis. It added that marginal estimate revisions were driven by company-specific factors. The same note flagged that Nestle India and Bajaj Consumer Care delivered double-digit volume growth with a robust FY27 outlook, while commentary from other sectors would be closely tracked. Separately, a transcript-style excerpt highlighted that markets are watching asset quality, including emerging stress in MSMEs and unsecured books, even if profit growth stays moderate. These points put the spotlight on the quality and durability of earnings, not only the headline growth.

Nifty 50 and sector split: growth concentrated in select pockets

The provided text also pointed to a mixed sector picture beneath the headline growth. One estimate said the Nifty 50 index is expected to see about a 4.2% rise in profit after tax year-on-year, with much of the growth driven by a few industries. Sectors cited as strong included automotive, telecom, IT and metals, while consumer goods, pharmaceuticals and utilities were described as facing pressures. The same section referenced valuation snapshots such as Maruti Suzuki around 29.15x P/E, Infosys around 18x, Bharti Airtel around 30.90x, Tata Steel around 28.94x, ICICI Bank around 15.3x, and Titan above 83x. These figures were presented as market context around how investors are pricing expected growth across sectors.

Key data table from the reported samples

Conclusion: more results needed to confirm the breadth of growth

The early March 2026-quarter earnings picture shows clear improvement in profit growth, supported by lenders and a stronger showing from IT, while large-company weakness such as RIL’s profit decline has pulled down the headline. Revenue growth has also strengthened, with one sample reporting the best pace in seven quarters and another pointing to a three-year high among early reporters. At the same time, margin trends differ sharply depending on whether lenders are included, and sector-level pressures remain visible in parts of consumer-facing businesses. The next set of results and management commentary should help investors gauge whether growth is broad-based and how risks such as asset quality, input costs, and global uncertainty are being managed.