Business · Markets · 1 day ago
Motilal Oswal names 40 stocks for India’s September-quarter earnings season
Motilal Oswal Financial Services has named 40 Indian stocks in a model portfolio for the September 2026 earnings season.
The list includes large companies such as ICICI Bank, Infosys and Reliance Industries, as well as smaller and newer firms.
The brokerage expects profits across the companies it covers to grow 22% from a year earlier, and Nifty-50 profits to rise 27%.
It says a market correction has lowered valuations from their 2024 peaks, but investors need to focus on each company’s earnings prospects.
The portfolio favours areas including financial services, technology, manufacturing and consumer businesses, while its stock ratings are not all the same.
Motilal Oswal expects the portfolio’s profits to grow 19% in FY27 and 14% in FY28, while noting that interest rates, energy prices, geopolitical events and foreign investment flows could affect markets.
Motilal Oswal Financial Services said a sharp valuation correction has made Indian equities more attractive, while warning that stock selection is increasingly important.
The brokerage expects profit after tax across its coverage universe to grow 22% year on year in the September 2026 quarter, the fastest growth in 11 quarters.
It forecasts 24% earnings growth excluding oil marketing companies and 27% growth for Nifty-50 companies in the quarter.
MOFSL’s model portfolio spans financials, technology, manufacturing, consumption, automobiles, energy, telecom, commodities and healthcare.
The brokerage projects its model portfolio’s profit to grow 19% in FY27 and 14% in FY28, after 13% growth in FY26.
MOFSL cited global interest rates, energy prices, geopolitical developments and foreign investor flows as risks for the market.
- Who
- Motilal Oswal Financial Services (MOFSL)
- What
- Its outlook for Indian equities and model portfolio of stocks during the Q2 earnings season
- When
- September 2026 quarter; report date not stated
- Where
- India
- Why
- MOFSL sees improved valuations, healthy earnings growth and a resilient macroeconomic environment, but says company-level earnings trajectories make stock selection important.
This story does not have two clearly opposing sides.
India’s ongoing market consolidation, alongside continued earnings recovery from FY25 lows, has led to a sustained cooling in valuations from the highs seen in 2024. Large- and mid-caps have witnessed the steepest valuation corrections of 31% and 36%, respectively, from their respective peaks,
With valuations well below their peaks, healthy earnings growth, and a resilient macroeconomic environment, we believe the risk-reward profile for Indian equities has improved meaningfully.
This story does not have a timeline yet.
- September 2026 quarter profit growth forecast
- 22% year on year across MOFSL’s coverage universe
- Nifty-50 earnings growth forecast
- 27% for the September 2026 quarter
- Large-cap valuation correction
- 31% from the peak
- Mid-cap valuation correction
- 36% from the peak
- Model portfolio profit growth forecast
- 13% in FY26, 19% in FY27 and 14% in FY28
- Companies named in the portfolio
- Include ICICI Bank, Infosys, Reliance Industries, Meesho and Apollo Hospitals
Sources
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