Abstract: We analyzed the consensus EPS revisions of NIFTY 50 component stocks for April 2026, estimating the index's 2027E EPS at 1,232 as of end-April, up 0.48% month-on-month from 1,227 in March, while the NIFTY index itself rose 7.5% over the month from 22,331 to 23,998. Individual stock EPS revisions attributed a net -₹11.0 to index EPS, with 14 stocks revised up and 34 revised down. The largest positive index EPS contributor was Tata Motors Passenger Vehicles (+₹16.4, driven by weighting change from index inclusion), while the largest detractors were HDFC Bank (-₹2.23, EPS -1.1%), InterGlobe Aviation (-₹2.22, EPS -22.5%), and Reliance Industries (-₹2.17, EPS -2.1%). At the stock level, the steepest EPS cuts were in InterGlobe Aviation (-22.5%), JIO Financial Services (-14.7%), UltraTech Cement (-10.2%), and Maruti Suzuki India (-7.3%), while Adani Enterprises (+3.3%), Nestle India (+3.1%), and Tech Mahindra (+2.8%) led EPS upgrades.
Adani Enterprises, JIO Financial Services, InterGlobe Aviation, Nestle India, Tech Mahindra, Oil & Natural Gas
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