NIFTY Index Earning Revision (Jul): HDFC Bank, Tata Motors Passenger Vehicles, Eternal, Axis Bank

Abstract: We analyzed the consensus earnings revisions for NIFTY index components in July 2026, estimating the index's 2027E EPS at 1,228 as of end-July, down -0.19% month on month from 1,231 in June, with 22 stocks revised up and 27 revised down. The NIFTY index itself rose 2.2% over the month, from 23,866 to 24,384, while individual stock EPS revisions contributed -₹3.19 to the index's EPS. The largest positive contributor to index EPS was ICICI Bank (+₹2.66), while the largest drags were HDFC Bank (-₹2.07), Tata Motors Passenger Vehicles (-₹1.24), Dr. Reddy's Laboratories (-₹1.15), and Axis Bank (-₹0.89). On a standalone EPS revision basis, the steepest cuts were in Dr. Reddy's Laboratories (-16.6%), Eternal (-14.5%), and Tata Motors Passenger Vehicles (-8.5%), while Adani Enterprises (+8.17%), Asian Paints (+5.36%), and Nestle India (+4.76%) led upgrades. Revenue estimates were cut most sharply at Axis Bank (-7.20%), ICICI Bank (-4.84%), and Kotak Mahindra Bank (-3.49%), with Eicher Motors (+2.63%), Nestle India (+2.36%), and Bajaj Auto (+2.35%) seeing the largest revenue estimate increases.