Abstract: We analyzed consensus earnings revisions for NIFTY 50 component stocks during March 2026, a month in which the index declined 10% from 24,866 to 22,331. The index's 2027E EPS rose 1.9% month-on-month to ₹1,234, with 15 stocks revised up versus 26 revised down, and individual stock EPS revisions contributing ₹1.76 to the index-level change. HDFC Bank was the largest positive contributor to index EPS at +₹16, followed by State Bank of India at +₹8.0, Axis Bank at +₹4.5, and ICICI Bank at +₹4.0, while Reliance Industries was the top detractor at -₹6.1. Among individual stock EPS revisions, Oil & Natural Gas led upgrades with a +9.07% month-on-month increase, while Eternal (-7.31%) and InterGlobe Aviation (-5.13%) saw the steepest downgrades.
ICICI Bank Limited, Eternal Limited, Axis Bank Limited, Bharti Airtel Limited, Reliance Industries Limited, Oil & Natural Gas Corporation Limited
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