Nifty May Deliver Low-Teen Returns as Q1 Earnings Season Kicks Off
Anand Rathi AMC has forecast low-teen returns for the Nifty as the June-quarter earnings season gets underway, with major companies including Larsen & Toubro and Hindustan Unilever set to report Q1 FY27 results on July 28.
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Earnings, Not Valuations, to Drive the Next Bull Run
As India’s June-quarter results season shifts into full gear, Anand Rathi AMC has outlined a measured but constructive outlook for Indian equities. The asset management firm expects the Nifty 50 to deliver low-teen percentage returns, with the next leg of the bull market driven by the quality and trajectory of corporate earnings rather than a further expansion in valuation multiples, according to Economic Times.
This earnings-led thesis reflects a widely shared view among market participants that Indian equities, after a period of strong performance, are now priced at levels where sustained re-rating is harder to justify. For indices to move meaningfully higher from here, companies need to deliver actual profit growth. The Q1 FY27 earnings season is therefore not just a quarterly reporting exercise — it is a critical test of whether India’s corporate sector can underpin the optimistic valuations the market has assigned it.
A Heavy Slate of Results on July 28
The earnings calendar is notably busy on Tuesday. Larsen & Toubro (L&T), India’s largest engineering and construction conglomerate, and Hindustan Unilever (HUL), a bellwether for India’s consumer staples sector, are both among the companies set to report their first-quarter FY27 results today, according to Livemint. Their numbers will be scrutinised closely — L&T as a barometer of infrastructure and government capex momentum, and HUL as an indicator of urban and rural consumption trends.
Also reporting are Varun Beverages, one of the largest PepsiCo franchisees in the world and a key read on beverage demand; Tata Capital, a major NBFC; Suzlon Energy, a wind energy developer whose results will offer insights into India’s renewable energy buildout pace; and Ambuja Cements, whose numbers will reflect demand in the construction and infrastructure sectors.
Market Context: A Cautious Open, But Domestic Resilience
The Nifty 50 ended the previous session above the 23,900 mark, snapping a five-session losing streak and re-establishing a degree of near-term support. Analysts have flagged 24,000 as a key threshold — sustained trading above this level would reinforce bullish conviction, while a failure to hold it could dampen sentiment.
Global cues heading into Tuesday are mixed to negative, with GIFT Nifty futures pointing to a flat opening. The domestic earnings calendar, however, gives Indian markets their own catalyst — one that could either validate Anand Rathi AMC’s constructive outlook or prompt investors to reassess the bull case.
For information only and not investment advice. Summarised from the cited sources; figures may be delayed. Do your own research before investing.
Frequently asked questions
What returns does Anand Rathi AMC expect from the Nifty?
Anand Rathi AMC has projected that the Nifty could deliver low-teen returns, driven primarily by corporate earnings growth rather than valuation re-rating, as the next leg of the bull market unfolds.
Which major companies are reporting Q1 FY27 results on July 28, 2026?
Major companies scheduled to report June-quarter results on July 28 include Larsen & Toubro (L&T), Hindustan Unilever (HUL), Varun Beverages, Tata Capital, Suzlon Energy, and Ambuja Cements, among others.
What level does Nifty need to hold for a bullish outlook?
According to analyst commentary, the Nifty needs to sustain above the 24,000 level for the bullish momentum to remain intact, with 23,900 having acted as near-term support.
Sources
For information only — not investment advice. News is summarised from the cited public sources; figures may be delayed or inaccurate. Do your own research before investing.