Mumbai, Jan 23, 2026, 13:15 IST
- On Friday, over 50 Indian companies, such as IndusInd Bank, JSW Steel, BPCL, and Cipla, will report their December-quarter earnings.
- Brokerages predict a sharp fall in IndusInd Bank’s profit after tax, with forecasts ranging from 13 crore to 313 crore rupees.
- Analysts highlighted softer steel prices, refining margins linked to crude, and a drop in US pharma sales as key factors behind the volatility.
Friday’s earnings slate in India is packed, with more than 50 firms set to report their December 2025 quarter results. IndusInd Bank stands out, expected to post a significant profit decline, based on brokerage forecasts.
Earnings from banks, commodity-linked firms, and consumer brands fill the calendar. These sectors often drive index moves, and their reports can rapidly alter near-term outlooks.
Banks are under pressure due to slowing loan growth and climbing credit costs. Steelmakers and refiners are dealing with lower realized prices alongside shifting input expenses. Meanwhile, pharma firms struggle with the complexities of the US market.
Friday’s earnings slate includes JSW Steel, Shriram Finance, Bharat Petroleum Corp, Adani Green Energy, Godrej Consumer Products, Cipla, JSW Energy, IndusInd Bank, and the Multi Commodity Exchange of India, according to Upstox News. Laurus Labs, Piramal Finance, Sona BLW Precision Forgings, Karur Vysya Bank, and Welspun Specialty Solutions are also reporting. 1
Brokerages tracked by The Economic Times foresee a steep 78%–99% year-on-year drop in IndusInd Bank’s profit after tax (PAT), citing weak loan growth, squeezed margins, and elevated credit costs. The PAT forecasts swing widely, ranging from 13 crore to 313 crore rupees. Net interest income (NII) is projected between 4,300 crore and 4,441 crore rupees. 2
Margins continue to draw attention. Nuvama projects a net interest margin of 3.25% this quarter, while PL Capital expects it a bit higher at 3.60%. Just to clarify, one basis point is equal to 0.01 percentage point.
JSW Steel appears poised for headwinds from weaker prices. JM Financial projects standalone realisations will fall about 1,700 rupees per tonne versus the prior quarter, despite a slight 2% rise in volumes to 5.93 million tonnes. The firm also puts “EBITDA per tonne” — a cashflow-like measure of operating profit — near 6,800 rupees.
Kotak Equities forecasts a 9% quarter-on-quarter rise in BPCL’s EBITDA, pointing to softer crude prices and stable retail fuel rates. The broker also noted improved product “cracks,” which lifted gross refining margins (GRMs), and factored in 12.7 billion rupees of LPG compensation in its estimates.
Cipla’s US operations continue to be a major wildcard. Kotak Equities expects domestic sales to rise 9%, yet flagged a steep fall in generic Revlimid sales stateside, hit hard by pricing pressures. They project US revenue at about $210 million, down 10% from the last quarter.
In early afternoon trading, Cipla and MCX nudged higher as investors held off for their earnings, the Economic Times live blog reported.
Several stocks set to report results gained in late-morning trade the day before, led by IT players Coforge and Mphasis, along with Premier Energies, Bandhan Bank, and IndiGo. By 11:04 a.m. IST, Coforge had risen 2.12% to 1,703.50 rupees, while Mphasis added 2.55%, reaching 2,861.80 rupees. Premier Energies advanced 1.99%, and Bandhan Bank edged up 0.29%, Business Today reported. The publication noted Kotak Institutional Equities forecasts a 5.5% net interest margin for Bandhan Bank. 3
InterGlobe Aviation, the firm behind IndiGo, saw its consolidated PAT nosedive 77.54%, down to 549.8 crore rupees, Upstox News reports. The hit came from exceptional expenses of 1,546.5 crore rupees tied to new labour codes and operational hiccups. Still, revenue inched up 6.15%, reaching 23,471.9 crore rupees.
Earnings season can turn on a dime. A spike in crude or steel prices, a bigger-than-expected provision charge at banks, or a sharp drop in US pharma sales can throw off forecasts — and the initial selloff often hits hard.
Investors won’t limit themselves to the headline numbers—they’ll scrutinize management’s comments for hints on the March-quarter outlook and margin trends.
