Mumbai: Indian corporate earnings delivered a broad-based performance in the first quarter of FY27, with 19 sectors exceeding expectations and financials, metals, oil and gas excluding oil marketing companies (OMCs), and automobiles emerging as key growth drivers, a report said on Sunday.

Data compiled by Motilal Oswal showed the Q1 FY27 earnings season concluded on a strong note, with corporate performance beating expectations across major aggregates. Elevated crude oil prices weighed heavily on OMCs, while financials, metals, oil and gas excluding OMCs, technology, telecom, chemicals, textiles and real estate contributed positively to earnings growth.

For the Motilal Oswal Financial Services (MOFSL) Universe excluding OMCs, sales, EBITDA and profit after tax (PAT) grew 18 per cent, 15 per cent and 22 per cent year-on-year, respectively, against the brokerage’s estimates of 15 per cent, 10 per cent and 15 per cent. The strong performance was attributed primarily to BFSI, metals, oil and gas excluding OMCs, technology and telecom.

OMCs remained the biggest drag, reporting a loss of Rs 181 billion against a profit of Rs 162 billion in the year-ago period. Cement and InterGlobe Aviation also weighed on the overall earnings performance, the report said.

The Nifty delivered 18 per cent year-on-year PAT growth, a 10-quarter high and well above Motilal Oswal’s estimate of 10 per cent. Across market-cap segments, growth exceeded estimates. Large-cap companies in the MOFSL Universe reported 21 per cent year-on-year earnings growth against an estimated 14 per cent. Mid-caps recorded 23 per cent growth, an 11-quarter high, while small-caps delivered 31 per cent growth compared with an estimate of 22 per cent.

The beat was also broad-based at the company level. Around 48 per cent of companies in the MOFSL Universe exceeded PAT estimates, while 25 per cent reported a miss. Among large-caps, 57 per cent of companies beat expectations, compared with 39 per cent among mid-caps and 48 per cent among small-caps.

The report also highlighted a favourable upgrade cycle, with 130 companies receiving earnings upgrades of more than 3 per cent against 89 companies witnessing downgrades of more than 3 per cent.

Overall, the quarter pointed to stronger-than-expected profitability outside the OMC segment, supported by financials, metals and several other sectors, even as high crude prices continued to pressure oil marketing companies.