India Weekly Kickstart NIFTY settled flat w w

Portfolio Strategy Research 9 October 2026 | 5:35PM BST

NIFTY settled flat w/w; Rate-sensitives’ underperformance continued; RBI turned hawkish in its Oct meeting; 3Q earnings projections stay healthy, but margins could come under pressure

Weekly Wrap ex-commodities at 15% yoy, driven by financials, telcos Sunil Koul | n Performance: NIFTY settled flat w/w, after 8 weeks of and IT, while healthcare and RE could pose a drag. Goldman Sachs International

drawdown. FMCG and financials led, while Amorita Goel, CFA n Revenue growth for MSCI India ex-financials, | rate-sensitives like real estate, metals and autos commodities could remain robust for another quarter, Goldman Sachs (Singapore) Pte

continued to underperform (down 2-4%). Timothy Moe, CFA at 17% yoy, per consensus. | Goldman Sachs (Singapore) Pte n Valuation: MSCI India traded at fP/E of 18.3x, close to n Net profit margins for MSCI India ex-financials, long-term average (+0.2 sd), although at still elevated commodities could see steep cuts of c.110 bps, per premium of c.80% vs. MXAPJ. consensus, down to a 4-year low of 9.8%, although still n Flows: FIIs sold $1.3bn wtd (-$31bn YTD). DIIs bought above the 2022 lows. GS analysts expect margin $2.6bn wtd (+$72bn YTD). headwinds from commodity price inflation across n Macro: RBI raised the policy repo rate by 25bp to 5.50% autos, metals & mining, and FMCG. and changed its stance to “calibrated tightening” from n Consensus revisions for MSCI India CY26 earnings “neutral”, on concerns around “broadening of price stayed flat w/w, led by upgrades in commodity cyclicals, pressures” and the potential emergence of and dragged by downgrades in downstream cyclicals “second-round effects of the supply-side shock”. like autos and industrials. n MSCI India CY26 earnings have been cut by c.4% since Focus: 2Q FY27 / 3Q CY26 Earnings Preview the start of the US-Iran war, tracking the median n 3Q earnings for MSCI India kicked off with TCS reporting trajectory of EPS cuts post past global oil supply subdued but inline results. Results calendar will be busy shocks. We continue to expect below-consensus next week with c.32 MSCI India companies (30% index earnings growth of 9/13% in CY26/27, amid cap) reporting results. higher-for-longer oil prices, and risk of a demand n Consensus expects healthy profit growth for MSCI India slowdown from monetary tightening alongside El Niño-related food inflation increases.

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Goldman Sachs India Weekly Kickstart

Focus: 2Q FY27 / 3Q CY26 Earnings Preview

Exhibit 1: MSCI India earnings calendar for 2QFY27 / 3QCY26 Exhibit 2: Select stocks reporting results next week

Bloomberg Ticker Name Sector Expected Report date MSCI India 2QFY27 earnings calendar Index Cap HCLT IS HCL Tech InfoTech 12-Oct-26 Exporters Financials Commodity Cyc. BHEL IS BHEL Industrials 14-Oct-26 (US$bn) CBK IS Canara Bank Financials 14-Oct-26 Defensives Cons. Disc. Investment Cyc. 450 ICICIGI IS ICICI Lombard General InsuranceFinancials 14-Oct-26 GROWW IS Billionbrains Garage Ventures Lim Financials 14-Oct-26 400 WPRO IS Wipro InfoTech 15-Oct-26 350 TECHM IS Tech Mahindra InfoTech 15-Oct-26 300 NEST IS Nestle India Staples 15-Oct-26 250 LTFH IS L&T Finance Ltd Financials 15-Oct-26 200 PSYS IS Persistent Sys InfoTech 15-Oct-26 150 HDFCAMC IS HDFC Asset Management Financials 15-Oct-26 100 HDFCLIFE IS HDFC Life Insurance Financials 15-Oct-26 50 POLYCAB IS Polycab India Industrials 15-Oct-26 - JIOFIN IS Jio Financial Services Financials 15-Oct-26 Oct-11 Oct-18 Oct-25 Nov-01 Nov-08 Nov-15 FB IS Federal Bank Financials 16-Oct-26 Week ending LTI IS LTM Limited InfoTech 16-Oct-26 Exporters: Tech,Pharma; Commodity Cyc: Energy,Metals & mining; ICICIBC IS ICICI Bank Financials 17-Oct-26 Defensives:Telcos,Utilities,Staples; Investment Cyc: Industrials,Cement AXSB IS Axis Bank Financials 17-Oct-26 YES IS Yes Bank Financials 17-Oct-26 Consensus estimates used for companies that have not disclosed reporting dates. HDFCB IS HDFC Bank Financials 17-Oct-26

Source: FactSet…