Interim Q2 Review: Strongest Earnings Growth In 12 Quarters As BFSI, Metals Drive Outperformance, Says Motilal Oswal
Motilal Oswal reported results.
· NDTV Profit
Earnings of the 35 Nifty companies that have declared results so far have grown 22% YoY, led by RIL, JSW Steel, ICICI Bank, Coal India, and Axis Bank.
The analysis
Motilal Oswal reported movement of 22%. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.
Against that, the stock is +2.3% on the day at ₹963.40, and has returned +12.6% over three months. It sits 11% below its 52-week high. The capital markets sector has moved -6.3% over the same period, so Motilal Oswal is running 18.9 points ahead of its peers.
For Motilal Oswal, the question is how much of this is already reflected in the price and how much re-rates the capital markets peer set alongside it.
Why it matters
- Earnings versus expectations is what actually re-rates a stock; the surprise matters more than the absolute number.
Market context
- The 6 companies named span 4 sectors, so these are separate company stories rather than one sector-wide move.
- On the day, 4 of 6 are higher: Reliance Industries (RIL) leads at +7.3% and ICICI Bank trails at -1.4%.
- Over three months: Motilal Oswal +12.6% against Capital Markets -6.3% (18.9 points ahead); Reliance Industries (RIL) -9.9% against Oil & Energy -5.7% (4.2 points behind); JSW Steel -1.9% against Metals & Mining -9.5% (7.5 points ahead); ICICI Bank -2.5% against Banks -6.0% (3.5 points ahead).
- Trading well above normal today: Reliance Industries (RIL) at 4.1 times its 20-day average volume.
| Company | Price | Day | 1M | 3M | From 52-wk high | Volume vs 20-day | Market cap |
|---|---|---|---|---|---|---|---|
| Motilal OswalMOTILALOFS · Capital Markets | ₹963.40 | +2.3% | -5.2% | +12.6% | -10.9% | 0.7× | — |
| Reliance Industries (RIL)RELIANCE · Oil & Energy | ₹1,250.50 | +7.3% | -1.9% | -9.9% | -21.5% | 4.1× | — |
| JSW SteelJSWSTEEL · Metals & Mining | ₹1,291.90 | +3.7% | -0.6% | -1.9% | -3.7% | 0.8× | — |
| ICICI BankICICIBANK · Banks | ₹1,377.90 | -1.4% | +5.8% | -2.5% | -5.8% | 0.4× | — |
| Coal IndiaCOALINDIA · Metals & Mining | ₹406.15 | +4.4% | -8.5% | -6.8% | -15.7% | 1.4× | — |
| Axis BankAXISBANK · Banks | ₹1,204.40 | -1.0% | -0.7% | -1.0% | -14.2% | 0.2× | — |
Capital Markets
1M -2.9% · 3M -6.3%
Motilal Oswal
Oil & Energy
1M -4.8% · 3M -5.7%
Reliance Industries (RIL)
Metals & Mining
1M -9.3% · 3M -9.5%
JSW Steel, Coal India
Banks
1M -3.4% · 3M -6.0%
ICICI Bank, Axis Bank
Prices as of 2 Nov 2026, 13:18 IST. Sector moves are the average of the stocks we track in each sector.
In this story
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