India Inc earnings downgrades worst since 2020. Are we staring at a bear market?
Global brokerage firm Jefferies has cut FY25 earnings estimates for 63% of 121 companies, its highest downgrade ratio since early 2020. Earnings cut by Jefferies analysts imply a 2.2-2.5% cut in Nifty earnings estimates during the ongoing results season.
Blaming above normal rains and weak government spending for the impact on earnings, the brokerage said it now expects Nifty EPS to grow by 10% in FY25.
Similarly, domestic brokerage JM Financial said about 44% of 157 companies it tracked missed expectations. «27% (43 companies) have reported weaker revenue growth than expected. There is a slowdown in urban demand seen across FMCG, retail, auto and mall operators. Chemicals and consumer durables have also seen a moderation in demand. MFIs and select private sector banks/ NBFCs witnessed stress in their unsecured book,» it said.
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