Q4 Earnings Surprise! BFSI, Metals Shine As FY28 Recovery Takes Shape

India Inc has delivered a stronger-than-expected Q4 earnings season, according to Motilal Oswal’s Siddhartha Khemka. Across a universe of nearly 370 companies, profit growth came in at 16%, far ahead of expectations. BFSI, metals, and oil marketing companies emerged as the biggest contributors, while auto and technology posted steady gains. Despite Nifty reporting its eighth consecutive quarter of single-digit earnings growth, Khemka believes the long-term story remains intact. The key theme to watch is manufacturing, which could become the biggest growth driver for the Indian economy and stock market over the next few years. While FY27 earnings growth may remain moderate, a stronger recovery is expected in FY28, backed by improving demand, operating leverage, and manufacturing-led expansion.