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In our Nifty50 Analyser, we take a close look at Nifty50 EPS movements in Feb’26. In the last 12 months from Feb’25 to Feb’26, the Nifty50 has delivered a return of 13.8% while FY26E and FY27E EPS have seen cuts of 6.2% and 3.6%, respectively. In Feb’26, EPS estimates for FY26 and FY27 saw an MoM increase of 0.4% and 0.6%, respectively. 32% of Nifty companies saw a cut in FY27E EPS in Feb’26 with Insurance, Consumer, Oil & Gas, Cement and NBFC being the key contributors. The stocks that faced the biggest EPS cuts include Grasim, ITC, Max Healthcare, ONGC and Bajaj Finserv, whereas the stocks that saw the largest upgrades include Adani Enterprises, SBI, Adani Port, Titan and Tata Steel.

Nifty50 up 13.8% YoY, while FY27E EPS cut by 3.6% over last 12 months: In the last 12 months from Feb’25 to Feb’26, the Nifty50 has delivered a return of 13.8% while FY26E and FY27E EPS have seen cuts of 6.2% and 3.6%, respectively. In Feb’26, EPS estimates for FY26 and FY27 saw an MoM increase of 0.4% and 0.6%, respectively. These follow a 1.4% MoM decrease for FY26E and a 0.9% MoM decrease for FY27E EPS in Jan’26.

32% of Nifty50 companies faced EPS cuts in Feb’26:

In Feb’26, 23 Nifty50 companies (46%) saw upgrades in FY27E EPS. Among the larger sectors, higher upgrades were seen in: Infrastructure & Ports: 3 out of 3 companies (100%) saw EPS upgrades. Utilities: 2 out of 2 companies (100%) saw EPS upgrades. Metals & Mining: 3 out of 4 companies (75%) saw EPS upgrades. Banks: 3 out of 5 companies (60%) saw EPS upgrades. Automobiles: 3 out of 5 companies (60%) saw EPS upgrades. Oil & Gas: 1 out of 2 companies (50%) saw EPS upgrades. Cement: 1 out of 2 companies (50%) saw EPS upgrades.

In Feb’26, 16 Nifty50 companies (32%) saw cuts in FY27E EPS. Among the larger sectors, higher cuts were seen in: Insurance: 2 out of 2 companies (100%) saw EPS cuts. Consumer: 6 out of 8 companies (75%) saw EPS cuts. Oil & Gas: 1 out of 2 companies (50%) saw EPS cuts. Cement: 1 out of 2 companies (50%) saw EPS cuts. NBFC: 2 out of 4 companies (50%) saw cuts.

EPS movement by sector: Key sectors that witnessed >1% cuts in FY27E EPS on an MoM basis are: (1) Cement (2.5%); and (2) Consumer (2.1%). Key sectors that witnessed upgrades to FY27E EPS on an MoM basis are: (1) Infrastructure & Ports (2%); (2) Metals & Mining (1.8%); (3) Utilities (0.9%); and (4) Automobiles (0.8%).

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