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Major Indian companies are set to release their December quarter results today, with around 680 companies scheduled to report Q3 2026 earnings this week. Hyundai Motor, Indus Towers, Bajaj Housing Finance, PB Fintech, RailTel, Tata Chemicals, and Awfis Space Solutions lead Monday’s lineup of marquee earnings announcements.
Market Volatility Shadows Earnings Season
The earnings releases come as Indian stock markets closed Sunday’s special trading session with steep losses exceeding 2%, triggered by Budget-related announcements on securities transaction tax. Despite the immediate turbulence, analysts expect corporate earnings to drive market direction in the coming months.
Abhinav Tiwari, Research Analyst at Bonanza, projects that markets will likely remain volatile in the near term but anticipates a more defined trend and greater stability from April. This stabilization would be supported by fiscal spending, better earnings visibility for FY27, and improved clarity on global macroeconomic conditions.
Analyst Expectations for Key Companies
Motilal Oswal forecasts Hyundai Motor to post 5% year-on-year volume growth in the third quarter. The brokerage highlights positive factors including lower quarter-on-quarter discounts, favorable currency conditions, and full quarter benefits from incentives that should support margins.
However, the firm warns of several headwinds: weak export mix, startup costs from the Pune plant, input cost pressure, higher promotional spending due to the Venue launch, and increased depreciation from the new plant. These factors are expected to push EBITDA margin down 110 basis points quarter-on-quarter to 12.8%.
For Indus Towers, Motilal Oswal anticipates recurring EBITDA to rise over 2% quarter-on-quarter. The firm expects 3,500 net tower additions in the third quarter of FY26, with tenancy additions likely to be only modestly higher at approximately 3,750.
What’s Next
The earnings season continues with nearly 680 companies reporting results this week, providing crucial data points for market direction amid ongoing volatility. Analysts suggest that while short-term turbulence may persist following Budget announcements, corporate performance will likely become the primary driver of market sentiment in the months ahead.
Sources: Koreatimes, South China Morning Post, Mint
