Earnings Playbook: JPMorgan Bets On Mid- And Small-Caps To Beat Large Caps In Q2
Executive Brief • Key Highlights
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- ✓JPMorgan said small and mid-cap companies will likely beat large caps in the second quarter.
- ✓The firm expects a 16% profit increase for its universe.
- ✓Strategist Rajiv Batra noted that domestic demand and festive inventory build-up helped these firms.
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- Market Focus
- India Economy
Small- and mid-cap companies are poised to outpace India's front-line benchmarks in bottom-line growth during the second quarter, as corporate earnings momentum sustains a durable double-digit expansion, according to JPMorgan.
In its India Strategy note authored by strategist Rajiv Batra, the global brokerage outlined an explicit preference for mid- and small-caps over large caps heading into the July–September earnings season. The firm noted that broader domestic macroeconomic tailwinds and favourable operating leverage continue to offer a stronger runway for nimble, domestic-oriented enterprises.
For the second quarter of the fiscal year 2026–27, JPMorgan forecasts Nifty 50 earnings to expand by 17% year-on-year, while the wider JPMorgan Universe is projected to deliver a 16% year-on-year increase in profit after tax. This sustained double-digit expansion indicates that corporate India's fundamental earnings cycle remains healthy despite ongoing global economic uncertainties.
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