India's Q1 FY27 results season shifts into its heaviest stretch this weekend. Reliance Industries reported its June quarter numbers after market hours today, HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank and Yes Bank all report tomorrow, and Infosys headlines a packed next week. For investors tracking the earnings season, the next seven trading days will decide whether the early technology-led optimism spreads to banks, consumption and manufacturing.
The benchmarks went into results weekend on a firm footing. The BSE Sensex closed at 78,151.45 on Friday, up 964.58 points or 1.25 per cent, while the Nifty 50 settled at 24,334.30, higher by 261.55 points or 1.09 per cent. Private banks, IT and auto stocks led the rally, with Maruti Suzuki and Mahindra & Mahindra gaining on hopes that GST 2.0 rate cuts and easier credit will lift auto earnings.
Reliance Industries Q1 FY27 Results: Key Expectations and Street Estimates
Reliance Industries, India's most valuable company, placed its Q1 FY27 results before the board on Friday and declared them after the close. Brokerages had set a high bar going in. Analysts pencilled in consolidated revenue of roughly ₹3.09 trillion to ₹3.2 trillion, EBITDA between ₹47,100 crore and ₹49,100 crore, up about 12 per cent year-on-year, and net profit in the ₹16,200 crore to ₹18,470 crore band, a rise of up to 10 per cent.
The growth engine, as usual, sat across three verticals. Equirus Securities and others flagged improving oil-to-chemicals (O2C) profitability, low double-digit growth at Reliance Retail, and steady momentum at Jio through ARPU gains and subscriber additions. Jio closed FY26 with more than 524 million subscribers, including 268 million 5G users and over 27 million fixed wireless connections, so churn, ARPU and 5G monetisation were the numbers to watch.
Also Read | Tech Mahindra Q1 FY27 Results: Profit Rises 28% YoY to ₹1,465 Crore as Deal Wins Cross $1 Billion Again
HDFC Bank, ICICI Bank and Other Banking Giants Report Tomorrow
Saturday, July 18, is the single biggest day of this results week even though the stock market stays shut. Five lenders report together: HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank and Yes Bank. JK Cement, Can Fin Homes and India Cements are also on the calendar. Because markets are closed, the price reaction will play out on Monday.
For HDFC Bank, analysts expect a mixed but solid quarter. Motilal Oswal projected net interest income (NII) rising 8.5 per cent year-on-year to about ₹34,100 crore, with net profit up around 9 per cent on healthy double-digit loan growth. Net interest margins (NIMs) are seen broadly flat quarter-on-quarter, and asset quality steady. Management commentary will matter here, with the Street watching deposit traction, the loan-to-deposit ratio and the bank's read on the rate cycle.
ICICI Bank reports the same day and is expected to keep its edge on margins and profitability, with loan growth and slippages the key monitorables. The read-across from these two heavyweights usually sets the tone for the entire BFSI pack, so Monday's open could hinge on whether NIM pressure is easing or still biting.
How TCS, Wipro and HCLTech Started FY27
The season opened with a distinctly technology-led tone, and the numbers were mixed under the hood.
TCS kicked off on July 9 with net profit of ₹13,349 crore, up 4.6 per cent year-on-year, and revenue of ₹72,275 crore, up 13.9 per cent. The order book stood at a strong $9.5 billion total contract value, including an $800 million AI-led transformation deal with SKF, and annualised AI revenue reached a $2.6 billion run rate. Operating margin, however, slipped 130 basis points to 24 per cent as wage hikes and AI investments bit. The board declared a ₹12 interim dividend. CEO K Krithivasan told analysts he expects demand to improve from Q2, with BFSI in the US leading the recovery.
HCLTech, which reported on July 13, opened strong on the bottom line, with net profit rising about 20 per cent year-on-year to roughly ₹4,624 crore, according to results coverage, on the back of a soft year-ago base.
On July 16 it posted net profit of ₹3,356 crore, up just 0.6 per cent year-on-year and down 4.7 per cent sequentially, missing Bloomberg estimates that had pegged profit near ₹3,460 crore. Revenue rose 10.6 per cent to ₹24,479 crore, but IT services margin compressed to 16 per cent on higher ramp-up costs.
The board declared a ₹2 interim dividend. The message from Wipro's leadership: the deal pipeline is skewed toward cost-optimisation and vendor-consolidation contracts that ramp up slowly.
One standout away from IT: Jio Financial Services more than doubled its June quarter profit, a bright spot in an otherwise cautious tape.
Also Read | HCLTech Q1 FY27 Profit Jumps 20% to ₹4,624 Crore; Record $2.4 Billion Deal Wins Drive AI Momentum
Infosys Headlines Next Week's Earnings Calendar
The action does not slow down. Infosys headlines next week with its Q1 FY27 results on Wednesday, July 23, after board meetings on July 22 and 23. Analysts expect revenue near ₹41,000 crore, constant-currency sequential growth of 1.5 to 2.2 per cent, and an operating margin band of 20.5 to 21.5 per cent. The bigger swing factor is the full-year revenue guidance and large-deal TCV, both of which will signal how enterprise clients are spending as FY27 gets underway.
Alongside Infosys, next week brings a wave of results across autos, FMCG, pharma, cement and financials, giving a much broader read on how corporate India began the fiscal year. The first week of any earnings season sets its character, and the early pattern of profit growth trailing revenue growth is one investors will test across every sector.
This article is for informational purposes only and should not be treated as investment advice. Figures are based on company filings and brokerage estimates available at the time of publication.
