Stock prices may be weak, but earnings expectations are beginning to look up. That is the key takeaway from JM Financial’s latest Nifty 50 analysis for August 2026. More importantly, 23 of the 50 Nifty companies, or 46%, saw their FY27 EPS estimates upgraded.

The brokerage house found that while the Nifty 50 has fallen 1.4% over the past 12 months, profit estimates for the index have also been cut sharply. Yet August brought a small reversal. Estimates for FY27and FY28 earnings per share (EPS) rose 0.1% and 0.2% month-on-month, respectively.

Which stocks saw the biggest increase in earnings expectations? Let’s take a look –

According to the JM Financial report, Grasim Industries, Bajaj Finserv, Hindalco Industries, State Bank of India (SBI) and Titan Company recorded the largest FY27 EPS upgrades during August.

The brokerage said, “Stocks with the biggest EPS cuts were ITC, Tata Steel, Kotak Mahindra Bank, Maruti Suzuki and Adani Enterprises, whereas those with the largest upgrades were Grasim, Bajaj Finserv, Hindalco, SBI and Titan.”

Grasim Industries: Grasim Industries got the biggest upward revision in FY27 earnings expectations during August.

JM Financial’s data places the Aditya Birla Group company at the top of the list of stocks where analyst expectations improved. Bajaj Finserv was another major beneficiary of the August earnings revisions.The financial services company featured among the five stocks with the largest FY27 EPS upgrades, even as the broader banking space saw several downgrades.

Hindalco Industries also saw a significant upward revision in earnings expectations.JM Financial noted, “In August 2026, 46% of Nifty 50 companies saw EPS upgrades.”

State Bank of India (SBI) also made to the list along with Titan . Together these 5 companies saw the biggest EPS upgrade by JM Financial inAugust.

JM Financial found that cement, non-banking financial companies (NBFCs), oil and gas, and metals and mining were among the sectors where FY27 EPS estimates increased in August.

Cement led with a 9% month-on-month upgrade, followed by NBFCs at 1.8%, while oil and gas and metals and mining saw 0.5% upgrades each.

On the other hand, consumer stocks saw a 4.7% cut and automobiles faced a 2.2% reduction.

The brokerage said, “Key sectors that witnessed over 1% cut in FY27E EPS MoM are: i) Consumer (4.7%); and ii) Automobiles (2.2%).”

The August improvement is modest when compared with the longer term trend. Between August 2025-2026, Nifty 50 FY27 EPS estimates were cut by 9.3%, while FY28 EPS estimates fell 7.5%.

However, August marked a change from July, when FY27 and FY28 EPS estimates had declined 0.7% and 0.5%, respectively.

JM Financial noted, “In August 2026, EPS estimates for FY27/FY28 rose by 0.1%/0.2% MoM.”The key signal is therefore not simply that the index earnings outlook remains under pressure. It is that earnings revisions are beginning to diverge sharply between stocks and sectors.