Q2 earnings upgrades hold above 50%, says Jefferies. Is the profit cycle turning?

India’s Q2 FY27 earnings show signs of resilience, with Jefferies reporting that 50% of the 105 companies it tracks received FY27 earnings estimate upgrades, while 41% saw downgrades and 9% remained unchanged. The share of companies beating expectations rose to 56% from 52% in the previous quarter, though the recovery remains uneven across sectors.