The latest company results are out, and the news is good. More Indian companies are making more money than they were a year ago. But look a little closer, and the story gets even more useful, because it tells us something important about how you should invest.
About 1,650 listed companies sold a lot more between April and June 2026 than they did a year earlier. This has been building for a few quarters now, helped by lower GST rates, some price increases, and companies selling more in smaller towns and cities. On the surface, that is simple good news.
Last Year
Last Year, Overall
Leave Out Oil and Gas
Eighteen Sectors, Eight Quarters
How much more (or less) profit each industry made compared to the same quarter a year earlier, going back two years. The number in brackets shows how many companies are counted in that industry.
| Sector | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Chemicals (163) | (2.6%) | +52.4% | +34.7% | +26.5% | +43.5% | +37.1% | (3.6%) | +37.2% |
| Healthcare (121) | +23.1% | +26.0% | +34.0% | (22.6%) | +16.6% | +2.1% | +16.3% | +8.8% |
| Textiles & apparel (101) | +13.5% | (34.0%) | +254.5% | +11.6% | +4.8% | +0.9% | (55.2%) | +63.5% |
| Automobiles* (97) | +1.5% | (3.6%) | (24.5%) | (15.9%) | +353.5% | (20.1%) | +10.8% | (0.04%) |
| Metals & mining (86) | +162.7% | +13.3% | +35.6% | +24.4% | +14.3% | +26.9% | +107.3% | +59.8% |
| FMCG (75) | +42.7% | (12.7%) | +18.5% | (5.1%) | (9.6%) | +15.6% | +17.1% | +25.3% |
| IT (74) | +11.5% | +11.7% | +2.9% | +7.7% | +5.1% | (8.1%) | +13.6% | +11.6% |
| Engineering (62) | +23.0% | +143.7% | +2.8% | +11.3% | (8.3%) | (11.5%) | (14.1%) | +5.2% |
| Real estate (56) | +30.7% | +65.8% | +55.1% | +34.8% | +23.2% | (6.1%) | +32.4% | +32.9% |
| Hotels (40) | +140.3% | +15.2% | +44.0% | +1.6% | (2.4%) | +13.1% | +37.2% | (10.9%) |
| Banks (37) | +19.0% | +19.6% | +3.6% | (4.6%) | +2.2% | +9.6% | +11.5% | +25.0% |
| Financial services (37) | (2.3%) | +13.2% | +2.5% | +35.4% | +11.8% | +11.0% | (21.4%) | +6.2% |
| Cement & construction materials (36) | (72.3%) | (5.0%) | +13.4% | +57.8% | +324.3% | (30.8%) | +11.1% | +2.5% |
| Consumer finance (34) | (6.9%) | +2.8% | (8.6%) | +11.7% | +28.7% | +22.6% | +53.6% | +43.2% |
| Oil & Gas (17) | (46.6%) | (14.7%) | +0.7% | +39.7% | +48.4% | +37.9% | +26.4% | (47.9%) |
| Power (15) | +6.8% | +34.8% | (37.5%) | (0.1%) | (26.3%) | (5.6%) | +42.4% | +20.8% |
| Aerospace & defence (12) | +32.3% | +27.5% | (1.5%) | (3.2%) | +19.5% | +20.2% | +7.5% | +17.0% |
| Insurance (11) | +4.8% | +15.0% | +44.2% | +15.2% | +28.9% | +13.2% | +21.1% | +7.0% |
One Industry Is Pulling the Average Down
Here is where it gets interesting. Profit growth of 9% looks small next to that big sales number. The reason: oil and gas companies had a weak quarter, and they pulled the average down for everyone. Leave that one industry out, and profit growth for every other industry jumps to almost 20%. That is a very different, more positive story, and it is a good reminder of why we always look at the details instead of reacting to one big combined number.
Where the Good News Is Coming From
Banks had another solid quarter. They lent more money, their loan books stayed healthy, and fewer loans turned bad. Metal and mining companies did especially well. Car makers also grew steadily, even though some car models sold more slowly than others. On the other hand, non bank lenders had a tougher time, because it cost them more to borrow the money they lend out. This is a good reminder that "financial companies" are not all the same. Banks and non bank lenders can move in different directions at the same time.
Why This Difference Actually Matters
When some industries do well and others do not, that does not mean the recovery is weak. It actually means things are working the way they normally do. If every industry moved up and down together, it would not matter much where your money was invested. But since they do not move together, it matters a great deal. This quarter is a clear example of why we never build your portfolio around just one industry or one big idea, no matter how convincing it sounds at the time.
What We Are Watching
A few risks are worth keeping an eye on for the rest of the year: tension in West Asia, oil and commodity prices moving up and down, and ongoing uncertainty around global trade. None of this is new, and Indian companies are financially strong enough to handle some bumps along the way. Still, it is a useful reminder to stay careful rather than assume this recovery will keep going smoothly on its own.
We now share an update like this every week on our Insights page. If you would like to talk about what any of this means for your own investments, that is exactly the conversation we are here to have.
This analysis and commentary is written by Be WealthSet. The underlying data comes from The Economic Times Wealth, from the article "Demand recovery lifts India Inc; oil spoils the show" by Sameer Bhardwaj (August 24 to 30, 2026 issue), based on Bloomberg data covering about 1,656 listed companies with a market value of more than ₹100 crore. This is general market commentary, not personal investment advice. Please speak with your advisor before making investment decisions.