The Indian markets are reeling from record FII outflows of Rs 1.6 lakh crore in FY26. Domestic investors have stepped in with strong inflows, cushioning the impact and keeping the indices from slipping too much.

In the past couple of weeks, markets have seen a relief rally as tensions between the US and Iran eased, with both sides moving towards talks for a longer ceasefire (hopefully, one that lasts). But for foreign investors, the broader backdrop remains less supportive, with rupee movements weighing on returns.

“The weak rupee is a big factor eating into the returns of foreign investors, and keeping foreign capital at bay,” said Rupen Rajguru, Head of Equity Investment & Strategy at Julius Baer India.

What’s clearer is how uneven the growth outlook has turned. Earnings expectations are picking up in some sectors on the back of capacity additions and strong orders, while higher crude is weighing on others. 

“Higher energy prices and supply disruptions may persist for months, denting economic activity across households and corporations,” according to S&P Global Ratings. As cost pressures build, the gap between companies that can sustain growth and those that cannot widens. 

In this edition of Chart of the Week, we look at Nifty 500 stocks that stand out, with the strongest revenue and EPS growth estimates for FY26. In Q3FY26, the Nifty 500 clocked its highest earnings growth in eight quarters. FY26 estimates are building on the momentum already visible in recent quarters.

Energy, industrials: Capacity additions, order books lift earnings

Stocks across Utilities, General Industrials, and Mining are seeing capacity additions and order books translating into growth.

JSW Energy added 5.2 gigawatts (GW) over the past year, taking its total capacity to 13.3 GW. Thermal power still accounts for over two-thirds of power generation, while renewable output is rising faster, up 96% in Q3FY26. More than 80% of JSW’s sales come from long-term agreements, keeping revenue steady. Higher capacity, along with strong utilization, is expected to drive a 76.8% jump in revenue and 17% growth in EPS in FY26.

ACME Solar is seeing the same story play out. It commissioned 422 megawatts (MW) in Q3FY26, with most upcoming projects already tied to customers. As these projects go live, they contribute to revenue, which is expected to grow 47% in FY26.

Motilal Oswal noted that nearly 78% of ACME’s portfolio is tied up under long-term power purchase agreements, providing strong earnings visibility. EPS is expected to rise 84.6% in FY26 as capacity additions drive operating leverage and borrowing costs fall.

Suzlon’s revenue is expected to grow by 58.8%, while EPS is set to rise 14.6% in FY26. Its order book stands at a record 6.4 GW, more than doubling over the past year. Execution is picking up, with 617 MW delivered in Q3FY26, its highest-ever quarterly figure.

Despite this improvement, Suzlon is down over 13% in the past year as it continues to face execution challenges. Problems like land acquisition, grid connectivity, and delays in transmitting power have long plagued this company, which are yet to be resolved.

GE T&D is seeing rising demand for transmission infrastructure. Its order book has grown 13% since March 2025, with inflows increasingly coming from utilities, supporting its projected revenue growth of 44.6% in FY26, while EPS is expected to double. The company is investing close to Rs 1,000 crore to expand manufacturing and execution capacity as demand builds.

Waaree Energies' order book has grown about 50% since the start of FY26, while production is scaling up. Revenue is expected to rise 80.4% and EPS is set to more than double in FY26. The US duties on Indian solar imports have created uncertainty, but the company has taken steps to address the issue. It is increasing manufacturing capacity in the US and shifting raw materials sourcing to lower-tariff regions.

Lloyds Metals stands out with the highest projected growth in FY26, with revenue expected to surge 184.9% and EPS by 187.1%. This is driven by a sharp increase in iron ore production, which is expected to more than double in FY26, along with a growing share of pellets, which deliver an EBITDA per tonne about 2.5 times higher than iron ore.

Higher activity and scale drive growth in financials

In Capital Markets and Financials, growth is coming from higher trading activity and more efficient scaling of loan books.

Multi Commodity Exchange is seeing a surge in trading activity, as commodities see investor interest amid supply shocks and scarcity fears. Average daily turnover more than tripled in Q3FY26, led by bullion contracts. Options volumes have more than doubled, adding a new layer of earnings. MD & CEO Praveena Rai said, “Systems are being built to support 3x-4x current volumes,” indicating room for further scale. Revenue is expected to grow 91.5% while EPS more than doubles in FY26.

BSE is seeing similar traction in derivatives. The introduction of weekly expiry contracts for Sensex options has increased trading frequency and participation. This momentum is expected to continue, with revenue projected to grow 50.5% while EPS rises 83.3% in FY26.

For Capri Global Capital, assets under management have surged 47%, while loan disbursements are rising faster than costs. MD Rajesh Sharma pointed to improving operating leverage, noting, “Our disbursements have risen 87% over the past year, while manpower has increased by only 19%.” Estimates point to 44.1% revenue growth and an EPS growth of 61.2% in FY26.

Services, realty & fertilizers: Growth from shifts in demand

Growth in IT Consulting & Software, Travel Support Services, Fertilizers and Realty is coming from changing customer preferences.

Netweb Technologies is seeing strong demand for artificial intelligence infrastructure. AI systems contributed 64% of revenue in Q3FY26. The company is also working with digital infrastructure company Vertiv to build integrated systems that combine computing with cooling and power. This supports its forecasted revenue & EPS growth of 106.6% and 87.3%, respectively, in FY26. 

TBO Tek is seeing customers move toward higher-value bookings. Hotels and ancillary services now account for 59% of gross transaction value, up from 45% in FY23, reflecting a shift toward segments that generate higher commissions than air ticketing. 

Motilal Oswal noted that the company “operates in a fragmented market with over 2 million travel intermediaries.” As it adds more premium options, agents increasingly rely on TBO for a wider range of bookings, increasing transaction values. This is expected to translate into a revenue growth of 53.4% and EPS growth of 10.9% in FY26.

Prestige Estates is converting demand into revenue as projects move toward completion. Pre-sales have more than doubled in 9MFY26, providing a strong pipeline for future revenue. Chairman & MD Irfan Razack said the company expects to “cross Rs 30,000 crore in pre-sales in FY26,” driven by launches across key cities. FY26 forecasts point to a revenue growth of 64.8%, while EPS is expected to grow more than 2.5x.

Paradeep Phosphates is shifting its product mix. Complex fertilizers have grown 78.5% in Q3FY26 as the company moves toward segments with better pricing and steadier demand. Phosphoric acid capacity, a key input, is being increased by 40%, reducing reliance on imports and improving cost control. Its revenue and EPS are expected to grow 57.1% and 40.5%, respectively, in FY26.