New Delhi, Dec. 24 -- Domestic brokerage firm Motilal Oswal, in its latest note, said that the past trend of easing earnings cut intensity has gradually given way to earnings upgrades, driven by a series of stimulative fiscal and monetary measures. The brokerage has raised the aggregate FY26 PAT estimate for its coverage universe by 2% after the September-quarter earnings, the first upgrade since the end of the Q1FY25 earnings season.

Among segments, mid-caps saw the highest earnings upgrades at 3.1%, while large caps also posted a solid upgrade of 2%. Small caps, however, remained laggards, with continued downgrades of 5.5%.

It currently forecasts FY26 and FY27 earnings growth of 12% and 15% year-on-year for the Nifty 50 and 15% and 16...