Jefferies' mid-quarter review shows FY26 earnings downgrades outpacing upgrades, with banks driving most of the cuts. MSCI India’s FY26 EPS was trimmed by 1.7%, and Nifty EPS reduced to Rs 1,110. Motilal Oswal reported 7.5% YoY earnings growth for 38 Nifty firms, led by a handful of heavyweights, while several key names dragged overall earnings.