Several large companies across aviation, defence, cement, chemicals, banks, healthcare, oil and gas, real estate and telecom are likely to report a double-digit fall in June-quarter profit, according to estimates by Motilal Oswal, as higher energy costs, weaker demand in select sectors and geopolitical uncertainty weigh on earnings. According to the estimates put out by the brokerage, as many as 44 stocks are likely to see a double-digit slump.Motilal Oswal expects overall earnings growth to slow in the quarter, with its coverage universe likely to report 10% year-on-year profit growth. This is lower than the 18% and 15% growth seen in the previous two quarters. Excluding financials, profit growth is estimated at 9%, while excluding oil marketing companies, it is seen at 10%.The brokerage said the near-term market setup has been affected by the Iran-Israel/US conflict and its possible impact on crude oil and gas prices. India depends heavily on imported crude, and a large part of its energy requirements passes through the Strait of Hormuz. This has raised concerns over inflation, currency pressure and corporate margins.Among the companies expected to report steep profit declines, InterGlobe Aviation, which runs IndiGo, may see profit fall 30% year-on-year. Hyundai Motor India’s profit is expected to decline 27%, while Tata Motors’ commercial vehicle business may report a 14% drop.Also Read: The Q1 verdict: Can TCS, Infosys, other IT results stop a Rs 17 lakh crore AI-led rout?In the defence and capital goods space, Hindustan Aeronautics Ltd. is expected to report a 33% fall in profit. KEC International may see profit decline 23%, while Zen Technologies is estimated to report a sharper 47% fall.Cement companies are also expected to see pressure. Motilal Oswal estimates Ambuja Cements’ profit may fall 13%, ACC’s 16%, Dalmia Bharat’s 39%, JK Cement’s 18%, JK Lakshmi Cement’s 35% and Shree Cement’s 11%.The chemicals sector may also remain weak. Alkyl Amines is expected to report a 24% drop in profit, Clean Science 43%, Deepak Nitrite 27%, PI Industries 19% and Vinati Organics 15%.In the consumer and durables space, Emami’s profit is expected to fall 15%. Blue Star may report a 13% decline, while Havells India’s profit may drop 27%. Footwear companies Bata India and Relaxo Footwear are expected to report profit declines of 13% and 14%, respectively. Trent is also expected to report a 14% fall in profit.Banks and financials may see mixed trends, but some names are expected to be under pressure. Union Bank of India’s profit may fall 10%, while IDFC First Bank may report a 47% drop.Healthcare names are also on the list. Biocon’s profit is expected to fall 44%, Cipla’s 33%, Blue Jet Healthcare’s 62%, Piramal Pharma’s 11%, Torrent Pharma’s 12% and Zydus Lifesciences’ 29%.Also read: India's favourite safe haven? Why gold hype is facing a reality check in 2026Oil and gas companies may see some of the sharpest profit declines. Aegis Logistics is expected to report a 14% fall, GAIL 49%, Gujarat Gas 97%, HPCL 31%, Indraprastha Gas 45%, Mahanagar Gas 66% and Petronet LNG 24%.Real estate companies are also expected to see weak quarterly profit. DLF may report a 17% fall, Kolte-Patil Developers 87%, Mahindra Lifespace Developers 56% and Sunteck Realty 47%.In telecom, Bharti Airtel’s profit is expected to decline 31%, while Vodafone Idea may report a 32% fall.Motilal Oswal said largecap earnings growth is likely to slow the most, with profit for its largecap universe expected to rise only 7% year-on-year. The pressure is expected to come from sectors such as oil and gas, automobiles, PSU banks, healthcare and capital goods.Midcaps are expected to do better, with the brokerage estimating 25% profit growth, helped by a recovery after a softer previous quarter. Smallcaps are expected to report 18% profit growth, supported by a favourable base.The brokerage said the crude and gas price spike has reversed the recent trend of positive earnings revisions. It cut FY26 earnings estimates for its coverage universe by about 1.4%, bringing expected fourth-quarter profit growth down to 10% from an earlier estimate of 14%. FY27 earnings estimates have been cut by about 3%.The key risk for Indian equities is a prolonged conflict in West Asia. If the war continues longer than expected, it could hurt risk assets, raise inflation, put pressure on the rupee and damage corporate profitability.At the same time, the brokerage said India’s market base has become more favourable after its recent underperformance. It expects earnings growth of about 16% CAGR for both the Motilal Oswal universe and the Nifty over FY26-28, helped by policy measures, domestic investor support and a possible improvement in foreign flows once geopolitical risks ease.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)