Motilal Oswal's Gautam Duggad: No Major Earnings Reset Post-Budget 2026

• Gautam Duggad, Head of Research at Motilal Oswal Financial Services, states that Union Budget 2026 has not altered earnings estimates for benchmark indices.
• Budgets typically serve as policy statements and rarely cause significant sector earnings changes unless structural reforms are introduced.
• The latest Budget's announcements were sector-specific and bottom-up, not impacting overall Nifty company earnings meaningfully.
• While increased STT might affect futures volumes, options trading activity is expected to remain largely unchanged.
• Medium-term outlook for capital market-linked businesses (broking, exchanges, AMCs, wealth managers) remains positive due to strong structural growth drivers.

Why It Matters: Budget 2026 caused no major earnings reset; focus shifts back to strong fundamentals and 15-17% FY27 growth.