Bank of America Merril Lynch (BoA-ML) expects aggregate Sensex PAT to show growth of 12% on a consolidated basis and 9.1% on standalone basis. ''There is also an expected deceleration in sales growth to 4.8% (2nd lowest in last 20 quarters) partly due to stronger INR vs last year as well as lower commodity prices impacting oil companies.''

''However, good news is that forecast ex-energy PAT growth is strong at 16.4%. Secondly, EBITDA margin is expected to continue showing improvement. This is consistent with our view that earnings will recover gradually and show sharp growth from 2HFY16. Near-term, we continue to expect markets to be range-bound with negative bias due to slower than expected reform pace,'' it said.

''Aggregate EBITDA margins for Sensex companies are expected to show a 50bps expansion on a YoY basis. This is expected to largely be led by the Industrials (170bps), Telecom (140 bps) and Consumers (90bps). On the other hand, IT (-40bps) and Pharma (-40 bps) are expected to show a drop in margins,'' said BoA-ML.

''Among Sensex cos, Metals (Hindalco), Autos (Tata Motors), & Banks (SBI) are expected to lead the growth. On the other hand Energy (ONGC) and Pharma (Dr Reddy's) are expected to drag down growth,'' it added.

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