As the first quarter earnings season unfolds, market participants are keeping a keen eye on company performance, especially after witnessing numerous downgrades in the previous quarter.

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Understanding that earnings play a crucial role in determining stock prices over a reasonable time period, investors remain attentive to this vital aspect.

As we approach the midpoint of the first quarter earnings, a close examination of the NSE 200 group of companies becomes crucial. This group encompasses a significant portion of the listed universe by market capitalisation.

As of yesterday, earnings reports have been submitted by 80 out of the 200 companies, and there is a likelihood that this number will see a slight increase with today's latest reports.

Among the companies that have reported, 42 companies out of this 80 have seen earnings downgrades and 38 actually have seen EPS upgrades. So, even in the first half, and we are almost halfway through when you would expect that the companies would the better company earnings would come out of the first half and the second half would have big disappointments, it is more downgrades as compared to upgrades. So that's the first thing to note.

Speaking about the top 10 upgrades first, Zomato stands out at the top with a remarkable 30 percent upgrade to its FY24 estimates, with actual numbers expected to be revealed next week. BPCL follows closely with a 25 percent upgrade to earnings.

Tata Motors also shows significant improvement, with a 23 percent upgrade. Paytm, making its mark in the market, exhibits a 17 percent upgrade. Poonawalla Fincorp, which recently reported its earnings, enjoys a 16 percent upgrade.

Polycap experienced a surge in its stock value after its earnings, leading to a consensus upgrade of 9 percent. United Spirits witnessed fluctuation in its stock value after earnings, ultimately resulting in a 6 percent upgrade. Both Dr. Reddy's Laboratories and Cipla saw a 6 percent upgrade in their estimates. Hero MotoCorp rounds off the top upgrades list with a 5 percent upgrade to its FY24 estimates.

On the other hand, the top downgrades are as follows: Vedanta tops the list with a substantial 18 percent downgrade to its earnings. Dalmia Bharat disappointed investors, leading to a 17 percent decrease in earnings.

Tech Mahindra experienced a significant 15 percent downgrade. SRF, Tube Investments, HDFC Bank, Grasim, Hindustan Zinc, United Breweries, and Bandhan Bank are in the range of 6 percent to 10 percent downgrades.

As we approach the halfway mark in this earnings season, these are the noteworthy upgrades and downgrades observed so far.