Q1 earnings: Motilal Oswal picks ICICI Bank among 22 stocks as top bets across large, mid, smallcaps

As the Q1FY26 earnings season begins, the first half of 2025 has laid down an exceptionally volatile foundation. The period was marked by elevated geopolitical tensions and international economic hostilities. This environment triggered intense market volatility, with the S&P 500 VIX soaring above 50% and India’s VIX surpassing 20%. Alongside the volatility came deep economic uncertainty and conflicting cues for monetary policymakers, which weighed heavily on corporate earnings visibility.Despite the challenges, global equities—India included—have shown resilience. As per Motilal Oswal, Korea (+25%), China (+20%), Germany (+19%), and Brazil (+19%) have led gains in 2025, while India has recovered 6% since January. This sets the stage for Q1FY26 earnings as investors seek clarity on corporate performance in a volatile macro setting. With these, here are Motilal Oswal’s top picks for the investors: A volatile start to 2025