More Stories

Informist, Thursday, Jul. 17, 2025

 

By Anjana Therese Antony

 

MUMBAI - Persistent weak demand is likely to reflect in corporate India's revenue growth once again in the June quarter, with the year-on-year rise in Nifty 200 companies' top line expected to be the slowest in seven quarters. But this is unlikely to limit net profit growth which is, in fact, seen rising at a much faster pace, possibly the fastest in five quarters. Investors, who have grappled with an earnings slowdown for at least a year, are optimistic and expect growth will pick up at least from the second half of 2025-26 (Apr-Mar) and hope there will be no major earnings downgrades. 

 

The cumulative net profit of 183 companies that are part of the Nifty 200 index is expected to grow almost 9% to INR 3.038 trillion from a year ago. Revenue, however, is likely to rise just a little over 2% on year to INR 23.916 trillion. Sequentially, both net profit and revenue are likely to fall around 7?ch. Estimates for 17 companies which are part of the index were not available and hence, are excluded from this analysis. Twelve of the Nifty 200 companies that have already released their earnings are included here. 

 

Of the 22 sectors that the Nifty 200 companies belong to, only two sectors--automobile and oil and gas--are expected to report a cumulative on-year fall in revenue growth. The top line of companies in these two accounts for more than 41% of the total revenue of the Nifty 200 companies. The aggregate revenue of banking sector companies is expected to grow in low single digit, while that of the non-banking financial services players will likely rise in high teens. Nine sectors are likely to post more than 15% on-year growth in top line--these are telecommunications, cement, finance, realty, defence, retail, jewellery, services, and consumer durables. These nine sectors account for 57 of the Nifty 200. 

 

Even though the revenue growth of oil and gas companies is likely to fall, the net profit growth of these companies will be over 42% and among the fastest compared to other sectors, primarily due to a low base and better gross refining margins for oil refinerss.

 

The net profit for companies across the above-mentioned eight sectors is expected to grow more than 20?ch and telecom is likely to be an outlier with the bottom line growth seen over 460% on year, followed by oil and gas. Other sectors expected to post strong growth are cement, construction, capital goods, retail, jewellery, and finance.

 

On the other hand, six sectors will possibly report a fall in their net profit from the year-ago period, with transport, energy, and services likely to be the worst hit. Other sectors that will likely post a fall in the metric are power, ports, and consumer durables.

 

Meanwhile, information technology is unlikely to see any improvement from the previous quarters due to its huge exposure to the US. IT is the third-biggest sector in the Nifty 200 and accounts for 8% of the aggregate revenue.

 

LAGGARDS, TOPPERS

Automobile is the only sector likely to post a fall in both the key earnings metrics due to muted sales volume. The rise in prices of raw materials such as steel and precious metals is likely to offset the impact of slight growth in sales volume. The cumulative revenue of 18 auto and auto ancillary companies is likely to fall 3% on year and their net profit is seen declining 11%. Adding to the worries would be the uncertainty around US tariffs and the recent curbs on the export of rare earth magnets by China. 

 

The IT sector is likely to post muted earnings growth, with 13 companies in this sector together expected to see a mere 1% sequential growth in revenue, while net profit will likely fall 2%. This muted growth was also reflected in the results of large-cap players such as Tata Consultancy Services, Tech Mahindra, and HCL Technologies, which have already disclosed their earnings. The earnings of IT companies is affected by the risks associated with US tariffs.

 

The market seemed unhappy with HCL Technologies' downward revision in the guidance for its earnings before interest and tax margin for 2025-26 (Apr-Mar) to 17-18% from the 18-19% guidance provided in April. The challenging growth environment had also led analysts to cut TCS' target share price following its June quarter results. The IT behemoth had cited continued delays in clients' decision making in terms of discretionary spending due to the uncertain macroeconomic environment. US President Donald Trump's tariff policies announced in February have been a major concern for the sector, limiting the financial growth of Indian IT players as well as their share prices. 

 

Another sector that could see muted earnings growth is banks, with 17 banks in the Nifty 200 together expected to report a 2% rise in their top line, while net profit will likely fall 1%. Apr-Jun is a seasonally weak quarter for credit growth and it also saw a slowdown across segments, especially the unsecured portfolio, IDBI Capital Markets & Securities had said in its earnings preview. The broking firm said banks' quarterly provisional figures indicated a sequential slowdown in credit growth and their net interest margins are expected to decline. 

 

On the other hand, six sectors are likely to post double-digit on-year growth in both top line and bottom line. Telecom will be an outlier among them, with the aggregate bottom line of five companies in the sector expected to grow a whopping 463%, primarily supported by heavyweight Bharti Airtel. Telecom tariff hikes in July 2024 and the rise in average revenue per user are expected to push the sector's growth, broking firms said. 

 

The four cement companies in the Nifty 200 are likely to benefit from price hikes and the government's capital expenditure push and post an almost 16% rise in revenue and 39% growth in net profit. The 14 capital goods companies will likely gain from strong order growth, supported by healthy traction across segments, including defence, power, and renewables. These companies' aggregate revenue is seen growing 13% on year and net profit is seen up 30%. 

 

While price hikes and slight improvement are likely to push revenue growth of 12 fast-moving consumer goods companies in the Nifty 200 index in mid-single digit, higher raw material costs could limit the bottom line growth to low single-digit. The recent excise duty cut on edible oil imports would ease prices and will benefit segments such as foods, personal care, and home care, YES Securities said in its pre-earnings report.

 

For the 10 oil and gas companies in the 200-stock index, their cumulative net profit is likely to rise almost 43% on year, but revenue will likely fall nearly 6%. The sharp fall in crude oil is likely to lead to a decline in upstream oil companies' net crude realisations. Oil marketing companies are likely to post better gross refining margins.

 

Rise in steel prices due to safeguard duties and fall in input costs likely boosted the financial growth of nine metals and mining companies in the Nifty 200 index. Their aggregate net profit is likely to rise nearly 19% on year in the reporting quarter, but revenue growth is seen muted, up 1%.

 

DOWNGRADE RISKS

Earnings downgrades by brokerage firms had become the norm for at least a year. Even though some analysts expect further cuts in earnings estimates, the quantum of downgrades are likely to have peaked in the previous quarter. The easing in the rate of decline in the earnings revision indicator for the Nifty 50 companies may signal that the downgrade cycle is nearing its end, the National Stock Exchange had said in its corporate performance review report for the March quarter. 

 

The earnings revision indicator ranges between (-)1 and 1. It is calculated as a proportion of the difference between the number of upgrades and downgrades to the total number of upgrades and downgrades. 

 

"Sector-wise, all major segments except communication services and utilities remain in negative ERI (Earnings Revision Indicator) territory, with information technology, consumer staples, consumer discretionary, and energy showing the most pronounced downgrade bias," as per the NSE report. The slowdown in the top line growth of companies had pointed at weakening domestic demand and higher global trade uncertainty, triggering further downgrades in earnings estimates, it had said. 

 

Nuvama Institutional Equities expects the cumulative earnings of Nifty 50 companies to grow 5% on year in the June quarter, which is much lower than the 10% growth expected for FY26, and therefore, will likely prompt earnings cuts, it had said in its report. Nuvama's earnings estimate for the Nifty 50 universe is slightly higher than Informist's poll of 3.2% for the reporting quarter.  

 

MARKET OPTIMISM

Even as the Indian stock market valuations remain expensive, analysts don't expect a major correction as the long-term earnings growth prospects are seen attractive. "Although we may see a somber start to the earnings, participants would look out for signals in Q1 (Apr-Jun), which could strengthen the argument of macro-optimism feeding into revival in earnings in the upcoming quarters," Dolat Capital Market had said in its earnings preview report. The domestic equity market's performance since April suggests that investors are shrugging off near-term economic uncertainty and are looking at what lies ahead, it said. However, the broking firm believes any negative earnings surprises could limit the upside.  

 

The Nifty 50 is currently trading at 21.7 times the 12-month forward price-to-earnings, which is at a 5% premium to the long period average, Motilal Oswal Financial Services had said in its earnings preview report. Experts are also betting on a pick up in the government's capital expenditure, the personal income tax cut announced in the Union Budget, and the Reserve Bank of India's policy rate cuts so far to drive earnings growth in the coming quarters.

 

Various macroeconomic fundamentals have also showed signs of improvement despite the persisting uncertainty around US tariffs. The domestic market has recouped the sharp losses it had incurred since the US tariff announcement in February. Market experts also said India is now considered a good bet among emerging markets due to the rising challenges in the US economy. 

 

Following are the Apr-Jun consensus earnings estimates of companies that constitute the National Stock Exchange's Nifty 200 index. These estimates are based on reports compiled from 23 brokerage houses.

 

Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
AIRPORTS & AVIATION
GMR Airports +	30,129	(1,735)	25.42	N.A.	5.22	N.A.	11,624	--	1
Interglobe Aviation	211,077	24,450	7.85	(10.33)	(4.71)	(20.45)	57,260	--	5
Total	241,206	22,715	9.77	(12.13)	(3.58)	(19.90)
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
AUTO-ANCILLARY
Apollo Tyres +	67,015	3,177	5.79	5.21	4.33	72.10	8,866	--	8
Ashok Leyland	87,676	6,010	1.97	14.34	(26.36)	(51.76)	9,772	--	9
Bajaj Auto	122,648	20,189	2.82	1.54	0.96	(1.48)	24,472	Aug. 6	9
Bharat Forge	24,295	3,591	3.91	33.27	12.32	3.89	6,293	--	7
Bosch	46,190	4,909	7.00	5.46	(5.94)	(11.34)	5,681	Aug. 4	1
Eicher Motors +	49,634	11,278	12.98	2.39	(5.30)	(17.21)	11,995	--	8
Escorts Kubota	25,555	2,932	(8.76)	(3.38)	5.15	(1.44)	3,148	--	5
Exide Industries	45,473	3,009	5.44	7.62	9.32	18.17	5,252	Aug. 5	6
Hero MotoCorp	98,214	10,604	(3.18)	(5.54)	(1.18)	(1.90)	13,783	--	8
Hyundai Motor India +	167,974	12,578	(3.15)	(15.56)	(6.37)	(22.09)	20,682	--	6
M&M	339,006	31,306	24.94	19.82	7.25	28.45	49,368	--	8
Maruti Suzuki	363,204	29,618	2.22	(18.85)	(10.70)	(20.19)	38,331	Jul. 31	10
MRF	75,709	5,582	6.97	(0.77)	9.03	12.13	11,358	--	3
Ola Electric Mobility +	6,850	(4,593)	(58.33)	N.A.	12.11	N.A.	(2,893)	Jul. 14	1
Samvardhana Motherson International +	310,280	10,037	7.48	0.96	5.84	(4.46)	27,998	Aug. 13	5
Sona Blw Precision Forgings +	8,592	1,334	(3.59)	(6.00)	(0.64)	(18.69)	2,079	--	5
Tata Motors +	874,135	32,932	(19.10)	(40.83)	(26.85)	(61.12)	86,254	--	7
TVS Motor Co	99,809	7,556	19.17	30.88	4.51	(11.33)	12,422	Jul. 31	9
Total	2,812,258	192,049	(3.05)	(11.11)	(11.10)	(24.10)
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
BANK
AU Small Finance Bank*	21,533	4,919	12.11	(2.12)	2.83	(2.34)	N.A.	Jul. 19	9
AXIS Bank*	138,025	63,679	2.63	5.52	(0.06)	(10.53)	N.A.	Jul. 17	17
Bandhan Bank*	26,844	3,449	(10.67)	(67.57)	(2.59)	8.50	N.A.	Jul. 18	9
Bank of Baroda*	108,523	42,086	(6.45)	(5.60)	(1.52)	(16.62)	N.A.	--	14
Bank of India*	62,000	18,000	(1.21)	5.71	2.26	(31.45)	N.A.	--	1
Bank of Maharashtra*	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	Jul. 15	--
Canara Bank*	91,919	41,723	0.28	6.84	(2.65)	(16.60)	N.A.	Jul. 24	6
Federal Bank*	23,424	9,264	2.20	(8.24)	(1.48)	(10.08)	N.A.	--	17
HDFC Bank*	316,851	173,120	6.19	7.03	(1.19)	(1.73)	N.A.	Jul. 19	15
ICICI Bank*	211,608	118,884	8.22	7.50	(0.15)	(5.87)	N.A.	Jul. 19	15
IDFC First Bank*	50,692	3,483	7.97	(48.82)	3.30	14.55	N.A.	Jul. 26	7
Indian Bank*	63,974	27,948	3.55	16.28	0.13	(5.46)	N.A.	Jul. 24	5
IndusInd Bank*	42,806	7,213	(20.84)	(66.48)	40.42	N.A.	N.A.	--	13
Kotak Mahindra*	73,598	34,643	7.56	(44.57)	1.05	(2.46)	N.A.	Jul. 26	14
Punjab National Bank*	104,879	40,874	0.11	25.71	(2.50)	(10.50)	N.A.	--	8
SBI*	419,277	171,457	1.95	0.65	(1.98)	(8.03)	N.A.	--	14
Union Bank of India*	92,956	43,167	(1.24)	17.34	(2.30)	(13.41)	N.A.	--	6
YES Bank*	22,338	6,203	(0.46)	23.46	(1.87)	(15.96)	N.A.	Jul. 19	6
Total	1,871,246	810,111	1.99	(1.04)	(0.34)	(5.14)
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
CAPITAL GOODS
ABB India	31,651	4,754	11.81	7.20	0.17	0.17	5,817	Aug. 2	9
APL Apollo Tubes +	52,989	2,483	6.52	28.52	(3.81)	(15.30)	3,905	--	7
Astral +	14,812	1,268	7.05	5.28	(11.91)	(29.31)	2,343	--	9
BHEL	66,872	511	21.92	N.A.	(25.64)	(89.87)	1,917	--	4
CG Power and Industrial Solutions +	27,562	2,854	23.73	18.34	0.12	4.93	3,713	--	3
Container Corp	22,886	3,115	9.13	22.00	0.31	3.11	4,712	--	4
Cummins India	25,792	4,683	11.93	11.54	4.98	(10.19)	5,121	Aug. 7	11
L&T +	630,662	37,867	14.42	35.93	(15.22)	(31.12)	67,604	Jul. 29	9
Polycab India +	56,702	5,111	20.69	29.09	(18.83)	(29.66)	7,490	Jul. 17	11
Premier Energies +	18,475	2,877	11.47	45.19	13.98	3.56	5,425	--	1
Rail Vikas Nigam	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
Siemens	41,807	4,411	(12.33)	(16.87)	9.77	(34.61)	5,048	--	8
Supreme Industries +	28,027	2,446	6.31	(10.51)	(7.41)	(16.77)	3,846	--	9
Tube Investments of India	20,604	1,606	5.11	3.97	5.27	(80.26)	2,466	--	1
Waaree Energies +	44,830	6,510	31.51	65.16	11.96	5.18	9,898	--	2
Total	1,083,670	80,495	13.41	29.97	(11.63)	(29.69)
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
CEMENT
ACC +	57,560	5,593	11.66	55.49	(5.12)	(25.53)	9,041	Jul. 24	10
Ambuja Cements +	97,181	8,954	16.92	39.94	(1.72)	(6.36)	19,256	Jul. 31	12
Shree Cement	51,874	5,457	7.29	71.76	(1.01)	(1.85)	12,703	Aug. 4	13
UltraTech Cement +	213,372	21,760	18.08	28.26	(7.48)	(12.33)	44,038	Jul. 21	8
Total	419,986	41,764	15.47	38.57	(5.11)	(11.99)
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
CHEMICAL
Asian Paints +	89,950	10,821	0.28	(7.51)	7.61	56.35	16,496	Jul. 29	12
Grasim Industries	90,339	(2,484)	31.04	N.A.	1.21	N.A.	2,445	--	5
PI Industries	22,797	4,693	13.31	(5.85)	38.32	21.63	6,286	--	9
Pidilite Industries +	36,554	6,105	7.66	7.68	16.37	44.54	8,672	Aug. 6	6
SRF +	39,580	4,018	14.26	59.32	(8.24)	(23.61)	8,051	--	10
UPL +	93,305	(1,937)	2.91	N.A.	(40.09)	N.A.	11,839	--	6
Total	372,524	21,215	10.21	3.42	(11.22)	(19.47)
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
CONSTRUCTION
IRB Infrastructure Developers +	19,890	1,825	7.34	30.40	(7.46)	(14.99)	8,809	--	5
Total	19,890	1,825	7.34	30.40	(7.46)	(14.99)
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
DURABLES
Dixon Technologies (India) +	120,556	2,223	83.22	66.31	17.13	(44.53)	4,520	Jul. 22	10
Havells India	59,421	3,832	2.48	(6.80)	(9.03)	(26.62)	5,607	Jul. 21	11
Voltas +	43,708	2,381	(11.18)	(28.78)	(8.32)	(1.23)	3,142	--	12
Total	223,686	8,436	29.31	(4.04)	3.60	(27.53)
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
DEFENCE
Bharat Dynamics	2,491	359	30.29	397.04	(85.98)	(86.85)	(204)	--	3
Bharat Electronics	48,138	8,962	14.65	15.47	(47.22)	(57.42)	10,984	Jul. 28	10
Cochin Shipyard	7,786	1,531	9.68	(15.34)	(52.85)	(46.22)	1,581	--	2
Hindustan Aeronautics	48,626	12,615	11.85	(12.13)	(64.51)	(68.13)	11,606	--	8
Mazagon Dock Shipbuilders +	27,698	6,311	17.51	(9.34)	(12.75)	94.01	5,516	--	2
Solar Industries India +	21,146	3,601	25.51	25.72	(2.40)	11.76	5,569	--	3
Total	155,885	33,379	15.56	(1.31)	(50.65)	(54.07)
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
FINANCE
Aditya Birla Capital +	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
Bajaj Finance *+	105,044	46,137	25.57	17.94	7.11	2.99	N.A.	Jul. 24	7
Bajaj Finserv *+	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	Jul. 25	--
Bajaj Holdings & Investment*+	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	Aug. 6	--
Bajaj Housing Finance *	8,268	5,745	24.37	19.04	0.49	(2.08)	N.A.	Jul. 23	1
BSE +	9,517	4,698	56.60	77.23	12.40	(4.99)	N.A.	--	4
Cholamandalam Investment and Finance *	33,665	12,260	30.50	30.12	10.17	(3.21)	N.A.	Jul. 31	10
HDFC Asset Management Co	9,529	7,008	22.92	16.04	5.74	9.72	7,357	Jul. 17	6
HDFC Life Insurance Co#	152,960	4,900	22.27	2.59	(35.64)	2.82	N.A.	Jul. 15	1
Housing & Urban Development Corp *	10,381	7,571	46.02	35.74	7.95	4.03	N.A.	--	1
ICICI Lombard General Insurance Co#	50,855	5,632	12.91	(2.96)	(2.68)	10.52	N.A.	Jul. 15	5
ICICI Prudential Life Insurance Co#	86,720	2,400	10.13	6.48	(47.02)	(37.87)	N.A.	Jul. 15	1
Indian Railway Finance Corp *	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	Jul. 22	--
Indian Renewable Energy Development Agency *	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	Jul. 10	--
Jio Financial Services *+	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	Jul. 17	--
L&T Finance *+	20,967	6,836	(0.22)	(0.27)	(2.48)	7.46	N.A.	Jul. 18	6
LIC Housing Finance*	21,426	13,897	7.72	6.88	(1.01)	1.59	N.A.	--	7
Life Insurance Corp of India #	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
M&M Financial Services*	20,699	5,366	16.05	4.62	7.38	(4.71)	N.A.	Jul. 22	9
Max Financial Services*	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	Aug. 7	--
Motilal Oswal Financial Services *+	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
Muthoot Finance *	30,909	15,713	34.11	45.66	6.44	4.21	N.A.	--	5
One 97 Communications +	19,323	38	28.68	N.A.	1.09	N.A.	(689)	Jul. 22	4
PB Fintech +	13,702	1,025	35.59	70.27	(9.13)	(39.94)	569	Jul. 31	3
Power Finance Corp*	49,018	42,510	13.26	14.34	(17.07)	(16.79)	N.A.	--	3
REC*	53,486	40,639	14.55	18.05	(13.24)	(4.07)	N.A.	--	2
SBI Cards and Payment Services	21,224	5,803	43.75	(2.39)	31.02	8.63	N.A.	--	5
SBI Life Insurance Co#	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
Shriram Finance*	58,597	21,572	11.96	8.92	5.29	0.83	N.A.	Jul. 25	9
Total	776,289	249,750	19.45	21.35	(17.05)	(1.25)
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
FMCG
Britannia Industries +	46,111	5,718	8.49	13.07	4.04	2.11	8,214	--	12
Colgate Palmolive	14,757	3,455	(1.40)	(5.07)	0.90	(2.67)	4,851	Jul. 22	12
Dabur India +	34,151	4,916	1.97	(1.71)	20.67	53.56	6,490	Jul. 31	14
Godrej Consumer +	36,373	4,857	9.17	7.77	1.09	17.91	7,409	--	12
Hindustan Unilever	159,079	25,522	3.71	0.56	4.56	2.37	35,984	Jul. 31	12
ITC	179,204	49,835	5.41	1.34	3.90	2.23	62,815	--	12
Marico +	32,115	4,891	21.51	5.42	17.64	42.61	6,456	Aug. 4	13
Nestle India	50,958	7,396	5.86	(0.94)	(7.41)	(16.47)	11,704	Jul. 24	12
Patanjali Foods	82,937	2,445	15.62	(7.00)	(14.43)	(31.81)	3,768	--	2
Tata Consumer Products +	48,429	3,390	11.28	16.76	5.09	(1.71)	6,243	--	9
United Spirits	24,909	2,900	5.91	(3.02)	(15.45)	(35.71)	4,317	--	8
Varun Beverages +	72,255	12,040	0.40	(3.88)	29.79	65.73	18,735	--	8
Total	781,278	127,363	6.59	1.15	3.03	5.05
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
IT
Coforge +	37,259	3,390	55.19	154.53	9.27	29.80	6,460	Jul. 23	14
HCL Tech +	303,203	42,289	8.07	(0.66)	0.25	(1.81)	62,710	Jul. 14	17
Infosys +	418,317	67,845	6.40	6.54	2.22	(3.53)	101,014	Jul. 23	17
KPIT Technologies +	15,293	1,980	12.07	(3.01)	0.06	(19.09)	3,165	Jul. 30	8
LTIMindtree +	98,417	11,907	7.65	5.02	0.72	5.51	16,709	Jul. 17	17
Mphasis +	37,566	4,594	9.76	13.56	1.26	2.88	7,070	Jul. 24	15
Oracle Financial Services Software +	18,315	6,415	5.17	4.02	6.71	(0.37)	N.A.	Jul. 23	1
Persistent Systems +	33,550	4,197	22.57	36.97	3.48	6.05	6,131	Jul. 23	16
Tata Elxsi	9,044	1,704	(2.38)	(7.43)	(0.44)	(1.17)	2,065	Jul. 10	6
Tata Technologies +	12,125	1,533	(4.45)	(5.41)	(5.69)	(18.85)	2,013	Jul. 14	6
TCS +	646,619	121,932	3.27	1.27	0.28	(0.25)	172,265	Jul. 10	16
Tech Mahindra +	133,899	12,065	2.96	41.69	0.04	3.41	19,453	Jul. 16	17
Wipro +	220,507	32,618	0.40	8.61	(2.02)	(8.62)	44,320	Jul. 17	17
Total	1,984,115	312,468	5.56	5.33	0.66	(1.68)
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
JEWELLERY
Kalyan Jewellers India+	70,772	2,324	27.85	30.73	14.49	23.88	4,645	Aug. 7	1
Titan Co	142,031	9,279	17.84	20.51	5.39	6.66	15,074	--	10
Total	212,803	11,603	20.99	22.43	8.25	9.71
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
METAL & MINING
Hindalco Industries +	604,150	35,716	5.97	16.19	(6.90)	(32.40)	73,908	Aug. 12	7
Hindustan Zinc	77,126	20,962	(2.29)	(11.10)	(14.69)	(29.56)	37,654	Jul. 18	7
Jindal Steel & Power +	122,272	11,018	(10.21)	(17.79)	(7.25)	N.A.	25,658	--	9
JSW Steel +	429,477	19,977	0.01	136.42	(4.18)	32.92	73,063	Jul. 18	12
National Aluminium Co	38,115	11,087	33.45	84.41	(27.65)	(46.65)	15,667	--	5
NMDC	65,850	18,481	22.45	(6.85)	(5.29)	23.52	23,166	--	8
Steel Authority of India	258,958	11,342	7.91	10,520.02	(11.67)	(3.71)	34,819	--	11
Tata Steel +	514,188	16,891	(6.12)	76.02	(8.54)	29.85	69,624	--	11
Vedanta +	363,592	29,721	1.66	(17.58)	(10.12)	(14.67)	101,762	--	5
Total	2,473,728	175,195	1.29	18.55	(8.43)	(7.59)
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
OIL & GAS
Adani Total Gas+	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
BPCL	1,012,091	61,965	(10.51)	105.54	(8.97)	92.79	102,032	--	11
GAIL	345,469	19,673	2.59	(27.78)	(3.19)	(3.99)	33,157	--	12
Hindustan Petroleum	989,115	47,365	(13.09)	1,231.21	(9.66)	41.18	81,412	--	10
Indian Oil Corp	1,739,392	77,927	(9.99)	194.82	(10.79)	7.27	157,862	--	11
Indraprastha Gas	39,227	3,930	11.42	(2.11)	(0.70)	12.53	5,591	--	13
Oil India	52,028	12,710	(2.42)	(13.35)	(5.73)	(20.13)	21,728	--	8
ONGC	309,803	78,805	(12.15)	(11.83)	(11.44)	22.21	172,030	--	10
Petronet LNG	114,094	8,696	(14.95)	(23.82)	(7.36)	(18.74)	12,402	Jul. 25	12
Reliance Ind +	2,400,724	199,539	3.58	31.81	(8.15)	2.82	449,990	Jul. 18	10
Total	7,001,943	510,610	(5.78)	42.53	(9.00)	14.11
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
PHARMA, HEALTHCARE
Alkem Laboratories +	32,073	5,023	5.79	(7.86)	2.02	64.22	6,141	--	7
Apollo Hospitals +	57,233	3,699	12.54	21.18	2.34	(5.07)	7,905	--	6
Aurobindo Pharma +	81,367	9,126	7.53	(0.72)	(2.93)	1.02	17,073	--	7
Biocon +	39,664	992	15.54	(84.97)	(10.20)	(71.22)	8,193	Aug. 7	4
Cipla +	70,250	12,294	4.95	4.40	4.39	0.62	17,262	Jul. 25	10
Divi's Laboratories	24,789	6,001	20.16	39.55	(2.25)	(10.03)	8,269	--	6
Dr. Reddy's Lab +	87,381	15,476	13.54	11.15	2.46	(2.87)	23,254	Jul. 23	10
Glenmark Pharmaceuticals +	35,945	3,679	10.80	8.12	10.39	7,811.83	6,733	--	1
Lupin +	64,836	11,166	15.77	40.09	14.41	44.55	17,290	--	11
Mankind Pharma +	35,750	4,469	23.55	(16.69)	16.09	6.22	8,910	Jul. 31	7
Max Healthcare Institute +	24,307	3,737	57.53	58.15	27.28	17.13	6,097	--	8
Sun Pharma +	136,283	29,617	7.71	4.45	5.17	37.76	37,667	Jul. 31	11
Torrent Pharma +	31,527	5,968	10.27	30.58	6.54	19.83	10,399	--	10
Zydus Lifesciences +	65,327	13,642	5.24	(3.92)	0.07	16.51	20,555	--	9
Total	786,730	124,889	11.48	3.63	3.94	16.05
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
PORT
Adani Ports and SEZ +	86,879	29,662	14.93	(4.71)	2.35	(1.59)	58,596	--	4
Total	86,879	29,662	14.93	(4.71)	2.35	(1.59)
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
POWER
Adani Energy Solutions +	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
Adani Enterprises +	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
Adani Green Energy +	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
Adani Power +	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
Coal India +	349,374	85,555	(4.19)	(21.94)	(7.63)	(10.92)	113,502	Jul. 31	7
JSW Energy +	50,860	6,336	76.63	21.44	59.46	55.28	25,690	--	4
NHPC	28,865	10,921	19.38	6.70	40.22	22.17	16,306	--	3
NTPC	436,668	47,081	(1.69)	4.37	(0.54)	(18.52)	127,860	--	5
NTPC Green Energy +	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
Power Grid	113,501	37,372	12.73	9.52	3.35	(13.81)	97,025	--	4
SJVN	9,378	3,852	12.75	17.74	110.27	1,153.91	7,105	--	1
Suzlon Energy +	32,709	4,733	62.25	56.58	(13.32)	(59.96)	5,930	--	3
Tata Power +	178,387	10,125	3.15	4.28	4.34	(2.91)	34,476	Aug. 1	5
Torrent Power +	69,541	6,051	(23.02)	(37.76)	7.71	(42.89)	13,804	--	1
Total	1,269,282	212,025	1.20	(7.82)	0.95	(12.87)
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
REAL ESTATE
DLF +	18,938	8,612	39.01	33.40	(39.45)	(32.83)	5,288	--	5
Godrej Properties +	11,769	3,380	59.26	(35.00)	(44.53)	(11.51)	808	Aug. 1	5
Lodha Developers +	34,708	6,425	21.93	35.18	(17.84)	(30.29)	9,774	--	4
Oberoi Realty +	13,519	5,605	(3.79)	(4.11)	17.55	29.39	7,903	Jul. 21	5
Phoenix Mills +	10,250	2,770	13.36	19.11	0.85	3.03	5,914	--	4
Prestige Estates +	18,361	1,929	(1.40)	(17.06)	20.13	671.70	6,259	--	4
Total	107,545	28,722	17.93	6.75	(18.33)	(13.30)
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
RETAIL
Aditya Birla Fashion +	18,289	(1,695)	(46.65)	N.A.	6.36	N.A.	1,721	--	5
Avenue Supermarts	160,964	8,541	17.39	5.12	11.30	37.82	13,562	Jul. 11	8
FSN E-Commerce Ventures +	21,749	258	24.56	168.05	5.49	27.42	1,368	--	5
Page Industries	13,999	1,972	9.58	19.35	27.49	20.24	2,894	Aug. 7	7
Trent	49,214	3,780	23.29	10.48	19.86	8.02	7,422	Aug. 6	7
Vishal Mega Mart +	30,896	2,160	N.A.	N.A.	21.26	87.64	4,510	--	1
Total	295,110	15,017	22.17	28.56	13.52	19.93
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
SERVICES
Eternal +	66,750	1,035	58.70	(59.07)	14.44	165.49	1,943	--	7
Indian Hotels Co +	19,451	3,028	25.47	21.92	(19.79)	(42.02)	5,598	Jul. 17	11
Info Edge India	7,254	2,569	13.54	10.60	5.58	0.73	2,856	--	6
IRCTC	12,137	3,362	8.60	9.25	(4.32)	(6.09)	4,274	--	2
Jubilant Foodworks	18,398	704	27.80	36.70	15.92	42.36	3,441	--	8
Swiggy +	48,953	(9,744)	N.A.	N.A.	11.00	N.A.	(8,685)	Jul. 31	5
Total	172,943	955	93.18	(91.26)	6.68	(33.03)
Company name	Sales, INR million	PAT, INR million	Sales Y-o-Y Change %	PAT Y-o-Y Change %	Sales Q-o-Q Change %	PAT Q-o-Q Change %	EBITDA, INR million	Result date	Number of estimates available
TELECOM
Bharti Airtel +	492,126	73,880	27.80	77.60	2.79	(32.97)	277,168	--	8
Bharti Hexacom	23,489	4,138	22.94	(19.06)	2.62	(11.67)	12,346	--	2
Indus Tower +	80,084	16,667	8.47	(13.46)	3.64	(6.32)	42,161	--	4
Tata Communications +	60,662	2,936	7.68	(11.80)	1.27	(71.78)	11,612	Jul. 17	5
Vodafone Idea +	110,941	(69,593)	5.57	N.A.	0.73	N.A.	46,449	--	5
Total	767,302	28,026	20.00	463.07	2.45	(60.77)
Grand Total	23,916,297	3,038,275	2.43	8.62	(6.55)	(6.50)

 

Notes:

+ Consolidated Figure

* Net interest Income

Y-o-Y: Year-on-Year

# Net premium income

Q-o-Q: Quarter-on-Quarter

N.A.: Not Available

 

Estimates from:

Anand Rathi Share and Stock Brokers Ltd, Antique Stock Broking Ltd, Centrum Broking Ltd, Dolat Capital Market Pvt Ltd, Elara Securities (India) Pvt Ltd, Emkay Global Financial Services Ltd, HDFC Securities Ltd, HSBC Global Research, ICICI Securities Ltd, IDBI Capital Market Services Ltd, IIFL Capital Services Ltd, InCred Research Services Pvt Ltd, Indsec Securities and Finance Ltd, JM Financial Institutional Securities Pvt Ltd, Kotak Institutional Equities, Motilal Oswal Financial Services Ltd, Nirmal Bang Equities Pvt Ltd, Nomura Equity Research, Nuvama Wealth Management Ltd, Prabhudas Lilladher Pvt Ltd, Sharekhan Ltd, Systematix Shares and Stocks (India) Ltd and YES Securities (India) Ltd.

End

 

Compiled by Shivaji Jagatap

Edited by Vandana Hingorani

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2025. All rights reserved.