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Informist, Monday, Oct. 13, 2025

 

By Anand JC

 

NEW DELHI – Nifty 200 companies are expected to report modest revenue growth for the September quarter, but it may turn out to be their strongest performance since the June quarter of 2024. Profitability appears to be rebounding as well, with signs of a mild recovery following the recent weakness. External pressures stemming from US tariffs and continued geopolitical conflicts are expected to be offset to an extent by the Reserve Bank of India's rate cuts and the income tax break announced in the Budget.

 

The cumulative net profit of 181 companies part of the index is expected to be INR 2.944 trillion for the September quarter, up nearly 11% on year but down 5% on quarter. This on-year growth is higher than the 8% growth these companies reported in the June quarter and the 7% growth in the year-ago quarter. 

 

As many as 41 of these 181 companies are expected to report a fall in their profit for the September quarter year-on-year. In contrast, 62 companies had reported a year-on-year fall in profit in the September quarter of 2024.

 

Estimates were not available for 19 companies. Tata Consultancy Services Ltd. and Tata Elxsi Ltd. disclosed their September quarter earnings Thursday, and Avenue Supermarts Ltd. reported its earnings on Saturday.

 

Of the 22 sectors that make up the Nifty 200 universe, the cumulative profit growth of companies across a dozen sectors is expected to exceed the Nifty 200's 10% growth, while the profit growth of companies in five sectors is likely to lag the performance of the index group. Low base-led profit growth of energy, industrial, and cement companies is expected to drive the double-digit growth of the Nifty 200's bottom line. Two sectors – banks and power - could see their profit contract, while three sectors – airports, services, and telecom – are expected to report a loss.

 

These growth estimates, while modest, could set the stage for a recovery in the second half of the financial year. The Nifty 200 companies' year-on-year revenue growth and growth in profit excluding one-time items have both remained in single digits for the last five quarters.

 

These 181 companies' top line is expected to be INR 25.837 trillion, up 8% on year but only a paltry 2% on quarter. The latest quarter is expected to be the best September quarter for Nifty 200 companies since 2022-23 (Apr-Mar) in terms of year-on-year revenue growth. As many as 14 sectors' top line growth is expected to outperform Nifty, 200 while eight could underperform.

 

Of the 22 sectors that make up the Nifty 200, eight — capital goods, cement, construction, durables, defence, finance, jewellery, and ports — are projected to outperform the index in both top line and bottom line growth. Just four sectors — banks, fast moving consumer goods, information technology, and power — are expected to lag on both metrics.

 

The Nifty 200 index comprises companies part of the Nifty 100, which are typically large-cap companies, and the Nifty Midcap 100.  "Mid-caps are expected to deliver strong high-teen earnings growth, outpacing large and small caps, though sales growth remains similar across caps," Equirus Securities said in a report.

 

LAGGARDS & LEADERS

Banks exert the most influence on the Nifty 200's overall performance, contributing just over a quarter of the index's total net profit. For the September quarter, the combined net profit of 16 of the 18 banks part of the Nifty 200 is expected to fall 5% on year and 3% on quarter while their top line may show little to no growth. Estimates for Bank of India and Bank of Maharashtra are not available.

 

Analysts expect banks to record subdued loan growth and compression in their net interest margins. "NIMs are expected to be soft as the banks transmit the rate cuts. With most of the rate cuts being passed in Q2, NIM decline could be more than in Q1," brokerage Anand Rathi said in a note.

 

Of the 29 financial services firms in the Nifty 200, 22 are expected to report 14% on-year growth in net profit and a 17% rise in revenue. On a quarter-on-quarter basis, their top line is expected to grow 18% but bottom line could fall 7%. These companies' bottom line forms around 12% of the Nifty 200's cumulative net profit. Estimates for seven firms - Bajaj Finserv Ltd., Bajaj Holdings & Investment Ltd., Housing & Urban Development Corp., Indian Railway Finance Corp. Ltd., Indian Renewable Energy Development Agency Ltd., Jio Financial Services Ltd., and Motilal Oswal Financial Services Ltd., - were not available.

 

Microfinance firms saw an incremental cyclical recovery in the September quarter, while vehicle financiers saw sustained growth and asset quality challenges, Yes Securities said in a note. A continued, rapid rally in gold prices benefitted gold loan companies but micro, small, and medium enterprises faced sustained credit pressure, they said.

 

As many as 12 of the 13 information technology companies in the Nifty 200, which account for just over 10% of index group's net profit, are expected to report 6% on-year growth in their top line and bottom line for the September quarter. Sequentially, their net profit is expected to grow 3% and revenue is likely to grow 4%. While order delays and deferrals were lower in the reporting quarter compared to previous quarters, the demand environment broadly remained unchanged amid the lingering macroeconomic uncertainty. However, a weaker rupee and cost-control measures could help their margins. Estimates for Oracle Financial Services Software Ltd. were not available.

 

The cumulative top line and bottom line of the 15 capital goods companies in the Nifty 200 are expected to grow 16% and 26% year-on-year for the September quarter – among the strongest growth of the 22 sectors of the Nifty 200. This growth will be driven by healthy industrial demand and execution of backlog orders, analysts said. Still, the sector's overall contribution to the Nifty 200's bottom line remains limited at 3%.

 

The four cement companies in the Nifty 200 are likely to report robust 76% on-year profit growth and their revenues could grow 18% due to improved pricing and a low base. Sequentially, their revenue and profit are expected to fall 13% and 31%, partly due to the monsoon.

 

Fast moving consumer goods companies fared poorly in Jul-Sept, based on their quarterly updates. They are expected to report a meagre 1% on-year growth in their bottom line and 5% growth in top line. Sequentially, their profit is expected to fall 3% and revenue is likely to fall 2%. These 12 companies' performance during the latest quarter was marred by the cut in goods and services tax, which led to a temporary fall in sales as buyers held back purchases. However, demand in rural areas improved, supported by a normal monsoon and expectations of stable crop output.

 

MIXED PERFORMERS

The net profit of the 18 automobile companies that are part of the Nifty 200 is expected to grow 13% on year and 11% on quarter, outperforming the index group's performance. However, their revenue is expected to grow only a modest 6% on year and 1% on quarter, lower than the index group. Gains made due to an improvement in revenue per vehicle sold and higher volume growth was offset by delay in purchases due to new tax rates becoming effective towards the end of the quarter and higher discounts.

 

The net profit growth of oil and gas companies is expected to be much higher than the index at 22% on year but their 6% revenue growth could lag the index group. These nine companies' net profit contributes a little under 15% to the Nifty 200's profit. Estimates for Adani Total Gas Ltd. were not available. Upstream companies could bear the brunt of lower oil prices but this could be reasonably offset by higher price realisation for gas and a weaker rupee. Oil marketing companies' core gross refining margins could improve sequentially but the continued burden of liquefied petroleum gas subsidies could put downward pressure on the margins, Yes Securities said.

 

Telecom companies in the Nifty 200 are expected to report robust 16% on-year growth in their top line but may report a loss, with Vodafone Idea Ltd. yet to report a quarterly profit in nearly a decade. Bharti Airtel Ltd. is expected to lead the pack in terms of revenue growth, driven by a likely 9% on-year growth in the average revenue per user during the September quarter.

The top line growth of the six services sector companies of the Nifty 200 is expected to be 45% on year and 9% on quarter, driven mainly by new-age firms Eternal Ltd. and Swiggy Ltd. which are set to gain heavily from their food delivery business. The sector is likely to report a cumulative loss on year and on quarter, weighed down by Swiggy, which is yet to turn profitable.

 

Estimates are available for only half the 14 power companies. These seven firms' bottom line is expected to contract 5% on year and 18% on quarter. Their revenue is expected to rise only 6% on year as electricity demand failed to pick up despite a weak base.

 

Pharmaceutical companies may deliver moderate yet steady earnings growth in the September quarter. The revenue of the 14 pharma companies that are a part of the Nifty 200 is expected to grow 10% on year, and their profit could grow 9%. While the ongoing tariff issues remain an overhang for these companies, they likely benefited from stable pricing, resilient domestic demand, depreciation of the rupee, and controlled input costs, Prabhudas Lilladher said in a report. Sequentially, the profit of these companies is expected to grow 8% and revenue at half this pace.

 

MARKET VIEW

In the September quarter, the wider Nifty 200 index performed a tad worse than the benchmark Nifty 50, with both falling roughly 4%. However, in the last one year, while the Nifty 50 has gained a little over a percent, the Nifty 200 has fallen nearly a percent. Analysts attribute this poor performance to inflated valuations and uncertainty about the tariffs imposed by US President Trump.

 

"After a strong rally post-COVID, Nifty and more importantly the broader markets have flattened over the last year despite the RBI's 100 bps of rate cuts and a broader EM (emerging markets) rally," Nuvama Institutional Equities had said in a report in September. This, Nuvama said, has prompted an earnings downgrade cycle.

 

Motilal Oswal Financial Services on Oct. 6 cut the earnings per share estimates for the narrower benchmark Nifty 50 companies by a little over a percent to INR 1,096 for FY26.

 

Following are the Jul-Sept consensus earnings estimates for the 181 companies that constitute the National Stock Exchange's Nifty 200 index for which estimates are available. These estimates are from 18 brokerage houses.

 

Company	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 +	37,431	525	50.00	N.A.	16.78	N.A.	13,493	--	1
Interglobe Aviation	181,336	(10,332)	6.86	N.A.	(11.53)	N.A.	25,987	--	4
Total	218,767	(9,807)	12.39	N.A.	(7.70)	N.A.
Company	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 +	67,526	3,668	4.90	23.31	2.92	2,748.10	9,393	--	9
Ashok Leyland	95,811	7,280	9.26	11.53	9.82	22.61	11,414	--	10
Bajaj Auto	147,759	24,911	12.56	24.24	17.41	18.85	30,123	--	12
Bharat Forge	28,035	2,910	24.79	(16.28)	33.20	(14.03)	5,796	--	9
Bosch	48,777	5,629	11.00	15.49	1.86	0.63	6,439	Nov. 11	1
Eicher Motors +	60,325	14,143	41.51	28.53	19.65	17.35	15,088	--	10
Escorts Kubota	27,761	3,483	22.57	15.06	11.79	17.41	3,646	--	6
Exide Industries	44,727	3,231	4.81	8.51	(0.82)	0.83	5,431	Oct. 30	6
Hero MotoCorp	119,326	14,366	14.04	19.36	24.57	27.62	17,264	--	10
Hyundai Motor India +	175,250	15,009	1.53	9.12	6.78	9.62	23,773	--	9
M&M	339,694	40,195	17.46	4.65	(0.51)	16.51	46,546	Nov. 4	12
Maruti Suzuki	393,807	35,884	5.85	16.92	2.52	(3.32)	42,688	Oct. 31	12
MRF	73,696	4,959	9.01	8.89	(2.52)	2.41	10,762	--	3
Ola Electric Mobility +	6,845	(3,460)	(43.62)	N.A.	(17.33)	N.A.	(1,610)	--	1
Samvardhana Motherson International +	299,169	7,474	7.57	(15.04)	(0.98)	46.03	24,903	--	9
Sona Blw Precision Forgings +	10,371	1,555	12.10	7.99	21.88	24.65	2,495	Oct. 27	6
Tata Motors +	959,371	25,092	(5.43)	(24.94)	(8.11)	(36.06)	86,542	--	7
TVS Motor Co	117,598	9,566	27.43	44.36	16.65	22.86	15,074	--	12
Total	3,015,849	215,894	5.08	8.11	0.77	5.44
Company	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*	20,712	5,197	4.90	(9.03)	1.30	(10.54)	N.A.	Oct. 17	9
AXIS Bank*	132,945	59,301	(1.40)	(14.27)	(1.96)	2.14	N.A.	Oct. 15	11
Bandhan Bank*	27,055	3,786	(8.23)	(59.62)	(1.88)	1.77	N.A.	--	9
Bank of Baroda*	113,801	49,868	(2.08)	(4.79)	(0.48)	9.81	N.A.	--	10
Bank of India*	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
Bank of Maharashtra*	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	Oct. 14	--
Canara Bank*	89,739	41,556	(3.66)	3.51	(0.39)	(12.55)	N.A.	--	4
Federal Bank*	23,449	8,865	(0.94)	(16.11)	0.34	2.87	N.A.	Oct. 18	11
HDFC Bank*	313,955	175,112	4.26	4.10	(0.14)	(3.55)	N.A.	Oct. 18	11
ICICI Bank*	215,782	123,148	7.63	4.84	(0.26)	(3.55)	N.A.	Oct. 18	10
IDFC First Bank*	50,789	3,801	6.08	89.38	2.96	(17.84)	N.A.	Oct. 18	5
Indian Bank*	63,454	28,146	2.44	4.00	(0.21)	(5.32)	N.A.	--	4
IndusInd Bank*	44,647	5,826	(16.51)	(56.04)	(3.77)	(14.85)	N.A.	Oct. 18	10
Kotak Mahindra*	73,134	33,385	4.19	(0.16)	0.75	1.73	N.A.	Oct. 25	10
Punjab National Bank*	105,899	44,742	0.70	3.97	0.11	167.12	N.A.	--	6
SBI*	411,959	180,387	(1.02)	(1.60)	0.30	(5.85)	N.A.	--	11
Union Bank of India*	89,330	37,475	(1.26)	(20.60)	(1.97)	(8.94)	N.A.	--	6
YES Bank*	23,181	6,712	5.35	21.37	(2.25)	(16.21)	N.A.	Oct. 18	6
Total	1,799,829	807,307	0.77	(2.48)	(0.31)	(0.32)
Company	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	32,168	3,971	10.46	(9.84)	1.30	12.80	4,714	Nov. 6	8
APL Apollo Tubes +	54,871	2,658	14.94	393.96	6.14	12.07	4,152	--	4
Astral +	14,764	1,100	7.74	(0.04)	8.46	35.58	2,199	--	7
BHEL	76,180	1,467	15.70	51.79	38.84	N.A.	2,972	--	3
CG Power and Industrial Solutions +	30,969	3,126	28.36	41.46	7.60	16.10	4,270	--	4
Container Corp	24,039	3,530	5.29	(4.86)	11.83	36.98	5,223	Nov. 11	4
Cummins India	28,601	5,380	14.76	19.39	(1.61)	(1.31)	5,889	Nov. 6	8
L&T +	708,967	40,873	15.18	20.38	11.33	13.00	71,047	--	7
Polycab India +	65,075	6,217	18.35	41.35	10.19	4.99	9,162	Oct. 17	9
Premier Energies +	20,842	3,160	36.47	53.43	14.47	2.66	5,921	--	4
Rail Vikas Nigam	48,971	3,684	0.57	21.78	24.76	188.15	2,840	--	1
Siemens	49,210	5,173	23.82	11.03	27.23	40.14	6,139	--	7
Supreme Industries +	23,493	1,970	3.36	(4.63)	(9.96)	(2.61)	3,238	--	7
Tube Investments of India	21,342	1,786	3.36	6.44	12.77	6.25	2,600	--	1
Waaree Energies +	51,703	9,061	44.65	150.53	16.82	21.58	11,698	--	4
Total	1,251,194	93,154	15.68	27.80	12.46	25.59
Company	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 +	52,478	2,954	13.75	47.93	(13.79)	(21.32)	5,919	--	10
Ambuja Cements +	91,547	5,995	21.80	31.49	(11.02)	(19.83)	15,245	--	10
Shree Cement	43,519	3,875	16.77	316.13	(12.05)	(37.34)	10,013	Oct. 28	12
UltraTech Cement +	184,119	14,666	17.76	78.84	(13.46)	(34.11)	33,167	Oct. 18	9
Total	371,663	27,490	18.02	75.23	(12.75)	(30.71)
Company	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 +	81,339	9,024	1.33	3.16	(9.00)	(17.95)	13,566	Nov. 12	9
Grasim Industries	93,715	7,913	22.93	9.77	1.61	N.A.	3,471	--	4
PI Industries	17,980	3,622	(15.64)	(35.16)	1.63	(22.00)	4,606	--	8
Pidilite Industries +	34,837	6,115	7.69	14.39	(7.18)	(9.06)	8,517	Oct. 30	5
SRF +	38,212	4,360	11.59	116.46	0.07	0.85	8,195	--	8
UPL +	112,311	1,880	1.27	N.A.	21.86	N.A.	16,819	--	5
Total	378,394	32,913	6.50	34.94	3.05	34.14
Company	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 +	17,307	1,207	9.13	20.81	(17.55)	(40.41)	8,181	--	2
Total	17,307	1,207	9.13	20.81	(17.55)	(40.41)
Company	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) +	146,766	2,861	27.25	58.72	14.34	27.16	5,595	--	9
Havells India	48,241	3,140	6.42	15.20	(11.29)	(10.88)	4,590	Oct. 17	9
Voltas +	24,105	992	(7.97)	(25.99)	(38.80)	(29.40)	1,043	--	10
Total	219,112	6,993	17.26	19.16	(1.35)	(2.58)
Company	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	7,004	1,489	28.57	21.48	182.51	711.18	1,289	--	4
Bharat Electronics	53,152	11,095	15.97	1.67	20.34	14.48	14,366	Oct. 31	8
Cochin Shipyard	12,019	1,921	9.56	(0.50)	22.97	2.26	2,199	--	1
Hindustan Aeronautics	65,498	16,494	9.59	11.11	35.91	19.77	18,271	--	7
Mazagon Dock Shipbuilders +	30,876	6,767	12.00	15.66	17.60	49.66	6,028	--	1
Solar Industries India +	22,498	3,681	31.12	28.74	4.42	8.67	5,684	--	2
Total	191,047	41,446	14.58	10.16	25.35	23.96
Company	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 +	19,627	7,279	10.74	(27.07)	(3.74)	(12.83)	N.A.	--	3
Bajaj Finance *+	115,199	50,087	30.35	25.23	12.64	6.58	N.A.	--	9
Bajaj Finserv *+	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
Bajaj Holdings & Investment*+	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
Bajaj Housing Finance *	9,289	6,119	30.22	12.15	4.76	4.90	N.A.	--	2
BSE +	10,302	5,187	26.66	49.57	(0.70)	(1.44)	N.A.	--	2
Cholamandalam Investment and Finance *	36,082	12,067	33.01	25.30	13.33	6.23	N.A.	Nov. 6	9
HDFC Asset Management Co	10,170	6,585	14.62	14.15	5.08	(11.96)	N.A.	Oct. 15	6
HDFC Life Insurance Co#	191,452	4,751	15.54	9.73	32.35	(13.06)	N.A.	Oct. 15	1
Housing & Urban Development Corp *	11,009	7,407	38.07	7.56	16.08	17.53	N.A.	--	2
ICICI Lombard General Insurance Co#	51,741	7,414	2.95	6.83	0.74	(0.77)	N.A.	Oct. 14	4
ICICI Prudential Life Insurance Co#	133,161	2,998	23.82	19.10	56.60	(0.75)	N.A.	Oct. 14	1
Indian Railway Finance Corp *	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	Oct. 15	--
Indian Renewable Energy Development Agency *	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	Oct. 14	--
Jio Financial Services *+	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	Oct. 16	--
L&T Finance *+	23,780	7,350	9.18	5.66	4.36	4.83	N.A.	Oct. 15	8
LIC Housing Finance*	20,851	13,469	5.64	1.36	0.94	(0.95)	N.A.	--	9
Life Insurance Corp of India #	1,296,098	80,886	8.10	6.14	8.73	(26.38)	N.A.	--	1
M&M Financial Services*	22,315	5,324	23.25	44.09	10.90	0.54	N.A.	Oct. 28	10
Max Financial Services*	89,681	1,543	7,690.22	37.08	6,696.07	77.40	N.A.	Nov. 11	1
Motilal Oswal Financial Services *+	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
Muthoot Finance *	36,577	19,442	45.26	55.40	5.31	(4.99)	N.A.	--	6
One 97 Communications +	20,359	1,504	22.68	N.A.	6.17	22.73	1,085	--	4
PB Fintech +	15,678	1,189	34.32	134.56	16.31	40.50	1,085	Oct. 29	2
Power Finance Corp*	54,503	47,451	23.64	8.57	(0.34)	5.41	N.A.	--	3
REC*	55,706	43,564	12.13	8.76	0.06	(2.13)	N.A.	--	4
SBI Cards and Payment Services	17,171	5,904	14.32	45.97	2.19	6.19	N.A.	--	6
SBI Life Insurance Co#	235,058	5,439	15.99	2.74	36.83	(8.49)	N.A.	--	1
Shriram Finance*	61,606	22,194	12.75	7.15	6.72	2.95	N.A.	--	10
Total	2,537,412	365,150	17.03	14.50	17.75	(6.20)
Company	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 +	49,400	5,886	5.84	10.76	6.88	13.04	8,449	--	11
Colgate Palmolive	15,400	3,330	(4.89)	(15.71)	7.39	3.86	4,649	--	11
Dabur India +	32,104	4,540	6.00	6.81	(5.70)	(11.67)	5,761	Oct. 30	12
Godrej Consumer +	38,813	4,892	5.86	(0.43)	5.99	8.12	7,217	--	10
Hindustan Unilever	158,316	24,712	2.09	(5.39)	(0.62)	(9.55)	35,270	Oct. 23	12
ITC	195,915	50,897	(1.35)	2.29	(6.97)	3.61	63,456	--	11
Marico +	34,354	4,202	28.96	(0.65)	5.41	(16.62)	5,449	--	12
Nestle India	53,325	7,215	4.48	3.73	4.64	9.44	11,683	Oct. 16	11
Patanjali Foods	91,440	3,084	12.14	(0.19)	2.74	70.96	4,846	--	1
Tata Consumer Products +	47,688	3,624	13.15	(0.55)	(0.21)	8.45	6,253	--	9
United Spirits	30,636	3,663	7.76	9.34	20.19	41.98	5,489	--	7
Varun Beverages +	48,711	6,506	(1.24)	5.00	(32.00)	(50.60)	11,511	--	7
Total	796,103	122,550	4.39	0.64	(2.75)	(3.54)
Company	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 +	40,821	3,644	33.30	80.23	10.67	27.33	7,283	Oct. 24	13
HCL Tech +	315,983	42,752	9.48	0.95	4.12	11.25	63,109	Oct. 13	16
Infosys +	441,135	71,969	7.63	10.62	4.34	3.99	104,325	Oct. 16	16
KPIT Technologies +	15,671	1,945	6.50	(4.52)	1.84	13.17	3,177	--	10
LTIMindtree +	102,982	12,780	9.17	2.16	4.65	1.90	17,594	Oct. 16	16
Mphasis +	38,772	4,626	9.65	9.27	3.88	4.72	6,881	Oct. 30	15
Oracle Financial Services Software +	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
Persistent Systems +	35,239	4,435	21.63	36.46	5.71	4.37	6,408	Oct. 14	15
Tata Technologies +	12,779	1,633	(1.43)	3.72	2.70	(4.12)	1,956	Oct. 17	8
Tech Mahindra +	138,078	12,945	3.72	3.55	3.42	13.49	21,021	Oct. 14	17
Wipro +	227,251	33,172	1.90	3.38	2.67	(0.40)	44,017	Oct. 16	16
Total	1,368,711	189,900	7.64	6.91	4.09	5.59
Company	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+	77,751	2,616	28.19	100.30	6.97	(0.94)	5,038	Nov. 7	2
Titan Co	152,995	10,642	15.77	50.95	5.05	3.32	17,171	--	8
Total	230,745	13,258	19.68	58.67	5.69	2.45
Company	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 +	662,452	45,012	13.82	15.15	3.13	12.42	85,621	Nov. 7	8
Hindustan Zinc	83,293	24,933	1.06	8.50	7.85	13.13	43,223	--	5
Jindal Steel +	110,329	5,948	(1.61)	(30.91)	(10.26)	(60.18)	19,163	--	8
JSW Steel +	445,643	17,160	12.30	119.72	3.28	(21.43)	67,915	Oct. 17	9
National Aluminium Co	38,953	10,227	(2.65)	(3.71)	2.32	(3.87)	14,709	--	5
NMDC	59,724	16,614	24.25	30.91	(9.98)	(15.61)	20,622	--	6
Steel Authority of India	254,042	2,874	2.96	(65.53)	(2.00)	(58.08)	22,138	--	6
Tata Steel +	550,016	27,916	2.03	242.38	3.43	34.36	82,580	--	9
Vedanta +	381,572	35,849	1.39	44.32	0.88	12.56	108,600	--	4
Total	2,586,023	186,534	6.70	30.32	1.51	(1.13)
Company	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	1,088,363	40,540	5.92	69.11	(3.27)	(33.80)	70,117	--	9
GAIL	350,616	20,756	6.53	(22.32)	0.84	10.03	32,087	--	10
Hindustan Petroleum	1,047,154	26,989	4.79	327.60	(5.46)	(38.25)	54,998	--	9
Indian Oil Corp	1,864,147	44,682	7.23	N.A.	(3.40)	(21.45)	109,721	--	9
Indraprastha Gas	40,802	4,119	10.36	(4.46)	4.25	15.71	5,249	--	10
Oil India	52,993	15,440	1.01	(15.82)	5.72	89.80	22,192	--	8
ONGC	325,883	95,621	(3.81)	(20.21)	1.83	19.17	182,722	--	9
Petronet LNG	119,740	8,875	(8.05)	4.70	0.79	4.34	12,597	--	10
Reliance Ind +	2,464,650	187,026	6.45	12.92	1.16	(30.72)	443,761	Oct. 17	10
Total	7,354,349	444,048	5.54	22.05	(1.61)	(19.42)
Company	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 +	37,654	7,371	10.27	7.03	11.69	13.17	8,492	--	6
Apollo Hospitals +	62,285	4,502	11.44	18.85	6.61	4.02	9,109	--	6
Aurobindo Pharma +	81,034	8,972	3.94	9.77	2.99	8.78	16,643	--	8
Biocon +	41,877	850	16.64	N.A.	6.24	170.76	8,497	Nov. 11	5
Cipla +	74,620	13,975	5.83	7.29	7.25	7.70	19,458	Oct. 30	8
Divi's Laboratories	26,289	6,025	14.20	16.32	11.54	8.17	8,307	--	5
Dr. Reddy's Lab +	86,988	13,922	8.22	10.87	1.48	(1.83)	21,533	Oct. 24	10
Glenmark Pharmaceuticals +	36,017	3,629	4.89	2.44	10.33	674.15	6,364	--	2
Lupin +	65,085	11,541	14.73	35.36	3.83	(5.32)	17,561	--	10
Mankind Pharma +	37,436	4,972	21.68	(23.91)	4.85	13.43	9,401	--	4
Max Healthcare Institute +	25,937	4,175	51.90	48.15	27.92	35.56	6,667	--	8
Sun Pharma +	142,305	29,362	7.07	(3.42)	2.74	28.86	40,857	--	10
Torrent Pharma +	32,051	6,000	10.94	32.45	0.85	9.49	10,558	--	8
Zydus Lifesciences +	59,249	10,431	13.14	14.52	(9.87)	(28.88)	16,388	--	7
Total	808,827	125,727	10.66	9.66	4.17	9.15
Company	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 +	91,515	33,201	29.50	35.79	0.28	0.17	54,328	--	5
Total	91,515	33,201	29.50	35.79	0.28	0.17
Company	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 +	297,726	52,592	(2.94)	(16.38)	(16.93)	(39.85)	74,960	Oct. 29	6
JSW Energy +	55,804	8,734	72.36	2.36	8.50	17.53	30,394	--	3
NHPC	33,961	12,230	33.12	35.10	14.06	14.10	19,653	--	2
NTPC	418,505	45,796	3.78	(1.49)	(1.70)	(4.09)	106,020	--	4
NTPC Green Energy +	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	N.A.	--	--
Power Grid	112,438	38,068	9.59	2.58	13.25	4.20	94,520	--	4
SJVN	9,774	3,930	(1.72)	(16.92)	18.84	52.03	7,827	--	1
Suzlon Energy +	29,065	2,532	38.18	26.45	(7.19)	(21.94)	4,665	--	4
Tata Power +	170,695	9,660	8.74	4.26	(5.35)	(8.85)	36,427	--	4
Torrent Power +	74,330	6,975	3.58	45.00	(5.99)	(4.64)	14,212	--	1
Total	1,202,296	180,517	6.38	(2.36)	(4.85)	(15.49)
Company	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 +	23,374	9,700	18.35	(29.77)	(13.96)	27.18	6,289	--	4
Godrej Properties +	10,982	3,601	0.45	7.43	152.72	(40.00)	949	--	4
Lodha Developers +	31,902	5,972	21.50	41.22	(8.64)	(11.49)	9,177	--	4
Oberoi Realty +	15,125	6,206	14.59	5.29	53.15	47.33	8,914	Oct. 15	4
Phoenix Mills +	10,371	3,250	12.97	49.03	8.82	35.04	6,161	--	4
Prestige Estates +	25,281	2,089	9.71	8.69	9.57	(28.58)	7,956	--	3
Total	117,033	30,819	14.33	(1.82)	7.46	3.01
Company	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 +	19,877	(1,541)	(45.45)	N.A.	8.53	N.A.	1,002	--	6
Avenue Supermarts	165,071	7,276	17.49	2.42	3.61	(12.31)	12,149	Oct. 11	5
FSN E-Commerce Ventures +	23,485	382	25.27	279.98	8.98	63.59	1,621	--	4
Page Industries	13,220	2,098	6.08	7.42	0.41	4.46	3,075	--	6
Trent	47,718	4,545	18.24	7.34	(0.20)	7.56	7,965	--	3
Vishal Mega Mart +	29,137	1,363	19.60	31.07	(7.22)	(33.86)	3,692	--	4
Total	298,507	14,123	9.40	12.33	2.38	(4.34)
Company	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 +	87,574	1,123	82.48	(36.18)	22.19	349.29	2,477	--	9
Indian Hotels Co +	20,670	3,220	13.19	269.80	1.27	8.65	5,729	--	8
Info Edge India	7,452	2,728	13.58	N.A.	1.20	5.06	3,001	--	4
IRCTC	11,641	3,440	9.41	11.75	0.38	4.10	4,239	--	1
Jubilant Foodworks	17,885	605	21.92	16.24	5.11	(9.27)	3,393	--	6
Swiggy +	54,876	(11,049)	52.37	N.A.	10.61	N.A.	(8,376)	--	7
Total	200,097	67	49.18	N.A.	12.62	N.A.
Company	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 +	505,359	64,615	21.85	79.82	2.17	8.63	284,566	--	7
Bharti Hexacom	23,265	4,228	10.91	67.06	2.80	7.97	12,145	--	4
Indus Tower +	81,411	18,034	9.05	(18.89)	1.04	3.83	43,046	--	5
Tata Communications +	60,976	3,093	6.46	48.63	2.31	33.14	12,183	Oct. 15	5
Vodafone Idea +	111,320	(67,803)	1.83	N.A.	0.99	N.A.	46,493	--	6
Total	782,330	22,167	15.56	N.A.	1.91	30.36
Grand Total	25,837,108	2,944,657	8.21	10.57	1.95	(4.56)

 

EARNINGS DECLARED SO FAR
Company	Sales, INR million	Informist estimates, Sales, INR million	PAT, INR million	Informist estimates, PAT, INR million	EPS, INR	Result Date
Avenue Supermarts	162,188	165,071	7,466	7,276	11.44	Oct. 11
Tata Elxsi	9,181	9,172	1,548	1,557	24.85	Oct. 9
TCS +	657,990	651,435	120,750	124,958	33.37	Oct. 9

 

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, Elara Securities (India) Pvt Ltd, Emkay Global Financial Services Ltd, Equirus Securities Pvt Ltd, HDFC Securities Ltd, HSBC Global Research, ICICI Securities Ltd, IDBI Capital Market Services 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, Systematix Shares and Stocks (India) Ltd and YES Securities (India) Ltd.

 

End

 

Data compiled by Shivaji Jagatap

Edited by Avishek Dutta

 

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