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Informist, Thursday, Nov. 27, 2025

 

By Shakshi Jain

 

NEW DELHI – As many as 10 of 21 sectors outperformed the Nifty 200 index group's aggregate earnings for the September quarter on cumulative net profit growth as well as revenue growth. On the flip side, five sectors underperformed the wider group of 200 companies on both counts.

 

The remaining six sectors recorded a mixed performance in the September quarter compared to the aggregate top line and bottom line growth of the Nifty 200 companies.

 

The Nifty 200 companies registered an aggregate net profit growth of 10.9% on year in the September quarter. Excluding one-time costs and incomes, the net profit growth of these companies was slightly better at 11.2%. The cumulative net sales of these companies rose 7.8% on year in Jul-Sept.

 

The net profit growth of 184 of these 200 companies, for which analysts' earnings estimates were available, rose 11% on year in the September quarter against the consensus estimate of 10%. The net profit excluding exceptional items grew nearly 13% on year in the quarter under review. The aggregate net sales of these 184 companies rose 8% on year in Jul-Sept, largely in line with the Street's projection.

 

Within the Nifty 200 universe, the cement sector was the top performer in the September quarter. Cement firms fared well in a seasonally weak quarter primarily on the back of higher prices, according to analysts. 

 

The aggregate net profit of the four cement companies that are part of the Nifty 200 zoomed nearly three-fold on year in the September quarter against the expectation of a 64% rise. Their aggregate revenue growth, at 21%, also surpassed analysts' consensus estimate of a 15% uptick for the reporting quarter. Adjusted for one-time costs and incomes, the net profit of these companies jumped 177% on year in the quarter under review. 

 

Together, the four cement companies accounted for 1.4% of the Nifty 200 companies' top line and adjusted bottom line in the September quarter.

 

OUTPERFORMERS

Defence, capital goods, cement, chemicals, consumer durables, financial services barring banks, jewellery, metal and mining, pharmaceutical and healthcare, and real estate were the sectors that outperformed the earnings of the full 200 group. Together, these sector companies contributed 33% of the Nifty 200 companies' adjusted bottom line and 35% of their aggregate top line in the September quarter. 

 

The aggregate net profit as well as the adjusted net profit of the six Nifty 200 companies in the defence sector rose almost 16% on year in the September quarter. This was much higher than the 10% bottom line growth expected by analysts. The cumulative net revenue of these six companies grew 17% on year in the same period, once again beating analysts' consensus estimate of 14% growth. Of the six companies, only one – Cochin Shipyard Ltd. – reported a decline in bottom line for the September quarter.

 

The 15 capital goods companies that are part of the Nifty 200 recorded an aggregate net profit growth of over 22% on year and a revenue growth of over 13% in the September quarter. Excluding exceptional items, the net profit of these companies grew almost 27% on year in the reporting quarter. 

 

Analysts' consensus estimates had pegged the net profit growth of these 15 companies at 26.3% and their net sales growth at over 15% for the September quarter.

 

Capital goods companies registered better-than-expected order inflows alongside strong execution in the September quarter, according to analysts. Order inflows were particularly strong in the renewable, power transmission and distribution, and defence segments, according to Motilal Oswal Financial Services Ltd.

 

The aggregate bottom line of the three Nifty 200 consumer durables companies grew over 28% on year in the September quarter against analysts' expectation of a 20% growth. Their combined top line rose almost 18% on year in the quarter, in line with analysts' consensus estimate. The aggregate adjusted net profit of these three companies jumped 74% on year in the quarter under review.

 

In the financial services sector, excluding banks, 29 Nifty 200 financial services companies recorded an aggregate net profit growth of over 12% on year in the September quarter. Their net sales for the quarter rose over 9% on year. The on-year adjusted net profit of these companies grew almost 17% in the reporting quarter. Together, these 29 companies contributed 13.8% of the Nifty 200 group's adjusted net profit and almost 13% of its net sales in the quarter.

 

Disbursement growth was slow for most lenders in the September quarter due to seasonality and rising caution in the micro, small, and medium enterprises segment, Incred Research Services Pvt. Ltd. said in a report.

 

The adjusted net profit of 22 of these 29 companies for which earnings estimates were available rose almost 22% on year in the September quarter, higher than the 15% growth expected by analysts. Their top line grew over 11% on year, slightly lower than the 13% rise expected by the Street for the September quarter.

 

The two jewellery companies that are a part of the Nifty 200 recorded a net profit as well as adjusted net profit growth of almost 52% on year in the September quarter. This was slightly lower than the expectation of over 59% growth. Their aggregate revenue rose nearly 27% on year, which was higher than the 21% growth expected by analysts.

 

The 14 pharmaceutical and healthcare companies that are part of the Nifty 200 recorded a net profit growth of nearly 19% on year in the September quarter against an expectation of a 10% growth. Their net revenue grew 16% on year in the reporting quarter, exceeding analysts' consensus estimate of 11% growth. Adjusted for one-time items, the net profit of these 14 companies rose over 31% on year in the September quarter. These 14 companies together accounted for 4.5% of the Nifty 200 group's adjusted net profit and 3% of its revenue.

 

The aggregate bottom line of the nine metal and mining companies that are a part of the Nifty 200 grew 14% on year while their adjusted net profit jumped 41.5% in the September quarter. Analysts had estimated the aggregate net profit of these companies would grow around 27% on year in the September quarter. Meanwhile, the net sales of these nine companies rose over 10% on year in the reporting quarter, higher than the 7% growth expected by the Street. All these nine companies reported a year-on-year growth in net sales for the September quarter.

 

Higher prices and steady volumes boosted the performance of companies dealing in non-ferrous metals, according to analysts.

Chemical companies also fared well in the September quarter. The aggregate net profit of the six chemical companies that are a part of the Nifty 200 jumped 68% on year in the quarter under review. Their adjusted net profit grew over 46% on year. Analysts had expected these companies to log a combined net profit growth of only 32% on year in Jul-Sept. The aggregate net sales of these six companies rose over 10% on year in the reporting quarter, also surpassing the Street's expectation of a near-7% rise.

 

The real estate sector also reported another quarter of steady growth. The aggregate net profit of the six real estate companies that are a part of the Nifty 200 grew just over 23% on year for the September quarter. Excluding exceptional items, their net profit growth moderated to 16% on year for the quarter under review. This was significantly better than the expectation of a near-6?cline in earnings of these companies for the reporting quarter. Their aggregate net sales rose 12.4% on year in Jul-Sept, close to the 13% growth expected of them.

 

The realty sector reported overall growth for the September quarter despite a nearly 32% year-on-year decline in adjusted net profit of sector bellwether DLF Ltd. The net sales of DLF fell almost 17% on year in Jul-Sept. Besides, DLF, Godrej Properties saw over 32?ll in its net sales for the September quarter.

 

Barring DLF, the adjusted net profit of the remaining five real-estate companies jumped almost 53% on year in Jul-Sept, surpassing the 15% growth estimate by a wide margin. The aggregate net sales of these five companies grew over 19% on year against the expectation of 12.6% growth.

 

UNDERPERFORMERS

The five sectors that dragged the Nifty 200 group's performance in the September quarter were automobile, banking, fast-moving consumer goods, information technology, and power. Together, these sectors accounted for around 31% of the Nifty 200 companies' aggregate top line and over 49% of their adjusted bottom line in the quarter under review.

 

Prima facie, the on-year aggregate net profit of the 12 automobile companies that are part of the Nifty 200 declined 48% in the September quarter. Excluding exceptional items, their net profit declined 21% on year. Meanwhile, analysts had expected the aggregate bottom line of these 12 companies to grow over 8% on year in Jul-Sept. The combined revenue of these companies grew 4% on year in the reporting quarter, largely in line with the Street's projection.

 

The top line growth of automobile companies was helped by an early festive season and strong volumes after the goods and services tax rate was cut, according to analysts.

 

Ola Electric Mobility Ltd. reported a net loss for the September quarter and so did the undivided Tata Motors Ltd., which included both the passenger vehicle and commercial vehicle segments. For a like-to-like comparison, earnings of both Tata Motors Passenger Vehicles and the new Tata Motors were added in this analysis. The two businesses had reported their quarterly results separately.

 

Excluding Tata Motors, the aggregate adjusted net profit of the remaining 11 companies grew almost 18% on year, largely in line with analysts' consensus estimate. The aggregate revenue of these companies rose almost 15% on year, surpassing the Street's projection of 11.5% growth.

 

The automobile sector accounted for 8.7% of the Nifty 200 group's aggregate top line and over 4% of its adjusted net profit in the September quarter.

 

In the banking sector, the aggregate net profit of the 18 Nifty 200 constituents grew 1.3% on year while their net interest income increased 2.6% in the September quarter. Excluding exceptional items, the aggregate net profit of these banks declined almost 4% on year in Jul-Sept. Together, the 18 banks accounted for 25% of the Nifty 200 group's adjusted net profit and 6.8% of its revenue.

 

The adjusted net profit of 16 of these 18 banks, for which earnings estimates were available, fell 4.8% on year in Jul-Sept, more than the 3.5?ll expected by analysts. The aggregate net interest income of these 16 banks grew 2.5% on year in the reporting quarter, higher than the 0.8% growth expected by the Street.  

 

Several banks have guided for net interest margin improvement in the second half of 2025-26 (Apr-Mar), driven by the benefits of the cash reserve ratio cut, continued deposit repricing, and higher loan growth.

 

The fast moving consumer goods sector also saw weak growth in the September quarter due to an extended monsoon and disruptions resulting from the transition to the new GST rates. The adjusted net profit as well as revenue of the 12 FMCG companies in the Nifty 200 grew just over 5% on year in the September quarter. Including exceptional items, the aggregate net profit growth of these companies moderated to 4% on year.

 

Analysts had expected the aggregate top line of these 12 companies to grow over 6% on year in the September quarter alongside a marginal growth in their bottom line.

 

In the information technology sector, the aggregate net profit of the 13 companies that are a part of the Nifty 200 grew 4.6% on year in the September quarter, helped by a steady ramp up of deals and depreciation of the rupee. The on-year adjusted net profit of these companies grew over 8% on an aggregate basis. The net sales of these 13 companies grew 6.4% on year in the quarter under review.

 

The aggregate adjusted net profit of 12 of these 13 companies for which estimates were available grew 8.5% on year in Jul-Sept, more than the 5.8% growth expected by analysts. Their cumulative on-year net sales growth, at 6.4%, also supassed analysts' consensus estimate of 5.5% for the September quarter.

 

"IT companies posted positive earnings growth on the already beaten-down expectations...Most large-cap IT companies reported a healthy performance supported by a seasonally strong quarter and steady deal ramp-ups," brokerage Motilal Oswal said in a report.

 

The 14 power companies in the Nifty 200 registered a marginal aggregate net profit growth in the September quarter. However, their combined net profit excluding exceptional items fell almost 14% on year in the reporting quarter. Their revenue increased less than a percent in the quarter under review. The power sector accounted for 6.4% of the Nifty 200 companies' adjusted net profit and 5.7% of their revenue in the September quarter.

 

Of the 14 companies, the top line and bottom line estimates for nine companies were available with Informist. The aggregate adjusted net profit of these nine companies declined over 6% on year in the September quarter against an expectation of 3.4?cline. Their net sales rose 1.7% on year in the reporting quarter, much lower than the 6.2% growth expected by the Street.

 

MIXED PERFORMERS

The aggregate net sales of auto component makers grew largely in line with that of the Nifty 200 companies in the September quarter. However, their bottom line performance failed to keep up with that of the wider group.

 

The aggregate net profit of the six auto ancillary companies that are part of the Nifty 200 declined 2.5% on year in the September quarter despite a 7.5% increase in their revenue. However, adjusting for one-time costs and incomes, their aggregate net profit for the quarter improved to 7.2% on year. Analysts had expected the bottom line of the six companies to rise nearly 3% on year and their net sales to grow almost 8% in Jul-Sept.

 

Exide Industries Ltd. spoiled the show for auto part makers with a near-26% year-on-year decline in its adjusted net profit and an over 2% moderation in its net revenue. Higher input costs and expenses tied to extended producer responsibility norms under the new battery waste management rules hurt the company's profitability in the reporting quarter. The company's  top line fell as channel partners temporarily postponed purchases following the announcement that GST would be cut. Other than Exide Industries, Samvardhana Motherson Ltd. reported a near 2% year-on-year decline in its adjusted net profit for the September quarter.

 

In the oil and gas sector, the 10 companies that are part of the Nifty 200 surpassed the wider group's bottom line growth in the September quarter but failed to outpace or even match the top line performance. The aggregate net profit of these 10 companies grew almost 34% on year in the quarter under review while their revenue rose 4.5%. Excluding exceptional items, the net profit growth of these companies improved to 38% for the September quarter.

 

Together, the 10 companies accounted for over 15% of the Nifty 200 companies' adjusted bottom line and nearly 26% of their net sales in the September quarter.

 

The adjusted bottom line of nine of these 10 oil and gas companies for which estimates were available grew over 38% on year in the reporting quarter against analysts' consensus estimate of 26%. Their aggregate net sales growth at 4.4?ll short of the Street's projection of 5.7% uptick for Jul-Sept.

The three public-sector oil marketing companies -- Bharat Petroleum Corp. Ltd., Indian Oil Corp. Ltd., and Hindustan Petroleum Corp. Ltd. – reported bumper earnings for the September quarter, accounting for 5.4% of the Nifty 200 group's adjusted bottom line. Excluding the three companies, the aggregate adjusted net profit of the remaining six companies in the sector for which estimates were available fell 5.5% on year for the reporting quarter.

 

In the telecommunications sector, the five companies that are a part of the Nifty 200 registered a net revenue growth of 18% on year in the September quarter, higher than the 15.6% growth expected by analysts. Their aggregate bottom line moved into green in Jul-Sept despite a substantial loss reported by Vodafone Idea Ltd. The five companies together logged a net profit of INR 37.11 billion and an adjusted net profit of INR 36.95 billion in the September quarter, once again higher than the INR 22.17 billion expected by the Street.

 

Excluding Vodafone Idea, the adjusted net profit of the remaining four telecom players in the Nifty 200 rose almost 13% on year in the September quarter, surpassing analysts' expectation of a 10% growth. The aggregate top line growth of these four companies was 8% for the quarter under review, in line with the Street's projection.

 

The six retail companies in the Nifty 200 reported a net profit growth of 1.4% on year for the September quarter alongside a revenue growth of over 16%. Their adjusted net profit grew over 10% on year in the reporting quarter. These six companies collectively fell short of analysts' expectation of over 17% net revenue growth and 16% net profit growth for the September quarter.

 

The remaining four companies in the Nifty 200 – Adani Airports and Special Economic Zone Ltd., InterGlobe Aviation Ltd., GMR Airports Ltd., and IRB Infrastructure Developers Ltd. – were clubbed into one sector for the purpose of this analysis. Their aggregate net sales rose almost 18% on year in Jul-Sept but their net profit and adjusted net profit more than halved in the quarter. GMR Airports incurred a net loss for the third consecutive quarter in Jul-Sept. InterGlobe Aviation also reported a net loss for the September quarter.

 

The following table is a snapshot of the sector-wise performance of the Nifty 200 companies, sorted in the order of number of companies per sector, during the September quarter as compared with the same quarter last year and with the Informist Poll:

 

Sector	Number of Cos	Jul-Sept net sales	Jul-Sept PAT excluding exceptional items		No. of cos for which estimates were available	Jul-Sept sales as per Informist Poll	Jul-Sept PAT as per Informist Poll
		(% change YoY)	(% change YoY)			(% change YoY)	(% change YoY)
NIFTY 200	200	7.8	11.2		184	7.8	9.7
Financial services, ex-banks	29	9.0	16.8		22	13.1	14.8
Banks	18	2.6	-4.0		16	0.8	-3.4
Capital goods	15	13.2	26.8		15	15.3	26.3
Pharma and healthcare	14	16.0	31.4		14	10.6	10.0
Power	14	0.8	-13.9		9	6.2	-3.4
Information technology	13	6.4	8.2		12	5.5	5.8
Automobile	12	4.0	-20.8		12	4.3	8.1
FMCG	12	5.4	5.2		12	6.3	0.4
Oil & Gas	10	4.5	38.1		9	5.7	26.2
Metal and mining	9	10.3	41.5		9	7.0	26.6
Chemicals	6	10.1	46.4		6	6.6	31.7
Real estate	6	12.4	15.7		6	13.0	-5.6
Defence	6	17.0	15.9		6	14.4	10.3
Retail	6	16.3	10.2		6	17.4	16.3
Services	6	84.8	INR 8.2 bln loss		6	48.6	INR 7 mln loss
Auto-ancillary	6	7.5	7.1		6	7.6	2.9
Telecommunications	5	18.1	INR 36.95 bln profit		5	15.6	INR 22.17 bln profit
Cement	4	21.1	177.0		4	15.4	63.7
Others	4	17.9	-53.7		4	16.2	102.1
Consumer durables	3	17.6	74.1		3	17.7	20.4
Jewellery	2	26.6	51.6		2	20.7	59.3

End

 

Edited by Vandana Hingorani

 

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