Sector analysis · India

Services sector earnings growth, Q1 FY27

The 20 largest Services companies by market cap at the end of Q1 FY27 (30 Jun 2026), compared with Q1 FY26.

The top 20 at Q1 FY27

Q1 FY27 vs Q1 FY26: combined net profit ₹7,345 cr (−5%), median EPS +19% (14 of 19 up), market-cap-weighted price +6%. 20 of 20 reported.

Quarter

Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27

Compared with

YoY QoQ

Weight is each company's share of the 20 companies' combined market cap. Contribution is the change in its owners' profit divided by their combined base profit, in percentage points, so the column adds up to the sector's earnings growth. EPS cannot be added across companies, which is why contributions use profit.

#	Company	Weight	EPS ₹, base → now	EPS growth	Contribution	Price
1	Adani PortsADANIPORTS	39.3%	15.34 → 15.71	+2% one source	+3.7 pp	+25%
2	InterGlobe Aviation LimitedINDIGO	19.6%	56.31 → −6.14	to loss one source	−29.5 pp	−10%
3	GMR Airports LimitedGMRAIRPORT	11.2%	−0.20 → 0.09	turned profitable one source	+3.7 pp	+32%
4	JSW InfrastJSWINFRA	6.4%	1.83 → 1.49	−19%	−0.5 pp	−7%
5	Container Corporation of India LimitedCONCOR	3.4%	3.50 → 3.50	0% one source	0.0 pp	−22%
6	Delhivery LimitedDELHIVERY	3.3%	1.22 → 0.43	−65% one source	−0.7 pp	+23%
7	Redington LimitedREDINGTON	2.0%	3.52 → 6.22	+77%	+2.6 pp	−15%
8	The Great Eastern Shipping Company LimitedGESHIP	2.0%	35.34 → 91.68	+159%	+9.8 pp	+52%
9	Firstsource Solutions LimitedFSL	1.5%	2.43 → 2.38	−2% one source one-off	0.0 pp	−39%
10	International Gemological Institute LimitedIGIL	1.4%	— → 0.38	sources disagree	—	−6%
11	S C ISCI	1.3%	7.60 → 13.30	+75%	+3.2 pp	+36%
12	Shadowfax Technologies LimitedSHADOWFAX	1.2%	0.14 → 1.12	+711%	+0.7 pp	—
13	eClerx Services LimitedECLERX	1.2%	14.87 → 17.47	+17% one source	+0.3 pp	−24%
14	Blue Dart Express LimitedBLUEDART	1.1%	20.58 → 37.29	+81% one source	+0.5 pp	−24%
15	MMTC LimitedMMTC	1.0%	0.30 → 0.69	+130% one source	+0.7 pp	−6%
16	Blackbuck LimitedBLACKBUCK	0.9%	1.88 → 2.32	+23%	+0.1 pp	+22%
17	WeWork India Management LimitedWEWORK	0.9%	−1.09 → −0.31	loss, smaller one source	+0.1 pp	—
18	Shreeji Shipping Global LimitedSHREEJISPG	0.8%	2.28 → 2.72	+19%	+0.1 pp	—
19	Inox GreenINOXGREEN	0.8%	0.60 → 1.01	+68%	+0.2 pp	+28%
20	Nesco LimitedNESCO	0.7%	13.65 → 14.19	+4% one source	0.0 pp	−7%
	Sector earnings growth	100%			−4.9 pp

Who joined and who left

2 joined and 2 left the top 20 since Q4 FY26, as market caps moved.

Joined the top 20 since Q4 FY26 2

now #18 Shreeji Shipping Global Limited SHREEJISPG
now #19 Inox Green INOXGREEN

Left the top 20 since Q4 FY26 2

was #17 Transport Corporation of India Limited TCI
was #18 Gujarat Pipavav Port Limited GPPL

EPS growth by company, Q2 FY24 to Q1 FY27

Each company's EPS growth year on year, every quarter it was in the top 20.

≤ −40%−20%0+20%≥ +40% Blue is growth, red is decline, grey is about zero; the colour stops deepening at ±40%.

turned profitableto loss crossed zero, so there is no growth rate to print
loss, smallerloss, bigger a loss in both quarters
sources disagree our two sources disagree, so the figure is left out of the sector totals
— no data
outside not in the sector's top 20 that quarter

EPS growth of each company in the sector's top 20, by quarter
Company	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
ADANIPORTS	+2%	+68%	+76%	+47%	+40%	+14%	+48%	+6%	+27%	+14%	+4%	+2%
INDIGO	turned profitable	+110%	+106%	−12%	to loss	−18%	+62%	−20%	loss, bigger	−78%	to loss	to loss
GMRAIRPORT	to loss	to loss	loss, smaller	loss, bigger	loss, bigger	turned profitable	loss, bigger	loss, smaller	loss, smaller	−52%	turned profitable	turned profitable
JSWINFRA	outside	sources disagree	−2%	−19%	+45%	+32%	+55%	+32%	−3%	+9%	−18%	−19%
CONCOR	+21%	+12%	+14%	+5%	0%	+11%	−6%	+3%	+4%	−9%	−12%	0%
DELHIVERY	loss, smaller	turned profitable	loss, smaller	turned profitable	turned profitable	+113%	turned profitable	+65%	to loss	+56%	0%	−65%
REDINGTON	−22%	−10%	+5%	−1%	−3%	+17%	+105%	+12%	+32%	+9%	−41%	+77%
GESHIP	−23%	−14%	+25%	+41%	−3%	+10%	−60%	−38%	+1%	+37%	+188%	+159%
FSL	−2%	−19%	−5%	+7%	+9%	+24%	+20%	+25%	+30%	−25%	+27%	−2%
IGIL	outside	outside	outside	outside	outside	—	—	+49%	+9%	+18%	+28%	sources disagree
SCI	−47%	−52%	−19%	+70%	+344%	−44%	−40%	+21%	−35%	+436%	+119%	+75%
SHADOWFAX	outside	outside	outside	outside	outside	outside	outside	outside	outside	outside	turned profitable	+711%
ECLERX	+12%	+9%	−2%	+5%	+6%	+2%	+20%	+31%	+31%	+40%	+26%	+17%
BLUEDART	−22%	0%	+12%	−13%	−14%	−9%	−29%	−9%	+30%	−16%	−11%	+81%
MMTC	−97%	−43%	+571%	+200%	−9%	−95%	−96%	0%	+256%	+1,450%	+4,100%	+130%
BLACKBUCK	outside	outside	outside	outside	outside	loss, bigger	turned profitable	+18%	turned profitable	turned profitable	−77%	+23%
WEWORK	outside	outside	outside	outside	outside	outside	outside	outside	outside	turned profitable	+73%	loss, smaller
SHREEJISPG	outside	outside	outside	outside	outside	outside	outside	outside	outside	outside	outside	+19%
INOXGREEN	outside	outside	outside	outside	−10%	outside	outside	outside	+322%	+500%	outside	+68%
NESCO	outside	+34%	outside	−8%	+22%	outside	−16%	+38%	+11%	−5%	+5%	+4%