Sector analysis · India

Services sector earnings growth, Q3 FY25

The 20 largest Services companies by market cap at the end of Q3 FY25 (31 Dec 2024), compared with Q2 FY25.

The top 20 at Q3 FY25

Q3 FY25 vs Q2 FY25: combined net profit ₹7,743 cr (+62%), median EPS +1% (12 of 19 up), market-cap-weighted price −11%. 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	31.3%	11.32 → 11.67	+3%	+1.1 pp	−15%
2	InterGlobe Aviation LimitedINDIGO	20.7%	−25.54 → 63.38	turned profitable	+51.5 pp	−5%
3	GMR Airports LimitedGMRAIRPORT	9.8%	−0.27 → 0.25	turned profitable one-off	+8.2 pp	−16%
4	JSW InfrastJSWINFRA	7.9%	1.77 → 1.57	−11%	−0.6 pp	−8%
5	Container Corporation of India LimitedCONCOR	5.6%	4.80 → 4.81	0%	0.0 pp	−14%
6	Firstsource Solutions LimitedFSL	3.1%	1.98 → 2.30	+16%	+0.3 pp	+21%
7	Delhivery LimitedDELHIVERY	3.0%	0.14 → 0.34	+143%	+0.2 pp	−19%
8	International Gemological Institute LimitedIGIL	2.8%	2.76 → 2.63	−5%	+0.1 pp	—
9	eClerx Services LimitedECLERX	2.0%	14.72 → 14.38	−2%	0.0 pp	+16%
10	Blue Dart Express LimitedBLUEDART	1.9%	26.48 → 34.14	+29%	+0.3 pp	−15%
11	Redington LimitedREDINGTON	1.8%	3.75 → 5.12	+37%	+1.6 pp	+8%
12	The Great Eastern Shipping Company LimitedGESHIP	1.6%	40.32 → 41.58	+3%	+0.3 pp	−20%
13	MMTC LimitedMMTC	1.3%	0.32 → 0.02	−94%	−0.7 pp	−19%
14	Quess CorpQUESS	1.2%	— → 5.41	sources disagree	—	−15%
15	S C ISCI	1.1%	6.26 → 1.62	−74%	−3.2 pp	−20%
16	Gujarat Pipavav Port LimitedGPPL	1.0%	1.56 → 2.06	+32%	+0.4 pp	−17%
17	Transport Corporation of India LimitedTCI	1.0%	13.90 → 13.17	−5%	−0.1 pp	+6%
18	Blackbuck LimitedBLACKBUCK	1.0%	−15.24 → −2.72	loss, smaller one-off	+3.3 pp	—
19	CMS Info Systems LimitedCMSINFO	0.9%	5.57 → 5.67	+2%	0.0 pp	−18%
20	TVS SupplyTVSSCS	0.9%	0.21 → −0.56	to loss	−0.5 pp	−12%
	Sector earnings growth	100%			+62.2 pp

Who joined and who left

2 joined and 2 left the top 20 since Q2 FY25, as market caps moved.

Joined the top 20 since Q2 FY25 2

now #8 International Gemological Institute Limited IGIL
now #18 Blackbuck Limited BLACKBUCK

Left the top 20 since Q2 FY25 2

was #19 Inox Green INOXGREEN
was #20 Nesco Limited NESCO

EPS growth by company, Q2 FY24 to Q1 FY27

Each company's EPS growth quarter on quarter, 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
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	−17%	+26%	−8%	+53%	−21%	+3%	+20%	+10%	−6%	−8%	+9%	+9%
INDIGO	−94%	+1,485%	−37%	+44%	to loss	turned profitable	+25%	−29%	to loss	turned profitable	to loss	loss, smaller
GMRAIRPORT	loss, bigger	loss, bigger	loss, smaller	loss, bigger	loss, bigger	turned profitable	to loss	loss, smaller	loss, smaller	turned profitable	+142%	−69%
JSWINFRA	outside	−2%	+32%	−11%	+27%	−11%	+55%	−25%	−6%	−1%	+16%	−25%
CONCOR	+50%	−10%	−4%	−19%	+42%	0%	−19%	−11%	+42%	−12%	−21%	+1%
FSL	+1%	+2%	+4%	+1%	+2%	+16%	0%	+5%	+6%	−33%	+70%	−19%
DELHIVERY	loss, bigger	turned profitable	to loss	turned profitable	−81%	+143%	+185%	+26%	to loss	turned profitable	+83%	−56%
IGIL	outside	outside	outside	outside	outside	−5%	+24%	−10%	+2%	+4%	+34%	sources disagree
ECLERX	+28%	+2%	−6%	−15%	+29%	−2%	+11%	−7%	+29%	+5%	0%	−13%
BLUEDART	+19%	+22%	−12%	−31%	+18%	+29%	−32%	−11%	+67%	−16%	−29%	+81%
REDINGTON	+22%	+12%	−5%	−24%	+19%	+37%	+66%	−59%	+41%	+12%	−10%	+24%
GESHIP	+3%	−9%	+68%	−10%	−29%	+3%	−39%	+39%	+15%	+40%	+29%	+25%
MMTC	+250%	+6%	+27%	−36%	+7%	−94%	0%	+1,400%	+280%	−73%	+171%	−18%
QUESS	+51%	−11%	+48%	sources disagree	sources disagree	sources disagree	sources disagree	outside	outside	outside	outside	outside
SCI	−62%	+104%	+129%	−5%	0%	−74%	+145%	+91%	−47%	+114%	0%	+53%
GPPL	+36%	+26%	−43%	+67%	−31%	+32%	+13%	−7%	+54%	−33%	+32%	outside
TCI	+6%	−9%	+28%	−11%	+19%	−5%	+13%	−7%	+6%	+2%	+8%	outside
BLACKBUCK	outside	outside	outside	outside	outside	loss, smaller	turned profitable	−88%	−14%	+8%	+107%	−36%
CMSINFO	−1%	outside	+1%	−1%	0%	+2%	+5%	−4%	outside	outside	outside	outside
TVSSCS	loss, smaller	turned profitable	−55%	+50%	+40%	to loss	outside	turned profitable	outside	outside	outside	outside