Sector analysis · India

Services sector earnings growth, Q4 FY25

The 20 largest Services companies by market cap at the end of Q4 FY25 (31 Mar 2025), compared with Q3 FY25.

The top 20 at Q4 FY25

Q4 FY25 vs Q3 FY25: combined net profit ₹9,047 cr (+16%), median EPS +12% (13 of 19 up), market-cap-weighted price −3%. 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	31.0%	11.67 → 13.95	+20%	+6.2 pp	−4%
2	InterGlobe Aviation LimitedINDIGO	24.0%	63.38 → 79.38	+25%	+7.8 pp	+12%
3	GMR Airports LimitedGMRAIRPORT	9.7%	0.25 → −0.23	to loss one-off	−6.3 pp	−4%
4	JSW InfrastJSWINFRA	8.2%	1.57 → 2.43	+55%	+2.3 pp	+1%
5	Container Corporation of India LimitedCONCOR	5.1%	4.81 → 3.92	−19%	−0.9 pp	−12%
6	Firstsource Solutions LimitedFSL	2.9%	2.30 → 2.31	0%	0.0 pp	−10%
7	Delhivery LimitedDELHIVERY	2.3%	0.34 → 0.97	+185%	+0.6 pp	−26%
8	Redington LimitedREDINGTON	2.3%	5.12 → 8.51	+66% one-off	+3.3 pp	+21%
9	International Gemological Institute LimitedIGIL	2.0%	2.63 → 3.26	+24%	+0.3 pp	−30%
10	Blue Dart Express LimitedBLUEDART	1.8%	34.14 → 23.24	−32%	−0.3 pp	−12%
11	The Great Eastern Shipping Company LimitedGESHIP	1.6%	41.58 → 25.43	−39%	−2.9 pp	−3%
12	eClerx Services LimitedECLERX	1.6%	14.38 → 15.97	+11%	+0.2 pp	−20%
13	Quess CorpQUESS	1.2%	— → −6.41	sources disagree one-off	—	−2%
14	Transport Corporation of India LimitedTCI	1.0%	13.17 → 14.91	+13%	+0.2 pp	−4%
15	MMTC LimitedMMTC	1.0%	0.02 → 0.02	0%	0.0 pp	−28%
16	S C ISCI	0.9%	1.62 → 3.97	+145%	+1.4 pp	−21%
17	CMS Info Systems LimitedCMSINFO	0.9%	5.67 → 5.94	+5%	+0.1 pp	−6%
18	Blackbuck LimitedBLACKBUCK	0.9%	−2.72 → 15.79	turned profitable	+4.1 pp	−12%
19	Gujarat Pipavav Port LimitedGPPL	0.8%	2.06 → 2.32	+13%	+0.2 pp	−24%
20	Nesco LimitedNESCO	0.8%	15.60 → 12.58	−19%	−0.3 pp	−5%
	Sector earnings growth	100%			+15.9 pp

Who joined and who left

1 joined and 1 left the top 20 since Q3 FY25, as market caps moved.

Joined the top 20 since Q3 FY25 1

now #20 Nesco Limited NESCO

Left the top 20 since Q3 FY25 1

was #20 TVS Supply TVSSCS

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%
REDINGTON	+22%	+12%	−5%	−24%	+19%	+37%	+66%	−59%	+41%	+12%	−10%	+24%
IGIL	outside	outside	outside	outside	outside	−5%	+24%	−10%	+2%	+4%	+34%	sources disagree
BLUEDART	+19%	+22%	−12%	−31%	+18%	+29%	−32%	−11%	+67%	−16%	−29%	+81%
GESHIP	+3%	−9%	+68%	−10%	−29%	+3%	−39%	+39%	+15%	+40%	+29%	+25%
ECLERX	+28%	+2%	−6%	−15%	+29%	−2%	+11%	−7%	+29%	+5%	0%	−13%
QUESS	+51%	−11%	+48%	sources disagree	sources disagree	sources disagree	sources disagree	outside	outside	outside	outside	outside
TCI	+6%	−9%	+28%	−11%	+19%	−5%	+13%	−7%	+6%	+2%	+8%	outside
MMTC	+250%	+6%	+27%	−36%	+7%	−94%	0%	+1,400%	+280%	−73%	+171%	−18%
SCI	−62%	+104%	+129%	−5%	0%	−74%	+145%	+91%	−47%	+114%	0%	+53%
CMSINFO	−1%	outside	+1%	−1%	0%	+2%	+5%	−4%	outside	outside	outside	outside
BLACKBUCK	outside	outside	outside	outside	outside	loss, smaller	turned profitable	−88%	−14%	+8%	+107%	−36%
GPPL	+36%	+26%	−43%	+67%	−31%	+32%	+13%	−7%	+54%	−33%	+32%	outside
NESCO	outside	+7%	outside	−34%	+53%	outside	−19%	+9%	+24%	−12%	−11%	+7%