Sector analysis · India

Services sector earnings growth, Q4 FY26

The 20 largest Services companies by market cap at the end of Q4 FY26 (31 Mar 2026), compared with Q3 FY26.

The top 20 at Q4 FY26

Q4 FY26 vs Q3 FY26: combined net profit ₹4,984 cr (−30%), median EPS +22% (13 of 20 up), market-cap-weighted price −14%. 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	37.4%	13.25 → 14.45	+9%	+3.9 pp	−5%
2	InterGlobe Aviation LimitedINDIGO	18.8%	14.22 → −65.60	to loss	−43.6 pp	−22%
3	GMR Airports LimitedGMRAIRPORT	11.1%	0.12 → 0.29	+142%	+2.5 pp	−19%
4	JSW InfrastJSWINFRA	6.2%	1.71 → 1.99	+16%	+0.8 pp	−15%
5	Container Corporation of India LimitedCONCOR	4.0%	4.38 → 3.45	−21%	−1.0 pp	−19%
6	Delhivery LimitedDELHIVERY	3.9%	0.53 → 0.97	+83%	+0.5 pp	+3%
7	The Great Eastern Shipping Company LimitedGESHIP	2.5%	56.91 → 73.13	+29%	+3.3 pp	+25%
8	Redington LimitedREDINGTON	1.9%	5.57 → 5.01	−10% one-off	−0.6 pp	−27%
9	Firstsource Solutions LimitedFSL	1.8%	1.73 → 2.94	+70%	+1.2 pp	−39%
10	International Gemological Institute LimitedIGIL	1.7%	3.11 → 4.16	+34%	+0.6 pp	−5%
11	eClerx Services LimitedECLERX	1.6%	20.14 → 20.13	0%	0.0 pp	−41%
12	Blue Dart Express LimitedBLUEDART	1.4%	28.80 → 20.59	−29%	−0.3 pp	−14%
13	Blackbuck LimitedBLACKBUCK	1.3%	1.75 → 3.62	+107%	+0.5 pp	−15%
14	S C ISCI	1.3%	8.69 → 8.69	0%	0.0 pp	−5%
15	MMTC LimitedMMTC	1.0%	0.31 → 0.84	+171% one-off	+1.1 pp	−23%
16	Nesco LimitedNESCO	0.9%	14.85 → 13.21	−11%	−0.2 pp	−17%
17	Transport Corporation of India LimitedTCI	0.9%	14.95 → 16.22	+8%	+0.1 pp	−14%
18	Gujarat Pipavav Port LimitedGPPL	0.9%	2.23 → 2.94	+32%	+0.5 pp	−22%
19	Shadowfax Technologies LimitedSHADOWFAX	0.8%	0.60 → 0.96	+60%	+0.3 pp	—
20	WeWork India Management LimitedWEWORK	0.8%	1.25 → 4.84	+287% one source	+0.7 pp	−25%
	Sector earnings growth	100%			−29.6 pp

Who joined and who left

1 joined and 1 left the top 20 since Q3 FY26, as market caps moved.

Joined the top 20 since Q3 FY26 1

now #19 Shadowfax Technologies Limited SHADOWFAX

Left the top 20 since Q3 FY26 1

was #20 Inox Green INOXGREEN

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%
DELHIVERY	loss, bigger	turned profitable	to loss	turned profitable	−81%	+143%	+185%	+26%	to loss	turned profitable	+83%	−56%
GESHIP	+3%	−9%	+68%	−10%	−29%	+3%	−39%	+39%	+15%	+40%	+29%	+25%
REDINGTON	+22%	+12%	−5%	−24%	+19%	+37%	+66%	−59%	+41%	+12%	−10%	+24%
FSL	+1%	+2%	+4%	+1%	+2%	+16%	0%	+5%	+6%	−33%	+70%	−19%
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%
BLACKBUCK	outside	outside	outside	outside	outside	loss, smaller	turned profitable	−88%	−14%	+8%	+107%	−36%
SCI	−62%	+104%	+129%	−5%	0%	−74%	+145%	+91%	−47%	+114%	0%	+53%
MMTC	+250%	+6%	+27%	−36%	+7%	−94%	0%	+1,400%	+280%	−73%	+171%	−18%
NESCO	outside	+7%	outside	−34%	+53%	outside	−19%	+9%	+24%	−12%	−11%	+7%
TCI	+6%	−9%	+28%	−11%	+19%	−5%	+13%	−7%	+6%	+2%	+8%	outside
GPPL	+36%	+26%	−43%	+67%	−31%	+32%	+13%	−7%	+54%	−33%	+32%	outside
SHADOWFAX	outside	outside	outside	outside	outside	outside	outside	outside	outside	outside	+60%	+17%
WEWORK	outside	outside	outside	outside	outside	outside	outside	outside	outside	+166%	+287%	to loss