Sector analysis · India
Services sector earnings growth, Q2 FY25
The 20 largest Services companies by market cap at the end of Q2 FY25 (30 Sep 2024), compared with Q2 FY24.
The top 20 at Q2 FY25
Q2 FY25 vs Q2 FY24: combined net profit ₹3,870 cr (−3%), median EPS +1% (10 of 19 up), market-cap-weighted price +55%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Adani Ports | 33.6% | 8.09 → 11.32 | +40% | +15.5 pp | +76% |
| 2 | InterGlobe Aviation Limited | 19.8% | 4.90 → −25.54 | to loss | −26.1 pp | +101% |
| 3 | GMR Airports Limited | 10.7% | −0.15 → −0.27 | loss, bigger one-off | −4.2 pp | +58% |
| 4 | JSW Infrast | 7.8% | 1.22 → 1.77 | +45% | +2.6 pp | — |
| 5 | Container Corporation of India Limited | 6.0% | 4.82 → 4.80 | 0% | 0.0 pp | +28% |
| 6 | Delhivery Limited | 3.4% | −1.40 → 0.14 | turned profitable | +2.5 pp | +3% |
| 7 | Firstsource Solutions Limited | 2.3% | 1.82 → 1.98 | +9% | +0.3 pp | +86% |
| 8 | Blue Dart Express Limited | 2.1% | 30.79 → 26.48 | −14% | −0.2 pp | +23% |
| 9 | The Great Eastern Shipping Company Limited | 1.8% | 41.65 → 40.32 | −3% | −0.4 pp | +42% |
| 10 | Redington Limited | 1.5% | 3.88 → 3.75 | −3% | −0.2 pp | +19% |
| 11 | eClerx Services Limited | 1.5% | 13.87 → 14.72 | +6% | +0.1 pp | +67% |
| 12 | MMTC Limited | 1.4% | 0.35 → 0.32 | −9% one-off | −0.1 pp | +53% |
| 13 | S C I | 1.3% | 1.41 → 6.26 | +344% | +5.0 pp | +79% |
| 14 | Quess Corp | 1.2% | — → 6.22 | sources disagree | — | +85% |
| 15 | Gujarat Pipavav Port Limited | 1.1% | 1.91 → 1.56 | −18% | −0.4 pp | +77% |
| 16 | CMS Info Systems Limited | 1.0% | 5.39 → 5.57 | +3% | +0.1 pp | +78% |
| 17 | TVS Supply | 1.0% | −1.13 → 0.21 | turned profitable | +1.3 pp | −5% |
| 18 | Transport Corporation of India Limited | 0.9% | 11.21 → 13.90 | +24% | +0.4 pp | +39% |
| 19 | Inox Green | 0.7% | 0.20 → 0.18 | −10% | 0.0 pp | +188% |
| 20 | Nesco Limited | 0.7% | 12.46 → 15.17 | +22% | +0.4 pp | +37% |
| Sector earnings growth | 100% | −3.4 pp |
Who joined and who left
1 joined and 1 left the top 20 since Q1 FY25, as market caps moved.
Joined the top 20 since Q1 FY25
Left the top 20 since Q1 FY25
- MSTC
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.
| 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% |
| FSL | −2% | −19% | −5% | +7% | +9% | +24% | +20% | +25% | +30% | −25% | +27% | −2% |
| BLUEDART | −22% | 0% | +12% | −13% | −14% | −9% | −29% | −9% | +30% | −16% | −11% | +81% |
| GESHIP | −23% | −14% | +25% | +41% | −3% | +10% | −60% | −38% | +1% | +37% | +188% | +159% |
| REDINGTON | −22% | −10% | +5% | −1% | −3% | +17% | +105% | +12% | +32% | +9% | −41% | +77% |
| ECLERX | +12% | +9% | −2% | +5% | +6% | +2% | +20% | +31% | +31% | +40% | +26% | +17% |
| MMTC | −97% | −43% | +571% | +200% | −9% | −95% | −96% | 0% | +256% | +1,450% | +4,100% | +130% |
| SCI | −47% | −52% | −19% | +70% | +344% | −44% | −40% | +21% | −35% | +436% | +119% | +75% |
| QUESS | +71% | −28% | +185% | sources disagree | sources disagree | sources disagree | to loss | outside | outside | outside | outside | outside |
| GPPL | +28% | +38% | −32% | +62% | −18% | −14% | +71% | −5% | +113% | +8% | +27% | outside |
| CMSINFO | +14% | outside | +8% | +2% | +3% | +2% | +6% | +2% | outside | outside | outside | outside |
| TVSSCS | to loss | −50% | turned profitable | turned profitable | turned profitable | to loss | outside | +967% | outside | outside | outside | outside |
| TCI | +20% | −9% | +25% | +10% | +24% | +29% | +14% | +19% | +6% | +14% | +9% | outside |
| 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% |