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 Q3 FY24.
The top 20 at Q3 FY25
Q3 FY25 vs Q3 FY24: combined net profit ₹7,743 cr (+6%), median EPS +6% (11 of 18 up), market-cap-weighted price +18%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Adani Ports | 31.3% | 10.22 → 11.67 | +14% | +4.0 pp | +20% |
| 2 | InterGlobe Aviation Limited | 20.7% | 77.68 → 63.38 | −18% | −7.0 pp | +54% |
| 3 | GMR Airports Limited | 9.8% | −0.53 → 0.25 | turned profitable one-off | +7.4 pp | −2% |
| 4 | JSW Infrast | 7.9% | 1.19 → 1.57 | +32% | +1.0 pp | +53% |
| 5 | Container Corporation of India Limited | 5.6% | 4.34 → 4.81 | +11% | +0.5 pp | −8% |
| 6 | Firstsource Solutions Limited | 3.1% | 1.85 → 2.30 | +24% | +0.4 pp | +103% |
| 7 | Delhivery Limited | 3.0% | 0.16 → 0.34 | +113% | +0.2 pp | −11% |
| 8 | International Gemological Institute Limited | 2.8% | — → 2.63 | — | — | — |
| 9 | eClerx Services Limited | 2.0% | 14.14 → 14.38 | +2% | 0.0 pp | +34% |
| 10 | Blue Dart Express Limited | 1.9% | 37.46 → 34.14 | −9% | −0.1 pp | −5% |
| 11 | Redington Limited | 1.8% | 4.36 → 5.12 | +17% | +0.8 pp | +13% |
| 12 | The Great Eastern Shipping Company Limited | 1.6% | 37.70 → 41.58 | +10% | +0.7 pp | −2% |
| 13 | MMTC Limited | 1.3% | 0.37 → 0.02 | −95% | −0.7 pp | +21% |
| 14 | Quess Corp | 1.2% | — → 5.41 | sources disagree | — | +27% |
| 15 | S C I | 1.1% | 2.88 → 1.62 | −44% | −0.7 pp | +28% |
| 16 | Gujarat Pipavav Port Limited | 1.0% | 2.40 → 2.06 | −14% | −0.2 pp | +19% |
| 17 | Transport Corporation of India Limited | 1.0% | 10.22 → 13.17 | +29% | +0.3 pp | +40% |
| 18 | Blackbuck Limited | 1.0% | −1.09 → −2.72 | loss, bigger one-off | −0.4 pp | — |
| 19 | CMS Info Systems Limited | 0.9% | 5.56 → 5.67 | +2% | +0.1 pp | +33% |
| 20 | TVS Supply | 0.9% | 0.22 → −0.56 | to loss | −0.4 pp | −10% |
| Sector earnings growth | 100% | +5.7 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
Left the top 20 since Q2 FY25
- Inox Green
- Nesco Limited
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% |
| FSL | −2% | −19% | −5% | +7% | +9% | +24% | +20% | +25% | +30% | −25% | +27% | −2% |
| DELHIVERY | loss, smaller | turned profitable | loss, smaller | turned profitable | turned profitable | +113% | turned profitable | +65% | to loss | +56% | 0% | −65% |
| IGIL | outside | outside | outside | outside | outside | — | — | +49% | +9% | +18% | +28% | sources disagree |
| 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% |
| 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% |
| MMTC | −97% | −43% | +571% | +200% | −9% | −95% | −96% | 0% | +256% | +1,450% | +4,100% | +130% |
| QUESS | +71% | −28% | +185% | sources disagree | sources disagree | sources disagree | to loss | outside | outside | outside | outside | outside |
| SCI | −47% | −52% | −19% | +70% | +344% | −44% | −40% | +21% | −35% | +436% | +119% | +75% |
| GPPL | +28% | +38% | −32% | +62% | −18% | −14% | +71% | −5% | +113% | +8% | +27% | outside |
| TCI | +20% | −9% | +25% | +10% | +24% | +29% | +14% | +19% | +6% | +14% | +9% | outside |
| BLACKBUCK | outside | outside | outside | outside | outside | loss, bigger | turned profitable | +18% | turned profitable | turned profitable | −77% | +23% |
| 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 |