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 Q4 FY24.
The top 20 at Q4 FY25
Q4 FY25 vs Q4 FY24: combined net profit ₹9,047 cr (+30%), median EPS +10% (11 of 19 up), market-cap-weighted price +2%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Adani Ports | 31.0% | 9.44 → 13.95 | +48% | +13.4 pp | −12% |
| 2 | InterGlobe Aviation Limited | 24.0% | 49.09 → 79.38 | +62% | +16.1 pp | +44% |
| 3 | GMR Airports Limited | 9.7% | −0.20 → −0.23 | loss, bigger one-off | −1.6 pp | −7% |
| 4 | JSW Infrast | 8.2% | 1.57 → 2.43 | +55% | +2.5 pp | +30% |
| 5 | Container Corporation of India Limited | 5.1% | 4.16 → 3.92 | −6% | −0.3 pp | −22% |
| 6 | Firstsource Solutions Limited | 2.9% | 1.92 → 2.31 | +20% | +0.4 pp | +72% |
| 7 | Delhivery Limited | 2.3% | −0.93 → 0.97 | turned profitable | +1.9 pp | −43% |
| 8 | Redington Limited | 2.3% | 4.16 → 8.51 | +105% one-off | +4.7 pp | +17% |
| 9 | International Gemological Institute Limited | 2.0% | — → 3.26 | — | — | — |
| 10 | Blue Dart Express Limited | 1.8% | 32.78 → 23.24 | −29% | −0.3 pp | −1% |
| 11 | The Great Eastern Shipping Company Limited | 1.6% | 63.40 → 25.43 | −60% | −7.5 pp | −7% |
| 12 | eClerx Services Limited | 1.6% | 13.31 → 15.97 | +20% | +0.3 pp | +17% |
| 13 | Quess Corp | 1.2% | 6.36 → −6.41 | to loss one-off | −2.6 pp | +25% |
| 14 | Transport Corporation of India Limited | 1.0% | 13.13 → 14.91 | +14% | +0.2 pp | +36% |
| 15 | MMTC Limited | 1.0% | 0.47 → 0.02 | −96% | −0.9 pp | −21% |
| 16 | S C I | 0.9% | 6.60 → 3.97 | −40% | −1.7 pp | −21% |
| 17 | CMS Info Systems Limited | 0.9% | 5.62 → 5.94 | +6% | +0.1 pp | +18% |
| 18 | Blackbuck Limited | 0.9% | −5.04 → 15.79 | turned profitable | +5.1 pp | — |
| 19 | Gujarat Pipavav Port Limited | 0.8% | 1.36 → 2.32 | +71% | +0.6 pp | −35% |
| 20 | Nesco Limited | 0.8% | 14.92 → 12.58 | −16% | −0.2 pp | +10% |
| Sector earnings growth | 100% | +30.2 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
Left the top 20 since Q3 FY25
- TVS Supply
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% |
| REDINGTON | −22% | −10% | +5% | −1% | −3% | +17% | +105% | +12% | +32% | +9% | −41% | +77% |
| IGIL | outside | outside | outside | outside | outside | — | — | +49% | +9% | +18% | +28% | sources disagree |
| 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% |
| ECLERX | +12% | +9% | −2% | +5% | +6% | +2% | +20% | +31% | +31% | +40% | +26% | +17% |
| QUESS | +71% | −28% | +185% | sources disagree | sources disagree | sources disagree | to loss | outside | outside | outside | outside | outside |
| TCI | +20% | −9% | +25% | +10% | +24% | +29% | +14% | +19% | +6% | +14% | +9% | outside |
| 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% |
| CMSINFO | +14% | outside | +8% | +2% | +3% | +2% | +6% | +2% | outside | outside | outside | outside |
| BLACKBUCK | outside | outside | outside | outside | outside | loss, bigger | turned profitable | +18% | turned profitable | turned profitable | −77% | +23% |
| GPPL | +28% | +38% | −32% | +62% | −18% | −14% | +71% | −5% | +113% | +8% | +27% | outside |
| NESCO | outside | +34% | outside | −8% | +22% | outside | −16% | +38% | +11% | −5% | +5% | +4% |