Sector analysis · India
Services sector earnings growth, Q1 FY26
The 20 largest Services companies by market cap at the end of Q1 FY26 (30 Jun 2025), compared with Q1 FY25.
The top 20 at Q1 FY26
Q1 FY26 vs Q1 FY25: combined net profit ₹8,191 cr (−3%), median EPS +18% (15 of 20 up), market-cap-weighted price +5%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Adani Ports | 32.7% | 14.41 → 15.34 | +6% | +2.3 pp | −2% |
| 2 | InterGlobe Aviation Limited | 24.1% | 70.70 → 56.31 | −20% | −6.3 pp | +41% |
| 3 | GMR Airports Limited | 9.4% | −0.23 → −0.20 | loss, smaller one-off | −0.8 pp | −12% |
| 4 | JSW Infrast | 6.9% | 1.39 → 1.83 | +32% | +1.1 pp | −5% |
| 5 | Container Corporation of India Limited | 4.8% | 3.39 → 3.50 | +3% | +0.1 pp | −27% |
| 6 | Delhivery Limited | 3.0% | 0.74 → 1.22 | +65% | +0.4 pp | −4% |
| 7 | Firstsource Solutions Limited | 2.7% | 1.94 → 2.43 | +25% | +0.4 pp | +78% |
| 8 | Redington Limited | 2.7% | 3.15 → 3.52 | +12% | +0.3 pp | +52% |
| 9 | eClerx Services Limited | 1.7% | 11.38 → 14.87 | +31% | +0.3 pp | +45% |
| 10 | International Gemological Institute Limited | 1.7% | 1.96 → 2.93 | +49% | +0.6 pp | — |
| 11 | Blue Dart Express Limited | 1.6% | 22.51 → 20.58 | −9% | −0.1 pp | −20% |
| 12 | The Great Eastern Shipping Company Limited | 1.5% | 56.87 → 35.34 | −38% | −3.5 pp | −20% |
| 13 | MMTC Limited | 1.1% | 0.30 → 0.30 | 0% | 0.0 pp | −8% |
| 14 | S C I | 1.1% | 6.26 → 7.60 | +21% | +0.7 pp | −11% |
| 15 | Transport Corporation of India Limited | 0.9% | 11.71 → 13.89 | +19% | +0.2 pp | +25% |
| 16 | CMS Info Systems Limited | 0.9% | 5.58 → 5.69 | +2% | 0.0 pp | +1% |
| 17 | Nesco Limited | 0.9% | 9.90 → 13.65 | +38% | +0.3 pp | +26% |
| 18 | Gujarat Pipavav Port Limited | 0.8% | 2.27 → 2.16 | −5% | −0.1 pp | −23% |
| 19 | Blackbuck Limited | 0.8% | 1.59 → 1.88 | +18% | +0.1 pp | — |
| 20 | TVS Supply | 0.6% | 0.15 → 1.60 | +967% one-off | +0.7 pp | −25% |
| Sector earnings growth | 100% | −3.2 pp |
Who joined and who left
1 joined and 1 left the top 20 since Q4 FY25, as market caps moved.
Joined the top 20 since Q4 FY25
Left the top 20 since Q4 FY25
- Quess Corp
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% |
| 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% |
| 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% |
| 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% |
| TCI | +20% | −9% | +25% | +10% | +24% | +29% | +14% | +19% | +6% | +14% | +9% | outside |
| CMSINFO | +14% | outside | +8% | +2% | +3% | +2% | +6% | +2% | outside | outside | outside | outside |
| NESCO | outside | +34% | outside | −8% | +22% | outside | −16% | +38% | +11% | −5% | +5% | +4% |
| GPPL | +28% | +38% | −32% | +62% | −18% | −14% | +71% | −5% | +113% | +8% | +27% | outside |
| BLACKBUCK | outside | outside | outside | outside | outside | loss, bigger | turned profitable | +18% | turned profitable | turned profitable | −77% | +23% |
| TVSSCS | to loss | −50% | turned profitable | turned profitable | turned profitable | to loss | outside | +967% | outside | outside | outside | outside |