Sector analysis · India

Services sector earnings growth, Q3 FY26

The 20 largest Services companies by market cap at the end of Q3 FY26 (31 Dec 2025), compared with Q3 FY25.

The top 20 at Q3 FY26

Q3 FY26 vs Q3 FY25: combined net profit ₹7,073 cr (−8%), median EPS +11% (14 of 20 up), market-cap-weighted price +7%. 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	33.8%	11.67 → 13.25	+14%	+6.7 pp	+12%
2	InterGlobe Aviation LimitedINDIGO	20.8%	63.38 → 14.22	−78% one-off	−23.8 pp	+11%
3	GMR Airports LimitedGMRAIRPORT	11.7%	0.25 → 0.12	−52% one-off	−1.8 pp	+33%
4	JSW InfrastJSWINFRA	6.4%	1.57 → 1.71	+9%	+0.4 pp	−10%
5	Container Corporation of India LimitedCONCOR	4.3%	4.81 → 4.38	−9%	−0.4 pp	−17%
6	Delhivery LimitedDELHIVERY	3.2%	0.34 → 0.53	+56% one-off	+0.2 pp	+17%
7	Firstsource Solutions LimitedFSL	2.5%	2.30 → 1.73	−25% one-off	−0.5 pp	−11%
8	eClerx Services LimitedECLERX	2.4%	14.38 → 20.14	+40%	+0.7 pp	+35%
9	Redington LimitedREDINGTON	2.3%	5.12 → 5.57	+9%	+0.4 pp	+36%
10	The Great Eastern Shipping Company LimitedGESHIP	1.7%	41.58 → 56.91	+37%	+2.7 pp	+17%
11	International Gemological Institute LimitedIGIL	1.5%	2.63 → 3.11	+18%	+0.3 pp	−40%
12	Blue Dart Express LimitedBLUEDART	1.4%	34.14 → 28.80	−16% one-off	−0.2 pp	−21%
13	Blackbuck LimitedBLACKBUCK	1.3%	−2.72 → 1.75	turned profitable	+1.0 pp	+41%
14	S C ISCI	1.1%	1.62 → 8.69	+436%	+4.1 pp	+11%
15	MMTC LimitedMMTC	1.1%	0.02 → 0.31	+1,450%	+0.5 pp	−7%
16	Gujarat Pipavav Port LimitedGPPL	0.9%	2.06 → 2.23	+8%	+0.1 pp	0%
17	Nesco LimitedNESCO	0.9%	15.60 → 14.85	−5%	−0.1 pp	+27%
18	Transport Corporation of India LimitedTCI	0.9%	13.17 → 14.95	+14%	+0.2 pp	−6%
19	WeWork India Management LimitedWEWORK	0.9%	−9.25 → 1.25	turned profitable one source one-off	+1.3 pp	—
20	Inox GreenINOXGREEN	0.8%	0.11 → 0.66	+500%	+0.3 pp	+19%
	Sector earnings growth	100%			−7.9 pp

Who joined and who left

1 joined and 1 left the top 20 since Q2 FY26, as market caps moved.

Joined the top 20 since Q2 FY26 1

now #19 WeWork India Management Limited WEWORK

Left the top 20 since Q2 FY26 1

was #20 Smartworks Coworking Spaces Limited SMARTWORKS

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.

≤ −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
— no data
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	+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%
ECLERX	+12%	+9%	−2%	+5%	+6%	+2%	+20%	+31%	+31%	+40%	+26%	+17%
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%
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%
BLACKBUCK	outside	outside	outside	outside	outside	loss, bigger	turned profitable	+18%	turned profitable	turned profitable	−77%	+23%
SCI	−47%	−52%	−19%	+70%	+344%	−44%	−40%	+21%	−35%	+436%	+119%	+75%
MMTC	−97%	−43%	+571%	+200%	−9%	−95%	−96%	0%	+256%	+1,450%	+4,100%	+130%
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%
TCI	+20%	−9%	+25%	+10%	+24%	+29%	+14%	+19%	+6%	+14%	+9%	outside
WEWORK	outside	outside	outside	outside	outside	outside	outside	outside	outside	turned profitable	+73%	loss, smaller
INOXGREEN	outside	outside	outside	outside	−10%	outside	outside	outside	+322%	+500%	outside	+68%