India ▾

Sector analysis · India

Utilities sector earnings growth, Q3 FY24

The 7 largest Utilities companies by market cap at the end of Q3 FY24 (31 Dec 2023), compared with Q2 FY24. Only 7 NSE-listed companies fall in this sector in our data, so a single company can move its total.

The top 7 at Q3 FY24

Q3 FY24 vs Q2 FY24: combined net profit ₹194 cr (−4%), median EPS +4% (4 of 7 up), market-cap-weighted price +21%. 7 of 7 reported.

Quarter
Q2 FY24Q3 FY24Q4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Compared with
YoYQoQ

Weight is each company's share of the 7 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.

#CompanyWeightEPS ₹, base → nowEPS growthContributionPrice
1ION Exchange (India) LimitedIONEXCHANG43.0%2.90 → 3.24+12% +2.4 pp+8%
2VA Tech Wabag LimitedWABAG20.3%9.68 → 10.11+4% +1.3 pp+37%
3EMSEMSLIMITED12.3%8.15 → 6.72−18% −3.9 pp+59%
4JITF Infralogistics LimitedJITFINFRA7.4%1.60 → 5.32+233% +4.7 pp+33%
5Antony Waste Handling Cell LimitedAWHCL7.2%9.77 → 4.51−54% −7.3 pp+30%
6Refex Industries LimitedREFEX6.6%2.12 → 1.79−16% −1.8 pp−5%
7Race EcoRACE3.2%0.18 → 0.27+50% +0.1 pp+46%
Sector earnings growth100%−4.4 pp

Who joined and who left

0 joined and 0 left the top 7 since Q2 FY24, as market caps moved.

Joined the top 20 since Q2 FY24 0

Nobody joined.

Left the top 20 since Q2 FY24 0

Nobody left.

EPS growth by company, Q2 FY24 to Q1 FY27

Each company's EPS growth quarter on quarter, 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
EPS growth of each company in the sector's top 20, by quarter
CompanyQ2 FY24Q3 FY24Q4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
IONEXCHANG+28%+12%+53%−38%+13%−5%+30%−23%+2%−59%+20%−83%
WABAG+20%+4%+15%−24%+27%+1%+43%−35%+29%+8%+40%−30%
EMSLIMITED+69%−18%+27%−22%+34%+2%−8%−19%−26%−33%−70%+176%
JITFINFRAturned profitable+233%+138%−70%+733%to lossloss, biggerloss, smallerloss, biggerloss, smallerloss, biggerloss, smaller
AWHCL+51%−54%+115%−36%−31%+30%+154%−56%−23%−16%+183%−98%
REFEX+7%−16%+73%+1%−1%+48%−3%−42%+58%+21%+40%−22%
RACE−67%+50%−48%sources disagreesources disagreesources disagreesources disagreesources disagree+1,017%−81%+262%−26%