Sector analysis · India

Utilities sector earnings growth, Q4 FY24

The 8 largest Utilities companies by market cap at the end of Q4 FY24 (31 Mar 2024), compared with Q4 FY23. Only 8 NSE-listed companies fall in this sector in our data, so a single company can move its total.

The top 8 at Q4 FY24

Q4 FY24 vs Q4 FY23: combined net profit ₹289 cr (+78%), median EPS −11% (4 of 7 up), market-cap-weighted price −70%. 7 of 8 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 8 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	ION Exchange (India) LimitedIONEXCHANG	38.6%	5.57 → 4.96	−11%	−2.9 pp	−85%
2	VA Tech Wabag LimitedWABAG	24.7%	−17.86 → 11.64	turned profitable	+59.2 pp	+117%
3	EMSEMSLIMITED	11.6%	7.54 → 8.53	+13%	+3.7 pp	—
4	Refex Industries LimitedREFEX	7.7%	4.58 → 3.09	−33%	−4.8 pp	+170%
5	JITF Infralogistics LimitedJITFINFRA	7.6%	−7.81 → 12.67	turned profitable one-off	+17.0 pp	+601%
6	Antony Waste Handling Cell LimitedAWHCL	6.8%	3.38 → 9.69	+187%	+5.8 pp	+86%
7	Race EcoRACE	2.8%	0.51 → 0.14	−73%	−0.2 pp	—
8	Future Enterprises LimitedFELIX	0.2%	—	—	—	—
	Sector earnings growth	100%			+77.9 pp

Who joined and who left

1 joined and 0 left the top 8 since Q3 FY24, as market caps moved.

Joined the top 20 since Q3 FY24 1

now #8 Future Enterprises Limited FELIX

Left the top 20 since Q3 FY24 0

Nobody left.

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
IONEXCHANG	+9%	−1%	−11%	+35%	+20%	+2%	−13%	+8%	−3%	−58%	−62%	−92%
WABAG	+29%	+33%	turned profitable	+10%	+16%	+12%	+38%	+19%	+21%	+30%	+28%	+36%
EMSLIMITED	—	+24%	+13%	+39%	+10%	+35%	−2%	+2%	−43%	−63%	−88%	−59%
REFEX	−12%	−24%	−33%	+56%	+46%	+156%	+43%	−18%	+30%	+7%	+55%	+110%
JITFINFRA	turned profitable	turned profitable	turned profitable	turned profitable	+1,852%	to loss	to loss	to loss	to loss	loss, smaller	loss, smaller	loss, smaller
AWHCL	+19%	+6%	+187%	−4%	−56%	+23%	+45%	+2%	+13%	−27%	−19%	−96%
RACE	+6%	+23%	−73%	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree	+483%
FELIX	outside	outside	—	—	—	—	—	sources disagree	+1,109%	+11%	0%	+32%