Sector analysis · India

Utilities sector earnings growth, Q3 FY26

The 11 largest Utilities companies by market cap at the end of Q3 FY26 (31 Dec 2025), compared with Q3 FY25. Only 11 NSE-listed companies fall in this sector in our data, so a single company can move its total.

The top 11 at Q3 FY26

Q3 FY26 vs Q3 FY25: combined net profit ₹268 cr (−8%), median EPS +1% (5 of 9 up), market-cap-weighted price −37%. 11 of 11 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 11 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	VA Tech Wabag LimitedWABAG	29.6%	11.29 → 14.66	+30%	+6.8 pp	−21%
2	ION Exchange (India) LimitedIONEXCHANG	20.3%	3.31 → 1.38	−58% one-off	−9.2 pp	−42%
3	Enviro Infra Engineers LimitedEIEL	13.2%	2.09 → 2.30	+10%	+1.2 pp	−34%
4	Refex Industries LimitedREFEX	13.0%	4.58 → 4.88	+7%	+2.6 pp	−46%
5	EMSEMSLIMITED	8.8%	9.09 → 3.39	−63%	−10.3 pp	−49%
6	Antony Waste Handling Cell LimitedAWHCL	5.0%	5.55 → 4.05	−27%	−1.4 pp	−21%
7	Concord Enviro Systems LimitedCEWATER	3.4%	— → −3.95	sources disagree one-off	—	−40%
8	Denta WaterDENTA	3.3%	5.60 → 5.36	−4%	−0.2 pp	—
9	JITF Infralogistics LimitedJITFINFRA	2.5%	−3.10 → −0.49	loss, smaller one-off	+2.2 pp	−61%
10	Race EcoRACE	0.9%	— → 0.13	sources disagree	—	−63%
11	Future Enterprises LimitedFELIX	0.1%	2.92 → 3.24	+11%	+0.3 pp	−31%
	Sector earnings growth	100%			−8.0 pp

Who joined and who left

0 joined and 0 left the top 11 since Q2 FY26, as market caps moved.

Joined the top 20 since Q2 FY26 0

Nobody joined.

Left the top 20 since Q2 FY26 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
WABAG	+29%	+33%	turned profitable	+10%	+16%	+12%	+38%	+19%	+21%	+30%	+28%	+36%
IONEXCHANG	+9%	−1%	−11%	+35%	+20%	+2%	−13%	+8%	−3%	−58%	−62%	−92%
EIEL	outside	outside	outside	outside	outside	sources disagree	−1%	+6%	+37%	+10%	−29%	−5%
REFEX	−12%	−24%	−33%	+56%	+46%	+156%	+43%	−18%	+30%	+7%	+55%	+110%
EMSLIMITED	—	+24%	+13%	+39%	+10%	+35%	−2%	+2%	−43%	−63%	−88%	−59%
AWHCL	+19%	+6%	+187%	−4%	−56%	+23%	+45%	+2%	+13%	−27%	−19%	−96%
CEWATER	outside	outside	outside	outside	outside	to loss	turned profitable	sources disagree	sources disagree	sources disagree	sources disagree	sources disagree
DENTA	outside	outside	outside	outside	outside	outside	−63%	+1%	+23%	−4%	−34%	−40%
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
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%