Special Supplement

Presented herewith is the vital financial data of the top 1,000 companies by market capitalisation. This is in response to requests from our valued reader-investors for financial data and keeping our promise, we have laid out the relevant data that covers 24 sectors in an easily readable format. We are sure that the financial data by sectors along with the detailed view on sector dynamics will be an interesting read for you! We have sourced our financial data from Accord Fintech. Please note that our list of the top 1,000 only includes companies that have reported their FY26 numbers as of May 22, 2026. We have also taken into consideration companies having year ending as of June, September and December, and clubbed them into fiscal year 2026 to maintain consistency. [EasyDNNnews:PaidContentStart]

Agriculture

About the Sector Agriculture continues to play a vital role in India's economy. It remains one of the country's largest sources of employment and a key contributor to economic development. While the structure of the economy has changed significantly since Independence, agriculture still holds a key position in supporting livelihoods, ensuring food security, and supplying raw materials to various industries. 

At the time of Independence, agriculture accounted for more than 50 per cent of India's national income. Over the decades, the growth of the manufacturing and services sectors has reduced agriculture’s share in the economy. Even so, the sector continues to contribute around 15 to 18 per cent of the country's Gross Domestic Product (GDP). 

The sector supports nearly 50 per cent of India's population through direct and indirect employment. In many rural regions, agriculture remains the primary source of income due to limited industrial activity. Apart from generating employment, it provides food and nutrition to the country's growing population and supplies raw materials to industries such as textiles, food processing, sugar, tea, coffee, and tobacco. 

India has also strengthened its position in global agricultural trade. The country is now largely self-sufficient in foodgrain production and has emerged as a major exporter of several agricultural commodities. During FY26, India's agricultural exports rose to USD 52.55 billion from USD 51.12 billion in the previous year, registering growth of around 2.8 per cent. Products such as rice, spices, tea, coffee, cotton, sugar, tobacco, and seafood continue to contribute significantly to export earnings and foreign exchange reserves. 

Financials 

The financial performance of agriculture-linked industries in FY26 remained largely positive, supported by strong revenue growth across most segments. Aggregate net sales of the companies under review increased by 15 per cent to ₹1,05,329 crore, while operating profit rose 8 per cent to ₹11,121 crore. However, overall net profit declined 10.19 per cent to ₹4,370 crore, reflecting earnings pressure in the sugar industry. 

The Tea/Coffee segment emerged as a strong performer, reporting 19.42 per cent growth in revenue and nearly 20 per cent growth in net profit, aided by healthy demand and improved operating efficiencies. The Solvent Extraction industry delivered the fastest sales growth at 34.40 per cent, with profitability also improving significantly due to better margins and higher volumes. 

The key drag came from the Sugar sector. Although sugar companies collectively reported 12.12 per cent growth in revenue and modest operating profit expansion, net profit fell 34.83 per cent. Margin pressures, weak distillery economics, and earnings volatility at select players weighed on overall profitability. 

Sector Outlook 

The Government of India continues to place agriculture at the centre of its Atmanirbhar Bharat agenda. The focus is on improving farm incomes, increasing productivity, and promoting sustainable agricultural practices. Initiatives supporting Farmer Producer Organisations (FPOs), agricultural exports, and rural agro-industries are helping transform farming into a more organised and commercially viable activity. 

Looking ahead, several areas are expected to drive future growth. These include organic farming, natural farming, high-value crops, expansion of agro-processing industries, adoption of digital technologies, better irrigation systems, and efficient water management. 

However, weather remains a key risk for the sector. The emergence of a Super El Nino in 2026 has raised concerns over rainfall patterns and crop production. The IMD has projected monsoon rainfall at around 90 per cent of the Long Period Average. 

A weak monsoon could affect the kharif season, particularly rain-fed crops such as pulses, oilseeds, and coarse cereals. Lower crop output may also increase food prices and keep inflation elevated. 

As a result, climate resilience, water conservation, and technology adoption are expected to remain key priorities for India's agricultural sector in the years ahead. 

Automobile & Ancillaries 

About the Sector 

About the Sector FY2025-26 was a landmark year for India's automobile sector. Total domestic wholesales surged 10.4 per cent year-on year to 2.83 crore units—the highest ever across all vehicle categories in a single fiscal, the first such broad-based record since FY19. 

Two-wheelers led volumes at 2.17 crore units (up 10.7 per cemt), followed by passenger vehicles at 46.4 lakh units (up 7.9 per cent), commercial vehicles at 10.8 lakh units (up 12.6 per cent), and three-wheelers at 8.36 lakh units (up 12.8 per cent). The revival was underpinned by GST 2.0 reforms, multiple RBI repo rate cuts, and revised income Tax slabs that meaningfully improved consumer affordability and sentiment. On the exports front, the industry shipped 66.5 lakh units—a 24 per cent jump year-on-year—driven by strong demand from the Middle East, Africa, and Latin America. 

The electric vehicle segment added a fresh dimension to growth. India's EV market crossed 25 lakh units in FY26, up 24.6 per cent YoY, achieving an overall penetration of 8.5 per cent. Electric two-wheelers remained the volume backbone at 57.8 per cent of total EV sales (1.40 million units, +21.8 per cent), while electric passenger vehicles emerged as the fastest-growing category, nearly doubling to ~2 lakh units (+86 per cent YoY). 

Financials 

India's auto and ancillary ecosystem contributes 7 per cent to GDP. The OEM segment represents a revenue pool of ₹7–8 lakh crore annually; the auto component sector clocked ₹6.73 lakh crore ($80.2 billion) in the recent FY as per ACMA, having nearly doubled in five years at a 14 per cent CAGR, with H1 FY26 turnover up 6.8 per cent to ₹3.56 lakh crore. Among OEMs, M&M led with revenues of ₹1,98,639 crore (+25 per cent) and the highest operating profit pool at ₹40,426 crore (+23 per cent), driven by its SUV franchise. Maruti Suzuki posted ₹1,83,316 crore (+20 per cent) with PAT of ₹14,394 crore. Two-wheelers were the standout sub-segment: Bajaj Auto (₹62,905 crore, +23 per cent; PAT +37 per cent), TVS Motor (₹56,070 crore, +27 per cent; PAT +37 per cent), and Hero MotoCorp (₹47,411 crore, +16 per cent; PAT +23 per cent) all delivered strong earnings growth on export traction and premiumisation. Ashok Leyland (₹56,362 crore, +16 per cent) led CVs with operating profit up 18 per cent. 

Among ancillaries, Samvardhana Motherson was the largest at ₹1,26,104 crore (+11 per cent), though PAT contracted 16 per cent on global margin pressure. Outperformers included Craftsman Automation (+42 per cent revenue, +91 per cent PAT), Pricol (+50 per cent revenue, +50 per cent PAT), and Endurance Technologies (+26 per cent revenue). In tyres, MRF (₹31,149 crore, PAT +30 per cent) and Ceat (₹15,678 crore, PAT +45 per cent) delivered strong profitability. Railway wagon companies were the key drag as order execution normalised. 

Sector Outlook 

The Indian auto and ancillary sector enters FY27 with demonstrable structural momentum. April 2026 wholesale data showed a 35.4 per cent YoY surge in revenues for the coverage universe with registrations up 12.9 per cent—carrying forward the strong H2 FY26 tailwinds. EV penetration is expected to reach 9.5–10 per cent in FY27, with extended PM E-Drive deadlines for two-wheelers supporting adoption. Electric four-wheelers are on a near-parabolic trajectory and are expected to test double-digit penetration by FY28. 

Near-term headwinds are real. China's REE export restrictions continue to create supply uncertainty for EV motor magnets, chips, and sensors. Geopolitical tensions in West Asia raise risks around fuel prices, freight rates, and commodity costs. Mexico's import duty hike and Middle East volatility could compress export growth for certain OEMs. El Niño risks flagged by IMD could dampen rural sentiment in H1 FY27, affecting tractor and entry-level two-wheeler demand. However, the industry's response has been proactive: OEMs are diversifying supply chains toward Australia, Japan, Vietnam, and Indonesia, while the government's REE corridor initiative and PLI schemes (receiving ₹2,819 crore in FY26) provide medium-term structural support. The sector remains a key pillar of India's manufacturing ambitions—increasingly shaped by electrification, localisation, and global integration. 

Banking 

About the Sector 

About the Sector India's banking sector remains a cornerstone of the nation's economic development, underpinning capital mobilisation, credit expansion, and financial inclusion. Backed by a robust regulatory framework and healthy capitalisation, Indian banks have demonstrated resilience amid global macroeconomic headwinds, with the Reserve Bank of India (RBI) maintaining systemic stability through active monetary and liquidity management. Government-led initiatives — most notably the Pradhan Mantri Jan Dhan Yojana with over 52.3 crore beneficiaries and ₹2.28 lakh crore in deposits — have meaningfully deepened financial access across urban and rural segments alike. 

India's digital payment infrastructure continues to set global benchmarks. UPI processed approximately 24,162 crore transactions worth ₹314 lakh crore in FY26, crossing 2,264 crore transactions in March 2026 alone, and now accounts for nearly 85 per cent of India's total digital payment volume — making it the world's largest real-time payments platform. The broader fintech ecosystem, with India holding the third-largest fintech ecosystem globally (projected at USD 421 billion by 2029), is accelerating the sector's transformation across lending, deposits, and payments. However, regulatory actions such as the cancellation of Paytm Payments Bank's licence by the RBI for non-compliance have underscored the tightening supervisory environment, reinforcing standards of governance and compliance across the industry. 

Financials 

The total market capitalisation of the Indian banking industry stood at approximately ₹51.83 lakh crore as of FY26, with private sector banks commanding ₹34.38 lakh crore and public sector banks at ₹17.45 lakh crore. At the sector level, Total Income grew a modest 4.6 per cent YoY to ₹23.55 lakh crore in FY26, compared to ₹22.52 lakh crore in FY25. Profit after tax increased 7.1 per cent to ₹4.22 lakh crore from ₹3.94 lakh crore in FY25, reflecting continued bottom-line resilience even as revenue momentum moderated and credit costs remained elevated in select retail and MFI segments. 

Private sector banks reported combined Total Income of ₹10.63 lakh crore in FY26 (up 4.0 per cent YoY), with PAT growth of 3.1 per cent to ₹2.20 lakh crore, constrained by stress in unsecured retail and IndusInd Bank's sharp earnings compression. In contrast, public sector banks delivered stronger bottom-line growth of 11.8 per cent in PAT to ₹2.02 lakh crore, underpinned by continued improvement in asset quality, gross NPAs fell to a 12-year low of ~2.3–2.5 per cent by March 2026 per CRISIL, and operating leverage at SBI, Bank of Baroda, and Canara Bank. While private banks retain a material advantage in market capitalisation and franchise quality, PSU banks are demonstrating earnings resilience driven by cleaner balance sheets and disciplined provisioning. 

Sector Outlook 

Bank credit grew 16 per cent YoY to ₹219 lakh crore as of March 31, 2026, meaningfully outpacing deposit growth of 13.4 per cent (₹267.8 lakh crore), signalling a recovery in credit demand. However, the credit-deposit ratio remains elevated at ~80 per cent, keeping liability-side pressure intact for lenders. Looking ahead, credit growth is expected to sustain in the range of 13–15 per cent in FY27E, supported by a revival in corporate capex, retail consumption, and MSME lending — even as unsecured retail and MFI segments continue to be calibrated cautiously. 

On the monetary policy front, the RBI maintained the repo rate at 5.25 per cent at its June 2026 MPC meeting, holding a neutral stance as FY27 CPI inflation is projected at 4.6 per cent amid elevated crude oil prices and West Asia-related geopolitical uncertainty. The cumulative rate cuts of 125 bps since February 2025 are expected to gradually transmit through the system, supporting net interest margins as loan books reprice faster than deposits. 

Moody's has affirmed a stable outlook for India's banking sector in February 2026, citing 6.4 per cent GDP growth in FY27 and system-wide NPAs anchored at 2–2.5 per cent. Bank earnings are at an inflection point: after ~7 per cent PAT growth in FY26, a strong rebound of ~17 per cent CAGR is projected over FY27–28E, with private sector banks expected to lead the recovery on improved margins and loan growth acceleration. 

Capital Goods 

About the Sector 

India’s capital goods sector remains one of the clearest eficiaries of the country’s infrastructure and industrial investment cycle. The sector contributes around 1.9 per cent to India’s GDP and acts as a core enabler for industries such as power, roads, railways, Defence, Construction, manufacturing and urban infrastructure. 

Over the last few years, growth in the sector has accelerated meaningfully. Production in India’s capital goods sector increased from ₹2,66,672 crore in FY21 to ₹5,69,900 crore in FY25, reflecting the strength of the domestic capex cycle and rising demand across heavy electrical equipment, engineering products and construction-linked machinery. Within this, heavy electrical equipment and earthmoving and mining machinery have emerged as two of the largest contributors. 

The growth outlook remains strong across several sub segments. The Indian electrical equipment market is expected to witness incremental growth of ₹6,44,533 crore between FY24 and FY28, implying a 14.3 per cent CAGR, while the domestic construction equipment market, estimated at USD 7.2 billion in FY23, is projected to grow at a 15 per cent CAGR over the next five years. India’s engineering goods exports also remain an important growth pillar, with exports reaching USD 116.67 billion in FY25, making engineering one of the country’s largest merchandise export categories. 

The sector is also benefiting from strong government support. In FY27, the government announced public capital expenditure of ₹12.2 lakh crore, while effective capital expenditure is budgeted at ₹17.15 lakh crore. Continued investments in highways, power, railways and urban infrastructure are creating a strong order environment for capital goods companies. In addition, 100 per cent FDI under the automatic route and a supportive policy framework for domestic manufacturing continue to strengthen the long-term opportunity for the sector. 

Financials 

For FY26, the top 20 listed capital goods companies by market capitalisation generated aggregate net sales of ₹2,93,427 crore, up 19.05 per cent from ₹2,46,484 crore in FY25. Aggregate operating profit rose 20.87 per cent YoY to ₹57,771 crore from ₹47,797 crore, while Profit After Tax (PAT) increased 25.30 per cent YoY to ₹39,244 crore from ₹31,321 crore. 

The strong financial performance reflects robust execution across power equipment, defence, shipbuilding, industrial engineering and electrical systems, supported by healthy order inflows and improving operating leverage. 

Among the major listed peers, Hitachi Energy India, Bharat Heavy Electricals, GE Vernova T&D India, Waaree Energies and Suzlon Energy delivered strong earnings growth, reflecting robust demand across transmission, power equipment and renewable energy-linked segments. 

Defence and shipbuilding players such as Bharat Electronics, Hindustan Aeronautics, Mazagon Dock Shipbuilders and Garden Reach Shipbuilders & Engineers also continued to report healthy profitability, supported by strong Order Books and execution. 

On the other hand, performance remained relatively weaker for a few players such as Bharat Dynamics, Cochin Shipyard and Schneider Electric Infrastructure, where profitability came under pressure on a high base or due to business-specific factors. 

Sector Outlook 

Sector Outlook The outlook for the capital goods sector remains positive, supported by strong public capex, healthy order pipelines and rising investments across power, defence, railways, industrial manufacturing and renewable energy. 

Demand for electrical equipment, heavy engineering products, transmission systems and specialised industrial machinery is likely to remain firm as India continues to invest in infrastructure creation and manufacturing expansion. Larger listed players with strong execution capabilities, diversified product portfolios and healthy order books are expected to remain key beneficiaries of this cycle. 

Overall, the sector appears well placed for steady medium-term growth, backed by government capex, energy transition opportunities, defence indigenisation, export growth and a broad-based industrial investment cycle. 

Chemicals 

About the Sector 

India's chemical sector is one of the most diversified industrial pillars of the economy, covering more than 80,000 commercial products across bulk chemicals, specialty chemicals, agrochemicals, petrochemicals, fertilisers, dyes, industrial gases, and paints. The industry currently contributes approximately 7 per cent to India's GDP and accounts for roughly 6 per cent of total merchandise exports. In terms of global standing, India ranks sixth-largest chemical producer worldwide and third in Asia. 

India holds about 16 per cent of global dye and dye intermediate production and exports to over 90 countries. The agrochemicals segment, a critical sub-vertical, is currently valued at USD 5.5 billion domestically and is expected to account for nearly 40 per cent of India's overall chemical exports by 2040. The sector directly employs over two million people, with potential to generate 10 million jobs by 2040, according to the Department of Chemicals and Petrochemicals (DCPC). 

Financials 

The 70 listed companies across Chemicals, Fertilisers, Pesticides & Agrochemicals, Paints, Carbon Black, Dyes & Pigments, and Industrial Gases & Fuels carry a combined market capitalisation of approximately ₹16.56 lakh crore. Aggregate net sales across all sub-sectors stood at ₹5.51 lakh crore in FY26, up 8.4 per cent from ₹5.08 lakh crore in FY25. Operating profit grew in lockstep at 8.4 per cent to ₹86,357 crore, while PAT came in at ₹41,438 crore, up 7 per cent. Operating margins held at 15.7 per cent in both years, a sign that revenue expansion was volume-driven rather than margin-led, with the sector managing input cost pressures without structural margin erosion. 

Within the core Chemicals sub-segment (39 companies, ₹8.04 lakh crore market cap), net sales grew 7.8 per cent to ₹1.92 lakh crore and operating profit expanded sharply by 13.5 per cent to ₹37,079 crore, pushing the operating margin from 18.3 per cent in FY25 to 19.3 per cent in FY26. PAT, however, was marginally lower at ₹15,364 crore (-1.7 per cent), largely dragged by Tata Chemicals and Chemplast Sanmar, both reflecting commodity headwinds in chlor-alkali and soda ash. Navin Fluorine and Tatva Chintan were standout performers, with PAT growth of 130 per cent and 636 per cent, respectively, driven by high value fluorochemical and phase-transfer catalyst products. 

Fertilisers (9 companies) delivered the strongest revenue growth at 20.8 per cent, with PAT up 13.1 per cent. The standout was Paradeep Phosphates, which more than doubled its net profit. Pesticides & Agrochemicals (9 companies) registered a robust 46.4 per cent PAT jump, the sharpest across sub-sectors, led by UPL's turnaround and Sharda Cropchem's 124 per cent profit growth. 

Industrial Gases & Fuels was the one weak spot. Aggregate revenue declined 11.3 per cent and operating profit fell 27.9 per cent, primarily due to Petronet LNG's lower LNG throughput and Bharat Coking Coal swinging to an operating loss of ₹494 crore in FY26. Paints posted muted 3.1 per cent revenue growth, consistent with slower Real Estate activity and competitive pricing pressure from new entrants, though PAT rose 21.8 per cent, aided by lower crude-linked raw material costs. 

Sector Outlook 

Ahead of 2026, India's chemical sector remains supported by strong domestic demand, rising industrial activity, government backing, and the China+1 strategy, which continues to attract global sourcing and manufacturing opportunities. Specialty chemicals are expected to benefit from growing demand across pharmaceuticals, agrochemicals, automotive, and consumer goods. 

However, the Middle East conflict has created a significant near-term cost challenge. Around 50-55 per cent of India's crude oil and LNG imports pass through the Strait of Hormuz, disrupting feedstock supplies. Prices of naphtha, ethylene, benzene, and key polymers such as PE, PP, and PVC have risen 6-8 per cent, while methanol exposure to the route stands at 87.7 per cent. Polyethylene production costs in Asia have doubled, with prices rising 40-50 per cent. The conflict could also add USD 2.7 billion to India's fertiliser subsidy bill. 

Specialty chemical firms remain relatively insulated, while commodity chemical producers face margin pressure and rising competition from Chinese exports. An appreciating yuan against rupees will help the chemical sector. The Union Budget 2026-27 allocated ₹185.72 crore to the Ministry of Chemicals and Fertilisers and proposed dedicated rare earth corridors in Odisha, Kerala, Andhra Pradesh, and Tamil Nadu to support downstream chemical and EV-linked manufacturing. 

Construction 

About the Sector 

India’s construction materials sector is a key beneficiary of the country’s infrastructure, housing and industrial development. The sector comprises cement, glass and other building materials that supply essential inputs for residential, commercial, industrial and infrastructure projects. Cement remains the largest segment, while products such as glass, tiles, sanitaryware, plywood and laminates continue to benefit from rising construction activity and urbanisation. 

The sector is closely linked to government capital expenditure, real estate demand and economic growth. Investments in infrastructure, housing, commercial real estate and manufacturing continue to drive demand across construction material categories. Over the last decade, the industry has witnessed significant consolidation, particularly in cement, with leading players expanding capacity through both organic and inorganic routes to strengthen market share and efficiency. 

Financials 

The construction materials universe represented by major listed cement, glass, wood products, ceramics and laminates companies has an aggregate market capitalisation of approximately ₹8.18 lakh crore. Combined FY26 net sales stood at ₹2.92 lakh crore, compared with ₹2.59 lakh crore in FY25, reflecting a growth of nearly 13 per cent. Operating profit increased to ₹53,698 crore from ₹45,740 crore, while PAT rose to ₹23,463 crore from ₹18,661 crore, registering growth of around 17 per cent and 26 per cent, respectively. 

The cement segment remained the largest contributor, reporting FY26 revenue of ₹2.66 lakh crore and PAT of ₹21,605 crore, led by UltraTech Cement, Ambuja Cements, Shree Cement and ACC. Compared with FY25, the segment delivered revenue growth of 13 per cent and PAT growth of 26 per cent, supported by infrastructure and housing demand. 

The glass segment generated revenue of ₹6,546 crore and PAT of ₹473 crore, recording revenue growth of 8 per cent and PAT growth of 69 per cent. The wood products segment reported revenue of ₹8,136 crore and PAT of ₹388 crore, reflecting revenue growth of 16 per cent and PAT growth of 40 per cent. 

The ceramics and sanitaryware segment posted revenue of ₹7,535 crore and PAT of ₹792 crore, while the laminates and decorative surfaces segment reported revenue of ₹4,175 crore and PAT of ₹206 crore, delivering healthy growth across both categories. 

Overall, earnings momentum remained strong across key construction material segments. 

Sector Outlook 

India’s construction materials sector outlook remains favourable, supported by the government’s infrastructure and housing push. Public capital expenditure has increased from ₹2 lakh crore in FY15 to a budgeted ₹12.22 lakh crore in FY27, while the National Infrastructure Pipeline has scaled to an aggregate investment value of approximately ₹213 lakh crore across more than 14,500 projects. Housing demand is also receiving support, with Pradhan Mantri Awas Yojana allocations rising to ₹78,126 crore in FY26. These investments are expected to drive sustained demand across cement and allied building materials. Continued investments in roads, railways, metro networks, airports and industrial corridors are expected to provide long-term demand visibility for the sector. 

Cement, the largest segment, is expected to remain the primary growth driver. India’s cement volumes increased 9.2 per cent YoY to 443.2 million metric tonnes during FY26 and are expected to reach around 490 million metric tonnes in FY26, followed by 7-8 per cent growth in FY27. Industry installed capacity has crossed 700 million tonnes, supporting future demand growth from housing, infrastructure and industrial projects. The glass segment is expected to benefit from increasing demand from construction and renewable energy applications, while wood products, ceramics, sanitaryware and laminates should gain from residential construction, renovation activity and premiumisation trends. 

However, the sector remains exposed to risks from rising crude oil prices, Middle East geopolitical tensions, freight inflation and supply-chain disruptions. Raw material inflation, execution delays and competitive intensity also remain key challenges, although the long-term outlook continues to be supported by India’s infrastructure development and urbanisation journey. 

Consumer Durable 

About the Sector 

India’s consumer durables sector represents one of the largest segments of the country’s consumption economy and includes consumer electronics, air conditioners, IT hardware, domestic appliances, watches and accessories, and diamond and jewellery. The sector caters to both essential household requirements and discretionary spending, making it a key reflection of consumer behaviour and purchasing patterns. 

Consumer electronics, appliances and air conditioners account for a major share of household spending, while watches, accessories and jewellery benefit from lifestyle, gifting and wedding-related demand. The IT hardware segment is supported by increasing digital adoption across businesses and households. Demand is further influenced by rising urbanisation, changing consumer preferences, product premiumisation and growing penetration of organised retail channels. Overall, the sector remains closely linked to consumer confidence, employment growth and household purchasing power. 

Financials 

The consumer durables universe represented by major listed companies across electronics, air conditioners, domestic appliances, watches and jewellery had an aggregate market capitalisation of approximately ₹8.58 lakh crore. Combined FY26 net sales stood at ₹11.02 lakh crore, compared with ₹6.82 lakh crore in FY25, reflecting growth of nearly 62 per cent. Operating profit increased to ₹29,083 crore from ₹23,759 crore, while profit after tax rose to ₹15,412 crore from ₹13,107 crore, registering growth of around 22 per cent and 18 per cent, respectively. 

The diamond and jewellery segment remained the largest contributor, reporting FY26 revenue of ₹9.36 lakh crore and PAT of ₹8,914 crore, driven by companies such as Titan, Kalyan Jewellers and Senco Gold. The segment delivered revenue growth of 76 per cent and PAT growth of 72 per cent. The consumer electronics segment reported revenue of ₹83,779 crore and PAT of ₹3,987 crore, reflecting revenue growth of 16 per cent, although profitability remained under pressure. 

The air conditioner segment generated revenue of ₹41,532 crore and PAT of ₹1,357 crore, recording revenue growth of 4 per cent but a decline in profitability. The domestic appliances segment reported revenue of ₹36,142 crore and PAT of ₹734 crore, reflecting modest revenue growth of 4 per cent. The watches and accessories segment recorded revenue growth of 35 per cent and PAT growth of 24 per cent. 

Overall, sector earnings remained supported by strong consumption demand, premiumisation and organised market share gains. 

Sector Outlook 

India’s consumer durables sector outlook remains favourable, supported by rising disposable incomes, urbanisation, premiumisation and increasing discretionary spending. Demand across electronics, appliances and jewellery is expected to remain healthy, aided by festive purchases, wedding-related consumption, expanding e-commerce penetration and greater availability of consumer financing. 

The consumer electronics and appliances segment is expected to benefit from the government’s manufacturing push. Under the Production Linked Incentive (PLI) scheme for white goods, investments of ₹11,198 crore from 85 companies are expected to generate cumulative production worth ₹1.90 lakh crore. 

India is also targeting USD 300 billion in electronics manufacturing and USD 120 billion in electronics exports, highlighting significant long-term growth opportunities. 

The air conditioner segment offers substantial growth potential, with household AC penetration estimated at only 10–13 per cent, well below developed markets. Rising temperatures, urbanisation and improving affordability are expected to support demand. Meanwhile, the diamond and jewellery segment should continue benefiting from wedding demand, premiumisation and increasing preference for organised retail players. 

However, fluctuations in gold, copper and Semiconductor prices, currency volatility, supply-chain disruptions and competitive intensity remain key risks. Despite these challenges, favourable demographics and government support for domestic manufacturing are expected to drive sustained sector growth. 

Overall, the sector is expected to benefit from rising consumer aspirations, increasing formalisation and premiumisation trends. Companies with strong brands, efficient distribution networks and scalable business models are likely to outperform. 

Crude Oil & Gas 

About the Sector 

India’s crude oil and energy sector spans upstream exploration and production, midstream transportation and storage, and downstream refining and marketing. Upstream companies focus on oil and gas extraction under licensing frameworks, while midstream infrastructure connects production to refineries through pipelines and storage facilities. 

Downstream players refine crude into products such as petrol, diesel, LPG and petrochemical feedstocks, serving transport, industry and households. Sector performance is largely driven by global crude prices, influenced by OPEC+ decisions, geopolitical developments and global demand trends. India imports around 85–88 per cent of its crude requirement, making the sector sensitive to currency movements and external price shocks. Higher crude prices benefit upstream producers through improved realisations, while refiners depend on gross refining margins (GRMs). Refinery complexity plays a key role in profitability by enabling the processing of lower-cost crude. Policy remains a critical factor. Fuel taxes, pricing regulations and periodic government interventions influence downstream margins, although partial deregulation has improved visibility. Upstream economics are shaped by licensing terms and royalty structures. 

From an investment perspective, upstream firms offer direct commodity exposure, refiners depend on spreads, and city gas distribution companies provide relatively stable, utility-like returns. Overall, performance varies across the value chain and commodity cycle. 

Financials 

The crude oil and energy sector has an aggregate market capitalisation of ₹30.1 lakh crore of its listed companies. FY26 net sales rose to ₹40.9 lakh crore from ₹36.6 lakh crore in FY25, marking 12 per cent growth, driven by higher volumes and improved product realisations in refining. 

Operating profit increased 28 per cent to ₹5.32 lakh crore, supported by a recovery in gross refining margins after a weak FY25. PAT grew 39 per cent to ₹2.47 lakh crore, largely led by downstream recovery, while operating margins expanded to 13 per cent from 11 per cent. Reliance Industries remained the largest PAT contributor at ₹95,610 crore, followed by ONGC (₹46,791 crore) and Indian Oil Corporation (₹40,702 crore). 

BPCL and HPCL contributed ₹24,333 crore and ₹16,554 crore respectively. Refining-focused companies such as MRPL and Chennai Petroleum reported sharp recoveries due to a low base, while IOCL and HPCL also saw strong earnings growth. GAIL’s PAT declined 51 per cent, while city gas players Indraprastha Gas and Mahanagar Gas saw declines due to input cost pressures. Oil India’s earnings also softened. 

Overall, earnings recovery remains concentrated in refining, with crude prices, GRMs and policy interventions acting as key variables. 

Sector Outlook 

India’s crude oil and energy sector outlook remains strong, supported by rising demand, policy support and ongoing energy transition initiatives. Oil demand is projected to double to 11 million barrels per day by 2045, driven by urbanisation, industrial growth and rising incomes. Diesel demand is expected to reach 163 MT by 2029–30, while petrochemical consumption (currently 25–30 MMT) is set for sustained expansion. Crude imports rose 3.8 per cent to 243 MMT in FY25, showing steady demand growth. 

Policy and investment activity remain robust. India has signed LPG import agreements with the U.S. to diversify supply and plans to partially commercialise strategic petroleum reserves to fund capacity expansion. The government allows 100 per cent FDI in upstream and refining, while Budget FY26 allocated ₹5,597 crore for Phase II of strategic reserves. The sector is expected to attract ₹2.18 lakh crore in exploration and production investment, with refining capacity projected to reach 667 MTPA by 2040. Energy transition is gaining traction, with oil marketing companies targeting 900 KTPA green hydrogen capacity by 2030. 

Under the SATAT initiative, over 130 compressed biogas plants are operational, supporting cleaner fuel adoption. Easing geopolitical tensions in key oil-producing regions, particularly ongoing U.S.–Iran peace developments, may further support crude price stability and improve supply visibility. 

Overall, strong demand growth, supportive policy framework and energy diversification efforts underpin a positive long-term outlook for the sector. 

Electrical 

About the Sector 

India’s electrical sector spans businesses that carry power, convert it into usable systems, and support the country’s shift towards higher electrification. Cable companies form the backbone of this ecosystem, supplying wires, power cables, specialty cables, and conductors used across housing, factories, transmission networks, renewable projects, railways, metros, data centres, and public infrastructure. 

Demand remains linked to real estate activity, industrial capex, grid modernisation, and government-led infrastructure spending. The shift from unorganised to organised products supports branded manufacturers with scale, distribution reach, safety standards, and quality certifications. Beyond cables, electronics component and manufacturing companies are gaining importance as electrical systems become smarter, cleaner, and more connected. This segment supports Solar modules, smart meters, electric vehicles, industrial automation, telecom equipment, defence electronics, and consumer appliances. India’s focus on domestic manufacturing, import substitution, and value-added electronics is expanding the opportunity base. 

For investors, the sector is no longer just a cyclical infrastructure play. It combines steady electrification demand with opportunities in renewables, electronics, digitisation, and energy transition. 

Financials 

The electrical sector delivered a strong FY26 performance, led by both cables and electronics components. The combined market capitalisation stood at about ₹3.52 lakh crore. Net sales rose from ₹75,929 crore in FY25 to ₹99,280 crore in FY26, reflecting nearly 31 per cent growth. Operating profit increased faster, from ₹9,280 crore to ₹13,332 crore, indicating better margins and operating leverage. Total PAT also improved from ₹5,295 crore to ₹7,705 crore, up around 46 per cent. Cables remained the larger segment, with FY26 sales of  ₹71,816 crore and PAT of ₹5,073 crore. 

Key companies include Polycab India, KEI Industries, RR Kabel, Sterlite Technologies, and Finolex Cables. Electronics components grew at a sharper pace, with sales of ₹27,464 crore and PAT of ₹2,632 crore. Companies such as Kaynes Technology, Syrma SGS, Avalon Technologies, Vikram Solar, and Saatvik Green Energy supported this growth. 

Sector Outlook 

The outlook for India’s electrical sector remains positive, supported by rising electrification, infrastructure spending, renewable energy expansion, grid modernisation, and domestic manufacturing. Demand for wires and cables should remain healthy across housing, real estate, industrial projects, transmission and distribution networks, railways, airports, data centres, EV charging infrastructure, and renewable projects. 

Renewable energy capacity reached 282.7 GW as of May 31, 2026, including 157.0 GW of solar and 56.8 GW of wind, supporting demand for power cables, conductors, solar components, inverters, and grid products. 

Distribution reforms are another growth lever, with RDSS works worth ₹2.83 lakh crore sanctioned, including ₹1.31 lakh crore for smart metering. Transmission capex remains large, with the network planned to expand from 4.85 lakh ckm (circuit kilometre) in 2024 to 6.48 lakh ckm by 2032. 

Electronics components and manufacturing add another growth layer, backed by smart meters, EVs, telecom, defence, medical devices, and industrial automation. 

Financial Services 

About the Sector 

India's financial services sector brings together a wide range of institutions and intermediaries that facilitate the flow of capital across the economy. It includes NBFCs that extend credit to underserved segments, AMCs that manage retail and institutional savings, stock brokers and market infrastructure institutions, housing finance companies, insurance providers, credit rating agencies and diversified investment firms. Together, they connect savers, borrowers and capital markets. The sector’s role has grown significantly over the past decade, supported by rising incomes, improving financial literacy and rapid digital adoption. This has expanded participation in the formal financial system, reflected in growth in demat accounts, SIPs and retail insurance. At the same time, credit demand from small businesses, rural households and first-time borrowers continues to support non-bank lending. 

he sector operates across two broad models. Fee-based entities like AMCs, brokers and rating agencies earn through AUM, transactions and advisory. Lending-based entities like NBFCs and housing finance companies earn spreads, making them sensitive to interest rates and credit quality. Insurance companies combine both models. Regulation is led by SEBI, RBI and IRDAI, depending on the segment. 

Financials 

The financial services sector carries an aggregate market capitalisation of approximately ₹55.1 lakh crore, making it one of the most heavily weighted sectors in Indian markets. Net revenue for FY26 came in at ₹20.8 lakh crore, compared to ₹10.2 lakh crore in FY25, a sharp increase that partly reflects the expansion in interest income and fee-based revenues as market activity and credit disbursals scaled up. 

Operating profit rose to ₹7.58 lakh crore in FY26 from ₹6.13 lakh crore in FY25, showing improved operating leverage across lending and fee-based businesses. Profit after tax for FY26 stood at ₹2.80 lakh crore, up from ₹2.57 lakh crore in FY25, marking a growth of approximately 9 per cent. 

Operating margins remained broadly healthy, supported by improving asset quality across NBFCs and a favourable environment for capital markets-linked businesses. The sector's earnings profile, however, is not uniform. AMCs, brokers and market infrastructure players reported strong performances driven by record Mutual Fund inflows and derivatives volumes, while certain lending-focused entities continued to manage credit cost pressures, particularly in unsecured segments. 

Overall, the sector delivered a solid FY26, with earnings growth supported by scale, operating leverage and continued financialisation of household savings. 

Sector Outlook 

The outlook for India's financial services sector remains positive, supported by strong structural demand, policy support and increasing market penetration. Several factors reinforce this medium-term growth. 

On the demand side, India’s accounting and professional services market is estimated at ₹1.47 lakh crore in 2026 and is projected to reach ₹1.82 lakh crore by 2031 at a CAGR of 4.25 per cent. Rising incomes are expanding the consumer base, while the sector is expected to nearly double its profits by FY30, with NBFCs growing at 16 per cent annually. 

Key drivers include retail credit, wealth management, payments and insurance. Policy measures have added momentum. In January 2026, ₹5,000 crore equity support to SIDBI aims to enhance MSME lending, benefiting 102 lakh MSMEs by FY28. In insurance, the FDI cap has been increased from 49 per cent to 74 per cent, and further to 100 per cent for companies investing premiums in India, supporting capital inflows and product expansion. 

India hosts over 14,500 fintech firms, with rising AI and digital adoption across financial services. BFSI market capitalisation has grown 50-fold from ₹1.8 trillion in 2005 to ₹91 trillion in 2025, with its GDP share rising from 6 per cent to 27 per cent, indicating strong long-term growth potential. 

Overall, with strong structural drivers, supportive policy measures and increasing financialisation of savings, the sector remains well positioned for sustained long-term growth, with multiple segments offering differentiated opportunities as the ecosystem continues to evolve. 

FMCG 

About the Sector 

The FMCG sector represents products that are purchased frequently, consumed quickly and sold at relatively affordable price points. In this coverage, the sector is not limited to soaps, shampoos and packaged foods. It includes household and personal care, consumer foods, edible oils, beverages, breweries and distilleries, cigarettes and tobacco, animal feed, packaging, footwear, printing and stationery, and leather-linked consumer businesses. This makes FMCG a broad consumption basket covering both daily essentials and branded discretionary demand. 

The sector is driven by brand strength, pricing power, distribution reach, product innovation and repeat purchases. Demand comes from urban households, rural consumers, quick commerce platforms, modern trade outlets and traditional kirana stores. Staples provide stability because they are linked to daily consumption, while premium foods, beauty products, beverages, footwear and alcohol offer faster growth opportunities. 

However, raw material inflation, weak rural income, competitive intensity and taxation in regulated categories can influence margins and volume growth. 

Financials 

The companies in the FMCG universe reported aggregate net sales of ₹6,64,027 crore in FY26, compared with ₹5,40,047 crore in FY25, reflecting growth of 23 per cent. However, operating profit increased only 6 per cent to ₹1,09,517 crore from ₹1,02,959 crore, while profit after tax rose 6 per cent to ₹66,638 crore from ₹62,577 crore. This indicates that topline growth was strong, but profitability did not expand at the same pace. The operating margin declined to 16.5 per cent in FY26 from 19.1 per cent in FY25, while the net profit margin moved down to 10.0 per cent from 11.6 per cent, highlighting pressure from input costs, product mix and competitive pricing. 

Edible oil was the largest revenue contributor at ₹1,54,823 crore, followed by consumer food at ₹1,37,240 crore, household and personal products at ₹1,28,039 crore, cigarettes and tobacco at ₹1,00,499 crore, and breweries and distilleries at ₹91,764 crore. Cigarettes and tobacco remained the most profitable category, generating ₹31,983 crore in operating profit and ₹22,176 crore in PAT. 

Household and personal products also remained a strong profit pool, contributing ₹29,773 crore in operating profit and ₹18,667 crore in PAT. Among companies, ITC led the overall profit pool with ₹20,641 crore in PAT, followed by Hindustan Unilever at ₹10,667 crore. 

The financial data shows that while revenue growth was broad-based, earnings quality remained stronger in categories with superior pricing power, brand loyalty and operating leverage. 

Sector Outlook 

The outlook for India’s FMCG sector remains cautiously positive for FY27, with growth likely to be volume-led, selective and margin-sensitive. Demand for daily essentials should stay resilient due to non-discretionary consumption and India’s large household base. However, overall volume growth may remain moderate at around 3-4 per cent if food inflation, energy costs and uneven urban demand persist. Rural markets will be the key swing factor for the sector. 

Rural demand will depend on farm income trends, agricultural output and government-led spending, with consumption recovery in low-unit packs, packaged foods, personal care and household products likely to vary across regions. Urban growth should remain stable, but premiumisation is likely to drive categories such as beauty, health, beverages, convenience foods, modern trade and quick commerce. 

Margins may stay under watch as crude-linked packaging, freight, edible oil and other input costs remain volatile. The expectation of a U.S.-Iran deal has eased crude and Logistics pressures, reducing near-term input cost risks for FMCG companies. Meanwhile, a potential India-U.S. trade deal could support export-linked FMCG and allied segments such as footwear, leather, packaging and processed foods if tariff uncertainty declines further. 

Overall, stronger brands with deep distribution, regular innovation, pricing power and cost control should outperform weaker regional or unorganised players over the next few quarters. Regulation will also remain a key risk, especially for alcohol, tobacco and other tax-sensitive categories. Investors should therefore track volume recovery, rural demand, input inflation and category-wise margin resilience closely. 

Healthcare 

About the Sector 

India’s healthcare sector has evolved from a defensive consumption theme into a structural growth market. The listed universe spans hospitals, pharmaceuticals, diagnostics, medical devices, consumables and healthcare platforms. Demand is supported by ageing demographics, rising chronic diseases, higher incomes, insurance penetration and awareness after Covid. For investors, the key profit pools are private hospitals, branded formulations, speciality pharma, diagnostics, contract manufacturing and medical consumables. 

Hospitals remain the most visible capex-led opportunity. Large chains are adding beds through greenfield and brownfield projects, while expanding into tier-II and tier-III cities where organised healthcare penetration remains low. Growth, however, is not dependent only on capacity addition. Better case mix, higher average revenue per occupied bed, premium procedures and improved occupancy are supporting profitability. Medical tourism adds another demand layer, especially for tertiary care. 

Pharmaceuticals provide export-linked scale and resilience, with India continuing to play a major role in affordable generics, vaccines, APIs, complex formulations and speciality products. Domestic branded formulations remain steady, supported by chronic therapies such as cardiac, diabetes, respiratory and gastro care. Diagnostics and pathology are shifting towards organised players as preventive testing, home collection, digital reports and chronic monitoring gain acceptance. 

Healthcare offers resilient demand, high entry barriers, brand trust and steady cash flows. However, the sector requires monitoring of regulation, pricing pressure, USFDA observations, payor mix, doctor retention, working capital, acquisitions and return on capital. 

Financials 

The healthcare universe delivered healthy growth in 2026, with pharmaceuticals, hospitals and medical equipment companies contributing to performance. Pharmaceuticals and drugs remained the largest segment, with aggregate market capitalisation of ₹25.17 lakh crore. Segment sales increased to ₹4,55,697 crore in 2026 from ₹4,06,867 crore in 2025, reflecting growth of nearly 12 per cent. Operating profit rose to ₹1,23,247 crore from ₹1,09,775 crore, while profit after tax increased to ₹65,191 crore from ₹62,811 crore. Sun Pharmaceutical Industries remained the largest contributor, while Cipla, Dr Reddy’s Laboratories, Divi’s Laboratories, Torrent Pharma and Lupin added scale across formulations, exports and speciality products. 

Hospital and healthcare services reported stronger operating momentum. Net sales rose nearly 20 per cent to ₹85,499 crore in 2026 from ₹71,516 crore in 2025. Operating profit increased to ₹19,086 crore from ₹16,081 crore, while profit after tax improved to ₹9,278 crore from ₹7,745 crore. Apollo Hospitals was the largest revenue contributor, while Max Healthcare and Fortis Healthcare supported growth through higher occupancy, case mix and organised delivery. 

Medical equipment, supplies and accessories recorded the fastest growth. Net sales rose around 28 per cent to ₹10,689 crore, operating profit grew 33 per cent to ₹2,490 crore, and profit after tax increased 29 per cent to ₹820 crore. Poly Medicure added medical consumables exposure. Overall, the sector’s performance remained broad-based, with pharma providing scale, hospitals showing momentum and medical equipment emerging as a high-growth opportunity. 

Sector Outlook 

India’s healthcare sector outlook remains positive, although stock selection should remain bottom-up. Structural demand is being driven by non-communicable diseases, ageing, rising incomes, medical tourism, health insurance and preference for organised care. Policy support is strengthening, with the FY27 health ministry allocation at ₹1,06,530 crore, up about 10 per cent, including support for the National Health Mission, Ayushman Bharat PM-JAY, healthcare infrastructure and Biopharma Shakti. 

Private hospitals should remain the strongest pocket, helped by brownfield bed additions, higher occupancy, premium procedures, international patients and better case mix. India still has only about 1.3 hospital beds per 1,000 people, compared with a global average above 3, while health insurance penetration remains around 15 per cent. This leaves headroom for formalisation. Higher ARPOB, utilisation and speciality services should support mid-to-high teen growth for efficient chains. 

Pharma outlook remains stable but selective. Growth is moving beyond plain generics towards chronic therapies, speciality products, biosimilars, CDMO, complex injectables and GLP-1 opportunities. Diagnostics, medical devices, consumables, health insurance and digital healthcare also offer potential. Key risks include USFDA action, price controls, generic price erosion, aggressive capex, manpower costs and expensive valuations. Execution quality, balance-sheet strength and disciplined capital allocation will decide long-term performance. Overall, sector leadership should favour companies with scalable assets, regulatory discipline, strong brands and clear visibility on sustainable earnings growth. 

Hospitality 

About the Sector 

The hospitality industry entered a new phase as travel volumes moved beyond pre-pandemic levels. While demand remained strong, the sector continued to face challenges from geopolitical tensions in the Middle East, aviation disruptions, inflationary pressures, and evolving traveller preferences. 

Against this backdrop, India strengthened its position as one of the world's fastest-growing travel and hospitality markets. According to the WTTC, India ranked as the world's eighth largest travel and tourism economy. This was led by rising incomes, better infrastructure, connectivity, and growing travel aspirations. 

Domestic tourism continues to underpin the sector's growth. Domestic visits are estimated at approximately 4,548 million in 2025 and projected to exceed 9,500 million by 2030. 

Total air passenger traffic reached approximately 420 million in 2025, up around 5 per cent year on year. Domestic passenger traffic is estimated at 338.9 million, while Foreign Tourist Arrivals were estimated at around 9.02 million. 

Religious tourism remains a major contributor. The Maha Kumbh attracted more than 663 million visitors, while Uttar Pradesh recorded the highest domestic tourist footfall among Indian states and ranked fourth in terms of foreign tourist visits. 

Destination weddings have also become an important demand driver for hotels and resorts. In addition, concerts, sporting events, and other large gatherings are boosting intercity travel and hotel demand. 

In line with this, India's hotel sector closed 2025 on a strong note. Nationwide occupancy levels remained in the range of 63 per cent to 65 per cent, while Average Room Rates (ARRs) rose to around ₹8,500 to ₹8,700. Consequently, Revenue per Available Room (RevPAR) improved to around ₹5,400 to ₹5,600. 

Hotel development activity also remained robust. During 2025, hotel brands signed approximately 64,118 keys across 586 properties, while new openings totalled around 14,199 rooms across 176 properties. Notably, expansion is no longer limited to major metropolitan cities. Tier-2 markets are also emerging as key growth centres. 

The strong demand environment was also reflected in the financial performance of listed hospitality and travel companies during FY26. 

Financials 

The Indian hospitality and travel sector delivered a mixed but largely positive performance in FY26, with hotel companies emerging as the key growth drivers. The hotel segment reported combined net sales of ₹30,791 crore, up 18.6 per cent from ₹25,972 crore in FY25. This growth was supported by healthy occupancy levels, rising room rates, and robust demand across leisure, religious, and business travel. 

The travel services segment recorded healthy top-line growth, with combined revenue rising 12.5 per cent to ₹18,054 crore. However, net profit declined 4.1 per cent to ₹1,891 crore, mainly due to weaker profitability at Easy Trip Planners and Thomas Cook (India). 

Airlines remained the weakest segment despite generating the highest revenue of ₹87,174 crore. The segment reported a net loss of ₹2,337 crore in FY26 compared with a profit of ₹7,310 crore in FY25, largely due to losses at InterGlobe Aviation. Meanwhile, restaurants reported stable revenue growth and improved profitability, while Wonderla Holidays reflected resilient demand in the recreation segment despite a decline in earnings. 

Sector Outlook 

The Indian hospitality sector continues to benefit from strong domestic demand, growing preference for local tourism, and support from the government. As a result, hotels in tier-2 regions, wellness destinations, and cultural tourism hubs have witnessed healthy occupancy levels and improved average room rates. At the same time, the industry faces a few near term headwinds. Higher crude oil prices have pushed up transportation and operating expenses. Further, the cancellation and diversion of several domestic and international flight routes have disrupted travel and reduced connectivity across key routes. As a result, hospitality companies could face some pressure on revenue growth and earnings over the next few quarters. Nevertheless, strong domestic travel demand, supported by leisure, religious, and wedding tourism, is expected to provide a cushion against these challenges. 

Looking ahead, continued focus on destination development, better connectivity, tourism infrastructure, and ease-of-doing business reforms will play an important role in supporting the next phase of growth. 

Infrastructure 

About the Sector 

India's construction and engineering sector is the country's second-largest employer, with a workforce of over 71 million people, and contributes 8-9 per cent to India's GDP, making it a central pillar of economic activity. As of 2026, India had solidified its position as the world's third-largest construction market, poised to reach USD 2.13 trillion by 2030 at a CAGR of 12.1 per cent. The sector spans Engineering, Procurement and Construction (EPC) contracting across roads and highways, railways, power, urban infrastructure, water supply, and renewable energy. Four key sectors, roads, railways, power, and urban, account for the majority of infrastructure capex. In FY2025-26, NHAI constructed 5,313 km, with a slight decline from FY25. 

Government spending has been the primary demand driver. The FY2026-27 Union Budget carries a total capital expenditure of ₹12.2 lakh crore (USD 136.1 billion), equivalent to 3.1 per cent of GDP and an 11.5 per cent increase over the prior year's revised estimate. A new ₹150 lakh crore National Infrastructure Pipeline for 2026-32 has also been proposed to provide long-term visibility to investors and state governments. Airport management is an adjacent, high-growth vertical. Passenger traffic, domestic and international combined, stood at 350.49 million in the April 2025 to January 2026 period. 

Financials 

The 32 listed Engineering and Construction companies carry a combined market capitalisation of approximately ₹8.4 lakh crore. Aggregate net sales grew a modest 7 per cent year-on year to ₹5.06 lakh crore in FY26, from ₹4.69 lakh crore in FY25. However, operating profit was nearly flat at ₹75,420 crore, up by 4 per cent, while PAT declined 10 per cent to ₹34,817 crore, a clear indicator that revenue growth was not matched by margin expansion, as increased competition and slower road project awards compressed profitability. 

The segment is notably bifurcated. L&T alone accounts for 54 per cent of segment market cap and 55 per cent of the market cap-weighted revenue pool, making it the undisputed anchor. 

At the other extreme, fast-growing renewable and power focused players, Waaree Renewable, up 109 per cent revenue, Techno Electric, up 43 per cent, and KPI Green Energy, up 55 per cent, are gaining ground rapidly off smaller bases. Road centric EPC contractors like KNR Constructions, down 43 per cent, and Ircon International, down 16 per cent, saw sharp revenue declines, reflecting the muted 2-4 per cent sector-wide growth in FY26, with road-focused contractors among the worst hit due to fewer project awards by MoRTH. Sterling and Wilson remains loss-making at the PAT level despite positive revenue growth. GMR Airports stands apart as a strong outlier. The company crossed its highest-ever annual passenger mark of 121.6 million in FY2025-26, supported by tariff revisions and non-aeronautical revenue growth. 

Sector Outlook 

The medium-term outlook for India's Engineering and Construction sector remains strong despite execution challenges witnessed in FY26. Infrastructure capital expenditure is projected to rise to ₹90-100 lakh crore between FY26 and FY30, representing a significant increase from the ₹59 lakh crore invested during FY21-FY25. Supporting this growth, the FY27 Union Budget has earmarked ₹12.2 lakh crore for capital expenditure, up 11 per cent year-on-year, with allocations for roads and bridges increasing by 9 per cent and railways by 10 per cent. The proposed Infrastructure Risk Guarantee Fund is also expected to de-risk public-private partnership projects and accelerate stalled infrastructure pipelines. 

For EPC contractors, recovery will largely depend on the pace of project awards. In January, ICRA expected revenue growth to improve in FY26-FY27 after two subdued years, driven by a revival in road sector awards and Jal Jeevan Mission projects. Diversified EPC companies with exposure to urban infrastructure, power, and mining are better placed than road-focused peers facing intense competition and margin pressure. The airport sector also offers significant opportunities, with over ₹1 lakh crore of planned investments across greenfield airports and major capacity expansions. Meanwhile, easing crude oil prices following the proposed U.S.-Iran peace agreement could provide much-needed margin relief by lowering costs of key inputs such as bitumen, diesel, and chemicals. 

The U.S.-Iran conflict disrupted the Strait of Hormuz and pushed Brent crude prices to USD 110-120 per barrel, increasing costs for India's infrastructure sector. Higher prices of key inputs such as bitumen, diesel, and chemicals put additional pressure on EPC contractors' margins. However, the proposed U.S.-Iran peace agreement is expected to ease energy costs and improve trade flows, providing margin relief for infrastructure and construction companies heading into FY27. 

Metals & Mining 

About the Sector 

India’s metals and mining sector includes companies engaged in the exploration, extraction, processing and supply of key raw materials such as iron ore, coal, aluminium, copper, zinc and steel. The sector plays a critical role in supporting core industries including infrastructure, construction, power, automobiles, capital goods and manufacturing. The sector includes ferrous metals like steel and iron ore, non-ferrous metals such as aluminium, copper, zinc and lead, and critical minerals like lithium and cobalt that are essential for the global energy transition. Mining companies operate captive and leased blocks, while downstream players convert raw materials into finished products used across sectors including automotive, railways, capital goods and power. 

Sector performance is closely linked to economic activity. Steel demand is driven by infrastructure and construction, while aluminium and copper demand is tied to power, consumer durables and electric vehicles. Companies with captive raw material access benefit from lower costs, making resource ownership a key competitive advantage. Profitability is also influenced by commodity prices, energy costs and regulatory factors such as duties, royalties and auction policies.  From an investment perspective, the sector includes diverse business models, with integrated producers, miners and specialty players offering varied risk-return profiles. 

Financials 

The sector has an aggregate market capitalisation of approximately ₹25.3 lakh crore. FY26 net sales stood at ₹14.7 lakh crore, slightly higher than ₹14.5 lakh crore in FY25, showing modest growth. Operating profit increased to ₹2.93 lakh crore from ₹2.87 lakh crore in the same period, while PAT rose to ₹1.50 lakh crore from ₹1.26 lakh crore, marking a strong 19 per cent growth driven by cost efficiencies and improved performance in non-ferrous and mining segments. 

Operating margins remained stable at around 20 per cent. Coal India was the largest contributor to profits, followed by Hindustan Zinc and Hindalco Industries. While some companies reported strong growth, others faced margin pressures, showing the cyclical nature of the sector. Overall performance remains uneven, with company-level outcomes dependent on cost structures, realisations and operating leverage. 

Sector Outlook 

The sector outlook remains positive, supported by strong demand across key commodities. Copper demand is expected to grow 10–12 per cent annually, driven by urbanisation, renewable energy and electric vehicle adoption. 

Steel demand is projected to rise around 9 per cent in FY26, supported by infrastructure and industrial activity, while coal demand remains strong due to rising energy needs. Policy support continues to play a crucial role. Initiatives such as the PLI Scheme for specialty steel and the ₹16,300 crore National Critical Minerals Mission aim to strengthen domestic manufacturing and resource security. 

Budget measures, including mining reforms, duty rationalisation and rare earth development, further support sector growth. India’s position as a leading global producer, combined with strong capex momentum, underpins long-term growth. However, risks such as commodity price volatility, import dependence and execution challenges remain. Overall, demand growth, policy support and localisation trends provide a strong foundation for sustained sector expansion. 

Information Technology 

About the Sector 

India’s IT sector is one of the country’s largest export-oriented industries and a key contributor to economic activity. The sector includes IT software services, fintech, BPO/ITeS and IT education, serving enterprises, governments and consumers across global markets. India is the world’s leading destination for technology outsourcing, supported by a large, skilled workforce, cost competitiveness and strong digital capabilities. The industry provides services such as software development, IT-enabled services (BPO/BPM), consulting, cloud computing, cybersecurity, artificial intelligence and analytics. North America accounts for around 35 per cent of global IT services demand, while the United States contributes the majority of Indian IT exports. India employs approximately 5.8 million professionals across the IT and BPM industry and hosts a large network of Global Capability Centres (GCCs) established by multinational corporations. Further fintech segment supports digital payments and financial services innovation, while BPO and IT-enabled services continue to benefit from global outsourcing demand. 

Financials 

The IT universe represented by major listed software, fintech, BPO/ITeS and IT education companies had an aggregate market capitalisation of approximately ₹31.61 lakh crore. Combined FY26 net sales stood at ₹9.99 lakh crore, compared with ₹9.12 lakh crore in FY25, reflecting growth of nearly 9.5 per cent. Operating profit increased to ₹2.39 lakh crore from ₹2.18 lakh crore, while profit after tax rose to ₹1.46 lakh crore from ₹1.37 lakh crore, registering growth of around 9.7 per cent and 6.3 per cent, respectively. 

The IT software segment remained the largest contributor to revenue among the IT universe, reporting FY26 revenue of ₹9.45 lakh crore and PAT of ₹1.38 lakh crore, with revenue growth of 8.6 per cent and PAT growth of 4.4 per cent. The fintech segment generated revenue of ₹32,143 crore and PAT of ₹3,963 crore, delivering revenue growth of 36.8 per cent and PAT growth of 116.9 per cent. 

The BPO/ITeS segment recorded revenue growth of 19.5 per cent and PAT growth of 27.2 per cent, while the IT education segment reported revenue growth of 18.1 per cent and PAT growth of 8.9 per cent. Overall, sector earnings remained supported by digital transformation, cloud adoption and enterprise technology spending. 

Sector Outlook 

The sector contributes nearly 11.74 per cent of India’s GDP, while IT exports stood at approximately USD 224.4 billion in FY26, highlighting its importance to the economy despite near-term growth challenges. The United States accounts for over 50 per cent of Indian software services exports, making India-U.S. business and trade relations a key factor in sector performance. Continued delays in client decision-making, budget rationalisation and a weak demand environment across key global markets could impact revenue growth for export oriented IT companies. However, currency movements remain supportive, with a 10.4 per cent depreciation in the Indian Rupee from ₹85.50 to ₹94.43 per U.S. Dollar, helping improve rupee realisations and partially offset demand pressures. 

The industry continues to witness growing adoption of AI, cloud computing and automation technologies. While these trends are creating opportunities in digital transformation and productivity enhancement, AI-led automation could affect repetitive and lower-value roles, increasing the need for workforce reskilling. 

Overall, persistent macroeconomic uncertainty, cautious client spending and evolving technology disruptions are expected to keep the sector outlook measured and under close investor watch in the near term. 

Logistics 

About the Sector 

India’s logistics sector covers businesses that move goods across ports, roads, railways, warehouses, shipping routes, and last-mile delivery networks. Ports form the first major layer of this ecosystem, handling bulk cargo, containers, energy products, and export-import trade. Their performance is closely linked to industrial activity, commodity movement, infrastructure development, and global trade flows. 

Shipping and dredging companies support coastal movement, offshore services, fleet operations, and port maintenance, making them important for maritime connectivity. Logistics companies operate across rail freight, road transport, express delivery, supply chain management, warehousing, e-commerce fulfilment, and digital freight platforms. Rail-linked players benefit from rising container cargo movement and dedicated freight corridors, while road transport serves manufacturing, consumption, and agriculture-led supply chains. Express and courier firms gain from e-commerce, time-sensitive deliveries, pharmaceuticals, electronics, and premium business shipments. Technology-led platforms improve fleet utilisation, visibility, route planning, and overall cost efficiency. 

For investors, the sector is no longer only a transport-linked play. It reflects India’s manufacturing growth, consumption expansion, export ambitions, and infrastructure build-out. 

Financials 

The logistics sector reported a healthy FY26 performance, with a total market capitalisation of about ₹6.52 lakh crore. Net sales increased from ₹1,00,603 crore in FY25 to ₹1,15,852 crore in FY26, reflecting growth of around 15 per cent. Operating profit rose from ₹36,595 crore to ₹43,331 crore, while total PAT improved from ₹18,600 crore to ₹21,533 crore. 

Ports remained the largest contributor to profitability, led by companies such as Adani Ports and Special Economic Zone, JSW Infrastructure, and Gujarat Pipavav Port. The segment reported FY26 sales of ₹45,256 crore and PAT of ₹14,565 crore. The logistics segment generated sales of ₹51,106 crore, supported by players including Container Corporation of India, Delhivery, Shadowfax Technologies, BlackBuck, and Mahindra Logistics. Shipping also delivered a strong performance, with The Great Eastern Shipping Company, Shipping Corporation of India, and Seamec helping the segment achieve PAT of ₹4,526 crore. 

Sector Outlook 

The outlook for India’s logistics sector remains positive, supported by infrastructure capex, manufacturing growth, e-commerce expansion, port-led development, and the shift towards multimodal transportation. Ports should remain a key growth engine as maritime routes handle the bulk of India’s trade by volume. Recent data strengthens the view, with India’s major ports handling a record 915 million tonnes of cargo in FY26, while planned port capacity is expected to rise from 2,810 MTPA (million tonnes per annum) in FY26 to 3,500 MTPA by FY30 and 10,000 MTPA by FY47. This should support cargo handlers, terminal operators, shipping companies, dredging players, and port-linked logistics providers. 

Road, rail, and warehousing logistics should benefit from PM GatiShakti, dedicated freight corridors, logistics parks, FASTag, GST-led formalisation, and rising demand from consumption, auto, FMCG, electronics, and e-commerce. Express delivery and courier businesses are also well placed as B2B express, quick commerce, same-day, and next-day delivery gain scale. 

Overall, companies with network density, asset utilisation, cost control, digital capability, and strong balance sheets are better positioned. 

Media & Entertainment 

About the Sector 

India's Media & Entertainment (M&E) industry stands as the fifth-largest globally, projected to reach ₹2,86,500 crore (US$30.9 billion) in 2026, expanding further at a 5.8 per cent CAGR to ₹3,30,000 crore by 2028. The industry is distinctively an "AND" market — linear and digital consumption coexist and reinforce each other rather than one displacing the other. 

JioStar alone plans to invest ₹33,000 crore in new content in FY26, with a sharp focus on Indian-language, localised entertainment and sports. OTT platform revenues are projected to grow at a CAGR of 14.9 per cent — the highest among the top 15 countries — reaching ₹35,061 crore by FY28, while India's music industry is estimated to reach ₹6,900 crore in FY26, growing 15 per cent YoY. The online gaming segment is projected to reach ₹28,800 crore in 2026, and the Animation & VFX sector is on track to reach US$2.2 billion by 2026. 

Financials 

The listed M&E universe — spanning broadcasting, filmed entertainment, music, and print — presents a bifurcated FY26 (FY ending March 2026) picture. The combined market capitalisation of the ten covered companies stands at approximately ₹72,771 crore. 

Revenue growth remained selective: Sun TV posted 8 per cent top-line growth and maintained robust operating profitability, though PAT contracted 14 per cent YoY. Zee Entertainment saw revenues decline 2 per cent, with operating profit collapsing 59 per cent and PAT down 61 per cent to ₹271 crore, reflecting ongoing structural headwinds. 

Network18 witnessed a sharp 69 per cent revenue decline to ₹2,121 crore following restructuring, with operating profits down 49 per cent; however, PAT turned positive at -₹148 crore versus a loss of ₹1,777 crore in FY25, indicating loss normalisation. In filmed entertainment, PVR INOX delivered a strong recovery — revenue grew 15 per cent, EBITDA expanded 33 per cent, and PAT turned positive at ₹177 crore versus a loss of ₹281 crore in FY25, aided by a healthy content slate. 

The music segment outperformed: Tips Music grew revenues 21 per cent, profits 30 per cent, while Saregama saw revenues decline 16 per cent due to a high base but improved operating margins by 13 per cent, with PAT broadly flat at ₹206 crore. 

In print, DB Corp showed resilience with 1 per cent revenue growth, though operating profit contracted 9 per cent. Navneet Education's PAT declined 54 per cent to ₹369 crore due to base-effect distortions from prior-year one-offs. MPS Limited remained a steady compounder with 6 per cent revenue growth and 16 per cent PAT growth. 

Overall, the sector reflects a tale of divergence — traditional broadcasters face structural monetisation pressure, while filmed entertainment, music, and niche publishing are demonstrating earnings recovery. 

Sector Outlook 

The M&E sector is expected to grow 2.8 per cent in 2026 to reach ₹2.86 trillion; however, excluding online gaming — impacted by regulatory curbs — growth is projected at 8 per cent in 2026, followed by a CAGR of over 7 per cent to reach ₹3.3 trillion by 2028. New media is projected to account for over 50 per cent of total industry revenues by 2028, reflecting structural shifts in consumer behaviour, content formats, and monetisation models. 

Key catalysts include the JioStar ecosystem, which reported revenue of ₹31,048 crore and net profit of ₹3,210 crore in FY26, driven by approximately 500 million monthly active users and record subscription growth supported by flexible pricing models, AI-driven content discovery, and marquee sports rights. 

For broadcasters, NTO 3.0 implementation and ARPU renegotiation remain swing factors. Music labels — Tips Music and Saregama — are structurally well-positioned as paid streaming subscriptions scale and regional content demand accelerates. 

Filmed entertainment should benefit from a robust content pipeline and rising multiplex attendance. Print players like DB Corp are building digital monetisation, though circulation revenue remains under secular pressure. 

On balance, the Indian M&E sector is entering a multi platform growth phase led by digital-first strategies, sports content, and regional language consumption. 

Plastic Products 

About the Sector 

India’s plastic products sector covers businesses that convert polymers and speciality materials into pipes, fittings, films, packaging products, moulded components, industrial containers, consumer products, and value-added engineering plastics. Pipes and fittings form a major part of the sector, serving housing, irrigation, plumbing, sanitation, agriculture, infrastructure, and industrial applications. Demand in this segment is linked to real estate activity, water management projects, rural development, replacement demand, and government-led infrastructure spending. 

Beyond pipes, the sector also includes packaging films, protective films, technical textiles, industrial products, composite materials, and precision plastic components used across automobiles, electronics, healthcare, appliances, exports, and consumer goods. Companies with design capabilities, product innovation, and strong customer relationships can benefit from rising demand for lightweight, durable, and cost-efficient materials. 

The sector is also evolving with higher focus on recycling, sustainability, premium products, and value-added applications. However, profitability remains sensitive to crude-linked polymer prices, freight costs, currency movement, and competitive intensity. For investors, the sector offers a mix of steady consumption demand, infrastructure-linked growth, and specialised manufacturing opportunities. Scale, brand strength, distribution depth, working capital control, and product mix are key factors that influence long-term performance. 

Financials 

The plastic products sector delivered a mixed FY26 performance, with revenue growth remaining steady while profitability showed pressure at the net level. The combined market capitalisation of the companies covered stood at around ₹1.42 lakh crore. Aggregate net sales increased from ₹34,460 crore in FY25 to ₹37,104 crore in FY26, reflecting a growth of nearly 8 per cent. Operating profit improved at a faster pace, rising from ₹5,378 crore to ₹6,031 crore, up around 12 per cent, indicating better operating efficiency and a favourable product mix in select businesses. 

However, PAT declined from ₹3,493 crore in FY25 to ₹3,338 crore in FY26, a fall of about 4 per cent. This suggests that higher depreciation, interest cost, tax impact, or margin pressure at the bottom line affected overall earnings. Supreme Industries and Astral remained the largest contributors to sector revenue and market capitalisation. Shaily Engineering Plastics, Prince Pipes, Time Technoplast, and Kingfa reported strong profit growth, supporting sector performance. On the other hand, Finolex Industries and Responsive Industries saw pressure on net profit, while Supreme Industries also reported lower PAT despite revenue growth. Overall, the sector showed stable demand but uneven earnings momentum. 

Sector Outlook 

The outlook for India’s plastic products sector remains constructive, supported by steady demand from housing, irrigation, water management, packaging, automobiles, consumer goods, healthcare, exports, and specialised industrial applications. Pipes and fittings should continue to benefit from real estate activity, rural water projects, sanitation, replacement demand, and infrastructure spending. At the same time, value-added products such as specialty films, protective films, composite products, industrial moulded components, and precision plastics are expected to gain from premiumisation, lightweighting, and higher usage across automobiles, buildings, appliances, and export markets. 

Recent data supports this outlook. India’s plastics and allied product exports grew 11.6 per cent year-on-year to USD 1.09 billion in April 2026, with plastic films and sheets rising 28.2 per cent. This indicates improving global demand in selected categories. The government’s Plastic Parks scheme has also approved 10 parks, with grant support of up to 50 per cent of project cost, capped at ₹40 crore per project, which can strengthen domestic processing clusters. 

Margins, however, may remain sensitive to crude-linked polymer prices, freight costs, and currency movement. Companies with scale, brand strength, distribution reach, product innovation, export capability, and recycling-led sustainability initiatives should remain better positioned over the medium to long term. 

Power 

About the Sector 

India’s power sector covers businesses that generate electricity, supply it to end users, and enable market-based procurement. Generation companies operate coal, gas, hydro, solar, wind and hybrid assets, selling power through long-term power purchase agreements, merchant markets or exchanges. Thermal producers provide dependable baseload and peak support, while renewable developers add low-carbon capacity that helps meet policy targets and corporate decarbonisation demand. Hydropower and pumped storage improve balancing, especially when solar output falls in the evening. Distribution companies (DISCOMs) represent the last-mile link, handling supply, billing, collections and loss control for households, industries, commercial users and agriculture. Their efficiency directly influences cash flows across the chain because generators depend on timely payments from DISCOMs. Power trading firms and exchanges add another layer by matching buyers and sellers for short-term, real-time and green power needs. 

For investors, the sector is no longer a plain defensive utility basket. It now includes conventional generators with stable cash flows, renewable platforms with expansion pipelines, integrated utilities with retail presence, hydro players, exchange-led businesses and turnaround candidates. The common thread is electricity’s rising importance in India’s economic, digital and climate transition. Regulation, fuel access, tariffs and capital discipline decide profitability across this diverse ecosystem for participants. 

Financials 

The power generation and distribution universe has an aggregate market capitalisation of ₹21.30 lakh crore as of mid-June 2026. FY26 net sales stood at ₹5.39 lakh crore, up 3.6 per cent from ₹5.20 lakh crore in FY25, indicating moderate top-line growth despite mixed company-level performance. Operating profit improved 3.1 per cent to ₹2.11 lakh crore, while PAT rose 4.5 per cent to ₹84,715 crore, supported by better cost absorption, higher merchant volumes and stronger profitability in select players. 

The sector operating margin remained healthy at nearly 39 per cent, reflecting the regulated or contracted nature of many businesses. NTPC remained the largest revenue and profit contributor, with FY26 PAT of ₹27,146 crore, followed by Power Grid and Adani Power. Growth was broad in names such as JSW Energy, NLC India, CESC, Acme Solar and IEX, while Clean Max showed sharp growth from a low base. 

However, profitability was uneven, with pressure visible in Adani Green, Tata Power, Torrent Power, Jaiprakash Power, Reliance Power, GMR Power and RattanIndia Power. Overall, sector financials remain resilient, but stock selection is critical. Balance sheets and cash-flow visibility will decide valuation comfort from here. 

Sector Outlook 

India’s power generation, distribution and power-market outlook remains strong, backed by rising electricity use across industry, households, e-mobility, data centres and manufacturing. Demand visibility has strengthened after May 2026, when peak power demand surged to a record 270.73 GW amid El Nino-linked heatwaves, showing how weather volatility is becoming an additional demand driver. 

India’s per capita electricity consumption remains low at about 1,395 kWh, versus a global average of 3.6 MWh, leaving room for long-term growth. Installed capacity is projected to reach around 1,000 GW by FY32, driven by EVs, data centres, urbanisation and industrialisation. Within this mix, renewable capacity could rise to about 571 GW, while thermal and base-load capacity is likely to expand to around 309 GW. Even as the energy transition accelerates, thermal generation will remain important for grid stability and peak demand. 

Hydro, pumped storage and battery storage will also gain importance, with planning implying roughly 74 GW of BESS and 50 GW of pumped hydro by 2032. Distribution reforms, shorter payment cycles and better collections can reduce counterparty risk. Power exchanges and traders should benefit from real-time balancing, green contracts and short-term procurement. Key risks include fuel shortages, tariff recovery delays, aggressive bidding, execution slippages and regulatory changes that investors must monitor. 

Realty 

About the sector 

India’s real estate sector remains one of the most important pillars of the domestic economy, given its strong linkages with housing demand, urban infrastructure, construction activity, and employment generation. The sector is currently estimated to contribute around 7.3 per cent to India’s GDP and is projected to expand significantly over the long term, with the market expected to reach USD 5.8 trillion by 2047 and account for 15.5 per cent of GDP. Demand conditions across residential and commercial real estate remain favourable, supported by rapid urbanisation, rising household incomes, nuclearisation of families, and the growing preference for larger, premium homes. In the residential market, demand has steadily shifted towards premium and luxury housing, with the share of buyers preferring homes priced between ₹90 lakh and ₹1.5 crore rising sharply in recent years. Luxury housing demand has also remained robust, with sales of homes priced at ₹4 crore and above rising nearly 28 per cent YoY across the top seven cities in 2025. 

The commercial real estate cycle also remains healthy. India’s office market continues to benefit from strong leasing demand from Global Capability Centres, technology, BFSI, engineering, and manufacturing sectors, while data centres, retail, and hospitality are emerging as important parallel growth pockets. Office leasing activity is expected to remain robust in 2026, with net absorption projected at around 55 million square feet. At the same time, the structural growth in urbanisation, rising demand for organised retail, and improving hospitality demand are broadening the sector’s opportunity set beyond pure residential development. Government support through infrastructure spending, higher capital expenditure, policy reforms, digitisation of land records, 100 per cent FDI allowance in townships and development projects, and streamlined project approvals is also improving the medium term operating environment for developers. 

Financial 

For FY26, the top 15 listed real estate companies by market capitalisation generated aggregate net sales of ₹82,184 crore, up 13 per cent from ₹72,454 crore in FY25. Aggregate operating profit rose 12 per cent YoY to ₹26,949 crore from ₹24,036 crore, while PAT increased 21 per cent YoY to ₹16,249 crore from ₹13,466 crore. The sector’s financial performance reflects strong execution in residential launches, healthy collections, sustained demand in premium housing, and continued monetisation across office, retail, and mixed-use assets.Among the major listed peers, Prestige Estates Projects and Sobha delivered particularly strong earnings growth, supported by robust revenue recognition and improved execution. Lodha Developers also reported strong profitability growth, while Godrej Properties, Anant Raj, and The Phoenix Mills posted healthy gains, reflecting strength across residential development, annuity assets, and commercial leasing. 

On the other hand, performance remained mixed for a few players, with Aditya Birla Real Estate and Embassy Developments reporting losses, while DLF and Brigade Enterprises delivered relatively stable profitability despite a high base. 

Sector Outlook 

The outlook for the realty sector remains positive, supported by favourable demand trends across both residential and commercial real estate. In housing, demand is increasingly tilting towards premium and luxury segments, which is benefiting larger branded developers with stronger balance sheets, execution capabilities, and access to land banks. At the same time, sustained urbanisation, rising affordability among upper-middle-income households, and continued consolidation in favour of organised players are likely to support new launches, collections, and pricing power. 

Commercial real estate also remains well placed, with office leasing expected to stay robust and sectors such as retail, warehousing, hospitality, and data centres continuing to attract incremental capital. Institutional interest in the sector remains strong, supported by rising REIT penetration, continued private equity participation, and growing demand for yield generating assets. Policy support through infrastructure-led public spending, faster approvals, digitisation, and FDI reforms should further improve the long-term operating backdrop. Overall, the sector appears well positioned for steady medium term growth, supported by premiumisation in housing, healthy commercial demand, improving asset monetisation opportunities, and sustained institutional participation, although interest rate trends, execution delays, land acquisition costs, and demand moderation in lower-ticket housing remain key monitorables. 

Retail 

About the Sector 

India's retail sector is one of the largest retail sectors in the world, contributing around 10 per cent to the country's GDP and employing roughly 8 per cent of the workforce. As of 2026, the industry stood at a market size of approximately USD 29.79 trillion, making it the fourth-largest retail market globally, and has been growing at a steady CAGR of 9-10 per cent over the past decade, driven by rising disposable incomes, urbanisation, and increasing internet penetration. 

The sector is split into two segments. The unorganised segment, dominated by neighbourhood kirana stores, street vendors, and local markets, still accounts for the majority of sales. While Indian retail has largely been unorganised, the organised retail market increased by 50 per cent between 2012 and 2020, and organised retail's current share now stands at 18 to 20 per cent of total retail. 

Within organised retail, e-commerce has emerged as the fastest-growing channel. India now has over 700 million internet users, and retail consumption drives the domestic GST revenue, which ranged between ₹1.8 lakh crore and ₹2.10 lakh crore monthly during the first half of 2026. Smartphone penetration has surpassed 1 billion users, and UPI transactions crossed ₹29.90 lakh crore in May 2026, making the digital shift deeply infrastructural. As of FY26, India ranks third globally by number of e-retail shoppers. 

Financials 

The 25 listed companies across Retailing and E-Commerce carry a combined market capitalisation of approximately ₹10.95 lakh crore, reflecting the market's confidence in India's consumption story. 

Retailing companies posted aggregate net sales of ₹1.72 lakh crore in FY26, up 16.2 per cent from ₹1.48 lakh crore in FY25. Operating profit grew in lockstep at 16.7 per cent to ₹19,509 crore, while PAT came in at ₹6,605 crore, also up 16.7 per cent. Margins held steady, with operating margin at 11.4 per cent and PAT margin at 3.8 per cent, suggesting revenue growth was volume-driven rather than margin-expansion-led. Avenue Supermarts alone accounts for 40 per cent of segment revenue and 46 per cent of segment market cap, underscoring its dominance. Three companies, Aditya Birla Fashion, VIP Industries, and Shoppers Stop, remained loss-making at the PAT level. 

E-Commerce reported a sharp 79 per cent revenue jump to ₹1.11 lakh crore in FY26, largely driven by Eternal (Zomato). However, the segment as a whole posted a net loss of ₹4,043 crore, an improvement over FY25's ₹5,833 crore loss. Swiggy and Meesho remain the largest loss contributors. 

Retailing shows profitable, steady compounding. E-Commerce shows high growth but is still burning cash. The profitability gap between the two segments remains the defining divergence in India's listed retail universe. 

Sector Outlook 

The near-to-medium term outlook for Indian retail is structurally positive, though near-term headwinds around margins and competition persist. India's retail sector is on track to exceed USD 2.36 trillion by 2030 from approximately USD 1.09 trillion in 2025, with organised retail leading the charge. 

Tier II and III cities are emerging as the primary demand engine. These smaller cities already account for over 60 per cent of all e-commerce transactions in India and are expected to contribute 88 per cent of new online shoppers between 2020 and 2030. 

The U.S.–Iran conflict poses indirect but real risks to India's retail sector. Higher crude prices are feeding through to logistics, packaging, and transportation costs, with the Finance Ministry warning that retail is among the downstream industries directly exposed to petroleum price shocks. Brent crude’s elevated prices during the last 3 months are likely to marginally compress retailer margins, already thin at 3.8 per cent PAT, and curb discretionary consumer spending heading into FY27. 

Additionally, the rapid adoption of quick commerce, omnichannel retailing, and AI-driven customer engagement is expected to reshape India's retail landscape over the coming years. Retailers are increasingly investing in supply chain automation, data analytics, and personalised shopping experiences to improve efficiency and customer retention. Government initiatives supporting digital payments, logistics infrastructure, and formalisation of the economy are also likely to strengthen organised retail's market share and support long-term sector growth. 

Telecom 

About the Sector 

The telecom sector has undergone a remarkable transformation. The sector has evolved from a government controlled service industry to a highly competitive digital infrastructure ecosystem since the entry of Jio in 2016. 

India today stands among the largest telecom markets in the world in terms of subscribers and data consumption. The industry’s growth accelerated after economic liberalisation in the early 1990s, when private participation and foreign investment were permitted. Currently, the Indian telecom market is dominated by three major private operators. 

Reliance Jio remained the market leader with 526.9 million broadband subscribers, followed by Bharti Airtel with 373 million subscribers and Vodafone Idea with 128.9 million subscribers. Together, these three companies account for nearly 96 per cent of India's broadband subscriber base. 

Among these, Vodafone Idea has experienced significant financial and operational challenges in recent years. However, the company appears to be on the path to recovery, supported by recent capital infusions, network expansion efforts, and improving subscriber metrics. 

India's telecom sector continued to grow steadily in 2026, supported by rising smartphone usage, increasing internet consumption, expanding 5G services, and stronger digital adoption across the country. According to TRAI data, the total number of telephone subscribers in India reached 1.34 billion at the end of April 2026, up from 1.33 billion in March. The sector added nearly 7 million new subscribers during the month. 

Wireless services remain the backbone of the industry. The total wireless subscriber base, including mobile and fixed wireless access (FWA) users, stood at 1.29 billion. 

Internet usage in India remains one of the strongest growth drivers. Total broadband subscribers increased to 1,073.44 million in April 2026 from 1,065.88 million in March. Mobile broadband continues to dominate, while fixed broadband subscribers reached 46.84 million. The increasing use of video streaming, online education, digital payments, cloud services, and AI-powered applications is supporting sustained growth in data consumption. 

Financials 

India's telecom sector delivered strong financial growth in FY26, led primarily by telecom service providers. The companies in the dataset generated combined net sales of ₹3.49 lakh crore, operating profit of ₹1.74 lakh crore, and profit after tax (PAT) of ₹ 77,957 crore. 

The biggest contributor remained Bharti Airtel, which accounted for over 60 per cent of sector revenue. Airtel reported a healthy 22 per cent rise in revenue and 29 per cent growth in operating profit, supported by higher tariffs, strong data consumption, and growing 5G adoption. Vodafone Idea emerged as the biggest turnaround story, swinging from a loss of ₹27,383 crore in FY25 to a profit of ₹34,552 crore in FY26, significantly boosting overall sector profitability. 

Among infrastructure companies, HFCL and Bondada Engineering delivered strong growth, benefiting from telecom network expansion and infrastructure deployment. In the equipment segment, ITI Ltd recorded a sharp recovery in profitability despite a decline in revenue. 

However, Tejas Networks was the biggest drag, reporting losses at both the operating and net profit levels. Tata Communications and Indus Towers also witnessed declines in net profit despite revenue growth. 

Sector Outlook 

India's telecom sector is entering a new phase of growth, supported by rapid 5G expansion, increasing rural connectivity, and strong government backing. The country has made significant progress in deploying next-generation telecom infrastructure and is positioning itself as a global leader in both 5G and future 6G technologies. Industry estimates suggest that India could have as many as 1 billion 5G users by 2031. The government's focus on bridging the digital divide is also strengthening sector prospects. Remote villages are being connected through 5G infrastructure, improving access to communication and digital services. Policy support remains strong, with the Department of Telecommunications receiving an allocation of ₹73,991 crore in the Union Budget 2026-27, marking a 39 per cent increase over the revised estimate for 2025-26. 

Textile 

About the Sector 

India’s textiles sector remains one of the country’s oldest and most diversified industries, spanning the entire value chain from natural fibres such as cotton, jute, silk and wool to man-made fibres, yarns, fabrics, garments, home textiles and technical textiles. The sector contributes around 2 per cent to India’s GDP and nearly 11 per cent of manufacturing GVA, while employing more than 45 million people, making it one of the country’s largest sources of livelihoods after agriculture. India’s competitive strength lies in its abundant raw material base, a large skilled workforce, and a decentralised yet broad manufacturing ecosystem that caters to both domestic and export markets. The medium-term outlook for the sector remains constructive, supported by rising domestic consumption, premiumisation in apparel, and growing opportunities in value-added and technical textiles. India’s textile and apparel market is projected to reach USD 350 billion by 2030, while exports are expected to scale up meaningfully over the coming years. In FY26 (April 2025 to February 2026), textile and apparel exports, including handicrafts, stood at USD 32.63 billion, with Ready-Made Garments accounting for 45 per cent of the basket, followed by Cotton Textiles at 29 per cent and Man-Made Textiles at 15 per cent. India also continues to remain the world’s largest cotton producer, with cotton production in the 2025–26 season estimated at 292.15 lakh bales of 170 kg each. Alongside conventional textile categories, technical textiles are emerging as an important growth avenue, driven by rising applications in automotive, healthcare, infrastructure and industrial use cases. 

Financials 

For FY26, the top 10 listed textile companies by market capitalisation generated aggregate net sales of ₹61,208 crore, up 0.65 per cent from ₹60,811 crore in FY25. However, profitability remained under pressure. Aggregate operating profit declined 16.65 per cent YoY to ₹8,895 crore from ₹10,673 crore, while Profit After Tax (PAT) fell 18.52 per cent YoY to ₹4,408 crore from ₹5,409 crore. The divergence between stable revenues and weaker profitability suggests that margin pressure remained a key challenge across the sector, reflecting cost volatility, pricing pressure in select categories, and an uneven recovery across textile sub-segments. Among the major listed peers, LMW Ltd. reported the strongest PAT growth, while Pearl Global Industries and Arvind Ltd. also delivered healthy earnings growth supported by improved operating performance. In contrast, Welspun Living, Swan Corp and Vardhman Textiles saw a sharp decline in profitability, highlighting the pressure on margins in home textiles and cotton-linked businesses. Page Industries and K.P.R. Mill delivered relatively steady earnings growth, underscoring the resilience of branded apparel and integrated textile models compared with more cyclical parts of the value chain. 

Sector Outlook 

The outlook for the textiles sector remains positive, supported by rising household incomes, urbanisation, increasing organised retail penetration, and the steady expansion of e-commerce-led apparel demand. Export prospects are also likely to improve as global sourcing chains diversify and India strengthens its position in garments, home textiles, man-made fibre products, and value-added categories. Trade agreements such as the India–UK FTA could further enhance market access and improve competitiveness for Indian textile and apparel exporters. Policy support continues to remain a structural tailwind. 

The sector benefits from 100 per cent FDI under the automatic route, continued support for integrated textile parks and MITRA parks, and government-led initiatives aimed at improving cotton productivity, scale, and value addition. Technical textiles are expected to remain one of the most important growth drivers over the medium term as demand rises from automotive, healthcare, construction, and industrial applications. 

Overall, the sector appears well placed for steady medium-term growth, supported by export diversification, value-added product expansion, policy support, and rising domestic demand, although margin recovery, cotton price volatility, and global demand conditions will remain key monitorables. 

Please find the sector-wise financial tables below.

Financials Table

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