Top 1000 Companies Financial Review For FY25

Agriculture Sector [EasyDNNnews:PaidContentStart]

The Indian economy for FY25 grew by 6.5 per cent, which remains commendable given global uncertainties. One of the factors that helped the economy to grow was the better performance of Agriculture and Allied Activities. The primary sector, comprising agriculture and related activities, posted a 4.4 per cent annual growth, a marked improvement from 2.7 per cent in the previous year. Its Q4FY25 performance was even stronger, with a 5 per cent growth rate compared to 0.8 per cent in the same quarter last year. 

Agriculture has been the backbone of India’s economy, contributing around 16 per cent of GDP and employing nearly half of the workforce (around 46.1 per cent). It ensures food security by making India self-sufficient in staples like rice and wheat while supporting agro-based industries such as textiles, sugar, and food processing. 

The sector also boosts foreign trade, with India being the world’s largest rice exporter and a major supplier of spices, tea, and marine products. Beyond economic value, agriculture sustains rural livelihoods, reduces poverty, and supports environmental sustainability through practices like organic farming. 

However, challenges like low productivity, monsoon dependence, and post-harvest losses persist. Government initiatives like e-NAM, PM-KISAN, and crop insurance schemes aim to modernise farming and improve farmers' incomes, ensuring agriculture remains vital to India’s growth and development. 

Financial 

The financials of agriculture-linked industries for FY25 have shown a mixed trend. While overall sales grew by 5.73 per cent and net profit rose 10.24 per cent, operating profit saw a slight decline of 0.31 per cent, largely due to margin erosion in the sugar segment. Sugar companies such as Balrampur Chini, 

Triveni Engineering, and Bannari Amman Sugars reported double-digit drops in operating and net profits. This was primarily driven by a combination of fixed ethanol pricing for two years, rising raw material costs (molasses and maize), and the shift from cheaper rice (₹20/kg) to costlier maize (₹24.42/kg in FY25, ₹23/kg currently). These factors significantly impacted distillery margins, a key earnings contributor for integrated sugar players. Though margin pressures persist, particularly in the distillery business, they may ease going forward with improved feedstock economics and supportive policy interventions. 

Overall, the sector demonstrates resilience with pockets of strong performance amid headwinds. In contrast, companies in the tea/coffee and solvent extraction segments, including Manorama Industries and CCL Products, delivered robust growth in profitability due to better operational efficiency and margin expansion. Jubilant Agri and Consumer Products stood out in agriculture with a 187.81 per cent jump in net profit, highlighting the benefit of improved product mix as high double-digit growth in Q4-FY25 revenues due to good placement of Single Super Phosphate (SSP) in anticipation of normal monsoon and shortage of other phosphatic fertilisers. 

Outlook
Monsoons have taken a pause in the first 10-15 days of June, post early arrival which was triggered by the creation of a low-pressure area. While pre-monsoon rains have been above normal, seasonal rains post 1st June have been tepid. Seasonal rainfall is also deficient in 69 per cent of subdivisions. Crop sowing as of May end was higher by 12.3 per cent led by early showers, however, the dry patch has curtailed the progress. The end of the dry patch and further progress of monsoons and spatial distribution holds the key to agricultural output in key rainfed states which have higher cultivation of import-sensitive pulses and oilseeds. 

Early monsoons had damaged standing crops in vegetables and fruits in south and central India which has resulted in some spike in prices of fresh produce. While May 25 inflation numbers are expected to be benign, we believe we might be close to the bottom in food inflation given that fruits and vegetables are 44 per cent of the food basket for inflation. 

Steady progress of monsoons and agriculture output will be key to inflation which could have a bearing on further interest rate cuts and overall consumption demand in the economy. 

Automobile & Ancillaries Sector 

Only 44 out of every 1,000 Indians own a car, yet cities like Bengaluru and Pune face hours-long traffic snarls—reflecting both low penetration and high urban demand. India is now the third-largest automobile market globally, with the sector contributing nearly 7 per cent to the country’s GDP, offering ample headroom for future growth. However, the sector is navigating notable headwinds. A major disruption has emerged from China’s ban on rare earth metal exports, which are essential for EVs, hybrid vehicles, and critical auto components like motors, sensors, and brakes. This move, a response to earlier U.S. tariffs, raises supply chain and cost concerns for the industry—especially for EV players. Despite this, the industry showed resilience. 

In FY25, exports grew 18.75 per cent YoY, led by two-wheelers (21 per cent) and commercial vehicles (23 per cent), indicating a revival in overseas demand. Domestic growth stood at 7.37 per cent YoY, driven by two-wheelers (9 per cent) and tractors (8 per cent), while commercial vehicles declined 1 per cent due to macro and cyclical softness. Importantly, the auto ancillary segment outperformed the overall sector, with growth supported by strong volume expansion in two-wheelers and tractors, and a noticeable shift towards premiumisation across the auto value chain—driven by rising consumer aspirations and evolving technology. 

Financials
In FY25, the overall auto and ancillary sector with 82 companies under consideration posted 7 per cent YoY revenue growth, with operating profit growth at 8 per cent YoY, while net profit declined by 2 per cent. Within net profit negative growth, the major draggers were lorries/LCVs with a 22 per cent decline and the tyre and allied industry with a 16 per cent decline. Diesel engines, however, stood out with a strong 52 per cent YoY growth. In terms of revenue growth within the sector, railway wagons posted 18 per cent YoY growth, followed by diesel engines at 15 per cent and auto ancillary at 13 per cent. Negative revenue growth was observed in casting/forgings. 

On the operating profit front, diesel engines recorded 18 per cent growth, while automobiles—two and three-wheelers—saw 16 per cent growth. However, casting/forgings and the tyre & allied segment posted negative growth of 9 per cent and 7 per cent, respectively. 

Railway wagons outperformed the overall sector with 18 per cent revenue growth, 24 per cent operating profit growth, and 27 per cent PAT growth. 

Outlook
The Indian auto and auto ancillary sectors are positioned for a structural upcycle driven by domestic recovery, premiumisation, electrification, and export diversification. Rural revival, policy stability, and improving infrastructure are key enablers. With electrification accelerating across twowheelers, three-wheelers, and light commercial vehicles, OEMs and suppliers are realigning product strategies and localising value chains to reduce dependence on critical imports like rare earths. Premiumisation across vehicle categories is enhancing content per vehicle, benefitting ancillary players. In the short term, however, the industry faces headwinds from rising global tariffs and China's restrictions on rare earth mineral exports. These disruptions are pressuring EV production and slowing the pace of transition. Automakers are responding by exploring alternative suppliers in countries like Vietnam, Indonesia, Japan, Australia, and the U.S. While some have sent delegations to China to ensure supply continuity, replacing China’s dominance is expensive and time-consuming. 

Premiumisation across vehicle categories is enhancing content per vehicle, benefitting ancillary players. Export recovery— especially to Africa, LATAM, and ASEAN—will support sustained growth. Government policies around scrappage, PLI schemes, and infrastructure spending remain long-term catalysts. The sector should be viewed as structurally transforming—towards cleaner technologies, global integration, and higher value-addition—positioning it as a key pillar of India’s manufacturing and export growth over the next decade. 

Banking 

India’s banking sector remains a cornerstone of the nation’s economic development, facilitating capital mobilisation, credit expansion, and financial inclusion. Despite facing challenges such as regulatory changes, rising costs, and intensified competition from fintechs, the sector is adapting rapidly through digital innovation, structural reforms, and evolving consumer expectations. 

Backed by a strong regulatory framework and robust capitalisation, as noted by the Reserve Bank of India (RBI), Indian banks have shown resilience amid global economic uncertainties. Government-led initiatives like the Pradhan Mantri Jan Dhan Yojana and the expansion of digital banking channels have significantly deepened financial inclusion. 

The rise of payments and small finance banks, along with an expanding fintech ecosystem now over 2,000 DPIIT recognised firms, has further modernised the landscape. India’s digital payment systems are globally advanced, with UPI processing 185.8 billion transactions in FY25, a 41.7 per cent YoY increase, accounting for 83.7 per cent of total transaction volume. In value terms, UPI touched ₹261 lakh crore in FY25. The Indian fintech industry, projected to reach ₹12.99 lakh crore (USD 150 billion) by 2025, underpins the sector’s digital shift. Overall, the Indian banking sector is evolving into a more inclusive, technology-driven, and globally competitive ecosystem. 

Financials
The total market capitalisation of the banking industry is around ₹54.33 lakh crore. The banking sector delivered a strong performance in FY25, with topline rising 13.7 per cent to ₹22.53 lakh crore compared to ₹19.81 lakh crore in FY24. Operating profit grew by 12.5 per cent YoY to ₹6.62 lakh crore, up from ₹5.89 lakh crore last year. Profit after tax increased by a robust 16.7 per cent to `4.02 lakh crore, as against ₹3.44 lakh crore in FY24. The sector’s overall growth reflects a surge in fee and other income driven by buoyant capital markets, along with stable asset quality and improved operating efficiency particularly among public sector banks contributing to healthy bottom-line expansion. 

In FY25, private banks reported a combined Market Cap. of ~₹38.71 lakh crore, with net sales rising 16.2 per cent, operating profit up 11.7 per cent, and PAT growing 9.4 per cent. In contrast, public sector banks had a combined Market Cap. of ~₹15.62 lakh crore, with net sales up 11.7 per cent, operating profit growing 13.4 per cent, and PAT surging 26.3 per cent. While private banks led in market capitalisation and revenue size, public banks outpaced them in profit growth, driven by improved asset quality and operational leverage. 

Outlook
As of May-end, credit growth in India has decelerated to 8.97 per cent year-on-year, its slowest pace in three years, while deposit growth has risen to 9.9 per cent, surpassing credit growth by 100 basis points (bps). The loan-to-deposit ratio has moderated to 78.9 per cent, reflecting subdued credit demand and heightened caution among lenders. The slowdown is attributed to tighter underwriting norms and rising stress in unsecured retail and microfinance institution (MFI) segments, prompting banks to prioritise asset quality over aggressive loan expansion. Looking ahead, credit growth is expected to remain modest, estimated at 11.5 per cent in FY26E, with a gradual recovery to 13 per cent in FY27E. 

To counter the slowdown and support the banking system, the Reserve Bank of India delivered a surprise 50 bps cut in the repo rate, reducing it to 5.5 per cent, its third consecutive cut in 2025. Alongside, a phased 100 bps reduction in the Cash Reserve Ratio (CRR) was also announced. These moves are expected to infuse ₹2.5 lakh crore into the banking system, significantly improving liquidity and lending capacity. With easing inflationary pressures and policy becoming more supportive, credit demand is anticipated to pick up gradually in the coming quarters, especially as macroeconomic visibility improves. 

Capital Goods 

The capital goods sector is often regarded as the ‘mother industry’ of all manufacturing, as it supplies essential machinery, tools, and equipment across vital sectors including power, infrastructure, mining, defence, and core manufacturing. It forms the backbone of industrial development, contributing nearly 12 per cent to the manufacturing sector and around 1.8 per cent to the national GDP. In recent years, the Indian capital goods industry has entered a revival phase, driven by proactive government policies, large-scale infrastructure investments, and a steady uptick in private sector capital expenditure— making it a key pillar of India’s long-term economic growth and industrial self-reliance. 

The latest FY25-26 Budget allocates ₹11.21 lakh crore to capital expenditure, signalling steady commitment to capex—even as critics note it's only modestly higher than the previous year. With the government’s continued thrust on infrastructure creation, manufacturing expansion, and indigenisation under the Make in India initiative, the sector has witnessed renewed investor interest. The Production-Linked Incentive (PLI) schemes and focus on import substitution are further expected to deepen domestic manufacturing capabilities. With India aiming to become a USD 5 trillion economy, capital goods are poised to play a pivotal role. 

Financials
To present a comprehensive view of the capital goods sector’s financial performance, we have analysed multiple subsegments including compressors and pumps, defence, electrical equipment, engineering, and industrial machinery. On an aggregate basis, the sector recorded a notable 16 per cent year-on-year growth in revenue, while net profit surged by an impressive 28 per cent, reflecting improved operational efficiency and strong demand across several verticals. Within the pumps segment, Shakti Pumps stood out as a top performer, registering an 84 per cent year-on-year jump in revenue and a 188 per cent rise in net profit. 

In the defence space, most companies delivered strong double-digit growth in both top and bottom lines, with Zen Technologies drawing investor attention through triple-digit growth in revenue and profits. However, Bharat Dynamics and DCX Systems lagged, posting subdued bottom-line performance. Electrical equipment manufacturers outshone other segments, with almost all players reporting sales growth and the majority clocking triple-digit net profit growth, driven by rising industrial automation and power demand. 

Conversely, electrode and welding equipment players like Graphite India and HEG delivered weak results amid muted sectoral demand. The industrial equipment segment showed a mixed trend—Bharat Heavy Electricals, Jyoti CNC Automation and Balu Forge Industries posted over 100 per cent growth in net profit, while companies like GMM Pfaudler and Praj Industries reported significant declines. Several companies also reported modest single-digit growth in profits, with some even witnessing a decline in earnings. 

Outlook
When evaluating the capital goods sector, it’s important to look beyond the broader picture and delve into the potential of its key subsegments, each of which is riding its own wave of transformation and growth. The Indian Railways is undergoing a major overhaul, driven by initiatives like high-speed rail development, rapid electrification, and station modernization. 

The FY25-26 Budget has reinforced this with sustained capital outlays for railway infrastructure, dedicated freight corridors, and technological upgrades. This results in a robust pipeline of orders for companies engaged in locomotives, signalling systems, electrification, and track-laying equipment—making the railway segment a long-term growth engine. 

The defence capital goods segment, too, is benefiting from a strong push toward indigenisation under the ‘Atmanirbhar Bharat’ mission. The Defence Acquisition Procedure (DAP) encourages the domestic procurement of critical military systems, including radar, surveillance, and weapons platforms. Both public and private players are gaining traction through increased orders, joint ventures, and rising export prospects. Simultaneously, the proliferation of data centres, commercial complexes, and smart factories is accelerating demand for power infrastructure such as transformers, switchgear, control panels, and energy-efficient motors. This surge is further supported by the transition towards automation and smart electrical systems. 

The energy transition is another major growth lever. With ambitious investments in renewable power, grid modernization, and transmission & distribution (T&D) networks, there is rising demand for heavy machinery, turbines, and turnkey EPC (engineering, procurement, and construction) solutions. Complementing this is the government’s emphasis on infrastructure through roadways, metro rail, and port development—fuelling demand for construction equipment and material handling machinery. Each of these subsegments offers distinct growth opportunities, reinforcing the capital goods sector as a structurally strong, diversified, and future-ready investment theme. 

For investors, the sector holds long-term potential, underpinned by public capex momentum, private investment revival, and national development priorities. 

Chemical 

Covering more than 80,000 commercial products, India’s chemical industry is highly diversified, encompassing bulk chemicals, specialty chemicals, agrochemicals, petrochemicals, polymers, and fertilisers. As the sixth-largest chemical producer globally and the third-largest in Asia, the industry contributes 7 per cent to the country’s GDP. Currently, the Indian chemical industry is valued at around USD 220 billion. The sector is projected to grow to USD 300 billion by 2030 and reach USD 1 trillion by 2040, positioning itself as a significant opportunity hub amidst global economic uncertainties. 

India’s chemical exports are projected to exceed USD 30 billion in FY2025. The Indian chemical industry employs more than two million people. India ranks as the fourth-largest producer of agrochemicals worldwide, following the United States, Japan, and China, and contributes 16-18 per cent to the production of global dyestuffs and dye intermediates. The Indian colourants industry holds a notable 15 per cent share of the global market. 

The chemical industry operates under a largely de-licensed framework, with exceptions for certain hazardous chemicals. Renowned as a global leader in generics and biosimilars, India also plays a pivotal role in vaccine manufacturing, supplying over 50 per cent of the global vaccine demand. 

On the international stage, India ranks 14th in chemical exports and 8th in imports (excluding pharmaceuticals), underscoring its strong presence in global trade. 

Financials
To analyse the financials of the sector, we compared the performance of companies in this sector between FY25 and FY24. Overall, the sector demonstrated resilience across various parameters such as sales, operating profit, and profit after tax (PAT). The sector’s aggregate top-line recorded an increase of 5.41 per cent, rising from ₹4,30,276.08 crore in FY24 to ₹4,53,570.29 crore in FY25. Similarly, the operating profit showed growth of 13.44 per cent, increasing from ₹62,880 crore in FY24 to ₹71,333 crore in FY25. The sector’s PAT increased by 18 per cent, from ₹28,278.58 crore in FY24 to ₹33,367.56 crore in FY25. 

In FY25, among the top ten companies in the sector, four are from the chemicals industry, and two are from the paint, fertilisers, and pesticides & agrochemicals industry each, based on market capitalisation. Asian Paints, Pidilite Industries, Solar Industries India, SRF Limited, Coromandel International are among the top five. Positive sales growth was observed for all except The Fertilisers and Chemicals Travancore and Asian Paints. Solar Industries India and Godrej Industries have the highest sales growth with 24.23 per cent and 18.41 per cent, respectively. UPL and Godrej Industries have the highest operating profit growth with 61.01 per cent and 59.28 per cent, respectively. Positive profit growth was observed for all except The Fertilisers and Chemicals Travancore, Asian Paints, SRF, and PI Industries. UPL and Godrej Industries have the highest profit growth with 178.97 per cent and 128.80 per cent, respectively. 

Outlook
The Indian chemical industry is poised for robust growth, supported by government initiatives and strong sectoral investments. Recognised as a critical driver of economic growth, the sector is targeted to contribute 25 per cent to the GDP in the manufacturing sector by 2025. Under the Union Budget 2025-26, the government allocated ₹1,61,965 crore (USD 18.7 billion) to the Ministry of Chemicals and Fertilisers. The dedicated integrated manufacturing hubs under the Petroleum, Chemicals and Petrochemicals Investment Regions (PCPIR) policy aim to attract an investment of ₹20 lakh crore (USD 276.46 billion) by 2035. The Indian chemical industry is set to capitalise on emerging opportunities and drive substantial contributions to the nation’s economy. 

Construction 

The Indian construction industry ranks third among the 13 major sectors of the economy and is the second-largest employment generator after the agriculture sector. The growth is being driven by strong government support, including a record ₹11.21 lakh crore infrastructure allocation in the FY25 budget for projects like highways, smart cities, and metro systems. Massive housing initiatives such as PM Awas Yojana have further boosted residential construction, with over 1.18 crore homes sanctioned so far. As India urbanises—expected to reach 50 per cent urban population by 2046—demand for housing, commercial spaces, and infrastructure will rise sharply. The industry is also embracing green building practices and new technologies like Building Information Modeling (BIM), AI, and IoT to improve efficiency and sustainability. Despite some challenges like regulatory delays and rising competition, especially in road construction, the outlook remains strong. Continued urban growth, government investment, and a shift towards modern, sustainable infrastructure will drive long-term growth in the sector. 

Financial
Highlights The Building Materials sector delivered a mixed performance in FY25, marked by moderate revenue growth across most sub-segments but visible strain on profitability due to cost pressures and pricing headwinds. 

In the Cement & Construction Materials category, the largest player, Ultratech Cement, reported net sales of ₹75,955 crore, up 7.1 per cent YoY, but PAT declined 13.3 per cent YoY to ₹6,050 crore, suggesting margin contraction. Ambuja Cements stood out positively, delivering 5.7 per cent sales growth to ₹35,045 crore and 9.2 per cent PAT growth to ₹5,145 crore, driven by improved operational efficiency. Shree Cement faced headwinds, with sales falling 5.5 per cent and PAT plummeting 53 per cent, reflecting both demand-side and cost-side pressures. Mid-sized players like JK Cement, ACC, and JK Lakshmi reported flattish to modest growth, but their profitability trends varied. ACC Ltd., with sales of ₹21,762 crore and PAT of ₹2,399 crore, saw double-digit growth in both revenue and operating profit. On the contrary, India Cements and Nuvoco Vistas reported losses or sharp profit declines due to weak volume and pricing. 

The Ceramics & Sanitaryware segment saw resilience in top players. Kajaria Ceramics grew revenue by 3.6 per cent to ₹4,635 crore, though PAT dropped by 21.8 per cent. Cera Sanitaryware posted stable numbers with revenue at ₹1,926 crore and a slight 3 per cent rise in PAT to ₹249 crore. Smaller players like Pokarna Ltd. delivered over 105 per cent PAT growth, albeit on a low base. The Glass industry was led by Asahi India Glass, which posted 5.4 per cent sales growth and 15 per cent PAT growth, supported by volume and margin stability. Meanwhile, Borosil Renewables remained in the red despite revenue expansion. In the Wood & Laminates space, Century Plyboards and Greenply Industries posted healthy top-line growth. However, Century's PAT declined by 43 per cent, while Greenply saw a strong 45 per cent PAT growth, indicating improved cost control. 

Outlook
The Indian government is strongly focused on infrastructure development to drive economic growth and realise its vision of smart cities. It is actively working to expand railway capacity and improve storage and handling facilities, especially to support cement logistics and reduce transportation costs. These steps are likely to boost construction activities across the country, increasing demand for cement. Eastern India is emerging as a new growth region for cement companies, with strong potential to enhance profitability. Over the next decade, India may become a key exporter of clinker and grey cement to the Middle East, Africa, and other developing regions. Cement plants located near ports—such as those in Gujarat and Visakhapatnam—will have a logistical edge in exports compared to inland plants. FY26 is expected to see a strategic shift towards more complex, multi-lane expressways with controlled access. These aim to ease traffic and improve long-term connectivity. Four-lane highways are projected to grow 8 per cent in FY26, with such roads having more than doubled over the last decade. 

Consumer Durable 

The Indian consumer durables industry has emerged as a dynamic and rapidly evolving sector, reflecting the country’s economic ascent and changing consumer aspirations. The sector is poised to become the fourth-largest globally by 2027, driven by rising disposable incomes, urbanisation, and a growing middle class. In FY25, average monthly spending on consumer durables soared by 72 per cent, fuelled by a surge in home ownership and the demand for appliances to furnish new homes. The sector’s rebound has been particularly strong in multi-brand retail and e-commerce, with online channels democratising access to a wide array of products, even in remote areas. 

Government support has played a pivotal role in shaping the sector’s trajectory. Initiatives such as the Production-Linked Incentive (PLI) scheme, Make in India, and Atma Nirbhar Bharat have incentivised domestic manufacturing and reduced import dependency. The Union Budget 2025 further boosted the sector by introducing changes in customs duties to encourage local value addition and offering tax relief to spur consumer spending. Despite infrastructure and regulatory challenges, these policy measures have created a favourable environment for growth, innovation, and job creation in the consumer durables space. 

Financials
The FY25 financial performance of Indian consumer durable stocks reflects a robust growth trajectory, underpinned by strong demand recovery, product innovation, and resilient consumer sentiment. Industry leaders like Voltas, Blue Star, Amber Enterprises, and Dixon Technologies posted significant gains across key financial metrics. Voltas reported net sales of ₹15,320 crore in FY25, up 23.5 per cent from FY24, with operating profit nearly doubling (+98 per cent) and PAT surging 148 per cent. Dixon Technologies stood out with a 120 per cent sales increase and a 132 per cent rise in operating profit, while PAT more than doubled (+233 per cent), highlighting the sector’s manufacturing momentum. 

Across the consumer durable space, most companies delivered double-digit sales growth, with sector-wide operating profit and PAT growth outpacing topline expansion, indicating improving margins and operational leverage. Value-focused players like PG Electroplast and Symphony also posted strong growth, with PG Electroplast’s sales up 77 per cent and PAT up 112 per cent. Even Mid-Cap names like Netweb Technologies and Timex Group posted healthy gains in both sales and profits. However, a few companies, like TTK Prestige, saw muted sales growth (+1.4 per cent) and a decline in operating profit and PAT, reflecting category-specific headwinds. Overall, the sector’s aggregate net sales rose sharply, and operating profits and PAT grew at a faster pace, driven by premiumisation, product innovation, and a continued shift towards branded, energyefficient appliances. 

Outlook
The Indian consumer durables sector is on a strong growth path, projected to achieve an 11 per cent CAGR and reach ₹3 lakh crore by FY29, positioning India as the world’s fourthlargest market by 2027. This momentum is driven by rising disposable incomes, rapid urbanisation, and a growing middle class that increasingly values convenience, connectivity, and sustainability. The sector is witnessing a shift towards premium, energy-efficient, and smart appliances, with consumers embracing features like voice assistants and automation. Categories such as air conditioners, refrigerators, and washing machines are quickly moving from luxury to necessity, fuelling demand. Although unseasonal rains in Q1FY26 temporarily dampened summer product sales and led to high inventory, industry leaders like Blue Star and Voltas remain optimistic about a rebound as the summer extends and double-digit growth returns. This convergence of favourable demographics, supportive policies, and evolving consumer preferences is transforming the consumer durables sector into a cornerstone of India’s economic and technological progress, with sustained double-digit growth and expanding opportunities for manufacturers and retailers alike. 

Electrical 

India’s electrical sector is a foundational pillar of the country’s infrastructure and industrial development. It encompasses a wide range of components such as electric wires and cables, passive electronic components, and power transmission equipment, which are critical to supporting residential electrification, renewable energy deployment, industrial automation, and the growing demand for digital infrastructure. As India pursues energy security, clean energy goals, and technological advancement, the electrical sector has become central to enabling these transitions. Driven by expanding electricity demand, increasing adoption of smart devices, and the growing penetration of electric vehicles, the sector is witnessing a steady uptick in demand for high-performance, reliable, and locally manufactured components. Initiatives like the ProductionLinked Incentive (PLI) scheme and Make in India are further strengthening the domestic manufacturing ecosystem by encouraging investments, boosting capacity, and reducing reliance on imports. In parallel, the global trend towards supply chain diversification has opened new opportunities for India to emerge as a competitive hub for electronics and electrical manufacturing. With rising urbanisation, growing middle-class consumption, and policy-driven infrastructure expansion, the electrical sector is expected to remain an essential enabler of India’s energy access and digital growth journey, though it must continue to adapt to evolving technological and regulatory landscapes. 

Financials
The total market capitalisation of the electrical sector, comprising companies from both the Cable and Electronics - Components segments, stands at approximately ₹2.27 lakh crore. In FY25, the sector recorded a strong financial performance, with combined net sales increasing from ₹64,574 crore in FY24 to ₹80,118 crore in FY25, reflecting a 24.1 per cent year-on-year growth. Operating profits saw a healthy jump from ₹6,584 crore to ₹9,053 crore, a growth of 37.5 per cent, propelled by improved cost efficiencies, better product mix, and favourable pricing. Profit After Tax (PAT) for the sector rose from ₹4,408 crore in FY24 to `6,190 crore in FY25, marking a 40.5 per cent increase, with strong earnings reported across most companies. While the Cable segment contributed the larger share of absolute revenue, the Electronics - Components segment showed sharper growth in profits, supported by high-margin business models and increasing demand for solar and semiconductor components. 

Outlook
The Indian electricals sector is poised for steady growth, driven by rising infrastructure needs, increasing electrification, and supportive government initiatives. Between 2024 and 2029, the electric wire and cable segment is projected to grow by USD 2.3 billion at a CAGR of 4.5 per cent, while the electronic components market is expected to reach USD 4.90 billion by 2033, growing at a CAGR of 3.1 per cent from 2025 to 2033. This expansion is being fuelled by urbanisation, smart city development, renewable energy projects, and policy measures such as ‘Power for All’, ‘Make in India’, and the ProductionLinked Incentive (PLI) scheme. Government schemes like Deen Dayal Upadhyaya Gram Jyoti Yojana (DDUGJY) are also driving rural electrification, further increasing demand for quality transmission equipment. Simultaneously, the growing adoption of smart homes, IoT, electric vehicles, and industrial automation is accelerating the need for passive electronic components. Together, these trends position India’s electrical and electronics sector as a key pillar of its infrastructure and digital growth journey. 

Meanwhile, the entry of large players like Aditya Birla and Adani is expected to disrupt the competitive landscape, potentially leading to acquisitions and industry consolidation. While this may open exit opportunities for smaller firms, it could also compress margins for existing players by 1–2 per cent. Overall, the sector is poised for long-term growth, supported by policy incentives and increased domestic and foreign investment. 

Financial Services 

India’s financial sector is broad and evolving rapidly, fuelled by the strong growth of established institutions and the entry of new players. It comprises commercial banks, insurance companies, NBFCs, co-operatives, pension funds, mutual funds, and smaller financial entities. Regulatory changes have added newer categories like payment banks, expanding the industry’s scope. The Indian government and the Reserve Bank of India (RBI) have introduced reforms to strengthen and liberalize the sector, particularly improving credit access for Micro, Small, and Medium Enterprises (MSMEs). 

Key initiatives include the Credit Guarantee Fund Scheme, relaxed collateral norms, and the creation of MUDRA to support microfinance. These efforts aim to boost financial inclusion and empower underserved segments. With continued collaboration between public and private stakeholders, India’s financial ecosystem is becoming increasingly robust and inclusive. This transformation positions India as one of the world’s most dynamic capital markets, attracting growing interest from domestic and global investors alike. 

Financial
India’s Financial Services sector spans multiple sub-industries including Asset Management, Housing Finance, Investments, NBFCs, Stock Broking, Term Lending, Insurance, and others. Among these in FY25, the “Others” segment, which includes firms like Nuvama Wealth Management and Anand Rathi Wealth, led the pack with a median sales growth exceeding 35 per cent compared with the previous year, supported by rising income levels and improving financial literacy. The Asset Management industry followed with over 29 per cent median sales growth, driven by buoyant capital markets, enhanced retail participation, and increased financial literacy. Stock Broking, Housing Finance, and NBFCs registered median sales growth of 19 per cent, 18 per cent, and 17 per cent, respectively. Term Lending, Insurance, and Investment firms posted relatively modest sales growth of over 16 per cent, 12 per cent, and 10 per cent, the lowest in the segment. On the profitability front, the “Others” and Stock Broking categories showed the highest median profit growth, at 33 per cent and 31 per cent, respectively. Insurance and Housing Finance followed with 22.5 per cent and 22 per cent, while Asset Management reported 17 per cent. However, Term Lending, NBFCs, and Investment companies lagged with lower profit growth, at 15 per cent, 3 per cent, and just 1 per cent, respectively. The reflects diverse growth trajectories across financial services, with wealth management and broking leading due to evolving investor behaviour and increased participation. 

Outlook
India’s financial services sector is on a strong growth trajectory, supported by solid economic fundamentals, digital adoption, and increasing investor engagement. The sector has expanded significantly across wealth management, insurance, mutual funds, digital payments, and capital markets. With India expected to host over 16.5 lakh High Net-Worth Individuals (HNWIs) by 2027, it is on track to become the fourth-largest private wealth market by 2028. The insurance sector is projected to reach USD 222 billion by FY26, driven by rising awareness, income levels, and technological adoption. Liberalised foreign investment norms have attracted global insurers seeking larger stakes in joint ventures. Mutual funds continue to flourish, with AUM rising to ₹72.2 lakh crore as of May 2025, up from ₹30 trillion in 2020. Meanwhile, mobile wallet usage is expected to grow at a 23.9 per cent CAGR, reaching USD 5.7 trillion by 2027. Additionally, the recent Monetary Policy Committee (MPC) move to cut the repo rate by 50 basis points to 5.50 per cent will benefit the sector by lowering borrowing costs, improving liquidity, and stimulating credit growth. This monetary easing is likely to support increased lending, investment activity, insurance penetration, and greater mutual fund inflows, positioning the financial services sector for sustained growth. 

FMCG 

The Indian Fast-Moving Consumer Goods (FMCG) sector stands as a cornerstone of the nation’s economy, ranking as the fourth-largest contributor. Recent quarters have seen modest revenue growth but profit pressures, as leading companies contend with commodity price volatility and subdued urban demand. The Union Budget 2025’s tax exemptions for income up to ₹12 lakh are expected to boost disposable incomes, directly benefiting FMCG consumption. In terms of market trends, the sector is witnessing a divergence between rural and urban demand. Rural India, now accounting for about 36 per cent of FMCG spending, has become the main growth engine, with rural consumption rising 2.7 per cent YoY in Q4FY25 and traditional retail volumes up to 6.2 per cent. This rural revival is supported by strong monsoons, improved agricultural output, and targeted government support. However, the sector faces challenges including intense competition, volatile commodity prices leading to profit pressures and 'shrinkflation', and persistent supply chain disruptions. 

Financials
The FY25 financial performance of Indian FMCG stocks reflects a year of broad-based, yet varied, growth across the sector. Market leaders like Jubilant FoodWorks, Devyani International, and Varun Beverages posted robust top-line gains—Varun Beverages led with a 25 per cent increase in net sales, 31 per cent rise in operating profit, and 25 per cent growth in PAT, while Jubilant FoodWorks saw a 44 per cent rise in sales but a 39 per cent fall in PAT, indicating margin stress. Godfrey Phillips India’s sales rose 39 per cent, operating profit 26 per cent, and PAT 23 per cent, while Zydus Wellness and Hindustan Foods also delivered double-digit growth in all key metrics. However, some large players faced headwinds: Nestle India reported a 17 per cent decline in sales and an 18 per cent drop in operating profit, with PAT down 18 per cent, reflecting category-specific pressures. Overall, the sector’s aggregate performance in FY25 was marked by robust sales growth and improvement in operating profit and PAT for a few companies, supported by premiumization, rural demand recovery, and product innovation, while many established FMCG players struggled with inflation and shifting consumer trends like ITC, Hindustan Unilever, Nestle, and Britannia Industries. 

Outlook
The outlook for India’s FMCG sector in FY26 is cautiously optimistic, shaped by a mix of persistent challenges and emerging tailwinds. In Q4FY25, consumer staples companies posted mid-single-digit revenue growth (+6 per cent YoY) on modest volume gains (+3 per cent YoY), amid high competitive intensity and elevated food inflation. Rural and Tier 2–4 markets remained relatively stable, while urban and metro demand was subdued. 

Looking ahead, many FMCG companies expect demand to revive from Q2FY26, with the first quarter likely to remain sluggish due to unseasonal rains affecting summer-centric products and some lingering inventory overhang. However, softening prices for key agri-commodities like palm oil, wheat, and coffee are expected to ease cost pressures, supporting margin improvement quarter-on-quarter. Recent price hikes and a potential pickup in volume growth should also drive operating leverage. While competitive intensity and high brand spending will persist, companies are better positioned to defend or expand margins as input costs stabilize. Government support through rural infrastructure, tax relief, and digital initiatives continues to underpin long-term sector growth. Recent interest rate cuts can also give a consumption push to the spending in the FMCG and consumer durable space. 

Overall, the FMCG sector’s defensive qualities, innovation in product and channel strategies, and gradual improvement in rural and urban demand set the stage for a more constructive outlook in the second half of FY26. 

Healthcare 

India’s healthcare sector has emerged as one of the largest in the country, both in terms of revenue and employment generation. It encompasses a wide range of services including hospitals, medical devices, clinical trials, telemedicine, outsourcing, medical tourism, health insurance, and medical equipment. The sector is experiencing rapid growth driven by improved access, expanded services, and rising investment from both public and private players. The healthcare system in India is divided into two main segments: public and private. The public sector mainly delivers basic healthcare through Primary Healthcare Centres (PHCs), especially in rural regions, while secondary and tertiary care facilities are limited to select urban areas. On the other hand, the private sector dominates in providing advanced medical services, especially in metros and tier-I and tier-II cities. India enjoys a competitive edge due to its vast pool of skilled medical professionals and significantly lower treatment costs. Medical procedures in India often cost just a fraction—around one-tenth—of what they would in Western nations, making the country a popular destination for medical tourism. 

Additionally, India has become a favoured hub for global pharmaceutical and clinical research companies, thanks to its cost-effective and quality-driven clinical trial capabilities. 

Financial
The Healthcare sector, comprising Hospitals & Healthcare Services and Pharmaceuticals & Drugs, demonstrated strong financial performance in FY25. Overall, the sector recorded median sales growth exceeding 12 per cent and profit growth of over 21 per cent. 

Hospitals and Healthcare Service companies led the momentum, posting median sales growth above 14 per cent and profit growth of 17 per cent. Among the top performers in this segment, Max Healthcare Institute, Dr. Agarwal’s Healthcare Ltd, and Krishna Institute of Medical Sciences Ltd achieved highest sales growth of 30 per cent, 28 per cent, and 21 per cent respectively. On the profit front, Aster DM Healthcare Ltd, Apollo Hospitals Enterprises Ltd, and Dr. Lal Path Labs Ltd posted highest growth of 64 per cent, 60 per cent, and 35 per cent respectively. 

In the Pharmaceuticals and Drugs segment, companies saw a median sales increase of over 9 per cent and profit growth above 22 per cent. Leading sales growth within the top 10 were Divi's Laboratories Ltd (19 per cent), Mankind Pharma Ltd (18 per cent), and Zydus Lifesciences Ltd (18 per cent). Lupin Ltd, Divi's Laboratories Ltd, and Cipla Ltd posted the highest profit growth at 70 per cent, 36 per cent, and 27 per cent respectively, reflecting improved efficiency, product launches, and operational leverage. 

Outlook
In Q4FY25, the Indian pharmaceutical sector delivered 11.5 per cent YoY and 1.6 per cent QoQ growth, led by strong India sales (up 11.2 per cent YoY) and steady U.S. business growth (7.7 per cent YoY in constant currency). Gross margins improved to 66.1 per cent, aided by niche product launches, stable raw material costs, and better product mix. EBITDA margins remained firm at 25.3 per cent. In the U.S., volume growth and select generic approvals supported revenue, though competition and pricing pressures persisted. Lupin and Aurobindo stood out, maintaining key market shares and robust revenue. Domestically, the Indian Pharma Market (IPM) grew 8 per cent, driven by chronic therapies, while acute therapies underperformed. The healthcare sector reported 20 per cent YoY revenue growth in Q4FY25, supported by higher occupancy (up 60 bps), increased ARPOB (₹59,120), and greater insurance coverage. Max Healthcare, Fortis, and Medanta posted strong operating margins. Insurance now contributes 33 per cent of revenues, growing 22 per cent YoY. The sector is expected to maintain momentum, driven by ARPOB gains, occupancy, and surgical volume growth. 

Looking ahead, regulatory uncertainty in the U.S., especially regarding drug pricing and possible tariffs, could cause short-term volatility. However, India’s structural cost advantages and the critical role of generics in U.S. healthcare should cushion impacts. 

Hospitality 

Still confused between Taj and Marriott for your next vacation or wedding? That choice is part of a much bigger story — India’s hotel industry is booming. After plunging to just 35 per cent occupancy during the pandemic, the sector rebounded to 64 per cent in FY25 and is projected to reach 73 per cent by FY27. From a massive revenue loss of ₹90,000 crore in 2020, the industry is now set to cross ₹1.1 lakh crore in revenue by FY27, driven by a sharp rise in domestic tourism, foreign tourist arrivals, and growing corporate travel. Hotels in India are mainly divided into three types: Luxury hotels like Taj and Oberoi, Upscale hotels like Marriott and Hyatt, and Budget hotels like Novotel and Lemon Tree. All three categories are growing fast as Indians travel more for holidays, weddings, and business events. While luxury brands enjoy strong pricing power, the organised hotel sector — which forms just 11 per cent of India’s 3.4 million key inventory — is seeing decade-high performance. Average Daily Rates (ADR) touched ₹7,951 in FY25 and are expected to rise to ₹8,900 by FY27. To support this growth, the government has stepped in. In the FY26 Union Budget, ₹2,500 crore has been allocated to the Ministry of Tourism. That means more destinations, better infrastructure, and more reasons to travel. India’s hospitality industry is not just recovering — it is booming. 

Financials
For FY25, based on an analysis of 22 listed companies, the Indian hospitality sector delivered double-digit growth across revenue, operating profit, and PAT. The sector reported a 22 per cent year-on-year revenue growth, while operating profit rose by 26 per cent, and PAT increased by 21 per cent year-on-year. The strong revenue growth was primarily driven by the Hotels Resort & Restaurants segment, which posted a 26 per cent yearon-year increase, followed by Travel Services, which grew by 13 per cent year-on-year. In contrast, the Restaurants segment recorded a muted growth of 5 per cent year-on-year. Operating profit for the sector remained strong, with Hotel Resort & Restaurants contributing the most — posting a 32 per cent year-on-year growth. This was partially offset by a 3 per cent decline in Amusement Parks and a 1 per cent drop in standalone Restaurants. At the PAT level, the sector maintained strong momentum, with Hotels Resort & Restaurants reporting a 46 per cent year-on-year growth, primarily driven by their asset-light business models. Amusement Parks were the biggest drag, posting a 72 per cent year-on-year decline, weighed down by depreciation. 

Overall, the sector delivered strong performance in FY25, with Hotels Resort & Restaurants leading on all fronts. Given the persistent demand-supply mismatch, this momentum is expected to continue in the short to medium term. 

Outlook
India’s hospitality sector is entering a high-growth phase, driven by structural demand and improved infrastructure. Between FY24 and FY28, supply is projected to grow at a CAGR of 8.5 per cent, while demand is expected to grow faster at 10.4 per cent, creating a favourable gap that will drive higher occupancy and stronger pricing. Corporate travel will remain a key growth lever, with India now hosting over 1,700 Global Capability Centers (GCCs) employing more than 1.9 million people. The number of operational airports is expected to rise from 157 in 2024 to 350–400 by 2047. The national highway network is projected to grow by 37 per cent by 2037, enhancing regional connectivity. Tourism trends remain positive. Foreign Tourist Arrivals (FTAs) are expected to grow at a CAGR of 7.1 per cent, reaching 14.6 million by 2030. Domestic trips are projected to grow from 2.8 billion to 6.0 billion during the same period, at a CAGR of 13.4 per cent. Outbound travel is forecasted to grow at a CAGR of 9.1 per cent until 2030, creating global expansion opportunities for Indian hospitality brands. However, policy reforms to reduce hotel development cycles (currently 42–60 months) and granting infrastructure status will be essential to sustaining long-term growth. 

Infrastructure 

The infrastructure sector is a key driver of the Indian economy. The sector is highly responsible for propelling India’s overall development and enjoys intense focus from the government for initiating policies that would ensure the time-bound creation of world-class infrastructure in the country. The government’s vision of transforming India into a USD 10 trillion economy by 2030 and achieving Viksit Bharat by 2047 is expected to create significant demand for infrastructure funding. In the Union Budget 2025-26, capital investment outlay for infrastructure has been increased to ₹11.21 lakh crore (USD 128.64 billion), which would be 3.1 per cent of GDP. India’s population growth and economic development require improved transport infrastructure, including investments in roads, railways, aviation, shipping, and inland waterways. According to CRISIL, India’s infrastructure spending is projected to double to ₹143 lakh crore between FY24 and FY30, compared to the ₹67 lakh crore spent during FY17 to FY23. 

Financials
To analyse the financials of the sector, we compared the performance of companies in this sector between FY25 and FY24. Overall, the sector demonstrated growth across various parameters such as sales, operating profit, and profit after tax (PAT). The sector’s aggregate top-line recorded an increase of 10.33 per cent, rising from ₹4,34,888.29 crore in FY24 to ₹4,79,807.71 crore in FY25. Similarly, the operating profit showed growth of 10.20 per cent, increasing from ₹68,375.09 crore in FY24 to ₹75,347.36 crore in FY25. The sector’s PAT exponentially increased by 34.14 per cent, from ₹27,558.91 crore in FY24 to ₹36,966.91 crore in FY25. 

Among the top ten companies by market capitalization, positive sales growth was observed for all except Ircon International, Rail Vikas Nigam, and Afcons Infrastructure. Techno Electric & Engineering Company and GMR Airports had the highest sales growth with 51 per cent and 18.96 per cent, respectively. Techno Electric & Engineering Company and KEC International had the highest operating profit growth with 44.48 per cent and 24.29 per cent, respectively. Positive profit growth was observed for all except Ircon International and Rail Vikas Nigam. IRB Infrastructure Developers and KEC International had the highest profit growth with 618.80 per cent and 64.58 per cent, respectively. 

Outlook
With a 37 per cent increase in the current fiscal year, capital expenditures (CAPEX) are on the rise, which bolsters ongoing infrastructure development and fits with 2027 goals for India's economic growth to become a USD 5 trillion economy. In order to anticipate private sector investment and to address employment and consumption in rural India, the budget places a strong emphasis on the development of roads, shipping, and railways. 

Global investment and partnerships in infrastructure, such as the India-Japan forum for development in the Northeast, are also indicative of more investments. These initiatives come at a momentous juncture as the country aims for self-reliance in future-ready and sustainable critical infrastructure. 

India, it is estimated, needs to invest USD 840 billion over the next 15 years into urban infrastructure to meet the needs of its fast-growing population. The Indian government has introduced various formats to attract private investments, especially in roads and highways, airports, industrial parks, and higher education and skill development sectors. The Second Asset Monetization Plan aims to reinvest ₹10 lakh crore in capital for new projects over the period 2025-30 to recycle capital and attract private sector participation. 

The government's National Infrastructure Pipeline (NIP) programme aims to channel significant capital into key areas such as energy, roads, railways, and urban development. India, being a developing nation, is set to take full advantage of the opportunity for the expansion of the infrastructure sector and has a bright future ahead of it. 
 

Information Technology 

The IT and Business Process Management (BPM) sector has become a key driver of India’s economic growth, contributing significantly to GDP and societal development. With the rapid integration of digital technologies across various sectors, India stands poised for the next wave of its IT revolution. The country now boasts one of the world’s largest internet user bases, with over 760 million citizens connected, and among the lowest internet costs globally. This widespread digital access, supported by robust infrastructure and initiatives like the Digital India Programme, is fuelling both economic value creation and citizen empowerment. India is among the fastest nations in terms of digital adoption, driven by a combination of proactive government policies, private sector innovation, and the proliferation of new digital tools that are transforming industries and enhancing everyday life. 

Financials
India's IT sector has shown strong financial performance in FY25, led by consistent growth across BPO/ITeS, Fintech and IT Software segments. This performance reflects digital transformation momentum, cloud adoption, and increasing global outsourcing demand. The BPO/ITeS posted strong median sales growth of over 13 per cent and profit growth of over 10 per cent driven by operational efficiency and steady client additions. Within BPO/ITeS Inventurus Knowledge Solutions Ltd and Firstsource Solutions Ltd reported the highest sales growth of over 46 per cent and 25 per cent respectively, while Info Edge (India) Ltd and Inventurus Knowledge Solutions Ltd reported the highest profit growth of over 97 per cent and 31 per cent respectively. 

The IT Software Industry within the IT Sector posted strong median sales growth of over 11 per cent and profit growth of over 10 per cent. This is dominated by Industry giants like TCS and Infosys which grew their sales over 5 per cent and 6 per cent, respectively, and profits grew over 5 per cent and 1 per cent respectively, amid stable margins. Within the top 10 companies from IT Software, Coforge Ltd and Persistent Systems Ltd reported the highest sales growth of over 33 per cent and 21 per cent respectively, while Tech Mahindra and Persistent Systems Ltd reported the highest profit growth of over 77 per cent and 28 per cent respectively. The Fintech posted the highest median sales growth of over 26 per cent and profit growth of over 45 per cent among the lot. 

Outlook
The IT sector is expected to report another muted quarter in Q4, weighed down by weak discretionary spending, cautious client behaviour, and macroeconomic uncertainties. While year-on-year revenue growth has been on an upward path, lacklustre Q3 and Q4 results are beginning to slow the momentum. BFSI remains a relative bright spot, showing early signs of discretionary spend revival, though recovery across other verticals—such as Communication, Manufacturing, and Healthcare—remains inconsistent. Large-Cap IT firms like TCS, Infosys, HCLT, and Wipro are likely to post flat or marginally negative sequential revenue growth due to seasonality, project ramp-downs, and deal completions. In contrast, mid-caps such as LTTS, Persistent, eClerx, Mphasis, and Coforge are expected to outperform. 

Despite a hopeful outlook for FY26, the risk of a U.S. recession and tariff impacts may curb tech and discretionary spending. Consequently, earnings estimates have been revised downward. Margins will remain mixed, influenced by salary hikes, deal transitions, and cost structures. Key watchpoints include FY26 guidance, client spending behaviour, deal pipelines, hiring trends, and AI-driven productivity. While the NIFTY IT Index has corrected sharply, robust performance in select mid-caps like eClerx and LTIM suggest selective optimism. 

Logistics 


 

The Indian logistics industry is a vital backbone of the economy, enabling the movement, storage, and distribution of goods across the country. The sector contributes nearly 13 per cent to India’s GDP, though logistics costs remain higher than global norms. With rising domestic consumption, expanding trade, and a focus on infrastructure upgrades, the industry is poised for robust growth. The sector includes transportation, warehousing, packaging, inventory control, and last-mile delivery, with roadways currently dominating the modal share. However, significant investments are being made to strengthen rail, water, and air logistics to enhance efficiency and reduce costs. A key growth driver is the e-commerce boom, which has heightened demand for faster and more reliable logistics, especially in urban and semi-urban areas. In response, the government has launched major initiatives such as the National Logistics Policy and PM Gati Shakti, aimed at streamlining supply chains, enhancing multimodal connectivity, and promoting digitisation. The industry is also witnessing greater formalisation and technology adoption, with 3PL (third-party) and 4PL (fourth-party) players offering integrated supply chain solutions. 

Financials
The logistics, courier, shipping, port, and shipbuilding sectors delivered a strong financial performance in FY25, collectively generating approximately ₹1.37 lakh crore in net sales. Adani Ports emerged as the top revenue generator at ₹30,475 crore, followed by Allcargo Logistics with ₹16,021 crore, and Container Corporation of India at ₹8,887 crore. In courier services, Delhivery and Blue Dart reported revenues of ₹8,932 crore and ₹5,720 crore, respectively. Among shipbuilders, Mazagon Dock Shipbuilders led with ₹11,432 crore, while Cochin Shipyard and Garden Reach Shipbuilders posted ₹4,820 crore and ₹5,076 crore. Several companies recorded double-digit revenue and profit growth. JSW Infrastructure grew its revenue by 19 per cent, with PAT up 31 per cent, while Garden Reach Shipbuilders saw a 41 per cent jump in sales and a 48 per cent rise in PAT. Zinka Logistics posted the highest revenue growth of 44 per cent, though it remains in losses. On the profitability front, Adani Ports delivered the highest PAT of ₹10,920 crore, followed by Great Eastern Shipping at ₹2,344 crore, and Mazagon Dock at ₹2,277 crore. Overall, most players reported healthy improvement in margins, backed by higher volumes, operational efficiencies, and supportive government policies. While some companies like TCI Express and SCI Land & Assets saw a dip in profits, the overall trend across segments reflects sustained demand and an encouraging outlook. 

Outlook
From 2025 onwards, India’s logistics industry is expected to grow strongly, supported by government reforms, better infrastructure, and increased use of technology. The sector is likely to grow at 8–9 per cent annually and could reach USD 360–545 billion by 2030. Key initiatives like the National Logistics Policy and PM Gati Shakti aim to bring down logistics costs from the current 13–14 per cent of GDP to single digits, making Indian logistics more cost-efficient and globally competitive. Major investments in multi-modal transport, including rail, ports, and waterways, will boost capacity and reduce delivery times. 

The industry is also becoming more organised, with growing use of third-party (3PL) and fourth-party (4PL) logistics providers offering end-to-end solutions. Trends such as automation, digital tracking, and green logistics are expected to further improve efficiency. With these changes, India is on track to become a global logistics hub by the end of this decade. 

Media and Entertainment 

India's Media & Entertainment (M&E) industry is a global 'sunrise sector', uniquely characterised by the harmonious co-existence of traditional and new media. Unlike many global markets where streaming has largely supplanted traditional television, India demonstrates a combinatorial preference, with consumers embracing both mediums simultaneously. Television remains a powerful force, with the number of screens projected to increase from 190 million in 2024 to 214 million in 2026. Remarkably, nine out of ten Indians still watch live TV, and 40 per cent of viewers spend over six hours daily. Concurrently, digital consumption is experiencing unparalleled growth. This surge is fuelled by key drivers such as affordable high-speed internet, rising disposable incomes, and widespread smartphone adoption, significantly boosting engagement across OTT platforms, online gaming, animation, and VFX. This dynamic environment has propelled India to become the fifth-largest M&E market globally, underpinned by favourable demographics and increasing advertising expenditure. With digital-first consumption now mainstream, the Indian M&E industry is well-positioned for continued innovation and global expansion. 

Financials
The Indian M&E sector, comprising companies in Film Production, Printing & Publishing, and TV Broadcasting, holds a combined market capitalisation of approximately ₹94,028 crore. In FY25, the sector exhibited a mixed, yet resilient, financial performance. Total net sales saw a modest increase of about 1.9 per cent year-on-year, rising from ₹36,386 crore in FY24 to ₹37,068 crore in FY25. Despite this muted top-line growth, operating profits expanded significantly by 9.7 per cent, from ₹9,348 crore to ₹10,257 crore. This growth was primarily driven by select companies benefiting from enhanced operational leverage and a strategic shift towards digital and subscription-based revenues. However, Profit After Tax (PAT) for the sector experienced considerable volatility, declining overall by 42.9 per cent, from ₹2,783 crore in FY24 to ₹1,588 crore in FY25. This downturn was largely attributable to substantial losses reported by companies like Network18 and Prime Focus. Conversely, firms such as Navneet Education, Zee Entertainment, and Sun TV demonstrated robust bottom-line growth, mitigating the overall decline. The TV Broadcasting segment remained the highest contributor to both absolute revenues and profits within the sector. 

Outlook
The Indian M&E sector is poised for a transformative phase, propelled by rapid digitalisation, increasing smartphone penetration, and evolving consumption patterns. Despite a challenging FY25, marked by weak macroeconomic sentiment and rural softness, the sector is anticipated to rebound strongly in FY26. Key players like Saregama India Ltd. and DB Corp Ltd. maintain an optimistic outlook, projecting robust growth across digital, subscription, and regional content segments. Saregama is strategically capitalising on the shift towards paid music subscriptions and booming demand for regional content, making aggressive investments in content creation, artist monetisation, and live entertainment. The company anticipates 22–25 per cent growth in its music and video segments and aims to double its profits within the next 3–4 years. Similarly, DB Corp foresees a recovery supported by consumer-led growth, improved advertising spends, and increasing digital traction. Its circulation and digital platforms are gaining momentum, with targets to double digital reach and strengthen monetisation efforts. Concurrently, industrywide strategic shifts—such as re-entry into Free-to-Air television, diversification of content, and innovation in OTT platforms—are enhancing subscription resilience and reducing losses, as exemplified by ZEE5. Stabilised costs, favourable regulatory changes like NTO 3.0 (New Tariff Order 3.0, a regulatory framework introduced by the Telecom Regulatory Authority of India (TRAI) to govern the pricing and packaging of television channels in India), and improved content monetisation are set to fuel the sectoral recovery. Overall, the M&E industry is gearing up for sustainable, multi-platform growth, primarily driven by digital-first strategies. 

Metals & Mining 

India holds a strong position in the global metals and mining space due to its cost-efficient production of steel and alumina. Its strategic location offers export advantages, especially to fast-growing Asian markets. Minerals play a crucial role in supporting core industries. India is richly endowed with both metallic (like iron ore, bauxite, and chromite) and non-metallic minerals, making it largely self-reliant. These resources form the backbone of industrial development and support key sectors such as construction, power, infrastructure, and automotive by ensuring steady access to raw materials at competitive prices. As a result, the mining sector contributes significantly to GDP and foreign exchange earnings. The continued rise in infrastructure projects, housing, and auto manufacturing is driving strong demand for metals, particularly iron and steel. 

The steel industry, in particular, plays a pivotal role in the economy. As both a key raw material and a gauge of industrial progress, steel is central to economic growth. India is currently the world’s second-largest crude steel producer and houses modern, world-class steel mills. Given its rich mineral reserves and growing domestic and export demand, India is wellpositioned to expand its influence in the global metals and mining industry. 

Financials
The Metals & Mining sector collectively posted a strong revenue performance in FY25, with total net sales surpassing ₹13.70 lakh crore across all key verticals. In terms of individual players, Tata Steel reported revenue of ₹2.17 lakh crore, despite a marginal YoY decline of 4.6 per cent. Hindalco Industries followed with ₹2.38 lakh crore, witnessing a 10.4 per cent sales growth and a 57.6 per cent increase in net profit. JSW Steel recorded ₹1.67 lakh crore in sales, though both operating profit and PAT declined sharply YoY. Coal India, a major mining PSU, posted revenue of ₹1.4 lakh crore, with a moderate profit growth of 1.1 per cent. Notably, National Aluminium Company saw a 27.7 per cent jump in revenue and more than 150 per cent surge in operating profit, reflecting strong demand recovery. 

Across the board, while top-line growth was mixed, companies with focused cost control and margin expansion strategies— such as Vedanta, Gravita India, and Maithan Alloys—stood out with stellar profit performance. 

Outlook
India’s metals and mining industry is entering a growth phase, building on strong momentum from FY25. The sector plays a key role in supplying raw materials for infrastructure, construction, power, transport, and technology. 

Backed by government support and rising domestic demand, this industry is expected to expand significantly in the years ahead. Steel demand remains strong, and India plans to nearly double its production capacity to 300 million tonnes by 2030. Coal output is also expected to grow steadily, aiming to cross 1.6 billion tonnes by the end of the decade, as the country works to meet its energy needs through domestic resources. Technology is reshaping the sector—automation, AI, and digital tools are being adopted to improve efficiency, safety, and cost control. 

Sustainability is gaining ground too, with a growing focus on green mining practices and reducing carbon emissions, especially in steelmaking. While challenges like regulatory complexity, high taxes, and logistical bottlenecks persist, India’s rich mineral base, policy push, and rising investment levels position the industry for robust and sustainable growth from FY26 onward. The sector is also deepening global partnerships to secure critical minerals and upgrade operational standards. 

Oil & Gas 

India’s oil and gas sector, one of the country’s eight core industries, is crucial to economic growth. As of 2025, India retains its position as the world’s third-largest oil consumer, with energy demand projected to grow 3.4 per cent in CY25, fastest among major economies. Over 85 per cent of India’s crude oil needs are met through imports, underscoring vulnerability to global supply shocks. To address demand, India is pushing for US$ 25 billion in upstream exploration and expanding its 23 refineries into an export hub. However, global geopolitical risks have intensified. Iran, a key OPEC member producing 3.3 million barrels per day and exporting over 2 million bpd, has threatened to shut the Strait of Hormuz, a vital passage for 30 per cent of the world’s oil. Amid tensions with Israel in June 2025, Brent crude climbed towards $75 per barrel. Given Iran holds about 9 per cent of global oil reserves, any disruption in this chokepoint could severely impact energy flows, stoke inflation, and weigh on India’s trade deficit, input costs, and sentiment. 

Financials
In FY25, India’s Oil & Gas sector saw a modest 1.46 per cent rise in net sales, but profitability weakened as operating profit fell 16.3 per cent and PAT declined 26.52 per cent, reflecting margin pressure. In Oil Exploration, ONGC’s weak performance led to a 26.8 per cent PAT drop despite slight sales growth. Petrochemicals showed mixed trends with Supreme Petrochem delivered gains, while Rain Industries’ PAT surged despite lower revenue. Refiners struggled with margin compression, with IOCL and BPCL seeing PAT drops of over 70 per cent, though Reliance posted a modest 2.74 per cent gain. 

Gas Transmission companies like GAIL and GSPL posted up to 15.4 per cent growth, but PAT declined due to rising costs. The bright spot was Industrial Gases & Fuels, where GAIL and Refex Industries posted robust PAT growth of 33.3 per cent and 70.3 per cent, respectively, on higher volumes and margins. Overall, the sector faced profitability challenges despite stable top-line growth. 

Outlook
India is set to lead global oil demand growth through 2025– 2026, driven by strong GDP growth and industrial activity. According to OPEC, demand is projected to rise 3.39 per cent in 2025 to 5.74 million barrels per day (bpd), outpacing China’s 1.5 per cent growth, and may reach 5.99 million bpd by 2026. Diesel and bitumen consumption will remain strong amid infrastructure and freight expansion. This sustained demand supports a bullish long-term outlook for upstream companies like ONGC and Oil India, aided by the removal of the windfall tax (effective December 2024), no cap on net crude realisation, and greater fiscal clarity under the Oilfields (Regulation and Development) Amendment Bill, 2024. However, near-term risks persist. The Iran-Israel conflict has heightened geopolitical uncertainty, with oil markets pricing in a higher risk premium. Any disruption to Iran’s 3.3 million bpd supply or escalation near the Strait of Hormuz—a chokepoint for over 30 per cent of seaborne oil and 40 per cent of India’s LNG— could trigger price spikes and supply chain issues. While OPEC+ buffers and U.S. reserves offer some relief, volatility may continue unless actual supply is disrupted. In contrast, oil marketing companies (OMCs) could face margin pressure as refining and marketing spreads normalise amid elevated crude prices, softer product cracks, and lower export incentives. With valuations already rich, sentiment around OMCs remains cautious. Overall, India remains a key pillar of global oil demand, but the sector’s short-term outlook hinges on geopolitical stability and price movement. 

Plastic Products 

The Indian plastic industry is a vital sector of the country’s economy, employing over 4 million people and comprising more than 30,000 processing units, the majority of which are small and medium enterprises (SMEs). The sector plays a significant role in both domestic consumption and global trade. 

India’s plastics industry has demonstrated strong export growth, with the Plastics Export Promotion Council (PLEXCONCIL) recording an 8 per cent increase in exports during the financial year 2024–25, reaching a total of $12.5 billion, up from $11.5 billion in 2023–24. 

The Indian plastic industry continues to perform strongly despite facing global trade challenges, including shifting tariff structures and uncertainties in international trade agreements. Notably, exports to the United States—a major market—are subject to a 26 per cent tariff, with the potential for an additional 27 per cent reciprocal tariff under consideration, as per a recent White House annex. 

Nevertheless, several key product categories have shown impressive resilience and growth. Exports of Plastic Films & Sheets surged by 15.9 per cent, increasing from US$ 1,750 million to US$ 2,028 million, while FIBC (Flexible Intermediate Bulk Container), Woven Sacks, Woven Fabrics & Tarpaulin recorded a 16 per cent rise, reaching US$ 1,571 million from US$ 1,355 million. This performance highlights the sector’s adaptability and sustained global demand, even in a challenging trade environment. 

Financials
The Indian Plastic Products sector, spanning diverse applications such as packaging, infrastructure, and specialty polymers, holds a combined market capitalisation of approximately ₹1.63 lakh crore. In FY25, the sector reported modest revenue expansion, with aggregate net sales increasing from ₹62,499 crore in FY24 to ₹63,421 crore in FY25, reflecting a year-on-year growth of 1.5 per cent. 

The industry’s performance was uneven, with companies like Garware Hi-Tech Films, Polyplex Corporation, and Shaily Engineering Plastics posting strong sales momentum, while others such as Finolex Industries and Jindal Poly Films witnessed revenue contraction. 

Operating profit for the sector rose from ₹9,319 crore in FY24 to ₹9,652 crore in FY25, a growth of 3.6 per cent, supported by a better product mix and cost rationalisation in select companies. However, Profit After Tax (PAT) declined sharply by 17.2 per cent, falling from ₹4,823 crore in FY24 to ₹3,993 crore in FY25, largely due to profitability pressure in firms like Jindal Poly Films, Prince Pipes, and Jain Irrigation. 

Nonetheless, significant profit growth in companies such as Polyplex Corporation, Cosmo First, and Garware Hi-Tech Films helped cushion the overall decline. The packaging and specialty plastics segments remained the key drivers of sector stability. 

Outlook
The Indian plastic industry is poised for strong growth in FY26, supported by rising exports, improving domestic demand, and proactive government support. In FY25, India exported plastic products worth over US$ 10.3 billion to more than 200 countries, with top destinations including the USA, China, UAE, and Germany. 

Domestically, the sector is set to benefit from above-normal monsoon forecasts, stable crude and polymer prices, and a rebound in housing and agriculture-led demand. The Plastic Piping segment, which declined in FY25 due to volatile PVC prices and low infrastructure spending, is expected to grow by 7–8 per cent in FY26, driven by restocking and increased government investment in initiatives like the Jal Jeevan Mission. 

To strengthen the industry’s foundation, 10 Plastic Parks have been approved across India, with six receiving final approval in states like Madhya Pradesh, Assam, Tamil Nadu, Odisha, and Jharkhand. These are expected to boost manufacturing, employment, and sustainability. Backed by new free trade agreements and expanded market access, PLEXCONCIL (Plastics Export Promotion Council), in collaboration with the government, aims to boost plastic exports to US$ 25 billion by 2027, targeting 12 per cent growth in FY26 as part of its vision to position India as a globally competitive plastic manufacturing hub. 

Power 

India’s power sector is a critical pillar of the country’s economic development, enabling industrial growth, rural electrification, and infrastructure expansion. The sector's contribution to India's GDP is substantial, directly influencing industrial output and indirectly supporting various economic activities. As the third-largest producer and consumer of electricity globally, India’s total installed power capacity stood at over 460 GW as of January 2025, with coal, renewables, hydro, and nuclear power contributing to the energy mix. 

India has set an ambitious target to generate 500 GW of power from non-fossil fuel sources by 2030, with the goal of ensuring that 50 per cent of its total electricity capacity comes from renewable energy. With a projected market size of USD 300 billion by 2030, the sector is poised for continued growth, driven by factors such as increased energy demand, infrastructure development, and policy initiatives. Over the past decade, the sector has experienced a CAGR of 5-6 per cent, reflecting the nation's expanding energy needs and the sector's capacity to meet them. 

India’s power sector is segmented into generation, transmission, and distribution. Generation covers conventional sources like coal, gas, and nuclear, along with renewables such as solar, wind, and hydro. Transmission handles highvoltage power transfer from plants to substations, while distribution ensures last-mile delivery to residential, commercial, and industrial users. Together, these segments form the backbone of India’s electricity infrastructure and energy transition goals. 

Financials
While assessing the financial health of India’s power sector, it becomes evident that the overall performance in FY25 was relatively modest. On an aggregate basis, the sector recorded an 8 per cent year-on-year revenue growth, while net profit rose marginally by just 1.5 per cent compared to FY24. Although several mid and small-sized companies delivered strong revenue and profit growth, the aggregate numbers were weighed down by subdued performance from sector heavyweights. NTPC Ltd, Power Grid Corporation of India Ltd, and Adani Power Ltd—together accounting for nearly 70 per cent of the industry’s profit in FY24—posted year-on-year profit declines of 4 per cent, 5 per cent, and 39 per cent, respectively, in FY25. 

The weak performance by power generation and distribution companies in FY25 was primarily due to a combination of regulatory, operational, and market challenges. Key factors included delays in tariff revisions, subdued merchant power prices, and under-recoveries in fuel costs, which affected the profitability of thermal generators. Additionally, rising renewable energy integration led to lower plant load factors (PLFs) for conventional plants, impacting operational efficiency. 

On a more positive note, Adani Green Energy Ltd and NTPC Green Energy Ltd registered healthy double-digit growth in both revenue and profits, reflecting the growing momentum in the renewable energy space. Inox Wind Energy Ltd also delivered a standout performance, successfully doubling its revenue and net profit compared to the previous fiscal. While the overall sectoral performance was dampened by large players, emerging renewable-focused companies injected optimism with their robust growth trajectories. 

Outlook
India’s power sector is poised for a major evolution, supported by strong policy momentum and rising electricity demand. According to a leading brokerage report, the sector presents an investment potential of ₹40 lakh crore over the next decade. 

With the government targeting 500 GW of non-fossil fuel capacity by 2030, efforts are underway to modernize infrastructure and scale up renewable adoption. A key initiative is the `9.15 lakh crore roadmap to strengthen India’s power infrastructure. 

The Revamped Distribution Sector Scheme (RDSS) aims to cut distribution losses and improve the financial health of discoms through smart metering and system upgrades. The proposed Electricity (Amendment) Bill seeks to enhance efficiency and service delivery by allowing more competition in distribution. Transmission networks are also being upgraded through the Green Energy Corridor project, while the National Electricity Plan outlines aggressive expansion across solar, wind, and hydro. 

Private and foreign investments are rising, especially in renewables. The Production-Linked Incentive (PLI) scheme for solar PV modules and the ₹75,000 crore PM-Surya Ghar Muft Bijli Yojana are boosting domestic manufacturing and rooftop solar penetration. The Budget 2025-26 also introduced a `20,000 crore Nuclear Energy Mission, promoting Small Modular Reactors. Together, these efforts position India’s power sector for long-term, sustainable growth. 

Real Estate 

India’s real estate sector is a key pillar of economic growth—contributing significantly to GDP, generating employment, and driving infrastructure development. From a market size of USD 200 billion in 2021, it is projected to grow to USD 1 trillion by 2030, with further expansion to USD 5-7 trillion by 2047, backed by a strong CAGR of 16-18 per cent. The sector comprises four core segments: residential, commercial, retail, and industrial/ warehousing—each playing a vital role in shaping the growth narrative. The residential segment remains dominant, supported by rising incomes, favourable demographics, and urbanisation. Affordable and mid-income housing continue to thrive, particularly in tier-1 and tier-2 cities. 

Key players include Godrej Properties, DLF, Macrotech Developers, Prestige Estates, and Sobha. The commercial segment, led by Grade A office spaces, is seeing healthy demand driven by the IT/ITeS, BFSI, startup ecosystems, and global capability centres. Flexible workspaces and co-working models are also gaining traction. Major developers here include Embassy, Brookfield REIT, Mindspace REIT, and DLF. After pandemic-related disruptions, retail real estate is recovering, powered by rising consumption and mall footfalls. Phoenix Mills, Nexus Select Trust, and Prestige Group are prominent names. Meanwhile, the industrial and warehousing segment is booming on the back of e-commerce growth, ‘Make in India’, and modernised logistics infrastructure—making real estate a diverse and promising investment avenue. 

Financials
To present a well-rounded picture of the real estate sector’s financial performance, we have analysed listed players across residential, commercial, and retail segments. The sector delivered an impressive year-on-year performance, with aggregate revenue surging by 16 per cent and net profit soaring by 25 per cent. While a few companies reported revenue declines, these were largely limited to single digits. In contrast, several players posted robust double-digit revenue growth. Signatureglobal (India) Ltd stood out as the top performer, clocking triple-digit revenue growth and a sixfold jump in net profit compared to FY24. A number of companies also succeeded in doubling their profits year-on-year. The sector’s overall numbers could have been even stronger if not for the underperformance of Prestige Estates Projects Ltd—a major contributor to the industry’s topline and bottom-line. The company posted a 7 per cent drop in revenue and a steep 60 per cent decline in net profit, which impacted the consolidated sectoral performance. Despite this, the broader trend signals a strong recovery and renewed momentum across India’s real estate landscape. Companies outperformed in FY25 compared to FY24, driven by a combination of strong end-user demand, higher realisations, and a surge in new project launches. The residential segment witnessed buoyant bookings, supported by increased affordability, stable interest rates in the early part of the year, and growing aspirations for home ownership post-pandemic. Developers also benefited from improved cash flows and strengthened balance sheets, enabling faster project execution. In the commercial and retail segments, leasing activity picked up amid rising demand for office space and organised retail. Government policy support, faster approvals, and RERA-led transparency further boosted buyer and investor confidence. 

Outlook
After years of sluggish growth, India’s real estate sector has made a robust comeback over the past 3-4 years. Recordbreaking presales, a surge in new project launches, and improved buyer sentiment highlight the sector’s renewed strength. This turnaround has been powered by a combination of stronger economic fundamentals and key structural reforms. The Real Estate (Regulation and Development) Act (RERA) has brought accountability, transparency, and trust back to the market, especially in the residential segment. Schemes like the Pradhan Mantri Awas Yojana (PMAY), offering credit-linked subsidies, continue to drive demand in the affordable housing category. Urban-focused initiatives such as the Smart Cities Mission, AMRUT, and the National Infrastructure Pipeline have enhanced liveability and supported real estate growth. Policy reforms have also expanded investor access. Relaxed FDI norms and the rise of REITs have attracted institutional and retail participation in commercial real estate. 

The 2025 Union Budget further supported the sector through tax incentives for homeowners and higher TDS limits on rental income. Additionally, recent RBI rate cuts have made home loans cheaper, reducing EMIs and easing financing costs for developers. While there are near-term concerns such as a sales slowdown in the affordable housing segment—driven by a steep rise in property prices—and seasonal challenges like the monsoon-induced dip in activity, these are expected to be temporary and are unlikely to impact the sector’s long-term growth trajectory. 

Retail 

India emerged as the world's third-largest retail market in 2024, with its retail sector reaching ₹82 lakh crore— more than doubling from ₹35 lakh crore in 2014. This impressive 8.9 per cent annual growth is a result of strong economic progress, urbanisation, rising incomes, and a rapidly evolving consumer base. As per the Retail Kaleidoscope report by Boston Consulting Group and the Retailers Association of India, the market is projected to more than double again, crossing ₹190 lakh crore by 2034. This growth is no longer confined to traditional formats. The future belongs to new-age retail—led by digital innovation and shifting consumer behaviour. Three e-commerce trends are reshaping the sector: quick commerce, trend-first commerce, and hyper-value commerce. Quick commerce (Q-commerce) is revolutionising grocery and general retail, with two-thirds of online grocery orders now delivered within 30 minutes. Equally transformative is trend-first commerce, fuelled by India’s young, mobile-first population. In a country where affluence and value-consciousness co-exist, India’s retail story is now powered by adaptability, speed, and consumer insight—making it a global growth engine for the next decade. 

Finance
The financial performance of leading retail companies in FY25 paints a picture of strong sales momentum but mixed profitability. Cumulatively, the 20 companies analysed reported a 29.02 per cent increase in net sales, rising from ₹70,743 crore in FY24 to ₹91,271 crore in FY25. This reflects robust consumer demand and expansion strategies across traditional retail, apparel, electronics, and e-commerce segments. Operating profit surged by 38.19 per cent, showcasing improved operating leverage and margin recovery post-pandemic. Notably, companies like Aditya Birla Fashion and Brainbees Solutions (FirstCry) posted over 70 per cent YoY growth in operating profit, indicating efficient cost control and higher scale. However, not all fared equally—Swiggy posted a widening loss at the operating level, highlighting the hyper-competitive online food delivery space. Net profit grew modestly by 13.39 per cent, reflecting margin pressures, one-off costs, and higher interest and depreciation for some. While firms like Indiamart and FSN E-Commerce Ventures (Nykaa) delivered stellar bottom-line growth, others such as Shoppers Stop, Swiggy, and Arvind Fashions witnessed significant profit erosion or losses. Overall, the sector exhibits solid revenue growth, yet calls for a sharper focus on sustainable profitability, especially in digitalfirst models and mid-sized apparel chains. 

Outlook
After strong rental growth in 2024, rents are expected to stabilise in 2025 as retailers prioritise sustainable rent-torevenue ratios. While escalations may remain range-bound across malls in tier-I cities, marquee developments are likely to command a premium. The evolving retail landscape will continue to be shaped by India’s thriving D2C (direct to consumers) brands, fuelled by rising e-commerce, enhanced logistics, and a growing millennial and Gen Z consumer base. These digital-native brands are well-positioned to meet the increasing demand for personalised offerings. Retailers are entering FY26 with cautious optimism, hoping for support from potential interest rate cuts and the positive impact of recent tax relief measures. Expectations are tempered, with the performance of both rural and urban markets likely to play a critical role in shaping the year ahead. The recent trends suggest a pickup in consumer demand, particularly in the consumer durables segment. This improving momentum is expected to carry forward into the new fiscal year. However, given the strong performance seen in the previous year, projections for growth remain measured. Many retailers are targeting midsingle-digit same-store sales growth, acknowledging the challenge of building on a high base. Despite uncertainties, there is a sense of anticipation and readiness to adapt to market shifts, with a focus on sustaining steady growth through evolving consumer demand and macroeconomic support. 

Telecom 

India’s telecom sector, one of the largest in the world, is segmented into wireless services (voice and data), wireline services, broadband, infrastructure (towers and fiber), and enterprise solutions (cloud, IoT, and data centres). With over 1.2 billion mobile subscribers and one of the world’s lowest data tariffs, the sector continues to witness strong demand for data and voice services. The wireless segment dominates with over 95 per cent market share, led by players like Reliance Jio, Bharti Airtel, and Vodafone Idea. 

Jio and Airtel have emerged as market leaders with aggressive 4G and 5G expansion, while state-run BSNL continues to cater to rural and government users. Beyond its traditional role, the sector is emerging as a key enabler of national digital sovereignty and economic competitiveness. It plays a foundational role in securing digital infrastructure, supporting fintech innovation, and enabling real-time governance through platforms like Aadhaar, UPI, and DigiLocker. Telecom connectivity underpins initiatives like CoWIN for vaccination, FASTag for toll payments, and ONDC for e-commerce democratization. 

Financials
We analysed a range of listed telecom companies across key segments—telecom infrastructure, equipment manufacturers, and service providers. A clear trend emerged: companies in the infrastructure and equipment space delivered exceptional results. Their combined revenue grew by 57 per cent year-onyear, while net profit growth soared into four-digit territory compared to FY24, reflecting strong demand for network expansion and 5G deployment. In contrast, service providers delivered relatively subdued performance. However, the segment still posted a healthy 12 per cent year-on-year growth in aggregate revenue, largely driven by Bharti Airtel. The industry leader accounted for nearly 60 per cent of the total revenue among service providers in FY25, underscoring its dominant position and operational efficiency. Vodafone Idea Ltd remained a focal point in the segment. While the company managed a modest 2 per cent revenue growth, it continued to report steep losses, closing FY25 with a net loss of `27,385 crore. Despite efforts to stabilise operations, the company warned that without timely government support, its ability to continue operations beyond FY26 remains uncertain. 

Overall, the sector’s performance underscores a shift in growth dynamics—where infrastructure and equipment firms are thriving on digital demand, while service providers are navigating financial and operational headwinds. The segment is burdened with legacy liabilities, such as spectrum fees and AGR dues, which strain cash flow. While operators have seen some growth in average revenue per user (ARPU), the pace of tariff hikes remains slow due to competitive pressures. Additionally, the substantial investments needed for 5G infrastructure further exacerbate financial strain. Consequently, only well-capitalized players like Bharti Airtel are managing these transitions effectively, while others, like Vodafone Idea, continue to struggle. 

Outlook
Despite challenges such as intense competition, high spectrum costs, and regulatory complexities, the sector has shown signs of consolidation and financial improvement. The recent tariff hikes, improved average revenue per user (ARPU), and deleveraging efforts are contributing to the revival of industry balance sheets. As India gears up for a digitally connected future—with smart cities, digital governance, and 5G-enabled applications—the telecom sector is poised to play a central role. The sector’s current valuation of around USD 44 billion is expected to grow at a CAGR of 8-10 per cent over the next five years, supported by surging data demand, government reforms, and the rollout of 5G. 

But beyond numbers, it’s the diversification of services and monetisation avenues that mark a shift in the sector’s outlook. Players like Reliance Jio and Bharti Airtel are not just telecom operators—they are digital ecosystem enablers, offering cloud services, OTT platforms, IoT solutions, and B2B enterprise connectivity. Infrastructure is another bright spot. Tower companies, data centre operators, and fibre network providers are set to benefit from the massive increase in network densification and enterprise digital needs. Moreover, the government’s focus on domestic telecom manufacturing through the Production-Linked Incentive (PLI) scheme adds a strategic long-term layer. In essence, the telecom sector is morphing into a digital services powerhouse. For investors, this transition opens up opportunities not just in telecom stocks, but also across adjacent digital, infrastructure, and tech ecosystems. In sum, the telecom sector is no longer a siloed industry—it is the digital backbone of a modern, self-reliant India. 

Textile 

India's textile sector is among the oldest and most significant industries in the country, with a legacy spanning centuries that reflects the nation’s deep-rooted cultural heritage. It is highly diverse, covering a wide array of segments from traditional, hand-woven crafts to large-scale, capital-intensive modern mills. A key strength of the Indian textile industry is its extensive raw material base, enabling production of a vast range of fibres. These include natural fibres like cotton, jute, silk, and wool, alongside synthetic ones such as polyester, viscose, and nylon, ensuring vertical integration and supply chain flexibility. 

The decentralised segments especially power looms, hosiery, and knitting account for the largest share in output and employment, showcasing the sector’s grassroots-level reach. The industry’s strong ties to agriculture and its role in sustaining traditional livelihoods distinguish it from other sectors. With a comprehensive ecosystem and ability to serve both domestic and global markets across price and quality segments, the textile sector remains a vital pillar of India’s economy, contributing significantly to employment and exports. India Ratings projects 10.5 per cent revenue growth in the organised retail apparel segment in FY26. This is supported by expectations of a normal monsoon, easing inflation, and sustained festive demand. Rising consumer preference for trendy, affordable clothing especially among younger buyers is also likely to propel growth. The growing role of e-commerce and digital marketing is further transforming fashion access across urban and rural areas. 

To sustain momentum, the government has implemented strategic schemes to attract investment and generate employment. These include the Scheme for Integrated Textile Parks (SITP), aimed at enhancing infrastructure; the Technology Upgradation Fund Scheme (TUFS), supporting modernization; and the Mega Integrated Textile Region and Apparel (MITRA) Parks, which promote large-scale textile hubs. Collectively, these efforts aim to improve competitiveness, draw FDI, and integrate Indian textiles more efficiently into global value chains. 

Financials
A financial analysis of 28 major companies provides a clearer picture of the sector’s performance. Among them, Page Industries Ltd., KPR Mills Ltd., and Vedant Fashions Ltd. led in market capitalisation, reflecting strong investor confidence. In FY25, the sector recorded moderate growth, with total net sales rising 6.4 per cent year-on-year. Operating profit grew by 9.5 per cent, highlighting operational resilience. 

However, overall profitability came under pressure, with net profit falling 22.8 per cent year-on-year. This was due to exceptional gains in the previous fiscal ₹2,310 crore by Raymond Lifestyle and nearly ₹4,000 crore by Bombay Dyeing & Manufacturing Company along with higher interest and depreciation costs at firms like Indo Count Industries Ltd. Excluding these one-offs, 18 of the 28 companies actually posted profit growth, indicating stronger fundamentals. 

Top performers included Ganesha Ecosphere Ltd., Kitex Garments Ltd., and Swan Energy Ltd., with profit growth of 154.27 per cent, 143.1 per cent, and 49.1 per cent respectively, driven by efficiency, niche market positioning, and cost control. 

Outlook
India’s textile and apparel sector is poised for sustained long-term growth, projected to reach USD 350 billion by 2030, growing at a CAGR of 10 per cent. Currently contributing 2.3 per cent to India’s GDP, the sector also accounts for 13 per cent of industrial output and 12 per cent of exports. With demand and policy support, its GDP contribution is expected to double to 5 per cent by decade’s end. India is the third-largest global exporter of textiles and apparel. The government's export target of USD 100 billion will be supported by global market growth 8 per cent CAGR for apparel (USD 2.37 trillion by 2030) and 4 per cent CAGR for textile trade (USD 1.2 trillion). 

The home textile segment is projected to grow from USD 10.78 billion in 2023 to USD 23.32 billion by 2032, at an 8.9 per cent CAGR. Likewise, the technical textiles market is expanding at a 10 per cent CAGR, with India ranked 5th globally. The India-UK Free Trade Agreement, effective from 2026, will grant duty-free access on 99 per cent of goods, potentially doubling India’s apparel and home textile exports to the UK in 5–6 years, and boosting competitiveness against Bangladesh and Vietnam. 

Please find below the Snapshot of Top 1000 Companies Financial Review For FY25

Top 1000 Companies Financial Review For FY25

[EasyDNNnews:PaidContentEnd] [EasyDNNnews:UnPaidContentStart]

[EasyDNNnews:UnPaidContentEnd]