10 June 2025

India Strategy

BSE Sensex: 82,392

Nifty-500 performance in 4QFY25:

Nifty-500 PAT growth YoY (%)

Nifty-50: 25,104

10

9

9

Nifty-500: 4Q review – Broad-based earnings growth led

by Telecom

Telecom and Metals drive earnings; Automobile and O&G lag







Nifty-500

total

Nifty-500 Nifty-500 Ex-

Ex-BFSI

Metal, O&G

Earnings performance in 4QFY25:

Nifty-500 outperforms Nifty-50

4QFY25 YoY growth (%)

Nifty-50

NSE-500



11

9





7

6

7



3

Sales

EBITDA

PAT



Midcaps outperform in 4QFY25 (%)

YoY earnigns growth in 4QFY25

(%)



29

9

5

8



The Nifty-500 companies delivered a healthy performance in 4QFY25, driven by

strong macroeconomic fundamentals despite geopolitical uncertainties, weak

consumption trends, and a high base in 4QFY24.

The aggregate sales/EBITDA/adj. PAT of Nifty-500 companies grew 6%/11%/9%

YoY to INR36.4t/INR7.5t/INR4.3t in 4QFY25.

Earnings for the quarter were primarily driven by broad-based growth, with key

sectors such as Telecom (loss-to-profit), Metals (+47% YoY), PSBs (+13% YoY),

and Healthcare (+46% YoY) contributing positively. In contrast, Automobiles

(-22% YoY), O&G (-4% YoY), and Pvt. Banks (-3% YoY) dragged overall earnings.

Chemicals and Media recorded strong YoY growth of 67% and 51%, respectively,

on a weak base, while Consumer Durables delivered a robust 41% YoY growth

despite a high base. Meanwhile, Consumer (+4% YoY), Real Estate (+4% YoY),

and Technology (+3% YoY) exhibited muted earnings growth in 4QFY25.

The Nifty-500, ex-BFSI, reported an aggregate earnings growth of 10% YoY,

whereas aggregate earnings grew 9% YoY (ex-global commodities).

The EBITDA margin

of Nifty-500 (ex-BFSI) came in at 16.8%, up 80bp YoY (+30bp

QoQ). EBITDA margin, ex-commodities (i.e., Metals and O&G), came in at 19.9%

(up 80bp YoY/30bp QoQ).

FY25:

Sales/EBITDA/adj. PAT grew 5%/8%/6% to ~INR136t/INR28t/INR15t led by

PSBs, Healthcare, and Telecom, while O&G, Auto, and Cement weighed on the

year’s earnings. Ex-BFSI, the FY25 aggregate sales/EBITDA/PAT rose 6%/4%/1%

YoY. Further, ex-Metals and O&G, sales/EBITDA/PAT grew 7%/14%/13% YoY

during the fiscal.

EBITDA margin,

ex-BFSI, contracted 30bp YoY to 16.4%;

however, ex-Metals and O&G, operating margin expanded 50bp YoY to 19.5%.

Mid- and small-caps drive earnings:

The earnings performance of Nifty-500

companies was led by Midcaps in both 4QFY25 and FY25. The aggregate

earnings of Nifty-100/Nifty Midcap-150/Nifty Smallcap-250 grew 5%/29%/8%

YoY in 4QFY25. Whereas the aggregate PAT grew 3%/22%/7% YoY in FY25.

Sectors and companies:

Of the 21 key sectors, 16 reported profit growth in

4QFY25, while 17 reported profit growth in FY25. In 4QFY25, 234 companies

reported earnings growth of over 15% YoY, while 179 companies saw a decline

in earnings. For the full FY25, approximately 237 companies recorded earnings

growth above 15% YoY, whereas 151 companies reported a decline.

Heavyweights dominate:

FY25 earnings were skewed towards Banks, Telecom,

and Metals companies. The top 10 companies by incremental profit growth

contributed approximately 97% to the incremental YoY earnings in FY25,

compared to 50% in FY24.

Research Analyst: Gautam Duggad

(Gautam.Duggad@MotilalOswal.com)

| Deven Mistry

(Deven@MotilalOswal.com)

Research Analyst: Aanshul Agarawal

(Aanshul.Agarawal@Motilaloswal.com) |

Abhishek Saraf

(Abhishek.Saraf@motilaloswal.com)

(Aanshul.Agarawal@Motilaloswal.com)

10 June 2025

Investors are advised to refer through important disclosures made at the last page of the Research Report.

1

Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

India Strategy

Nifty-500 performance in FY25

Nifty-500 PAT growth YoY (%)

Key sectoral highlights for 4QFY25



13



6



1

Nifty-500 Nifty-500 Ex- Nifty-500 Ex-

total

BFSI

Metal, O&G





Annual performance: PAT growth

in line with revenue growth in

FY25

FY25 YoY growth(%)

Nifty-50

NSE-500



8.4

7.5



6.0

5.0

4.6

5.7



Sales

EBITDA

PAT

Telecom

led earnings growth for the quarter, with aggregate losses turning into a

profit of INR 61b in 4QFY25 compared to an INR15b loss in 4QFY24, primarily

driven by Bharti Airtel. However, other peers reported muted to negative earnings

for the quarter.

Metals

also contributed significantly to the quarter’s earnings, driven by a weak

4QFY24 base and strong performance from non-ferrous companies. Aggregate

revenue for non-ferrous players was supported by favorable pricing, while healthy

volumes in ferrous companies were offset by muted NSR during the quarter.

Within

BFSI, PSBs

led the aggregate earnings while

Pvt. Banks

dragged. Most of

the large private banks had seen a sequential improvement in NIMs amid lower-

day adjustments in 4Q, while PSBs continue to see a moderation in NIMs. NII

growth stood at ~7% YoY for Pvt. Banks and 3% YoY for PSBs.

Healthcare:

The sector delivered a strong quarter with 46% YoY earnings growth,

driven by increased momentum in chronic therapies within the DF segment and

favorable currency movements in regulated markets.

Technology

companies reported a muted 4QFY25 performance, with PAT growth

of just 3% YoY. Tier-1 companies remained weak due to lower-than-expected

growth and subdued demand. The backdrop remains challenging, as

macroeconomic uncertainty continues to weigh on IT spending.

The

Automobile

sector reported a weak quarter, impacted by modest domestic

volume growth of 2% YoY and a high earnings base in 4QFY24. Nifty-500

companies in the sector recorded sales and EBITDA growth of 6% and 2% YoY,

respectively, while PAT declined 22% YoY.

Consumer

demand remained subdued during the quarter, with volume growth

across most companies limited to the low- to mid-single digits. While rural

demand showed gradual improvement, urban demand remained weak. Nifty-

500 companies reported sales/EBITDA/PAT growth of 8%/17%/4% YoY.

The

Oil & Gas

sector weighed on 4QFY25 performance, with sales and EBITDA

growing marginally by 1% and 2% YoY, respectively, while adjusted PAT declined

4% YoY. Excluding OMCs, the performance was weaker, with sales growing 5%

YoY, while EBITDA and PAT declined 1% and 13% YoY, respectively.

10 June 2025

2

India Strategy

Exhibit 1:

4QFY25 performance of Nifty-500 sectors (INR b)

Net Sales

/NII (INR b)

Sectors

4QFY25

3,711

Automobiles

6,118

BFSI

1,148

Pvt. Banks

1,162

PSU Banks

1,254

NBFC

2,554

Insurance

1,799

Capital Goods

1,000

Cement

680

Chem. & Fert

1,031

Consumer

516

Cons. Durable

1,116

Healthcare

432

Infrastructure

46

Media

3,087

Metals

9,643

Oil & Gas

176

Real Estate

515

Retail

2,180

Technology

801

Telecom

111

Textiles

1,628

Utilities

1,797

Others

36,387

Nifty-500 total

Ex-BFSI

30,268

Ex-Metal, O&G

23,658

Nifty-50

14,694

Nifty-100

25,456

Midcap-150

7,089

Smallcap-250

3,842

Change (%)

YoY

6

5

7

3

14

0

12

12

10

8

34

13

2

-1

6

1

9

21

7

19

-3

6

12

6

7

9

7

6

8

8

EBIDTA

(INR b)

QoQ 4QFY25

5

524

13

2,472

-0

816

2

857

12

719

28

80

22

295

23

193

3

100

0

220

26

49

4

257

19

106

-8

10

8

511

3

1,063

17

47

-14

48

1

481

3

385

-2

12

8

555

4

215

7

7,543

6

5,070

8

5,969

6

3,771

7

5,494

6

1,381

6

668

Change (%)

YoY

2

8

-1

11

13

18

13

13

58

17

42

19

16

-3

18

2

-2

19

7

39

-9

13

23

11

12

12

7

9

13

16

QoQ

10

6

-2

15

4

19

48

32

19

-2

52

1

8

-21

7

7

16

-20

-0

-2

174

4

10

7

8

7

5

7

3

13

Adj. PAT

(INR b)

4QFY25

289

1,631

489

500

398

244

199

69

50

153

33

166

54

5

227

502

38

18

341

61

5

293

118

4,253

2,622

3,525

2,046

3,192

696

365

Change (%)

YoY

-22

7

-3

13

4

29

16

-1

67

4

41

46

10

51

47

-4

4

11

3

-494

20

15

19

9

10

9

3

5

29

8

EBITDA

Margin (%)

QoQ 4QFY25

21

14.1

9

-

-1

-

6

-

6

-

57

-

64

16.4

22

19.3

5

14.6

1

21.30

63

9.6

2

23.0

18

24.4

-23

22.1

23

16.6

21

11.0

18

26.7

-33

9.4

2

22.1

8

48.1

-41

10.9

19

34.1

17

12.0

13

-

16

16.8

12

19.9

7

20.9

14

17.8

7

15.2

18

12.8

Change (bps)

YoY

-60

-

-

-

-

-

20

20

440

160

60

120

300

-60

170

10

-310

-20

-10

670

-60

210

100

-

80

80

30

80

70

120

QoQ

60

-

-

-

-

-

280

130

200

-40

160

-80

-260

-380

-20

40

-30

-80

-20

-260

700

-100

60

-

30

30

-20

40

-60

140

Source: MOFSL, Capital line, Note: EBITDA margins are ex-BFSI across

10 June 2025

3

India Strategy

Quarterly performance of Nifty-500 during 4QFY25

Exhibit 2:

Sales grew 6% YoY to

INR36.4t

Sales NSE500 (INR t)

12

7.2

4.3 3.6

YoY gr (%)

12

6.2 5.7 6.3

7.3 7.0

6.6

6.0

5.1 5.9

Exhibit 3:

Sales, excluding BFSI, grew

7% YoY

Sales NSE500 Ex-BFSI (INR t)

YoY gr (%)

Exhibit 4:

Sales, barring Metals and

O&G, grew 9% YoY

Sales NSE500 Ex-Metals and O&G (INR t)

YoY gr (%)

15

14

11.0 11.9

13.4

11.5

9.1

8.5

2.2 2.7

9.5

8.6 8.5

Exhibit 5:

EBITDA rose 11% YoY to

INR7.5t

EBITDA NSE500 (INR t)

35

16

17

7.3 3.8 11.2 10.7

YoY gr (%)

Exhibit 6:

EBITDA, excluding BFSI, grew

12% YoY

EBITDA Ex-BFSI (INR t)

YoY gr (%)

Exhibit 7:

Excluding commodities,

EBITDA growth was strong at 12% YoY

EBITDA Ex-Metals and O&G (INR t)

YoY gr (%)

29

9

44

28

6

22

11

2.6

7.2 12.1

17

25

22

11

21

16.7

13.3 13.7

11.8

-4.1

5.8 6.4 6.5 6.3 6.8 6.8 6.7 7.0 7.5

4.1 4.4 4.5 4.4 4.5 4.6 4.3 4.7 5.1

4.4 4.7 4.8 4.9 5.3 5.5 5.5 5.6 6.0

.

Exhibit 8:

Aggregate PAT grew 9% YoY

to INR4.3t

Adj. PAT NSE 500 (INR t)

YoY gr (%)

52

20

44

29

15

4.6

-0.9

8.0 8.9

Exhibit 9:

PAT growth, excluding BFSI,

moderated to 10% YoY

Adj. PAT NSE500 Ex-BFSI (INR t)

YoY gr (%)

Exhibit 10:

PAT growth, excluding

Metals and O&G, was strong at 9% YoY

Adj. PAT NSE500 Ex-metals and O&G (INR t)

YoY gr (%)

61

45

32

7

9

-2.6

2.2 2.3 2.2 2.1 2.4 2.2

-9.1 5.7 10.0

2.0

2.3 2.6

33

51

28

25

23

16.1

9.3 12.3 9.1

3.4 3.5 3.5 3.5 3.9 3.7 3.4 3.8 4.3

2.6 2.6 2.7 2.8 3.2 3.1 2.9 3.2 3.5

10 June 2025

4

India Strategy

Exhibit 11:

EBITDA margin, sans BFSI, rose 80bp YoY to

16.8%

EBITDA margin NSE500 Ex-BFSI (%)

Exhibit 12:

EBITDA margin, sans Metals and O&G, rose by a

healthy 80bp YoY to 19.9%

EBITDA margin of Nifty-500 ex-Metals and O&G (%)

16.8

19.5

17.1

17.2

16.4

15.9

15.7

16.4

15.7

18.8

17.9

15.0

17.6

19.0

16.2

15.4

Source: MOFSL, Capital Line

Exhibit 13:

FY25 performance of Nifty-500 sectors (INR b)

Sectors

Automobiles

BFSI

Banks - Private

Banks - Public

Insurance

NBFCs

Capital Goods

Cement

Chemicals

Consumer

Consumer Durables

Healthcare

Infrastructure

Media

Metals

Oil & Gas

Real Estate

Retail

Technology

Telecom

Textiles

Utilities

Others

Nifty-500 total

Nifty-500 Ex-BFSI

Nifty-500 Ex-Metal, O&G

Nifty-50

Nifty-100

Midcap-150

Smallcap-250

Net Sales

(INR B)

FY25

14,256

22,339

4,542

4,557

8,098

5,141

6,750

3,377

2,762

4,687

1,213

4,316

2,422

261

12,775

36,988

599

2,320

8,637

2,950

205

4,923

4,409

1,36,187

1,13,848

86,424

59,867

94,985

26,641

14,560

Change

(%)

YoY

5

1

13

6

-13

14

17

7

7

5

45

11

7

-10

1

3

7

17

7

15

-6

8

7

5

6

7

6

4

7

7

EBIDTA

(INR B)

FY25

2,013

9,587

3,294

3,219

272

2,802

970

586

385

872

86

1,029

572

32

2,369

3,762

158

246

1,903

1,430

21

1,730

471

28,221

18,634

22,090

15,159

20,483

5,205

2,533

Change

(%)

YoY

5

18

13

16

34

25

21

-2

19

1

51

21

15

-29

13

-18

7

11

8

30

6

10

12

8

4

14

8

7

14

13

Adj. PAT

(INR B)

FY25

1,018

6,047

1,982

1,885

658

1,522

627

187

196

607

54

657

303

22

1,122

1,655

136

110

1,326

113

3

739

195

15,119

9,072

12,342

7,944

11,313

2,504

1,301

Change

(%)

YoY

-4

14

7

26

20

8

26

-16

29

-0

57

36

15

4

10

-31

6

9

9

-184

170

0

10

6

1

13

5

3

22

7

EBITDA

Margin (%)

FY25

14.1

-

-

-

-

-

14.4

17.3

13.9

18.6

7.1

23.8

23.6

12.4

18.5

10.2

26.3

10.6

22.0

48.5

10.2

35.1

10.7

-

16.4

25.6

25.3

17.4

15.0

12.5

Change

(bps)

YoY

-10

-

-

-

-

-

50

-160

150

-70

30

210

160

-330

200

-270

-

-60

40

550

120

80

40

-

-30

170

240

-50

50

-

Source: MOFSL, Capital Line, Note: EBITDA margins mentioned are ex-BFSI across

10 June 2025

5

India Strategy

Nifty-500 performance in FY25

Exhibit 14:

Sales grew 5% YoY to

INR136t

Sales Nifty-500 (INR t)

30

19

23

20

0

-2

YoY gr (%)

Exhibit 15:

Sales, excluding BFSI, grew

6% YoY

Sales Nifty-500 Ex-BFSI (INR t)

YoY gr (%)

36

25

Exhibit 16:

Sales, barring Metals and

O&G, grew 7% YoY

Sales Nifty-500 Ex-Metals and O&G (INR t)

YoY gr (%)

14

17

21

12

6

5

-1

3

-7

6

3

6

7

Exhibit 17:

EBITDA rose 11% YoY to

INR28t

EBITDA Nifty-500 (INR t)

YoY gr (%)

26

13

-6

7

8

26

23

Exhibit 18:

EBITDA, excluding BFSI,

grew 4% YoY

EBITDA Ex-BFSI (INR t)

YoY gr (%)

37

28

13

3

-16

4

24

Exhibit 19:

Excluding commodities,

EBITDA growth was strong at 14% YoY

EBITDA Ex-Metals and O&G (INR t)

YoY gr (%)

21

17

16

19

14

9

5

.

Exhibit 20:

Aggregate PAT grew 6% YoY

to INR15t

Adj. PAT NSE 500 (INR t)

YoY gr (%)

47

40

21

34

10

Exhibit 21:

PAT growth, excluding BFSI,

moderated to 1% YoY

Adj. PAT Nifty-500 Ex-BFSI (INR t)

YoY gr (%)

40

31

18

-15

-4

1

34

Exhibit 22:

PAT growth, excluding

Metals and O&G, was strong at 13%

YoY

Adj. PAT Nifty-500 Ex-metals and O&G

(INR t)

YoY gr (%)

54

23

-3

26

32

32

13

-9

6

10 June 2025

6

India Strategy

Exhibit 23:

EBITDA margin, sans BFSI, contracted 30bp to

16.4%

EBITDA margin of Nifty-500 ex-BFSI

16.7

16.9

16.7

Exhibit 24:

EBITDA margin, barring Metals and O&G,

expanded 50bp YoY to 19.5%

EBITDA margin of Nifty-500 ex-Metals and O&G (%)

16.4

17.9

18.8

17.6

19.0

19.5

14.3

12.2

13.9

15.7

15.0

Source: MOFSL, Capital Line

Source: MOFSL, Capital Line

Exhibit 25:

Leaders and laggards of FY25 PAT growth: Telecom, Textiles, Consumer Durables clocked the highest growth

LP

170

57

36

29

26

26

20

15

10

9

FY25 profit growth YoY (%)

9

8

7

6

4

0

0

-4

-16

-31

Exhibit 26:

Incremental profit contributors in the Nifty-500 (FY25): PSBs, Telecom, and Healthcare contributed the most

48

31

22

17

16

14

Sector wise incremental profit change contributors in FY25 YoY (%)

14

13

12

5

5

2

1

1

0

0

0

0

-5

-5

-92

Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

10 June 2025

7

India Strategy

NOTES

10 June 2025

8

India Strategy

Explanation of Investment Rating

Investment Rating

BUY

SELL

NEUTRAL

UNDER REVIEW

NOT RATED

Expected return (over 12-month)

>=15%

< - 10%

< - 10 % to 15%

Rating may undergo a change

We have forward looking estimates for the stock but we refrain from assigning recommendation

*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall be within following 30 days take

appropriate measures to make the recommendation consistent with the investment rating legend.

Disclosures

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Specific Disclosures

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2 MOFSL, Research Analyst and/or his relatives do not have actual/beneficial ownership of 1% or more securities in the subject company

3 MOFSL, Research Analyst and/or his relatives have not received compensation/other benefits from the subject company in the past 12 months

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9 MOFSL has not received any compensation or other benefits from third party in connection with the research report

10 MOFSL has not engaged in market making activity for the subject company

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The associates of MOFSL may have:

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- received compensation/other benefits from the subject company in the past 12 months

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in some of the stocks mentioned in the research report.

- acted as a manager or co-manager of public offering of securities of the subject company in past 12 months

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be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act

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The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is,

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