Category Earnings Results

Swiggy Ltd Q3 Reports
Swiggy Ltd Results: Net Loss Widens to ₹799 Crore, Revenue Up 31% in Q3

Swiggy Ltd: Overview 

Swiggy Limited, established in 2014 and headquartered in Bangalore, India, has evolved into a leading consumer technology company specializing in on-demand services. Initially focusing on food delivery, Swiggy has diversified its offerings to include quick commerce through Instamart, dining out experiences via Dineout, and hyperlocal services like Swiggy Genie. Operating in over 600 cities across India, the company has built a vast network of restaurant partners and delivery personnel, aiming to provide seamless convenience to its users. Swiggy’s platform is accessible through a unified application, allowing customers to browse, select, order, and pay for a variety of services, thereby enhancing the urban consumer experience. The Indian on-demand delivery industry is experiencing rapid growth, driven by increasing urbanization, rising disposable incomes, and a growing preference for convenience among consumers. The food delivery segment, in particular, has seen significant expansion, with companies like Swiggy and its competitors vying for market share. Additionally, the quick commerce sector, which focuses on the rapid delivery of groceries and household items, is gaining momentum. Swiggy’s Instamart service has capitalized on this trend, contributing to the company’s diversified revenue streams. However, the industry is highly competitive, with players investing heavily in technology, logistics, and customer acquisition to maintain and grow their market positions. Regulatory challenges and the need for sustainable business models also play crucial roles in shaping the industry’s future. 

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Swiggy’s platform witnessed significant growth, with the Platform Average Monthly Transacting Users (MTU) rising by 25.3% year-over-year (YoY) to reach 17.8 million. The food delivery segment recorded a Gross Order Value (GOV) growth of 19.2% YoY (3.4% quarter-over-quarter), amounting to ₹7,436 crore. Over the past year, Swiggy added 2.4 million new Monthly Transacting Users, bringing the total to 14.9 million. In the quick-commerce segment, Swiggy achieved an impressive GOV growth of 88.1% YoY (15.5% QoQ), reaching ₹3,907 crore, driven by a 13.9% QoQ increase in MTUs. The average order value continued to expand, reaching ₹534. Swiggy also ventured into 10-minute food delivery with the launch of Bolt in early October 2024, offering consumers access to a wide range of restaurants with delivery times of 10-15 minutes. Metropolitan areas played a crucial role in Swiggy’s growth, with over 70% of its stores in Q3 FY25 located in metros, which contributed to more than 80% of the platform’s total GOV. The company accelerated store additions, with 86 new stores established in January 2025 alone, keeping it on track to achieve its goal of a 4 million sq. ft. active dark store footprint by March 2025. Swiggy maintained a strong financial position with ₹8,183 crore in cash and cash equivalents as of December 31, 2024. To further enhance customer value, Swiggy introduced One BLCK, the premium tier of its horizontal loyalty program Swiggy One, aimed at elevating customer engagement and retention. 

Business Segments

  • Food Delivery: This is Swiggy’s core segment, offering on-demand food delivery services by partnering with a wide array of restaurants. Customers can order meals through Swiggy’s user-friendly app or website, with a focus on timely deliveries and diverse cuisine options. As of June 2024, Swiggy was present in 681 cities, highlighting its extensive reach in the food delivery market.  
  • Quick Commerce (Instamart): Launched to meet the growing demand for rapid grocery and household item deliveries, Instamart offers a wide selection of products delivered swiftly to customers’ doorsteps. This segment has seen substantial growth, with Swiggy expanding its network of dark stores to enhance delivery efficiency. As of October 2024, Swiggy operated 538 warehouses, averaging 4,000 square feet each, to support its quick commerce operations.  
  • Dineout and Events: Through the acquisition of Dineout, Swiggy has entered the dining out and events space, allowing users to make restaurant reservations and access curated events. This segment enhances Swiggy’s service portfolio by catering to customers seeking dining experiences outside their homes. As of June 2024, this service was available in 52 cities.  
  • Supply Chain and Distribution: Swiggy offers supply chain services to wholesalers, retailers, and fast-moving consumer goods (FMCG) brands, leveraging its warehousing capabilities to streamline logistics and distribution. This segment supports Swiggy’s quick commerce operations and provides value-added services to its partners. 

Subsidiary Information

  • Dineout: In 2022, Swiggy acquired Dineout, a prominent dining and table reservation platform, from Times Internet in an all-stock deal valued at approximately $120 million. Dineout enables users to discover restaurants, access menus and images, make reservations, avail attractive promotions, and process digital payments. This acquisition allowed Swiggy to strengthen its position in the dining-out segment. 
  • Lynk Logistics: In July 2023, Swiggy acquired Lynk Logistics, a company specializing in the organization and transportation of goods, as well as the development of systems to manage such logistics. Lynk provides a platform facilitating transportation services, thereby enhancing Swiggy’s capabilities in supply chain management and distribution.  
  • Swiggy Sports Private Limited: In January 2025, Swiggy received approval from the Ministry of Corporate Affairs to incorporate Swiggy Sports Private Limited, a wholly-owned subsidiary dedicated to sports and recreational activities. The objectives of this new entity include engaging in sports team ownership and management, talent development, event organization, facility operation, offering career services, acquiring broadcasting and sponsorship rights, and promoting sports events through various business models. 

Q3 FY25 Earnings 

  • Revenue of ₹3993 crore in Q3 FY25 up by 30.9% YoY from ₹3049 crore in Q3 FY24.  
  • EBITDA of ₹-726 crore in this quarter at a margin of -18% compared to -17% in Q3 FY24. 
  • Profit of ₹-799 crore in this quarter compared to a ₹-574 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 3049 3993 8265 11247 
Expenses 3575 4719 12538 13447 
EBITDA -526 -726 -4278 -2199 
OPM -17% -18% -52% -20% 
Other Income 78 106 438 341 
Net Profit -574 -799 -4179 -2350 
NPM -18.8% -20% -50.5% -20.9% 
EPS – -3.57 – – 

Info Edge Q3 Reports
Info Edge Reports 2.5X Profit Surge with ₹722 Cr Revenue in Q3 FY25: Key Highlights

Business and Industry Overview

Info Edge is widely recognized for its strategic investments in promising internet-based businesses. With years of experience and a diversified portfolio, it is one of India’s most profitable pure-play internet companies. Founded in 1995 and publicly listed in 2006, Info Edge operates a network of 62 offices in 43 cities across India and employs 5,883 individuals. These employees are engaged in various functions, including innovation, product development, mobile and social media integration, technology updates, research and development, quality assurance, sales, marketing, and payment collection. Info Edge also has a significant presence in the Gulf market with its website, www.naukrigulf.com, and maintains offices in Dubai, Bahrain, Riyadh, and Abu Dhabi. 

With the increasing consumption of the internet, the demand for internet-based services has grown significantly. The outbreak of the COVID-19 pandemic has further accelerated the expansion of this industry. Currently, India is the second-largest internet market in the world, and the number of internet users is projected to exceed 1.3 billion by 2030. The growth of digital infrastructure has also played a crucial role in the rise of the consumer internet industry in India, which is now home to over 2,464 unique funded consumer internet startups. The startup landscape continues to expand across various sectors, including e-commerce, fintech, edtech, health tech, consumer services, media and entertainment, travel tech, and transport tech. Investors are increasingly focused on large consumer internet startups, as it is a booming sector. Info Edge has strategically positioned itself within the industry, with its presence spanning recruitment (naukri.com, naukrigulf.com, firstnaukri.com, real estate (99acres.com), matrimony (jeevansathi.com), and education (shiksha.com). 

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Info Edge continues to strengthen its position in the consumer internet industry through strategic investments across diversified market segments. In a significant development, the company’s board approved a stock split during its recent meeting on February 5, 2025. As per the regulatory filing, each existing equity share with a face value of ₹10 will be split into five equity shares with a face value of ₹2 each, fully paid up. This marks Info Edge’s first-ever stock split, aimed at enhancing liquidity and making shares more affordable for retail investors. While announcing the Q3 FY25 results, Hitesh Oberoi, Managing Director & CEO of Info Edge, highlighted the company’s 16% billing growth, driven by consistent performance across all four business verticals. The recruitment segment maintained its growth trajectory, significantly contributing to improved operating profits, while the non-recruitment businesses are nearing breakeven, further solidifying Info Edge’s position for sustained expansion. 

In addition to its operational growth, Info Edge Ventures participated in a $1 million pre-seed funding round for ‘shoppin’, an AI-powered fashion search engine. The funding will be primarily utilized for hiring AI engineers, enhancing proprietary technology, and scaling advanced AI models such as custom-built SLMs and embedding models tailored for the fashion industry. Utsav Soi, Co-founder & CTO of Shoppin’, emphasized the company’s vision, stating, “Our foundational AI models for fashion and autonomous agents for commerce have enabled us to revolutionize fashion search.” With continued investments and strategic initiatives, Info Edge remains a key player in India’s consumer internet landscape, reinforcing its commitment to innovation and long-term growth. 

Business Segments

Info Edge operates across three key business segments: 

  1. Core Business – Recruitment 
    Info Edge is a market leader in the online recruitment sector, with platforms like Naukri.com, NaukriGulf.com, and FirstNaukri.com. This segment remains the company’s primary revenue driver. 
  1. Internal Portfolio – Real Estate, Education, and Matrimony 
    The company has developed and managed online platforms catering to real estate (99acres.com), education (Shiksha.com), and matrimony (Jeevansathi.com). These businesses have benefited from the increasing shift towards digital platforms and growing internet penetration in India.  
  1. Investment Portfolio – Strategic Investments in Internet-Based Businesses 
    Info Edge acts as an investor and strategic partner in several internet-driven businesses, providing supervisory and operational support while allowing entrepreneurs to manage daily activities. In addition to promoting businesses internally, Info Edge recognizes opportunities that a burgeoning internet sector provides. The company has invested in many early-stage start-up ventures to support the growth of these entrepreneurial-driven activities; gain from enhanced value creation, where this occurs; and bring such enterprises into the Info Edge fold. Notable investments include Zomato, Policybazaar, and various other startups. It has a 46 % shareholding holding in Zomato, which is India’s leading restaurant ratings and review site, a 10 % shareholding in Policybazaar which is India’s one of the leading insurance comparison sites & 59 % shareholding in Meritnation.com, which is a Supplementary online learning for K12 and Entrance Exams. 

Subsidiary Information of Info Edge

Info Edge operates through multiple subsidiaries across its core business segments: 

1. Recruitment: 

  • Naukri.com – Naukari.com is India’s leading online recruitment classifieds platform with a dual revenue model (job listings, employer branding, and resume database access). It commands over 75% of market traffic, with major revenue from recruiters. 
  • NaukriGulf.com – It is a job portal catering to the Gulf market (UAE, Saudi Arabia, Qatar, Bahrain, Oman, Kuwait) since 2006. 
  • FirstNaukri.com – It is a fresher hiring portal focusing on digitized campus recruitment. 
  • Quadranglesearch.com—In addition to the online recruitment business, Quadrangle offers offline placement services to middle and senior management.  

2. Matrimony: Jeevansathi.com – Jeevansathi.com is among India’s top three online matrimonial platforms, with strong presence in North and West India. Info Edge launched this in 1998. It operates on a subscription-based model and combines online and offline services.  

3. Real Estate: 99acres.com – 99acres.com is India’s one of the largest online real estate marketplaces, covering major cities, agents, and developers founded in 2005.  

4. Education: Shiksha.com – Shiksha.com is an online education classifieds platform helping students with academic and career guidance launched in 2008.  

Q3 2025 Earnings

  • Revenue from operations up 15 percent YoY to Rs 722.4 crore 
  • Total income jumps to Rs 915 crore 
  • Total expenses at Rs 480.7 crore 
  • EBITDA rose 20.5% to ₹290 crore in Q3 FY25 as against ₹240.5 crore in the same period a year back.  

Financial Summary

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 627 722 2,346 2,536 
Expenses 444 457 1,997 1,825 
EBITDA 240.5 290 232 1014 
OPM 29% 37% 15% 28% 
Other Income 186 193 431 821 
Net Profit 119 288 -70 595 
NPM 18.98 39.89 -2.98 23.46 
EPS 11.68 18.72 -8.31 44.46 
Solar Industries India Ltd Q3 FY25 Results
Solar Industries India Ltd Q3 FY25 Results: Strong Net Profit Soars 55% YoY to ₹315 Crore, Revenue Up 38%

Solar Industries India Ltd: Overview 

Solar Industries India Ltd. is a leading manufacturer of explosives and explosive initiating systems, primarily serving the mining, infrastructure, and defense sectors. Headquartered in Nagpur, India, the company has a strong presence in the domestic market and is increasingly expanding its international footprint. Solar Industries offers a comprehensive range of products, including bulk explosives, packaged explosives, detonators, and initiating systems, catering to diverse blasting requirements. Beyond explosives, the company has diversified into the defense sector, manufacturing propellants, warheads, and other defense-related products. Solar Industries focuses on innovation and technological advancement, investing in research and development to enhance its product offerings and maintain a competitive edge. Their manufacturing facilities are strategically located to serve their customer base efficiently. The industry outlook for Solar Industries is positive, driven by several key factors. Continued growth in infrastructure development, particularly in emerging economies, is expected to drive demand for explosives used in construction and mining activities. The mining sector, both domestically and globally, remains a significant consumer of explosives, and growth in this sector will further fuel demand. Furthermore, increasing focus on national security and defense modernization is creating substantial opportunities for companies like Solar Industries, which are involved in the manufacturing of defense-related products. The global explosives market is also witnessing a trend towards the use of more sophisticated and environmentally friendly blasting technologies, which presents opportunities for companies that invest in R&D. While the industry is subject to regulatory oversight and faces competition from both domestic and international players, the overall outlook remains favourable for Solar Industries, given its established market position, diversified product portfolio, and focus on innovation. 

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Solar Industries India Ltd. demonstrated a robust performance in its core Explosives business. During the reported period, the company sold a substantial quantity of explosives, totalling 155,222 metric tons. This represents a slight increase of 1% compared to the previous period’s sales volume of 154,421 metric tons, indicating consistent demand for their explosive products. The total value realized from these explosive sales amounted to ₹695 crore, marginally higher than the ₹692 crore generated in the corresponding period last year. This stable performance in the face of potential market fluctuations underscores the company’s strong market position and the consistent demand from its key customer segments, primarily in the mining and infrastructure sectors. The company’s ability to maintain both sales volume and value demonstrates its resilience and effective sales strategies. Furthermore, the Initiating Systems segment also witnessed significant growth, with revenue increasing by 14% to ₹156 crore compared to the previous period’s ₹137 crore. The Defense segment contributed a substantial 21% to the company’s overall revenue, generating ₹409 crore. This highlights the increasing importance of the defense sector as a growth driver for the company and its successful penetration into this specialized market. Additionally, the company’s international business generated about ₹758 crores in revenue representing significant 38% of the company’s total revenue. This demonstrates the company’s expanding global footprint and its success in capitalizing on opportunities in international markets. The healthy contribution from both the Defense and International segments underscores Solar Industries’ strategic diversification and its ability to generate revenue from multiple avenues. Looking ahead, the company boasts a strong order book of ₹7122 crore, primarily driven by orders from Coal India Limited (CIL), Singareni Collieries Company Limited (SCCL), and the defense sector. 

Business Segments 

  • Explosives: This segment encompasses the development, manufacturing, and sale of a wide range of explosives and explosive initiating systems. This includes bulk explosives, packaged explosives, detonators, and other related products used in various blasting applications. The explosives segment caters to diverse industries, including mining, infrastructure development, and quarrying. Solar Industries has a strong market share in the domestic explosives market and is actively expanding its presence in international markets. The explosives segment is the core revenue generator for Solar Industries, and its performance is closely tied to the growth of the mining and infrastructure sectors.  
  • Defense: This segment focuses on the development and manufacturing of defense-related products, including propellants, warheads, and other specialized munitions. This segment has emerged as a significant growth driver for Solar Industries in recent years, as the Indian government focuses on strengthening its defense capabilities and promoting indigenous defense manufacturing. This segment provides diversification and reduces reliance on the cyclical nature of the mining and infrastructure sectors. 

Subsidiary Information 

  • Economic Explosives Pvt Ltd: This subsidiary is involved in the manufacturing and sale of industrial explosives and blasting accessories. It plays a crucial role in strengthening Solar Industries’ presence in the domestic explosives market and catering to the needs of various industries. 
  • Solar Overseas FZE: Located in the UAE, this subsidiary serves as a key hub for Solar Industries’ international operations, facilitating exports and expanding its reach in overseas markets. It plays a vital role in the company’s global expansion strategy. 
  • Solar Industries (Africa) Pty. Ltd: This subsidiary focuses on expanding Solar Industries’ presence in the African market, capitalizing on the growing mining and infrastructure sectors in the region. It contributes to the company’s international growth and diversification. 
  • Solar Composites Pvt Ltd: This subsidiary is involved in the manufacturing of composite materials, which have applications in both the explosives and defense sectors. It supports Solar Industries’ focus on developing advanced materials and technologies. 
  • Mahaveer Explosives Pvt Ltd: This subsidiary is another key player in the explosives market, further strengthening Solar Industries’ presence and market share in the domestic market. It provides additional manufacturing capacity and contributes to the company’s overall explosives business. 

Q3 FY25 Earnings 

  • Revenue of ₹1973 crore in Q3 FY25 up by 38% YoY from ₹1429 crore in Q3 FY24.  
  • EBITDA of ₹527 crore in this quarter at a margin of 27% compared to 25% in Q3 FY24. 
  • Profit of ₹338 crore in this quarter compared to a ₹222 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 1429 1973 6918 6070 
Expenses 1074 1447 5582 4588 
EBITDA 355 527 1336 1482 
OPM 25% 27% 19% 24% 
Other Income 11 10 -16 -68 
Net Profit 222 338 811 875 
NPM 15.5% 17.1% 11.7% 14.4% 
EPS 22.5 34.8 83.7 92.4 
Zydus Lifesciences Q3 Results
Zydus Lifesciences Q3 Results: Profit Soars 29.6%, Strong Revenue Grows 16.9%

Zydus Lifesciences Ltd: Overview 

Zydus Lifesciences Ltd., formerly known as Cadila Healthcare Ltd., is a global pharmaceutical company headquartered in Ahmedabad, India. With a strong focus on research and development, Zydus is engaged in the discovery, development, manufacturing, and marketing of a wide range of pharmaceutical products, including generics, branded formulations, biosimilars, vaccines, and APIs (Active Pharmaceutical Ingredients). The company has a significant presence in both domestic and international markets, catering to diverse therapeutic areas like cardiovascular, diabetes, oncology, pain management, and infectious diseases. Zydus operates manufacturing facilities and research centers across India and other countries, and its products are sold in numerous markets worldwide. The pharmaceutical industry is experiencing robust growth, driven by factors like an aging global population, increasing prevalence of chronic diseases, rising healthcare expenditure, and growing demand for affordable medicines. The industry is also witnessing a shift towards innovative therapies, including biologics and biosimilars, creating opportunities for companies like Zydus with strong R&D capabilities. Furthermore, the increasing focus on preventive healthcare and wellness is contributing to the growth of the pharmaceutical market. While the industry faces challenges like stringent regulatory requirements, pricing pressures, and increasing competition, the overall outlook remains positive, with continued growth expected in the coming years. Zydus, with its diversified product portfolio, global presence, and focus on innovation, is well-positioned to capitalize on these growth opportunities.  

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Zydus Lifesciences experienced strong performance across several business segments. The India formulations business outperformed the market, driven by robust growth in chronic therapies, with secondary sales growth of 8% according to IQVIA. The Consumer Wellness business also delivered double-digit growth, supported by a healthy 4.8% volume increase despite a generally muted demand environment within the industry. The US formulations business maintained its positive momentum, achieving significant year-over-year growth fueled by both volume expansion and new product launches over the past year. International markets contributed to the overall success with double-digit growth driven by strong demand across various regions. The company’s capital expenditure for the quarter totalled ₹2,907 million, and its net cash position significantly improved to ₹30,916 million as of December 31, 2024, compared to ₹8,561 million at the end of March 2024. In Biotech & R&D it completed Phase III clinical trials for one of the biosimilars. Zydus continued to solidify its leadership in Nephrology and Oncology within its Super Specialty offerings. The Personal Care segment also saw strong demand and achieved robust double-digit growth. In the US formulations business specifically, Zydus filed 10 ANDAs (Abbreviated New Drug Applications), received approvals for 3 new products, and launched 5 new products. 

Business Segments

  • Generics: This segment focuses on the development, manufacturing, and marketing of generic pharmaceutical formulations. Zydus has a vast portfolio of generic medicines across diverse therapeutic areas, providing affordable treatment options to patients globally. Zydus continues to invest in R&D to expand its generic product portfolio and maintain its competitive edge.  
  • Branded Formulations: This segment comprises the development and marketing of branded pharmaceutical formulations, including prescription and over-the-counter (OTC) medications. Zydus has a portfolio of branded formulations in various therapeutic areas, catering to specific patient needs. The branded formulations business is driven by innovation, marketing efforts, and brand building.  
  • API (Active Pharmaceutical Ingredients): This segment focuses on the development and manufacturing of active pharmaceutical ingredients, which are the key components of pharmaceutical formulations. Zydus is a leading player in the API market, supplying high-quality APIs to both internal and external customers.  
  • Consumer Wellness: This segment focuses on the development, manufacturing, and marketing of consumer wellness products, including nutraceuticals, vitamins, and other health supplements. This segment allows Zydus to cater to the growing consumer focus on health and wellness. Zydus continues to expand its consumer wellness product portfolio to meet the evolving needs of consumers.  
  • Animal Health: This segment focuses on the development, manufacturing, and marketing of animal health products, including pharmaceuticals and vaccines for livestock and companion animals. This segment caters to the growing demand for animal health products, driven by increasing pet ownership and the growing livestock industry. Zydus continues to invest in research and development to expand its animal health product portfolio. 

Subsidiary Information

  • Zydus Wellness Ltd: The Company’s subsidiary spearheads the group’s operations in the wellness space. ZWL operates in two different segments viz. personal care segment and food and nutrition segment and has a portfolio of category-leading health and wellness products. Five out of the six brands of the Company continue to hold leadership positions in their respective categories  
  • Zydus Pharmaceuticals (USA) Inc.: It operates as Zydus’s main subsidiary in the United States, focusing on manufacturing and marketing generic formulations approved by the U.S. FDA. A significant contributor to Zydus’s international revenue, given the high demand for generics in the U.S. market.  
  • Zydus Healthcare Ltd: It manages Zydus’s branded formulations business in India, catering to a wide range of therapeutic areas such as cardiovascular, gastrointestinal, pain management, and oncology. A major revenue driver for Zydus in the Indian domestic market.  
  • Zydus Animal Health and Investments Ltd: It provides animal health products across livestock, poultry, and companion animals, including treatments, nutritional supplements, and anti-infectives. It expands Zydus’s reach into veterinary and animal health segments, which are growing markets in India and internationally.  
  • Zydus Biosimilars Ltd: A dedicated unit for biosimilars, developing and commercializing biosimilars for therapeutic areas like oncology, immunology, and nephrology. Positions Zydus as a key player in biosimilars, targeting high-growth opportunities in biologics.  

Q3 FY25 Earnings 

  • Revenue of ₹5269 crore in Q3 FY25 up by 16.9% YoY from ₹4505 crore in Q3 FY24.  
  • EBITDA of ₹1388 crore in this quarter at a margin of 26% compared to 24% in Q3 FY24. 
  • Profit of ₹1026 crore in this quarter compared to a ₹790 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 4505 5269 17237 19547 
Expenses 3403 3882 13378 14163 
EBITDA 1102 1388 3860 5384 
OPM 24% 26% 22% 28% 
Other Income 60 57 -422 293 
Net Profit 790 1026 2092 3973 
NPM 17.5% 19.5% 12.1% 20.3% 
EPS 7.8 10.2 19.4 38.4 
Thermax Q3 FY25 Results
Thermax Q3 FY25 Results: Net Profit Falls 51% to ₹116 Cr, Revenue Up 7.9% YoY, Strong Financials

Thermax Ltd: Overview 

Thermax Ltd., headquartered in Pune, India, is a leading energy and environment solutions company. Established in 1966, it provides a wide range of products and services in heating, cooling, power generation, water and wastewater treatment, air pollution control, and waste heat recovery. Thermax has a strong presence in various industrial sectors, including chemicals, fertilizers, refineries, power, cement, and textiles. The company operates globally, with manufacturing facilities and sales offices in several countries. The industry outlook for Thermax is positive, driven by several factors. Growing environmental concerns and stringent regulations are increasing the demand for clean energy and pollution control solutions. The global focus on energy efficiency and sustainability is also creating opportunities for Thermax’s products and services. Additionally, the increasing industrialization and infrastructure development in emerging economies are driving the demand for power generation and water treatment solutions. Thermax’s diversified product portfolio, strong technological capabilities, and global presence position it well to capitalize on these industry trends. 

Latest Stock News 

Thermax has been actively involved in various energy and environmental projects. A significant achievement was the commissioning of a 36 MW energy plant for a major particle board manufacturer in southern India. In Africa, a 350 TR ultra-low pressure VAM was recently commissioned for a leading snack manufacturer, enabling them to recover waste heat from potato chip frying. The company also commissioned a 500 m3/hr water treatment plant (WTP) incorporating algae treatment and organic removal using submerged ultrafiltration. Positive results continue at the Dhuri plant, with June ’24 gas yield performance repeating with oxygenation in January ’25. Thermax Babcock & Wilcox Energy Solutions (TBWES) secured a landmark order for two 80 TPH multi-biomass fired reciprocating grate boilers for a major textile company in central India, representing the first instance of 100% paddy straw firing in such a boiler. Despite foreign exchange and currency headwinds, a leading Indian oil company saw a 10% increase in order bookings for oil coalescer resin compared to Q3 of the previous year, contributing to an overall 19% increase in order bookings for the company. Thermax also acquired Buildtech Products India Private Limited. However, the absence of large orders during the current quarter resulted in a lower order book. Finally, it’s important to note that last year’s profit after tax included a one-time gain of Rs. 126 crore from the sale of a vacant plot. 

Business Segments

  • Energy: This segment offers a comprehensive range of solutions for heating, cooling, and power generation. It includes boilers, heaters, chillers, heat pumps, and power generation systems. Thermax’s energy solutions cater to diverse industrial applications, helping customers optimize energy efficiency and reduce operating costs. 
  • Environment: This segment focuses on providing solutions for water and wastewater treatment, air pollution control, and waste heat recovery. It offers water treatment plants, effluent treatment systems, air pollution control equipment, and waste heat recovery systems. Thermax’s environment solutions help industries comply with environmental regulations and achieve sustainability goals. 
  • Chemicals: This segment produces and markets a variety of specialty chemicals, including water treatment chemicals, construction chemicals, and performance chemicals. Thermax’s chemical solutions cater to various industries, providing specialized chemical formulations for diverse applications. 

Subsidiary Information

  • Thermax Babcock & Wilcox Energy Solutions Private Ltd: This subsidiary is a joint venture with Babcock & Wilcox, focusing on providing advanced technology solutions for power generation. It specializes in designing, engineering, and constructing power plants and offers a range of services, including project management, engineering, procurement, and construction.  
  • Thermax Sustainable Energy Solutions Ltd: This subsidiary focuses on renewable energy solutions, including solar, wind, and biomass-based power generation. It aims to promote sustainable energy practices and help customers transition to cleaner energy sources.  
  • Thermax Environment Co. Ltd: Based in China, this subsidiary specializes in providing environmental solutions for the Chinese market. It offers water and wastewater treatment, air pollution control, and waste heat recovery solutions.  
  • Thermax Engineering (Shanghai) Co. Ltd: This subsidiary, based in China, provides engineering and project management services for Thermax’s projects in the Asia Pacific region. It supports the company’s operations in the region and ensures efficient project execution. 

Q3 FY25 Earnings 

  • Revenue of ₹2508 crore in Q3 FY25 up by 7.9% YoY from ₹2324 crore in Q3 FY24.  
  • EBITDA of ₹188 crore in this quarter at a margin of 8% compared to 8% in Q3 FY24. 
  • Profit of ₹114 crore in this quarter compared to a ₹237 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 2324 2508 8090 9323 
Expenses 2137 2319 7489 8526 
EBITDA 187 188 601 797 
OPM 8% 8% 7% 9% 
Other Income 185 32 156 307 
Net Profit 237 144 451 643 
NPM 10.2% 5.7% 5.6% 6.9% 
EPS 20 9.7 37.8 54.2 
Gland Pharma and Alembic's Pharma Q3 Results
Q3 FY25 Results: Gland’s pharma Net Profit Up 7%, and Alembic’s Pharmaceuticals Declines 23%

Gland Pharma Ltd: Overview 

Gland Pharma Ltd. is a leading injectable-focused pharmaceutical company based in India, known for its expertise in complex generics and sterile injectables. Established in 1978, the company has grown into a major global player with a strong presence in regulated markets such as the United States, Europe, Canada, Australia, and India. Gland Pharma specializes in contract development and manufacturing (CDMO), ready-to-use injectables, and complex formulations, including biologics, oncology drugs, peptides, and hormones. The company’s manufacturing infrastructure includes seven world-class facilities approved by stringent regulatory agencies like the USFDA, MHRA (UK), and TGA (Australia). Gland Pharma operates across various delivery formats, including vials, ampoules, pre-filled syringes, cartridges, and lyophilized injections. The company continues to expand its global footprint by entering new therapeutic segments and strengthening its supply chain network. With a robust research and development (R&D) pipeline and increasing capacity expansion, Gland Pharma remains a key player in the high-margin injectable business, focusing on innovation and efficiency in drug delivery solutions. The global injectable drugs market is experiencing steady growth due to rising chronic disease prevalence, an aging population, and increasing demand for biologics and complex generics. The injectable segment is projected to expand further, driven by advancements in drug formulations, increasing adoption of biosimilars, and the shift towards prefilled syringes and auto-injectors. The Indian pharmaceutical industry, especially the injectables sector, is benefiting from cost-effective manufacturing, a strong regulatory framework, and growing outsourcing demand from global pharmaceutical firms. However, industry challenges such as pricing pressure in regulated markets, supply chain disruptions, and stringent regulatory compliance remain key factors to monitor. With increasing investments in CDMO services and expansion into newer geographies, Gland Pharma is well-positioned to leverage the rising demand for injectable pharmaceuticals worldwide. 

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During the quarter, the company introduced 13 new molecules; including chlorpromazine, dexamethasone, phenylephrine, and phytonadione, further expanding its product portfolio. In regulatory filings, the company submitted four ANDAs and received eight ANDA approvals in Q3 FY25, bringing its total ANDA filings in the U.S. to 366, of which 312 have been approved while 54 remain pending. Globally, the company now has 1,736 product registrations, reinforcing its international presence. R&D expenses for the quarter stood at ₹437 million, accounting for 4.3% of revenue, highlighting continued investment in innovation. The company incurred a total capex of ₹1,379 million during the quarter ended December 31, 2024, reflecting its commitment to infrastructure and capacity expansion. At the Fontenay site in Paris, France, production during Q3 FY25 was affected by an unannounced inspection conducted by ANSM, the French health authorities. However, a key positive development was the commencement of Cenexi’s new high-capacity ampoule line, which started production as scheduled. This new facility is expected to enhance ampoule manufacturing capacity by 40–50 million units, significantly strengthening operations. Cenexi remains on track to achieve positive EBITDA in the next fiscal year, supported by revenue growth surpassing the €200 million mark. Meanwhile, in the Indian market, the company faced a decline in revenue, primarily due to a drop in sales volume. 

Q3 FY25 Earnings 

  • Revenue of ₹1384 crore in Q3 FY25 down by 10.3% YoY from ₹1545 crore in Q3 FY24.  
  • EBITDA of ₹360 crore in this quarter at a margin of 26% compared to 23% in Q3 FY24. 
  • Profit of ₹205 crore in this quarter compared to a ₹192 crore profit in Q3 FY24. 

Alembic Pharmaceuticals Ltd: Overview 

Alembic Pharmaceuticals Ltd. is a diversified pharmaceutical company with over a century of expertise in manufacturing and marketing pharmaceutical products across various therapeutic segments. Founded in 1907, the company has built a strong portfolio in formulations, active pharmaceutical ingredients (APIs), and specialty generics. Alembic Pharma operates globally, with a significant presence in India, the United States, Europe, and emerging markets. The company’s strength lies in its robust R&D capabilities, having invested heavily in developing high-value, complex generics, biosimilars, and differentiated formulations. It has a strong pipeline of USFDA-approved drugs, particularly in the oral solids, injectables, dermatology, and ophthalmology segments. The company continues to focus on expanding its specialty business, scaling up R&D investments, and diversifying into niche therapeutic areas to drive long-term growth. The Indian pharmaceutical sector remains a critical player in the global pharmaceutical supply chain, contributing significantly to generic drug exports and API manufacturing. With increasing healthcare needs, rising chronic disease burdens, and expanding regulatory approvals, the industry is poised for sustained growth. The global generics market is witnessing pricing pressures and regulatory challenges, but companies like Alembic Pharmaceuticals are countering these headwinds by focusing on complex generics, specialty drugs, and biosimilars. The rising demand for oncology, neurology, and cardiovascular drugs, along with higher adoption of biologics and specialty medications, presents significant growth opportunities. Alembic Pharmaceuticals, with its strong R&D pipeline, operational efficiencies, and strategic market expansions, is well-positioned to capitalize on emerging opportunities in both domestic and international markets while navigating industry challenges 

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The India Branded Business recorded a modest growth of 3%, reaching revenue of ₹6.14 billion for Q3 FY25. In the US Generics segment, revenue grew by 10% YoY, primarily driven by the successful ramp-up of key product launches and an increase in market share for select existing products. The momentum is expected to continue, with new product introductions further fuelling growth in the upcoming quarters. The Ex-US Generics segment also reported a 10% YoY growth, reflecting strong market demand. Product registrations and dossier extensions into new markets remain on track, positioning the company for accelerated growth. However, the API segment witnessed a 10% YoY decline, primarily due to lower off-take from select customers and pricing headwinds. Despite this short-term setback, a healthy order book is expected to drive a rebound in the coming quarters. The company holds a 1.4% market share in the Indian pharmaceutical space, with four key brands generating revenues of over ₹1 billion. The Animal Health business delivered an impressive 22% growth, driven by a strong portfolio of well-established brands. In the US market, the company has built a robust front-end presence with a solid customer base, launching two new products in Q3 FY25 and a total of 159 products to date. Additionally, over five new product launches are expected in Q4 FY25, further strengthening the company’s foothold. On the sustainability front, the company remains committed to achieving its ESG goal of Net-Zero emissions by 2040. 

Q3 FY25 Earnings 

  • Revenue of ₹1693 crore in Q3 FY25 up by 3.81% YoY from ₹1631 crore in Q3 FY24.  
  • EBITDA of ₹260 crore in this quarter at a margin of 15% compared to 16% in Q3 FY24. 
  • Profit of ₹138 crore in this quarter compared to a ₹185 crore profit in Q3 FY24. 
Titan Q3 FY25 Results
Titan Q3 FY25 Results: Strong 25% Revenue Growth to ₹17,740 Cr, Net Profit Dips to ₹1,047 Cr

Titan Company Ltd: Overview 

Titan Company Limited, a subsidiary of the Tata Group, is one of India’s leading lifestyle and consumer goods companies with a strong presence across various product categories, including jewellery, watches, eyewear, and other emerging businesses. Established in 1984, the company has grown to become a household name, synonymous with trust, innovation, and quality. Titan’s core strength lies in its ability to blend traditional craftsmanship with modern design and technology, making it a market leader in multiple segments. The company operates a vast retail network with over 2,000 stores across India and a growing international footprint. Titan’s commitment to innovation is evident in its strong brand portfolio, including Tanishq, CaratLane, Fastrack, Sonata, Titan Eye+, and Skinn. Over the years, the company has diversified into new categories such as fragrances, ethnic wear, and smart wearables, positioning itself as a key player in India’s evolving lifestyle market. With a focus on customer-centric strategies, Titan continues to strengthen its omni-channel presence by integrating digital and in-store experiences, enhancing convenience and engagement for its customers. The Indian lifestyle and retail industry is poised for robust growth, driven by rising disposable incomes, urbanization, and increasing consumer preferences for branded and premium products. The jewellery sector, Titan’s largest revenue driver, is expected to benefit from steady gold demand, favourable government policies, and a shift from unorganized to organized retail. The eyewear segment is gaining traction due to increased awareness of eye health and digital screen exposure, fuelling demand for prescription glasses and sunglasses. With digital transformation accelerating, e-commerce and omnichannel retail strategies are becoming crucial growth enablers for companies like Titan. Furthermore, Titan is well-positioned to capitalize on evolving trends, such as sustainable jewellery, personalization, and technology-driven product innovation. 

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The festive quarter played a crucial role in solidifying the FY25 growth trajectory after a subdued Q1 and a healthy Q2. The jewellery segment witnessed its strongest quarter of the fiscal year, with retail sales growing over 25%, driven by sustained consumer demand for gold as both adornment jewellery and a store of value. The analogue watches segment recorded a robust 20% retail growth, reaffirming Titan’s strong customer value proposition. Additionally, the EyeCare division saw a return to double-digit retail growth, marking a positive turnaround. The company maintains a positive outlook and expects to close FY25 with strong growth over FY24. In Q3FY25, total income from the jewellery segment and Titan Company (excluding bullion and digi-gold sales) stood at ₹286 crore, compared to ₹190 crore in Q3FY24. The jewellery division expanded its footprint with 11 net new Tanishq stores and 13 Mia stores in India. Consumer preference for gold remained strong, with gold jewellery sales growing by approximately 24% year-on-year, while gold coin sales saw a sharp rise of around 48%. CaratLane also demonstrated impressive growth, adding 19 net new stores in India during the quarter and opening its first international store in New Jersey. The brand’s total income grew by approximately 27% year-on-year to ₹1,117 crore. In the EyeCare division, Titan Eye+ closed three net new stores during the quarter. 

Business Segments

  • Jewellery: The jewellery division is the largest revenue contributor, with flagship brand Tanishq leading the organized jewellery market in India. Tanishq has built a strong reputation for purity, design innovation, and customer trust, offering a wide range of gold, diamond, and platinum jewellery. The premium and contemporary segments are covered through CaratLane and Mia by Tanishq, targeting younger and urban consumers. 
  • Watches & Wearables: Titan is a dominant player in the Indian watch industry, catering to different consumer segments through brands like Titan for premium watches, Fastrack for youth-focused casual wear, and Sonata for affordable timepieces. The company has also entered the smart wearables segment, leveraging its brand strength and distribution network. 
  • Eyewear: The eyewear business, under the Titan Eye+ brand, has established itself as a leading player in the prescription glasses and sunglasses market. Digital screen usage and growing eye health awareness are driving demand in this segment. Titan has also launched new collections with stylish and functional designs, targeting different age groups and customer preferences. 
  • Fragrances & Fashion Accessories: Titan’s foray into the fragrances market with Skinn has been well-received, with the brand gaining traction in the premium perfume segment. Taneira, Titan’s ethnic wear brand, focuses on handcrafted sarees and Indian apparel, catering to the growing demand for high-quality traditional fashion. The company also offers accessories under the Fastrack brand, including bags, belts, and wallets, targeting young consumers with trendy and affordable products. 

Subsidiary Information

  • CaratLane Trading Pvt Ltd: CaratLane is Titan’s subsidiary specializing in online jewellery retail, offering contemporary and lightweight designs catering to modern consumers. It has successfully bridged the gap between online and offline retail with its “Try at Home” service and increasing physical store presence. 
  • Tanishq International Operations: Expanding its global reach, Titan operates Tanishq stores in markets such as the UAE, Singapore, and the United States, targeting Indian expatriates and international luxury consumers. The company is investing in regional product customization and localized marketing strategies to strengthen its international presence. 
  • Favre-Leuba AG: Titan owns the Swiss luxury watch brand Favre-Leuba, which focuses on high-end mechanical watches. While it remains a niche brand, Titan’s acquisition of Favre-Leuba has helped enhance its credibility in the premium watchmaking segment. 
  • Titan Engineering & Automation Ltd. (TEAL): TEAL is Titan’s precision engineering and automation subsidiary, providing manufacturing solutions to industries such as aerospace, automotive, and healthcare. The company plays a strategic role in Titan’s expansion into technology-driven solutions. 
  • Titan Commodity Trading Ltd: This subsidiary manages Titan’s gold procurement and hedging activities, ensuring efficient cost management in the jewellery segment. It plays a crucial role in mitigating raw material price fluctuations, which significantly impact the company’s margins. 

Q3 FY25 Earnings 

  • Revenue of ₹17740 crore in Q3 FY25 up by 25.3% YoY from ₹14164 crore in Q3 FY24.  
  • EBITDA of ₹1674 crore in this quarter at a margin of 9% compared to 11% in Q3 FY24. 
  • Profit of ₹1047 crore in this quarter compared to a ₹1053 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 14164 17740 40575 51084 
Expenses 12599 16066 35693 45792 
EBITDA 1565 1674 4882 5292 
OPM 11% 9% 12% 10% 
Other Income 136 128 306 534 
Net Profit 1053 1047 3274 3496 
NPM 7.4% 5.9% 8.1% 6.8% 
EPS 11.9 11.8 36.6 39.4 
Tata Power Q3 FY25 Results
Tata Power Q3 FY25 Results: 10% Increase in Net Profit to ₹1,188 Crore | Key Business Segments & Renewable Energy Expansion

Tata Power Ltd: Overview 

Tata Power Ltd. is one of India’s largest integrated power companies, engaged in power generation, transmission, and distribution. With a legacy of over a century, the company has established itself as a key player in conventional and renewable energy sectors. Tata Power has a diversified portfolio, including thermal, hydro, solar, and wind energy, along with power trading and distribution. The company is focused on transitioning towards cleaner and sustainable energy solutions, aligning with India’s renewable energy goals. Tata Power has been instrumental in the development of solar rooftop solutions, electric vehicle (EV) charging infrastructure, and smart metering services. It is also actively engaged in energy storage solutions, micro grids, and grid modernization projects to enhance efficiency. The company’s continuous efforts in technological innovation, digital transformation, and customer-centric services have reinforced its leadership position in India’s power sector. The Indian power sector is undergoing a massive transformation, driven by policy reforms, increasing demand for clean energy, and technological advancements. The government’s push for renewable energy, with a target of 500 GW by 2030, has created vast opportunities for companies like Tata Power. The rapid adoption of electric vehicles (EVs) is also fuelling demand for charging infrastructure, an area where Tata Power has taken an early lead. Additionally, energy storage solutions, smart grids, and digitalization are emerging trends that are shaping the future of the power industry. Rising coal prices, fuel supply constraints, and regulatory challenges remain key concerns for the thermal power segment, but increasing investments in renewable energy and decarbonization initiatives are mitigating these risks. 

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India has one of the lowest per capita power consumption rates, highlighting significant growth potential in the energy sector. The country’s total installed renewable energy capacity currently stands at 462 GW, with 5.2 GW added in December 2024 and a total of 20.0 GW added during the first nine months of FY25. Tata Power Renewable Energy Ltd. (TPREL) commissioned one of India’s largest floating solar projects, a 126 MWp installation in Omkareshwar, Madhya Pradesh, further strengthening its renewable portfolio. TP Solar secured a ₹455 crore contract to supply 300 MWp ALMM modules to Maharashtra State Power Generation Company Limited, reinforcing its position as a key supplier in India’s solar industry. Additionally, Tata Power Trading Company Ltd. (TPTCL) partnered with Noida International Airport to supply 10.8 MW of wind power, supporting the airport’s sustainability initiatives. In a major financing development, Tata Power signed a Memorandum of Understanding (MoU) with the Asian Development Bank for US$4.25 billion to fund critical clean energy projects. During the quarter, Tata Power executed 467 MW of projects, reflecting its strong project execution capabilities. In the rooftop solar segment, the company’s order book remains robust, with 134 MW of solar rooftop capacity installed in Q3 FY25. Its distribution network continues to expand, surpassing 560 channel partners across more than 400 districts, further enhancing its market reach and accessibility. 

Business Segments 

  • Generation: Tata Power has a total installed capacity of over 14 GW, comprising thermal, hydro, solar, and wind energy. The company’s focus on renewable energy has led to significant capacity additions, with an increasing share of solar and wind power. Its coal-based thermal plants in Mundra, Trombay, and Jojobera continue to contribute to base-load power generation, ensuring stability in supply. The company also operates hydroelectric power plants in Maharashtra and other states, supporting clean energy initiatives. 
  • Renewable Energy: Tata Power Renewables is a major contributor to India’s green energy transition, with over 4.2 GW of renewable capacity, including utility-scale and rooftop solar projects. The company is actively expanding its solar EPC business, catering to industrial, commercial, and residential consumers. Tata Power’s focus on hybrid energy solutions and floating solar projects is expected to further boost its renewable portfolio in the coming years. 
  • Transmission and Distribution: Tata Power operates transmission networks and distributes power across multiple cities, including Mumbai, Delhi, and Odisha. The company has been a pioneer in implementing smart metering, demand-side management, and advanced grid solutions to enhance reliability and efficiency. Through partnerships with state governments and private entities, Tata Power is continuously expanding its distribution footprint. 
  • Electric Vehicle (EV) Charging Infrastructure: Recognizing the rising adoption of EVs, Tata Power has established itself as a market leader in EV charging solutions. The company has installed over 5,000 charging stations across India, covering highways, residential areas, and commercial hubs. Its expansion in this segment aligns with India’s push for sustainable mobility. 
  • Energy Services & Storage Solutions: Tata Power is also investing in energy storage technologies, including battery energy storage systems (BESS), micro grids, and grid-scale solutions. These initiatives aim to enhance grid stability and support renewable integration. 

Subsidiary Information 

  • Tata Power Renewable Energy Ltd. (TPREL): This subsidiary focuses on developing and managing renewable energy assets, including solar and wind projects. It has been a key driver in Tata Power’s goal to expand its green energy capacity. TPREL has been actively securing large-scale solar projects through government tenders and private-sector collaborations. 
  • Coastal Gujarat Power Ltd. (CGPL): CGPL operates the 4,000 MW Mundra Ultra Mega Power Plant (UMPP), one of India’s largest coal-fired power stations. Despite challenges due to rising fuel costs, CGPL plays a critical role in providing reliable power to multiple states. The company is also exploring cleaner energy solutions to reduce its carbon footprint. 
  • Tata Power Delhi Distribution Ltd. (TPDDL): This joint venture with the Delhi Government is responsible for power distribution in North Delhi. TPDDL has been at the forefront of smart grid implementation, reducing power losses and improving service efficiency. The company has also been actively involved in demand-side management programs to enhance energy conservation. 
  • Tata Power Solar Systems Ltd.: As one of India’s leading solar EPC players, Tata Power Solar specializes in solar module manufacturing, rooftop solar installations, and large-scale solar farms. The company has undertaken several prestigious projects across the country, reinforcing its position as a key player in India’s solar energy sector. 
  • Tata Power Trading Company Ltd. (TPTCL): This subsidiary is involved in power trading and energy management solutions. TPTCL facilitates the sale and purchase of power across different regions, optimizing supply-demand balance and ensuring efficient utilization of generation capacity. It plays a crucial role in providing open access solutions to industries and commercial enterprises. 

Q3 FY25 Earnings 

  • Revenue of ₹15391 crore in Q3 FY25 up by 5.05% YoY from ₹14651 crore in Q3 FY24.  
  • EBITDA of ₹3079 crore in this quarter at a margin of 20% compared to 16% in Q3 FY24. 
  • Profit of ₹1188 crore in this quarter compared to a ₹1076 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 14651 15391 55109 61449 
Expenses 12334 12312 47381 50714 
EBITDA 2417 3079 7728 10735 
OPM 16% 20% 14% 17% 
Other Income 1092 589 5540 3416 
Net Profit 1076 1188 3810 4280 
NPM 7.3% 7.7% 6.9% 6.9% 
EPS 2.9 3.2 10.4 11.6 
Power Grid Q3 FY25 Results
Power Grid Q3 FY25 Results: Net Profit Declines 4% to ₹3,861.6 Cr, EBITDA Drops 7%, Dividend Declared

Power Grid Corporation of India Ltd: Overview

Power Grid Corporation of India Ltd. (PGCIL) is India’s largest electric power transmission utility, responsible for managing the bulk transmission of electricity across the country. Established in 1989, it operates under the Ministry of Power, Government of India, and plays a crucial role in ensuring reliable and efficient power transmission. PGCIL owns and operates an extensive network of transmission lines, substations, and high-voltage direct current (HVDC) systems, forming the backbone of India’s power infrastructure. The company has also expanded its business into consultancy services, telecommunication, and smart grid solutions, leveraging its vast expertise in power system management. With a significant focus on technology adoption, renewable energy integration, and grid modernization, PGCIL continues to strengthen its leadership position in India’s evolving power sector. The Indian power transmission sector is poised for significant growth, driven by increasing electricity demand, renewable energy expansion, and government initiatives to improve grid infrastructure. The National Electricity Plan (NEP) emphasizes the need for extensive transmission capacity expansion to support renewable energy projects, particularly solar and wind energy. The government’s focus on energy security, electrification of rural areas, and cross-border power trading is expected to enhance investment in the sector. Additionally, the push for smart grids, digital substations, and HVDC corridors will create new opportunities for companies like PGCIL. Despite challenges such as land acquisition and regulatory hurdles, the transmission sector remains a key enabler of India’s energy transition, with PGCIL positioned to benefit from the increasing investment in grid modernization and inter-regional connectivity projects. 

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As per Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, Power Grid Corporation of India Ltd. has announced that the ‘Committee of Directors on Investment on Projects’ has approved investment approvals for key transmission projects in its meeting held on February 3, 2025. The first project involves the creation of a 400kV switchyard at Vataman (AIS), including the installation of 21500MVA, 765/400kV ICTs along with 2125MVAr (420kV) Bus Reactors. This project, associated with the Transmission System for Offshore Wind Zone Phase-1 (500 MW VGF off the Coast of Gujarat for Subzone B3), is estimated to cost ₹319.42 crore and is scheduled for commissioning by February 19, 2026. The second project pertains to an additional transmission system for ensuring redundant power supply to the Dholera area, estimated at ₹109.74 crore, with a scheduled commissioning date of March 1, 2026. This project aligns with the creation of a 400kV switchyard and ICT installations at Vataman under the same offshore wind transmission scheme. Additionally, Power Grid has approved an interim dividend of ₹3.25 per share.  

Business Segments

  • Transmission Segment: It is the company’s core business, involving the development, operation, and maintenance of high-voltage transmission lines and substations. It forms over 90% of PGCIL’s revenue, with a network exceeding 175,000 circuit kilometres and over 270 substations. 
  • Telecommunication Segment: It leverages PGCIL’s extensive transmission network to offer fibre-optic communication services to telecom operators and enterprises. The company operates one of the largest optic fibre networks in India, providing seamless connectivity for various commercial applications. 
  • Consultancy Services Segment: It provides technical and management consultancy for domestic and international power projects, offering expertise in grid planning, engineering, and system operations. This segment has witnessed increasing demand, particularly from neighboring countries and African nations. 
  • Smart Grid and Renewable Energy Segment: It focuses on integrating renewable energy sources into the national grid and implementing advanced grid management technologies. This includes developing battery energy storage systems and digital substations. 

Subsidiary Information

  • Power Grid Energy Services Ltd. (PGESL): PGESL is a wholly owned subsidiary of PGCIL, focusing on the development and operation of energy storage solutions, grid management technologies, and electric vehicle (EV) charging infrastructure. The subsidiary plays a crucial role in India’s energy transition by supporting renewable energy integration through advanced storage solutions. 
  • Power Grid Unchahar Transmission Ltd. (PGUTL): PGUTL is a special purpose vehicle (SPV) created to develop and operate transmission projects in Unchahar, Uttar Pradesh. The subsidiary was established as part of PGCIL’s efforts to strengthen regional grid connectivity and ensure stable power supply to industrial and residential consumers. 
  • Power Grid Jawaharpur Firozabad Transmission Ltd. (PGJFTL): PGJFTL was formed to handle critical transmission infrastructure projects in Uttar Pradesh, particularly in the Jawaharpur and Firozabad regions. PGJFTL plays a key role in supporting industrial growth in the region by ensuring uninterrupted power supply. 
  • Power Grid Teleservices Ltd. (PGTL): PGTL is a subsidiary focused on providing telecom and broadband services using PGCIL’s vast fibre-optic network. It caters to government agencies, private enterprises, and telecom operators, offering services such as leased lines, broadband connectivity, and data center solutions. The subsidiary is instrumental in diversifying PGCIL’s revenue streams beyond power transmission. 
  • Power Grid Southern Interconnector Transmission Ltd. (PGSITL): PGSITL is responsible for enhancing power transmission capacity in southern India, ensuring reliable interconnection between different regional grids. PGSITL plays a significant role in supporting the integration of renewable energy from southern states like Tamil Nadu and Karnataka into the national grid. 

Q3 FY25 Earnings 

  • Revenue of ₹11233 crore in Q3 FY25 down by 2.74% YoY from ₹11550 crore in Q3 FY24.  
  • EBITDA of ₹9533 crore in this quarter at a margin of 85% compared to 88% in Q3 FY24. 
  • Profit of ₹3862 crore in this quarter compared to a ₹4028 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 11550 11233 45603 45843 
Expenses 1375 1700 6028 6017 
EBITDA 10175 9533 39576 39826 
OPM 88% 85% 87% 87% 
Other Income 380 552 1093 556 
Net Profit 4028 3862 15420 15573 
NPM 34.9% 34.4% 33.8% 34% 
EPS 4.3 4.2 16.6 16.7 
Asian Paints Q3 FY25 Results
Asian Paints Q3 FY25 Results: ₹1,128 Crore Net Profit, Margin & Volume Growth

Asian Paints Ltd: Overview 

Asian Paints Ltd. is India’s largest paint manufacturer and one of the leading paint companies globally. Founded in 1942, it operates in more than 15 countries and has over 26 paint manufacturing facilities worldwide. It is No.1 or No.2 in its each segment, showing a great brand. Its product portfolio extends beyond decorative paints to include industrial paints, coatings, home decor, and waterproofing solutions, serving residential, commercial, and industrial markets. It has more than 140,000 customers and 3000+ dealers and 160,000+ retail touchpoints. The company has filed approx. 21 patents, Asian Paints has established itself as the most recognizable brand in India’s paint market. Through initiatives like the ‘Beautiful Homes Service’ and online colour consultation tools, Asian Paints enhances customer experience, leveraging digital solutions to strengthen customer engagement. The Indian paints industry is projected to grow at a CAGR of 11-13% over the next five years, aiming to reach a valuation of ₹1.2 lakh crores by 2028. Demand for water-based paints, low-VOC (Volatile Organic Compounds) products, and anti-bacterial coatings is on the rise, driven by eco-conscious and health-focused consumers. Major players, such as Asian Paints and Berger Paints, are continuously investing in R&D for product innovation and are expanding manufacturing capacities to meet rising demand. Infrastructure growth and government focus on boosting the manufacturing sector are expected to increase demand for industrial coatings, especially in construction, automotive, and machinery sectors. Crude oil derivatives are key inputs for paint manufacturing, and price fluctuations can impact profit margins. 

Latest Stock News 

In Q3FY25, the company faced challenges due to continued muted consumer demand, which was further impacted by weak festive sales, a slowdown in urban markets, and seasonal fluctuations. Despite this, the company continued expanding its distribution network, reaching approximately 169,000 retail touchpoints. Beautiful Homes Painting Services and Trusted Contractor Services gained strong traction and continued to grow. The Projects and Institutional Business witnessed a notable demand surge, particularly from the Factories and Builders segment, with the government sector showing positive momentum after three quarters of sluggish activity. Innovation remained a key focus, with new product launches contributing over 12% of overall revenue in Q3. Backward integration projects, including VAM-VAE and White Cement, progressed as planned. The company also launched a new campaign for Ultima Protek, promoting its ultra-durable exterior paint. However, certain segments faced profitability challenges, with the Kitchen segment reporting a PBT loss of ₹5 crore in Q3 compared to breakeven last year, and the Bath segment incurring a PBT loss of ₹7 crore, similar to the previous year. Weak urban consumption affected overall growth, which stood at 5% in INR terms but reflected a strong 17.1% growth in constant currency terms. Regionally, Africa faced setbacks due to currency devaluation in Egypt and Ethiopia, while the Middle East registered robust double-digit growth, with the UAE emerging as a key growth market. 

Business Segments

  • Decorative Business: The Company offers interiors and exterior wall paints, waterproof solutions, textured coatings, etc. with major products like Royale, TruCare, Apcolite, etc. It includes service of Beautiful Homes Service which shares about 4% in total revenue of company and includes services for kitchens, wardrobes, bath fittings, Sanitaryware, decorative lightings, rugs, furniture, etc. provides customers every possible services.  
  • International Business: Asian Paints has a global footprint with manufacturing operations and markets across 15+ countries in the Middle East, South Asia, Southeast Asia, and the Caribbean. While international operations currently represent a smaller portion of total revenue, they contribute to the company’s goal of becoming a leading player in emerging markets.  
  • Industrial Business: The Company operates in the industrial coatings segment through a 50:50 joint ventures with PPG Industries Inc. It offers custom-formulated products for the automotive and industrial sectors, including automotive, marine, and packaging coatings, as well as industrial protective coatings. 

Subsidiary Information

  • Asian paints international Pvt Ltd.: Asian Paints International Private Limited (“APIPL”), Singapore, is a wholly-owned subsidiary of the Company and is the holding company for all of its subsidiary companies carrying out operations overseas. The principal activities of APIPL are those of investment holding and management. 
  • Asian Paints (Nepal) Pvt Ltd: Asian Paints (Nepal) Private, is a subsidiary company of the Company. Its principal business is the manufacturing and selling of paint products in Nepal. The revenue of AP Nepal was ₹335.04 crores with de-growth of 38.5% YoY.  
  • Obgenix Software Pvt Ltd: It is popularly known by the brand name “White Teak” is a subsidiary company of the Company. White Teak is engaged in the business of decorative lighting products, fans and other décor accessories. The revenue of White Teak was ₹133.43 crores with growth of 23.0% YoY.  
  • Weather seal Fenestration Pvt Ltd: It is a subsidiary company of the Company. Weatherseal is engaged in the business of uPVC windows and doors. The revenue of Weatherseal was ₹51.68 crores growth of 110.0% year on year. 

Q3 FY25 Earnings 

  • Revenue of ₹8549 crore in Q3 FY25 down by 6.08% YoY from ₹9103 crore in Q3 FY24.  
  • EBITDA of ₹1637 crore in this quarter at a margin of 19% compared to 23% in Q3 FY24. 
  • Profit of ₹1128 crore in this quarter compared to a ₹1475 crore profit in Q3 FY24. 

Financial Summary 

Amount in ₹ Cr Q3 FY24 Q3 FY25 FY23 FY24 
Revenue 9103 8549 34489 35495 
Expenses 7047 6913 28229 27910 
EBITDA 2056 1637 6260 7585 
OPM 23% 19% 18% 21% 
Other Income 186 193 431 821 
Net Profit 1475 1128 4195 5558 
NPM 16.2% 13.2% 12.2% 15.7% 
EPS 15.1 11.6 42.8 56.9