From Profit Spikes to Declines: How Q4 Earnings Shaped Stock Trends

The financial year 2025-26 started with the Q4 declaration for the financial year 2024-25 from companies across various sectors in the Indian stock market. While some posted strong gains in profitability and revenue, particularly in financial services, tech, and consumer goods, others reported modest growth or declines, highlighting sector-specific challenges. The stock market’s response varied, with positive results boosting shares and weaker performances weighing them down. 

Some of the major companies that declared their Q4 results include the following:

Tata Consultancy Services:

Tata Consultancy Services (TCS), a leading IT services provider, reported a mixed financial performance in Q4 FY25. 

Parameter	Figure	% Change
Revenue (Q4 FY25)	₹64,479 crore	5.29 YoY growth
Net Profit (Q4 FY25)	₹12,224 crore	1.65% YoY fall
Operating Margin	24.20%	–
Net Margin	19.00%	–

The company achieved a 6% year-on-year growth in annual revenue, crossing the $30 billion mark with ₹255,324 crore. However, TCS faced challenges, including the slowest revenue growth in four years and uncertainties around US tariffs affecting client deals. Additionally, the company announced a delay in salary hikes for FY26, indicating near-term cost management measures. TCS shares remained largely flat post-results, closing at ₹3289.55 on 11th April 2025, slightly lower than the previous day’s close of ₹3292.95. 

(source: Mint)

Hindustan Petroleum Corporation Limited:

HPCL, a major public sector oil marketing company, reported a positive financial performance in Q4 FY25. 

Parameter	Figure	% Change
Net Profit (Q4 FY25)	₹3,355 crore	18.02% YoY growth
Total Income (Q4 FY25)	₹1,19,126 crore	2.67% YoY fall
Crude Throughput	6.74 MMT	15.41% YoY growth
Domestic Sales	12.11 MMT	2.63% YoY growth
Export Sales	0.59 MMT	11.32% YoY growth

Additionally, HPCL reported a negative buffer of ₹10,894.53 crore due to the gap between the market-determined price of LPG cylinders and the effective cost to consumers, which the Ministry of Petroleum and Natural Gas instructed OMCs to retain for future adjustments. Despite these developments, HPCL’s stock closed 3.3% lower at ₹396.90 ahead of the earnings announcement.

WIPRO:

Wipro reported a mixed financial performance for Q4 FY25.

Parameter	Figure	% Change
Revenue (Q4 FY25)	₹22,504.20 crore	1.33% YoY growth
Net Profit (Q4 FY25)	₹3,570 crore	25.9% YoY growth
IT Services Revenue	₹14,504 crore	2.3% YoY decline
Operating Margin (Q4)	17.50%	1.1% YoY expansion

For the full fiscal year 2025, Wipro achieved an 18.9% year-on-year growth in net income. Despite weak revenue growth in the IT services segment, Wipro reported a strong 48.5% year-on-year increase in large deal bookings, which provides a positive outlook for future revenue. The company highlighted that weak discretionary spending had affected growth and projected a 1.5% to 3.5% decline in IT services revenue for Q1 FY26. Plus, the stock market saw Wipro shares increase by 1.5%, closing at ₹247.80 on 16th April 2025, ahead of the earnings announcement.

(source: Mint)

HDFC Life Insurance Company:

HDFC Life Insurance reported strong growth for Q4 FY25, with a 15% year-on-year (YoY) increase in net profit.

Parameter	Figure	% Change
Net Profit (Q4 FY25)	₹475 crore	15% YoY growth
Net Premium Income (Q4)	₹23,842 crore	16% YoY growth
Assets Under Management (AUM)	₹3,36,282 crore	15% YoY growth
Market Share (Individual WRP)	11.10%	70 bps YoY growth

For FY25, the company achieved significant growth driven by a 16% rise in net premium income and an 18% increase in individual APE (Annual Premium Equivalent), reflecting an increase in both the number of policies sold and the average ticket size. HDFC Life also saw a 15% YoY increase in its Assets Under Management (AUM), totaling ₹3,36,282 crore.

(source: Mint)

HDFC Bank:

HDFC Bank posted a positive financial performance for Q4 FY25.

Parameter	Figure	% Change
Net Profit (Q4 FY25)	₹17,616.14 crore	6.7% YoY growth
Net Interest Income (NII)	₹32,065.8 crore	10.28% YoY growth
Net Interest Margin (NIM)	3.54%	–
Gross NPA Ratio	1.33%	–
Dividend (Final)	₹22 per share	–

HDFC Bank also saw improvement in its asset quality, with a reduction in its GNPA ratio to 1.33%. The stock market responded positively, with shares rising over 2% to hit a record high of ₹1,950 per share after the announcement, reflecting investor confidence in the bank’s steady growth and improved asset quality.

(source: Mint)

State Bank Of India:

State Bank of India (SBI) posted a mixed financial performance for Q4 FY25. The bank saw a decline in its net profit, while its operating profit showed growth.

Parameter	Figure	% Change
Net Profit (Q4 FY25)	₹18,642.59 crore	10% YoY decline
Net Interest Income (NII)	₹42,774.55 crore	2.7% YoY growth
Operating Profit	₹31,286 crore	8.83% YoY growth
Loan Loss Provisions	₹3,964 crore	20.35% YoY increase
Dividend (FY25)	₹15.90 per share	–

SBI declared a dividend of ₹15.90 per share for FY25. The bank also saw improvement in its asset quality, with both gross and net NPA ratios declining. Despite downward revisions to its credit growth forecast, SBI announced plans to raise up to ₹25,000 crore in equity capital. The stock market reaction was initially negative, with shares falling sharply. However, SBI’s share price later gained 1.5%, closing at ₹800.05 on 2nd May 2025.

(source: ET)

Reliance Industries:

Reliance Industries reported a solid financial performance for Q4 FY25 with notable growth in key metrics.

Parameter	Figure	% Change
Net Profit	₹22,434 crore	6.1% YoY growth
Revenue from Operations	₹2,64,573 crore	9.9% YoY growth
Digital Services (Jio)	17% YoY growth	–
Retail Segment	15.6% YoY growth	–
Jio Subscriber Base	488.2 million	–
Dividend	₹5.5 per share	–

Reliance’s net profit for Q4 FY25 grew by 6.1% YoY to ₹22,434 crore, with revenue from operations increasing by 9.9% YoY to ₹2,64,573 crore. Jio Platforms saw a 17% revenue increase, and the retail segment grew by 15.6%. Jio’s subscriber base reached 488.2 million. The company declared a ₹5.5 dividend per share. Following these results, the company shares saw a notable increase on 28th April 2025, rising by 3.92% to an intraday high of ₹1,351 on the BSE.

(source: Mint)

Bombay Stock Exchange:

BSE Ltd. reported exceptional financial growth for Q4 FY25.

Parameter	Figure	% Change
Net Profit	₹493 crore	364% YoY growth
Revenue from Operations	₹847 crore	75% YoY growth
EBITDA	₹594 crore	520% YoY growth
Dividend	₹23 per share	–

The company board declared a final dividend of ₹23 per share, including a special dividend to mark its 150th anniversary. Despite a 3.15% decline in share price after the announcement, BSE had recently reached a 52-week high, reflecting its strong performance in the prior months.

Asian Paints:

Asian Paints reported a decline in its financial performance for Q4 FY25, with weak urban demand impacting its overall results.

Parameter	Figure	% Change
Net Profit (PAT)	₹692 crore	-45% YoY
Profit Before Depreciation, Interest, Tax (PBDIT)	₹1,436 crore	-15% YoY
Revenue	₹8329.6 crore	-4.3% YoY
PBDIT Margin	17.20%	-2.2% YoY

The quarterly overall performance was a result of the following sectoral numbers: 

• Decorative Business (India): Volume growth of 1.8%, but revenue declined 5.2%. The segment suffered from weak demand, downtrading, and heightened competition.
• Industrial Business: Saw a 6% revenue growth, driven by strong performance in the General Industrial and Automotive coatings segments.
• Home Décor: Struggled with weak consumer sentiment and low household disposable income. The Beautiful Homes store network synergies couldn’t fully offset the downturn.
• International Business: Revenue dropped 1.5% due to macroeconomic challenges in Africa, though key markets in the Middle East and Asia performed well. On a constant currency basis, international revenues grew by 6%.

Despite the weak demand conditions, the board recommended a final dividend of ₹20.55 per share for FY25, subject to shareholder approval, with 10th June as the record date.

(Source: ET)

Kajaria Tiles:

Kajaria Ceramics’ Q4 FY25 results reflected a challenging quarter, with net profit declining by 59% year-on-year to ₹43 crore, primarily due to losses of ₹30.79 crore from discontinued plywood operations. The company’s revenue from operations rose marginally by 1.1% to ₹1,222 crore, supported by a 5.73% sequential increase. However, EBITDA contracted by 20% to ₹138.4 crore, with margins narrowing to 11.3% from 14.3% a year ago.

Parameter	Figure	% Change
Revenue (Q4 FY25)	₹1,222 crore	1.1% growth
Net Profit (Q4 FY25)	₹43 crore	59% fall
EBITDA	₹138.4 crore	20% fall
EBITDA Margin	11.30%	3% fall
Tile Volumes (FY25)	114.7 MSM	6% growth

During the quarter, Kajaria wound down its UK JV due to high operating costs and scrapped plans for a ₹30 crore tile facility under Kajaria Ultima Pvt. Ltd. The company is proceeding with a ₹15 crore adhesives plant in Rajasthan, slated to begin operations in June 2025. Kajaria also added a new subsidiary, Kajaria Adhesive Pvt. Ltd., expanding its product portfolio and maintaining a total production capacity of 90.5 MSM across India and Nepal.

(Source: CNBC)

In the Q4 FY2025 earnings season, you would have observed mixed performances across sectors. Financial services generally showed strong profit growth and asset quality improvements, while IT companies faced varied outcomes amid global uncertainties. Consumer goods and export-driven sectors reported both gains and challenges, reflecting shifting demand and operational pressures. As the market reacts to these diverse results and broader economic factors, you may want to keep a close eye on evolving trends and potential impacts on key sectors. 

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