18 BSE 500 firms outshine FY25 metrics in just 9 months; finance, capex plays lead surge

ET Intelligence Group: A handful of BSE 500 companies have shown strong earnings momentum amid a volatile macroeconomic environment, shows an ETIG analysis. There are 18 companies in the sample that have exceeded their respective FY25 revenue, operating profit before depreciation and amortisation (EBITDA) and net profit in the first nine months of the current fiscal year. These companies have also shown an improvement in EBITDA margins over FY25 levels. The performance on these four key parameters was considered to weed out companies that might have benefited from one-off, non-operating items such as exceptional income, tax adjustments and others.

The list is dominated by six finance and four capital goods companies, aided by an uptick in credit demand and the government’s thrust on infrastructure development. Other sectors that have representation include chemicals, fast moving consumer goods, auto ancillaries and metals. The list includes companies such as GE Vernova T&D, Waaree Energies, Muthoot Finance, Acme Solar, Gillette India, Navin Fluorine, Kalyan Jewellers, Tata Investment Corporation, Multi Commodity Exchange of India, Bajaj Holdings and Investment and Aether Industries.

In addition, seven companies have reported a more than two-fold jump in net profit when compared with the corresponding nine-month period of the previous year. This subgroup includes Waaree Energies, Craftsman Automation, GE Vernova, Capri Global, HBL Engineering, Navin Fluorine and Acme Solar.
Despite their impressive financial performance, market conditions have affected their stock returns in the current calendar year. Of the 18 companies, only six, or one-third, have yielded stock returns. These include Waaree Energies (7% return), GE Vernova (20%), Navin Fluorine (5%), Acme Solar (7%), MCX (11%), and Aether Industries (35%), which is also the top gainer on the list. Paradeep Phosphate was the biggest loser, falling 32% year-to-date, affected by concerns over rising input costs.