Q4 Earnings Preview: 5 Key Companies to Watch for Explosive Growth in FY25

India’s Q4 FY25 earnings season intensifies as 17 companies, including HCL Technologies, Waaree Energies, and Havells India, announce results on April 22, offering critical insights into economic resilience. The IT sector (HCL, Cyient DLM) will test global tech demand and AI adoption trends, while Waaree’s solar performance mirrors India’s renewable energy ambitions amid competitive pricing. Financial players like AU Small Finance Bank and Mahindra Finance will signal rural credit health and asset quality post-rate hikes.

Havells’ margins reflect consumer spending on appliances, and Tata Communications’ cloud growth underscores enterprise digitization. Recent strong results from Mahindra Logistics (67% profit surge) highlight supply chain recovery. Investors should prioritize management guidance on FY26 outlooks, sector-specific risks, and macroeconomic cues to gauge market direction. These reports collectively shape narratives around tech innovation, green transitions, and rural-urban economic balance.

Q4 Earnings Preview: 5 Key Companies to Watch for Explosive Growth in FY25

As India’s earnings season gains momentum, investors are turning their attention to the fourth-quarter results of FY25, set to be released on April 22. These reports offer critical insights into corporate health, sector trends, and broader economic shifts. Below, we break down the companies in focus and what their performance could signal for markets.  

Sector Spotlight: Companies Declaring Results 

1. IT & Technology: HCL Technologies & Cyient DLM 

HCL Technologies, a bellwether for India’s IT sector, will be closely watched for signs of growth in global tech spending. Key metrics include deal pipeline strength, margins amid wage revisions, and demand for AI/cloud solutions. Meanwhile, Cyient DLM’s results will shed light on the electronics manufacturing sector, particularly demand for IoT and smart devices in industries like aerospace and healthcare.  

What to Watch:  

• HCL’s revenue guidance for FY26.  

• Cyient’s order book in emerging tech verticals. 

2. Renewable Energy: Waaree Energies 

As a leader in solar panel manufacturing, Waaree Energies’ results will reflect India’s renewable energy push. Investors will eye margins amid falling solar module prices and export opportunities in markets like the U.S. and Europe.  

What to Watch:  

• Capacity expansion plans.  

• Government policy tailwinds (e.g., PLI schemes). 

3. Financial Services: AU Small Finance Bank & Mahindra Finance 

AU Small Finance Bank’s results will highlight rural and semi-urban credit demand, especially in microloans and vehicle financing. Mahindra & Mahindra Financial Services’ performance could signal rural economic recovery, with a focus on asset quality and disbursement growth.  

What to Watch:  

• NPA ratios amid rising interest rates.  

• Growth in secured vs. unsecured loan portfolios. 

4. Consumer Durables: Havells India 

Havells’ earnings will reveal demand trends for appliances and wiring gear. Summer-season sales of ACs and cooling products, coupled with raw material cost pressures, will be key drivers.  

What to Watch:  

• Margin resilience amid commodity price fluctuations.  

• Inventory levels ahead of festive demand. 

5. Telecom & Media: Tata Communications & Hathway Cable 

Tata Communications’ cloud and data services growth will underscore enterprise digital transformation trends. Hathway Cable’s broadband subscriber additions could indicate competition intensity with JioFiber and Airtel.  

What to Watch:  

• ARPU (Average Revenue Per User) trends.  

• Capex investments in 5G infrastructure. 

Recent Performer: Mahindra Logistics Sets the Tone 

On April 21, Mahindra Logistics reported a 67% YoY jump in standalone net profit to ₹13.12 crore, driven by 8% revenue growth in 3PL logistics and express services. CEO Rampraveen Swaminathan highlighted new client acquisitions and e-commerce logistics as growth catalysts. This performance sets a positive precedent for logistics peers and underscores post-pandemic supply chain resilience.  

Investor Takeaways 

• Sector Rotation: Strong IT results could boost tech-heavy indices, while renewable energy stocks may rally on policy momentum.  

• Rural Recovery: Mahindra Finance and AU Bank’s numbers will gauge rural spending power ahead of the monsoon season.  

• Consumer Sentiment: Havells’ margins and Hathway’s subscriber growth will reflect discretionary spending trends. 

Conclusion 

The April 22 earnings deluge offers a microcosm of India’s economic landscape—from tech innovation and green energy adoption to rural finance and consumer behavior. Investors should prioritize management commentaries on FY26 outlooks, margin levers, and macroeconomic headwinds. As always, look beyond headline numbers to operational metrics like order books, client diversification, and cost efficiency for a holistic view.