EconomyIndia macro
How are India's listed companies doing?
3,247 listed private companies outside finance reported sales 19.4% higher in Q1 2026-27 than a year earlier. Operating profit grew 19.3% and net profit 14.1%. Over the decade, net profit has grown much faster than sales: interest now takes much less of each rupee of sales, and one-off items have turned from losses into gains.
Written for readers who follow India's companies through the economy rather than one stock at a time. Results to Q1 2026-27 (to 30 Jun 2026); annual to 2025-26.
Q1 2026-27: sales up 19.4%
The RBI compares each company's results with the same quarter a year earlier, on the companies that reported in both, and adds them up. 3,247 companies reported for Q1 2026-27.
Sales growth has quickened for 4 quarters in a row, to 19.4%, the fastest since Q2 2022-23. Raw material costs rose faster still, by 25.3%, which suggests higher prices account for part of the growth. The fastest-growing industries were precious and non-ferrous metals, petroleum products and real estate. Staff costs rose 10.3% and interest fell 0.4%.
Sales growth, quarter by quarter
Year on year, on companies common to both quarters. Q1 2014-15 to Q1 2026-27.
How to read it. Each bar compares a quarter with the same quarter a year earlier, so the 2021-22 bars are large because the lockdown quarters they compare with were small. Read the years either side for the trend.
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Six lines of the profit and loss account
Year-on-year growth, each panel on its own scale.
How to read it. Profit swings far more than sales, because it is what is left after costs. Net profit growth is blank where the year-ago profit was a loss or near zero, which the RBI treats as not meaningful.
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Growth year on year, on companies common to both periods. Companies: Q1 2026-27 3,247, Q4 2025-26 3,266, Q3 2025-26 3,188, Q2 2025-26 3,118, Q1 2025-26 3,079; 2025-26 4,278.
| Item | Q1 2026-27 | Q4 2025-26 | Q3 2025-26 | Q2 2025-26 | Q1 2025-26 | 2025-26 | 2024-25 | More |
|---|---|---|---|---|---|---|---|---|
| Sales | 19.4% | 13.9% | 10.1% | 8.0% | 5.5% | 10.1% | 7.2% | |
| Value of production | 20.6% | 14.2% | 10.6% | 8.6% | 5.5% | 10.5% | 7.6% | |
| Expenditure | 20.8% | 15.1% | 10.9% | 8.6% | 5.2% | 10.7% | 7.3% | |
| Raw materials | 25.3% | 17.8% | 12.5% | 8.7% | 4.8% | 11.8% | 6.7% | |
| Staff costs | 10.3% | 8.3% | 9.2% | 7.8% | 7.1% | 8.5% | 7.7% | |
| Power and fuel | 19.3% | −4.7% | −6.4% | −4.4% | −6.1% | −5.8% | −2.5% | |
| Operating profit | 19.3% | 9.8% | 8.9% | 8.3% | 7.3% | 9.1% | 8.9% | |
| Other income | 6.0% | 9.1% | 13.1% | −6.8% | 15.9% | 14.2% | 17.9% | |
| EBITDA | 16.9% | 9.7% | 9.5% | 5.4% | 8.7% | 9.9% | 10.3% | |
| Depreciation | 9.2% | 6.8% | 7.4% | 8.4% | 6.7% | 7.8% | 7.7% | |
| EBIT | 19.0% | 10.4% | 10.1% | 4.7% | 9.3% | 10.5% | 11.0% | |
| Interest | −0.4% | 4.9% | −2.2% | −2.6% | 3.0% | 1.2% | 2.7% | |
| Profit before tax | 22.7% | 11.5% | 12.9% | 6.3% | 10.6% | 12.5% | 13.0% | |
| Tax | 26.3% | 8.3% | 9.9% | 6.8% | 6.3% | 6.8% | 8.7% | |
| Net profit | 14.1% | 27.1% | 5.2% | 1.5% | 17.6% | 28.3% | 18.9% |
Ratios on each period's own sample: per cent, except the two coverage ratios, which are times.
| Ratio | Q1 2026-27 | Q4 2025-26 | Q3 2025-26 | Q2 2025-26 | Q1 2025-26 | 2025-26 | 2024-25 | More |
|---|---|---|---|---|---|---|---|---|
| EBITDA margin (%) | 19.5 | 18.2 | 18.5 | 18.9 | 20.1 | 18.8 | 19.4 | |
| Operating margin (%) | 16.4 | 15.4 | 15.8 | 15.7 | 16.5 | 15.6 | 16.3 | |
| EBIT margin (%) | 15.8 | 14.5 | 14.5 | 14.8 | 16.0 | 14.9 | 15.4 | |
| Net margin (%) | 10.5 | 12.1 | 9.4 | 9.2 | 10.8 | 11.7 | 10.3 | |
| Raw materials to sales (%) | 54.7 | 54.9 | 54.3 | 53.1 | 51.3 | 54.1 | 52.1 | |
| Staff costs to sales (%) | 10.0 | 9.7 | 10.5 | 10.7 | 10.9 | 10.3 | 10.4 | |
| Interest to sales (%) | 2.1 | 2.2 | 2.4 | 2.5 | 2.6 | 2.4 | 2.8 | |
| Interest burden (%) | 13.6 | 15.3 | 16.4 | 16.6 | 16.4 | 15.9 | 17.9 | |
| Interest coverage (times) | 7.4 | 6.5 | 6.1 | 6.0 | 6.1 | 6.3 | 5.6 | |
| Cash coverage (times) | 9.1 | 8.2 | 7.8 | 7.7 | 7.6 | 7.9 | 7.0 | |
| Tax to profit before tax (%) | 21.8 | 21.0 | 20.2 | 20.8 | 20.5 | 20.6 | 20.4 | |
| Other income to net profit (%) | 30.0 | 23.6 | 29.0 | 34.4 | 33.5 | 26.9 | 30.8 |
EBITDA is profit before interest, tax, depreciation and amortisation, including other income. Operating profit leaves other income out. Interest coverage is EBIT, profit before interest and tax, divided by interest.
2014-15 to 2025-26: net profit grew 4.5 times, sales 2.3 times
Each year's growth compares the same companies in both years. Linking those rates year after year gives an index of how much bigger the typical listed company's accounts have become, without the distortion of companies entering and leaving the sample.
Start with ₹100 of sales in 2014-15. Linked growth takes it to ₹229 by 2025-26. ₹100 of staff costs became ₹273, ₹100 of operating profit ₹255 and ₹100 of net profit ₹453. ₹100 of interest became only ₹155.
Net profit and sales, linked year by year
Index, 2014-15 = 100. Each year's step is the RBI's growth on companies common to both years.
How to read it. The bold line is net profit. It fell by more than half in 2019-20, when one-off losses took ₹3.9 of every ₹100 of sales, passed its earlier peak two years later, and has grown faster than sales since.
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What ₹100 in 2014-15 became by 2025-26
Linked year-on-year growth on matched companies.
How to read it. Interest grew least, so the share of operating profit lost to lenders fell. Staff costs grew faster than sales, so wages took a slightly larger share of each rupee of sales.
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Linking matched growth rates is how the RBI's own long series are read across changing samples. It describes companies that report in consecutive years, so it leaves out the first and last years of companies that list, delist or stop reporting.
Where ₹100 of sales goes: ₹11.7 ends as net profit, against ₹6.6 in 2015-16
Each year's rupee amounts, for that year's sample, divided by its sales. The steps reproduce the RBI's own operating profit and net profit exactly.
Out of ₹100 of sales in 2025-26, raw materials took ₹41.4, staff ₹10.3, power and fuel ₹2.6 and other costs ₹31.3, leaving operating profit of ₹15.6. That is almost what it was in 2015-16 (₹15.2). The gain in net profit came below that line. Interest fell from ₹4.4 to ₹2.4, and non-operating items (one-off gains and losses such as asset sales and write-downs) went from a cost of ₹0.6 to a gain of ₹1.9.
2015-16
₹ per ₹100 of sales.
How to read it. Costs step down from sales to operating profit, other income steps up, and interest, depreciation, tax and one-off items step down to net profit.
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2025-26
₹ per ₹100 of sales.
How to read it. Compare the interest and non-operating steps with the year beside it: they account for most of the higher net profit.
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Operating profit and net profit per ₹100 of sales
Each year's own sample, 2015-16 to 2025-26.
How to read it. The gap between the lines is what other income, depreciation, interest, tax and one-off items take or add. It has narrowed because interest fell and one-off items turned from a cost into a gain.
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₹ per ₹100 of sales. Change in stocks is left out of the table; operating profit includes it.
| Year | Raw materials | Staff | Power and fuel | Other costs | Operating profit | Other income | Depreciation | Interest | Tax | Non-operating items | Net profit | More |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2015-16 | 39.2 | 9.7 | 3.5 | 32.1 | 15.2 | 3.1 | 4.1 | 4.4 | 2.6 | −0.6 | 6.6 | |
| 2016-17 | 39.3 | 10.6 | 3.1 | 32.1 | 15.6 | 3.3 | 4.4 | 4.5 | 2.7 | −0.8 | 6.5 | |
| 2017-18 | 39.1 | 10.5 | 3.3 | 32.1 | 15.3 | 3.2 | 4.0 | 3.6 | 3.0 | −1.1 | 6.7 | |
| 2018-19 | 41.3 | 10.0 | 3.1 | 31.6 | 14.9 | 3.4 | 3.6 | 3.1 | 3.2 | −1.1 | 7.3 | |
| 2019-20 | 38.9 | 11.4 | 3.0 | 31.6 | 15.3 | 3.4 | 5.1 | 4.0 | 2.5 | −3.9 | 3.1 | |
| 2020-21 | 37.2 | 12.1 | 2.5 | 30.6 | 17.6 | 3.9 | 5.4 | 4.3 | 2.8 | −1.7 | 7.2 | |
| 2021-22 | 42.0 | 10.4 | 3.0 | 29.2 | 17.0 | 2.9 | 4.3 | 3.0 | 2.9 | −0.2 | 9.5 | |
| 2022-23 | 41.7 | 10.1 | 4.1 | 30.0 | 14.7 | 2.8 | 3.8 | 2.7 | 2.6 | −0.3 | 8.1 | |
| 2023-24 | 39.8 | 10.5 | 3.6 | 30.5 | 16.0 | 2.9 | 4.0 | 2.8 | 2.7 | −0.4 | 9.0 | |
| 2024-25 | 39.7 | 10.4 | 3.2 | 31.3 | 16.3 | 3.2 | 4.0 | 2.8 | 2.7 | 0.3 | 10.3 | |
| 2025-26 | 41.4 | 10.3 | 2.6 | 31.3 | 15.6 | 3.2 | 3.9 | 2.4 | 2.7 | 1.9 | 11.7 |
Margins: higher at the bottom line than at the top
Margins are a period's profit as a share of its sales, on that period's own sample. EBITDA margin includes other income and operating margin leaves it out. Net margin is after interest, depreciation, tax and one-off items.
The operating margin averaged 14.9% in the five years to 2018-19 and 15.7% since 2022-23. The net margin moved much more, from 6.4% to 9.5%.
Operating and net margins
Per cent of sales, each quarter's own sample.
How to read it. The two lines have drawn closer since 2020: the same operating margin now leaves more as net profit.
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EBITDA margin in manufacturing, IT services and other services
Per cent of sales, shared scale.
How to read it. IT companies keep far more of each rupee of sales before interest and depreciation than manufacturers do, because their main cost is people, not materials; that margin has slipped since 2021.
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Costs and wages
Raw materials are the largest cost, and they move with commodity prices. Staff costs move with jobs and pay, and are the closest thing in this data to a wage bill.
Raw materials cost 54.7% of sales in Q1 2026-27, against 55.9% in the first quarter of the series. Staff costs were 10.0% of sales. Raw material costs have grown faster than sales for 4 quarters in a row. When that happens the raw-material share climbs and the staff share falls, even if pay does not change.
Raw materials as a share of sales
Per cent, on companies that report raw materials, mostly manufacturers.
How to read it. The share climbs when raw material costs grow faster than sales, and it fell in 2020 when material use dropped more than sales did.
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Staff costs as a share of sales
Per cent.
How to read it. In the first lockdown quarter sales fell far faster than payrolls, so the staff share jumped; it has drifted back since.
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Raw material costs and sales, growth
Year on year.
How to read it. Raw material costs swing wider than sales. When they grow faster, raw materials take a bigger share of each rupee of sales.
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Staff costs and sales, growth
Year on year.
How to read it. Payrolls are steadier than sales: they kept growing in most quarters when sales shrank, and fell only in the two lockdown quarters of 2020.
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Staff costs as a share of sales, by industry class
Per cent of sales; each panel on its own scale.
How to read it. In IT services about half of every rupee of sales goes to staff; in manufacturing about a twentieth.
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Debt: interest coverage at 7.4×, the highest on record
Interest coverage is EBIT divided by interest: how many times over profit before interest and tax pays the interest bill. Interest burden is the reverse, interest as a share of EBIT.
Coverage was 3.4× in the first quarter of the series and fell to 2.0× in Q1 2020-21. In Q1 2026-27 it is 7.4×. Interest took 29% of EBIT in the first quarter and 14% now. Interest paid has grown far more slowly than profit, so the same operating profit now carries a much smaller interest bill.
Interest coverage
Times. Cash coverage adds depreciation back to EBIT.
How to read it. Higher is safer: the profit available to pay interest is that many times the interest due. Below 1, profit before interest and tax does not cover the interest.
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Interest as a share of sales
Per cent.
How to read it. Interest fell from about four rupees in every hundred of sales to about two.
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Interest paid, growth
Year on year.
How to read it. Bars below zero are quarters when companies paid less interest than a year earlier, which happened through most of 2021-22 and again recently.
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Interest coverage by industry class
Times; each panel on its own scale.
How to read it. IT companies borrow little, so their coverage runs in the dozens. Manufacturers account for most of the overall improvement; other services, which include telecom, real estate and trade, still cover their interest only about twice.
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Tax and other income
The share of profit paid in tax shows the 2019 cut in the corporate tax rate. The share of net profit that comes from other income, mainly interest and dividends earned, shows how much profit depends on treasury income rather than the business.
Tax took 24.2% of profit before tax on average until the cut in September 2019, and 20.8% since. Other income was 50% of net profit on average before 2019-20 and 32% since 2022-23.
Tax as a share of profit before tax
Per cent; tax provisions, including deferred tax.
How to read it. The quarter of the cut, Q2 2019-20, dips furthest; the lower level since is the lasting change.
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Other income as a share of net profit
Per cent; blank where net profit was negative.
How to read it. Lower means more of the profit comes from the business itself. Spikes are quarters when net profit was small.
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Manufacturing, IT services and other services
The RBI also splits the sample three ways. In Q1 2026-27 manufacturing made 68% of the sample's sales, IT services 10% and other services, such as trade, telecom, transport and real estate, 14%. The three leave out agriculture, mining, electricity and construction: 257 companies with 9% of sales.
Q1 2026-27, growth year on year.
| Class | Companies | Sales growth | Operating profit growth | Net profit growth | EBITDA margin | Staff costs to sales | Interest coverage | Sales growth, 2025-26 | More |
|---|---|---|---|---|---|---|---|---|---|
| Manufacturing | 1,827 | 21.4% | 21.3% | 9.3% | 17.1% | 5.5% | 10.2× | 10.8% | |
| IT services | 204 | 14.8% | 19.9% | 29.8% | 29.0% | 45.4% | 43.4× | 7.9% | |
| Other services | 957 | 19.7% | 12.7% | 5.4% | 24.6% | 10.1% | 2.6× | 12.9% |
Sales growth by industry class
Year on year, shared scale.
How to read it. IT services grew steadily through the lockdown and have slowed since 2022; manufacturing and other services swung far more and now lead.
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Operating profit growth by industry class
Year on year; each panel on its own scale.
How to read it. Operating profit swings more than sales in every class, and most in other services.
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Industry by industry
The RBI's industry groups, 38 of them at the level used here. Small groups have few companies, so their growth jumps around: read the company count in the table before reading much into one quarter.
In Q1 2026-27, sales grew fastest in precious and non-ferrous metals, petroleum products and real estate, and slowest in leather, mining and tobacco. Over the decade, wholesale and retail trade, vehicles and transport equipment and precious and non-ferrous metals gained the most share of the sample's sales, and textiles, petroleum products and telecom lost the most.
Sales and operating profit growth by industry, Q1 2026-27
Year on year, ranked by sales growth.
How to read it. Where operating profit grew faster than sales, margins widened. Blank operating profit growth means the year-ago profit was a loss or near zero.
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Operating margin by industry, a year apart
Per cent of sales, ranked by the latest quarter.
How to read it. Each row runs from the year-ago quarter to the latest one; a long bar is a big change in margin.
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Annual sales growth by industry
Financial years, on matched companies; industries ordered by their share of sales. Colour saturates at ±30%.
How to read it. Read across a row for an industry's cycle and down a column for a year. 2020-21 is the lockdown year; 2021-22 the rebound from it.
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Operating margin by industry and year
Per cent of sales, each year's own sample. Colour saturates at ±30%.
How to read it. Margins differ more between industries than over time within one: an industry's row keeps much the same shade from year to year.
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Interest coverage by industry and year
Times. Colour saturates at 15 times.
How to read it. Darker cells cover their interest many times over. Blank cells are years the RBI marks not meaningful, usually because profit before interest was negative.
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Each industry's share of the sample's sales
2015-16 and 2025-26; the largest risers and fallers are highlighted.
How to read it. Shares describe the companies in the sample each year, so a listing wave in an industry raises its share as surely as faster growth does.
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Manufacturing: growth
How to read it. Choose any of the RBI's industry groups. Year-on-year growth on matched companies; gaps are quarters the RBI marks not meaningful.
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Manufacturing: margins
How to read it. Per cent of sales, each quarter's own sample of the industry's companies.
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Q1 2026-27 unless marked. Each group is followed by its subgroups, indented, largest first. A dash is a value the RBI marks not meaningful or does not publish.
| Industry | Companies | Share of sales | Sales growth | Operating profit growth | Net profit growth | Operating margin | Net margin | Interest coverage | Sales growth, 2025-26 | More |
|---|---|---|---|---|---|---|---|---|---|---|
| Manufacturing | 1,827 | 68.2% | 21.4% | 21.3% | 9.3% | 14.7% | 10.0% | 10.2× | 10.8% | |
| · Motor Vehicles and Other Transport Equipments | 109 | 12.0% | 27.8% | 10.6% | −13.6% | 11.1% | 8.0% | 24.4× | 19.5% | |
| ·· Motor Vehicles | 24 | 10.1% | 28.5% | 8.7% | −17.1% | 11.1% | 8.2% | 46.0× | 20.7% | |
| ·· Parts, Accessories and Other Transport Equipments | 85 | 2.0% | 24.4% | 20.9% | 16.6% | 11.4% | 6.9% | 6.8× | 13.8% | |
| · Petroleum Products | 15 | 8.2% | 41.2% | 52.4% | −20.8% | 12.2% | 8.3% | 11.0× | −1.7% | |
| · Chemicals and Chemical Products | 251 | 7.5% | 15.9% | 27.4% | 32.7% | 16.5% | 11.5% | 13.2× | 9.4% | |
| ·· Other Chemicals | 108 | 3.6% | 13.9% | 25.9% | 22.3% | 16.9% | 11.4% | 13.7× | 7.7% | |
| ·· Basic Chemicals | 113 | 1.8% | 21.2% | 43.8% | 78.9% | 18.3% | 13.3% | 10.6× | 6.2% | |
| ·· Fertilizers and Pesticides | 18 | 1.2% | 15.0% | 4.7% | 0.6% | 11.0% | 7.3% | 8.9× | 24.8% | |
| ·· Paints and Varnishes | 12 | 0.8% | 14.7% | 24.8% | 32.3% | 18.8% | 13.8% | 61.9× | 2.4% | |
| · Iron and Steel | 118 | 7.0% | 13.2% | 10.5% | 5.6% | 16.6% | 8.9% | 5.4× | 4.1% | |
| · Food Products and Beverages | 183 | 5.6% | 14.0% | 20.3% | 17.7% | 9.6% | 6.1% | 7.7× | 12.4% | |
| ·· Other Food Products | 111 | 2.3% | 13.8% | 17.1% | 20.2% | 14.2% | 10.5% | 14.3× | 11.0% | |
| ·· Edible Oil | 24 | 1.9% | 18.2% | 55.2% | 2.9% | 5.1% | 3.3% | 7.0× | 20.1% | |
| ·· Dairy Products | 13 | 0.7% | 21.4% | 27.0% | 29.8% | 15.6% | 9.0% | 16.1× | 12.4% | |
| ·· Sugar | 35 | 0.7% | −0.6% | −83.5% | – | 0.4% | −3.7% | – | 1.7% | |
| · Electrical Machinery and Apparatus | 122 | 5.0% | 31.7% | 26.9% | 51.1% | 11.6% | 9.3% | 10.5× | 21.8% | |
| · Pharmaceuticals and Medicines | 166 | 3.7% | 8.7% | −1.5% | 0.4% | 26.3% | 18.6% | 13.8× | 2.8% | |
| · Precious and Non-Ferrous Metals | 36 | 3.6% | 41.6% | 116.5% | 71.4% | 29.6% | 25.2% | 13.6× | 23.1% | |
| · Cement and Cement Products | 30 | 2.9% | 10.8% | −4.8% | 15.9% | 15.8% | 7.0% | 5.8× | 13.0% | |
| · Machinery and Machine Tools | 124 | 2.0% | 18.2% | 6.3% | −24.4% | 11.7% | 8.9% | 14.5× | 10.8% | |
| · Textiles | 229 | 2.0% | 8.4% | 22.7% | 64.3% | 11.5% | 6.6% | 4.1× | 3.6% | |
| · Jewellery and Related Articles | 32 | 1.9% | 35.2% | 45.6% | 52.6% | 10.0% | 6.5% | 7.5× | 41.2% | |
| · Rubber and Rubber Products | 22 | 1.3% | 15.5% | 3.4% | 19.0% | 11.6% | 6.1% | 6.5× | 10.4% | |
| · Fabricated Metal Products | 77 | 1.0% | 14.7% | 16.6% | 17.2% | 15.6% | 8.5% | 7.0× | 10.8% | |
| · Plastic Products | 100 | 0.9% | 11.7% | 25.2% | 22.2% | 13.3% | 6.9% | 5.5× | 6.4% | |
| · Tobacco Products | 6 | 0.9% | −14.6% | −28.9% | −28.7% | 25.7% | 20.6% | 135.2× | 4.7% | |
| · Other Manufacturing | 65 | 0.8% | 15.2% | 24.8% | 37.3% | 13.9% | 11.4% | 17.5× | 6.0% | |
| · Computer and Electronic Equipments | 52 | 0.8% | 25.7% | 33.2% | −16.7% | 12.0% | 10.2% | 9.4× | −3.3% | |
| · Paper and Paper Products | 45 | 0.5% | 13.0% | 29.5% | 57.1% | 12.0% | 5.0% | 4.2× | 4.3% | |
| · Wood Products | 16 | 0.2% | 18.6% | 57.8% | 100.6% | 10.4% | 5.2% | 6.2× | 8.4% | |
| · Glass and Glass Products | 10 | 0.1% | 16.0% | 45.4% | – | 22.8% | 13.0% | 8.8× | 11.8% | |
| · Leather | 12 | 0.1% | 1.0% | −17.4% | −66.0% | 8.0% | 1.3% | 2.7× | 3.2% | |
| · Medical Precision and Other Scientific Equipments | 7 | 0.1% | 29.1% | 44.0% | 39.3% | 20.0% | 10.8% | 6.5× | 27.6% | |
| Services (other than IT) | 957 | 13.7% | 19.7% | 12.7% | 5.4% | 20.9% | 6.3% | 2.6× | 12.9% | |
| · Wholesale and Retail Trade | 430 | 5.8% | 26.9% | 35.5% | −6.8% | 9.2% | 4.3% | 7.4× | 18.4% | |
| · Telecommunication | 24 | 2.7% | 8.0% | 9.5% | – | 51.0% | 6.1% | 1.5× | 8.1% | |
| · Transport and Storage Services | 73 | 2.2% | 24.0% | −3.6% | −61.4% | 17.8% | 7.5% | 2.3× | 9.7% | |
| · Other Services | 155 | 1.2% | 13.3% | 10.4% | −0.9% | 12.1% | 7.9% | 8.7× | 9.5% | |
| · Hospital Services | 36 | 0.5% | 19.3% | 17.4% | 6.2% | 22.7% | 12.1% | 6.6× | 14.0% | |
| · Hotel and Restaurant | 71 | 0.5% | 7.0% | 7.9% | 14.5% | 25.6% | 12.2% | 4.9× | 11.9% | |
| · Real Estate | 101 | 0.3% | 40.0% | 65.8% | 85.4% | 22.6% | 12.2% | 2.0× | 5.6% | |
| · Video and Television Programming and Broadcasting | 35 | 0.3% | 12.3% | 20.1% | −43.6% | 21.0% | 8.5% | 3.9× | 2.9% | |
| · Business Support Services | 32 | 0.2% | 14.1% | −3.6% | −27.9% | 15.5% | 4.7% | 2.6× | 10.3% | |
| IT : Computer software and related services | 204 | 9.6% | 14.8% | 19.9% | 29.8% | 22.7% | 20.1% | 43.4× | 7.9% | |
| Construction | 165 | 4.7% | 10.3% | 13.3% | 39.5% | 10.3% | 8.6% | 4.0× | 7.4% | |
| Electricity and Gas - Supply | 30 | 2.9% | 18.7% | 14.4% | 5.3% | 21.3% | 11.3% | 3.9× | −2.9% | |
| Mining and Quarrying | 32 | 0.7% | −14.0% | 57.3% | 135.0% | 28.1% | 25.1% | 14.0× | 0.4% | |
| Agriculture and Related Activities | 30 | 0.2% | 4.5% | 7.1% | 6.8% | 13.5% | 10.9% | 8.3× | 7.1% | |
| · Agriculture: others | 21 | 0.2% | 3.8% | 3.1% | 0.2% | 13.8% | 11.8% | 14.8× | 8.7% | |
| · Tea and Coffee Plantation | 9 | 0.0% | 9.3% | 55.9% | – | 11.7% | 4.1% | 1.8× | 0.3% |
Big and small companies
The RBI groups companies two ways: by paid-up capital, the share capital they have issued, and by annual sales. Paid-up capital changes slowly, so growth by capital class follows the same kind of company over time. Sales classes are reset each year on that year's sales, which makes their growth misleading (see the note below), so only their ratios are shown.
Companies with paid-up capital of ₹25 crore or more made 84% of the sample's sales in 2025-26. Companies with sales of ₹1,000 crore or more made 92%, up from 87% in 2015-16; part of that rise is inflation lifting companies over a fixed rupee threshold.
Sales growth by paid-up capital
Year on year on matched companies; each panel on its own scale.
How to read it. The largest class is most of the total, so it moves with it; the smaller classes are noisier because each has a few hundred companies.
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EBITDA margin by paid-up capital
Per cent of sales, shared scale.
How to read it. Bigger companies keep a larger share of sales as profit before interest and depreciation.
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Interest coverage by annual sales
Times; each panel on its own scale. Blank where the RBI marks it not meaningful.
How to read it. The smallest companies by sales often earn too little before interest to cover it, which is when the RBI leaves the cell blank.
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Share of sales by annual-sales class
Per cent of the sample's sales, each financial year.
How to read it. The top band is companies with sales of ₹1,000 crore or more.
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Share of sales by paid-up capital
Per cent of the sample's sales, each financial year.
How to read it. The top band is companies with paid-up capital of ₹25 crore or more.
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Why growth by sales size is not shown. A company whose sales fall can drop into a smaller class, and one whose sales rise can climb out of it. So the smallest classes show steep falls and the largest steep rises that come from reclassification alone.
The sample
The RBI builds these tables from the results of listed private companies outside finance: not government companies, banks, NBFCs or insurers. The sample changes every quarter as companies list, delist and file late.
Companies in each quarter's sample
Companies behind the quarter's sales growth.
How to read it. Around three thousand companies a quarter, more since 2024.
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Growth rates use only the companies that reported in both periods, so they are comparable over time. Rupee amounts and ratios describe each period's own sample. The RBI publishes each quarter about two to three months after it ends. The latest 2 quarters here come from the RBI's statistical reports, the rest from its Data Query tables. Where both carry a figure they agree on 11,376 of 11,378; the method note lists the exceptions.
The workings
The question
Data
Every chart has a table view, a CSV download and a link to its published JSON. Bundles are listed in data status.