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Corporate Performance June 2025

The sales growth of corporates improved in Q4 FY25. While sales growth saw improvement, an uptick in expenditure led by rising input prices has resulted in a moderation in corporate profitability growth in the quarter. For the full fiscal year FY25, the financial performance of the corporates was affected by a confluence of factors such as escalating geopolitical tensions, commodity price volatility, election related disruptions and mixed outlook on urban demand. A contraction in profitability in H1 FY25 affected full-year performance significantly.

This report presents an analysis of the corporate performance of listed non-finance companies. Part I of the study looks at the quarterly performance of 1011 companies. Section (A) provides an overview of the aggregate performance of these companies, whereas Section (B) presents a snapshot of the sectoral performance of select 21 sectors (See Annexure 1 for details). Part II of the study provides a snapshot of the annual earnings results of 810 listed non-finance companies. In Part III, we look at the growth in employee costs of various sectors to draw inferences about the consumption demand.

Way Forward

• We expect corporate performance to improve going ahead. While rural demand has held up well, supported by robust agricultural production, the outlook for urban demand continues to remain mixed. Prospects of an above-normal monsoon have brightened the outlook of rural demand as it will support farm output and lower food inflation. However, it will be crucial to monitor the temporal and spatial distribution of the monsoon. Additionally, the consumption scenario is anticipated to gain due to factors such as lower tax burden, benign inflation and RBI rate cuts. While the overall public capex push is expected to be sustained, a strong recovery in consumption is also imperative for a pickup in private capital expenditure.
• External headwinds—including global policy uncertainty, trade tensions, sluggish global growth, and geopolitical risks—will continue weighing on domestic growth prospects. Even though global commodity prices have eased following concerns about global growth prospects, the recent rise in geopolitical tensions in the Middle East has resulted in a sharp uptick in global energy prices and needs to be monitored closely.
• The overall performance of corporates in the coming quarters will depend upon the unfolding of the global growth scenario and any external risks associated with geopolitical tensions, trade policy uncertainties, commodity price shocks. While lower interest rates will be a supporting factor, domestic demand conditions will play a critical role in overall corporate performance in the coming quarters.

Pratt and Whitney, Maini Precision Products Ink Long‑Term MRO Deal at Paris Air Show 2025

Pratt & Whitney and Maini Precision Products (a Raymond Group co.) Announce Long-Term Agreement at Paris Air Show 2025

Chandigarh, June 20, 2025: Pratt & Whitney, a global leader in propulsion systems and an RTX (NYSE: RTX) business, and Maini Precision Products Limited (MPPL), a leading aerospace precision manufacturer and a Raymond Group company, have signed a long-term agreement for the supply of precision machined and assembled aerospace components. This announcement marks a significant milestone in the collaboration between the two companies.

Mr. Gautam Singhania, Chairman & Managing Director, Raymond Group said; “This latest collaboration is a testament to the Raymond Group’s commitment to excellence and will further strengthen MPPL’s global presence, allowing us to make meaningful contribution to the evolution of aerospace manufacturing.”

Also speaking on the partnership, Mr. Gautam Maini, Managing Director, Maini Precision Products said;“We are proud to deepen our relationship with Pratt & Whitney through this long-term agreement. It reaffirms our capabilities and commitment to delivering precision components that meet the highest quality global standards.”

Sectors with Broader Ownership Show Promising Trends in Board Independence: ICRA ESG Research

Mumbai, June 20, 2025: ICRA ESG Research’s latest report on ‘Emerging Trends in Governance Practices’ highlights encouraging developments in corporate governance, with sectors having broader ownership structures—such as banking and financial services (BFSI) and IT—showing promising progress in board independence and governance maturity.

Sectors like BFSI and IT demonstrate strong governance frameworks, with a high proportion of Independent Directors (IDs) above statutory limits, presence of dedicated sustainability committees, and separation of Chairperson and Managing Director roles.

Companies with more widely distributed ownership structures tend to exhibit higher independence at the top, often higher than the compliance requirements. Reduced promoter control comes with an opportunity and a consequent greater openness to reform, leading to more diverse perspectives and stronger internal checks and balances.

“These practices ensure accountability, transparency, and effective decision making. However, sectors like oil, gas and energy, and construction material lag particularly in areas such as independent leadership and role separation. The IT and construction materials sectors emerge as leaders in adopting global frameworks like the UN Global Compact (UNGC) and Science- Based Targets initiative (SBTi),” Sheetal Sharad, Chief Rating Officer, ICRA ESG Ratings said in the report.

ICRA ESG Research’s analysis of top companies by market capitalisation across six sectors reveals insights into their governance practices. Comparing FY2024 with FY2020 as a base, ICRA ESG Research analysed 15 companies each from both hard-to-abate (HTA) and non-hard-to-abate (NHTA) sectors across six industry classes to understand the changes in governance practices, including those focused on sustainability.

The presence of Independent Chairpersons in the sample set rose to 30 per cent in FY2024 from 13 per cent in FY2020. Banking and financial services emerged as clear leaders while Information Technology (IT), and oil, gas and energy (OGE) continued to see lower representation. Board independence beyond statutory limits showed sectoral variations, with more than a third of the sample set companies exceeding the statutory threshold in FY2024; although this figure declined slightly since FY2020.

While corporate India has made meaningful progress in governance and sustainability practices, the evolution of corporate governance is unfolding in markedly uneven ways across industries.

“Companies with lower promoter shareholding exhibited stronger trends in exceeding statutory independence thresholds, with BFS and IT leading in this space. The establishment of dedicated sustainability or Environment, Social and Governance (ESG) committees increased, reaching 47 per cent of the sample set compared to 27 per cent in FY2020, with BFSI and IT demonstrating higher levels of structured ESG governance. Sectoral differences remain, as IT, OGE, and construction materials (CM) continued to see a lower presence of Independent Chairpersons, reflecting varying approaches to governance structures. Similarly, media, publication and entertainment (MPE) and automobile, automotive and manufacturing (AM) sectors saw relatively lower adoption of dedicated sustainability committees, reflecting different levels of ESG integration,” Sharad pointed out.

Embracing the twin imperatives of governance and sustainability is key to long-term resilience. Companies that hesitate risk being left behind by peers who recognise that sustainable and responsible business practices are no longer a matter of compliance—they are a source of competitive advantage. That said, in March 2025, the Parliamentary Standing Committee recommended amendments in the Companies Act 2013 to include ESG objectives as part of the fiduciary duties of directors and to encourage formation of independent committees for addressing ESG strategy formulation and implementation.

Therefore, India’s business future is being constructed on new foundations. The road ahead will demand courage, adaptability, and a willingness to depart from legacy norms. The shift towards stronger governance and deeper sustainability is not just a trend but a tectonic change in how Corporate India defines success. As businesses align with the values of accountability, transparency, and long-term impact, they are not only safeguarding their future but also earning the trust of a rapidly evolving stakeholder ecosystem.

Montra Electric launches Three-Wheeler ‘SUPER CARGO’ in Delhi

New Delhi, 20^th June 2025: Montra Electric, the clean mobility brand of diversified conglomerate Murugappa Group, launched the ‘SUPER CARGO’ electric three-wheeler in Delhi today. The new SUPER CARGO is poised to transform the last-mile 3W cargo segment with a compelling value proposition that bridges existing market gaps. Designed to empower customers, it offers unmatched range and robust power, ensuring higher earnings and effortless performance across diverse terrains.

Mr. Jalaj Gupta, Managing Director, TI Clean Mobility Private Limited, launched the SUPER CARGO, and signed MOUs for 200+ Nos Super Cargo deliveries in the presence of Mr. Roy Kurian, Business Head – Last Mile Mobility, Mr Saju Nair, CEO-Small Commercial Vehicles and other key stakeholders.

The SUPER CARGO features a 13.8 kWh lithium-ion battery delivering a category-best on-road range of 170 km. Its powerful drivetrain produces 70 Nm torque and 11 kW peak power with 23% gradeability. With a 1.2-tonne gross vehicle weight, the vehicle is engineered to carry all types of loads with ease.

Built on a sturdy Boron Steel chassis, the SUPER CARGO offers exceptional strength and durability, ensuring best-in-class uptime. With the longest wheelbase in its category, SUPER CARGO features a spacious driver’s cabin and a 6.2-feet load tray ideal for large and demanding delivery applications.

For enhanced safety, it comes equipped with high-performance front disc brakes, hill-hold function, reverse assist, and seat belt provisions. Regenerative braking and multiple drive modes further boost overall efficiency and driving comfort.

 Mr. Jalaj Gupta, Managing Director, TI Clean Mobility Private Limited said “The launch of the Montra Electric SUPER CARGO marks a significant milestone in our growth journey, as we strengthen our presence in the last-mile delivery segment. We began with the SUPER AUTO in the passenger 3-wheeler space and extended our footprint into first-mile logistics with the RHINO heavy trucks. Entering the mid- and last-mile cargo segment has always been a strategic priority—and with SUPER CARGO, we are proud to bring that vision to life.

With EVIATOR, we have already made inroads into the mid-mile segment. And now, with the launch of the SUPER CARGO, we are entering the highly strategic last-mile delivery space.

As a Tru-EV brand, our responsibility goes beyond just offering vehicles—it is about enabling a cleaner, efficient future. With this, we are proud to expand our presence across segments and power India’s mobility shift towards sustainability.”

Mr. Roy Kurian, Business Head – Last Mile Mobility, Montra Electric said, “The Montra Electric SUPER CARGO is thoughtfully engineered based on deep customer insights. Packed with distinctive features, its standout 15-minute full-charge capability offers a significant advantage for B2B users. Designed for versatile applications, it serves both fleet operators and individual entrepreneurs efficiently. Backed by our rapidly expanding dealer network, the SUPER CARGO ensures maximum uptime and reliable support across the country.”

 Mr. Arun Vinayak, Co-Founder, Exponent Energy said, “We are excited to partner with Montra Electric. Our 15-minute 100% Charging solution has been well accepted by the market for its potential to unlock higher asset utilization, and this strategic partnership with Montra Electric will help us take forward the Clean Mobility agenda at enhanced scale. We will closely work with the brand to expand our charging network in line with customer requirements across the cities they are present in”.

The Montra Electric Super Cargo is now open for bookings across exclusive showrooms in over 90 cities. The vehicle is available in three cargo body variants: Tray eCX, 140 cubic feet eCX d, and 170 cubic feet eCX d+.

Additionally, two variants (Tray eQX and 170 cubic feet eQX d+) offer a 15-minute, 100% Quick Charging option. Super Cargo is available in four attractive colours: Chilli Red, Steel Grey, Indian Blue, and Stallion Brown.

Flow, Beats and Balance: 5 Boult Companions to Celebrate World Music and Yoga Day

June 21 is a day for movement and melody — a time to celebrate World Music Day and International Yoga Day. It’s when sound becomes your escape and stillness becomes your strength. Whether you’re losing yourself in a favourite track or finding your breath on the mat, Boult’s latest range keeps you company — every beat, breath, and moment.

Mustang Q : For the ones who hear every detail (Music Day)

If you love music that moves you — from foot-tapping bass to heart-thumping drops — Mustang Q has your back. With a bold design that stands out and up to 70 hours of battery life, it’s built for those who live life with a soundtrack. The 40mm bass-boosted drivers make every note hit just right, while memory foam ear cups keep you comfortable through late-night jam sessions or long travel days.

It’s not just about the music, either — clear calling with environmental noise cancellation, easy Bluetooth 5.4 pairing, and EQ modes like Bass, Pop, Rock, and Local let you tune your experience just the way you like it. Mustang Q keeps you plugged into your vibe whether you’re working, walking, or winding down.

Color – Dynamic Blue and Silver Fusion

Mustang Torq : For Non-stop Grooves on the Go (Music Day)

When your day doesn’t slow down, neither should your music. Mustang Torq is made for those who are always on the move — whether powering through a morning commute, hitting the gym, or finding your breath on the mat. With 50 hours of total playtime and quick Bluetooth 5.4 pairing, your soundtrack is always a tap away.

What makes it stand out? The sleek LED lights, inspired by Mustang’s iconic tail design, instantly lift your mood — whether you’re mid-rep or mid-pose. Supreme bass keeps the energy high, while Zen Quad Mic ENC ensures your calls stay clear, no matter the noise around you. And with Amp App support and 4 built-in EQ modes, your sound stays as dynamic as your day.

Colour – Yellow, Silver and Original

Mustang Dyno – For Calm, Clarity, and Everything In Between (Yoga Day)

Mustang Dyno is built for those who turn to sound for stillness — the ones who unwind with a guided meditation, find focus in soft instrumental tracks or breathe better with the right ambient playlist. With a snug fit that stays put and 60 hours of playtime, it’s the kind of earbud that moves at your pace — whether slow and mindful or steady and active.

Dual-device connectivity makes switching between work and wellness seamless, while the lightning-fast charging ensures you’re never caught off guard. Styled with the iconic Pony Emblem and packed with 13mm drivers for full-bodied sound and deep, soothing bass, the Mustang Dyno brings clarity to every note and quiet to every corner of your day.

Colour – Original

Boult Z40 Pro : For Deep Focus and Deeper Breathing (Yoga Day)

Some days, calm comes through a deep breath. On other days, it’s your playlist that brings peace. The Z40 Pro is for those quiet moments — your early morning yoga, afternoon stretch breaks, or the slow unwind before bed.

Lightweight and snug, these earbuds block out noise and let clarity shine through. With up to 100 hours of playtime, you’re set for days of uninterrupted stillness. The dual-tone rubber grip case adds just the right touch of style and comfort, while features like Quad Mic ENC, BoomX™ bass, and smooth Bluetooth 5.4 pairing make sure every session—or song—sounds exactly how it should.

Colour – Metal, Midnight, Dawn, Jungle, Lavender

W20 : Your Companion for a Mindful Living (Yoga Day)

Some days, peace looks like a quiet walk. On other days, it’s hitting play on your favourite track and tuning the world out. The Boult W20 is made for both. Compact, stylish, and surprisingly powerful, it delivers rich, balanced sound and all-day comfort — whether flowing through yoga, powering through a workout, or just taking a breather.

With up to 40 hours of playtime, clear calling through Zen ENC mics, and 13mm bass drivers that do justice to every beat, the W20 keeps up with whatever your day holds. Fast charging gives you two hours of playtime in just 10 minutes, while IPX5 water resistance and Bluetooth 5.3 make it a reliable pick for daily use. Designed and made in India, this one’s built to move with you — wherever you’re headed.

Colour – Glacier Blue, Pine Green and Space Black

OnePlus Unveils Bullets Wireless Z3 with Fast Charging and Immersive Audio

OnePlus launches Bullets Wireless Z3, the next-gen wireless neckband with ultra-fast charging and immersive audio

Jaipur, 20 June 2025 – Global technology brand OnePlus today launched the much-awaited OnePlus Bullets Wireless Z3. A premium wireless neckband designed to deliver fast charging, immersive audio, and long-lasting comfort for users on the move while being engineered as an all-rounder for everyday use. The OnePlus Bullets Wireless Z3 combines bold bass, smart AI features, and durable build quality in a lightweight, ergonomic design – launching in two colours, Samba Sunset and Mambo Midnight.

Commenting on the launch of the OnePlus Bullets Wireless Z3, Robin Liu, CEO, OnePlus India, shared, “We at OnePlus are consistently working towards building an ecosystem that ensures seamless interplay between devices. This effort has led to our IoT products being one of the most preferred in the category while also making OnePlus a leader in the Indian neckband category in the >1.5K segment as of Q1 2025 per IDC reports. Keeping our community’s needs at heart of these efforts, we have today launched the OnePlus Bullets Wireless Z3, your ultimate audio partner.”

Powered to Play All Day

The OnePlus Bullets Wireless Z3 is built to last, with a focus on worry-free battery life and fast power-ups. With ultra-fast charging that delivers up to 27 hours of playback in just 10 minutes, it’s perfect for the always-on-the-move, always-connected Indian youth. A full charge provides up to 36 hours of music playback and 21 hours of call duration, giving users days of uninterrupted listening or calling experiences. Whether you’re traveling or working out, the OnePlus Bullets Wireless Z3 stays ready without needing frequent top-ups.

Large Drivers, Bolder Sound

Audio performance is at the heart of the OnePlus Bullets Wireless Z3. Featuring large 12.4mm dynamic bass drivers, the neckband delivers an immersive audio quality experience with clear low and high ranges. This ensures a balanced sound profile across genres—from hip-hop and rock to podcasts and movies. The new BassWave™ algorithm intelligently boosts low-end performance for rich, punchy bass that doesn’t overpower vocals.

Tuning is made personal with Sound Master EQ, offering four professionally curated audio presets by OnePlus’ acoustic team—Balanced, Serenade, Bass, and Bold, allowing users to add that extra thump in the bass and get crystal clear vocals, no matter what they are listening to.

Immersive Audio, Smarter Communication

The OnePlus Bullets Wireless Z3 also introduces 3D Spatial Audio, transforming stereo sound into a lifelike, 360-degree listening experience. Whether you’re watching a movie or diving into a playlist, spatial sound places you in the center of the audio environment for added depth and realism.

The built-in Voice Assistant Shortcut allows users to easily make calls, play music, set reminders without even using your phone.

For clear communication anywhere, the OnePlus Bullets Wireless Z3 is equipped with AI Call Noise Cancellation, powered by advanced AI algorithms and ENC technology (Environmental Noise Cancellation) that separate voice from ambient noise in real time. From traffic noise to windy streets and even background chatter, so you can speak and be heard with clarity and confidence.

Built for Daily Use – Now in Two Distinct Colourways

Combining function and flair, the OnePlus Bullets Wireless Z3 is available in two bold colour options: Mambo Midnight, a timeless black and Samba Sunset, a vibrant red. Whether you prefer classic, energetic, or edgy, there’s a OnePlus Bullets Wireless Z3 to match your personal style.

The neckband also supports Bluetooth 5.4 for faster, more stable connections, Google Fast Pair for instant pairing with Android devices, and magnetic earbuds for quick auto-connect and power-off functionality. It features IP55-rated dust and water resistance and a skin-friendly silicone finish, ensuring comfort and reliability during long wear — from workouts to work calls.

The OnePlus Bullets Wireless Z3 will be available for purchase starting June 24, 2025, at 12 PM on OnePlus.in, Amazon.in, Flipkart, Myntra, OnePlus Experience Stores, as well as Croma, Reliance, Vijay Sales, Bajaj Electronics and other leading retail chains.