Crisil: Corporate revenue growth barely touched 6% in Q2FY26
India's top companies saw revenue grow just 5-6% year-on-year in July-September 2025, says a new Crisil report.
But rising costs meant profit margins actually shrank by up to 0.6% points.
The study looked at 600 big firms.
Power, coal, IT services saw the slowest growth
Power, coal, IT services, and steel—together making up a third of all revenue—barely grew or even slipped.
Power was up just 1%, coal stayed flat, and steel grew by 4% on-year despite a decline in steel prices.
On the flip side, rural demand gave tractor sales a big lift (up 36%) and two-wheelers rose by 9%.
Cement and telecom also did decently with revenues up 8% and 7%.
Automobile and pharma were hardest hit
Automobile, pharma, and aluminum companies saw their profits squeezed hardest—margins dropped as much as 2%, with the automobile sector partly affected by aluminum prices jumping 11%.
Meanwhile, cement, steel, and telecom managed to improve their margins despite the tough climate.
IT services barely grew (just about 1%), slowed down by global uncertainty and project delays.