The final quarter of FY25 has seen India Inc. deliver a mixed bag of results, with some companies surprising positively on growth, while others battled margin and cost pressures. This blog covers the Q4FY25 performance snapshot of major players across diversified sectors — Reliance Industries, Maruti Suzuki, Hindustan Zinc, Cholamandalam Investment & Finance, and Shriram Finance — providing a clear breakdown of their financial performance, key highlights, challenges, and outlook heading into FY26.

🛢️ Reliance Industries

⭐ Rating: ⭐⭐⭐⭐ (4/5) — Broad-Based Growth Despite Energy Pressures

• Net Profit: ₹22,434 crore (▲6% YoY)
• Revenue: ₹2.88 lakh crore (▲8.8% YoY)

✅ What’s Working:

• Strong growth from Jio Platforms (+17.7% revenue, +25.7% PAT).
• Retail segment posted 16.3% revenue growth and 29.1% PAT growth.

❌ What’s Not:

• O2C segment EBITDA fell 10% due to weaker fuel cracks and polyester margins.
• Oil & Gas EBITDA dropped 8.6%.

🔮 Outlook: Digital and retail verticals remain the key growth drivers. Oil-to-Chemicals margins remain a near-term risk.

🚗 Maruti Suzuki India

⭐ Rating: ⭐⭐⭐⭐ (4/5) — Volume Growth with Marginal Margin Pressure

• Expected Net Profit: ₹3,846 crore (▼0.8% YoY)
• Estimated Revenue: ₹41,128 crore (▲7.6% YoY)

✅ What’s Working:

• Volume growth of 3.5% YoY, led by domestic and export sales.
• Strong traction in premium and CNG vehicle sales.

❌ What’s Not:

• EBITDA margin expected to contract by 44bps (YoY) due to higher marketing spends and discounts.

🔮 Outlook: Positive — Analysts maintain a "Buy" rating with a strong growth potential in the Passenger Vehicle segment. Focus remains on margin recovery and export expansion.

🛠️ Hindustan Zinc Ltd

⭐ Rating: ⭐⭐⭐⭐ (4/5) — Record Profit Boosted by Operational Excellence

• Net Profit: ₹3,003 crore (▲47.3% YoY)
• Revenue: ₹9,314 crore (▲19% YoY)

✅ What’s Working:

• Best-ever fourth-quarter PAT.
• Record mined metal production (310 kilo tonnes).

❌ What’s Not:

• Lower realization in global zinc and silver markets could impact margins going forward.

🔮 Outlook: Hindustan Zinc aims to sustain leadership as the lowest-cost, highest-volume producer amid rising domestic demand.

💸 Cholamandalam Investment & Finance

⭐ Rating: ⭐⭐⭐⭐ (4/5) — Robust Profit and Lending Growth

• Net Profit: ₹1,259.54 crore (▲18.3% YoY approx.)

✅ What’s Working:

• Strong loan book growth reflecting resilience across lending segments.
• Well-managed cost-to-income ratio.

❌ What’s Not:

• Higher competition in vehicle finance and SME lending.

🔮 Outlook: Positive — Focus on rural and semi-urban lending will drive sustainable growth.

🏦 Shriram Finance

⭐ Rating: ⭐⭐ (2/5) — Profit Growth Slows Under Cost Pressure

• Net Profit: ₹2,139 crore (▲10% YoY)
• Net Interest Income: ₹6,051 crore (▲13.4% YoY)

✅ What’s Working:

• AUM grew 17% YoY to ₹2.63 trillion.
• Margins remain relatively healthy at 8.25%.

❌ What’s Not:

• Slowest profit growth since Q3FY23.
• Rising financing costs (+31% YoY) impacted profitability.

🔮 Outlook: Cautious — Tight margins and asset quality trends need monitoring; recovery will depend on interest rate environment and rural demand stabilization.

Final Thoughts

Q4FY25 underlined the divergence in sectoral performance:

• Reliance maintained leadership via strong digital and retail growth despite pressure in energy.
• Maruti Suzuki posted steady revenue growth but faced EBITDA pressure.
• Hindustan Zinc delivered record profits, highlighting operational strength.
• Cholamandalam continued its impressive lending-led growth story.
• Shriram Finance showed margin strain and moderate asset growth, signaling cautious times ahead.