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Large-Cap Stocks in Focus as Infosys, HDFC Life, Jio Financial, HDFC AMC, and Tata Elxsi Prepare to Report Q4 FY25 Results
A slew of large-cap companies, including Infosys, HDFC Life Insurance, Jio Financial Services, HDFC Asset Management Company, and Tata Elxsi, are set to announce their financial results for the quarter ended March 2025 today. Ahead of their Q4 earnings releases, all five stocks, including three Nifty50 constituents, were trading in the red on Thursday.
Infosys
Shares of Infosys declined over 2.45% to ₹1,378.60 on Thursday, pushing its market capitalisation below ₹5.75 lakh crore. The stock had closed at ₹1,413 on Wednesday. The IT major’s decline comes amid concerns over slowing growth in the U.S. and subdued performance by peer Wipro in its Q4 results.
Nuvama Institutional Equities expects Infosys to report a 1% QoQ revenue decline in constant currency terms and a 1.5% drop in U.S. dollar terms, aligning with the company’s guidance. EBIT margin is projected to contract by 100 basis points due to wage hikes. Nuvama anticipates FY26 revenue growth guidance of 2–5% YoY in constant currency and margin guidance of 20–22%.
SMIFS projects a 2.4% QoQ revenue drop, citing weak seasonal demand and lower third-party product sales. The firm sees a 60 bps impact on margins due to wage hikes and expects large deal TCV to be around $3 billion. FY26 revenue guidance is likely to range between 1–4% YoY, given deteriorating macroeconomic conditions and lack of mega deals.
Tata Elxsi
Tata Elxsi shares fell over 2% to ₹4,827.05 on Thursday, down from ₹4,930.50 the previous day, with the company’s market capitalisation hovering around ₹30,000 crore.
According to Choice Broking, Tata Elxsi’s revenue is expected to grow by 5.3% YoY, driven by continued deal ramp-ups. However, transportation verticals may remain subdued in the near term. Media and healthcare segments are expected to contribute more meaningfully from H2FY26. EBIT margins are likely to contract by 180 bps due to wage hikes and operational deleverage, while PAT is projected to decline by 0.9% YoY. The brokerage has a ‘hold’ rating with a target price of ₹4,900.
HDFC Asset Management Company
Shares of HDFC AMC slipped over 1.65% to ₹4,060.55 on Thursday, with a market capitalisation above ₹87,000 crore. According to YES Securities, overall AUM declined 0.9% as of February 2025 compared to December 2024. Equity AUM dropped 3%, leading to a 1% QoQ decrease in the share of pure equity AUM.
YES Securities projects a 2.5% QoQ growth in AUM for Q4FY25. EBITDA margins may see slight sequential deterioration, and other income is expected to be lower.
Jio Financial Services
Jio Financial Services fell over 1.6% to ₹238.25 on Thursday. KR Choksey expects AUM growth of 26.3% YoY and 6.1% QoQ for the NBFC sector (excluding Jio Financial) in Q4FY25, supported by robust disbursement trends. The brokerage notes that ongoing digital transformation and automation initiatives could enhance operational efficiency and offset high provisioning levels. It maintains a ‘hold’ rating with a target price of ₹286.
HDFC Life Insurance
HDFC Life shares declined 0.8% to ₹709.85 on Thursday, with its market capitalisation remaining below ₹1.55 lakh crore. Elara Capital expects Annualised Premium Equivalent (APE) growth to improve in Q4, while Value of New Business (VNB) margin is likely to remain stable QoQ. The impact of higher surrender values is expected to be balanced by a shift towards higher-margin participating products from unit-linked insurance plans (ULIPs). Elara is factoring in a 50% QoQ growth in both revenue and PAT.
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