With the Q2 earnings season India quickly approaching, Indian stocks 2025 are entering a critical phase. Amid global uncertainties, interest rate fluctuations, and rising energy costs, investors are paying close attention to corporate earnings.
Q2 is often a decisive quarter because it reflects not only the festive demand buildup but also the initial signs of how companies are adjusting to international fiscal and monetary developments.
This article highlights the best-performing Indian companies Q2 earnings investors should watch across banking, IT, automobiles, energy, and FMCG sectors.
Snapshot Table: Stocks to Watch
| Sector | Companies |
| Consumer & FMCG |
|
| Automobiles |
|
| Banking & Financial Services |
|
| IT Services |
|
| Energy & Infrastructure |
|
- Consumer & FMCG
On August 15, Prime Minister Narendra Modi proposed a two-slab structure of 5% and 18%, replacing the existing 12% and 28% brackets, and particularly reducing taxes on household essentials, beverages, packaged foods, and personal care items. As a result of this reform, consumers should be able to afford and consume more.
The Nifty FMCG index rose over 3.5% in three trading sessions, reflecting investor optimism ahead of the Q2 earnings season India.
Here are two companies to watch for the Q2 earnings season India.
- Hindustan Unilever (HUL)
Hindustan Unilever (HUL) Ltd is India’s largest fast-moving consumer goods company, with a broad range of products for the home and personal care industry.
The market capitalisation is Rs. 622,172 crore, and the P/B ratio is 12.26, which is higher than the industry median, indicating premium valuation.
The company’s TTM PE ratio stands at 57.64, above the sector median of 61.63, indicating strong investor confidence. ROE exceeds industry median, indicating efficient capital allocation.
Why HUL: For its safe growth, strong pricing and leadership in essential categories that can be benefited directly from GST cuts on household essentials.
- Marico
MARICO Limited is engaged in the business of creating and marketing branded consumer products and services. The company also operates in other segments.
Marico Ltd. has a market capitalisation of Rs. 95,998 crore. Additionally, the stock trades at a P/B ratio of 20.63, which is significantly higher than the industry median.
Its TTM PE ratio of 57.52 exceeds the sector PE of 46.37. Additionally, Marico’s Return on Equity (ROE) is above the industry median. Marico is set to remain a key Indian stock 2025 to watch in FMCG.
Why Marico: For its brand strength in personal care and packaged foods, plus consistent track record of delivering margin stability even in volatile material cycles.
- Automobiles
Indian auto stocks rallied on 18 August 2025 as the Nifty Auto index jumped nearly 5% to a 10-month high after PM Modi announced tax reforms, including a GST cut on small cars from 28% to 18%. The move is expected to spur demand and boost consumer spending.
Here are two companies to watch for Q2 earnings season India
- Maruti Suzuki
MSIL manufactures, purchases, and sells automobiles, automobile components, and spare parts. The company also sells pre-owned cars, manages fleets, and finances cars.
Maruti Suzuki Ltd. has a market capitalisation of Rs.451,136 in crore. P/B ratio of 5.07 is slightly above industry median, reflecting steady investor demand. With a TTM PE ratio of 31.08, somewhat close to sector PE, it may also represent a value opportunity if earnings growth continues. Furthermore, ROE is the industry median, suggesting efficient capital utilisation.
Why Maruti Suzuki: For its position as India’s largest passenger vehicle manufacturer and its direct benefit from GST cuts on small cars, it is considered a leading indicator for the auto industry’s recovery.
- TVS Motors Company
Among the top ten two-wheeler manufacturers in the world, TVS Motor Company Ltd is the third largest two-wheeler manufacturer in India.
TVS Motor Company Ltd. has a market capitalisation of Rs.156,522 crore. It trades at a P/B ratio of 20.18, well above the industry median, reflecting investors’ confidence in its premium positioning and growth trajectory.
Market expectations are based on strong earnings growth and leadership in the two-wheeler segment, resulting in a TTM PE ratio of 65.36, much higher than the sector PE of 33.68.
Importantly, TVS Motor’s Return on Equity (ROE %) is above the industry median, showcasing efficient use of capital and strong profitability metrics.
Why TVS Motors Company: For being market leader in two-wheelers, as well as an innovator in electric vehicles. Affordability of two-wheelers remains a critical economic driver for Tier-II/III cities and rural households post-GST cut.
Banking & Financial Services
Nifty 50 and Sensex gain for a sixth straight session on strong financial stocks. BFSI is expected to create 2.5 lakh new permanent jobs by 2030.
Here are two companies to watch for Q2 earnings season India
- HDFC Bank
HDFC Bank Ltd offers wholesale and retail customers a variety of commercial and transactional banking services.
HDFC Bank Ltd. has a market capitalisation of Rs.15,08,231 crore, making it the market leader in the Indian banking sector.
The stock trades at a P/B ratio of 2.92, slightly below peers, reflecting attractive valuations for a leader with strong fundamentals.
Its TTM PE ratio stands at 21.37, marginally above the sector PE of 20.09, supported by consistent earnings growth. Its ROE above the industry median highlights superior capital efficiency
Why HDFC Bank: For its consistent earnings growth, retail banking leadership, and ability to capitalize on festive season credit demand.
- Max Financial Services Ltd
The Max India Limited is a multi-business corporation that is driven by a spirit of enterprise and is committed to people and service-oriented businesses.
Through its subsidiaries, the Company has invested in a variety of diversified businesses, including healthcare, life insurance, health insurance, and clinical research.
Max Financial Services Ltd., with a market capitalisation of Rs.56,553 crore, is a market leader in its segment.
The stock trades at a P/B ratio of 10.95 and an expensive TTM PE of 209.8 against the sector PE of 37.02, reflecting stretched valuations. Max Financial’s negative ROE reflects short-term profitability pressure and weaker capital efficiency. Ahead of the Q2 earnings season, this stock is high-risk, high-reward in list of Indian stocks 2025.
Why Max Financial Services Ltd: For as a high-risk, high-reward criterion in the BFSI space, it has exposure to life insurance growth, a sector expected to see expansion under rising financial awareness.
- IT Services
Kyndryl will invest $2.25 billion in India over the next three years. In Latin America, TCS opens its first AI-driven operations center.
- Tech Mahindra
Globally, Tech Mahindra Ltd provides Information Technology (IT) services and solutions to the telecommunications industry. In the telecom ecosystem, the Company serves a wide range of customers.
The company has a market capitalisation of Rs.1,47,380 crore. Based on its diversified IT service portfolio and digital focus, Tech Mahindra trades at a P/B ratio of 5.57, reflecting a premium over the sector average.
Investors are optimistic about its earnings growth based on its TTM PE ratio of 32.46, which is slightly above the sector PE of 28.18.
ROE above median states that the company is seen as a strong performer among the Indian stock 2025.
Why Tech Mahindra: For its strong global digital presence and telecom-focused IT portfolio make it well positioned to benefit from 5G deployments and AI-driven transformation.
- HCL Tech
HCL Technologies Ltd is a leading global provider of IT services. The company offers software-led IT solutions, remote infrastructure management, engineering and R&D services, and business process outsourcing
HCL Technologies Ltd. has a market capitalisation of Rs.397,904 crore, making it one of India’s leading IT services firms.
The stock trades at a P/B ratio of 5.78 and a TTM PE of 23.44, below the sector average of 28.18, suggests HCL Tech might be relatively better valued compared to peers.
HCL Tech’s ROE is consistently above the industry median, highlighting its efficiency in delivering shareholder returns. Strong client demand makes HCL one of the more stable Indian stocks 2025 picks for IT investors.
Why HCL Tech: For value-conscious investors, HCL Tech’s long-term outsourcing contracts provide predictable annuity revenues that reduce earnings volatility, while its discounted valuation despite strong delivery capabilities makes it an attractive pick.
- Energy & Infrastructure
India is currently the world’s third largest energy consumer, according to Hardeep Singh Puri, the Union Minister for Petroleum and Natural Gas.
- Reliance Industries
Reliance Industries Ltd is India’s largest private sector enterprise.The company operates in several business segments, including energy and materials.
Reliance Industries Ltd. has a market capitalisation of Rs.9,06,996 crore, making it India’s largest company by market value.
The stock trades at a P/B ratio of 2.33 and a TTM PE of 23.40, both below the sector PE of 34.48, suggesting attractive valuations relative to peers. ROE below median hinting at room for improved capital efficiency.
This makes Reliance a compelling watch among the best-performing Indian companies Q2 earnings may spotlight, especially if future quarters see that ROE trajectory shift upward.
Why Reliance Industries: For its diversified portfolio across energy, retail, and digital, making it a macro indicator that can outperform if global energy markets stabilize.
- TATA Power
Tata Power Company Ltd has an installed generation capacity of over 2785 MW, making it India’s largest private sector power utility.
Tata Power has a market capitalisation of Rs.1,31,198 crore, making it a major player in the energy sector.
The stock trades at a TTM PE ratio of 30.34, higher than the sector average of 26.49, indicating premium valuations.
P/B ratio stands at 3.66, above the industry median, indicating strong investor interest in the stock.
Additionally, the company’s ROE is above the median, indicating efficient utilisation of shareholder funds and healthy profitability relative to peers.
Investors seeking resilience in Indian stocks 2025 should keep Tata Power on their watchlist for Q2 earnings season India.
Why TATA Power: For its clean energy transition leadership and strategic investments in renewables, India is aligned with its 2030 sustainability goals.
Conclusion
These top 10 Indian stocks 2025 can be closely monitored by investors during the Q2 earnings season. This list captures the best-performing Indian companies Q2 earnings could highlight, including FMCG leaders like HUL and Marico, and auto giants like Maruti and TVS, as well as BFSI giants like HDFC Bank and IT giants like HCL Tech and Tech Mahindra.
The combination of policy reforms, festive demand, and global factors makes Q2 a defining period for the market. For investors, these Indian stocks 2025 represent both stability and growth opportunities in a changing global economy.
I am a semi-qualified Company Secretary turned content writer who blends the analytical depth of finance with the clarity of legal knowledge to craft content that informs, educates, inspires, and ranks on Google. Having won national-level article writing competitions and contributed to reputed magazines, I now focus on creating impactful content that balances technical accuracy with engaging storytelling.
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