The Reserve Bank released data on the performance of the private corporate business sector for the fourth quarter of 2025-26, based on abridged quarterly financial results of 3,266 listed non-government non-financial companies. The summary also includes comparable data for Q3:2025-26 and Q4:2024-25 to show sequential and annual changes.
At the aggregate level, listed private non-financial companies recorded double-digit sales growth of 13.9 per cent (y-o-y) in Q4:2025-26, up from 10.1 per cent in the previous quarter.
Sales of 1,817 listed private manufacturing companies rose 14.5 per cent (y-o-y) in Q4:2025-26, compared with 11.4 per cent in the previous quarter. The acceleration was mainly driven by automobiles, electrical machinery and non-ferrous metals industries.
Sales growth of Information Technology (IT) companies improved further to 9.9 per cent (y-o-y) in Q4:2025-26 from 8.8 per cent in the previous quarter. Sales growth of non-IT services companies improved substantially to 20.3 per cent in Q4:2025-26 from the previous quarter, mainly driven by higher sales growth in wholesale and retail trade industry.
On the cost side, raw material expenses of manufacturing companies rose 18.3 per cent (y-o-y) in Q4:2025-26. The raw material to sales ratio increased to 58.5 per cent from 57.5 per cent in the previous quarter, indicating input cost pressure.
Staff cost growth of manufacturing companies moderated to 9.8 per cent (y-o-y) in Q4:2025-26. In services, staff cost growth for non-IT services companies rose at a higher pace to 8.9 per cent, while it remained broadly similar for IT companies during the quarter. Staff cost to sales ratio for manufacturing and non-IT services companies moderated to 5.3 per cent and 9.4 per cent, respectively, in Q4:2025-26; however, it increased marginally for IT companies.
Operating profit growth of manufacturing companies moderated to 9.4 per cent in Q4:2025-26 from 11.8 per cent (y-o-y) in the previous quarter. Operating profit growth of IT and non-IT services companies improved to 14.1 per cent and 6.5 per cent, respectively. On a sequential basis, operating profit margin of manufacturing companies remained stable, while it moderated for services sector companies during Q4.
Manufacturing companies’ interest coverage ratio (ICR) improved to 9.5 in Q4:2025-26 from 9.0 in the previous quarter. Within services, ICR of non-IT services companies remained unchanged at 2.3, while ICR of IT firms continued to remain at elevated level during Q4.
The Reserve Bank noted that the coverage of companies in different quarters varies depending on the date of declaration of results, though this is not expected to significantly alter the aggregate position. Explanatory notes and a glossary are appended.
Press Release: 2026-2027/468
Source: www.rbi.org.in.
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