Vodafone Idea Limited

Q4FY25

Revenue ₹11,014 crores 🔼 4%

Loss ₹7,166 crores (Down from ₹7,675 crores in Q4FY25)

FY25

Revenue ₹43,571 crores 🔼 2%

Loss ₹27,383 crores (Down from ₹31,238 crores in Q4FY25)

Vodafone Idea Ltd. marked Q4FY25 as a turnaround quarter with the highest average daily revenue in the past five years. Average revenue per user (ARPU) rose over 14% year-on-year, supported by prepaid plan innovations and postpaid upgrades. Subscriber churn improved to 2.3% from 2.5% in the previous quarter. 

The company expanded 4G coverage to ~83% of India’s population, up from 77% a year ago. In Q4 alone, Vodafone Idea added over 6,900 new 4G towers, the highest quarterly addition since the merger. Additionally, 5G services were launched in Mumbai, Delhi, Chandigarh, and Patna, with plans to roll out 5G in all 17 spectrum-holding circles by August 2025. The company launched over 100 flagship retail stores and expanded its digital servicing capabilities. 

Vodafone Idea raised ₹614 billion in equity during FY25. This included a ₹180 billion follow-on public offer, preferential allotments to promoters and vendors, and ₹369.5 billion in equity conversion of government dues. As a result, the Government of India’s stake rose to 49.4%, and bank debt was reduced by ₹17.1 billion. The company’s credit rating was upgraded to BBB- (Stable) from both ICRA and CARE Ratings.

FSN E-Commerce Ventures Limited

Q4FY25

GMV ₹4,102 crores 🔼 27%

Revenue ₹2,062 crores 🔼 24%

PAT ₹19 crores 🔼 110%

FY25

GMV ₹15,604 crores 🔼 25%

Revenue ₹7,950 crores 🔼 24%

PAT ₹72 crores 🔼 81%

FSN E-Commerce Ventures Ltd. (Nykaa) delivered strong top-line growth in Q4FY25. The beauty vertical remained the core growth driver. Beauty GMV rose 30% YoY in FY25, driven by new customer acquisition and strong order growth. The company expanded its offline retail footprint to 237 stores across 79 cities, adding 50 stores in FY25, its highest-ever annual expansion. 

On the strategic front, Nykaa consolidated its online beauty operations by demerging the eB2B business from FSN Distribution to Nykaa E-Retail. This reorganization, approved by the NCLT in May 2025, aims to unlock operational synergies across platforms and brands. The company also completed the merger of content platform LBB (Iluminar Media) into Nykaa Fashion, strengthening its content and marketing capabilities for brand partners.

Ramkrishna Forgings Limited

Q4FY25

Revenue ₹947 crores 🔻 3%

PAT ₹200 crores 🔼 206%

FY25

Revenue ₹4,034 crores 🔼 9%

PAT ₹332 crores 🔼 17%

Ramkrishna Forgings Ltd. delivered a steady performance in FY25, supported by operational resilience and strategic capacity expansion. Q4 saw a slight dip in revenue, largely due to weaker export demand and seasonal factors, though profit after tax surged due to exceptional gains from divestments and tax benefits from the ACIL merger.

On the operational front, annual volumes rose to 1.65 lakh tonnes, and average realisation per tonne increased marginally. Domestic markets contributed ₹2,121 crores in FY25, up 6% YoY, while exports remained largely flat at ₹1,482 crores.

A major strategic highlight was the progress on the railway wheel project, where Ramkrishna Forgings is building Asia’s second-largest forged wheel facility in Chennai through a JV with Titagarh Rail. 

Order wins in Q4FY25 stood at ₹710 crores, with 74% from the automotive segment and 23% from non-auto. 

The company declared the 2nd interim dividend of ₹1 per equity share. The record date for the same is Friday, 6 June 2025. 

Titagarh Rail Systems Ltd

Q4FY25

Revenue ₹1,004 crores 🔻 5%

PAT ₹78 crores 🔻6%

FY25

Revenue ₹3,866 crores 🔼 0.3%

PAT ₹303 crores 🔼 2%

Titagarh Rail Systems Ltd. delivered strong growth across both revenue and order book in FY25, supported by robust execution in the freight and transit segments. 

The order book remained strong, with ₹1,200 crore orders received in FY25 across segments. This includes ₹900 crores worth of orders for Freight Rolling Stocks and ₹303 crores worth of orders for the propulsion system. As of March’25 the order book consists of orders for 11,500 wagons and 1,583 Metro and Vande Bharat coaches.

The company also made strategic progress on its forged wheels JV with Ramkrishna Forgings, with civil works underway at the Chennai site and operations targeted to begin by January 2026. It onboarded 200+ new vendors during the year, increased digitisation of its production line, and strengthened its ESG focus with solar power adoption and waste management systems across plants.

The Board recommended a final dividend of ₹1 per equity share.

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