Q4 Results 2025: Coal India, Dabur, MRF, Voltas Show Mixed Financial Performance

Q4 Results Overview: Mixed Performances Across Sectors

The Q4 results 2025 season is revealing varied financial performances across major Indian corporations, with some companies showing impressive growth while others face margin pressures. Several prominent companies including Coal India, Dabur, MRF, Voltas, and Blue Star are scheduled to announce their quarterly results on May 7th, providing crucial insights into the health of different sectors of the Indian economy.

Analysts’ expectations for these Q4 financial results present a complex picture, with manufacturing and air conditioning companies showing positive growth momentum, while consumer goods and some industrial segments face more challenging conditions. This comprehensive analysis examines the expected performance metrics for each company and the broader implications for investors and the Indian market.

Manufacturing Sector: Voltas and Blue Star Lead Growth

The manufacturing sector, particularly companies in the air conditioning and cooling systems segment, is expected to show strong performance in this quarter’s financial reports. Voltas Q4 profits are projected to increase substantially, with net profit expected at ₹270 crore versus ₹116 crore in the same quarter last year, representing an impressive 132.8% year-on-year growth.

This remarkable performance is supported by expected revenue growth of 15% year-on-year, with Voltas anticipated to report revenues of ₹4,832 crore compared to ₹4,202 crore in the previous year. Even more significant is the projected improvement in EBITDA margin, expected to increase from 4.53% to 7.47%, demonstrating enhanced operational efficiency.

Similarly, Blue Star revenue growth is forecasted to be robust, with expected revenues of ₹4,086 crore compared to ₹3,327 crore in the previous year, marking a 22.8% increase. The company’s profits are projected at ₹214 crore, up from ₹160 crore, reflecting a 33.8% growth. This strong performance is likely due to increased demand for cooling solutions amid rising temperatures and expanding commercial infrastructure projects.

Consumer Goods: Dabur and United Breweries Performance

The consumer goods sector presents a more nuanced picture in this quarter’s financial forecasts. Dabur financial performance is expected to show modest revenue growth but with pressure on profitability. Analysts project Dabur’s revenue at ₹2,836 crore versus ₹2,814 crore in the same quarter last year, representing a marginal increase of 0.8%.

However, Dabur’s EBITDA is expected to decline to ₹436 crore from ₹466 crore, with EBITDA margin contracting from 16.5% to 15.3%. Net profit is also projected to decrease to ₹314 crore compared to ₹349 crore in the previous year, indicating potential challenges in managing input costs and competitive pressures in the FMCG sector.

While Dabur faces margin pressures, United Breweries shows more resilient growth, highlighting the varied consumer spending patterns across different product categories in the current economic environment.

In contrast, United Breweries is expected to report more positive numbers, with revenue projected at ₹2,288 crore versus ₹2,133 crore, a 7.3% increase year-on-year. The company’s net profit is forecasted to rise to ₹101 crore from ₹81 crore, representing a 24.7% growth. This differential performance highlights varying consumer spending patterns across different consumer goods segments.

Industrial Segment: Coal India and Tata Chemicals

The industrial segment shows mixed expectations in this quarter’s financial forecasts. Coal India Q4 results are projected to show a slight decline in revenue to ₹36,897 crore from ₹37,410 crore in the same quarter last year, a decrease of 1.4%. Despite this modest revenue decline, the company is expected to maintain its EBITDA margin at 30.3%, demonstrating operational stability.

However, Coal India’s net profit is forecasted to decrease to ₹7,925 crore from ₹8,682 crore in the previous year, representing an 8.7% decline. This reduction in profitability comes despite stable margins, potentially indicating increased non-operational expenses or tax implications.

Tata Chemicals is expected to report revenue growth of 4.0%, with projected revenue of ₹3,614 crore compared to ₹3,475 crore in the same quarter last year. However, the company’s net profit is forecasted to decline to ₹94 crore from ₹136 crore, a significant 30.9% decrease. This suggests potential margin pressures and rising operational costs affecting the chemical manufacturer’s bottom line.

Meanwhile, APL Apollo Tubes stands out in the industrial segment with strong expected performance. The company’s revenue is projected at ₹5,640 crore versus ₹4,765 crore, an 18.4% increase. Even more impressive is the expected profit growth of 44.7%, with net profit forecasted at ₹246 crore compared to ₹170 crore in the same quarter last year.

Financial Services: PNB and HUDCO Expected Numbers

The financial services sector provides interesting insights into the broader economic landscape through the Q4 results 2025 expectations. Punjab National Bank (PNB) is projected to report a modest increase in Net Interest Income (NII) to ₹11,214 crore from ₹11,032 crore on a quarter-on-quarter basis, representing a 1.7% growth.

However, PNB’s net profit is expected to decline significantly to ₹4,012 crore from ₹4,508 crore in the previous quarter, a 11.0% decrease. This reduction in profitability despite growing interest income suggests potential challenges in other banking operations, possibly including provisions for non-performing assets or increased operational expenses.

In contrast, Housing & Urban Development Corporation Limited (HUDCO) shows more stable projections with NII expected at ₹1,008 crore compared to ₹983 crore in the previous quarter, a 2.5% increase. The company’s net profit is forecasted to grow modestly to ₹755 crore from ₹735 crore, representing a 2.7% increase quarter-on-quarter.

Technology Sector: Sonata Software Projections

Sonata Software’s Q4 financial forecasts present a mixed picture for the technology sector. The company’s rupee revenue is expected to decline to ₹2,517 crore from ₹2,842 crore on a quarter-on-quarter basis, representing an 11.4% decrease. This revenue contraction may reflect seasonal factors or specific project completion timelines affecting the IT services provider.

Despite the projected revenue decline, Sonata’s EBIT is expected to improve to ₹181 crore from ₹163 crore, with EBIT margin expected to increase from 5.7% to 7.19%. However, net profit is forecasted to decrease to ₹89 crore from ₹105 crore, a 15.2% decline quarter-on-quarter. This complex pattern suggests potential one-time factors affecting the company’s financial metrics.

Market Implications and Investor Outlook

The diverse picture emerging from the Q4 results 2025 expectations across different sectors has significant implications for investors and market analysts. The strong performance expected from manufacturing companies like Voltas and Blue Star suggests potential investment opportunities in sectors benefiting from infrastructure development and consumer durables growth.

Meanwhile, the more challenging outlook for consumer goods companies like Dabur indicates potential pressure on discretionary consumer spending, which could signal broader economic concerns. The expected performance pattern across these major companies provides valuable insights into sector-specific trends and the overall health of the Indian economy.

Investors should closely monitor these Q4 financial results for confirmation of the projected numbers and, more importantly, management commentary on future outlook. The varied performance across sectors highlights the importance of a diversified investment approach in the current market environment.

As companies officially announce their results on May 7th, market participants will gain more concrete insights into how different segments of the Indian economy are performing as we move further into 2025. These results will likely influence market sentiment and investment strategies in the coming months, particularly as analysts reassess their forecasts for the fiscal year ahead.