TCS to kick off Q1 result season on July 10: Check earnings dates for big companies like HDFC Bank, Infosys, Nestle

India Inc. is gearing up for its first quarter earnings season for FY25, with IT major Tata Consultancy Services (TCS) set to set the tone on July 10. Investors, analysts, and market watchers are keenly awaiting results from a host of large-cap companies across sectors to assess corporate health amid macroeconomic volatility and persistent inflationary pressures. With HDFC Bank, Infosys, Reliance Industries, and Nestle India also scheduled to report soon, the Q1 FY25 earnings season is expected to offer crucial cues for equity markets in the near term.

TCS to Lead the Pack on July 10

Tata Consultancy Services, India’s largest IT services firm, will announce its April-June 2025 quarter results on Wednesday, July 10, 2025. Market experts are expecting a modest revenue growth on a sequential basis, driven by sustained demand for cost optimization and digital transformation services, albeit impacted by cautious tech spending in key markets like the US and Europe.

“Margin performance will be closely watched. While cost control efforts may support margins, wage hikes and ongoing supply-side pressures could offset the benefits,” said Kunal Rathi, Senior IT Analyst at Way2Wealth.

TCS’ Q1 results are often considered a bellwether for the broader IT sector, setting expectations for peers like Infosys, HCLTech, and Wipro.

Sectoral Trends to Watch in Q1 FY25

🔹 IT Services: Margins in Focus

IT companies are expected to post mixed results. While growth momentum in BFSI and cloud verticals may remain tepid, cost-optimization deals and AI-led services are seen gaining traction.

“Expect cautious commentary on client spending. The demand environment has not yet normalized post-COVID and banking stress in the West,” said Ritika Jain, Tech Sector Analyst at Axis Securities.

🔹 Banking: NIM Pressure May Continue

Private lenders like HDFC Bank and ICICI Bank are anticipated to report stable asset quality but may see compression in Net Interest Margins (NIMs) due to rising cost of funds.

“The merger impact will be visible in HDFC Bank’s numbers for a full year now. Investors will scrutinize deposit growth and cost control initiatives,” noted Rohit Kundu, Banking Analyst at Motilal Oswal.

🔹 FMCG: Volume Growth vs Inflation

FMCG majors like Nestle India, ITC, and Hindustan Unilever may post mid-single digit revenue growth. Rural recovery and sustained urban demand will be key drivers, while raw material costs remain a headwind.

“Nestle’s strong positioning in packaged foods and its pricing strategy may offer a buffer against raw material cost inflation,” added Ananya Srivastava, FMCG Research Head at JM Financial.

🔹 Energy & Diversified: Reliance in Spotlight

Reliance Industries’ retail and telecom arms are expected to perform well, but the focus will also be on the performance of the O2C (Oil-to-Chemicals) segment, which could face global pricing volatility.

Market Context: Earnings Amid Uncertain Backdrop

The Q1 FY25 earnings season comes amid mixed global cues, inflationary concerns, and subdued foreign investor participation. The Nifty 50 and Sensex have been range-bound, with investors awaiting strong corporate commentary and earnings resilience to renew bullish bets.

“Valuations in India remain elevated. Hence, earnings growth is essential to sustain the current levels. Any disappointment, especially from heavyweight stocks, may trigger short-term corrections,” said Dharmesh Kant, Head of Research at Narnolia.

Investor Outlook: Earnings to Guide Near-Term Market Direction

With limited positive triggers from global markets and macroeconomic data, investors are expected to shift their focus toward bottom-up stock picking based on quarterly earnings performance.

Blue-chip stocks such as TCS, HDFC Bank, and Reliance will set the tone for market sentiment. Analysts recommend keeping an eye on management commentary regarding demand outlook, capital expenditure plans, and cost management strategies.

“Early results from IT and banking will act as a litmus test. The broader market is cautiously optimistic, but a few negative surprises can easily tilt the mood,” concluded Rakesh Bansal, Independent Market Analyst.

As TCS gears up to kick off the Q1 FY25 earnings season on July 10, the spotlight will be on key sectors like IT, banking, FMCG, and energy. With markets pricing in robust growth expectations, the next few weeks will be pivotal in determining whether corporate India can meet the high bar set by analysts and investors.