Press Releases

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| Date : Mar 30, 2026 | |
| Finances of Non-Government Non-Financial Public Limited Companies, 2024-25 | |
| | Today, the Reserve Bank released the data relating to financial performance of non-government non-financial (NGNF) public limited companies during 2024-25 (https://data.rbi.org.in/#/dbie/reports/Statistics/Corporate%20Sector/Non-Government%20Non-Financial%20Public%20Limited%20Companies) based on audited annual accounts of select 7,992 companies, which reported in the Indian Accounting Standards (Ind-AS) format for three accounting years from 2022-23 to 2024-25, received from the Ministry of Corporate Affairs, Government of India, which is the primary source of these data.

Total paid-up capital (PUC) of these companies amounted to ₹8,51,281 crore as at end March 2025, constituting 64.3 per cent of the total PUC of NGNF public limited companies 1.

Highlights

Sales

- The growth in net sales of the select NGNF public limited companies inched up to 7.8 per cent from 6.3 per cent in the previous year; sales growth of manufacturing and services sector increased to 6.3 per cent and 10.1 per cent, respectively during 2024-25 from 5.0 per cent and 7.4 per cent growth recorded during the previous year, respectively (Statement 1 and 11).
- Sales of services sector was mainly driven by expansion in sales of ‘Transport and storage services’ and ‘Information and communication’ sectors (Statement 11).

Expenditure

- In line with the increase in sales growth, operating expenses rose by 8.4 per cent during 2024-25 on the back of higher growth in manufacturing expenses (Statements 1 and 11).

Profit

- Increase in total expenses due to higher expenditure in raw materials resulted moderation in growth of operating profits from 15.3 per cent to 8.4 per in 2024-25, at aggregate level (Statements 1 and 11).
- Profit after tax increased significantly by 23.1 per cent during 2024-25; driven by strong non-operating income and moderated tax expenses; services sector companies recorded much higher post tax profit growth (40.2 per cent) when compared to that in the manufacturing sector (12.8 per cent) (Statements 1,3, and 11).
- Net profit margin improved across major sectors during 2024-25 (Statements 2 and 12).

Leverage

- The NGNF public limited companies, continued to deleverage their balance sheet during 2024-25 as aggregate debt-to-equity ratio moderated to 29.8 from 32.8 per cent in 2023-24 (Statement 2).
- Interest coverage ratio [2](https://www.rbi.org.in/Scripts/about:blank#FN2) (ICR), a measure of debt servicing capacity improved to 4.3 during 2024-25; ICR of manufacturing companies increased to 6.8, and that of services companies to 3.4 (Statements 2 and 12).

Sources and Uses of Fund

- Internal sources remained primary driver of funding, accounting for 57.2 per cent of total funds during 2024-25; within internal sources reserves and surplus showed an impressive growth of 40.8 per cent (Statement 5A).
- Gross fixed assets formation remained robust, accounting for 41.1 per cent in total uses of funds during 2024-25. (Statement 5B).

Explanatory notes to the statements are given in the Annex.

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2025-2026/2359

1 The previous data release in the series was published on Feb 24, 2025. It covered 6,955 companies for the years 2022-22 to 2023-24 with total PUC of ₹7,82,257 crore (55.7 per cent of total PUC of NGNF public limited companies) at end-March 2024.

2 ICR (i.e., ratio of earnings before interest and tax to interest expenses) is a measure of debt servicing capacity of a company. The minimum value for a variable ICR is 1 | | Today, the Reserve Bank released the data relating to financial performance of non-government non-financial (NGNF) public limited companies during 2024-25 (https://data.rbi.org.in/#/dbie/reports/Statistics/Corporate%20Sector/Non-Government%20Non-Financial%20Public%20Limited%20Companies) based on audited annual accounts of select 7,992 companies, which reported in the Indian Accounting Standards (Ind-AS) format for three accounting years from 2022-23 to 2024-25, received from the Ministry of Corporate Affairs, Government of India, which is the primary source of these data.

Total paid-up capital (PUC) of these companies amounted to ₹8,51,281 crore as at end March 2025, constituting 64.3 per cent of the total PUC of NGNF public limited companies 1.

Highlights

Sales

• The growth in net sales of the select NGNF public limited companies inched up to 7.8 per cent from 6.3 per cent in the previous year; sales growth of manufacturing and services sector increased to 6.3 per cent and 10.1 per cent, respectively during 2024-25 from 5.0 per cent and 7.4 per cent growth recorded during the previous year, respectively (Statement 1 and 11).

• Sales of services sector was mainly driven by expansion in sales of ‘Transport and storage services’ and ‘Information and communication’ sectors (Statement 11).
  Expenditure

• In line with the increase in sales growth, operating expenses rose by 8.4 per cent during 2024-25 on the back of higher growth in manufacturing expenses (Statements 1 and 11).
  Profit

• Increase in total expenses due to higher expenditure in raw materials resulted moderation in growth of operating profits from 15.3 per cent to 8.4 per in 2024-25, at aggregate level (Statements 1 and 11).

• Profit after tax increased significantly by 23.1 per cent during 2024-25; driven by strong non-operating income and moderated tax expenses; services sector companies recorded much higher post tax profit growth (40.2 per cent) when compared to that in the manufacturing sector (12.8 per cent) (Statements 1,3, and 11).

• Net profit margin improved across major sectors during 2024-25 (Statements 2 and 12).
  Leverage

• The NGNF public limited companies, continued to deleverage their balance sheet during 2024-25 as aggregate debt-to-equity ratio moderated to 29.8 from 32.8 per cent in 2023-24 (Statement 2).

• Interest coverage ratio 2 (ICR), a measure of debt servicing capacity improved to 4.3 during 2024-25; ICR of manufacturing companies increased to 6.8, and that of services companies to 3.4 (Statements 2 and 12).
  Sources and Uses of Fund

• Internal sources remained primary driver of funding, accounting for 57.2 per cent of total funds during 2024-25; within internal sources reserves and surplus showed an impressive growth of 40.8 per cent (Statement 5A).

• Gross fixed assets formation remained robust, accounting for 41.1 per cent in total uses of funds during 2024-25. (Statement 5B).
  Explanatory notes to the statements are given in the Annex.

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2025-2026/2359

1 The previous data release in the series was published on Feb 24, 2025. It covered 6,955 companies for the years 2022-22 to 2023-24 with total PUC of ₹7,82,257 crore (55.7 per cent of total PUC of NGNF public limited companies) at end-March 2024.

2 ICR (i.e., ratio of earnings before interest and tax to interest expenses) is a measure of debt servicing capacity of a company. The minimum value for a variable ICR is 1 |
| Today, the Reserve Bank released the data relating to financial performance of non-government non-financial (NGNF) public limited companies during 2024-25 (https://data.rbi.org.in/#/dbie/reports/Statistics/Corporate%20Sector/Non-Government%20Non-Financial%20Public%20Limited%20Companies) based on audited annual accounts of select 7,992 companies, which reported in the Indian Accounting Standards (Ind-AS) format for three accounting years from 2022-23 to 2024-25, received from the Ministry of Corporate Affairs, Government of India, which is the primary source of these data.

Total paid-up capital (PUC) of these companies amounted to ₹8,51,281 crore as at end March 2025, constituting 64.3 per cent of the total PUC of NGNF public limited companies 1.

Highlights

Sales

• The growth in net sales of the select NGNF public limited companies inched up to 7.8 per cent from 6.3 per cent in the previous year; sales growth of manufacturing and services sector increased to 6.3 per cent and 10.1 per cent, respectively during 2024-25 from 5.0 per cent and 7.4 per cent growth recorded during the previous year, respectively (Statement 1 and 11).

• Sales of services sector was mainly driven by expansion in sales of ‘Transport and storage services’ and ‘Information and communication’ sectors (Statement 11).
  Expenditure

• In line with the increase in sales growth, operating expenses rose by 8.4 per cent during 2024-25 on the back of higher growth in manufacturing expenses (Statements 1 and 11).
  Profit

• Increase in total expenses due to higher expenditure in raw materials resulted moderation in growth of operating profits from 15.3 per cent to 8.4 per in 2024-25, at aggregate level (Statements 1 and 11).

• Profit after tax increased significantly by 23.1 per cent during 2024-25; driven by strong non-operating income and moderated tax expenses; services sector companies recorded much higher post tax profit growth (40.2 per cent) when compared to that in the manufacturing sector (12.8 per cent) (Statements 1,3, and 11).

• Net profit margin improved across major sectors during 2024-25 (Statements 2 and 12).
  Leverage

• The NGNF public limited companies, continued to deleverage their balance sheet during 2024-25 as aggregate debt-to-equity ratio moderated to 29.8 from 32.8 per cent in 2023-24 (Statement 2).

• Interest coverage ratio 2 (ICR), a measure of debt servicing capacity improved to 4.3 during 2024-25; ICR of manufacturing companies increased to 6.8, and that of services companies to 3.4 (Statements 2 and 12).
  Sources and Uses of Fund

• Internal sources remained primary driver of funding, accounting for 57.2 per cent of total funds during 2024-25; within internal sources reserves and surplus showed an impressive growth of 40.8 per cent (Statement 5A).

• Gross fixed assets formation remained robust, accounting for 41.1 per cent in total uses of funds during 2024-25. (Statement 5B).
  Explanatory notes to the statements are given in the Annex.

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2025-2026/2359

1 The previous data release in the series was published on Feb 24, 2025. It covered 6,955 companies for the years 2022-22 to 2023-24 with total PUC of ₹7,82,257 crore (55.7 per cent of total PUC of NGNF public limited companies) at end-March 2024.

2 ICR (i.e., ratio of earnings before interest and tax to interest expenses) is a measure of debt servicing capacity of a company. The minimum value for a variable ICR is 1 | |

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