CRISIL – Research pulse, May 2024

Corporate India is projected to maintain strong revenue growth for the fourth consecutive year in fiscal 2025, with a 9-10% increase following an 8% rise in fiscal 2024. Consumer discretionary products and services are expected to drive growth, supported by domestic demand, while consumer staples will benefit from rural demand. However, commodity-based sectors may see revenue pressure. Margin expansion is expected in the current fiscal due to lower commodity prices, with potential for further improvement next year. Commercial vehicle sales in fiscal 2024 are forecasted to surpass pre-pandemic levels, driven by government spending and replacement demand. In fiscal 2025, CV sales are expected to grow moderately due to union elections and industry cyclicality.