In FY25, India Inc. demonstrated remarkable resilience amid global headwinds. The sharpest rebound came in Q4, marking a recovery from earlier earnings softness. A defining theme of the year was the significant earnings outperformance of mid- and small-cap (SMID) companies compared to large-caps, with SMIDs leading in 15 out of 19 sectors. The article deep dive into sectoral and segmental key factors that drove FY25 earnings.