New Delhi, May 3 -- In a year overshadowed by global volatility, tariff tremors, and subdued demand, some companies still managed to pull off double-digit profit growth. According to a Mint analysis of 329 listed firms, Q4 net profit rose over 12% year-on-year-even as topline growth stayed tepid at just 2%. Strip out the BFSI sector, and it gets even more interesting: profits rose 14.3%, revealing how margin gains are powering India Inc. through the fog.

The secret sauce? Cost controls, leaner wage bills, smarter pricing, and operational agility. Operating margins rose steadily every quarter, reaching 28.8% in the fourth quarter of 2024-25 from 26% in Q1. Yet, only 8% of companies managed to steadily grow their net profit margins across ...