The December 2025 quarter earnings season has revealed a nuanced picture across Indian equities, with 1,224 companies reporting results. While the overall proportion of companies delivering positive earnings improved to 48.0%, this marks a modest recovery from the previous quarter’s 42.0% but remains below the March 2025 peak of 44.0%. Mid-cap stocks have outperformed, with 53.0% reporting positive results, contrasting with a subdued 36.0% among large caps, signalling a divergence in earnings momentum across market capitalisation segments.