Overall Results Trend and Market Cap Analysis

In the latest quarter, 42.0% of companies reported positive results, a slight rise from 40.0% in June 2025 but lower than the 45.0% recorded in March 2025. The December 2024 quarter had 41.0% of companies posting positive outcomes, indicating a relatively stable but subdued earnings environment over the past year.

Breaking down by market capitalisation, mid-cap stocks led with 50.0% positive results, suggesting stronger earnings momentum in this segment. Small caps followed with 42.0%, while large caps lagged at 37.0%. This distribution points to a divergence where mid-sized companies are currently better positioned to navigate market conditions compared to their larger counterparts.

Sectoral Highlights and Top Performers

Among large caps, Tata Steel stood out in the ferrous metals sector, delivering noteworthy results that contributed to the sector’s overall performance. The company’s earnings reflected ongoing demand dynamics in steel and related industries, despite global uncertainties.

In the mid-cap space, FSN E-Commerce from the e-retail sector emerged as a top performer. The company’s results underscore the continued expansion and consumer adoption in digital commerce, which remains a key growth driver in the Indian economy.

Small caps showcased some of the most impressive individual results. Shaily Engineering, operating in the plastic products industrial sector, led the pack with strong quarterly figures. Other notable small-cap performers included HBL Engineering in auto components and ASM Technologies in software and consulting, each reflecting sector-specific strengths amid broader market challenges.

In-Depth Look: HMA Agro Industries Ltd’s Quarterly Performance

Among the recent disclosures, HMA Agro Industries Ltd, a company in the FMCG sector with a market size of ₹1,576.42 crores, reported its September 2025 quarter results with significant financial metrics. The company’s profit before tax excluding other income (PBT less OI) reached ₹80.91 crores, representing a substantial rise compared to its previous four-quarter average. Similarly, the profit after tax (PAT) stood at ₹89.76 crores, marking a notable increase over the same comparative period.

Net sales for the quarter were recorded at ₹2,155.34 crores, the highest in recent quarters, indicating robust revenue generation. Operating profit before depreciation, interest and taxes (PBDIT) also reached a peak of ₹95.46 crores. The operating profit margin relative to net sales was at 4.43%, the highest level observed in recent quarters, signalling improved operational efficiency.

These figures collectively suggest that HMA Agro Industries Ltd has experienced a period of very positive financial performance in the September 2025 quarter, reflecting favourable market conditions and effective management execution.

Quarterly Earnings Patterns and Market Implications

The overall earnings season reveals a market still grappling with uneven recovery signals. The modest rise in the proportion of companies reporting positive results from June to September 2025 suggests some stabilisation, yet the sub-50% level indicates that many firms continue to face headwinds.

Mid-cap companies’ relatively stronger showing may be attributed to their agility and exposure to growth sectors such as technology and consumer discretionary, which have benefited from evolving consumer behaviour and digital adoption. Conversely, large caps, often more exposed to cyclical sectors and global trade dynamics, appear to be under more pressure.

Small caps, while showing pockets of strength, remain vulnerable to volatility and sector-specific challenges. The standout performers in this segment, such as Shaily Engineering and HBL Engineering, highlight the importance of niche industrial and manufacturing sectors in driving earnings growth.

Upcoming Earnings to Watch

Looking ahead, Siemens Energy India Ltd is scheduled to announce its results on 24 November 2025. Given the company’s role in the energy sector, its performance will be closely monitored for indications of trends in infrastructure investment and energy demand.

Investor Takeaways

For investors, the current earnings season underscores the need for selective stock picking, with attention to companies demonstrating operational resilience and sectoral tailwinds. The divergence between market cap segments and sectors suggests that a nuanced approach, rather than broad market exposure, may be more effective in navigating the evolving landscape.

Companies like HMA Agro Industries Ltd exemplify how focused execution and favourable market conditions can translate into strong quarterly results, even amid broader market uncertainties. Meanwhile, monitoring upcoming results from key players such as Siemens Energy India Ltd will provide further clarity on sectoral momentum.

Conclusion

The September 2025 quarter results season paints a complex picture of the Indian equity market’s current state. While the proportion of companies reporting positive results remains below 50%, mid-cap stocks and select small caps continue to show pockets of strength. Large caps face more pronounced challenges, reflecting broader economic and sectoral pressures.

Investors are advised to analyse earnings trends carefully, focusing on companies with demonstrated financial discipline and growth potential. The evolving market environment calls for a balanced approach that considers both macroeconomic factors and company-specific fundamentals.

Limited Time Only! Subscribe for Rs. 12,999 and get 1 Year of MojoOne + an Additional Year Completely FREE. Don't miss out on this exclusive offer. Claim Your Free Year →