Overall Earnings Trend and Market Cap Analysis

The proportion of companies reporting positive results in the September quarter stood at 43.0%, marking a modest improvement from June 2025’s 40.0%, though slightly below the 45.0% recorded in March 2025. December 2024 had seen 41.0% positive results, indicating some oscillation but no clear upward or downward trend over the last four quarters.

Breaking down by market capitalisation, mid-cap stocks led with 50.0% of companies reporting positive results, outperforming both small caps at 42.0% and large caps at 37.0%. This suggests that mid-sized companies may currently be navigating the economic environment with relatively greater resilience or operational agility compared to their larger and smaller counterparts.

Large Cap Highlights: Tata Steel’s Performance

Among large caps, Tata Steel emerged as a standout performer within the ferrous metals sector. The company’s quarterly results demonstrated robust operational metrics, contributing to its position as a top result in this segment. While specific financial figures are not disclosed here, Tata Steel’s performance reflects the ongoing demand dynamics and pricing environment in the steel industry, which continues to be influenced by global commodity trends and domestic infrastructure activity.

Mid Cap Spotlight: FSN E-Commerce’s Earnings

FSN E-Commerce, operating in the e-retail and e-commerce sector, registered one of the top results among mid-cap companies. The sector’s growth trajectory remains supported by increasing digital penetration and consumer adoption of online platforms. FSN E-Commerce’s quarterly results underscore the sector’s potential, with operational efficiencies and revenue metrics contributing to its positive outcome.

Small Cap Leaders: Industrial and Technology Sectors

Small cap stocks showed a mixed but promising picture, with 42.0% reporting positive results. Notably, Shaily Engineer, from the plastic products industrial sector, led the small cap results overall. Alongside Shaily Engineer, ASM Technologies in the software and consulting domain and HBL Engineering in auto components and equipment also featured among the top performers. These companies’ results highlight pockets of strength in specialised manufacturing and technology services within the small cap universe.

Recent Notable Results: Piramal Finance Ltd

Piramal Finance Ltd, a significant player in the financial services sector with a market capitalisation of ₹37,855 crores, reported its September 2025 quarter results within the last 24 hours. The company’s net sales reached ₹2,871.55 crores, representing a 21.4% rise compared to the previous quarter. Operating profit before depreciation, interest and tax (PBDIT) was recorded at ₹1,949.15 crores, the highest for the company in recent quarters, with an operating profit to net sales ratio of 67.88%.

Profit before tax excluding other income (PBT less OI) stood at ₹301.68 crores, reflecting a 192.4% increase, while profit after tax (PAT) was ₹407.83 crores, showing a 150.2% growth. Earnings per share (EPS) for the quarter was ₹14.46, the highest in recent periods. These figures indicate a strong operational and financial performance for Piramal Finance in the September quarter, signalling positive momentum in its core business activities.

Sectoral Patterns and Broader Market Implications

The earnings season reveals that sectors such as industrial manufacturing, technology services, and financial services are currently exhibiting pockets of strength. The ferrous metals sector, represented by Tata Steel, continues to be influenced by commodity price fluctuations and infrastructure demand. Meanwhile, the e-commerce sector’s performance, as seen in FSN E-Commerce’s results, reflects sustained consumer interest and digital adoption trends.

Small cap companies in specialised industrial segments and technology consulting are also contributing positively to the overall market sentiment. However, the relatively lower proportion of positive results among large caps suggests that larger companies may be facing more complex challenges, possibly due to scale, global exposure, or sector-specific headwinds.

Upcoming Earnings to Watch

Investors and market watchers will be closely monitoring the forthcoming results of Siemens Energy India Ltd, scheduled for 24 November 2025, and Onix Solar Energy Ltd, due on 26 November 2025. These companies operate in sectors critical to India’s energy transition and infrastructure development, and their quarterly performance will provide further insights into sectoral trends and market dynamics.

Conclusion: Navigating a Mixed Earnings Landscape

The September 2025 earnings season presents a nuanced picture of India’s equity markets. While mid-cap companies show a relatively higher proportion of positive results, large caps lag behind, and small caps display selective strength in industrial and technology sectors. Noteworthy performances from companies such as Tata Steel, FSN E-Commerce, Shaily Engineer, and Piramal Finance highlight areas of opportunity amid broader market challenges.

Investors should consider these sectoral and market cap distinctions when analysing portfolio exposures and market outlooks. The evolving economic environment, influenced by domestic demand, commodity prices, and digital transformation, will continue to shape earnings outcomes in the coming quarters.

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