Overall Market Results and Positive Outcome Trends

For the quarter ended September 2025, a total of 3,982 companies declared their results. The proportion of companies reporting positive results was 43.0%, marking a slight rise compared to 40.0% in the June 2025 quarter but remaining below the 45.0% recorded in March 2025. The December 2024 quarter had seen 41.0% of companies posting positive outcomes, indicating a relatively stable but cautious earnings environment over the past year.

Breaking down by market capitalisation, mid-cap companies led with 50.0% reporting positive results, followed by small caps at 42.0%, and large caps at 39.0%. This distribution suggests that mid-sized firms are currently demonstrating comparatively stronger earnings resilience, while large caps are facing more tempered results.

Sectoral and Company Highlights Across Market Caps

Among large-cap companies, Tata Steel from the ferrous metals sector was noted for its noteworthy results, reflecting ongoing dynamics in the metals industry. Mid-cap companies saw FSN E-Commerce from the e-retail sector emerge as a top performer, signalling continued strength in digital commerce despite broader market uncertainties.

Small-cap stocks such as Shaily Engineering, operating in plastic products for industrial applications, also featured prominently among top results, highlighting pockets of industrial demand. Micro-cap companies like Shree Salasar, a non-banking financial company, demonstrated strong earnings, underscoring the diversity of growth drivers in smaller market segments.

Siemens Energy India Ltd: A Standout Performer in Heavy Electrical Equipment

Among the latest results declared in the last 24 hours, Siemens Energy India Ltd., with a market capitalisation of approximately ₹1,10,849.63 crores, reported its September 2025 quarter financials. The company’s net sales for the quarter stood at ₹2,645.70 crores, representing a 58.8% rise compared to its average over the previous four quarters. This figure marks the highest quarterly net sales recorded by the company to date.

Profit before tax excluding other income (PBT less OI) reached ₹441.60 crores, reflecting a 55.4% increase relative to the prior four-quarter average and also marking a record high. The profit after tax (PAT) for the quarter was ₹359.60 crores, which is the highest PAT reported by Siemens Energy India Ltd. and shows a 62.3% increase over the previous four-quarter average.

Additionally, the company’s profit before depreciation, interest, and tax (PBDIT) reached ₹479.30 crores, the highest quarterly figure on record. Earnings per share (EPS) for the quarter were ₹10.10, also the highest recorded in recent history. These metrics collectively indicate a strong operational and financial performance for Siemens Energy India Ltd. during the quarter.

Implications of Earnings Trends for Investors and Market Participants

The overall earnings landscape for the September 2025 quarter suggests a cautious but improving environment, with mid-cap companies showing relatively stronger earnings outcomes. Large-cap companies, while posting fewer positive results proportionally, still include notable performers such as Tata Steel and Siemens Energy India Ltd., which may reflect sector-specific dynamics and company-level execution.

Small and micro-cap companies continue to provide opportunities in niche sectors such as industrial plastics and non-banking financial services, indicating that selective stock picking remains crucial in the current market phase. The mixed results across sectors and market caps highlight the importance of analysing company fundamentals alongside broader economic and sectoral trends.

Sectoral Patterns and Earnings Volatility

The ferrous metals sector, represented by Tata Steel, continues to be influenced by global commodity cycles and domestic demand conditions. The e-commerce sector, with FSN E-Commerce as a key player, reflects ongoing shifts in consumer behaviour and digital adoption. Industrial sectors, including plastic products and heavy electrical equipment, are showing signs of operational strength, as evidenced by Shaily Engineering and Siemens Energy India Ltd.

However, the overall proportion of companies reporting positive results below 50% indicates that earnings volatility persists, likely driven by macroeconomic factors such as inflationary pressures, interest rate movements, and geopolitical uncertainties. Investors may need to balance exposure across sectors and market capitalisations to navigate this environment effectively.

Looking Ahead: Earnings Momentum and Market Outlook

As companies prepare for the upcoming quarters, the current earnings data provides a snapshot of resilience in certain sectors and segments, while signalling caution in others. The strong performance of Siemens Energy India Ltd. in the heavy electrical equipment industry may serve as a bellwether for industrial demand recovery, while the mixed results across large caps suggest selective opportunities rather than broad-based strength.

Mid-cap companies’ relatively higher proportion of positive results could attract investor interest, especially in sectors demonstrating structural growth potential. Meanwhile, small and micro-cap companies continue to offer pockets of growth, albeit with higher risk profiles.

Conclusion

The September 2025 quarter earnings season reveals a nuanced market picture. While less than half of the companies reported positive results, certain sectors and companies such as Siemens Energy India Ltd., Tata Steel, FSN E-Commerce, and Shaily Engineering stand out for their financial performance. The data underscores the importance of detailed analysis and sectoral awareness in investment decision-making amid ongoing economic uncertainties.

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