Overall Results Trend Over Four Quarters

Data from the last four quarters indicates a fluctuating pattern in the proportion of companies reporting positive results. For the September 2025 quarter, 43.0% of the 3,985 stocks declared results with positive financial outcomes. This figure is a slight rise from June 2025’s 40.0%, but remains below the 45.0% recorded in March 2025. The December 2024 quarter saw 41.0% positive results, suggesting a degree of volatility in corporate earnings momentum over the past year.

Market Capitalisation Breakdown

When segmented by market capitalisation, mid-cap companies led with 50.0% reporting positive results in the September quarter. This contrasts with large caps, where only 39.0% of companies posted favourable outcomes. Small caps registered 42.0% positive results, indicating a moderate performance relative to their mid-cap peers.

Sectoral Highlights Among Large Caps

Within the large-cap universe, Tata Steel emerged as a notable performer in the ferrous metals sector. The company’s quarterly results reflected resilience amid a challenging commodity price environment, with steady revenue streams and controlled cost structures contributing to its standing. Tata Steel’s performance underscores the ongoing complexities faced by heavy industry players balancing global demand fluctuations and input cost pressures.

Mid-Cap Sector Leaders

FSN E-Commerce, operating in the e-retail and e-commerce sector, stood out among mid-cap stocks. The company’s results demonstrated sustained consumer engagement and expanding market share, supported by digital adoption trends and evolving consumer behaviour. FSN E-Commerce’s performance highlights the sector’s potential to capitalise on shifting retail paradigms despite broader economic uncertainties.

Small Cap and Micro Cap Performers

Among small caps, Shaily Engineering, specialising in plastic products for industrial applications, reported positive quarterly outcomes. The company’s results reflect steady demand from manufacturing sectors and effective operational management. In the micro-cap segment, Shree Salasar, a non-banking financial company (NBFC), and One Global Serv, a healthcare services provider, also posted encouraging results, signalling pockets of strength in niche sectors.

Recent Developments in Non-Ferrous Metals

Onix Solar Energy Ltd., a company in the non-ferrous metals industry with a market size of ₹565.12 crores, declared its September 2025 quarter results within the last 24 hours. The company’s net sales for the half year stood at ₹88.57 crores, reflecting a remarkable growth rate of over 22,600% compared to the previous period. Despite this surge in sales, Onix Solar’s market sentiment shifted from mildly bearish to bearish as of 17 November 2025, with recent assessment changes indicating a more cautious outlook.

Aggregate Profit Growth and Market Sentiment

The aggregate profit growth across the nearly 4,000 companies reporting this quarter presents a mixed scenario. While mid-cap companies show a higher incidence of positive earnings, large caps continue to face margin pressures and subdued demand in certain sectors. Small caps and micro caps reveal pockets of robust performance, particularly in specialised industrial and financial services segments.

Investor sentiment appears to be influenced by these divergent trends, with cautious optimism prevailing in sectors demonstrating clear growth trajectories such as e-commerce and niche manufacturing. Conversely, commodity-linked sectors and capital-intensive industries remain under scrutiny due to global economic uncertainties and input cost volatility.

Outlook and Considerations for Investors

As the market digests these quarterly results, the emphasis for investors may shift towards identifying companies with sustainable growth drivers and resilient business models. The mid-cap segment’s relatively higher proportion of positive results suggests potential opportunities, particularly in sectors aligned with digital transformation and consumer demand shifts.

Meanwhile, large-cap companies with strong balance sheets and strategic cost management may navigate the current environment more effectively, although sector-specific challenges persist. Small and micro caps continue to offer selective opportunities, especially where operational efficiencies and niche market positioning are evident.

Overall, the September 2025 quarter results underscore the importance of a nuanced approach to portfolio construction, balancing exposure across market capitalisations and sectors to capture growth while managing risk.

Key Takeaways

• 43.0% of companies reported positive results in Sep-2025, a slight improvement from the previous quarter.


• Mid-cap stocks led with 50.0% positive outcomes, outperforming large caps at 39.0%.


• Tata Steel and FSN E-Commerce emerged as sectoral leaders in large and mid-cap categories respectively.


• Small and micro caps showed selective strength, with companies like Shaily Engineering and Shree Salasar posting encouraging results.


• Onix Solar Energy Ltd. recorded exceptional net sales growth but faces a cautious market outlook.

Investors are advised to monitor evolving sectoral dynamics and company-specific fundamentals as the market navigates the final quarter of 2025.

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