Quarterly Results Overview and Trends

As of 14 February 2026, a total of 3,442 companies have declared their December 2025 quarter results. The proportion of firms reporting positive earnings has improved modestly to 46.0%, compared to 44.0% in the September 2025 quarter and 42.0% in June 2025. This marks a slight recovery from the mid-year trough, though it remains below the 47.0% positive results recorded in March 2025.

This incremental improvement suggests that while corporate earnings are stabilising, challenges persist in sustaining robust profitability across the board. The earnings momentum appears fragile, with many companies still grappling with cost pressures and subdued demand in certain sectors.

Market Capitalisation Breakdown

Analysing results by market capitalisation reveals a divergent pattern. Large-cap companies reported a 43.0% positive result rate, lagging behind mid-cap firms, which posted a stronger 53.0% positivity. Small caps stood at 46.0%, aligning closely with the overall average.

The relatively higher success rate among mid-cap companies may reflect their agility in adapting to market conditions and capitalising on niche opportunities. Conversely, large caps continue to face headwinds from global macroeconomic uncertainties and sector-specific challenges, tempering their earnings growth.

Sectoral Highlights and Top Performers

Among large caps, Muthoot Finance emerged as a standout performer within the Non-Banking Financial Company (NBFC) sector, demonstrating resilience amid tightening credit conditions. Its robust earnings underscore the sector’s gradual recovery and improved asset quality.

In the mid-cap space, FSN E-Commerce led the pack in the E-Retail sector, benefiting from sustained consumer demand and expanding digital penetration. The company’s results highlight the ongoing structural shift towards online retail channels despite macroeconomic headwinds.

Small-cap leaders included Quality Power El in the Heavy Electrical Equipment sector, which posted impressive earnings growth driven by strong order inflows and operational efficiencies. Other notable small-cap performers were Cupid in FMCG and Trescon in the Realty sector, the latter also topping micro-cap results.

Recent Noteworthy Results: Suratwwala Business Group Ltd

Among the 490 companies that declared results in the last 24 hours, Suratwwala Business Group Ltd stood out with an outstanding financial performance for the December 2025 quarter. Operating in the Realty sector with a market size of ₹541.23 crores, the company’s score improved from 34 to 35 over the past three months, signalling enhanced operational efficiency and profitability.

Key metrics for Suratwwala Business Group include net sales of ₹42.09 crores, reflecting a remarkable 165.6% growth compared to the previous four-quarter average. Profit before tax excluding other income (PBT less OI) surged by 137.9% to ₹14.95 crores, while profit after tax (PAT) rose 120.3% to ₹11.13 crores. These figures represent the highest quarterly levels recorded by the company, with PBDIT reaching ₹15.49 crores and earnings per share (EPS) at 0.64.

Despite a recent shift in market sentiment from mildly bearish to bearish on 10 February 2026 at a share price of ₹30.35, the company’s fundamental performance remains robust, suggesting potential for a turnaround if market confidence returns.

Upcoming Earnings to Watch

Investors should keep an eye on several key results scheduled in the coming days, including VLS Finance Ltd on 15 February 2026, Sejal Glass Ltd on 16 February 2026, and ABB India Ltd on 19 February 2026. These companies operate in sectors that have shown mixed earnings trends recently, and their results could provide further clarity on sectoral momentum heading into 2026.

Aggregate Profit Growth and Market Implications

The aggregate profit growth across the market remains subdued but shows signs of stabilisation. The gradual increase in the proportion of companies reporting positive earnings, particularly among mid and small caps, indicates pockets of strength that could support broader market gains.

However, the relatively lower positive result rate among large caps suggests that investors should remain selective, focusing on companies with strong balance sheets and resilient business models. Sectoral disparities also warrant attention, with financials, e-commerce, and select industrials outperforming, while others continue to face margin pressures.

Overall, the December 2025 earnings season reflects a market in transition, balancing cautious optimism with ongoing challenges. Investors would be well advised to monitor upcoming results closely and consider quality and growth sustainability in their portfolio decisions.

Conclusion

The December quarter earnings season has delivered a mixed bag of results, with a modest improvement in positive outcomes but persistent variability across market caps and sectors. Mid-cap companies have demonstrated relative strength, while large caps continue to navigate a complex macroeconomic environment. Notable performers such as Muthoot Finance, FSN E-Commerce, and Quality Power El highlight areas of opportunity, but investors should remain vigilant amid uneven recovery signals.

With several key results pending, the market’s direction in the near term will depend on the ability of companies to sustain profit growth and manage cost pressures effectively. The evolving earnings landscape underscores the importance of a discerning investment approach focused on fundamentals and sectoral dynamics.

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