Quarterly Results Overview and Trends

As of 26 February 2026, a total of 4,088 companies have declared their results for the December 2025 quarter. The proportion of companies reporting positive earnings growth has edged up slightly to 46.0%, compared with 44.0% in the September 2025 quarter and 41.0% in June 2025. This marks a mild improvement from the mid-year trough, though it remains below the 47.0% positive results recorded in March 2025.

This oscillation in earnings performance reflects ongoing macroeconomic uncertainties and sector-specific headwinds, with companies navigating inflationary pressures, supply chain disruptions, and fluctuating demand patterns.

Market Capitalisation Breakdown

Examining results by market capitalisation reveals a clear divergence in earnings momentum. Mid-cap companies have delivered the strongest showing, with 53.0% reporting positive results in the December quarter. This contrasts with 43.0% of large-cap and 45.0% of small-cap companies posting earnings beats.

The mid-cap segment’s relative outperformance suggests that companies in this bracket are better positioned to capitalise on niche growth opportunities and operational efficiencies, while large caps face greater scrutiny over margin pressures and global economic exposure. Small caps, meanwhile, continue to experience volatility, reflecting their sensitivity to domestic economic cycles and capital market conditions.

Sectoral and Company Highlights

Among large caps, Muthoot Finance stood out with robust quarterly results, reaffirming its leadership in the Non-Banking Financial Company (NBFC) sector. The company’s disciplined credit growth and asset quality management have underpinned steady profit expansion despite tightening regulatory norms.

In the mid-cap universe, FSN E-Commerce delivered impressive earnings, benefiting from sustained consumer demand and digital penetration in the e-retail sector. Its ability to scale operations while controlling costs has translated into margin improvement and revenue growth exceeding sector averages.

Within small caps, Ashiana Housing emerged as a top performer in the realty sector, supported by healthy sales bookings and a favourable interest rate environment. The company’s focus on affordable housing projects has resonated well with end consumers, driving revenue and profit growth.

Micro Cap and Other Notable Performers

Micro-cap stocks have also delivered noteworthy results, with Jindal Poly Inve (NBFC sector) and Trescon (realty sector) posting strong earnings growth. Additionally, Indo Thai Securities in the capital markets segment recorded solid profitability, reflecting increased market activity and improved brokerage income.

Sanofi Consumer Healthcare India Ltd: A Standout Quarter

Among the latest results declared in the last 24 hours, Sanofi Consumer Healthcare India Ltd reported a very positive financial performance for the December 2025 quarter. The company’s net sales reached a record ₹251.00 crore, marking a 25.8% increase compared to its previous four-quarter average. Profit before depreciation, interest and taxes (PBDIT) rose to ₹89.80 crore, while profit before tax excluding other income (PBT less OI) climbed 27.2% to ₹85.90 crore.

Net profit (PAT) also surged 23.8% to ₹66.50 crore, with earnings per share (EPS) hitting a quarterly high of ₹28.91. This strong performance has improved the company’s financial score from 15 to 24 over the past three months, although the stock’s technical stance shifted from mildly bearish to bearish in early December 2025 at ₹4,624.15.

Upcoming Earnings to Watch

Investors will be closely monitoring results from several companies scheduled to report on 27 February 2026, including Rain Industries Ltd, Jagatjit Industries Ltd, and Enkei Wheels India Ltd. These announcements will provide further insight into sectoral trends and earnings momentum heading into the new fiscal year.

Sectoral Earnings Patterns and Outlook

The December quarter earnings season has underscored the uneven recovery across sectors. Consumer discretionary and e-commerce companies have generally fared better, buoyed by resilient demand and digital adoption. Conversely, capital-intensive sectors such as realty and manufacturing continue to face margin pressures and subdued volume growth.

Financial services firms, particularly NBFCs, have demonstrated cautious optimism, balancing credit growth with asset quality vigilance. The mixed results across large, mid and small caps suggest that investors should adopt a selective approach, favouring companies with strong balance sheets, sustainable earnings growth and clear competitive advantages.

Aggregate Profit Growth and Market Implications

Overall, aggregate profit growth for the December 2025 quarter remains moderate, reflecting a cautious macroeconomic environment. The slight uptick in positive results compared to previous quarters is encouraging but not yet indicative of a broad-based earnings revival. Market participants should remain vigilant to evolving economic indicators and sector-specific developments as companies report their full-year outlooks.

In summary, the December quarter earnings season has delivered a mixed bag of results, with mid-cap companies leading the charge in positive earnings surprises. Select large and small caps have also demonstrated resilience, while micro caps continue to offer pockets of opportunity. Investors are advised to focus on quality fundamentals and earnings sustainability as they navigate the evolving market landscape.

Limited Period Only. Start at Rs. 9,999 - Get MojoOne for 1 Year + 3 Months FREE (60% Off) Get 71% Off →