Quarterly Earnings Overview and Market Cap Analysis

Across the last four quarters, the proportion of companies reporting positive results has fluctuated moderately. The September 2025 quarter saw 43.0% of companies posting favourable earnings, compared to 40.0% in June 2025, 45.0% in March 2025 and 41.0% in December 2024. This indicates a relatively stable earnings environment with intermittent shifts in corporate profitability.

When segmented by market capitalisation, mid cap companies led with 50.0% positive results, outperforming both small caps at 42.0% and large caps at 39.0%. This suggests that mid-sized firms may be navigating current economic conditions with greater agility or benefiting from sector-specific tailwinds.

Large Cap Highlights: Tata Steel’s Earnings Performance

Tata Steel, a key player in the ferrous metals sector, emerged as one of the top performers among large caps. The company’s quarterly results reflected operational resilience amid fluctuating commodity prices and global demand uncertainties. While exact profit figures were not disclosed, Tata Steel’s position as a top result indicates a solid earnings outcome relative to its sector peers.

The ferrous metals sector has been under pressure due to raw material cost volatility and global trade dynamics. Tata Steel’s ability to maintain a positive earnings trajectory underscores effective cost management and strategic pricing initiatives.

Mid Cap Momentum: FSN E-Commerce’s Sectoral Strength

FSN E-Commerce, operating within the e-retail and e-commerce sector, led mid cap results with a strong quarterly performance. The sector continues to benefit from sustained consumer demand and digital adoption trends. FSN E-Commerce’s results reflect the ongoing shift towards online retail channels, supported by expanding product offerings and enhanced logistics capabilities.

Mid cap companies like FSN E-Commerce are capitalising on niche market opportunities and evolving consumer behaviour, which may explain the higher proportion of positive results in this segment.

Small Cap and Micro Cap Standouts: Shaily Engineer and Shree Salasar

Within the small cap universe, Shaily Engineer, a player in the plastic products - industrial sector, recorded one of the top results. The company’s earnings suggest operational efficiency and demand stability in its specialised product lines. Similarly, ASM Technologies, in the computers - software and consulting sector, also featured among the leading small cap performers.

At the micro cap level, Shree Salasar, operating in the non-banking financial company (NBFC) sector, posted the strongest overall results. This highlights pockets of strength in financial services, particularly among smaller, specialised lenders.

Recent Results Spotlight: RIR Power Electronics Ltd

Among the 13 companies that declared results in the last 24 hours, RIR Power Electronics Ltd, a firm in the other electrical equipment industry, reported a notably positive quarter for September 2025. The company’s profit before tax (PBT) excluding other income stood at ₹3.70 crores, representing an 84.1% increase compared to its previous four-quarter average. Similarly, profit after tax (PAT) was ₹3.35 crores, reflecting an 85.8% rise over the same period.

RIR Power Electronics also recorded its highest earnings before depreciation, interest and taxes (PBDIT) at ₹4.36 crores, alongside an operating profit to net sales ratio of 17.00%, the highest in recent quarters. Earnings per share (EPS) reached ₹0.53, marking a peak for the company. Cash and cash equivalents at half-year stood at ₹43.72 crores, indicating a strong liquidity position.

These figures suggest that RIR Power Electronics is experiencing operational improvements and enhanced profitability, which may be attributed to efficient cost controls and favourable market conditions.

Sectoral Patterns and Aggregate Profit Trends

The earnings season reveals sectoral divergences, with industrials such as Tata Steel and Shaily Engineer showing resilience, while technology and e-commerce firms like FSN E-Commerce and ASM Technologies benefit from structural growth trends. The NBFC sector’s micro cap leader, Shree Salasar, indicates selective strength in financial services.

Aggregate profit growth across the market appears modest but steady, with mid caps outperforming in terms of positive earnings proportions. Large caps, despite their scale, have a lower percentage of positive results, possibly reflecting broader economic headwinds and global uncertainties impacting heavyweight companies.

Investors may find opportunities in mid and small cap segments where earnings momentum is more pronounced, while large caps like Tata Steel continue to demonstrate sectoral leadership amid challenging conditions.

Upcoming Earnings to Watch

Looking ahead, Onix Solar Energy Ltd is scheduled to announce its quarterly results on 26 November 2025. Market participants will be keen to assess the company’s performance amid growing interest in renewable energy and sustainability-focused sectors.

Conclusion

The September 2025 earnings season presents a nuanced picture of the Indian equity market. While less than half of the companies reported positive results, the steady trend over recent quarters suggests a degree of stability. Mid cap companies have shown relative strength, supported by sectoral tailwinds in e-commerce and specialised industrials. Large caps like Tata Steel maintain their importance as bellwethers, even as they face external pressures.

RIR Power Electronics’ recent results highlight the potential for operational improvements in niche industrial sectors. Investors should continue to monitor sectoral developments and company-specific fundamentals as the market navigates evolving economic conditions.

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