Overall Results Landscape for September 2025

Out of the nearly 4,000 companies that declared their quarterly results for September 2025, 43.0% reported positive financial outcomes. This figure shows a slight improvement from the 40.0% positive results recorded in June 2025 but remains below the 45.0% seen in March 2025. The December 2024 quarter had a 41.0% positive result rate, indicating a somewhat fluctuating but generally subdued earnings environment over the past year.

The data suggests that while some companies have managed to navigate the challenges of the current economic climate, a majority are still facing headwinds that limit their ability to deliver favourable quarterly results.

Market Capitalisation Segments: Divergent Earnings Outcomes

Breaking down the results by market capitalisation reveals distinct patterns. Mid-cap companies reported the highest proportion of positive results at 50.0%, indicating that this segment is currently exhibiting relative resilience and possibly benefiting from niche market positioning or sectoral tailwinds.

Large-cap companies, which often serve as bellwethers for the broader market, had 39.0% of firms reporting positive results. This lower proportion compared to mid-caps may reflect the challenges faced by some heavyweight sectors amid global economic uncertainties and domestic demand fluctuations.

Small-cap stocks showed a 42.0% rate of positive results, slightly below mid-caps but above large caps. This suggests a mixed performance in the smaller companies segment, where volatility and sector-specific factors can have a pronounced impact on quarterly outcomes.

Sectoral Highlights: Leading Performers Amongst Large, Mid and Small Caps

Among large-cap stocks, Tata Steel stood out with notable results in the ferrous metals sector. The company’s quarterly performance reflects ongoing demand dynamics in steel and related industries, as well as operational efficiencies that have supported profitability metrics.

In the mid-cap space, FSN E-Commerce emerged as a top performer within the e-retail and e-commerce sector. The company’s results underscore the continued growth potential in digital commerce, driven by expanding consumer adoption and evolving online retail trends.

Small-cap companies such as Shaily Engineer, operating in the plastic products industrial sector, also featured prominently among the top results. Their performance highlights the opportunities in specialised manufacturing segments that cater to diverse industrial applications.

Micro and Small Cap Standouts

At the micro-cap level, Shree Salasar, a non-banking financial company (NBFC), recorded the strongest results overall. This points to pockets of strength in the financial services sector, particularly among smaller players who may be capitalising on niche lending opportunities.

Other notable small-cap performers included ASM Technologies in the software and consulting sector, reflecting the ongoing demand for technology services and digital transformation initiatives across industries.

Recent Company Spotlight: RIR Power Electronics Ltd

Among the latest companies to declare results, RIR Power Electronics Ltd, operating in the other electrical equipment industry, reported a positive financial performance for the September 2025 quarter. The company’s profit before tax excluding other income (PBT LESS OI) reached ₹3.70 crores, representing an 84.1% increase compared to its previous four-quarter average.

Profit after tax (PAT) for the quarter stood at ₹3.35 crores, marking an 85.8% rise relative to the prior four-quarter average. The company also recorded its highest profit before depreciation, interest and taxes (PBDIT) at ₹4.36 crores and achieved an operating profit to net sales ratio of 17.00%, the highest in its recent history.

RIR Power Electronics’ earnings per share (EPS) for the quarter was ₹0.53, the highest recorded to date. Additionally, cash and cash equivalents at the half-year mark reached ₹43.72 crores, indicating a strong liquidity position.

Quarterly Earnings Trends: What the Data Suggests

The earnings season data points to a cautious but improving environment for Indian companies. The slight uptick in the proportion of positive results from June to September 2025 suggests some stabilisation after a period of volatility. However, the overall sub-50% positive result rate indicates that many companies continue to face challenges, including inflationary pressures, supply chain disruptions, and geopolitical uncertainties.

Mid-cap companies appear to be navigating these challenges more effectively, possibly due to their agility and focus on growth sectors such as technology, e-commerce, and specialised manufacturing. Large caps, while still influential, may be contending with legacy issues and broader macroeconomic headwinds.

Looking Ahead: Upcoming Results and Market Implications

Investors will be closely monitoring upcoming quarterly results, including those from Onix Solar Energy Ltd, scheduled for 26 November 2025. The renewable energy sector remains a key area of interest given government incentives and growing demand for sustainable power solutions.

Overall, the earnings season underscores the importance of sectoral and market cap differentiation when analysing corporate performance. While aggregate profit growth remains modest, select companies and sectors are demonstrating pockets of strength that could shape market sentiment in the near term.

Conclusion

The September 2025 quarterly results reveal a market characterised by mixed outcomes across different capitalisation segments and sectors. Mid-cap stocks continue to show relatively better financial results, while large and small caps present a more varied picture. Standout performers such as Tata Steel, FSN E-Commerce, Shaily Engineer, and RIR Power Electronics Ltd highlight the diversity of opportunities and challenges within the Indian equity landscape.

Investors and market participants should consider these nuanced trends and sectoral dynamics when evaluating portfolio positioning and risk exposure in the current earnings environment.

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