Overall Earnings Landscape and Positive Result Trends

The proportion of companies reporting positive results in the Sep-2025 quarter stood at 43.0%, marking a slight rise compared to 40.0% in Jun-2025 and 41.0% in Dec-2024, though marginally below the 45.0% recorded in Mar-2025. This indicates a relatively stable earnings environment with a modest uptick in positive outcomes after the mid-year dip.

Breaking down by market capitalisation, mid-cap companies led with 50.0% positive results, followed by small caps at 42.0%, and large caps at 39.0%. This distribution suggests that mid-sized firms are currently demonstrating comparatively stronger earnings momentum, potentially benefiting from sectoral tailwinds or operational agility.

Large Cap Highlights: Tata Steel Anchors Ferrous Metals Sector

Tata Steel, a key player in the ferrous metals sector, stood out among large caps with its quarterly results. While detailed financial metrics remain to be fully disclosed, the company’s performance is indicative of the broader steel industry’s response to global commodity price fluctuations and domestic demand conditions. The sector has been navigating challenges such as raw material cost pressures and export market volatility, yet Tata Steel’s results suggest resilience amid these headwinds.

Large caps overall reported a lower proportion of positive results compared to mid and small caps, reflecting the scale and complexity of their operations which may be more sensitive to macroeconomic factors and global trade dynamics.

Mid Cap Momentum: FSN E-Commerce Drives E-Retail Sector

FSN E-Commerce emerged as a top performer in the mid-cap segment, representing the e-retail sector. The company’s results underscore the ongoing digital transformation and consumer behaviour shifts favouring online retail platforms. Despite competitive pressures and logistical challenges, FSN E-Commerce’s quarterly earnings reflect operational efficiencies and market share gains that have supported its positive outcome.

The mid-cap segment’s 50.0% positive result rate highlights the sector’s capacity to adapt and capitalise on emerging trends, particularly in technology-driven industries and consumer services.

Small and Micro Cap Performers: Shaily Engineer and Others

Within the small-cap category, Shaily Engineer, operating in the plastic products - industrial sector, recorded one of the top results. The company’s quarterly earnings reflect the sector’s exposure to industrial demand and supply chain factors. Small caps reported 42.0% positive results, a figure that aligns closely with the overall market trend.

Micro-cap companies such as Shree Salasar (NBFC sector) and String Metaverse (paper, forest & jute products sector) also featured prominently among top performers. These firms often exhibit greater volatility but can signal emerging opportunities or sectoral shifts at an early stage.

Sectoral Patterns and Earnings Drivers

The ferrous metals sector, represented by Tata Steel, continues to be influenced by global commodity cycles and infrastructure demand. Meanwhile, the e-commerce sector, with FSN E-Commerce at the forefront, benefits from sustained consumer adoption of digital platforms and evolving retail models.

Industrial sectors such as plastic products, paper, and forest products show mixed results, reflecting the interplay of raw material costs, export demand, and domestic consumption patterns. Financial services companies in the NBFC space, exemplified by Shree Salasar, demonstrate resilience amid credit market conditions and regulatory developments.

Recent Company Spotlight: G V Films Ltd

Among the latest companies to declare results, G V Films Ltd, a media and entertainment firm with a market size of ₹91.37 crores, reported a flat financial performance for the Sep-2025 quarter. The company’s profit after tax for the nine-month period reached ₹0.36 crore, indicating stability despite a shift in market assessment from mildly bearish to mildly bullish in late December 2025. This suggests cautious optimism as the company navigates a challenging industry landscape.

Upcoming Earnings to Watch

Looking ahead, investors will closely monitor results from major IT sector players such as HCL Technologies Ltd and Infosys Ltd, scheduled for 12 and 14 January 2026 respectively. Additionally, Angel One Ltd’s results on 15 January 2026 will provide further insights into the financial services sector’s trajectory.

Market Implications and Investor Considerations

The Sep-2025 earnings season reveals a market characterised by selective strength, with mid-cap companies showing relatively higher positive result proportions. Large caps face ongoing challenges from global economic uncertainties and sector-specific pressures, while small and micro caps continue to offer pockets of opportunity amid volatility.

Investors may consider focusing on companies demonstrating operational resilience and sectoral tailwinds, such as Tata Steel in ferrous metals and FSN E-Commerce in digital retail. Meanwhile, monitoring upcoming results from IT and financial services firms will be crucial for assessing broader market sentiment and growth prospects heading into 2026.

Summary

The quarterly earnings season for Sep-2025 has underscored a mixed but cautiously optimistic market environment. With 43.0% of companies reporting positive results, the trend points to moderate stability. Mid-cap firms, led by FSN E-Commerce, have shown notable strength, while large caps like Tata Steel reflect the complexities of global and domestic economic factors. Small and micro caps continue to present selective opportunities, as seen with Shaily Engineer and Shree Salasar.

As the market moves into the new year, attention will centre on upcoming results from key IT and financial services companies, which will further shape investor outlook and sectoral rotations.

Only Rs. 14,999 - Get MojoOne + Stock of the Week for 1 Year PLUS 18 Months FREE! Start Saving Now →