Overall Market Earnings Trends

The proportion of companies reporting positive results in the Sep-2025 quarter was 43.0%, a slight rise compared to 40.0% in the preceding Jun-2025 quarter but marginally below the 45.0% recorded in Mar-2025. The Dec-2024 quarter saw 41.0% of companies posting positive outcomes, indicating a relatively stable but cautious earnings environment over the past year.

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 have been relatively more successful in navigating the current economic conditions, while large caps have faced more challenges in delivering favourable quarterly outcomes.

Sectoral Highlights and Top Performers

Among large caps, Tata Steel from the Ferrous Metals sector emerged as a notable performer, reflecting the ongoing demand dynamics and commodity price movements influencing the metals industry. In the mid cap segment, FSN E-Commerce, operating in the E-Retail/E-Commerce sector, demonstrated resilience amid evolving consumer behaviour and digital adoption trends.

Small cap companies such as Shaily Engineer from the Plastic Products - Industrial sector and ASM Technologies in Computers - Software & Consulting have also featured prominently, showcasing sector-specific strengths and niche market positioning. The micro cap space was led by Shree Salasar, a Non-Banking Financial Company (NBFC), which reported strong results relative to its peers.

Siemens Energy India Ltd: A Standout Quarter

Siemens Energy India Ltd., a key player in the Heavy Electrical Equipment industry, reported its Sep-2025 quarter results with several record-breaking metrics. Net sales reached ₹2,645.70 crore, reflecting a 58.8% increase compared to the average of the previous four quarters. This surge in revenue underscores the company's expanding order book and execution capabilities amid a recovering industrial demand environment.

Profit before tax excluding other income (PBT less OI) stood at ₹441.60 crore, marking a 55.4% rise relative to the prior four-quarter average. The company’s profit after tax (PAT) was ₹359.60 crore, the highest recorded in recent quarters, representing a 62.3% growth versus the previous four-quarter average. These figures highlight operational efficiencies and favourable cost management alongside top-line growth.

Additionally, Siemens Energy India posted its highest earnings per share (EPS) for the quarter at ₹10.10, alongside a peak PBDIT of ₹479.30 crore. These results collectively indicate a robust financial performance, positioning the company well for future growth prospects within the energy sector.

Sectoral and Market Implications

The performance of Siemens Energy India is reflective of broader trends in capital goods and heavy electrical equipment sectors, which have seen increased activity due to infrastructure investments and energy transition initiatives. However, the overall market’s positive result ratio of 43.0% suggests that many companies continue to face headwinds, including inflationary pressures, supply chain disruptions, and geopolitical uncertainties.

Mid cap companies’ relatively higher positive result proportion at 50.0% may be attributed to their agility and focus on niche markets, while large caps’ 39.0% positive result rate points to the challenges of scale and legacy cost structures in a volatile macroeconomic environment. Small caps, with 42.0% positive results, remain a mixed bag, with standout performers like Shaily Engineer and ASM Technologies demonstrating sector-specific strengths.

Quarterly Earnings Season Outlook

With nearly 4,000 companies having declared results for the Sep-2025 quarter, investors and analysts are closely monitoring earnings quality and sustainability. The data suggests a cautious optimism, with pockets of strong performance balanced by ongoing challenges in certain sectors and market segments.

Investors may find value in focusing on companies exhibiting consistent revenue growth, margin stability, and strong cash flow generation, as exemplified by Siemens Energy India. Meanwhile, sectoral shifts towards technology, infrastructure, and consumer discretionary segments continue to shape market dynamics.

Conclusion

The Sep-2025 quarterly earnings season presents a nuanced picture of the Indian equity market. While the overall proportion of companies reporting positive results remains below 50%, certain sectors and market capitalisations are demonstrating resilience and growth potential. Siemens Energy India Ltd’s record quarterly performance stands as a testament to the opportunities within the heavy electrical equipment industry amid evolving economic conditions.

Market participants are advised to analyse earnings trends in conjunction with broader macroeconomic indicators and sectoral developments to make informed decisions in the current environment.

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