As the Sep–2025 earnings season rolls on, India Inc. is painting a cautiously optimistic picture. A total of 3,969 companies have declared their results so far, and while only 42% reported positive numbers, that’s still a small improvement over last quarter’s 40%. Not earth-shattering, but enough to suggest the market is slowly stabilising despite global volatility and sector-specific pressures.
Mid-Caps Take the Lead, Large Caps Lag Behind
A deeper look shows mid-cap companies doing the heavy lifting with 50% of them posting positive results. Small caps followed close behind at 42%, while large caps trailed with 37%.
It’s a pattern that’s becoming familiar. Mid-caps, thanks to their nimble structure and niche positioning, continue to adapt quickly. Large caps, meanwhile, remain weighed down by global cues, commodity swings and tight operating environments.
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Tata Steel Shines Despite Global Metals Uncertainty
Among the major players, Tata Steel delivered one of the strongest showings this quarter. The metals giant held its ground despite unpredictable steel prices and weak international demand. Strong operational discipline and cost controls helped the company post steady earnings—something the sector badly needed.
FSN E-Commerce Reports Strong Momentum
In the mid-cap basket, FSN E-Commerce (the parent of Nykaa) impressed with healthy numbers. Consumer demand in online retail remains resilient, and the company’s continued push into omnichannel retail seems to be paying off. It’s one of the clearest signs that digital commerce growth in India still has plenty of steam.
Small-Cap Standouts: Shaily Engineer, ASM Technologies, HBL Engineering
Small caps delivered some pleasant surprises too.
- Shaily Engineer topped the list in the plastics manufacturing segment, benefiting from consistent industrial demand.
- ASM Technologies showed strong execution in the IT and consulting space.
- HBL Engineering posted promising results in auto components, riding on the sector’s revival.
These results highlight how innovation-heavy small caps continue to punch above their weight in specific niches.
Piramal Finance Posts One of Its Strongest Quarters Yet
One of the biggest buzz-generators this earnings season has been Piramal Finance Ltd. With a market cap of ₹37,988 crore, the company posted impressive numbers for the Sep–2025 quarter.
- Net Sales: ₹2,871.55 crore (+21.4% QoQ)
- PBDIT: ₹1,949.15 crore (operating margin: 67.88%)
- PBT (ex-other income): ₹301.68 crore (+192.4% QoQ)
- PAT: ₹407.83 crore (+150.2% QoQ)
- EPS: ₹14.46 — highest ever
Every major metric has moved in the right direction, signalling strong operational grip and an encouraging rise in profitability.
Siemens Energy India Results Coming Up Next
All eyes now turn to Siemens Energy India Ltd, which will release its quarterly results on 24 November 2025. With India pushing aggressively towards renewable power and grid modernisation, the company’s performance will be an important indicator of what’s next for the energy sector
Bigger Picture: A Market in Sw but Steady Recovery
The broader takeaway? The earnings season isn’t spectacular, but it’s stable—and stability is exactly what the market has been craving.
- Mid-caps continue to impress.
- Large caps show selective strength.
- Small caps remain opportunity-rich but require careful stock picking.
Investors looking for cues may find comfort in the consistency across the last four quarters. The ratio of positive results has hovered around the 40–45% mark, which suggests Indian companies are building resilience even as global conditions remain uneven.
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Final Word
The Sep–2025 earnings season reflects a corporate landscape learning to adapt, recalibrate and grow—slowly but confidently. With standout names such as Tata Steel, FSN E-Commerce, Shaily Engineer and Piramal Finance showing solid numbers, the market is offering enough signals for investors to stay engaged but selective.
More clarity will unfold as the remaining earnings come in, especially from major players like Siemens Energy India Ltd. Until then, the overall trend points to cautious optimism with sector-specific bright spots.
