Results season: how to read quarterly results
Indian listed companies report results every quarter. Knowing which quarter is which, when results come out and which numbers to look at makes results season much easier to follow.
FY and the four quarters
Indian companies use a financial year (FY) from April to March, named after the year it ends. FY27 runs from April 2026 to March 2027:
- Q1 FY27: April–June 2026
- Q2 FY27: July–September 2026
- Q3 FY27: October–December 2026
- Q4 FY27: January–March 2027, reported together with the full-year (annual) results
When results come out
SEBI's listing rules give companies 45 days after a quarter ends to publish results, and 60 days for the fourth quarter and full year. So results season runs from mid-July to mid-August for Q1, mid-October to mid-November for Q2, and so on. IT companies like TCS usually start it; most companies report in the final two weeks.
A company must tell the exchange in advance about the board meeting that will approve its results. That's how the results date becomes known, and it's the date our results calendar shows.
The numbers that move a stock
- Revenue (sales) and its growth versus the same quarter last year (year-on-year) and the previous quarter.
- EBITDA and margin: operating profit, and how much of each rupee of sales it keeps.
- Net profit (PAT) and earnings per share (EPS).
- For banks: net interest income, net interest margin, loan growth and bad loans (GNPA, NNPA).
- Guidance and commentary: what management says about the coming quarters, often in the earnings call.
As with any event, what matters is the result against what analysts expected. A profit rise can still send a stock down if it misses estimates, or if guidance disappoints.
Standalone vs consolidated
Standalone results cover the listed company alone; consolidated results include its subsidiaries. For groups with large subsidiaries, consolidated numbers give the fuller picture.
For education only. Not investment advice; My Market Desk is not a SEBI-registered investment adviser. Rules and timings change, so check the exchange or regulator for the current position.