Quarterly results explained: a complete guide to reading Indian company results
What quarterly results are, when Indian listed companies publish them, which numbers to read, and a 10-point checklist for reading any results statement.
Every Indian listed company reports its financial performance four times a year. These reports, the quarterly results, are the main way anyone outside the company can see whether it is growing, whether it is profitable, and how the picture has changed. This guide explains how to read them. It describes what the documents contain; it does not tell you what to do with any company’s shares.
What a quarterly result is
A company’s financial year in India runs from 1 April to 31 March. It is split into four quarters:
| Quarter | Months covered | Quarter ends |
|---|---|---|
| Q1 | April to June | 30 June |
| Q2 | July to September | 30 September |
| Q3 | October to December | 31 December |
| Q4 | January to March | 31 March |
“Q1 FY27” means the first quarter of financial year 2026-27, that is April to June 2026. For each quarter a listed company publishes a results statement: a table that starts with its revenue and ends with its profit and earnings per share.
When companies report
Under the SEBI listing rules, listed companies must publish results within set deadlines after each quarter ends. For the last quarter of the year, the audited annual results are due within 60 days of the year end, and the last quarter’s figures are audited or limited-reviewed and published with them. For the other quarters the deadline is 45 days after the quarter ends.
Counting forward from the quarter-end dates gives the typical results seasons: roughly mid-July to mid-August for Q1, mid-October to mid-November for Q2, mid-January to mid-February for Q3, and mid-April to the end of May for Q4 and the full year.
The documents
A company usually puts several documents on the “Investors” section of its own website, and each answers a different question:
- Results statement: the official numbers, with the auditor’s report. This is the primary source.
- Press release or investor brief: a short summary chosen by the company, often with growth rates.
- Investor presentation: charts, segment details and management commentary.
- Earnings call transcript: management’s explanation, usually published a few days later.
When the press release and the results statement differ, the results statement is the one to trust. Every article on this site links to the company’s own documents so that you can check the figures yourself.
The numbers, in order
A results statement reads from top to bottom like a story. How to read a quarterly result walks through each line with an example. In short:
- Revenue from operations: what the company earned from its business.
- Expenses: what it cost to earn it (materials, staff, interest, depreciation and others).
- EBITDA: profit before interest, tax, depreciation and amortisation. Companies define it themselves.
- Profit before tax (PBT) and tax.
- Profit after tax (PAT): what is left for shareholders.
- Earnings per share (EPS): PAT divided by the number of shares.
Comparing one quarter with another
A number on its own says little. Results are read as changes: against the same quarter last year (year on year) and against the previous quarter (quarter on quarter). The two answer different questions, and mixing them up is the most common error. See year on year vs quarter on quarter.
Standalone or consolidated
Many companies own subsidiaries and publish two sets of numbers. Standalone covers the parent company alone; consolidated combines the whole group. Comparing one with the other is a mistake. See standalone vs consolidated results.
What “unaudited” means
Results for the first three quarters are normally labelled unaudited and are subject to a limited review by the company’s auditors. That is a lighter check than the annual audit. See what “unaudited, limited review” means.
Banks and lenders are different
For a bank, interest is the business, so its statement looks different: net interest income, net interest margin, provisions and non-performing assets. See how banks report results.
A 10-point checklist for reading any results statement
- Which quarter is it? Check the “quarter ended” date, not just the file name.
- Standalone or consolidated? Make sure you are comparing like with like.
- Which unit? Crore, lakh, million or billion. Companies choose.
- Revenue direction. Did it rise or fall against last year and against the last quarter?
- Profit direction. Did profit move the same way as revenue? If not, look at what changed.
- Margins. Divide profit by revenue for this quarter and the comparison quarter.
- One-offs. Look for exceptional items or unusually large other income.
- Comparatives. Were last year’s figures restated? Were they reviewed?
- Auditor’s report. Look for a modified opinion or an emphasis of matter.
- The company’s own explanation. Read what management says, and note that it is the company’s view.
A short glossary
| Term | Meaning |
|---|---|
| Crore | 10 million (1,00,00,000) |
| Revenue from operations | Income from the company’s main business |
| EBITDA | Earnings before interest, tax, depreciation and amortisation; defined by each company |
| PBT / PAT | Profit before tax / profit after tax |
| EPS | Earnings per share |
| YoY / QoQ | Year on year / quarter on quarter |
| bps | Basis points; 100 bps = 1 percentage point |
| Standalone / consolidated | Parent only / parent plus subsidiaries |
| Limited review | A lighter auditor check than a full audit |
What this guide does not do
It does not rate companies, forecast prices or suggest what to buy, sell or hold. wealthstar.in is not registered with SEBI as an investment adviser or research analyst; read the Disclaimer.