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Informist, Monday, Jun. 16, 2025

 

By Akash Mandal

 

MUMBAI – While the announcement of the March quarter earnings was underway, shares of some companies gained as the market rewarded them, while others took a beating. Shares of as many as 111 companies in the Nifty 200 fell immediately after they reported their March quarter earnings, declining over 2% on an average. On the other hand, shares of 89 companies rose after their earnings announcement, up over 2% on average.

 

Shares of as many as 40 of the 200 companies fell immediately after their earnings were announced, despite these companies beating analysts' estimates in terms of net profit, an analysis of share price movements after the earnings disclosures showed. On the other hand, shares of 14 of the 200 companies rose immediately after their March quarter earnings, despite the companies missing analysts' estimates for net profit.

 

Shares of 48 companies rose because their March quarter earnings beat analysts' expectations, and shares of 28 companies fell because their earnings did not meet consensus estimates. Of the 53 companies whose bottom line for the March quarter was in line with estimates, shares of 31 fell post their earnings, while shares of 22 rose. Shares of five of the 17 companies with not enough estimates to form a consensus rose, while those of the remaining 12 fell.

 

Among the Nifty 200, 88 beat the Street's view for bottom line during the March quarter while 42 fell short. In the December quarter, 90 of these companies had beaten the Street's view, while 86 had missed estimates.

 

GAINERS, LOSERS

ITC Ltd., JSW Steel Ltd., and Alkem Laboratories Ltd. were the top gainers among companies that missed the consensus estimate – their shares rose around 2?ch after their earnings were announced. ITC is currently down nearly 2% since its March quarter earnings as fast-moving consumer goods stocks have been under persistent pressure due to high commodity prices and low consumer demand. The stock had risen immediately after the earnings as some analysts expect its margins to expand in the coming quarters.

 

JSW Steel, which had risen post the earnings after the Supreme Court ordered it to maintain status quo on the liquidation of Bhushan Power, is currently down over 1% as US tariff-related concerns weigh on the metals sector. Alkem Laboratories is currently down nearly 6% due to the underperformance in its US business in the March quarter.

 

Of the stocks that had fallen immediately after earnings despite beating the Street's view on net profit, Bank of Baroda, SBI Cards and Payment Services Ltd., and Wipro Ltd. were the worst hit, falling 4-7%. Bank of Baroda had fallen after the bank said it expects margins to be under pressure in the first half of 2025-26 (Apr-Mar), but has since surged 1% alongside other bank stocks, which also rallied in May.

 

SBI Cards and Payment Services, which had fallen over 6?ter reporting its quarterly earnings, has soared 7% since its earnings. The stock had fallen as its bottom line for the March quarter was down on year despite beating the Street's view. Wipro, which had fallen over 4% post earnings on a weak outlook for FY26, has since clawed back into the positive territory and is nearly 5% higher.

 

Of the 40 stocks that fell despite beating the analysts' estimates for bottom line, nearly 14 are still trading lower, while 26 have reversed their post-earnings decline. Of the 14 stocks that are still in the red, Aditya Birla Fashion and Retail Ltd. is the worst hit, down nearly 13%, after Flipkart sold its entire 6% stake in the company in a block deal earlier this month. ACC Ltd is down 9% as analysts have raised concerns regarding the pricing power of cement companies.

 

Of the remaining 26 stocks that have since reversed their decline, Canara Bank and Siemens Ltd. are the top gainers, trading 21% and 14% higher, respectively. Both infrastructure and bank stocks were heavily bought by investors over the past couple of months as tariff-related uncertainties pushed traders towards domestic-facing sectors.

 

On the other hand, of the 14 stocks that rose post the earnings despite missing the Street's view on bottom line, nine are still currently trading higher, while five have since slipped into the red. Among the nine stocks that have maintained their gains, Poonawalla Fincorp Ltd. is the top gainer, rising over 12% since. Vedanta Ltd. followed with 12% gains since reporting its March quarter earnings.

 

Of the five stocks that have fallen into negative territory since their earnings, Cohance Lifesciences Ltd., earlier known as Aurobindo Pharma, and Alkem Laboratories Ltd. are the worst hit.

 

Of the 22 companies which rose after reporting a bottom line in line with the Street's view for the March quarter, 18 are still trading higher. Tata Elxsi Ltd. has risen over 35% since its earnings as some brokerages were upbeat on the company after the company said it signed a multi-year deals worth over $100 million and 50 million euros. Of these 22 companies, four have since turned negative. Tata Consumer Products Ltd. is the worst hit, down nearly 4% since the earnings amid persistent weakness in fast moving consumer goods stocks.

 

Of the 12 companies that did not have enough estimates to form a consensus on the bottom line, seven had fallen immediately after reporting their March quarter earnings. Of these, only Bajaj Finserv Ltd. is still trading lower since its earnings, down over 2%. Of the stocks that are trading with gains, IDBI Bank Ltd. and Jio Financial Services Ltd. were among the top gainers, up over 21?ch.

 

INDEXWISE GAINERS, LOSERS

The Nifty 200 index has risen over 10% since Apr. 10, when the earnings season for Jan-Mar began. Since then, 63 of the Nifty 200 companies have outperformed the index, with BSE Ltd. being the top performer, up 38%. The rise was on the back of improved volumes in the derivatives segment and strong earnings for the March quarter. Tata Elxsi has risen over 35% during the period.

 

Of the 137 companies that have underperformed the Nifty 200 since the start of the earnings season, shares of 51 have actually fallen since. Aditya Birla Fashion has fallen nearly 13%, the worst hit. Mazagon Dock Shipbuilders Ltd., which was trading at its highest level in 2025 when it reported its earnings on May 29, has fallen nearly 12% since the start of the earnings season. The fall came after the company's net profit for the March quarter fell sharply on year.

 

Shares of companies across the Nifty 200 declined marginally on an average immediately after reporting their earnings for the March quarter, dragged down by a 0.2?cline on average in companies part of the Nifty Midcap 100, which are the bottom 100 companies of the Nifty 200. However, Nifty 200 companies have since risen nearly 6% on an average, led by a rise of nearly 7% in companies part of the Nifty Next 50. 

 

The following table shows the price movement after the Jan-Mar earnings for 14 companies whose shares rose despite their earnings missing the consensus estimate. The data is in descending order by percentage change in share price after the earnings:

 

Name of the company	Share price before Jan-Mar earnings (in INR)	Share price after Jan-Mar earnings (in INR)	Share price % change after earnings	Closing price Thu, Jun 12 (in INR)	Share price % change since earnings
ITC Limited	426.10	436.30	2.39	421.00	-1.20
JSW Steel Limited	1,008.50	1,032.30	2.36	995.65	-1.27
Alkem Laboratories Limited	5,177.50	5,294.50	2.26	4,846.50	-6.39
IndusInd Bank Limited	769.95	785.00	1.95	829.90	7.79
NLC India Limited	236.43	240.56	1.75	236.51	0.03
Poonawalla Fincorp Limited	380.40	385.65	1.38	422.80	11.15
Kalyan Jewellers India Limited	512.40	519.15	1.32	518.55	1.20
Max Healthcare Institute Limited	1,152.30	1,164.70	1.08	1,202.20	4.33
Aurobindo Pharma Limited	1,180.90	1,191.20	0.87	1,155.20	-2.18
IDFC First Bank Limited	66.08	66.50	0.64	70.85	7.22
Tata Power Company Limited	396.95	397.95	0.25	401.65	1.18
Jindal Steel & Power Limited	895.65	897.75	0.23	939.10	4.85
Bharat Heavy Electricals Limited	250.00	250.35	0.14	253.80	1.52
Vedanta Limited	418.85	419.20	0.08	460.50	9.94

 

 

The following table shows the price movement after the Jan-Mar earnings for 40 companies whose shares fell despite their earnings beating the consensus estimate. The data is in descending order by percentage change in share price after the earnings:

 

Name of the company	Share price before Jan-Mar earnings (in INR)	Share price after Jan-Mar earnings (in INR)	Share price % change after earnings	Closing price Thu, Jun 12 (in INR)	Share price % change since earnings
KPIT Technologies Limited	1,232.40	1,231.20	-0.10	1,361.30	10.46
Hindalco Industries Limited	663.70	662.75	-0.14	651.05	-1.91
TVS Motor Company Limited	2,798.00	2,793.10	-0.18	2,739.40	-2.09
Page Industries Limited	47,040.00	46,940.00	-0.21	46,235.00	-1.71
Bharti Hexacom Limited	1,703.30	1,698.70	-0.27	1,781.40	4.59
Ashok Leyland Limited	240.62	239.61	-0.42	235.23	-2.24
Shree Cement Limited	30,775.00	30,620.00	-0.50	29,690.00	-3.53
Bharat Petroleum Corporation Limited	311.70	310.05	-0.53	318.65	2.23
Sundaram Finance Limited	5,380.50	5,351.00	-0.55	5,021.00	-6.68
Indian Oil Corporation Limited	138.70	137.86	-0.61	142.99	3.09
Siemens Limited	2,937.00	2,916.70	-0.69	3,267.50	11.25
Adani Energy Solutions Limited	968.50	961.70	-0.70	876.95	-9.45
PI Industries Limited	3,759.00	3,730.20	-0.77	3,948.30	5.04
Tata Communications Limited	1,598.70	1,584.40	-0.89	1,700.70	6.38
Mangalore Refinery and Petrochemicals Limited	137.11	135.66	-1.06	142.78	4.14
Macrotech Developers Limited	1,320.20	1,305.10	-1.14	1,449.10	9.76
Torrent Power Limited	1,449.90	1,432.70	-1.19	1,398.90	-3.52
ACC Limited	2,091.20	2,066.20	-1.20	1,865.50	-10.79
PB Fintech Limited	1,777.70	1,756.20	-1.21	1,871.50	5.28
Tata Motors Limited	707.70	698.95	-1.24	715.35	1.08
Petronet LNG Limited	320.80	316.80	-1.25	303.60	-5.36
State Bank of India	800.00	790.00	-1.25	805.95	0.74
JSW Infrastructure Limited	293.65	289.95	-1.26	304.40	3.66
Biocon Limited	334.60	329.90	-1.40	352.25	5.27
Jubilant Foodworks Limited	693.80	683.75	-1.45	667.85	-3.74
Tata Steel Limited	151.63	149.43	-1.45	152.89	0.83
Oil India Limited	426.50	418.35	-1.91	468.35	9.81
Aditya Birla Fashion and Retail Limited	88.55	86.75	-2.03	75.20	-15.08
Canara Bank	97.35	95.37	-2.03	115.64	18.79
REC Limited	392.40	384.25	-2.08	405.10	3.24
Hindustan Zinc Limited	454.70	445.00	-2.13	517.25	13.76
GMR Airports Limited	88.95	86.86	-2.35	81.91	-7.91
UPL Limited	695.45	676.85	-2.67	632.40	-9.07
Havells India Limited	1,664.70	1,612.00	-3.17	1,556.80	-6.48
Axis Bank Limited	1,207.10	1,166.30	-3.38	1,212.90	0.48
The Federal Bank Limited	196.68	189.68	-3.56	206.46	4.97
Mankind Pharma Limited	2,531.40	2,439.20	-3.64	2,390.00	-5.59
Wipro Limited	247.65	236.90	-4.34	259.61	4.83
SBI Cards and Payment Services Limited	926.55	867.55	-6.37	1,002.15	8.16
Bank of Baroda	240.16	223.91	-6.77	240.66	0.21

 

 

The following table shows the price movement after the Jan-Mar earnings for 48 companies whose shares rose after their earnings beat the consensus estimate. The data is in descending order by percentage change in share price after the earnings:

 

Name of the company	Share price before Jan-Mar earnings (in INR)	Share price after Jan-Mar earnings (in INR)	Share price % change after earnings	Closing price Thu, Jun 12 (in INR)	Share price % change since earnings
Delhivery Limited	320.85	351.25	9.47	357.60	11.45
Suzlon Energy Limited	65.42	71.48	9.26	65.68	0.40
Life Insurance Corporation of India Limited	871.25	942.00	8.12	943.70	8.32
One 97 Communications Limited	814.85	873.50	7.20	895.40	9.89
BSE Limited	2,081.67	2,217.50	6.53	2,754.10	32.30
Union Bank of India	115.58	122.90	6.33	150.50	30.21
Reliance Industries Limited	1,300.40	1,368.80	5.26	1,441.60	10.86
Divi's Laboratories Limited	6,279.50	6,580.00	4.79	6,725.00	7.09
Astral Limited	1,377.70	1,442.40	4.70	1,499.20	8.82
Titan Company Limited	3,369.30	3,510.30	4.18	3,452.70	2.48
Adani Ports and Special Economic Zone Limited	1,216.50	1,267.10	4.16	1,445.80	18.85
Yes Bank Limited	18.09	18.82	4.04	20.42	12.88
Indraprastha Gas Limited	178.20	185.32	4.00	203.14	14.00
Dr. Reddy's Laboratories Limited	1,155.90	1,195.60	3.43	1,362.70	17.89
JSW Energy Limited	487.40	503.85	3.38	516.80	6.03
Indian Bank	558.10	576.50	3.30	625.10	12.01
Sona BLW Precision Forgings Limited	481.15	496.95	3.28	510.85	6.17
Godrej Properties Limited	2,185.30	2,249.30	2.93	2,388.70	9.31
Hindustan Aeronautics Limited	4,660.50	4,768.00	2.31	4,956.00	6.34
Infosys Limited	1,419.50	1,451.00	2.22	1,608.60	13.32
DLF Limited	737.65	753.50	2.15	847.85	14.94
Tata Technologies Limited	693.20	705.60	1.79	763.40	10.13
Vodafone Idea Limited	6.92	7.03	1.59	6.78	-2.02
Polycab India Limited	5,820.00	5,906.00	1.48	6,050.00	3.95
Escorts Kubota Limited	3,152.00	3,195.20	1.37	3,167.00	0.48
NHPC Limited	86.61	87.62	1.17	87.62	1.17
Tech Mahindra Limited	1,445.20	1,462.00	1.16	1,644.40	13.78
Cipla Limited	1,503.80	1,520.10	1.08	1,502.80	-0.07
Supreme Industries Limited	3,477.40	3,511.70	0.99	4,282.20	23.14
Britannia Industries Limited	5,391.00	5,436.00	0.83	5,569.50	3.31
Steel Authority of India Limited	128.96	129.96	0.78	129.97	0.78
Eternal Limited	232.52	234.29	0.76	251.56	8.19
InterGlobe Aviation Limited	5,461.50	5,503.00	0.76	5,476.50	0.27
Bharti Airtel Limited	1,820.60	1,834.20	0.75	1,844.20	1.30
Power Finance Corporation Limited	410.15	412.70	0.62	415.75	1.37
Coal India Limited	383.30	385.45	0.56	392.70	2.45
HDFC Asset Management Company Limited	4,195.00	4,218.00	0.55	5,031.20	19.93
Apollo Hospitals Enterprise Limited	6,880.50	6,915.50	0.51	6,996.50	1.69
MRF Limited	1,39,715.00	1,40,420.00	0.50	1,36,385.00	-2.38
Punjab National Bank	93.79	94.25	0.49	108.02	15.17
Eicher Motors Limited	5,446.50	5,466.00	0.36	5,315.50	-2.41
APL Apollo Tubes Limited	1,658.40	1,663.00	0.28	1,836.10	10.72
Cholamandalam Investment and Finance Company Limited	1,539.90	1,543.50	0.23	1,581.70	2.71
ICICI Bank Limited	1,406.70	1,409.80	0.22	1,425.20	1.32
SRF Limited	3,011.80	3,014.50	0.09	3,105.70	3.12
United Spirits Limited	1,556.60	1,557.40	0.05	1,485.10	-4.59
Hindustan Petroleum Corporation Limited	396.80	396.95	0.04	392.55	-1.07
Bharat Electronics Limited	363.75	363.80	0.01	387.40	6.50

 

 

The following table shows the price movement after the Jan-Mar earnings for 28 companies whose shares fell after their earnings missed consensus estimate. The data is in descending order by percentage change in share price after the earnings:

 

Name of the company	Share price before Jan-Mar earnings (in INR)	Share price after Jan-Mar earnings (in INR)	Share price % change after earnings	Closing price Thu, Jun 12 (in INR)	Share price % change since earnings
Bank of India	110.22	110.09	-0.12	122.77	11.39
Indian Railway Catering And Tourism Corporation Limited	776.35	774.70	-0.21	771.30	-0.65
Asian Paints Limited	2,308.40	2,302.60	-0.25	2,219.40	-3.86
Godrej Consumer Products Limited	1,250.80	1,246.90	-0.31	1,203.90	-3.75
SBI Life Insurance Company Limited	1,615.00	1,608.20	-0.42	1,766.00	9.35
CG Power and Industrial Solutions Limited	601.80	598.45	-0.56	675.90	12.31
Grasim Industries Limited	2,674.60	2,659.40	-0.57	2,689.10	0.54
ICICI Lombard General Insurance Company Limited	1,822.60	1,811.80	-0.59	1,901.90	4.35
Coforge Limited	7,496.50	7,426.00	-0.94	1,784.50	-76.20
Info Edge (India) Limited	1,466.50	1,452.50	-0.95	1,468.40	0.13
HDFC Life Insurance Company Limited	720.05	712.20	-1.09	754.50	4.78
Patanjali Foods Limited	1,811.10	1,785.00	-1.44	1,680.00	-7.24
IRB Infrastructure Developers Limited	50.67	49.71	-1.89	50.55	-0.24
Sun Pharmaceutical Industries Limited	1,718.70	1,683.60	-2.04	1,687.40	-1.82
Tata Chemicals Limited	826.20	808.70	-2.12	932.75	12.90
Oberoi Realty Limited	1,656.80	1,620.50	-2.19	1,890.20	14.09
Bharat Dynamics Limited	1,960.10	1,917.10	-2.19	1,871.00	-4.55
Prestige Estates Projects Limited	1,500.90	1,466.60	-2.29	1,640.20	9.28
Container Corporation of India Limited	737.95	720.90	-2.31	772.60	4.70
Bandhan Bank Limited	165.62	161.74	-2.34	177.68	7.28
NMDC Limited	72.74	70.86	-2.58	72.42	-0.44
Dabur India Limited	482.10	468.70	-2.78	472.95	-1.90
Oil & Natural Gas Corporation Limited	248.68	241.67	-2.82	247.88	-0.32
SJVN Limited	102.16	96.30	-5.74	99.96	-2.15
Dixon Technologies (India) Limited	16,566.00	15,612.00	-5.76	14,518.00	-12.36
Balkrishna Industries Limited	2,660.20	2,492.00	-6.32	2,469.00	-7.19
Indus Towers Limited	408.20	379.30	-7.08	382.75	-6.23
Mazagon Dock Shipbuilders Limited	3,751.20	3,478.20	-7.28	3,210.40	-14.42

 

End

 

Edited by Avishek Dutta

 

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