Every quarter, companies report their results over several weeks. The results-season tally adds up the profits and sales of an index’s companies that have reported, and compares them with the same quarter a year earlier. It answers a plain question: are these companies earning more than a year ago?
How is it counted?
- Same companies, both years: a company counts only when it has results for this quarter and for the same quarter a year earlier.
- Earnings: their combined profit (net income) against their combined profit a year earlier. Losses and one-off gains stay in.
- Revenue: the same, for sales.
- Median: the growth of the middle company. For earnings, only companies with a profit a year earlier count.
- Calendar quarters: each company’s quarter goes into the calendar quarter that holds most of its months. A quarter from May to July counts as April to June.
A worked example
A made-up index of 5 companies, early in the season. 4 have reported.
| Company | Profit this quarter | A year earlier | Growth |
|---|---|---|---|
| A | ₹500 Cr | ₹400 Cr | +25.0% |
| B | ₹300 Cr | ₹330 Cr | −9.1% |
| C | ₹120 Cr | ₹100 Cr | +20.0% |
| D | ₹80 Cr | ₹100 Cr | −20.0% |
| E | Not reported yet | — | — |
| Total | ₹1,000 Cr | ₹930 Cr | +7.5% |
The total is +7.5%: combined profit rose from ₹930 Cr to ₹1,000 Cr. The median is +5.5%, halfway between B and C, the 2 middle companies. E is left out until it reports, and then both figures can move.
When is it too early?
A quarter is marked Early while fewer than 10 companies, or fewer than 10% of the index, have reported. Its figures turn grey: with only a few results in, 1 company can swing the total. Compare the median until more arrive.
Which year does it show?
- US indices use the calendar year, January to December, shown as CY 2026. Quarters read Q1 2026 and so on.
- Indian indices use the April-to-March financial year, named for the year it ends: FY27 runs from April 2026 to March 2027, and Q1 FY27 is April to June 2026.
- So far: the current year shows each quarter up to the latest one that has ended, once at least 1 company has reported it.
- Year to date: once 2 quarters are in, this combines each company’s quarters so far against the same quarters a year earlier.
- Last year: a switch at the top shows the previous year, with all 4 quarters and the Full year.
How should you read it?
- Total against median: the total weighs companies by the size of their profit. A total far above the median means a few large companies carry it.
- Earnings against revenue: profit growing faster than sales means margins widened; slower means they narrowed.
- Against last year: switch years to see the same quarter a year before.
- Against the price: set it beside the index’s PE and implied growth.
What are the limits?
- It counts total profit, not profit per share, so share buybacks and new shares do not show.
- A company counts once its quarter is in the app’s saved results, which can be a few days after it announces.
- One-off gains and losses stay in the totals.
- It describes past quarters. It is not a forecast.
See it in the app
Open Market scans and choose Indices (Index growth and valuation on a phone), then pick India or USA. On desktop, click an index to open its Growth So Far below the row. On a phone, tap an index row to open its Year so far. It is in every plan, including Free. More on index valuation.