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The early-bird results for the April–June 2025 quarter (Q1FY26) suggest a further weakening in demand in the economy, with India Inc increasingly depending on other and non-core income to drive profitability.
Net sales (gross interest income for banks) of early-bird companies grew at their slowest pace in at least 16 quarters. Revenue slowdown, coupled with faster growth in operating expenses like employee costs and overheads, hit the bottom line. The combined profit before tax (PBT), excluding other income, contracted 10.3 per cent year-on-year (Y-o-Y) in Q1FY26, their worst showing since the Covid-19 pandemic.
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