How to Read Quarterly Results Like an Analyst: A Q2 FY27 Earnings Season Guide
A headline saying profit rose 29% tells you almost nothing until you know where the extra profit came from. In the example below, revenue grew 20%, profit grew 29%, and only 40% of the increase in pre-tax profit came from the business operating better.
India’s earnings season for the September quarter is underway. TCS opened it, and listed companies must file their Q2 FY27 results by 14 November under SEBI’s 45-day rule. This guide shows how to read each result in five minutes: five numbers, one bridge and one checklist.
What a quarterly result contains and when it arrives
Every listed company files quarterly results with the stock exchanges within 45 days of quarter-end. For the September quarter, that deadline is 14 November 2026. The filing shows revenue, expenses, profit and EPS for the quarter, plus half-year figures and the half-yearly balance sheet.
Companies with subsidiaries file consolidated results as well as standalone ones. Read the consolidated numbers first, because they cover the whole group.
Brokerage estimates for Nifty 50 profit growth in the September quarter range from about 23% to 27% year on year. Axis Direct’s research team has described the quarter as a more demanding test than Q1, as the revenue recovery meets higher input costs. Estimates set the bar, and the result is read against it.
The five numbers to read first
Read revenue, EBITDA, EBITDA margin, other income and profit after tax, in that order. Revenue shows demand, EBITDA and margin show how the core business performed, other income shows non-operating help, and profit after tax shows what reached shareholders. The table below uses Company X, a hypothetical firm.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change YoY | Q1 FY27 | Change QoQ |
| Revenue | 2,400 | 2,000 | +20.0% | 2,300 | +4.3% |
| EBITDA | 480 | 440 | +9.1% | 460 | +4.3% |
| EBITDA margin | 20.0% | 22.0% | down 2.0 pts | 20.0% | 0.0 pts |
| Other income | 60 | 20 | +200% | 25 | +140% |
| Profit before tax | 440 | 340 | +29.4% | 380 | +15.8% |
| Profit after tax (25% tax) | 330 | 255 | +29.4% | 285 | +15.8% |
| EPS (₹, 10 crore shares) | 33.00 | 25.50 | +29.4% | 28.50 | +15.8% |
Company X is invented for illustration. EBITDA is earnings before interest, tax, depreciation and amortization, so it is the closest quarterly proxy for what the core business earned.
Revenue vs profit growth: where the extra profit came from
In Company X, revenue grew 20% and profit after tax grew 29%, but the gap is not all operational. Of the ₹100 crore rise in profit before tax, ₹40 crore came from higher EBITDA, ₹40 crore from other income, and ₹20 crore from lower depreciation and interest.
EBITDA margin fell from 22.0% to 20.0%. Revenue growth of 20% outran EBITDA growth of 9.1%, so each rupee of sales now leaves less operating profit. The 29% headline hides that.
Profit growing faster than revenue is a strong sign only when margins are widening, because the business is then spreading fixed costs over more sales. When the gap comes from other income, lower interest or a lower tax rate, it is harder to repeat next quarter.
EPS meaning: what it measures and where it misleads
Earnings per share is profit after tax attributable to equity shareholders divided by the weighted average number of shares. In Company X, ₹330 crore across 10 crore shares gives ₹33.00 per share. EPS growth equals profit growth only when the share count has not changed.
Buybacks lift EPS growth above profit growth, because fewer shares share the same profit. New share issuance does the reverse. Filings report basic and diluted EPS, and diluted EPS also counts shares that could be created from convertibles.
A quarterly EPS is not annualized. For a P/E ratio, add the last four quarters of EPS rather than multiplying one quarter by four.
Year on year or quarter on quarter
Year on year (YoY) compares a quarter with the same quarter last year, which removes most seasonal swings. Quarter on quarter (QoQ) shows momentum but can mislead for businesses with seasonal demand.
Company X shows both: revenue up 20% YoY and 4.3% QoQ. Lead with YoY, then use QoQ to check whether the trend is still moving.
A five-minute checklist for any Q2 FY27 result
- Open the consolidated column and confirm the period labels: current quarter, year-ago quarter and previous quarter.
- Compare revenue growth with EBITDA growth. If EBITDA lags, check the margin.
- Read other income and any exceptional items. Subtract them from profit before tax to see core profit.
- Divide tax by profit before tax. A sharply lower rate lifts profit after tax without any operational improvement.
- Compare EPS growth with profit growth. A gap points to a change in share count.
- Read management commentary and guidance in the investor presentation, since the market prices the outlook as well as the quarter.
When this method does not fit
Banks and NBFCs report differently. Their key lines are net interest income, net interest margin, gross NPAs and provisions, not EBITDA. Business Standard’s 2025 earnings preview noted that banks account for nearly a third of Nifty 50 profits, so the gap matters this season.
Companies with lumpy revenue, such as project-based or real estate businesses, can swing widely between quarters. Beating an estimate also differs from growing: a company can post strong growth and still fall short of a high bar. This guide explains how to read a result and does not predict how a share price will react.
Pick one company you hold, open its September-quarter filing when it arrives, and rebuild the table above with its real numbers. If the margin line and the other income line explain the gap between revenue growth and profit growth, you have read the result the way an analyst would.
This article is educational and is not investment advice. Company X is hypothetical.
FAQs
How do I read quarterly results quickly?
Check revenue growth, EBITDA margin, other income and profit after tax in the consolidated results. Compare each with the year-ago quarter. Then check whether profit grew faster than revenue because of better margins or because of other income, a lower tax rate or one-off gains.
What is the meaning of EPS?
EPS, or earnings per share, is profit after tax attributable to equity shareholders divided by the weighted average number of shares. It shows how much profit each share earned in the period. Buybacks raise it and new share issues lower it.
What is the difference between revenue growth and profit growth?
Revenue growth measures how much sales rose. Profit growth measures how much earnings rose after costs, interest and tax. Profit can grow faster than revenue when margins widen, but also through other income, lower interest or a lower tax rate.