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Learn · Quarterly results, order book and concall

How to Read Quarterly Results of a Company

A results release has many lines. Read them in order, compare each with the same quarter last year, and ask why each one moved.

Sales up 40%. Profit down 24%.

This is a real result. In the quarter ending June 2026, Kaynes Technology's sales rose 40% from a year before. Its profit after tax fell 24%. The lines in between show where the money went.

₹ croreJun 2025Jun 2026Change
Sales673946+40%
EBITDAMargin 16.8% → 15.6%113148+31%
Other incomeInterest earned, gains2714-47%
DepreciationWear on plants1637+137%
InterestCost of borrowing2837+31%
Profit before tax9688-9%
Tax2131+46%
Profit after tax7556-24%

Depreciation more than doubled, from ₹16 cr to ₹37 cr. Depreciation rises when new plants are added to the books. Interest went up. Other income went down. Together, these used up all of the extra EBITDA, and more, before it reached profit.

Company: Kaynes Technology, consolidated results. Change is against the same quarter last year. Orange means the line moved the wrong way for profit.

Read every result in this order

1. SalesCompare with the same quarter last year. Is the business growing?
2. EBITDA and its marginIs the company keeping more or less of every ₹100 of sales? See the EBITDA margin lesson.
3. The lines below EBITDADepreciation, interest and other income. Big changes here explain most surprises.
4. Tax and one-off itemsA one-off gain or loss, or an unusual tax rate, can make profit look better or worse than the business is.
5. Profit after taxOnly now look at the headline profit, and you will already know why it moved.

Three ways a result fools you

Comparing with the last quarterMany businesses sell more in some months than others. Compare June with last June, not with March.
Other incomeInterest on cash or a one-time gain can lift profit without the business doing any better. Check this line every time.
Profit without cashQuarterly results show profit, not cash. Cash flow comes only every six months. See the cash flow vs profit lesson.

How to read quarterly results: common questions

How do you read the quarterly results of a company?

Compare each line with the same quarter last year: sales, EBITDA and its margin, other income, depreciation, interest, tax, and profit after tax. Then ask why each line moved. The order of steps on this page is a good routine.

Should I compare with the last quarter or the same quarter last year?

Mostly with the same quarter last year (year on year). Many businesses are seasonal, so comparing June with March can mislead. Use the last quarter only as a second check.

What does Q1 FY27 mean?

In India the financial year runs from April to March. FY27 is April 2026 to March 2027. Q1 FY27 is the first quarter: April, May and June 2026.

Where can I find a company's quarterly results?

On the NSE and BSE websites under the company's announcements, and on the company's own website in the investors section. Many companies also publish an investor presentation and hold an earnings call.

What is the difference between standalone and consolidated results?

Standalone covers only the listed company. Consolidated adds its subsidiaries. For most companies, consolidated gives the full picture. This site uses consolidated figures.

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