Early corporate results for the October to December 2025 quarter reveal 3.5% year-on-year (y-o-y) decline in net profits to ₹98,621 crore among 143 companies—the weakest growth in 17 quarters. Moneylife’s market breadth indicators shifted into neutral territory this week, but underlying weakness persists. A steady decline in the number of stocks holding above their 20-, 50- and 200-day exponential moving average (EMAs) highlights eroding internal strength. The continued slippage in these critical moving averages suggests the market is gradually tilting toward a bearish zone, pointing to fragile breadth and rising caution across segments.
Indian equity markets recently suffered their steepest single-day fall in nine months on Tuesday, with the National Stock Exchange (NSE) Nifty dropping 1.38% to 25,232.5 and the Bombay Stock Exchange (BSE) Sensex falling 1.28% to 82,180.47. The rout, which erased ₹9.76 lakh crore in market-capitalisation, was triggered by geopolitical friction following US president Donald Trump’s proposal to purchase Greenland and impose tariffs on European nations. On Tuesday, 499 stocks were down more than 4.5% and 890 stocks were down more than 3%. Such widespread weakness points to systemic selling pressure rather than isolated sector-specific corrections. The damage was most pronounced over the week in the broader market, particularly mid-, small- and micro-cap stocks. Over this week, the Nifty Midcap 150 dropped 4.40%, the S&P BSE Small Cap index fell 5.79% and the Nifty Microcap 250 declined 5.34%, making them the worst performers.
The technical structure of the Nifty Microcap 250 has deteriorated sharply, firmly placing it in the bearish zone. Only 6.45% of constituents are trading above their 20-day EMA, highlighting severely weak short-term momentum. Just 11.29% remain above the 200-day moving average, indicating that a majority of stocks have slipped into long-term downtrends, while only 8.06% are above the 50-day EMA. This marks a stark reversal from the strong conditions seen during May–June 2025, when a large majority of stocks was trading above key averages and confirms a sustained downtrend since the January 2025 peak.
The Nifty 100 remains in the neutral zone, but its internal strength is steadily eroding. About 29.41% of stocks are above the 20-day EMA, 33.33% above the 50-day EMA and 50.98% above the 200-day moving average—only marginally maintaining a majority above the long-term trend indicator. Large-caps, though still outperforming the broader market, have also begun to show gradual signs of weakening since October 2025, leaving them increasingly vulnerable should broader market weakness persist.
Overall, the market is undergoing a strong correction, with small- and mid-cap stocks absorbing the bulk of the pressure. Extremely poor breadth and depressed moving-average participation suggest a momentum-driven breakdown rather than a shallow pullback. While deeply oversold conditions in micro-caps may trigger short-term technical bounces, a sustainable recovery would require clear improvement in breadth and a rising proportion of stocks reclaiming key moving averages.
Consequently, foreign portfolio investors (FPIs) have signalled a bearish outlook, with short positions in index futures hitting a one-year high of 204,722 contracts—40% increase since the start of January 2026. Foreign selling remains predominantly value-driven, with the fast-moving consumer goods (FMCG) sector bearing the maximum brunt. In the first 15 days of January 2026, foreign investors dumped shares worth ₹36,128 crore in FMCG alone—the second-highest sectoral withdrawal of 2025. Financial services witnessed outflows of ₹34,193 crore, while information technology (IT) stocks saw pullbacks of ₹22,075 crore. However, some buying emerged in metals and mining (inflows of ₹2,689 crore) and capital goods (₹326 crore), suggesting selective value-hunting amid the broader rout.
Next week, India and the European Union (EU) are expected to formalise a security and defence partnership aimed at establishing India as a key arms supplier to Europe through the new EU-India Defence Industry Forum. This builds on existing trade with nations like France and Germany in ammunition and explosives. After years of being a recipient of European technology, India is transitioning into a strategic supplier. The conflict in Ukraine and the subsequent rearmament of Europe have created a critical shortage of conventional munitions. Indian exports of ammunition and explosives to the EU (specifically France, Germany, Italy and Spain) surged past US$135mn (million) between early-2022 and mid-2024. The EU-India Defence Industry Forum will act as a bridge for joint ventures (JVs). It provides Indian firms a gateway to the EU’s €150bn (billion) (US$163bn) ‘Security Action for Europe’ (SAFE) programme—a fund designed to bolster the continent's defence readiness.
Both parties intend to conclude free trade agreement (FTA) negotiations at a New Delhi summit on 27th January. Termed the ‘mother of all deals’ by Indian officials, the FTA is expected to be politically finalised at the New Delhi summit. This agreement links a combined market of nearly 2bn people.
While the broad deal is set, the ‘devil in the details’ remains the EU’s CBAM (carbon border adjustment mechanism). India views these carbon taxes on steel and cement as a protectionist barrier, while the EU maintains they are essential for climate parity. Simultaneously, India has signed a letter of intent (LoI) for a strategic defence partnership with the United Arab Emirates (UAE), aiming to double bilateral trade to US$200bn by 2032, while expanding cooperation in liquefied natural gas (LNG) and infrastructure. This follows the success of the 2022 comprehensive economic partnership agreement (CEPA) which already pushed trade past the US$100bn mark in FY24-25. A landmark 10-year deal was secured for 0.5MNMT (million metric tonnes) of LNG annually from ADNOC Gas to Hindustan Petroleum Corporation, starting in 2028.
The UAE’s ministry of investment signed a LoI to develop the Dholera special investment region in Gujarat which will include an international airport, an MRO (maintenance, repair and overhaul) facility and smart urban townships. In a major sub-national development, the UAE has partnered with Telangana to develop a 30,000-acre net-zero greenfield smart city, aimed at becoming a global hub for artificial intelligence (AI) and advanced manufacturing.
The transition to electric mobility faces a ‘scissors effect’ of rising input costs and diminishing tax advantages. Indian electric vehicle (EV) manufacturers are reeling from China’s decision to reduce export tax rebates on lithium-ion batteries from 9% to 6% starting 1st April, with a full phase-out to follow. This supply-side pressure is compounded by a 58.1% surge in lithium raw material prices this year. Because batteries represent over one-third of an EV's cost, these rising prices threaten to narrow the competitive gap created by the current 5% goods and services tax (GST) on EVs versus 18% on internal combustion engine (ICE) vehicles.
Regulatory acceleration and patent expiries are intensifying competition in the high-growth bio-similar and metabolic markets. Dr Reddy’s Laboratories (DRL) is poised to launch a generic version of semaglutide by March, timed with the expiry of Novo Nordisk’s patent for Ozempic in India. DRL plans to produce 12mn pens in the first year to capture a share of the US$30bn global franchise. Novo Holdings (the investment arm of Novo Nordisk) has acquired a 49% stake in Mumbai-based Surya Hospitals for approximately ₹1,200 crore.
This investment targets the growing demand for specialised maternal and paediatric care in urban India. GlaxoSmithKline (GSK) has agreed to acquire US-based RAPT Therapeutics for US$2.2bn. This move is a defensive strategy to bolster GSK's pipeline before the patent expiry of its top-selling HIV drug, dolutegravir. The deal secures global rights to an experimental food allergy treatment, ozureprubart. The Indian government is implementing structural reforms to its drug trial protocols to foster a more agile manufacturing environment. Amendments to the New Drugs and Clinical Trials Rules, 2019, have halved the regulatory review timeline for drug trial applications from 90 days to 45 days. This reform allows manufacturers to commence production of new or investigational drugs based on mere intimation once the 45-day window closes, significantly expediting the availability of novel treatments.
Zydus Lifesciences launched Tishtha™, the world’s first bio-similar of Nivolumab, marking a breakthrough in India’s oncology space. The launch strengthens Zydus’ position in advanced biologics and immuno-oncology, while improving patient access to modern cancer therapies. Tishtha™ is available in 100mg (₹28,950) and 40mg (₹13,950) formats, priced at about one-fourth of the reference drug. The dual-strength design enables precise dosing, reduced wastage and better treatment economics.
The Adani group faces renewed volatility as US regulatory scrutiny overshadows recovering business fundamentals. Shares in various group entities fell between 3% and 12% after the US Securities and Exchange Commission (SEC) sought to serve legal summons to Gautam and Sagar Adani via email regarding an alleged US$265mn bribery scheme. This news abruptly ended the ‘relief rally’ triggered by the Securities and Exchange Board of India (SEBI) dismissing previous manipulation allegations.
The directorate general of civil aviation (DGCA) confirmed on 19 January 2026, that IndiGo will maintain its current schedule of approximately 2,200 daily flights. This commitment comes even as a waiver on pilot rest regulations—specifically rules limiting night landings—is set to expire on 10 February 2026. To sustain its current operations, the airline requires 2,280 captains; it currently employs 2,400 captains and 2,050 first officers, providing a necessary buffer against the stricter rest requirements. The airline’s recent operational turbulence has resulted in unprecedented financial and oversight measures from the regulator.
DGCA imposed ₹22 crore fine on IndiGo following a week in December 2025 where over 5,000 flights were cancelled due to crew shortages and poor roster management. In a rare regulatory move, the airline has been mandated to provide a ₹50 crore bank guarantee. The guarantee will not be released until DGCA verifies compliance across several stages of these systemic reforms, including improvements to digital systems and board oversight. With a domestic market share exceeding 65%, any disruption to IndiGo’s roster has an outsized impact on national connectivity. IndiGo reported Q3FY25-26 revenue of ₹23,471.90 crore, up 6.1% y-o-y from ₹22,110.70 crore. Profit after tax (PAT) fell sharply to ₹549.80 crore, a 77.6% y-o-y decline from ₹2,448.80 crore. The results highlight modest top-line growth but severe margin compression.
The trends of the major indices in the course of the week's trading are given in the table below:
News
Viyash, which is getting merged with Sequent Scientific, announced a strategic partnership with Boehringer Ingelheim to expand its companion animal portfolio in India. The agreement, executed through Alivira Animal Health Ltd, covers distribution and promotion of Boehringer’s companion animal products nationwide. The partnership will leverage Alivira’s strong distribution network and on-ground presence across urban and rural regions. It aims to address rising pet ownership and growing awareness of preventive animal-care in India.
Coffee Day Enterprises confirmed receipt of an enforcement directorate (ED) notice linked to a 2010 foreign direct investment (FDI) transaction, alleging contraventions under the Foreign Exchange Management Act (FEMA), 1999. Based on legal advice, Coffee Day has challenged the notice before the High Court. On 21 January 2026, the Court deferred ED proceedings until 23 February 2026. The firm is awaiting a certified copy of the order, already disclosed to exchanges.
ACME Solar Holdings expanded its renewable portfolio with the commissioning of 12MW (megawatt) at its Surendranagar wind project in Gujarat, taking total operational capacity to 68MW out of the planned 100MW. Executed via subsidiary ACME Eco Clean Energy Pvt Ltd, the project is financed by Power Finance Corporation and built using in-house engineering-procurement-construction (EPC) expertise. Turbines from SANY (4MW) have been deployed to enhance efficiency. Power will be sold under a 25‑year power purchase agreement (PPA) with Gujarat Urja Vikas Nigam Limited, ensuring long-term revenue stability and financial viability.
CESC Green Power signed an MoU (memorandum of understanding) with IPICOL, government of Odisha for a renewable facility. The project will be set up at Chhatia–Ambakhala (GondiaTehsil, Dhenkanal district). It involves an investment of around ₹4,500 crore. The scope covers solar and energy storage manufacturing units. This marks a major boost to Odisha’s clean energy ecosystem and industrial growth.
Hindustan Petroleum Corporation Limited (HPCL) signed a 10‑year sale purchase agreement (SPA) with Abu Dhabi Gas Liquefaction Company. Abu Dhabi Gas Liquefaction, a subsidiary of ADNOC Gas, brings global expertise across the gas value chain. HPCL will receive LNG at its 5MTPA (metric tonnes per annum) Chhara terminal, a key asset in India’s expanding LNG infrastructure.
ABB India successfully completed a major automation and monitoring upgrade for BPCL’s Vadinar-Bina pipeline, a critical energy corridor. The 935km pipeline, supplying 7.80MMTPA of crude oil to BPCL’s Bina refinery, remained fully operational during the modernisation. The project included a full upgrade of ABB Ability™ SCADAvantage system and replacement of 35 across pumping, pigging and valve stations. New SCADA servers were installed at Vadinar and Bina, enhancing monitoring and control capabilities.
RMC Switchgears issued a business update clarifying that there is no official government notification regarding reported changes in tender eligibility norms for overseas entities, including China-linked manufacturers. The company emphasised that media reports are speculative and its operating assumptions, tender participation and execution plans remain unchanged. It continues to execute projects across electrical infrastructure and renewable energy verticals, focusing on disciplined execution and strengthening its order pipeline.
Intellect Design Arena signed a multi‑year governance, risk and compliance (GRC) mandate in Canada with Carte Financial Group, an independent mutual fund dealer and national Managing General Agency. The agreement will see the deployment of Intellect’s Purple Fabric-powered GRC platform across Carte’s regulatory, on-boarding and governance workflows. The platform integrates AI-based decision intelligence to strengthen compliance monitoring, governance oversight and internal controls. This comes amid rising regulatory requirements, higher compliance costs and tighter supervisory scrutiny in Canada’s financial sector.
Unimech Aerospace approved a JV agreement with Yusuf Bin Ahmed Kanoo Company Limited, a leading diversified group in Saudi Arabia. The partnership will establish a new company in Saudi Arabia, marking Unimech’s entry into the Middle East aerospace market. This move positions the firm within one of the fastest-growing industrial and aerospace hubs globally. The JV supports regional goals of advanced manufacturing and localisation of defence and aerospace supply chains.
Orders
RailTel Corporation of India Limited secured a major domestic work order from the ministry of defence under an annual maintenance contract (AMC) framework. The order is valued at ₹140.71 crore, providing long-term revenue visibility. The contract covers services in line with AMC terms and extends until 30 January 2031.
Inox Green Energy Services secured a letter of award (LoA) from KEC International to provide Operation & Maintenance (O&M ) services for a 625MWp (megawatt-peak) solar project at Bhadla (Rajasthan). With this addition, the company’s solar O&M capacity has crossed 3GW (gigawatt), while its total renewable portfolio now exceeds 13GW. The milestone underscores Inox Green’s rapid expansion across solar and wind segments, reinforcing its leadership in clean energy services.
Ceigall India Limited, in JV with SAM India Builtwell Pvt Ltd (74:26 shareholding), has been declared the L‑1 bidder for a major Jaipur Metro phase-2 package. The ₹918.04 crore EPC contract covers the design and construction of a 10.8km elevated corridor with 10 metro stations including Prahladpura, Sitapura, JECC and Kumbha Marg. The project stretch runs from Chainage—600mtr (metre to 11,400mtr, with a spur line to the depot and is slated for completion in 34 months.
CG Power and Industrial Solutions secured a landmark export order worth around ₹900 crore (US$99.2mn) from Tallgrass Integrated Logistics Solutions LLC, USA, marking its formal entry into the global data centre segment. The order, the largest single contract in CG Power’s history, involves supplying advanced power transformers for a large-scale US data centre project.
Aurionpro Solutions secured a multi-year, multi-million-dollar mandate from CSB Bank to deploy its next-generation cash management platform. The deal spans software licensing, full implementation and long-term maintenance, marking a major expansion of Aurionpro’s transaction banking presence. Built on its AI-native platform, the solution will modernise CSB Bank’s corporate banking operations, enhance digital engagement and strengthen cash management efficiency for enterprise and institutional clients.
The Dangote group of Nigeria signed a fresh contract worth over US$350mn with Engineers India Limited (EIL), reappointing it as project management consultant (PMC) and EPCM consultant for its refinery expansion.
Concord Control Systems secured a ₹47 crore order from NTPC via its subsidiary. The project involves a 3,100HP (horsepower) green hydrogen fuel cell hybrid locomotive. It will be retrofitted and deployed at NTPC’s Sipat facility. Execution is scheduled within 18 months, covering full plant and equipment supply.
HCL Tech was selected by Team Global Express, the largest multimodal logistics organisation in Australia and New Zealand, to drive its digital transformation using advanced AI-powered solutions. The expanded agreement consolidates Team Global Express’ fragmented, multi‑vendor IT environment into a single integrated partnership.
Investment/ Acquisition / Stake Stale
Mazagon Dock Shipbuilders Limited completed a strategic overseas acquisition, strengthening its footprint in South Asia’s maritime ecosystem. The company acquired 16.49 crore shares, representing 41.73% equity in Colombo Dockyard PLC. The deal was executed via allotment of unsubscribed rights shares from Onomichi Dockyard Co Ltd. This marks a major milestone in Mazagon Dock’s international shipbuilding and repair expansion. Under a tripartite agreement with Colombo Dockyard and Onomichi Dockyard, the firm is now advancing to the next phase of the transaction.
Satin Creditcare Network announced the acquisition of a majority stake of up to 76.4% in QTrino Labs Pvt Ltd, an IIT-incubated deep-tech cybersecurity start-up, through its subsidiary Satin Technologies Ltd. QTrino Labs operates in the quantum-safe cybersecurity space, delivering advanced and cost-effective solutions for enterprises and government institutions. The acquisition positions Satin group in a high-growth technology segment focused on safeguarding digital infrastructure against next-generation cyber threats. On completion, QTrino Labs will be consolidated as a subsidiary, marking Satin’s formal entry into the cybersecurity business
Earnings
Stylam Industries reported Q3FY25-26 revenue of ₹270.96 crore, up 6.5% y-o-y from ₹254.52 crore. Net profit rose sharply to ₹46.02 crore, 54.3% y-o-y increase.
Sona BLW Precision Forgings posted Q3FY25-26 revenue of ₹1,199.8 crore, a strong 38.2% y-o-y growth from ₹867.9 crore. Net profit came in at ₹150.2 crore, marginally lower by 0.4% y-o-y versus ₹150.7 crore.
Adani Green Energy reported Q3FY25-26 revenue of ₹2,201 crore, 29.7% y-o-y increase from ₹1,697 crore. However, net profit plunged to ₹5 crore, down 98.9% y-o-y from ₹474 crore.
Punjab National Bank posted Q3FY25-26 net profit of ₹5,100 crore, up 13% y-o-y from ₹4,508 crore, supported by improved profitability. However, net interest income fell 4.5% y-o-y to ₹10,533 crore versus ₹11,032 crore last year, reflecting margin pressures from interest rate dynamics and funding costs.
Indian Railway Finance Corporation (IRFC) delivered its highest-ever Q3 profit at ₹1,802.19 crore, up 10.52% y-o-y from ₹1,630.66 crore, driven by steady margins and cost control. Total income stood at ₹6,719.23 crore, marginally lower than ₹6,766.39 crore last year. The company maintained a zero non-performing assets (NPA) status and reported record net worth of ₹56,625.41 crore.
Indiamart Intermesh Limited delivered a strong Q3 performance with strong profit and revenue growth. Net profit surged 55.6% y-o-y to ₹188.3 crore, while revenue rose 13.4% y-o-y to ₹401.6 crore. However, earnings before interest, taxes, depreciation and amortisation (EBITDA) slipped 2.9% y-o-y to ₹134.5 crore, reflecting cost pressures. Margins narrowed to 33.5% from 39.1%, indicating moderation in operating efficiency.
Jammu & Kashmir Bank posted a Q3 net profit of ₹588 crore, rising 10.7% y-o-y from ₹531 crore. Net interest income stood at ₹1,489 crore, down 1.3% y-o-y, reflecting margin pressures. On asset quality, gross non-performing assets (GNPA) improved to 3% versus 3.32% in the previous quarter. Net NPA declined to 0.68% from 0.76% sequentially, reinforcing balance sheet strength. Overall, the Bank showed profit growth with steady improvement in asset quality, despite softer net interest income (NII).
ITC Hotels reported a strong Q3 performance with net profit rising 77% y-o-y to ₹236.8 crore, compared with ₹133.3 crore last year. Revenue from operations grew 46.6% y-o-y to ₹1,230.7 crore, up from ₹839.5 crore in the same quarter of the previous year.
Vardhman Special Steels reported Q3FY25-26, the company reported revenue from operations of ₹430.54 crore, a modest 0.88% y-o-y increase over ₹426.77 crore in Q3FY24-25. Total income rose to ₹443.72 crore, up 2.30% y-o-y from ₹433.74 crore, aided by higher other income.
Senores Pharma delivered a strong Q3 performance with net profit rising 88% y-o-y to ₹32 crore, compared with ₹17 crore last year. Revenue surged 69.4% y-o-y to ₹174.5 crore, up from ₹103 crore in the same quarter of the previous financial year.
Havells India Limited reported Q3 net profit of ₹301 crore, marking a 6.4% y-o-y increase from ₹283 crore in the same quarter last year. Revenue rose 14.2% y-o-y to ₹5,573 crore, compared with ₹4,882 crore previously. The stronger revenue growth outpaced profit expansion, reflecting robust demand across product categories.
Thangamayil Jewellery posted Q3 net profit of ₹105 crore, up 118.7% y-o-y from ₹48 crore in the same quarter last year. Revenue surged 112.5% y-o-y to ₹2,406 crore, compared with ₹1,132.5 crore in Q3FY24-25. The sharp y-o-y growth reflects strong festive demand, rising gold prices and higher consumer spending on gold and jewellery.
KPI Green Energy posted Q3FY25-26 revenue of ₹662.86 crore, up a 44.6% y-o-y growth from ₹458.36 crore in Q3FY24-25. Net profit rose to ₹125.80 crore, up 47.7% y-o-y compared with ₹85.15 crore last year.
Restaurant Brands Asia Ltd (RBA) will see a change in control as Inspira Global acquires a stake at ₹70/share (approx. 10% premium). The deal involves the exit of current promoter QSR Asia (Everstone Capital). Acquisition will be executed via Lenexis Foodworks Inspira’s food & beverage (F&B) arm. Lenexis operates 250+ Chinese Wok restaurants across 45+ cities in India.
Mphasis reported Q3FY25-26 revenue of ₹40,025.79 crore, 12.4% y-o-y increase from ₹35,613.38 crore in Q3FY24-25. Net profit stood at ₹4,421.85 crore, up 3.4% y-o-y from ₹4,278.07 crore last year. The results highlight steady top-line growth driven by demand momentum.
Adani Energy Solutions reported 15.4% y-o-y increase in Q3FY25-26 revenue from ₹5,830.26 crore to ₹6,729.65 crore. PAT stood at ₹574.06 crore, down 8.2% y-o-y from ₹625.30 crore last year.
Aditya Birla Sun Life AMC reported Q3 net profit of ₹269.4 crore, up 20% y-o-y from ₹224.6 crore. Revenue from operations rose 7.4% y-o-y to ₹478 crore, compared with ₹445 crore last year. Growth was supported by steady assets under management (AUM) levels and consistent investor participation across equity, debt and hybrid schemes.
RadicoKhaitan Limited reported Q3 consolidated net profit of ₹155 crore, up 62.3% y-o-y from ₹95.5 crore. Revenue from operations rose 19.5% y-o-y to ₹1,547 crore, compared with ₹1,294.4 crore last year. Profit growth was driven by stronger operating leverage and sustained demand across key brands. Top-line expansion came from higher volumes in premium and semi-premium segments. Improved realisations across select categories further boosted performance.
Computer Age Management Services (CAMS) reported Q3FY25-26 net profit of ₹125.5 crore, remaining flat y-o-y. Revenue rose 5.5% y-o-y to ₹390 crore, compared with ₹369.7 crore last year.
Top gainers and losers of the major indices for the week are given in the table below:
