The December 2025 quarter earnings season should see India Inc deliver a modest set of numbers. While the performance is expected to be supported by strong results from automakers, metal producers, oil refiners, cement makers and capital goods companies, this is likely to be offset by weaker numbers from IT services majors, banks, electric utilities, pharmaceutical companies and consumer staples firms. Excluding oil marketing companies (OMCs), the aggregate profit growth would be subdued. Growth Divide Some businesses benefited from festive and holiday season demand, elevated commodity prices and currency depreciation. However, some companies are likely to see one-time adjustments to employee expenses as companies complied with the new Wage Code.