How to read a results press release: meaning, how it works in India

A listed company must publish its financial results on the stock exchanges. Many also issue a press release or an investor presentation that tells the story of the quarter: growth, margins, new products and plans. The release is written by the company, so it picks the numbers that look strongest and frames them in its own terms.

The filed results are different. They follow a set format, are reviewed or audited by statutory auditors and carry the legal weight. When the two disagree, the filing wins. A reader should treat the release as a guide to where to look in the filing.

Many startups listed in recent years also publish a shareholder letter. It is a longer version of the same idea, with charts and commentary. The same rule applies: use it to find the numbers, then confirm them in the filing.

Under Regulation 33 of the SEBI Listing Obligations and Disclosure Requirements (LODR) Regulations, 2015, a listed company files unaudited quarterly results within 45 days of the end of each of the first three quarters. Audited annual results are due within 60 days of the financial year end, as of November 2026, according to compliance summaries.

Under Regulation 30, the outcome of a board meeting, including approved results, is to be disclosed to the exchanges within 30 minutes of the meeting closing, with a limited relaxation in some cases of late-ending meetings. Companies with subsidiaries file both standalone and consolidated numbers. Consolidated figures cover the whole group and are what most headlines use.

Companies listed on the main board also have to file an unaudited statement with a limited review report from the auditors for each quarter. A limited review is a lighter check than a full audit, so quarterly numbers can be revised when the annual accounts are finalised.

• Quarters 1 to 3: results within 45 days of quarter end.
• Full year: audited results within 60 days of year end.
• Board outcome: disclosed to exchanges within 30 minutes of the meeting ending.
• Two sets of numbers: standalone (the company alone) and consolidated (the group).

A release often says 'revenue' without saying which one. The filing separates revenue from operations, the money from the main business, from other income such as interest on cash, and total income is the sum of the two. Headlines that quote total income can look larger than the operating business is.

For a company that holds a lot of cash from its IPO, other income can be a large share of total income. That is why the better starting line is revenue from operations. Also check whether growth is stated against the same quarter last year or the previous quarter, since a quarter-on-quarter rise may reflect a festive season.

EBITDA is earnings before interest, tax, depreciation and amortisation. Many startups report 'adjusted EBITDA', which also removes costs the company calls one-off or non-cash, often including employee stock option expense. Adjusted EBITDA is not a number defined by accounting standards, so companies define it in their own way.

A good release shows a table that reconciles adjusted EBITDA to the reported profit or loss, line by line. Check what was added back, whether the same items were removed in earlier quarters, and how big the add-backs are compared with the profit. A company can show a positive adjusted EBITDA while the reported loss is large.

One-offs, which the filing calls exceptional items, are gains or losses that the company says are unusual: a gain from selling a business, a write-off or a legal settlement. A profit that comes only from such an item is not the same as profit from running the business.

Look for a line such as 'profit before exceptional items and tax' in the filing. Compare it with the final profit. If the release talks about 'profit' and the filing's number before exceptional items is a loss, the release is describing a one-time gain.

Marketplaces and platforms often lead with gross order value (GOV) or gross merchandise value (GMV): the total value of goods or services sold through the platform. These are not revenue, because the platform usually keeps only a commission or fee. A company with ₹1,000 crore of GMV may report revenue of ₹100 crore.

Operating metrics such as orders, users and take rate are the company's own and are not audited in the same way. Check their definitions in the investor presentation and see if they match the earlier quarters. The release may also mention a number never defined in the filing.

Download the results from the BSE or NSE announcements page, along with the investor presentation if one exists. Match the release's revenue, profit or loss and EBITDA numbers to the statement of profit and loss, and read the notes for exceptional items and auditor remarks.

A short checklist helps: is the revenue from operations or total income, is the loss or profit before or after exceptional items, are the periods comparable, and does the release explain what was added back to reach adjusted numbers. None of this is investment advice, and the notes to accounts can change how a headline reads.

Pay attention to the wording around profit. 'Profitable' can mean profit before tax, profit after tax, a positive EBITDA or an adjusted figure, and each says something different. If the release does not say which one is meant, the filing will.

The exchanges list results under corporate announcements for each company, and the company's investor relations page usually hosts the release, the presentation and the filed results. The company's earnings call transcript, where available, can add context, but it is also the company's own account.

A first results filing after listing can include stub periods and restated comparisons, so compare like with like. If a figure in a news story cannot be matched to the filing, treat it with caution until it can.

Reading three quarters in a row is more useful than reading one. A single quarter can be lifted by a festive season or a one-off, while a run of quarters shows whether growth, margins and cash burn are moving in the same direction as the company's own commentary.