New Delhi, June 5 -- A larger share of smallcap companies failed to meet earnings expectations for the March 2025 quarter compared to their larger peers, with 31 percent of smallcaps missing estimates versus just 17 percent of largecaps, according to brokerage firm JM Financial. The earnings season, while offering some positive surprises at the index level, revealed deeper stress among smaller firms and select sectors, pushing analysts to revise earnings forecasts for the coming years.

JM Financial said 18 percent of the 50 Nifty companies under its coverage missed estimates in the fourth quarter of FY25, while 48 percent beat expectations and the rest reported in-line numbers. The brokerage pointed out that when broken down by market ca...