New Delhi, Feb. 17 -- The Q3 earnings season for India Inc. has come to a close, and the results have been underwhelming. The earnings upgrade-to-downgrade ratio stood at 0.3x, hitting its worst level since Q1 of FY21, shows a study by Motilal Oswal Financial Services (MOSL).

"The beat-miss ratio for the MOFSL Universe was unfavourable, with 44% of the companies missing our estimates. For the MOFSL Universe, the earnings upgrade-to-downgrade ratio has turned weaker for FY26E, as 37 companies' earnings have been upgraded by more than 3%, while 137 companies' earnings have been downgraded by more than 3%," MOSL said, raising concerns about the underlying health of the economy.

The earnings slowdown has coincided with the stock market corr...