Fiscal year and quarters

India's accounting year runs 1 April to 31 March. That's the "fiscal year" - abbreviated FY. So:

• FY25 = 1 April 2024 to 31 March 2025
• FY26 = 1 April 2025 to 31 March 2026

(In a few sectors - most notably some banks and PSUs - the fiscal year used to be calendar-aligned, but mainstream Indian corporates today all use April-March.)

The four quarters

Q1FY26 = 1 April 2025 to 30 June 2025       (Apr-May-Jun)
Q2FY26 = 1 July 2025 to 30 September 2025   (Jul-Aug-Sep)
Q3FY26 = 1 October 2025 to 31 December 2025 (Oct-Nov-Dec)
Q4FY26 = 1 January 2026 to 31 March 2026    (Jan-Feb-Mar)

Q4 is the annual close - most companies have a few one-time items here (year-end provisions, audit adjustments). Q4 is usually NOT a clean read for trend analysis.

H1 and H2

• H1FY26 = first half = Q1 + Q2 (Apr-Sep)
• H2FY26 = second half = Q3 + Q4 (Oct-Mar)
• 9M = nine months = Q1 + Q2 + Q3

What gets disclosed when

After every quarter, companies file:

• Quarterly results (the financial numbers) - typically within 45 days of quarter-end
• Investor presentation - alongside or shortly after results
• Concall (earnings call) - usually within 1-2 days of results