Dear Reader ,

It’s results season once again, for the September 2025 quarter. This time, though, there’s something rather weird about them -- they may not matter much. That’s because both the full impact of Trump’s punishing tariffs on India as well as the GST cuts will be felt in the December quarter. In fact, the impact of these factors is likely to be distorted in Q2, simply because on the one hand exporters tried to beat the US tariff deadline, seen in the 27.9 percent rise in merchandise exports to the US in July while on the other hand consumers postponed their purchases in anticipation of lower prices after the GST rate cuts took effect on September 22. As a Motilal Oswal report put it, the July-September period is best described as “a quarter of bottoming earnings growth and a mo

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