# India Quarterly Results - XBRL Data Methodology & Validation

How quarterly financial results are sourced from NSE XBRL filings and made comparable across ~750 companies: line items extracted (incl. banking NPA), matched company sets, limitations, and an independent 4-phase validation with documented data-quality exclusions.

Source data: NSE quarterly results XBRL (SEBI LODR Reg 33); Sep 2022 onwards, 16 quarters. Last updated: 2026-07-02. Interactive tool: https://vigil.tigzig.com/docs/quarterly

VIGIL's Quarterly Results dataset is built from the quarterly financial results that listed companies file in structured XBRL format with NSE under SEBI LODR Regulation 33 (within 45 days of quarter-end, 60 days at year-end). Because XBRL is machine-readable - every line item carries a standardized SEBI-taxonomy tag - the same "Revenue from Operations" tag is used by Reliance and TCS alike, making automated extraction and cross-company comparison possible. This page documents how the data is sourced, standardized, and validated.

[Open the live VIGIL Quarterly Results view](https://vigil.tigzig.com/docs/quarterly) (beta) for the interactive YoY, trailing-12-month and cost-structure analysis.

## Data source and coverage

Standalone (not consolidated) quarterly results in XBRL, downloaded from NSE's corporate-filings portal - the older Financial Results system and the newer Integrated Filing system (mandatory from Q4 FY2024-25 / Mar 2025). Universe: Nifty Total Market (~750 companies = Nifty 500 + Nifty Microcap 250). Coverage spans 16 quarters (Sep 2022 to Mar 2026), with an additional 16 historical quarters (Jun 2018 to Mar 2022) downloaded and pending integration.

| Metric | Count |
| --- | --- |
| XBRL files downloaded and processed | ~9,350 |
| Quarters covered | 16 |
| Unique companies | ~750 |
| Individual data points in database | 490,000+ |
| Non-banking (IndAS format) companies | ~650 per quarter |
| Banking-format companies | ~85 per quarter |

Company counts vary by quarter (IPOs, delistings, mergers, late filers) - e.g. Jun 2022 has ~475 companies while Dec 2025 has ~745. The "matched company set" filters address this by restricting analysis to companies present in every quarter of the selected range.

## What is extracted

From each XBRL file, the current-quarter values ("OneD" in XBRL terms) and year-to-date values ("FourD") where available. **Non-banking (IndAS) companies:** 29 line items - revenue (Revenue from Operations, Other Income, Total Income), costs (materials, purchases, inventory change, employee benefit, finance costs, depreciation, other, total), profits (PBT before exceptional items, exceptional items, PBT, tax, net profit, OCI, total comprehensive income), per-share (Basic/Diluted EPS, face value), and ratios (debt-equity, debt-service coverage, interest-service coverage). **Banking companies:** 35 line items - interest earned (advances, investments, RBI balances, other), other income, interest expended, employee cost, operating profit, provisions, PBT, tax, net profit, plus asset quality (Gross/Net NPA amount and %), capital (CET1, AT1, RoA, government holding %) and EPS.

A few derived fields are computed and labelled with a "calc_" prefix - notably **calc_Net NPA %** (individual bank NPA percentages cannot be averaged, so Total Advances is back-calculated per bank as Gross NPA Amount / Gross NPA %, then aggregated as sum of NPA amounts / sum of back-calculated advances), Cost of Goods Sold (materials + purchases + inventory change), and PBT Margin.

## Standardization and matched sets

All monetary values in XBRL are in rupees; VIGIL converts to Rs Crore (divide by 1 crore). Banking companies use a different P&L structure (Interest Earned replaces Revenue from Operations, etc.) and are shown in a separate tab; the combined "All" view uses only metrics common to both formats (Total Income, PBT, Net Profit).

When comparing aggregates across quarters, a new IPO would inflate YoY growth. **Matched company sets** fix this by including only companies that filed in every quarter of the selected range: Matched 4Q (~640 companies, one year), Matched 8Q (~560-570, two years, enables YoY), Matched 14Q (~450, deepest history), or All (no matching). The filters compose with sector and index filters.

## Limitations

- **Standalone only** - not consolidated. For conglomerates like L&T (standalone revenue ~Rs 1.4 lakh Cr vs consolidated ~Rs 2.5 lakh Cr) the numbers are lower than platforms that default to consolidated.

- **Self-reported** - values are as reported in the XBRL filings; VIGIL does not independently audit the underlying figures.

- **Insurance companies excluded** - 10 insurers follow a different reporting format lacking the standard P&L line items.

- **Source filing errors** - a small number of company-quarters filed with incorrect unit declarations (values 50x-200x off); these are documented and excluded (below).

- **Balance sheet not included** - quarterly XBRL carries only the income statement and a few ratios; balance-sheet data is annual-only.

## Validation (19 March 2026)

An independent multi-phase validation covering 458,000+ data points across 15 quarters (Sep 2022 to Dec 2025) for ~750 companies, run against the live production database.

- **Phase 1 - Source file verification.** 18 companies across 4 quarters (72 company-quarters, 4,176 values) re-parsed independently from the original XBRL and compared to the database. Result: 100% match, zero mismatches.

- **Phase 2 - Database integrity.** 19 checks (duplicate detection, the Revenue + Other Income = Total Income identity, format classification, field completeness, negative-revenue and magnitude-error detection, tag consistency, PBT-PAT gap analysis). Result: 15 of 19 passed outright; 4 issues identified and remediated (below).

- **Phase 3 - Filing revision verification.** All 751 companies scanned; 42 revised company-quarters in the older system (all already latest) and 199 in the newer Integrated Filing system (individually verified and corrected). Result: latest version confirmed for every company-quarter.

- **Phase 4 - Frontend calculation verification.** 25 calculations across two matched sets (452 and 536 companies) re-computed from raw data to verify YoY compares the correct quarters, matched sets include only complete companies, and aggregates use the correct universe. Result: 100% match.

## Issues and remediation

### Duplicate records (critical, fixed)

CG Power (Sep 2024) had two conflicting sets of values (e.g. Revenue Rs 2,270 Cr vs Rs 2,563 Cr) because two versions of the same filing were processed without recognising one superseded the other. Fix: the older set was removed and the revised (higher) values retained; a full scan of 458,000+ records confirmed this was the only duplicate.

### Data-quality exclusions (26 records, 16 companies)

Some companies filed XBRL with incorrect units, producing values dramatically too high or too low (errors in the source filings, not VIGIL's processing), caught by comparing each company's revenue to its own historical pattern. Unit-mismatch examples:

| Company | Quarter(s) | Issue |
| --- | --- | --- |
| Adani Power | Jun, Sep, Dec 2022 | Revenue 140-230x too low (Rs 45-73 Cr vs expected Rs 10,217 Cr) |
| GAIL | Dec 2024 | Revenue 100x too low (Rs 350 Cr vs expected Rs 34,076 Cr) |
| IGL | Jun 2023 | Revenue 100x too low (Rs 38 Cr vs expected Rs 4,062 Cr) |
| IRCTC | Sep 2022 | Revenue 72x too high (Rs 80,580 Cr vs expected Rs 1,000 Cr) |
| SRF | Sep 2022 | Revenue 100x too low |
| TeamLease | Dec 2023 | Revenue 100x too low |
| Webel Solar | Dec 2022 - Sep 2023 | Revenue 75-225x too low across 4 quarters |
| Adani Transmission | Jun 2022 | Revenue 190x too low |

Ten insurance companies (GIC Re, Go Digit, HDFC Life, ICICI General, ICICI Prudential, LIC, New India Assurance, Niva Bupa, SBI Life, Star Health) follow the insurance regulatory format and lack standard P&L line items, so they are excluded from all views. IRFC files in banking format but reports only 8 of 35 line items and is excluded from banking aggregates. Excluded company-quarters are filtered at the query level (data stays in the database for transparency) and each exclusion is reversible if the source is corrected.

### Filing revisions (199 company-quarters, resolved)

Initial collection for Mar/Jun/Sep 2025 had picked the original rather than the revised version for 132 company-quarters. Most revisions were identical financially (formatting/metadata), but some were material - e.g. Ahluwalia Contracts' Sep 2025 revenue was revised from Rs 2,182 Cr down to Rs 1,177 Cr. Fix: all 199 re-verified and re-processed to the latest version, which also recovered 36 previously-missing companies. Post-fix, Mar 2025 grew from 628 to 650 companies and Sep 2025 from 641 to 655.

[Open the live VIGIL Quarterly Results view on TIGZIG](https://vigil.tigzig.com/docs/quarterly) (beta), or see [India XBRL filings](/vigil/india-xbrl-filings) and [all VIGIL data sources](/vigil/data-sources).

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Source: https://www.tigzig.com/vigil/quarterly-results