Mumbai, May 20 -- India's earnings season is sending a clear message to investors: Quarterly earnings beats alone are no longer enough to keep stocks flying.

While several companies managed to reverse pre-result declines after reporting stronger revenue and profit growth, most of these gains faded quickly as investors shifted their focus to future guidance, valuation comfort, and earnings sustainability amid volatile market conditions.

A Mint analysis of 866 BSE-listed companies that have declared their earnings so far shows that among stocks that declined ahead of results, only a limited set managed to stage a meaningful recovery after their March-quarter earnings announcements. Only companies where relevant information was available w...