Home › Quarterly results › Q2 FY26
Q2 FY26 quarterly results (July-September 2025)
5,073 companies have declared Q2 FY26 results so far, the latest on 14 Sep 2026.
Across the 4,407 non-financial companies with a year-ago quarter to compare, sales grew +12.8% and net profit +57.5% year on year, and the combined operating margin widened 96 bps to 14.3%.
For the 146 banks and lenders, net interest income grew +6.3% and net profit +7.3%.
54% of companies grew net profit; 337 turned a loss into a profit; 34% beat their own profit trend and 50% fell short of it.
5073 declared
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Sales growth
+12.8%
YoY, 4407 companies combined; median +8.4%
Net profit growth
+57.5%
YoY combined; median +9.4%
Operating margin
14.3%
+96 bps YoY
Grew profit
54%
337 turnarounds, 405 into loss
Vs own profit trend
34% / 50%
above / below, 16% in line
Banks: NII growth
+6.3%
146 lenders; profit +7.3%
Price since results
-5.6%
median; 0% of 1 stocks up
Other-income heavy
1339
25%+ of pre-tax profit from other income & one-offs
Filters & sorting
Results by sector
Latest Q2 FY26 results 5073
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M Cap ₹31,250 Cr
P/E 91.1
PEG 0.40
Profit +39% above its own trend Operating margin expanded 196 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+33.0% +6.2%
527 496 396 Operating profit
+43.1% +20.7%
146 121 102 OPM %
+196 bps +333 bps
27.7% 24.4% 25.8% Other income
+50.0% +50.0%
15.0 10.0 10.0 Net profit?
+97.5% +42.1%
82.9 58.4 42.0 PAT margin %
+514 bps +398 bps
15.7% 11.8% 10.6% EPS (₹)
— +37.9%
4.00 2.90 —
Quality of profit
Pre-tax profit ₹111 Cr: core business ₹97.0 Cr, other income ₹15.0 Cr, exceptional & other items −₹1.1 Cr.
Core profit YoY: +115.6%
· reported profit +97.5%
Cash & debt
FY25 cash from operations ₹314 Cr:
188% of FY25 net profit of ₹167 Cr.
Borrowings ₹352 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹523 ₹527
+0.7% in line Net profit ₹59.8 ₹82.9
+38.7% above
M Cap ₹31,244 Cr
P/E 5.4
PEG 0.22
Profit -13% below its own trend Provisions up 117% YoY Gross NPA down 54 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
+3.5% -1.0%
7,180 7,250 6,938 Net interest income
+3.4% -1.3%
2,048 2,076 1,981 Other income
+76.0% +7.3%
138 128 78.3 Operating profit (pre-provision)
+7.5% -1.4%
1,871 1,897 1,741 Provisions
+117.4% -12.8%
168 193 77.3 Net profit?
+1.6% -1.1%
1,349 1,364 1,328 EPS (₹)
+1.6% -1.1%
24.53 24.80 24.14 Cost-to-income %
-108 bps +46 bps
14.4% 13.9% 15.5% Gross NPA %
-54 bps -11 bps
2.5% 2.6% 3.0% Net NPA %
-38 bps -11 bps
1.2% 1.3% 1.6%
Where profit came from
Pre-provision profit ₹1,871 Cr (+7.5% YoY); provisions ₹168 Cr (+117.4% YoY).
Net profit +1.6% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹1,881 ₹2,048
+8.9% above Net profit ₹1,556 ₹1,349
-13.3% below
M Cap ₹30,882 Cr
P/E 332.1
PEG 11.07
Into loss: a profit a year ago Profit -360% below its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+16.9% +11.6%
2,559 2,294 2,190 Operating profit
+19.0% -54.2%
68.2 149 57.3 OPM %
+5 bps -382 bps
2.7% 6.5% 2.6% Other income
-18.5% -29.0%
92.2 130 113 Net profit?
to loss to loss -50.5 91.0 10.2 PAT margin %
-244 bps -594 bps
-2.0% 4.0% 0.5% EPS (₹)
to loss to loss -0.68 1.22 0.14
Quality of profit
Pre-tax profit −₹53.2 Cr: core business −₹149 Cr, other income ₹92.2 Cr, exceptional & other items ₹3.4 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations ₹567 Cr:
350% of FY25 net profit of ₹162 Cr.
Borrowings ₹1,422 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,343 ₹2,559
+9.2% above Net profit ₹19.4 −₹50.5
-359.8% below
M Cap ₹30,821 Cr
P/E 40.0
PEG 0.40
Profit -47% below its own trend Operating margin contracted 185 bps YoY All of pre-tax profit came from other income or one-off items Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+24.7% +14.8%
13,450 11,719 10,786 Operating profit
to loss to loss -74.0 189 140 OPM %
-185 bps -216 bps
-0.6% 1.6% 1.3% Other income
— -51.5%
98.0 202 1.0 Net profit?
-39.6% -86.3%
55.0 402 91.0 PAT margin %
-43 bps -302 bps
0.4% 3.4% 0.8% EPS (₹)
-38.9% -86.4%
0.33 2.43 0.54
Quality of profit
Pre-tax profit ₹23.0 Cr: core business −₹74.0 Cr, other income ₹98.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: to loss
· reported profit -39.6%
Cash & debt
FY25 cash from operations −₹3,390 Cr:
-326% of FY25 net profit of ₹1,039 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹10,888 ₹13,450
+23.5% above Net profit ₹104 ₹55.0
-46.9% below
M Cap ₹30,798 Cr
P/E 77.9
PEG 15.58
Profit -69% below its own trend Operating margin contracted 440 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-3.0% -28.3%
2,053 2,864 2,117 Operating profit
-42.8% -58.2%
130 311 227 OPM %
-440 bps -452 bps
6.3% 10.9% 10.7% Other income
+44.2% +35.5%
15.0 11.1 10.4 Net profit?
-65.2% -75.0%
46.0 184 132 PAT margin %
-401 bps -419 bps
2.2% 6.4% 6.3% EPS (₹)
-64.8% -74.7%
1.76 6.95 5.00
Quality of profit
Pre-tax profit ₹66.0 Cr: core business ₹51.0 Cr, other income ₹15.0 Cr.
Core profit YoY: -69.6%
· reported profit -65.2%
Cash & debt
FY25 cash from operations ₹235 Cr:
53% of FY25 net profit of ₹442 Cr.
Borrowings ₹620 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,058 ₹2,053
+94.0% above Net profit ₹150 ₹46.0
-69.3% below
M Cap ₹30,782 Cr
P/E 50.7
PEG 1.30
Profit +99% above its own trend Operating margin expanded 339 bps YoY Core business grew faster than reported profit (core profit +161%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+19.5% +5.1%
2,164 2,059 1,810 Operating profit
+104.9% +23.7%
176 142 85.8 OPM %
+339 bps +122 bps
8.1% 6.9% 4.7% Other income
+133.7% +36.1%
16.9 12.4 7.2 Net profit?
+134.7% +29.5%
116 89.8 49.5 PAT margin %
+264 bps +101 bps
5.4% 4.4% 2.7% EPS (₹)
+134.2% +29.5%
10.28 7.94 4.39
Quality of profit
Pre-tax profit ₹155 Cr: core business ₹138 Cr, other income ₹16.9 Cr.
Core profit YoY: +161.4%
· reported profit +134.7%
Cash & debt
FY25 cash from operations ₹494 Cr:
159% of FY25 net profit of ₹312 Cr.
Borrowings ₹290 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,048 ₹2,164
+5.6% above Net profit ₹58.5 ₹116
+98.8% above
M Cap ₹30,536 Cr
P/E 32.0
PEG —
Profit +451% above its own trend Operating margin expanded 631 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+10.7% -6.0%
3,417 3,636 3,087 Operating profit
+60.4% -21.2%
696 883 434 OPM %
+631 bps -392 bps
20.4% 24.3% 14.1% Other income
-9.6% +1.5%
66.0 65.0 73.0 Net profit?
+387.8% -39.5%
239 395 49.0 PAT margin %
+541 bps -387 bps
7.0% 10.9% 1.6% EPS (₹)
+413.5% -40.0%
12.58 20.95 2.45
Quality of profit
Pre-tax profit ₹318 Cr: core business ₹252 Cr, other income ₹66.0 Cr.
Core profit YoY: —
· reported profit +387.8%
Cash & debt
FY25 cash from operations ₹2,117 Cr:
303% of FY25 net profit of ₹699 Cr.
Borrowings ₹5,702 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,977 ₹3,417
+14.8% above Net profit ₹43.4 ₹239
+451.1% above
M Cap ₹30,505 Cr
P/E 20.3
PEG 4.05
Profit +11% above its own trend FY25 operating cash flow was only 16% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+16.8% +12.0%
29,076 25,952 24,896 Operating profit
+28.5% +47.2%
589 400 458 OPM %
+19 bps +48 bps
2.0% 1.5% 1.8% Other income
-24.1% -13.2%
43.0 49.5 56.7 Net profit?
+23.7% +50.2%
350 233 283 PAT margin %
+7 bps +31 bps
1.2% 0.9% 1.1% EPS (₹)
+32.3% +40.9%
4.96 3.52 3.75
Quality of profit
Pre-tax profit ₹460 Cr: core business ₹418 Cr, other income ₹43.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +28.7%
· reported profit +23.7%
Cash & debt
FY25 cash from operations ₹293 Cr:
16% of FY25 net profit of ₹1,821 Cr.
Borrowings ₹2,809 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹28,819 ₹29,076
+0.9% in line Net profit ₹316 ₹350
+10.9% above
M Cap ₹30,446 Cr
P/E 9.7
PEG —
Turnaround: profit against a loss a year ago Operating margin expanded 738 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-9.8% +23.7%
25,953 20,988 28,786 Operating profit
from loss +728.9%
1,489 180 -474 OPM %
+738 bps +488 bps
5.7% 0.9% -1.6% Other income
+63.8% +55.7%
61.2 39.3 37.4 Net profit?
from loss from loss 627 -271 -697 PAT margin %
+484 bps +371 bps
2.4% -1.3% -2.4% EPS (₹)
from loss from loss 3.58 -1.54 -3.98
Quality of profit
Pre-tax profit ₹963 Cr: core business ₹898 Cr, other income ₹61.2 Cr, exceptional & other items ₹3.7 Cr.
Core profit YoY: from loss
Cash & debt
FY25 cash from operations ₹1,878 Cr:
3341% of FY25 net profit of ₹56.2 Cr.
Borrowings ₹13,143 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹26,592 ₹25,953
-2.4% in line
M Cap ₹30,296 Cr
P/E 27.0
PEG 3.00
Profit +18% above its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+22.6% +0.9%
4,457 4,419 3,634 Operating profit
+32.7% -6.9%
539 580 407 OPM %
+91 bps -101 bps
12.1% 13.1% 11.2% Other income
-7.3% +28.9%
69.1 53.6 74.6 Net profit?
+20.8% -10.4%
260 291 216 PAT margin %
-9 bps -73 bps
5.8% 6.6% 5.9% EPS (₹)
+20.6% -10.4%
9.36 10.45 7.76
Quality of profit
Pre-tax profit ₹347 Cr: core business ₹278 Cr, other income ₹69.1 Cr.
Core profit YoY: +19.7%
· reported profit +20.8%
Cash & debt
FY25 cash from operations ₹1,964 Cr:
216% of FY25 net profit of ₹909 Cr.
Borrowings ₹789 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹4,309 ₹4,457
+3.4% in line Net profit ₹221 ₹260
+17.6% above
M Cap ₹30,059 Cr
P/E 20.8
PEG —
Profit -24% below its own trend Gross NPA up 60 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
-13.7% +0.4%
2,275 2,265 2,637 Net interest income
-19.1% +1.2%
1,397 1,380 1,727 Other income
-50.0% -93.2%
2.0 29.3 4.0 Net profit?
-62.1% +63.8%
217 132 572 EPS (₹)
-61.4% +65.6%
2.60 1.57 6.74 Gross NPA %
+60 bps +0 bps
3.0% 3.0% 2.4% Net NPA %
+50 bps +0 bps
2.6% 2.6% 2.1%
Against its own trend ?
Trend Actual Gap
NII ₹1,534 ₹1,397
-8.9% below Net profit ₹286 ₹217
-24.1% below
M Cap ₹29,729 Cr
P/E 110.3
PEG 1.72
Operating margin expanded 729 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-0.0% -16.6%
251 301 251 Operating profit
+51.2% +20.0%
54.0 45.0 35.7 OPM %
+729 bps +656 bps
21.5% 15.0% 14.2% Other income
+71.6% +251.0%
3.5 1.0 2.0 Net profit
+56.3% +34.0%
40.2 30.0 25.7 PAT margin %
+577 bps +604 bps
16.0% 10.0% 10.2% EPS (₹)
+56.8% +32.9%
7.15 5.38 4.56
Quality of profit
Pre-tax profit ₹53.8 Cr: core business ₹50.3 Cr, other income ₹3.5 Cr.
Core profit YoY: +55.2%
· reported profit +56.3%
Cash & debt
FY25 cash from operations −₹13.0 Cr:
-11% of FY25 net profit of ₹114 Cr.
Borrowings ₹8.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹413 ₹251
-39.3% below Net profit ₹40.5 ₹40.2
-0.7% in line
M Cap ₹29,576 Cr
P/E 49.1
PEG 0.33
Profit +412% above its own trend 88% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+80.3% -8.4%
468 511 260 Operating profit
+81.2% -12.7%
400 458 221 OPM %
+43 bps -416 bps
85.5% 89.6% 85.0% Other income
+288.1% +142.1%
138 57.0 35.6 Net profit?
+651.7% -12.2%
115 131 15.3 PAT margin %
+1868 bps -106 bps
24.6% 25.6% 5.9% EPS (₹)
+555.2% -12.0%
1.90 2.16 0.29
Quality of profit
Pre-tax profit ₹156 Cr: core business ₹18.0 Cr, other income ₹138 Cr.
Core profit YoY: from loss
· reported profit +651.7%
Cash & debt
FY25 cash from operations ₹1,543 Cr:
616% of FY25 net profit of ₹250 Cr.
Borrowings ₹10,976 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹350 ₹468
+33.6% above Net profit ₹22.5 ₹115
+411.5% above
M Cap ₹29,410 Cr
P/E 21.3
PEG 0.82
Profit -29% below its own trend Operating margin expanded 225 bps YoY 31% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +53%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+12.2% +11.7%
2,792 2,500 2,488 Operating profit
+35.9% +11.9%
360 321 265 OPM %
+225 bps +3 bps
12.9% 12.9% 10.6% Other income
+15.6% -14.0%
134 156 116 Net profit?
-1.9% -77.2%
318 1,397 324 PAT margin %
-163 bps -4449 bps
11.4% 55.9% 13.0% EPS (₹)
-1.9% -77.2%
28.92 127.01 29.48
Quality of profit
Pre-tax profit ₹427 Cr: core business ₹293 Cr, other income ₹134 Cr.
Core profit YoY: +53.3%
· reported profit -1.9%
Cash & debt
FY25 cash from operations ₹1,003 Cr:
80% of FY25 net profit of ₹1,256 Cr.
Borrowings ₹105 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,964 ₹2,792
-5.8% below Net profit ₹449 ₹318
-29.1% below
M Cap ₹29,385 Cr
P/E 14.9
PEG —
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
+26.2% +5.0%
2,058 1,960 1,630 Net interest income
— —
844 — — Other income
— —
1.0 — — Net profit
+41.6% +122.6%
549 247 388 EPS (₹)
+35.4% +114.3%
1.95 0.91 1.44 Gross NPA %
+178 bps -16 bps
4.0% 4.1% 2.2% Net NPA %
+93 bps -9 bps
2.0% 2.1% 1.0%
Against its own trend ?
Trend Actual Gap
Net profit ₹510 ₹549
+7.7% in line
M Cap ₹29,083 Cr
P/E 52.2
PEG —
Operating margin contracted 246 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+2.1% +6.4%
1,323 1,244 1,296 Operating profit
-11.8% +3.9%
208 200 236 OPM %
-246 bps -37 bps
15.7% 16.1% 18.2% Other income
+193.4% -29.1%
48.2 68.0 16.4 Net profit?
+5.1% -2.6%
166 170 157 PAT margin %
+36 bps -116 bps
12.5% 13.7% 12.1% EPS (₹)
+5.2% -2.9%
4.08 4.20 3.88
Quality of profit
Pre-tax profit ₹226 Cr: core business ₹172 Cr, other income ₹48.2 Cr, exceptional & other items ₹5.3 Cr.
Core profit YoY: -14.3%
· reported profit +5.1%
Cash & debt
FY25 cash from operations ₹699 Cr:
103% of FY25 net profit of ₹677 Cr.
Borrowings ₹237 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,303 ₹1,323
+1.6% in line Net profit ₹161 ₹166
+3.0% in line
M Cap ₹28,991 Cr
P/E 10.3
PEG 0.74
Profit -18% below its own trend Gross NPA down 62 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
+4.9% -0.2%
7,421 7,433 7,071 Net interest income
+10.1% +5.4%
2,533 2,403 2,300 Other income
-11.0% -11.3%
884 997 993 Operating profit (pre-provision)
+12.7% +3.3%
1,613 1,562 1,432 Provisions
+19.3% -4.5%
588 616 493 Net profit
+2.8% +2.0%
620 607 603 EPS (₹)
-2.0% +2.1%
0.49 0.48 0.50 Cost-to-income %
-374 bps -127 bps
52.8% 54.1% 56.5% Gross NPA %
-62 bps -7 bps
2.6% 2.6% 3.2% Net NPA %
-30 bps -2 bps
0.4% 0.5% 0.7%
Where profit came from
Pre-provision profit ₹1,613 Cr (+12.7% YoY); provisions ₹588 Cr (+19.3% YoY).
Net profit +2.8% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹2,756 ₹2,533
-8.1% below Net profit ₹757 ₹620
-18.1% below
M Cap ₹28,923 Cr
P/E 37.9
PEG 1.26
Operating margin expanded 540 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+21.5% +5.5%
781 740 643 Operating profit
+43.8% +14.3%
272 238 189 OPM %
+540 bps +267 bps
34.8% 32.1% 29.4% Other income
-26.9% +17.4%
3.7 3.1 5.0 Net profit?
+59.9% +19.3%
181 152 113 PAT margin %
+556 bps +266 bps
23.1% 20.5% 17.6% EPS (₹)
+64.0% +22.4%
10.81 8.83 6.59
Quality of profit
Pre-tax profit ₹228 Cr: core business ₹225 Cr, other income ₹3.7 Cr, exceptional & other items −₹1.4 Cr.
Core profit YoY: +62.2%
· reported profit +59.9%
Cash & debt
FY25 cash from operations ₹318 Cr:
65% of FY25 net profit of ₹486 Cr.
Borrowings ₹766 Cr at Sep 2025, against ₹856 Cr at Mar 2025 (-11% ).
Against its own trend ?
Trend Actual Gap
Sales ₹745 ₹781
+4.8% in line Net profit ₹180 ₹181
+0.3% in line
M Cap ₹28,688 Cr
P/E 47.7
PEG 6.81
Profit +23% above its own trend Operating margin expanded 380 bps YoY Core business grew faster than reported profit (core profit +42%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+0.1% +1.3%
1,023 1,011 1,022 Operating profit
+30.3% +1.7%
168 165 129 OPM %
+380 bps +7 bps
16.4% 16.3% 12.6% Other income
-23.7% -29.3%
34.0 48.1 44.6 Net profit
+21.5% -2.8%
140 144 115 PAT margin %
+241 bps -58 bps
13.7% 14.3% 11.3% EPS (₹)
+21.5% -2.9%
158.48 163.14 130.45
Quality of profit
Pre-tax profit ₹188 Cr: core business ₹154 Cr, other income ₹34.0 Cr.
Core profit YoY: +41.9%
· reported profit +21.5%
Cash & debt
FY25 cash from operations ₹426 Cr:
83% of FY25 net profit of ₹516 Cr.
Borrowings ₹101 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,049 ₹1,023
-2.5% in line Net profit ₹114 ₹140
+23.2% above
M Cap ₹28,558 Cr
P/E 28.1
PEG 1.56
Profit -12% below its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
— -10.4%
506 565 — Operating profit (pre-provision)
-34.4% -15.2%
316 372 481 Net profit?
-0.3% -12.9%
241 277 242 EPS (₹)
-0.6% -12.9%
8.36 9.60 8.41
Where profit came from
Pre-provision profit ₹316 Cr (-34.4% YoY).
Net profit -0.3% YoY.
Against its own trend ?
Trend Actual Gap
Net profit ₹275 ₹241
-12.1% below
M Cap ₹28,348 Cr
P/E 154.5
PEG 5.72
Profit -22% below its own trend Core business grew faster than reported profit (core profit +18%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+8.3% +4.5%
650 622 600 Operating profit
+13.5% +21.7%
84.0 69.0 74.0 OPM %
+59 bps +183 bps
12.9% 11.1% 12.3% Other income
-55.6% +0.0%
4.0 4.0 9.0 Net profit
-3.7% +26.8%
52.0 41.0 54.0 PAT margin %
-100 bps +141 bps
8.0% 6.6% 9.0% EPS (₹)
-3.5% +27.3%
2.19 1.72 2.27
Quality of profit
Pre-tax profit ₹70.0 Cr: core business ₹66.0 Cr, other income ₹4.0 Cr.
Core profit YoY: +17.9%
· reported profit -3.7%
Cash & debt
FY25 cash from operations ₹308 Cr:
115% of FY25 net profit of ₹268 Cr.
Borrowings ₹606 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹708 ₹650
-8.3% below Net profit ₹66.8 ₹52.0
-22.2% below
M Cap ₹28,286 Cr
P/E 60.9
PEG 3.58
Profit +93% above its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+64.9% +12.2%
2,002 1,784 1,214 Operating profit
+56.7% +14.0%
302 265 193 OPM %
-80 bps +23 bps
15.1% 14.9% 15.9% Other income
+39.8% +81.1%
9.0 5.0 6.4 Net profit?
+47.5% +30.7%
91.0 69.6 61.7 PAT margin %
-54 bps +64 bps
4.5% 3.9% 5.1% EPS (₹)
+39.8% +30.5%
38.09 29.18 27.24
Quality of profit
Pre-tax profit ₹125 Cr: core business ₹116 Cr, other income ₹9.0 Cr.
Core profit YoY: +54.0%
· reported profit +47.5%
Cash & debt
FY25 cash from operations ₹283 Cr:
141% of FY25 net profit of ₹201 Cr.
Borrowings ₹2,358 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,787 ₹2,002
+12.0% above Net profit ₹47.2 ₹91.0
+92.7% above
M Cap ₹28,178 Cr
P/E 144.9
PEG —
Profit -49% below its own trend Operating margin contracted 683 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+23.6% +10.2%
961 872 777 Operating profit
-6.5% +5.7%
204 193 218 OPM %
-683 bps -91 bps
21.2% 22.1% 28.1% Other income
-20.0% -42.9%
4.0 7.0 5.0 Net profit?
-40.3% -15.3%
72.0 85.0 121 PAT margin %
-804 bps -226 bps
7.5% 9.7% 15.5% EPS (₹)
-37.7% -14.8%
1.67 1.96 2.68
Quality of profit
Pre-tax profit ₹97.0 Cr: core business ₹93.0 Cr, other income ₹4.0 Cr.
Core profit YoY: -40.8%
· reported profit -40.3%
Cash & debt
FY25 cash from operations ₹582 Cr:
141% of FY25 net profit of ₹414 Cr.
Borrowings ₹2,557 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹981 ₹961
-2.0% in line Net profit ₹140 ₹72.0
-48.6% below
M Cap ₹27,949 Cr
P/E 20.4
PEG 0.55
Profit -12% below its own trend Operating margin expanded 671 bps YoY FY25 operating cash flow was only 10% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-1.2% +9.8%
1,632 1,486 1,651 Operating profit
+38.4% +13.4%
383 338 277 OPM %
+671 bps +74 bps
23.5% 22.7% 16.8% Other income
+7.4% -28.4%
101 141 94.0 Net profit?
+22.8% -14.4%
305 356 248 PAT margin %
+365 bps -529 bps
18.7% 24.0% 15.0% EPS (₹)
+22.5% -14.4%
19.56 adj. 22.84adj. 15.97
EPS restated for the 2:1 bonus of Sep 2025: Jun 2025 ₹68.53 to ₹22.84; Sep 2024 ₹47.92 to ₹15.97.
Quality of profit
Pre-tax profit ₹383 Cr: core business ₹351 Cr, other income ₹101 Cr, exceptional & other items −₹69.0 Cr.
Core profit YoY: +42.2%
· reported profit +22.8%
Cash & debt
FY25 cash from operations ₹107 Cr:
10% of FY25 net profit of ₹1,072 Cr.
Borrowings ₹179 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,044 ₹1,632
-20.2% below Net profit ₹346 ₹305
-11.9% below
M Cap ₹27,644 Cr
P/E —
PEG —
Profit -54% below its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
-20.6% +5.3%
1,204 1,143 1,516 Net interest income
+0.8% +4.6%
286 274 284 Other income
-28.7% +4.8%
825 787 1,157 Operating profit (pre-provision)
-48.8% +78.3%
293 164 572 Provisions
— —
-0.8 — — Net profit?
-50.0% +85.0%
212 114 423 EPS (₹)
-50.2% +84.8%
23.39 12.66 46.98 Cost-to-income %
+1332 bps -1088 bps
73.6% 84.5% 60.3%
Where profit came from
Pre-provision profit ₹293 Cr (-48.8% YoY); provisions −₹0.8 Cr.
Net profit -50.0% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹427 ₹286
-33.0% below Net profit ₹458 ₹212
-53.7% below
M Cap ₹27,363 Cr
P/E 60.9
PEG 12.17
Profit +336% above its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+19.7% +3.5%
2,340 2,261 1,955 Operating profit
+19.5% +8.7%
476 438 399 OPM %
-4 bps +98 bps
20.3% 19.4% 20.4% Other income
-49.6% -17.8%
15.2 18.5 30.2 Net profit?
+192.5% +106.3%
195 94.3 66.5 PAT margin %
+491 bps +414 bps
8.3% 4.2% 3.4% EPS (₹)
+190.7% +97.2%
2.82 1.43 0.97
Quality of profit
Pre-tax profit ₹158 Cr: core business ₹140 Cr, other income ₹15.2 Cr, exceptional & other items ₹2.4 Cr.
Core profit YoY: +137.4%
· reported profit +192.5%
Cash & debt
FY25 cash from operations ₹1,668 Cr:
768% of FY25 net profit of ₹217 Cr.
Borrowings ₹4,372 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,703 ₹2,340
-13.4% below Net profit ₹44.7 ₹195
+335.7% above
M Cap ₹27,218 Cr
P/E 6.0
PEG 0.15
Profit growth came mainly from lower provisions (pre-provision profit -17%) Gross NPA down 157 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
+4.0% -1.2%
10,284 10,410 9,884 Net interest income
-3.7% -3.0%
3,301 3,402 3,429 Other income
-8.6% -15.6%
1,507 1,787 1,649 Operating profit (pre-provision)
-17.5% -22.5%
1,795 2,315 2,176 Provisions
-47.1% -39.5%
316 522 598 Net profit?
+33.3% -3.9%
1,232 1,282 924 EPS (₹)
+28.3% -4.2%
1.36 1.42 1.06 Cost-to-income %
+551 bps +728 bps
62.7% 55.4% 57.1% Gross NPA %
-157 bps -12 bps
3.0% 3.1% 4.6% Net NPA %
-21 bps -1 bps
0.5% 0.5% 0.7%
Where profit came from
Pre-provision profit ₹1,795 Cr (-17.5% YoY); provisions ₹316 Cr (-47.1% YoY).
Net profit +33.3% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹3,569 ₹3,301
-7.5% below Net profit ₹1,254 ₹1,232
-1.8% in line
M Cap ₹26,999 Cr
P/E 43.2
PEG 0.80
Profit +195% above its own trend Operating margin contracted 147 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+13.7% +4.5%
671 642 590 Operating profit
+11.3% +3.3%
465 450 418 OPM %
-147 bps -79 bps
69.3% 70.1% 70.8% Other income
+56.1% +91.7%
23.0 12.0 14.7 Net profit?
+490.5% +12.9%
149 132 25.2 PAT margin %
+1793 bps +164 bps
22.2% 20.6% 4.3% EPS (₹)
+215.9% +6.3%
2.18 2.05 0.69
Quality of profit
Pre-tax profit ₹179 Cr: core business ₹156 Cr, other income ₹23.0 Cr.
Core profit YoY: +456.8%
· reported profit +490.5%
Cash & debt
FY25 cash from operations ₹1,848 Cr:
1096% of FY25 net profit of ₹169 Cr.
Borrowings ₹9,083 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹669 ₹671
+0.3% in line Net profit ₹50.5 ₹149
+195.3% above
M Cap ₹26,852 Cr
P/E 90.1
PEG —
Profit -18% below its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+14.9% +7.5%
1,180 1,098 1,027 Operating profit
+14.3% +7.5%
113 105 98.7 OPM %
-5 bps -0 bps
9.6% 9.6% 9.6% Other income
+25.8% +51.7%
6.1 4.0 4.8 Net profit?
+9.7% +11.3%
69.0 62.0 62.9 PAT margin %
-28 bps +20 bps
5.8% 5.6% 6.1% EPS (₹)
+9.8% +11.6%
4.81 4.31 4.38
Quality of profit
Pre-tax profit ₹91.0 Cr: core business ₹84.9 Cr, other income ₹6.1 Cr.
Core profit YoY: +9.8%
· reported profit +9.7%
Cash & debt
FY25 cash from operations ₹204 Cr:
83% of FY25 net profit of ₹245 Cr.
Borrowings ₹69.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,211 ₹1,180
-2.5% in line Net profit ₹84.0 ₹69.0
-17.8% below
M Cap ₹26,459 Cr
P/E —
PEG —
Profit -44% below its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
-10.5% -7.2%
290 312 324 Operating profit (pre-provision)
-25.2% -16.0%
165 197 221 Net profit
-25.5% -16.1%
127 152 171 EPS (₹)
-25.5% -16.1%
6.10 7.27 8.19
Where profit came from
Pre-provision profit ₹165 Cr (-25.2% YoY).
Net profit -25.5% YoY.
Against its own trend ?
Trend Actual Gap
Total income ₹434 ₹290
-33.2% below Net profit ₹228 ₹127
-44.2% below
How to read this page
The numbers. Each card is one company's Q2 FY26 results as filed with NSE or BSE, read from the
filing within hours of its release, in ₹ crore. We show the consolidated statement, or the standalone one when
the consolidated figures are a copy of it or have no year-ago quarter to compare with. YoY compares with the same
quarter a year earlier and QoQ with the quarter before (the previous half-year for companies that report every six months).
A swing between profit and loss is described in words: a percentage across it would mislead.
Net profit. On a consolidated statement, net profit is the profit of the whole group for the quarter,
before minority interest. A company's own headline, and the AI read of its filing, often quote the profit
attributable to its shareholders instead, which is lower when subsidiaries are partly owned: Larsen & Toubro's
Q1 FY27 group profit was ₹4,988 Cr, of which ₹4,123 Cr belonged to its shareholders. EPS is worked out on that
attributable profit, so EPS and net profit need not grow at the same rate. On a standalone statement the two
are the same.
Margins. Operating margin (OPM) is operating profit, before depreciation, interest and other income,
as a share of sales; PAT margin is net profit as a share of sales. Their changes are in basis points
(100 bps = 1 percentage point).
Quality of profit. Core profit is operating profit minus interest and depreciation: what the business
itself earned before tax. The rest of pre-tax profit is other income (interest on cash, dividends, gains on
investments) and exceptional or one-off items. We flag a quarter when that share is 25% or more,
and when reported profit grew much faster than core profit. For banks we compare pre-provision profit with net
profit, since a fall in provisions can lift profit without the business growing.
Against its own trend. We do not have analyst consensus estimates, and we do not make them up. Instead
each company is measured against the path it was on: the same quarter last year, grown at the median of its
last four year-on-year growth rates (held between −50% and +100%; at least two growth rates needed). Sales
5% or more above that, or net profit 10% or more above, is "above trend";
as far below is "below trend". It answers "was this quarter better or worse than the company's own recent
run?", which consensus does not.
Cash and debt. Profit is an accounting figure; cash is harder to dress up. For each company we show
its operating cash flow for the last financial year as a share of that year's net profit (flagged under
50%, or when it is negative despite a profit), and its borrowings at the latest balance sheet
against the one six months earlier (flagged at a 25% move). Balance sheets come with the
September and March results, cash-flow statements with the March results.
Price since results. The latest close against the last close before the filing (a filing after 3:30 pm
counts from the next session). It is a fact about the market's reaction, not advice.
Market cap groups. Large cap is the 100 largest companies by market value and mid cap the next 150
(SEBI's ranking); below that, small cap is ₹5,000 Cr or more, micro cap ₹500 Cr or more, nano cap below.
Data source Quarterly results filed by listed companies with NSE and BSE (Regulation 33 of SEBI LODR), read from each filing; share prices from the exchanges; market cap and P/E from our daily fundamentals snapshot.
Last updated 13 Oct 2026, 17:11 IST
