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 ₹26,439 Cr
P/E 4.4
PEG 0.18
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
+17.2% +2.2%
9,589 9,383 8,181 Net interest income
+23.0% +5.7%
3,684 3,486 2,995 Other income
+12.1% -1.7%
2,387 2,429 2,129 Operating profit (pre-provision)
+18.4% -1.9%
2,527 2,577 2,135 Provisions
+44.2% +1.7%
897 882 622 Net profit?
+7.9% -3.6%
1,214 1,260 1,125 EPS (₹)
+4.6% -3.4%
29.28 30.31 27.99 Cost-to-income %
+4 bps +194 bps
58.4% 56.4% 58.3%
Where profit came from
Pre-provision profit ₹2,527 Cr (+18.4% YoY); provisions ₹897 Cr (+44.2% YoY).
Net profit +7.9% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹3,921 ₹3,684
-6.0% below Net profit ₹1,281 ₹1,214
-5.2% in line
M Cap ₹26,385 Cr
P/E 75.1
PEG —
Profit -89% below its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-89.2% +7.7%
825 766 7,634 Operating profit
-89.3% +8.3%
143 132 1,331 OPM %
-10 bps +10 bps
17.3% 17.2% 17.4% Other income
-69.9% -0.5%
11.6 11.7 38.6 Net profit?
-86.2% +13.4%
71.4 63.0 516 PAT margin %
+189 bps +43 bps
8.7% 8.2% 6.8% EPS (₹)
+23.2% +15.0%
11.56 10.05 9.38
Quality of profit
Pre-tax profit ₹95.2 Cr: core business ₹84.6 Cr, other income ₹11.6 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: -87.5%
· reported profit -86.2%
Against its own trend ?
Trend Actual Gap
Sales ₹8,000 ₹825
-89.7% below Net profit ₹658 ₹71.4
-89.1% below
M Cap ₹26,385 Cr
P/E 72.3
PEG 2.41
Profit +490% above its own trend Operating margin expanded 1023 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+65.4% +75.7%
514 293 311 Operating profit
+150.0% +351.0%
156 34.5 62.2 OPM %
+1023 bps +1846 bps
30.2% 11.8% 20.0% Other income
-58.5% -77.1%
1.8 7.9 4.3 Net profit?
+194.9% +596.8%
96.9 13.9 32.8 PAT margin %
+827 bps +1409 bps
18.8% 4.7% 10.6% EPS (₹)
+194.9% +597.0%
75.49 10.83 25.60
Quality of profit
Pre-tax profit ₹129 Cr: core business ₹128 Cr, other income ₹1.8 Cr.
Core profit YoY: +183.1%
· reported profit +194.9%
Cash & debt
FY25 cash from operations ₹317 Cr:
122% of FY25 net profit of ₹260 Cr.
Borrowings ₹157 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹248 ₹514
+107.2% above Net profit ₹16.4 ₹96.9
+489.8% above
M Cap ₹26,058 Cr
P/E 105.5
PEG —
Profit -53% below its own trend Operating margin contracted 748 bps YoY All of pre-tax profit came from other income or one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-8.8% +5.7%
2,044 1,934 2,242 Operating profit
-53.5% +48.6%
159 107 342 OPM %
-748 bps +225 bps
7.8% 5.5% 15.3% Other income
+2.6% -18.4%
80.0 98.0 78.0 Net profit?
-6.5% +73.5%
196 113 210 PAT margin %
+24 bps +376 bps
9.6% 5.9% 9.4% EPS (₹)
to loss loss widened -0.75 -0.61 0.17
Quality of profit
Pre-tax profit ₹247 Cr: core business −₹126 Cr, other income ₹80.0 Cr, exceptional & other items ₹293 Cr.
Core profit YoY: to loss
· reported profit -6.5%
Cash & debt
FY25 cash from operations ₹892 Cr:
129% of FY25 net profit of ₹691 Cr.
Borrowings ₹4,856 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,471 ₹2,044
-17.3% below Net profit ₹420 ₹196
-53.3% below
M Cap ₹25,831 Cr
P/E 52.5
PEG 0.35
Profit -34% below its own trend Operating margin expanded 144 bps YoY Core business grew faster than reported profit (core profit +52%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+11.4% +11.3%
2,488 2,236 2,234 Operating profit
+51.7% -15.1%
135 159 89.0 OPM %
+144 bps -168 bps
5.4% 7.1% 4.0% Other income
— +0.0%
1.0 1.0 0.0 Net profit
+31.5% -15.2%
117 138 89.0 PAT margin %
+72 bps -147 bps
4.7% 6.2% 4.0% EPS (₹)
+29.9% -16.0%
1.26 1.50 0.97
Quality of profit
Pre-tax profit ₹136 Cr: core business ₹135 Cr, other income ₹1.0 Cr.
Core profit YoY: +51.7%
· reported profit +31.5%
Cash & debt
FY25 cash from operations ₹1,604 Cr:
377% of FY25 net profit of ₹425 Cr.
Borrowings ₹350 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,475 ₹2,488
+0.5% in line Net profit ₹178 ₹117
-34.3% below
M Cap ₹25,800 Cr
P/E 14.2
PEG 4.73
Turnaround: profit against a loss a year ago
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
+28.4% +11.8%
3,309 2,959 2,577 Net interest income
+7.4% +11.1%
1,439 1,295 1,339 Other income
+88.9% +29.9%
488 376 258 Operating profit (pre-provision)
+23.9% +21.7%
1,057 869 853 Provisions
+23.1% -2.4%
500 512 406 Net profit?
from loss +52.4%
418 274 -93.1 EPS (₹)
from loss +61.4%
8.86 5.49 -3.72 Cost-to-income %
-145 bps -284 bps
45.2% 48.0% 46.6% Gross NPA %
-21 bps -20 bps
2.1% 2.3% 2.4% Net NPA %
-4 bps -11 bps
1.0% 1.1% 1.1%
Where profit came from
Pre-provision profit ₹1,057 Cr (+23.9% YoY); provisions ₹500 Cr (+23.1% YoY).
M Cap ₹25,798 Cr
P/E 93.9
PEG 2.61
FY25 operating cash flow was only 23% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+47.7% +21.5%
452 372 306 Operating profit
+48.2% +20.3%
83.0 69.0 56.0 OPM %
+6 bps -19 bps
18.4% 18.5% 18.3% Other income
-16.7% +25.0%
5.0 4.0 6.0 Net profit?
+46.3% +20.0%
60.0 50.0 41.0 PAT margin %
-12 bps -17 bps
13.3% 13.4% 13.4% EPS (₹)
+45.8% +19.9%
3.85 3.21 2.64
Quality of profit
Pre-tax profit ₹82.0 Cr: core business ₹77.0 Cr, other income ₹5.0 Cr.
Core profit YoY: +54.0%
· reported profit +46.3%
Cash & debt
FY25 cash from operations ₹40.0 Cr:
23% of FY25 net profit of ₹174 Cr.
Borrowings ₹12.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹410 ₹452
+10.3% above Net profit ₹60.1 ₹60.0
-0.2% in line
M Cap ₹25,741 Cr
P/E 66.5
PEG —
Operating margin expanded 1130 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+24.1% +47.8%
306 207 247 Operating profit
+94.8% +87.2%
95.3 50.9 48.9 OPM %
+1130 bps +657 bps
31.1% 24.6% 19.8% Other income
+16.6% -38.3%
9.8 15.9 8.4 Net profit?
+91.3% +63.3%
71.9 44.0 37.6 PAT margin %
+824 bps +223 bps
23.5% 21.2% 15.2% EPS (₹)
+88.1% +63.0%
8.82 5.41 adj. 4.69
EPS restated for the ₹10 to ₹5 split of Apr 2025: Sep 2024 ₹9.38 to ₹4.69.
Quality of profit
Pre-tax profit ₹96.2 Cr: core business ₹86.3 Cr, other income ₹9.8 Cr.
Core profit YoY: +107.5%
· reported profit +91.3%
Against its own trend ?
Trend Actual Gap
Sales ₹346 ₹306
-11.4% below Net profit ₹75.1 ₹71.9
-4.4% in line
M Cap ₹25,427 Cr
P/E 88.2
PEG —
₹ Cr QoQ
Sep 2025 Jun 2025
Sales
+17.1%
412 352 Operating profit
+19.4%
94.3 79.0 OPM %
+44 bps
22.9% 22.4% Other income
-30.3%
0.7 1.0 Net profit?
+25.2%
53.9 43.0 PAT margin %
+85 bps
13.1% 12.2% EPS (₹)
+24.2%
3.49 2.81
Quality of profit
Pre-tax profit ₹71.7 Cr: core business ₹71.0 Cr, other income ₹0.7 Cr.
M Cap ₹25,379 Cr
P/E 18.5
PEG 0.68
Profit +51% above its own trend Operating margin expanded 130 bps YoY Exceptional items of ₹180 Cr in the quarter Core business grew faster than reported profit (core profit +40%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+6.1% +4.1%
6,831 6,561 6,437 Operating profit
+16.3% +17.6%
1,021 868 878 OPM %
+130 bps +172 bps
14.9% 13.2% 13.6% Other income
+37.2% +56.9%
29.7 19.0 21.7 Net profit?
-13.2% —
258 12.9 297 PAT margin %
-84 bps +358 bps
3.8% 0.2% 4.6% EPS (₹)
-13.0% —
4.07 0.20 4.68
Quality of profit
Pre-tax profit ₹386 Cr: core business ₹536 Cr, other income ₹29.7 Cr, exceptional & other items −₹180 Cr.
Core profit YoY: +40.3%
· reported profit -13.2%
Cash & debt
FY25 cash from operations ₹1,823 Cr:
163% of FY25 net profit of ₹1,121 Cr.
Borrowings ₹4,410 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹6,637 ₹6,831
+2.9% in line Net profit ₹171 ₹258
+51.1% above
M Cap ₹25,376 Cr
P/E 20.7
PEG —
Profit -87% below its own trend Provisions up 90% YoY Gross NPA up 34 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
-3.2% -4.9%
5,900 6,201 6,095 Net interest income
-12.2% -6.1%
2,589 2,757 2,948 Other income
-8.1% -24.7%
546 726 595 Operating profit (pre-provision)
-29.4% -21.5%
1,310 1,668 1,855 Provisions
+90.1% +0.5%
1,153 1,147 606 Net profit
-88.1% -69.9%
112 372 937 EPS (₹)
-88.1% -70.1%
0.69 2.31 5.82 Cost-to-income %
+1056 bps +610 bps
58.2% 52.1% 47.6% Gross NPA %
+34 bps +6 bps
5.0% 5.0% 4.7% Net NPA %
+8 bps +1 bps
1.4% 1.4% 1.3%
Where profit came from
Pre-provision profit ₹1,310 Cr (-29.4% YoY); provisions ₹1,153 Cr (+90.1% YoY).
Net profit -88.1% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹3,070 ₹2,589
-15.7% below Net profit ₹882 ₹112
-87.3% below
M Cap ₹24,969 Cr
P/E 61.8
PEG 0.15
Profit +47% above its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+13.3% +2.8%
631 614 557 Operating profit
+13.3% +1.7%
428 421 378 OPM %
+3 bps -67 bps
67.9% 68.6% 67.9% Other income
-8.6% -26.2%
19.2 26.0 21.0 Net profit?
+20.3% +10.3%
132 120 110 PAT margin %
+123 bps +143 bps
21.0% 19.5% 19.7% EPS (₹)
+19.2% +10.1%
0.87 0.79 0.73
Quality of profit
Pre-tax profit ₹172 Cr: core business ₹151 Cr, other income ₹19.2 Cr, exceptional & other items ₹2.0 Cr.
Core profit YoY: +9.4%
· reported profit +20.3%
Cash & debt
FY25 cash from operations ₹1,532 Cr:
317% of FY25 net profit of ₹483 Cr.
Borrowings ₹5,336 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹589 ₹631
+7.1% above Net profit ₹90.2 ₹132
+46.7% above
M Cap ₹24,780 Cr
P/E 16.2
PEG —
Operating margin expanded 246 bps YoY Core business grew faster than reported profit (core profit +10%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+39.1% +0.8%
1,300 1,290 935 Operating profit
+45.0% +27.1%
784 617 541 OPM %
+246 bps +1252 bps
60.3% 47.8% 57.9% Other income
-18.6% -26.0%
140 189 172 Net profit?
-13.3% -33.0%
355 529 409 PAT margin %
-1651 bps -1372 bps
27.3% 41.0% 43.8% EPS (₹)
-13.4% -33.0%
9.00 13.43 10.39
Quality of profit
Pre-tax profit ₹486 Cr: core business ₹376 Cr, other income ₹140 Cr, exceptional & other items −₹30.2 Cr.
Core profit YoY: +10.4%
· reported profit -13.3%
Cash & debt
FY25 cash from operations ₹1,663 Cr:
98% of FY25 net profit of ₹1,704 Cr.
Borrowings ₹124 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹876 ₹1,300
+48.3% above Net profit ₹364 ₹355
-2.5% in line
M Cap ₹24,725 Cr
P/E 66.5
PEG 2.22
Profit +84% above its own trend Operating margin expanded 176 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+17.2% -6.3%
2,428 2,590 2,072 Operating profit
+34.8% -9.9%
325 361 241 OPM %
+176 bps -54 bps
13.4% 13.9% 11.6% Other income
-39.1% +8.7%
4.3 3.9 7.0 Net profit?
+71.2% -19.0%
110 135 64.0 PAT margin %
+142 bps -71 bps
4.5% 5.2% 3.1% EPS (₹)
+70.2% -18.9%
4.92 6.07 2.89
Quality of profit
Pre-tax profit ₹148 Cr: core business ₹143 Cr, other income ₹4.3 Cr.
Core profit YoY: +79.1%
· reported profit +71.2%
Cash & debt
FY25 cash from operations ₹1,450 Cr:
520% of FY25 net profit of ₹279 Cr.
Borrowings ₹2,011 Cr at Sep 2025, against ₹2,570 Cr at Mar 2025 (-22% ).
Against its own trend ?
Trend Actual Gap
Sales ₹2,265 ₹2,428
+7.2% above Net profit ₹59.5 ₹110
+84.1% above
M Cap ₹24,579 Cr
P/E 40.1
PEG 5.73
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+2.4% -0.8%
1,521 1,533 1,486 Operating profit
+2.9% +2.0%
252 247 245 OPM %
+8 bps +46 bps
16.6% 16.1% 16.5% Other income
+61.5% +5.0%
21.0 20.0 13.0 Net profit?
+6.2% +3.3%
153 148 144 PAT margin %
+36 bps +39 bps
10.0% 9.6% 9.7% EPS (₹)
+5.9% +1.7%
7.18 7.06 6.78
Quality of profit
Pre-tax profit ₹202 Cr: core business ₹181 Cr, other income ₹21.0 Cr.
Core profit YoY: +0.6%
· reported profit +6.2%
Cash & debt
FY25 cash from operations ₹423 Cr:
78% of FY25 net profit of ₹542 Cr.
Borrowings ₹823 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,552 ₹1,521
-2.0% in line Net profit ₹147 ₹153
+3.8% in line
M Cap ₹24,217 Cr
P/E 21.5
PEG 0.58
Profit +40% above its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+32.4% +5.8%
6,529 6,171 4,930 Operating profit
+28.1% +6.9%
561 525 438 OPM %
-29 bps +9 bps
8.6% 8.5% 8.9% Other income
+10.7% -21.2%
11.0 13.9 9.9 Net profit?
+88.1% +10.7%
237 214 126 PAT margin %
+107 bps +16 bps
3.6% 3.5% 2.6% EPS (₹)
+81.9% +12.4%
14.06 12.51 7.73
Quality of profit
Pre-tax profit ₹322 Cr: core business ₹298 Cr, other income ₹11.0 Cr, exceptional & other items ₹12.5 Cr.
Core profit YoY: +74.4%
· reported profit +88.1%
Cash & debt
FY25 cash from operations ₹914 Cr:
161% of FY25 net profit of ₹567 Cr.
Borrowings ₹4,314 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹5,803 ₹6,529
+12.5% above Net profit ₹169 ₹237
+39.9% above
M Cap ₹24,075 Cr
P/E —
PEG —
₹ Cr QoQ
Sep 2025 Jun 2025
Sales
+3.6%
380 367 Operating profit
loss widened -68.4 -13.0 OPM %
-1445 bps
-18.0% -3.5% Other income
-27.8%
22.4 31.0 Net profit?
to loss -59.3 7.0 PAT margin %
-1752 bps
-15.6% 1.9% EPS (₹)
to loss -0.40 0.14
Quality of profit
Pre-tax profit −₹59.3 Cr: core business −₹81.7 Cr, other income ₹22.4 Cr.
M Cap ₹24,068 Cr
P/E 54.8
PEG —
Profit -48% below its own trend Operating margin contracted 202 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-0.6% -6.3%
1,151 1,229 1,158 Operating profit
-11.5% -2.3%
188 192 213 OPM %
-202 bps +68 bps
16.3% 15.7% 18.4% Other income
+95.4% +2.1%
11.0 10.8 5.6 Net profit?
-38.7% +5.9%
58.0 54.8 94.5 PAT margin %
-313 bps +58 bps
5.0% 4.5% 8.2% EPS (₹)
-43.5% -3.9%
2.22 2.31 3.93
Quality of profit
Pre-tax profit ₹71.0 Cr: core business ₹60.0 Cr, other income ₹11.0 Cr.
Core profit YoY: -55.2%
· reported profit -38.7%
Cash & debt
FY25 cash from operations ₹720 Cr:
196% of FY25 net profit of ₹367 Cr.
Borrowings ₹2,696 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,242 ₹1,151
-7.3% below Net profit ₹111 ₹58.0
-47.7% below
M Cap ₹24,056 Cr
P/E 48.2
PEG 2.54
Profit -20% below its own trend 31% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+0.7% -6.4%
913 976 907 Operating profit
-3.7% +2.1%
134 132 139 OPM %
-67 bps +123 bps
14.7% 13.5% 15.4% Other income
+13.4% -32.5%
45.0 66.6 39.7 Net profit?
-1.0% -11.5%
108 122 109 PAT margin %
-20 bps -69 bps
11.9% 12.5% 12.1% EPS (₹)
-1.0% -11.5%
57.08 64.52 57.65
Quality of profit
Pre-tax profit ₹146 Cr: core business ₹101 Cr, other income ₹45.0 Cr.
Core profit YoY: -5.8%
· reported profit -1.0%
Cash & debt
FY25 cash from operations ₹286 Cr:
62% of FY25 net profit of ₹460 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹946 ₹913
-3.5% in line Net profit ₹135 ₹108
-19.8% below
M Cap ₹23,849 Cr
P/E 29.8
PEG 0.60
Profit +21% above its own trend Operating margin expanded 332 bps YoY 33% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +150%) FY25 operating cash flow was only 3% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+45.4% +28.0%
1,677 1,310 1,153 Operating profit
+126.1% +39.3%
156 112 69.0 OPM %
+332 bps +75 bps
9.3% 8.5% 6.0% Other income
-8.0% -5.5%
69.0 73.0 75.0 Net profit
+57.1% +28.3%
154 120 98.0 PAT margin %
+68 bps +2 bps
9.2% 9.2% 8.5% EPS (₹)
+57.4% +28.0%
13.43 10.49 8.53
Quality of profit
Pre-tax profit ₹209 Cr: core business ₹140 Cr, other income ₹69.0 Cr.
Core profit YoY: +150.0%
· reported profit +57.1%
Cash & debt
FY25 cash from operations ₹16.0 Cr:
3% of FY25 net profit of ₹527 Cr.
Borrowings ₹10.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,542 ₹1,677
+8.8% above Net profit ₹127 ₹154
+21.4% above
M Cap ₹23,688 Cr
P/E 20.4
PEG 0.93
Profit -35% below its own trend Core business grew faster than reported profit (core profit +13%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+21.7% +3.2%
17,605 17,059 14,460 Operating profit
+11.9% +88.0%
688 366 615 OPM %
-35 bps +176 bps
3.9% 2.1% 4.3% Other income
to loss to loss -79.0 206 56.0 Net profit?
-21.2% +2.9%
245 238 311 PAT margin %
-76 bps -0 bps
1.4% 1.4% 2.2% EPS (₹)
-21.3% +3.3%
1.88 1.82 2.39
Quality of profit
Pre-tax profit ₹313 Cr: core business ₹392 Cr, other income −₹79.0 Cr.
Core profit YoY: +13.3%
· reported profit -21.2%
Cash & debt
FY25 cash from operations ₹2,150 Cr:
175% of FY25 net profit of ₹1,226 Cr.
Borrowings ₹1,937 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹18,205 ₹17,605
-3.3% in line Net profit ₹378 ₹245
-35.2% below
M Cap ₹23,676 Cr
P/E 176.7
PEG —
Profit -89% below its own trend Operating margin contracted 694 bps YoY 65% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-28.6% -13.4%
136 157 190 Operating profit
-54.1% -40.1%
17.0 28.4 37.0 OPM %
-694 bps -559 bps
12.5% 18.1% 19.5% Other income
+268.0% +503.3%
3.7 0.6 1.0 Net profit?
-77.7% -60.7%
4.2 10.8 19.0 PAT margin %
-687 bps -377 bps
3.1% 6.9% 10.0% EPS (₹)
-77.4% -60.8%
1.38 3.52 6.10
Quality of profit
Pre-tax profit ₹5.7 Cr: core business ₹2.0 Cr, other income ₹3.7 Cr.
Core profit YoY: -91.7%
· reported profit -77.7%
Cash & debt
FY25 cash from operations ₹101 Cr:
189% of FY25 net profit of ₹53.4 Cr.
Borrowings ₹177 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹238 ₹136
-42.9% below Net profit ₹37.7 ₹4.2
-88.7% below
M Cap ₹23,616 Cr
P/E 107.6
PEG 5.38
Operating margin expanded 501 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+38.4% +7.5%
275 256 199 Operating profit
+64.1% +8.7%
88.0 81.0 53.6 OPM %
+501 bps +35 bps
32.0% 31.6% 27.0% Other income
-20.8% —
8.7 0.0 11.0 Net profit?
+55.1% +14.8%
54.0 47.0 34.8 PAT margin %
+211 bps +125 bps
19.6% 18.4% 17.5% EPS (₹)
+54.8% +14.6%
4.07 3.55 2.63
Quality of profit
Pre-tax profit ₹74.3 Cr: core business ₹68.3 Cr, other income ₹8.7 Cr, exceptional & other items −₹2.7 Cr.
Core profit YoY: +67.0%
· reported profit +55.1%
Cash & debt
FY25 cash from operations ₹100 Cr:
63% of FY25 net profit of ₹158 Cr.
Borrowings ₹200 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹282 ₹275
-2.5% in line Net profit ₹54.6 ₹54.0
-1.3% in line
M Cap ₹23,512 Cr
P/E —
PEG —
Profit +12% above its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
+25.9% +14.2%
14,562 12,754 11,562 Net interest income
+42.0% +7.5%
1,308 1,216 921 Other income
+24.5% +15.9%
12,603 10,875 10,119 Operating profit (pre-provision)
+40.7% +25.7%
1,294 1,029 920 Net profit?
+47.0% +30.3%
880 675 599 EPS (₹)
+59.1% +32.0%
218.89 165.85 137.54 Cost-to-income %
-97 bps -79 bps
90.7% 91.5% 91.7%
Where profit came from
Pre-provision profit ₹1,294 Cr (+40.7% YoY).
Net profit +47.0% YoY.
Against its own trend ?
Trend Actual Gap
Net profit ₹784 ₹880
+12.2% above
M Cap ₹23,190 Cr
P/E 20.6
PEG 0.31
Profit +22% above its own trend Provisions up 79% YoY Gross NPA down 32 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
+49.3% +11.8%
1,124 1,005 753 Net interest income
+57.2% +15.4%
480 416 305 Other income
+73.7% +22.0%
238 195 137 Operating profit (pre-provision)
+136.9% +10.8%
345 311 146 Provisions
+78.6% -61.8%
31.2 81.5 17.4 Net profit?
+143.3% +34.9%
236 175 97.0 EPS (₹)
+107.6% +19.5%
2.45 2.05 1.18 Cost-to-income %
-1514 bps +289 bps
51.9% 49.0% 67.1% Gross NPA %
-32 bps -39 bps
1.3% 1.7% 1.6% Net NPA %
-26 bps -25 bps
0.7% 1.0% 1.0%
Where profit came from
Pre-provision profit ₹345 Cr (+136.9% YoY); provisions ₹31.2 Cr (+78.6% YoY).
Net profit +143.3% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹426 ₹480
+12.5% above Net profit ₹194 ₹236
+21.7% above
M Cap ₹23,133 Cr
P/E 87.8
PEG 5.49
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-46.6% +9.0%
543 498 1,016 Operating profit
loss narrowed loss narrowed -1.0 -7.3 -8.6 OPM %
+66 bps +129 bps
-0.2% -1.5% -0.8% Other income
-11.4% -0.3%
13.0 13.0 14.7 Net profit
loss narrowed loss narrowed -54.0 -63.3 -70.1 PAT margin %
-305 bps +277 bps
-9.9% -12.7% -6.9% EPS (₹)
loss narrowed loss narrowed -0.56 -0.65 -0.73
Quality of profit
Pre-tax profit −₹54.0 Cr: core business −₹67.0 Cr, other income ₹13.0 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations −₹154 Cr.
Borrowings ₹1,481 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,032 ₹543
-73.3% below
M Cap ₹23,118 Cr
P/E 71.8
PEG 0.46
Profit -27% below its own trend Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+17.9% +23.8%
508 410 431 Operating profit
+16.9% +24.3%
125 100 107 OPM %
-22 bps +10 bps
24.5% 24.4% 24.7% Other income
-17.5% -55.5%
9.1 20.5 11.1 Net profit?
+12.7% +19.7%
85.5 71.4 75.9 PAT margin %
-78 bps -58 bps
16.8% 17.4% 17.6% EPS (₹)
+12.9% +19.7%
3.76 3.14 3.33
Quality of profit
Pre-tax profit ₹109 Cr: core business ₹99.9 Cr, other income ₹9.1 Cr.
Core profit YoY: +13.1%
· reported profit +12.7%
Cash & debt
FY25 cash from operations −₹105 Cr:
-33% of FY25 net profit of ₹316 Cr.
Borrowings ₹497 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹532 ₹508
-4.5% in line Net profit ₹116 ₹85.5
-26.6% below
M Cap ₹23,113 Cr
P/E 56.0
PEG 11.20
31% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+11.2% +3.6%
651 628 585 Operating profit
+10.3% -12.0%
171 194 155 OPM %
-23 bps -465 bps
26.2% 30.9% 26.4% Other income
+20.6% -1.4%
28.2 28.6 23.4 Net profit?
-3.9% -30.2%
69.0 98.8 71.8 PAT margin %
-167 bps -513 bps
10.6% 15.7% 12.3% EPS (₹)
-2.7% -31.2%
2.49 3.62 2.56
Quality of profit
Pre-tax profit ₹91.1 Cr: core business ₹62.9 Cr, other income ₹28.2 Cr.
Core profit YoY: -10.9%
· reported profit -3.9%
Cash & debt
FY25 cash from operations ₹698 Cr:
197% of FY25 net profit of ₹354 Cr.
Borrowings ₹1,227 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹642 ₹651
+1.4% in line Net profit ₹72.6 ₹69.0
-5.0% in line
M Cap ₹23,059 Cr
P/E 34.5
PEG 1.11
Profit -19% below its own trend Operating margin expanded 135 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+3.7% +14.7%
811 707 782 Operating profit
+9.5% -1.0%
208 210 190 OPM %
+135 bps -406 bps
25.6% 29.7% 24.3% Other income
+28.6% +28.6%
9.0 7.0 7.0 Net profit
+8.3% -1.4%
144 146 133 PAT margin %
+75 bps -289 bps
17.8% 20.7% 17.0% EPS (₹)
+8.0% -1.4%
44.08 44.71 40.82
Quality of profit
Pre-tax profit ₹193 Cr: core business ₹184 Cr, other income ₹9.0 Cr.
Core profit YoY: +8.2%
· reported profit +8.3%
Cash & debt
FY25 cash from operations ₹328 Cr:
61% of FY25 net profit of ₹534 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹869 ₹811
-6.7% below Net profit ₹179 ₹144
-19.5% below
M Cap ₹23,023 Cr
P/E —
PEG —
Into loss: a profit a year ago Profit -217% below its own trend Operating margin contracted 149 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-2.3% -52.2%
1,647 3,449 1,685 Operating profit
-24.3% -66.4%
84.0 250 111 OPM %
-149 bps -215 bps
5.1% 7.2% 6.6% Other income
-11.1% -46.7%
16.0 30.0 18.0 Net profit?
to loss to loss -32.0 106 21.0 PAT margin %
-319 bps -502 bps
-1.9% 3.1% 1.2% EPS (₹)
to loss to loss -9.35 30.66 5.69
Quality of profit
Pre-tax profit −₹48.0 Cr: core business −₹63.0 Cr, other income ₹16.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations ₹711 Cr:
284% of FY25 net profit of ₹251 Cr.
Borrowings ₹2,059 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,598 ₹1,647
-36.6% below Net profit ₹27.4 −₹32.0
-216.7% 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, 17:42 IST
