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
Page 13 of 170
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M Cap ₹20,219 Cr
P/E 20.4
PEG 0.24
Operating margin expanded 230 bps YoY Profit grew faster than the core business (core profit +85%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+25.2% +7.8%
1,658 1,539 1,325 Operating profit
+37.9% +20.0%
415 346 301 OPM %
+230 bps +254 bps
25.0% 22.5% 22.7% Other income
+279.2% +487.9%
58.2 9.9 15.3 Net profit?
+113.8% +68.8%
251 149 117 PAT margin %
+627 bps +547 bps
15.1% 9.7% 8.9% EPS (₹)
+112.0% +65.6%
0.53 0.32 0.25
Quality of profit
Pre-tax profit ₹327 Cr: core business ₹269 Cr, other income ₹58.2 Cr.
Core profit YoY: +85.2%
· reported profit +113.8%
Cash & debt
FY25 cash from operations ₹1,214 Cr:
225% of FY25 net profit of ₹539 Cr.
Borrowings ₹1,402 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,612 ₹1,658
+2.9% in line Net profit ₹235 ₹251
+6.9% in line
M Cap ₹20,114 Cr
P/E 14.9
PEG —
Operating margin contracted 319 bps YoY 36% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+8.8% +2.8%
4,446 4,327 4,088 Operating profit
-17.7% -13.6%
441 511 536 OPM %
-319 bps -188 bps
9.9% 11.8% 13.1% Other income
-36.4% +6.2%
94.9 89.4 149 Net profit?
-10.7% -10.0%
385 428 431 PAT margin %
-189 bps -123 bps
8.7% 9.9% 10.5% EPS (₹)
-10.4% -9.8%
2.76 3.06 adj. 3.08
EPS restated for the 1:1 bonus of Jan 2025: Sep 2024 ₹6.16 to ₹3.08.
Quality of profit
Pre-tax profit ₹488 Cr: core business ₹310 Cr, other income ₹94.9 Cr, exceptional & other items ₹82.6 Cr.
Core profit YoY: -25.3%
· reported profit -10.7%
Cash & debt
FY25 cash from operations ₹2,199 Cr:
133% of FY25 net profit of ₹1,650 Cr.
Borrowings ₹93.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹4,424 ₹4,446
+0.5% in line Net profit ₹360 ₹385
+6.9% in line
M Cap ₹20,017 Cr
P/E 41.9
PEG 1.82
Operating margin expanded 172 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+19.1% +4.2%
647 621 543 Operating profit
+28.9% +4.6%
146 140 113 OPM %
+172 bps +8 bps
22.6% 22.5% 20.9% Other income
-22.7% +29.7%
22.3 17.2 28.8 Net profit?
+20.1% +4.8%
111 106 92.0 PAT margin %
+14 bps +9 bps
17.1% 17.0% 16.9% EPS (₹)
+20.1% +4.8%
7.88 7.52 6.56
Quality of profit
Pre-tax profit ₹135 Cr: core business ₹113 Cr, other income ₹22.3 Cr.
Core profit YoY: +33.5%
· reported profit +20.1%
Cash & debt
FY25 cash from operations ₹426 Cr:
112% of FY25 net profit of ₹382 Cr.
Borrowings ₹82.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹652 ₹647
-0.8% in line Net profit ₹116 ₹111
-4.7% in line
M Cap ₹19,934 Cr
P/E 33.1
PEG —
Profit +14% above its own trend 27% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+9.3% -14.4%
2,175 2,542 1,991 Operating profit
+11.9% -12.7%
203 233 182 OPM %
+22 bps +19 bps
9.3% 9.2% 9.1% Other income
+71.5% +165.3%
38.5 14.5 22.5 Net profit?
+49.2% -21.5%
108 137 72.2 PAT margin %
+132 bps -45 bps
5.0% 5.4% 3.6% EPS (₹)
+49.6% -21.5%
6.27 7.99 4.19
Quality of profit
Pre-tax profit ₹146 Cr: core business ₹107 Cr, other income ₹38.5 Cr.
Core profit YoY: +38.5%
· reported profit +49.2%
Against its own trend ?
Trend Actual Gap
Sales ₹2,201 ₹2,175
-1.2% in line Net profit ₹94.5 ₹108
+14.0% above
M Cap ₹19,907 Cr
P/E 30.0
PEG 6.01
Profit +43% above its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+34.1% +7.2%
1,297 1,210 967 Operating profit
+37.1% +12.6%
278 247 203 OPM %
+46 bps +104 bps
21.5% 20.4% 21.0% Other income
to loss loss narrowed -1.1 -10.0 3.0 Net profit?
+34.6% +15.6%
131 113 97.0 PAT margin %
+4 bps +73 bps
10.1% 9.3% 10.0% EPS (₹)
+34.2% +15.9%
5.38 4.64 4.01
Quality of profit
Pre-tax profit ₹176 Cr: core business ₹177 Cr, other income −₹1.1 Cr.
Core profit YoY: +42.8%
· reported profit +34.6%
Cash & debt
FY25 cash from operations ₹867 Cr:
173% of FY25 net profit of ₹501 Cr.
Borrowings ₹1,455 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹968 ₹1,297
+33.9% above Net profit ₹91.5 ₹131
+42.8% above
M Cap ₹19,862 Cr
P/E 44.8
PEG —
₹ Cr QoQ
Sep 2025 Jun 2025
Sales
+13.0%
311 275 Operating profit
+36.6%
138 101 OPM %
+767 bps
44.4% 36.7% Other income
-15.6%
22.8 27.0 Net profit?
+730.2%
74.7 9.0 PAT margin %
+2078 bps
24.1% 3.3% EPS (₹)
+803.8%
2.35 0.26
Quality of profit
Pre-tax profit ₹93.2 Cr: core business ₹72.9 Cr, other income ₹22.8 Cr, exceptional & other items −₹2.4 Cr.
M Cap ₹19,830 Cr
P/E 66.7
PEG 0.61
Profit +23% above its own trend Operating margin expanded 417 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+7.6% +15.1%
370 321 344 Operating profit
+25.6% +17.9%
108 91.6 86.0 OPM %
+417 bps +68 bps
29.2% 28.5% 25.0% Other income
-59.9% -68.6%
2.0 6.4 5.0 Net profit?
+145.2% -6.2%
44.0 46.9 17.9 PAT margin %
+667 bps -269 bps
11.9% 14.6% 5.2% EPS (₹)
+145.9% -6.1%
2.25 adj. 2.40adj. 0.92
EPS restated for the 1:1 bonus of Oct 2025: Jun 2025 ₹4.79 to ₹2.40; Sep 2024 ₹1.83 to ₹0.92.
Quality of profit
Pre-tax profit ₹64.0 Cr: core business ₹62.0 Cr, other income ₹2.0 Cr.
Core profit YoY: +92.7%
· reported profit +145.2%
Cash & debt
FY25 cash from operations ₹132 Cr:
301% of FY25 net profit of ₹43.9 Cr.
Borrowings ₹588 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹386 ₹370
-4.2% in line Net profit ₹35.9 ₹44.0
+22.6% above
M Cap ₹19,736 Cr
P/E 93.9
PEG 0.22
Profit -34% below its own trend Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+14.1% +7.3%
990 923 868 Operating profit
+21.8% +12.4%
125 112 103 OPM %
+80 bps +58 bps
12.7% 12.1% 11.9% Other income
+138.0% -32.9%
4.8 7.1 2.0 Net profit?
+31.1% +12.7%
62.9 55.8 48.0 PAT margin %
+83 bps +31 bps
6.4% 6.0% 5.5% EPS (₹)
+31.2% +10.4%
2.23 2.02 1.70
Quality of profit
Pre-tax profit ₹83.9 Cr: core business ₹79.1 Cr, other income ₹4.8 Cr.
Core profit YoY: +27.6%
· reported profit +31.1%
Cash & debt
FY25 cash from operations −₹678 Cr:
-347% of FY25 net profit of ₹195 Cr.
Borrowings ₹905 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹993 ₹990
-0.3% in line Net profit ₹96.0 ₹62.9
-34.5% below
M Cap ₹19,342 Cr
P/E 17.0
PEG 0.68
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
+17.7% +5.6%
899 851 764 Net interest income
+18.2% +6.9%
458 428 387 Other income
+8.9% +9.5%
99.9 91.2 91.7 Operating profit (pre-provision)
+16.4% +7.2%
356 332 306 Provisions
-1.2% -50.7%
13.2 26.7 13.3 Net profit?
+17.1% +12.3%
266 237 228 EPS (₹)
+16.0% +12.0%
6.16 5.50 5.31 Cost-to-income %
-0 bps +7 bps
36.2% 36.1% 36.2% Gross NPA %
+10 bps +6 bps
1.4% 1.3% 1.3% Net NPA %
+7 bps +3 bps
1.0% 0.9% 0.9%
Where profit came from
Pre-provision profit ₹356 Cr (+16.4% YoY); provisions ₹13.2 Cr (-1.2% YoY).
Net profit +17.1% YoY.
Against its own trend ?
Trend Actual Gap
Net profit ₹268 ₹266
-0.7% in line
M Cap ₹19,245 Cr
P/E 35.1
PEG 2.51
Profit +112% above its own trend Operating margin expanded 477 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+0.6% +7.6%
1,186 1,103 1,179 Operating profit
+36.8% +14.2%
213 187 156 OPM %
+477 bps +105 bps
18.0% 16.9% 13.2% Other income
+56.7% +16.8%
15.5 13.2 9.9 Net profit?
+59.0% +21.5%
134 110 84.3 PAT margin %
+415 bps +129 bps
11.3% 10.0% 7.1% EPS (₹)
+57.8% +22.1%
8.35 6.84 5.29
Quality of profit
Pre-tax profit ₹181 Cr: core business ₹166 Cr, other income ₹15.5 Cr.
Core profit YoY: +50.7%
· reported profit +59.0%
Cash & debt
FY25 cash from operations ₹501 Cr:
170% of FY25 net profit of ₹295 Cr.
Borrowings ₹274 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,180 ₹1,186
+0.5% in line Net profit ₹63.2 ₹134
+111.9% above
M Cap ₹19,176 Cr
P/E 20.0
PEG 3.33
Operating margin expanded 149 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+5.8% -9.0%
1,363 1,497 1,288 Operating profit
+12.9% -7.7%
323 350 286 OPM %
+149 bps +32 bps
23.7% 23.4% 22.2% Other income
-42.9% +33.3%
12.0 9.0 21.0 Net profit
+10.1% -6.6%
228 244 207 PAT margin %
+66 bps +43 bps
16.7% 16.3% 16.1% EPS (₹)
+9.5% -6.9%
2.30 2.47 2.10
Quality of profit
Pre-tax profit ₹308 Cr: core business ₹296 Cr, other income ₹12.0 Cr.
Core profit YoY: +14.3%
· reported profit +10.1%
Cash & debt
Borrowings ₹82.0 Cr at Dec 2024.
Against its own trend ?
Trend Actual Gap
Sales ₹1,381 ₹1,363
-1.3% in line Net profit ₹222 ₹228
+2.7% in line
M Cap ₹19,170 Cr
P/E 137.4
PEG 0.92
26% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit +21%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+30.6% +6.2%
146 137 112 Operating profit
+31.8% +6.7%
52.5 49.2 39.9 OPM %
+35 bps +17 bps
36.1% 35.9% 35.7% Other income
+701.4% +40.9%
12.2 8.7 1.5 Net profit?
+56.2% +10.8%
32.6 29.4 20.9 PAT margin %
+367 bps +92 bps
22.4% 21.5% 18.7% EPS (₹)
+42.3% +10.7%
5.05 4.56 3.55
Quality of profit
Pre-tax profit ₹46.4 Cr: core business ₹34.2 Cr, other income ₹12.2 Cr.
Core profit YoY: +21.1%
· reported profit +56.2%
Cash & debt
FY25 cash from operations ₹54.0 Cr:
62% of FY25 net profit of ₹86.7 Cr.
Borrowings ₹263 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹151 ₹146
-3.9% in line Net profit ₹32.1 ₹32.6
+1.5% in line
M Cap ₹19,152 Cr
P/E 28.6
PEG 2.04
Operating margin expanded 143 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+20.2% +4.4%
2,315 2,218 1,925 Operating profit
+31.8% +9.1%
379 347 287 OPM %
+143 bps +71 bps
16.4% 15.6% 14.9% Other income
loss widened to loss -3.8 7.0 -2.7 Net profit?
+29.9% +6.2%
180 169 138 PAT margin %
+58 bps +14 bps
7.8% 7.6% 7.2% EPS (₹)
+29.4% +8.8%
2.60 2.39 2.01
Quality of profit
Pre-tax profit ₹224 Cr: core business ₹226 Cr, other income −₹3.8 Cr, exceptional & other items ₹1.9 Cr.
Core profit YoY: +30.2%
· reported profit +29.9%
Cash & debt
FY25 cash from operations ₹701 Cr:
118% of FY25 net profit of ₹595 Cr.
Borrowings ₹2,569 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,449 ₹2,315
-5.5% below Net profit ₹169 ₹180
+6.0% in line
M Cap ₹19,145 Cr
P/E 9.8
PEG —
₹ Cr QoQ
Sep 2025 Jun 2025
Sales
+895.8%
12,806 1,286 Operating profit
+846.7%
2,168 229 OPM %
-88 bps
16.9% 17.8% Other income
+289.1%
121 31.0 Net profit?
+796.9%
1,507 168 PAT margin %
-130 bps
11.8% 13.1% EPS (₹)
-10.3%
3.73 4.16
Quality of profit
Pre-tax profit ₹1,924 Cr: core business ₹1,804 Cr, other income ₹121 Cr.
M Cap ₹19,076 Cr
P/E 44.1
PEG 1.05
Profit +26% above its own trend Profit growth came mainly from lower provisions (pre-provision profit +1%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
-4.3% +69.1%
752 445 786 Net interest income
loss narrowed to loss -17.7 0.1 -22.8 Other income
-1.6% +94.7%
663 340 674 Operating profit (pre-provision)
+0.6% +231.2%
402 121 399 Provisions
-83.5% +20.4%
20.3 16.9 123 Net profit?
+71.7% +408.4%
317 62.4 185 EPS (₹)
+65.6% +253.3%
0.53 0.15 0.32 Cost-to-income %
-92 bps -2664 bps
37.7% 64.4% 38.6% Gross NPA %
— +23 bps
96.3% 96.0% — Net NPA %
— +102 bps
80.8% 79.8% —
Where profit came from
Pre-provision profit ₹402 Cr (+0.6% YoY); provisions ₹20.3 Cr (-83.5% YoY).
Net profit +71.7% YoY.
Against its own trend ?
Trend Actual Gap
Net profit ₹252 ₹317
+26.0% above
M Cap ₹19,018 Cr
P/E 29.5
PEG —
Profit +139% above its own trend Operating margin expanded 197 bps YoY Core business grew faster than reported profit (core profit +292%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+9.5% +8.0%
2,239 2,074 2,044 Operating profit
+23.6% -2.5%
388 398 314 OPM %
+197 bps -186 bps
17.3% 19.2% 15.4% Other income
-30.0% +16.7%
7.0 6.0 10.0 Net profit?
+200.9% -9.0%
77.3 85.0 25.7 PAT margin %
+220 bps -65 bps
3.5% 4.1% 1.3% EPS (₹)
+192.0% -9.2%
3.27 3.60 1.12
Quality of profit
Pre-tax profit ₹100 Cr: core business ₹94.0 Cr, other income ₹7.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +291.7%
· reported profit +200.9%
Cash & debt
FY25 cash from operations ₹1,399 Cr:
513% of FY25 net profit of ₹273 Cr.
Borrowings ₹4,675 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,875 ₹2,239
+19.4% above Net profit ₹32.3 ₹77.3
+139.2% above
M Cap ₹18,900 Cr
P/E 74.1
PEG 3.90
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+16.8% +5.3%
358 340 307 Operating profit
+22.1% +2.6%
78.0 76.0 63.9 OPM %
+94 bps -57 bps
21.8% 22.4% 20.8% Other income
-3.3% +0.0%
13.0 13.0 13.4 Net profit?
+23.3% +0.0%
61.0 61.0 49.5 PAT margin %
+89 bps -90 bps
17.0% 17.9% 16.1% EPS (₹)
+22.9% -0.4%
6.70 6.73 5.45
Quality of profit
Pre-tax profit ₹81.0 Cr: core business ₹68.0 Cr, other income ₹13.0 Cr.
Core profit YoY: +23.3%
· reported profit +23.3%
Cash & debt
FY25 cash from operations ₹122 Cr:
54% of FY25 net profit of ₹226 Cr.
Borrowings ₹43.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹358 ₹358
+0.0% in line Net profit ₹58.2 ₹61.0
+4.9% in line
M Cap ₹18,852 Cr
P/E 24.0
PEG 0.69
Operating margin contracted 907 bps YoY 63% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -27%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+29.0% +8.0%
1,383 1,281 1,072 Operating profit
-13.9% +1.5%
251 248 292 OPM %
-907 bps -117 bps
18.2% 19.3% 27.2% Other income
-29.5% -10.1%
46.5 51.7 66.0 Net profit?
+47.8% +7.6%
170 158 115 PAT margin %
+156 bps -4 bps
12.3% 12.3% 10.7% EPS (₹)
+36.6% +8.5%
6.65 6.13 4.87
Quality of profit
Pre-tax profit ₹196 Cr: core business ₹73.1 Cr, other income ₹46.5 Cr, exceptional & other items ₹76.0 Cr.
Core profit YoY: -27.2%
· reported profit +47.8%
Cash & debt
FY25 cash from operations ₹995 Cr:
146% of FY25 net profit of ₹681 Cr.
Borrowings ₹5,464 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,097 ₹1,383
+26.1% above Net profit ₹180 ₹170
-5.6% in line
M Cap ₹18,810 Cr
P/E 148.1
PEG —
All of pre-tax profit came from other income or one-off items
₹ Cr QoQ
Sep 2025 Jun 2025
Sales
+5.5%
650 616 Operating profit
+67.5%
75.4 45.0 OPM %
+429 bps
11.6% 7.3% Other income
-37.8%
23.0 37.0 Net profit?
+19.4%
6.0 5.0 PAT margin %
+11 bps
0.9% 0.8% EPS (₹)
-45.5%
0.06 0.11
Quality of profit
Pre-tax profit ₹11.2 Cr: core business −₹11.8 Cr, other income ₹23.0 Cr.
M Cap ₹18,562 Cr
P/E 56.6
PEG 4.36
Operating margin expanded 151 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+4.5% +6.7%
377 354 361 Operating profit
+9.9% +14.5%
116 101 105 OPM %
+151 bps +210 bps
30.7% 28.6% 29.2% Other income
-52.2% -39.6%
6.3 10.4 13.1 Net profit?
+2.9% +11.8%
73.4 65.7 71.4 PAT margin %
-30 bps +89 bps
19.5% 18.6% 19.8% EPS (₹)
+2.8% +11.8%
7.79 6.97 7.58
Quality of profit
Pre-tax profit ₹98.6 Cr: core business ₹92.4 Cr, other income ₹6.3 Cr.
Core profit YoY: +9.8%
· reported profit +2.9%
Cash & debt
FY25 cash from operations ₹292 Cr:
109% of FY25 net profit of ₹267 Cr.
Borrowings ₹228 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹374 ₹377
+0.9% in line Net profit ₹76.5 ₹73.4
-3.9% in line
M Cap ₹18,393 Cr
P/E 27.1
PEG 1.36
Operating margin expanded 132 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+10.5% +4.7%
534 510 483 Operating profit
+14.8% +6.4%
189 178 165 OPM %
+132 bps +58 bps
35.4% 34.8% 34.1% Other income
+46.3% +31.2%
30.4 23.2 20.8 Net profit?
+22.5% +6.3%
160 151 131 PAT margin %
+293 bps +46 bps
30.0% 29.5% 27.1% EPS (₹)
+18.0% +1.1%
20.32 20.10 17.22
Quality of profit
Pre-tax profit ₹201 Cr: core business ₹171 Cr, other income ₹30.4 Cr.
Core profit YoY: +15.4%
· reported profit +22.5%
Cash & debt
FY25 cash from operations ₹432 Cr:
80% of FY25 net profit of ₹541 Cr.
Borrowings ₹222 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹542 ₹534
-1.4% in line Net profit ₹155 ₹160
+3.7% in line
M Cap ₹18,265 Cr
P/E 109.8
PEG —
Turnaround: profit against a loss a year ago All of pre-tax profit came from other income or one-off items
₹ Cr YoY
Sep 2025 Sep 2024
Sales
—
18.0 0.0 Operating profit
from loss 1.0 -2.0 OPM %
—
5.6% — Other income
-55.6%
4.0 9.0 Net profit?
from loss 4.0 -14.0 PAT margin %
—
22.2% — EPS (₹)
from loss 0.57 -1.93
Quality of profit
Pre-tax profit ₹3.0 Cr: core business ₹0.0 Cr, other income ₹4.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: loss narrowed
M Cap ₹18,180 Cr
P/E 40.6
PEG 2.54
Profit +16% above its own trend Operating margin contracted 184 bps YoY 33% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -2%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+11.4% +11.7%
968 867 869 Operating profit
-1.2% +15.5%
140 121 142 OPM %
-184 bps +48 bps
14.5% 14.0% 16.3% Other income
+213.9% +160.9%
51.4 19.7 16.4 Net profit?
+28.2% +41.8%
121 85.6 94.7 PAT margin %
+164 bps +266 bps
12.5% 9.9% 10.9% EPS (₹)
+28.8% +42.1%
3.85 2.71 2.99
Quality of profit
Pre-tax profit ₹167 Cr: core business ₹112 Cr, other income ₹51.4 Cr, exceptional & other items ₹3.4 Cr.
Core profit YoY: -1.8%
· reported profit +28.2%
Cash & debt
FY25 cash from operations ₹391 Cr:
112% of FY25 net profit of ₹350 Cr.
Borrowings ₹577 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹938 ₹968
+3.2% in line Net profit ₹105 ₹121
+16.0% above
M Cap ₹18,085 Cr
P/E 34.2
PEG 0.57
Turnaround: profit against a loss a year ago Operating margin expanded 103 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+94.9% -17.8%
735 895 377 Operating profit
+100.0% -16.3%
299 357 150 OPM %
+103 bps +74 bps
40.7% 39.9% 39.7% Other income
+46.8% -34.7%
9.0 13.8 6.1 Net profit?
from loss -23.7%
155 203 -139 PAT margin %
+5782 bps -162 bps
21.1% 22.7% -36.7% EPS (₹)
from loss -23.9%
7.08 9.30 -6.35
Quality of profit
Pre-tax profit ₹205 Cr: core business ₹197 Cr, other income ₹9.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +168.8%
Cash & debt
FY25 cash from operations ₹950 Cr:
666% of FY25 net profit of ₹143 Cr.
Borrowings ₹2,604 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹466 ₹735
+57.6% above
M Cap ₹18,064 Cr
P/E 12.6
PEG 2.11
Profit +119% above its own trend Operating margin contracted 234 bps YoY 27% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit +76%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+91.7% +1.2%
5,267 5,202 2,748 Operating profit
+71.7% +22.8%
1,061 864 618 OPM %
-234 bps +354 bps
20.1% 16.6% 22.5% Other income
+237.8% -51.1%
152 311 45.0 Net profit?
+104.1% +10.1%
445 404 218 PAT margin %
+52 bps +68 bps
8.4% 7.8% 7.9% EPS (₹)
+94.5% +9.9%
3.21 2.92 1.65
Quality of profit
Pre-tax profit ₹565 Cr: core business ₹413 Cr, other income ₹152 Cr.
Core profit YoY: +76.5%
· reported profit +104.1%
Cash & debt
FY25 cash from operations ₹2,582 Cr:
203% of FY25 net profit of ₹1,273 Cr.
Borrowings ₹17,978 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,978 ₹5,267
+76.9% above Net profit ₹203 ₹445
+119.0% above
M Cap ₹18,004 Cr
P/E 27.4
PEG 1.10
Profit -23% below its own trend Operating margin contracted 393 bps YoY 32% of pre-tax profit came from other income and one-off items Exceptional items of ₹8.4 Cr in the quarter
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+1.5% +4.2%
598 574 589 Operating profit
-12.0% -3.8%
154 160 175 OPM %
-393 bps -215 bps
25.7% 27.9% 29.6% Other income
+3.5% -21.1%
34.8 44.0 33.6 Net profit?
-12.2% +216.1%
117 36.9 133 PAT margin %
-304 bps +1306 bps
19.5% 6.4% 22.5% EPS (₹)
-12.5% +237.0%
1.82 0.54 2.08
Quality of profit
Pre-tax profit ₹166 Cr: core business ₹114 Cr, other income ₹34.8 Cr, exceptional & other items ₹18.1 Cr.
Core profit YoY: -16.3%
· reported profit -12.2%
Cash & debt
FY25 cash from operations ₹825 Cr:
107% of FY25 net profit of ₹770 Cr.
Borrowings ₹265 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹647 ₹598
-7.6% below Net profit ₹151 ₹117
-22.6% below
M Cap ₹17,924 Cr
P/E 29.8
PEG 2.13
Profit -70% below its own trend Operating margin contracted 575 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-24.0% +3.6%
4,234 4,085 5,572 Operating profit
-50.6% -32.7%
451 670 914 OPM %
-575 bps -575 bps
10.7% 16.4% 16.4% Other income
+0.2% +6.2%
30.4 28.7 30.4 Net profit?
-70.8% -66.6%
139 415 475 PAT margin %
-526 bps -690 bps
3.3% 10.2% 8.5% EPS (₹)
-69.7% -64.3%
2.38 6.66 7.85
Quality of profit
Pre-tax profit ₹183 Cr: core business ₹143 Cr, other income ₹30.4 Cr, exceptional & other items ₹9.4 Cr.
Core profit YoY: -76.4%
· reported profit -70.8%
Cash & debt
FY25 cash from operations ₹2,335 Cr:
160% of FY25 net profit of ₹1,458 Cr.
Borrowings ₹4,859 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹5,188 ₹4,234
-18.4% below Net profit ₹460 ₹139
-69.9% below
M Cap ₹17,853 Cr
P/E 33.4
PEG —
Profit +54% above its own trend Operating margin expanded 185 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+22.7% +3.4%
1,192 1,152 971 Operating profit
+37.0% +12.2%
211 188 154 OPM %
+185 bps +139 bps
17.7% 16.3% 15.9% Other income
-31.4% -54.3%
13.7 30.0 20.0 Net profit?
+57.6% +22.8%
156 127 99.0 PAT margin %
+290 bps +207 bps
13.1% 11.0% 10.2% EPS (₹)
+35.7% +3.3%
19.43 18.81 14.32
Quality of profit
Pre-tax profit ₹199 Cr: core business ₹172 Cr, other income ₹13.7 Cr, exceptional & other items ₹13.4 Cr.
Core profit YoY: +51.2%
· reported profit +57.6%
Cash & debt
FY25 cash from operations ₹536 Cr:
99% of FY25 net profit of ₹541 Cr.
Borrowings ₹157 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹981 ₹1,192
+21.5% above Net profit ₹102 ₹156
+53.6% above
M Cap ₹17,715 Cr
P/E 24.1
PEG 3.01
Operating margin expanded 374 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+9.0% +6.5%
642 603 589 Operating profit
+21.7% +9.5%
230 210 189 OPM %
+374 bps +100 bps
35.8% 34.8% 32.1% Other income
-2.3% -37.3%
42.0 67.0 43.0 Net profit
+19.6% -1.6%
189 192 158 PAT margin %
+261 bps -240 bps
29.4% 31.8% 26.8% EPS (₹)
+19.4% -1.4%
41.32 41.91 34.61
Quality of profit
Pre-tax profit ₹255 Cr: core business ₹214 Cr, other income ₹42.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +24.4%
· reported profit +19.6%
Cash & debt
FY25 cash from operations ₹660 Cr:
86% of FY25 net profit of ₹768 Cr.
Borrowings ₹41.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹617 ₹642
+4.0% in line Net profit ₹184 ₹189
+2.6% in line
M Cap ₹17,666 Cr
P/E 17.9
PEG —
Profit -50% below its own trend Operating margin contracted 257 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+9.4% +13.1%
3,006 2,659 2,747 Operating profit
-6.2% -9.6%
464 513 494 OPM %
-257 bps -387 bps
15.4% 19.3% 18.0% Other income
+292.9% +13.5%
27.0 23.8 6.9 Net profit?
-0.0% -12.2%
214 244 214 PAT margin %
-67 bps -205 bps
7.1% 9.2% 7.8% EPS (₹)
+1.5% -12.3%
16.89 19.26 16.64
Quality of profit
Pre-tax profit ₹310 Cr: core business ₹283 Cr, other income ₹27.0 Cr.
Core profit YoY: -3.2%
· reported profit -0.0%
Cash & debt
FY25 cash from operations ₹1,880 Cr:
199% of FY25 net profit of ₹945 Cr.
Borrowings ₹4,152 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,356 ₹3,006
-10.4% below Net profit ₹428 ₹214
-50.0% 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
