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 14 of 170
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M Cap ₹17,659 Cr
P/E 21.8
PEG 2.42
Profit -17% below its own trend Operating margin contracted 254 bps YoY 37% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -7%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+11.4% +5.0%
1,552 1,478 1,393 Operating profit
-4.8% -2.0%
231 236 243 OPM %
-254 bps -106 bps
14.9% 16.0% 17.4% Other income
+42.9% +78.6%
50.0 28.0 35.0 Net profit?
+30.7% +37.8%
182 132 140 PAT margin %
+173 bps +280 bps
11.8% 9.0% 10.0% EPS (₹)
+31.0% +40.3%
60.88 43.40 46.47
Quality of profit
Pre-tax profit ₹231 Cr: core business ₹145 Cr, other income ₹50.0 Cr, exceptional & other items ₹36.0 Cr.
Core profit YoY: -6.9%
· reported profit +30.7%
Cash & debt
FY25 cash from operations ₹603 Cr:
121% of FY25 net profit of ₹499 Cr.
Borrowings ₹202 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,647 ₹1,552
-5.8% below Net profit ₹220 ₹182
-17.1% below
M Cap ₹17,635 Cr
P/E 33.0
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 ₹17,617 Cr
P/E 66.6
PEG 3.33
Operating margin contracted 288 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+25.9% +11.0%
568 511 451 Operating profit
+6.2% +18.9%
88.1 74.1 82.9 OPM %
-288 bps +103 bps
15.5% 14.5% 18.4% Other income
+116.1% +19.3%
15.2 12.7 7.0 Net profit?
+12.4% +7.3%
67.5 63.0 60.1 PAT margin %
-143 bps -41 bps
11.9% 12.3% 13.3% EPS (₹)
+10.7% +7.1%
6.32 5.90 5.71
Quality of profit
Pre-tax profit ₹78.2 Cr: core business ₹63.0 Cr, other income ₹15.2 Cr.
Core profit YoY: -1.9%
· reported profit +12.4%
Cash & debt
FY25 cash from operations ₹289 Cr:
126% of FY25 net profit of ₹230 Cr.
Borrowings ₹214 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹564 ₹568
+0.6% in line Net profit ₹63.3 ₹67.5
+6.7% in line
M Cap ₹17,470 Cr
P/E 17.7
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
M Cap ₹17,446 Cr
P/E 99.6
PEG —
Profit +235% above its own trend Operating margin expanded 117 bps YoY 75% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +238%) FY25 operating cash flow was only 28% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+6.9% +18.4%
822 694 769 Operating profit
+36.6% +214.6%
44.0 14.0 32.2 OPM %
+117 bps +334 bps
5.4% 2.0% 4.2% Other income
+38.2% +17.2%
41.0 35.0 29.7 Net profit?
+67.3% +272.0%
40.9 11.0 24.5 PAT margin %
+180 bps +339 bps
5.0% 1.6% 3.2% EPS (₹)
+67.2% +256.6%
38.30 10.74 22.90
Quality of profit
Pre-tax profit ₹54.9 Cr: core business ₹13.9 Cr, other income ₹41.0 Cr.
Core profit YoY: +238.0%
· reported profit +67.3%
Cash & debt
FY25 cash from operations ₹29.0 Cr:
28% of FY25 net profit of ₹103 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹561 ₹822
+46.5% above Net profit ₹12.2 ₹40.9
+234.6% above
M Cap ₹17,406 Cr
P/E —
PEG —
Profit -20% below its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
— +5.5%
364 345 — Operating profit (pre-provision)
-48.8% +5.7%
148 140 289 Net profit
-3.5% +5.5%
111 105 115 EPS (₹)
-4.2% +5.4%
adj. 4.48adj. 4.264.68
EPS restated for the ₹10 to ₹2 split of Dec 2025: Sep 2025 ₹22.42 to ₹4.48; Jun 2025 ₹21.28 to ₹4.26.
Where profit came from
Pre-provision profit ₹148 Cr (-48.8% YoY).
Net profit -3.5% YoY.
Against its own trend ?
Trend Actual Gap
Net profit ₹139 ₹111
-19.9% below
M Cap ₹17,360 Cr
P/E —
PEG —
₹ Cr QoQ
Sep 2025 Jun 2025
Sales
+10.2%
282 256 Operating profit
+7.4%
29.0 27.0 OPM %
-26 bps
10.3% 10.5% Other income
+28.6%
18.0 14.0 Net profit?
to loss -21.0 4.0 PAT margin %
-901 bps
-7.4% 1.6% EPS (₹)
to loss -0.34 0.06
Quality of profit
Pre-tax profit −₹12.0 Cr: core business −₹30.0 Cr, other income ₹18.0 Cr.
M Cap ₹16,733 Cr
P/E 287.4
PEG —
₹ Cr QoQ
Sep 2025 Jun 2025
Sales
+1.1%
556 549 Operating profit
+8.0%
121 112 OPM %
+138 bps
21.8% 20.4% Other income
+10.1%
15.6 14.2 Net profit?
+43.1%
66.4 46.4 PAT margin %
+350 bps
11.9% 8.4% EPS (₹)
+51.6%
1.94 1.28
Quality of profit
Pre-tax profit ₹83.8 Cr: core business ₹68.2 Cr, other income ₹15.6 Cr.
M Cap ₹16,732 Cr
P/E —
PEG —
Turnaround: profit against a loss a year ago Operating margin expanded 505 bps YoY 67% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+12.6% +15.0%
376 327 334 Operating profit
+37.1% +20.5%
106 88.0 77.3 OPM %
+505 bps +128 bps
28.2% 26.9% 23.1% Other income
from loss +50.0%
3.0 2.0 -1.4 Net profit?
from loss -59.7%
10.0 24.8 -42.1 PAT margin %
+1526 bps -493 bps
2.7% 7.6% -12.6% EPS (₹)
— from loss 0.92 -0.02 —
Quality of profit
Pre-tax profit ₹6.0 Cr: core business ₹2.0 Cr, other income ₹3.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: from loss
Cash & debt
FY25 cash from operations −₹68.0 Cr.
Borrowings ₹772 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹668 ₹376
-43.7% below
M Cap ₹16,730 Cr
P/E 49.5
PEG 1.83
Profit -28% below its own trend Operating margin contracted 108 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-8.2% +15.1%
570 495 621 Operating profit
-12.7% +9.0%
119 110 137 OPM %
-108 bps -117 bps
21.0% 22.1% 22.0% Other income
+1.5% +3.6%
13.9 13.4 13.7 Net profit?
-12.5% +9.9%
91.2 83.0 104 PAT margin %
-79 bps -76 bps
16.0% 16.8% 16.8% EPS (₹)
-12.5% +9.9%
39.27 35.73 44.88
Quality of profit
Pre-tax profit ₹120 Cr: core business ₹107 Cr, other income ₹13.9 Cr.
Core profit YoY: -14.4%
· reported profit -12.5%
Cash & debt
FY25 cash from operations ₹330 Cr:
100% of FY25 net profit of ₹331 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹704 ₹570
-19.1% below Net profit ₹127 ₹91.2
-28.1% below
M Cap ₹16,629 Cr
P/E 49.5
PEG 1.77
Profit -25% below its own trend FY25 operating cash flow was only 49% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+1.0% +36.4%
506 371 501 Operating profit
+3.6% +55.4%
115 74.0 111 OPM %
+57 bps +278 bps
22.7% 19.9% 22.2% Other income
-10.0% -18.2%
18.0 22.0 20.0 Net profit?
+0.0% +42.2%
91.0 64.0 91.0 PAT margin %
-18 bps +73 bps
18.0% 17.3% 18.2% EPS (₹)
+0.3% +41.4%
2.87 2.03 2.86
Quality of profit
Pre-tax profit ₹125 Cr: core business ₹107 Cr, other income ₹18.0 Cr.
Core profit YoY: +2.9%
· reported profit +0.0%
Cash & debt
FY25 cash from operations ₹187 Cr:
49% of FY25 net profit of ₹381 Cr.
Borrowings ₹39.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹585 ₹506
-13.5% below Net profit ₹122 ₹91.0
-25.1% below
M Cap ₹16,629 Cr
P/E 14.4
PEG —
Operating margin expanded 439 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+31.9% -6.4%
1,528 1,633 1,159 Operating profit
+51.8% -17.1%
512 617 337 OPM %
+439 bps -429 bps
33.5% 37.8% 29.1% Other income
+23.0% -14.2%
68.3 79.6 55.5 Net profit?
+61.1% -24.9%
328 437 203 PAT margin %
+389 bps -528 bps
21.5% 26.7% 17.6% EPS (₹)
+65.2% -25.6%
9.17 12.33 5.55
Quality of profit
Pre-tax profit ₹431 Cr: core business ₹363 Cr, other income ₹68.3 Cr.
Core profit YoY: +64.1%
· reported profit +61.1%
Against its own trend ?
Trend Actual Gap
Sales ₹1,633 ₹1,528
-6.4% below Net profit ₹306 ₹328
+7.1% in line
M Cap ₹16,625 Cr
P/E 38.0
PEG —
Operating margin contracted 254 bps YoY FY25 operating cash flow was only 50% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+0.2% +1.5%
597 588 596 Operating profit
-9.9% +9.4%
135 124 150 OPM %
-254 bps +163 bps
22.6% 21.0% 25.2% Other income
-4.0% -46.9%
21.1 39.8 22.0 Net profit?
-7.2% -7.3%
109 117 117 PAT margin %
-146 bps -173 bps
18.2% 19.9% 19.6% EPS (₹)
-7.6% -7.3%
35.40 38.19 38.30
Quality of profit
Pre-tax profit ₹142 Cr: core business ₹122 Cr, other income ₹21.1 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: -2.3%
· reported profit -7.2%
Cash & debt
FY25 cash from operations ₹204 Cr:
50% of FY25 net profit of ₹410 Cr.
Borrowings ₹3.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹648 ₹597
-7.8% below Net profit ₹112 ₹109
-3.1% in line
M Cap ₹16,505 Cr
P/E 27.4
PEG 3.42
Profit +22% above its own trend Operating margin expanded 401 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+16.0% -2.3%
588 602 507 Operating profit
+33.6% +4.1%
179 172 134 OPM %
+401 bps +187 bps
30.4% 28.6% 26.4% Other income
+66.7% +66.7%
15.0 9.0 9.0 Net profit
+36.8% +6.6%
130 122 95.0 PAT margin %
+337 bps +184 bps
22.1% 20.3% 18.7% EPS (₹)
+36.2% +7.0%
10.60 9.91 7.78
Quality of profit
Pre-tax profit ₹174 Cr: core business ₹160 Cr, other income ₹15.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +34.5%
· reported profit +36.8%
Cash & debt
FY25 cash from operations ₹392 Cr:
81% of FY25 net profit of ₹485 Cr.
Borrowings ₹57.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹543 ₹588
+8.3% above Net profit ₹107 ₹130
+21.6% above
M Cap ₹16,467 Cr
P/E 92.2
PEG —
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-2.4% +32.4%
839 634 860 Operating profit
+0.3% from loss 73.2 -49.0 73.0 OPM %
+24 bps +1645 bps
8.7% -7.7% 8.5% Other income
-52.6% -21.8%
7.0 9.0 14.9 Net profit?
-5.9% from loss 48.0 -64.1 51.0 PAT margin %
-21 bps +1584 bps
5.7% -10.1% 5.9% EPS (₹)
-5.9% from loss 11.53 -15.40 12.25
Quality of profit
Pre-tax profit ₹50.3 Cr: core business ₹43.3 Cr, other income ₹7.0 Cr.
Core profit YoY: +8.4%
· reported profit -5.9%
Cash & debt
FY25 cash from operations ₹183 Cr:
63% of FY25 net profit of ₹293 Cr.
Borrowings ₹229 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹833 ₹839
+0.7% in line Net profit ₹50.3 ₹48.0
-4.5% in line
M Cap ₹16,372 Cr
P/E 75.0
PEG 0.90
Profit -23% below its own trend Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+5.9% +14.3%
1,585 1,387 1,497 Operating profit
+7.8% +36.5%
143 105 133 OPM %
+16 bps +147 bps
9.0% 7.6% 8.9% Other income
to loss to loss -13.0 1.7 3.3 Net profit?
+9.5% +18.1%
56.0 47.4 51.1 PAT margin %
+12 bps +11 bps
3.5% 3.4% 3.4% EPS (₹)
+7.6% +16.8%
3.27 2.80 3.04
Quality of profit
Pre-tax profit ₹61.0 Cr: core business ₹75.0 Cr, other income −₹13.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +4.1%
· reported profit +9.5%
Cash & debt
FY25 cash from operations −₹88.0 Cr:
-43% of FY25 net profit of ₹205 Cr.
Borrowings ₹942 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,441 ₹1,585
+10.0% above Net profit ₹72.9 ₹56.0
-23.2% below
M Cap ₹16,303 Cr
P/E 21.7
PEG 2.72
Profit -36% below its own trend Operating margin contracted 577 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-10.3% -11.7%
799 904 891 Operating profit
-28.7% -16.7%
179 214 250 OPM %
-577 bps -134 bps
22.4% 23.7% 28.1% Other income
-0.9% -1.0%
21.4 21.6 21.6 Net profit?
-29.7% -9.7%
148 164 211 PAT margin %
-511 bps +41 bps
18.6% 18.2% 23.7% EPS (₹)
-30.2% -9.6%
3.40 3.76 4.87
Quality of profit
Pre-tax profit ₹150 Cr: core business ₹131 Cr, other income ₹21.4 Cr, exceptional & other items −₹1.8 Cr.
Core profit YoY: -35.8%
· reported profit -29.7%
Cash & debt
FY25 cash from operations ₹896 Cr:
112% of FY25 net profit of ₹803 Cr.
Borrowings ₹90.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹928 ₹799
-13.9% below Net profit ₹232 ₹148
-36.0% below
M Cap ₹16,218 Cr
P/E 51.8
PEG 2.16
Profit -20% below its own trend Operating margin contracted 148 bps YoY 29% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+5.7% +10.1%
444 403 420 Operating profit
+0.0% +8.3%
115 106 115 OPM %
-148 bps -42 bps
25.9% 26.3% 27.4% Other income
+29.6% -16.0%
35.0 41.7 27.0 Net profit?
+5.7% -1.2%
92.0 93.1 87.0 PAT margin %
+1 bps -236 bps
20.7% 23.1% 20.7% EPS (₹)
+5.0% -1.4%
9.06 9.19 8.63
Quality of profit
Pre-tax profit ₹122 Cr: core business ₹87.0 Cr, other income ₹35.0 Cr.
Core profit YoY: -4.4%
· reported profit +5.7%
Cash & debt
FY25 cash from operations ₹240 Cr:
71% of FY25 net profit of ₹338 Cr.
Borrowings ₹180 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹506 ₹444
-12.3% below Net profit ₹116 ₹92.0
-20.4% below
M Cap ₹16,218 Cr
P/E 20.7
PEG 0.80
Profit -38% below its own trend Operating margin expanded 394 bps YoY 25% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +109%) FY25 operating cash flow was only 19% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+33.7% +5.9%
921 870 689 Operating profit
+92.0% +66.1%
120 72.1 62.4 OPM %
+394 bps +471 bps
13.0% 8.3% 9.1% Other income
-21.5% +1.4%
36.9 36.4 47.0 Net profit?
-16.2% +27.7%
83.5 65.4 99.6 PAT margin %
-540 bps +155 bps
9.1% 7.5% 14.5% EPS (₹)
-15.8% +28.4%
1.49 1.16 1.77
Quality of profit
Pre-tax profit ₹146 Cr: core business ₹109 Cr, other income ₹36.9 Cr.
Core profit YoY: +109.3%
· reported profit -16.2%
Cash & debt
FY25 cash from operations ₹109 Cr:
19% of FY25 net profit of ₹580 Cr.
Borrowings ₹22.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹736 ₹921
+25.2% above Net profit ₹134 ₹83.5
-37.9% below
M Cap ₹16,145 Cr
P/E 22.0
PEG 22.03
Profit +32% above its own trend Operating margin expanded 261 bps YoY FY25 operating cash flow was only 46% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-10.6% -18.9%
1,553 1,915 1,738 Operating profit
+11.4% -41.1%
205 348 184 OPM %
+261 bps -497 bps
13.2% 18.2% 10.6% Other income
-41.7% -26.3%
14.0 19.0 24.0 Net profit
+12.5% -45.2%
153 279 136 PAT margin %
+203 bps -472 bps
9.9% 14.6% 7.8% EPS (₹)
+12.0% -45.2%
33.98 62.01 30.33
Quality of profit
Pre-tax profit ₹200 Cr: core business ₹187 Cr, other income ₹14.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +12.0%
· reported profit +12.5%
Cash & debt
FY25 cash from operations ₹262 Cr:
46% of FY25 net profit of ₹567 Cr.
Borrowings ₹105 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,982 ₹1,553
-21.6% below Net profit ₹116 ₹153
+31.7% above
M Cap ₹16,046 Cr
P/E —
PEG —
Profit -48% below its own trend Operating margin contracted 160 bps YoY 54% of pre-tax profit came from other income and one-off items Exceptional items of ₹-65.0 Cr in the quarter
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-3.1% +4.2%
3,877 3,719 3,999 Operating profit
-13.1% -17.3%
537 649 618 OPM %
-160 bps -360 bps
13.9% 17.5% 15.5% Other income
+27.8% +43.8%
138 96.0 108 Net profit?
-42.3% -51.3%
154 316 267 PAT margin %
-270 bps -452 bps
4.0% 8.5% 6.7% EPS (₹)
-60.3% -69.5%
3.02 9.89 7.61
Quality of profit
Pre-tax profit ₹236 Cr: core business ₹108 Cr, other income ₹138 Cr, exceptional & other items −₹10.0 Cr.
Core profit YoY: -44.9%
· reported profit -42.3%
Cash & debt
FY25 cash from operations ₹1,761 Cr:
455% of FY25 net profit of ₹387 Cr.
Borrowings ₹7,072 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,963 ₹3,877
-2.2% in line Net profit ₹294 ₹154
-47.6% below
M Cap ₹16,029 Cr
P/E 40.2
PEG —
Profit -70% below its own trend Operating margin contracted 445 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
-1.1% -1.5%
827 840 836 Operating profit
-5.9% +2.6%
714 696 759 OPM %
-445 bps +348 bps
86.3% 82.9% 90.8% Other income
+825.0% +12.1%
37.0 33.0 4.0 Net profit?
-60.6% -48.0%
39.0 75.0 99.0 PAT margin %
-713 bps -421 bps
4.7% 8.9% 11.8% EPS (₹)
-57.4% -40.2%
0.52 0.87 1.22
Quality of profit
Pre-tax profit ₹35.0 Cr: core business −₹2.0 Cr, other income ₹37.0 Cr.
Core profit YoY: to loss
· reported profit -60.6%
Cash & debt
FY25 cash from operations ₹2,902 Cr:
706% of FY25 net profit of ₹411 Cr.
Borrowings ₹20,097 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹878 ₹827
-5.8% below Net profit ₹131 ₹39.0
-70.2% below
M Cap ₹15,934 Cr
P/E 23.9
PEG 1.26
Profit +30% above its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+6.9% +2.5%
792 773 741 Operating profit
+9.0% +4.2%
288 277 265 OPM %
+68 bps +57 bps
36.4% 35.8% 35.7% Other income
-38.2% +4.5%
2.8 2.7 4.5 Net profit?
+39.6% +7.5%
134 125 96.3 PAT margin %
+397 bps +79 bps
17.0% 16.2% 13.0% EPS (₹)
+31.1% +1.8%
8.82 8.66 6.73
Quality of profit
Pre-tax profit ₹173 Cr: core business ₹170 Cr, other income ₹2.8 Cr.
Core profit YoY: +36.1%
· reported profit +39.6%
Cash & debt
FY25 cash from operations ₹1,065 Cr:
284% of FY25 net profit of ₹375 Cr.
Borrowings ₹2,478 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,018 ₹792
-22.2% below Net profit ₹103 ₹134
+30.3% above
M Cap ₹15,893 Cr
P/E 84.1
PEG 2.10
Profit -23% below its own trend Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-6.5% +7.4%
215 200 230 Operating profit
-2.8% +16.8%
47.8 41.0 49.2 OPM %
+85 bps +179 bps
22.3% 20.5% 21.4% Other income
+163.4% +128.1%
5.7 2.5 2.2 Net profit?
-5.9% +46.9%
23.9 16.3 25.4 PAT margin %
+8 bps +299 bps
11.1% 8.1% 11.1% EPS (₹)
-5.6% +47.4%
2.52 1.71 2.67
Quality of profit
Pre-tax profit ₹32.4 Cr: core business ₹24.3 Cr, other income ₹5.7 Cr, exceptional & other items ₹2.3 Cr.
Core profit YoY: -20.2%
· reported profit -5.9%
Cash & debt
FY25 cash from operations −₹90.0 Cr:
-59% of FY25 net profit of ₹153 Cr.
Borrowings ₹424 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹271 ₹215
-20.8% below Net profit ₹30.9 ₹23.9
-22.7% below
M Cap ₹15,891 Cr
P/E 84.5
PEG —
Into loss: a profit a year ago Profit -241% below its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+31.9% +641.2%
650 87.7 493 Operating profit
+17.3% -85.3%
23.0 156 19.6 OPM %
-44 bps —
3.5% — 4.0% Other income
to loss to loss -33.0 3.0 4.0 Net profit?
to loss to loss -53.0 7.0 20.9 PAT margin %
-1239 bps -1614 bps
-8.2% 8.0% 4.2% EPS (₹)
to loss to loss -1.66 4.02 adj. 0.66
EPS restated for the ₹10 to ₹2 split of Sep 2025: Sep 2024 ₹3.28 to ₹0.66.
Quality of profit
Pre-tax profit −₹51.0 Cr: core business −₹18.0 Cr, other income −₹33.0 Cr.
Core profit YoY: to loss
Cash & debt
FY25 cash from operations ₹380 Cr:
211% of FY25 net profit of ₹180 Cr.
Borrowings ₹188 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹302 ₹650
+115.3% above Net profit ₹37.5 −₹53.0
-241.3% below
M Cap ₹15,888 Cr
P/E 32.6
PEG —
28% of pre-tax profit came from other income and one-off items
₹ Cr QoQ
Sep 2025 Jun 2025
Sales
-5.1%
356 375 Operating profit
-7.3%
135 146 OPM %
-89 bps
38.0% 38.9% Other income
+68.9%
35.0 20.7 Net profit?
+3.1%
97.9 95.0 PAT margin %
+219 bps
27.5% 25.3% EPS (₹)
+4.3%
7.27 6.97
Quality of profit
Pre-tax profit ₹124 Cr: core business ₹88.9 Cr, other income ₹35.0 Cr.
M Cap ₹15,683 Cr
P/E 22.7
PEG 0.81
Profit +20% above its own trend Operating margin expanded 201 bps YoY Core business grew faster than reported profit (core profit +44%) FY25 operating cash flow was only 15% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+15.9% +11.7%
1,910 1,711 1,648 Operating profit
+31.9% +12.2%
316 281 239 OPM %
+201 bps +8 bps
16.5% 16.4% 14.5% Other income
-58.7% +6.3%
6.9 6.5 16.7 Net profit?
+20.4% +20.2%
185 154 153 PAT margin %
+36 bps +69 bps
9.7% 9.0% 9.3% EPS (₹)
+20.7% +19.7%
9.40 7.85 7.79
Quality of profit
Pre-tax profit ₹224 Cr: core business ₹215 Cr, other income ₹6.9 Cr, exceptional & other items ₹1.4 Cr.
Core profit YoY: +43.6%
· reported profit +20.4%
Cash & debt
FY25 cash from operations ₹88.0 Cr:
15% of FY25 net profit of ₹583 Cr.
Borrowings ₹1,258 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,758 ₹1,910
+8.7% above Net profit ₹154 ₹185
+20.2% above
M Cap ₹15,637 Cr
P/E —
PEG —
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
— —
40.0 0.0 1.0 Operating profit
loss widened loss narrowed -8.0 -32.0 -4.8 OPM %
— —
-20.0% — — Other income
— -72.2%
5.0 18.0 0.2 Net profit
loss narrowed loss narrowed -20.0 -31.0 -25.4 PAT margin %
— —
-50.0% — — EPS (₹)
loss narrowed loss narrowed -3.86 -5.92 -94.77
Quality of profit
Pre-tax profit −₹20.0 Cr: core business −₹25.0 Cr, other income ₹5.0 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations −₹97.0 Cr.
Borrowings ₹2,505 Cr at Mar 2025.
M Cap ₹15,583 Cr
P/E 74.6
PEG —
Profit -30% below its own trend Operating margin contracted 1121 bps YoY 85% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -81%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+13.4% +9.6%
729 665 643 Operating profit
-60.9% +0.0%
43.0 43.0 110 OPM %
-1121 bps -57 bps
5.9% 6.5% 17.1% Other income
-47.0% -40.7%
89.0 150 168 Net profit?
-60.8% -42.9%
76.0 133 194 PAT margin %
-1975 bps -957 bps
10.4% 20.0% 30.2% EPS (₹)
-60.9% -43.1%
3.91 6.87 10.00
Quality of profit
Pre-tax profit ₹105 Cr: core business ₹16.0 Cr, other income ₹89.0 Cr.
Core profit YoY: -81.0%
· reported profit -60.8%
Cash & debt
FY25 cash from operations ₹500 Cr:
109% of FY25 net profit of ₹458 Cr.
Borrowings ₹173 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹554 ₹729
+31.5% above Net profit ₹109 ₹76.0
-30.5% below
M Cap ₹15,519 Cr
P/E —
PEG —
Turnaround: profit against a loss a year ago
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
-6.8% -6.2%
2,261 2,409 2,425 Net interest income
— -55.6%
163 368 — Other income
— -4.1%
812 846 — Operating profit (pre-provision)
-21.0% -30.0%
654 934 828 Provisions
-94.9% -50.8%
229 466 4,513 Net profit?
from loss -7.7%
308 334 -2,761 Cost-to-income %
+269 bps +987 bps
32.9% 23.0% 30.2%
Where profit came from
Pre-provision profit ₹654 Cr (-21.0% YoY); provisions ₹229 Cr (-94.9% YoY).
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, 19:14 IST
