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
1339 matching results 1339
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All of pre-tax profit came from other income or one-off items Exceptional items of ₹15.3 Cr in the quarter
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+1.2% -88.3%
1,530 13,109 1,513 Operating profit
-15.6% -86.4%
45.2 332 53.6 OPM %
-59 bps +42 bps
3.0% 2.5% 3.5% Other income
-24.8% -91.7%
4.2 50.6 5.6 Net profit?
-92.5% from loss 0.6 -87.6 7.6 PAT margin %
-46 bps +71 bps
0.0% -0.7% 0.5% EPS (₹)
-92.5% from loss 0.08 -1.23 1.06
Quality of profit
Pre-tax profit ₹11.7 Cr: core business −₹7.8 Cr, other income ₹4.2 Cr, exceptional & other items ₹15.3 Cr.
Core profit YoY: to loss
· reported profit -92.5%
Cash & debt
FY25 cash from operations ₹151 Cr.
Borrowings ₹922 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,490 ₹1,530
+2.7% in line
M Cap ₹668 Cr
P/E 7.0
PEG 0.28
Profit +530% above its own trend Operating margin expanded 642 bps YoY 42% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +598%) FY25 operating cash flow was only 20% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+125.8% +29.6%
280 216 124 Operating profit
+575.0% +372.0%
27.0 5.7 4.0 OPM %
+642 bps +700 bps
9.6% 2.6% 3.2% Other income
-50.0% -66.7%
1.0 3.0 2.0 Net profit
+433.3% +700.0%
16.0 2.0 3.0 PAT margin %
+329 bps +479 bps
5.7% 0.9% 2.4% EPS (₹)
+487.1% +810.0%
1.82 0.20 0.31
Quality of profit
Pre-tax profit ₹24.2 Cr: core business ₹14.0 Cr, other income ₹1.0 Cr, exceptional & other items ₹9.2 Cr.
Core profit YoY: +597.5%
· reported profit +433.3%
Cash & debt
FY25 cash from operations ₹7.0 Cr:
20% of FY25 net profit of ₹35.1 Cr.
Borrowings ₹108 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹132 ₹280
+112.8% above Net profit ₹2.5 ₹16.0
+530.3% above
M Cap ₹665 Cr
P/E 15.5
PEG —
Profit -56% below its own trend Operating margin contracted 598 bps YoY 38% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-3.3% -13.4%
58.0 67.0 60.0 Operating profit
-25.0% -36.8%
12.0 19.0 16.0 OPM %
-598 bps -767 bps
20.7% 28.4% 26.7% Other income
-50.0% +25.0%
5.0 4.0 10.0 Net profit?
-37.5% -33.3%
10.0 15.0 16.0 PAT margin %
-943 bps -515 bps
17.2% 22.4% 26.7% EPS (₹)
-37.4% -33.0%
3.79 5.66 6.05
Quality of profit
Pre-tax profit ₹13.0 Cr: core business ₹8.0 Cr, other income ₹5.0 Cr.
Core profit YoY: -33.3%
· reported profit -37.5%
Cash & debt
FY25 cash from operations ₹33.0 Cr:
84% of FY25 net profit of ₹39.2 Cr.
Borrowings ₹15.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹70.6 ₹58.0
-17.9% below Net profit ₹22.6 ₹10.0
-55.7% below
M Cap ₹663 Cr
P/E 41.7
PEG —
Turnaround: profit against a loss a year ago Operating margin expanded 3155 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
+115.1% -1.3%
46.2 46.8 21.5 Operating profit
from loss -96.7%
0.1 2.4 -6.7 OPM %
+3155 bps -495 bps
0.2% 5.1% -31.4% Other income
-74.1% +32.7%
0.9 0.7 3.4 Net profit?
from loss -89.0%
0.2 1.8 -4.7 PAT margin %
+2250 bps -346 bps
0.4% 3.9% -22.1% EPS (₹)
from loss -90.5%
0.04 0.42 -0.87
Quality of profit
Pre-tax profit ₹0.3 Cr: core business −₹0.6 Cr, other income ₹0.9 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations ₹1.0 Cr.
Borrowings ₹122 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹29.6 ₹46.2
+55.9% above
M Cap ₹661 Cr
P/E 102.5
PEG —
Operating margin contracted 166 bps YoY 63% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+12.1% +6.1%
959 904 856 Operating profit
-2.8% -2.8%
104 107 107 OPM %
-166 bps -100 bps
10.8% 11.8% 12.5% Other income
-14.3% +20.0%
6.0 5.0 7.0 Net profit?
-50.0% +0.0%
7.0 7.0 14.0 PAT margin %
-91 bps -4 bps
0.7% 0.8% 1.6% EPS (₹)
-28.1% -12.8%
0.82 0.94 1.14
Quality of profit
Pre-tax profit ₹10.8 Cr: core business ₹4.0 Cr, other income ₹6.0 Cr, exceptional & other items ₹0.8 Cr.
Core profit YoY: -63.6%
· reported profit -50.0%
Cash & debt
FY25 cash from operations ₹452 Cr:
904% of FY25 net profit of ₹50.0 Cr.
Borrowings ₹313 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹928 ₹959
+3.3% in line Net profit ₹7.0 ₹7.0
+0.0% in line
M Cap ₹654 Cr
P/E 56.8
PEG —
Profit -68% below its own trend All of pre-tax profit came from other income or one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+21.8% +19.5%
320 268 263 Operating profit
+505.5% +123.6%
3.5 1.6 0.6 OPM %
+87 bps +51 bps
1.1% 0.6% 0.2% Other income
-77.7% -79.1%
2.1 10.1 9.4 Net profit?
-76.8% -79.8%
1.0 5.0 4.3 PAT margin %
-133 bps -153 bps
0.3% 1.8% 1.6% EPS (₹)
-66.7% -66.7%
0.01 0.03 0.03
Quality of profit
Pre-tax profit ₹2.4 Cr: core business −₹1.1 Cr, other income ₹2.1 Cr, exceptional & other items ₹1.4 Cr.
Core profit YoY: loss narrowed
· reported profit -76.8%
Cash & debt
FY25 cash from operations ₹51.0 Cr:
224% of FY25 net profit of ₹22.7 Cr.
Borrowings ₹89.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹307 ₹320
+4.5% in line Net profit ₹3.1 ₹1.0
-68.1% below
Profit -67% below its own trend Operating margin contracted 964 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
+0.4% +25.6%
280 223 279 Operating profit
-44.0% -15.8%
34.0 40.4 60.8 OPM %
-964 bps -598 bps
12.1% 18.1% 21.8% Other income
+15.0% +39.9%
2.0 1.4 1.7 Net profit
-79.9% -50.2%
6.0 12.1 29.9 PAT margin %
-858 bps -327 bps
2.1% 5.4% 10.7% EPS (₹)
-80.8% -52.2%
0.66 1.38 3.43
Quality of profit
Pre-tax profit ₹24.6 Cr: core business −₹19.8 Cr, other income ₹2.0 Cr, exceptional & other items ₹42.4 Cr.
Core profit YoY: to loss
· reported profit -79.9%
Cash & debt
FY25 cash from operations ₹177 Cr:
154% of FY25 net profit of ₹115 Cr.
Borrowings ₹654 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹254 ₹280
+10.2% above Net profit ₹17.9 ₹6.0
-66.5% below
Turnaround: profit against a loss a year ago All of pre-tax profit came from other income or one-off items Operating cash flow was negative in FY25 despite a profit Borrowings down 41% since Mar 2025
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
— —
0.0 0.0 0.0 Operating profit
loss narrowed loss narrowed -10.0 -12.9 -10.0 Other income
— —
632 23.2 30.4 Net profit?
from loss —
612 9.8 -7.5 EPS (₹)
from loss —
102.01 1.64 -1.25
Quality of profit
Pre-tax profit ₹621 Cr: core business −₹10.0 Cr, other income ₹632 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations −₹171 Cr:
-696% of FY25 net profit of ₹24.6 Cr.
Borrowings ₹1,177 Cr at Sep 2025, against ₹1,981 Cr at Mar 2025 (-41% ).
M Cap ₹640 Cr
P/E 13.9
PEG 0.21
Turnaround: profit against a loss a year ago 94% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+0.0% +0.0%
1.0 1.0 1.0 Operating profit
from loss from loss 1.0 -10.0 -3.0 OPM %
— —
100.0% — — Other income
— —
17.0 0.0 0.0 Net profit?
from loss from loss 15.0 -8.0 -35.0 EPS (₹)
from loss from loss 1.33 -0.74 -3.22
Quality of profit
Pre-tax profit ₹17.0 Cr: core business ₹1.0 Cr, other income ₹17.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: from loss
Cash & debt
FY25 cash from operations ₹0.0 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1.0 ₹1.0
+0.0% in line
M Cap ₹635 Cr
P/E 27.1
PEG —
36% of pre-tax profit came from other income and one-off items
₹ Cr QoQ
Sep 2025 Jun 2025
Sales
+24.2%
49.3 39.7 Operating profit
+69.0%
6.3 3.7 OPM %
+338 bps
12.7% 9.4% Other income
-49.1%
2.7 5.3 Net profit?
+10.7%
6.3 5.7 PAT margin %
-154 bps
12.7% 14.2% EPS (₹)
—
1.96 —
Quality of profit
Pre-tax profit ₹7.4 Cr: core business ₹4.7 Cr, other income ₹2.7 Cr.
M Cap ₹633 Cr
P/E 21.8
PEG 1.21
Operating margin contracted 1035 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
+43.2% +2.0%
32.7 32.1 22.9 Operating profit
+15.7% -11.5%
14.2 16.1 12.3 OPM %
-1035 bps -661 bps
43.5% 50.1% 53.8% Other income
-10.5% +55.8%
4.4 2.8 4.9 Net profit?
+14.7% -3.5%
12.7 13.1 11.0 PAT margin %
-961 bps -218 bps
38.7% 40.9% 48.3% EPS (₹)
+16.2% -3.4%
6.18 6.40 5.32
Quality of profit
Pre-tax profit ₹15.3 Cr: core business ₹10.9 Cr, other income ₹4.4 Cr.
Core profit YoY: +20.5%
· reported profit +14.7%
Cash & debt
FY25 cash from operations ₹35.0 Cr:
78% of FY25 net profit of ₹44.7 Cr.
Borrowings ₹44.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹26.8 ₹32.7
+22.2% above Net profit ₹12.8 ₹12.7
-1.1% in line
M Cap ₹632 Cr
P/E 39.6
PEG —
Operating margin expanded 347 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
+0.3% -5.1%
135 142 134 Operating profit
+44.3% -25.0%
15.3 20.4 10.6 OPM %
+347 bps -301 bps
11.4% 14.4% 7.9% Other income
-23.9% -15.4%
4.5 5.3 5.9 Net profit?
-67.8% +2.0%
4.2 4.1 12.9 PAT margin %
-654 bps +21 bps
3.1% 2.9% 9.6% EPS (₹)
-67.9% +0.0%
0.17 0.17 0.53
Quality of profit
Pre-tax profit ₹1.7 Cr: core business −₹2.8 Cr, other income ₹4.5 Cr.
Core profit YoY: loss narrowed
· reported profit -67.8%
Against its own trend ?
Trend Actual Gap
Sales ₹199 ₹135
-32.2% below
M Cap ₹626 Cr
P/E 116.5
PEG 14.56
Profit -57% below its own trend Operating margin expanded 119 bps YoY 80% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+16.8% -0.8%
26.8 27.0 22.9 Operating profit
+22.4% -5.5%
7.0 7.4 5.7 OPM %
+119 bps -129 bps
26.0% 27.3% 24.8% Other income
+107.8% -6.5%
1.0 1.0 0.5 Net profit?
-14.9% -70.1%
0.3 1.1 0.4 PAT margin %
-46 bps -285 bps
1.2% 4.1% 1.7% EPS (₹)
-63.9% -81.2%
0.13 0.69 0.36
Quality of profit
Pre-tax profit ₹1.2 Cr: core business ₹0.2 Cr, other income ₹1.0 Cr.
Core profit YoY: -33.4%
· reported profit -14.9%
Cash & debt
FY25 cash from operations ₹28.0 Cr:
73% of FY25 net profit of ₹38.2 Cr.
Borrowings ₹42.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹45.9 ₹26.8
-41.6% below Net profit ₹0.8 ₹0.3
-57.4% below
M Cap ₹625 Cr
P/E 25.1
PEG 1.67
Operating margin contracted 274 bps YoY 26% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit +17%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+20.7% +7.9%
104 96.3 86.1 Operating profit
-1.3% -3.0%
12.8 13.2 12.9 OPM %
-274 bps -138 bps
12.3% 13.7% 15.0% Other income
+518.7% +5.8%
1.9 1.8 0.3 Net profit?
+38.5% -8.3%
5.0 5.4 3.6 PAT margin %
+62 bps -85 bps
4.8% 5.6% 4.2% EPS (₹)
+14.3% -8.0%
1.04 1.13 0.91
Quality of profit
Pre-tax profit ₹7.2 Cr: core business ₹5.3 Cr, other income ₹1.9 Cr.
Core profit YoY: +16.5%
· reported profit +38.5%
Cash & debt
FY25 cash from operations ₹53.0 Cr:
225% of FY25 net profit of ₹23.5 Cr.
Borrowings ₹173 Cr at Mar 2025.
M Cap ₹625 Cr
P/E 15.2
PEG 7.62
Profit +78% above its own trend Operating margin contracted 1759 bps YoY 67% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -41%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+0.6% -3.9%
20.1 21.0 20.0 Operating profit
-28.3% -36.9%
8.8 13.9 12.3 OPM %
-1759 bps -2277 bps
43.6% 66.4% 61.2% Other income
+31.7% +120.3%
7.9 3.6 6.0 Net profit?
+33.3% +18.1%
8.8 7.5 6.6 PAT margin %
+1073 bps +815 bps
43.7% 35.5% 33.0% EPS (₹)
+33.3% +16.1%
0.36 0.31 0.27
Quality of profit
Pre-tax profit ₹12.2 Cr: core business ₹4.0 Cr, other income ₹7.9 Cr.
Core profit YoY: -40.9%
· reported profit +33.3%
Cash & debt
FY25 cash from operations ₹85.0 Cr:
161% of FY25 net profit of ₹52.6 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹14.6 ₹20.1
+37.8% above Net profit ₹4.9 ₹8.8
+78.1% above
M Cap ₹611 Cr
P/E 15.9
PEG —
34% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+15.1% +6.7%
234 219 203 Operating profit
+11.0% +13.2%
21.3 18.8 19.2 OPM %
-34 bps +53 bps
9.1% 8.6% 9.5% Other income
+84.6% +158.7%
7.0 2.7 3.8 Net profit?
+32.9% +6.8%
15.4 14.4 11.6 PAT margin %
+88 bps +1 bps
6.6% 6.6% 5.7% EPS (₹)
+31.2% +6.6%
2.73 2.56 2.08
Quality of profit
Pre-tax profit ₹20.6 Cr: core business ₹13.6 Cr, other income ₹7.0 Cr.
Core profit YoY: +15.0%
· reported profit +32.9%
Cash & debt
FY25 cash from operations ₹92.0 Cr:
129% of FY25 net profit of ₹71.5 Cr.
Borrowings ₹95.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹245 ₹234
-4.7% in line Net profit ₹16.8 ₹15.4
-8.3% in line
M Cap ₹604 Cr
P/E 28.6
PEG —
Profit +235% above its own trend Operating margin expanded 103 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
+3.0% +15.5%
165 143 160 Operating profit
+26.0% +86.5%
9.3 5.0 7.4 OPM %
+103 bps +214 bps
5.6% 3.5% 4.6% Other income
+95.9% +57.6%
1.0 0.6 0.5 Net profit?
+228.9% from loss 3.2 -0.4 1.0 PAT margin %
+133 bps +219 bps
1.9% -0.3% 0.6% EPS (₹)
+228.8% from loss 2.17 -0.26 0.66
Quality of profit
Pre-tax profit ₹2.6 Cr: core business −₹3.5 Cr, other income ₹1.0 Cr, exceptional & other items ₹5.1 Cr.
Core profit YoY: to loss
· reported profit +228.9%
Cash & debt
FY25 cash from operations ₹33.0 Cr:
1172% of FY25 net profit of ₹2.8 Cr.
Borrowings ₹46.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹158 ₹165
+4.6% in line Net profit ₹1.0 ₹3.2
+235.1% above
M Cap ₹594 Cr
P/E 44.4
PEG —
Profit +89% above its own trend 43% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -24%) FY25 operating cash flow was only 0% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-7.0% -9.5%
191 211 205 Operating profit
+4.6% +61.1%
8.0 4.9 7.6 OPM %
+46 bps +183 bps
4.2% 2.3% 3.7% Other income
+204.5% +68.3%
3.4 2.0 1.1 Net profit
+12.5% +111.4%
5.8 2.7 5.1 PAT margin %
+52 bps +173 bps
3.0% 1.3% 2.5% EPS (₹)
+12.6% +114.0%
1.07 0.50 0.95
Quality of profit
Pre-tax profit ₹7.8 Cr: core business ₹4.4 Cr, other income ₹3.4 Cr.
Core profit YoY: -24.1%
· reported profit +12.5%
Cash & debt
FY25 cash from operations ₹0.0 Cr:
0% of FY25 net profit of ₹15.5 Cr.
Borrowings ₹90.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹194 ₹191
-1.6% in line Net profit ₹3.1 ₹5.8
+88.7% above
M Cap ₹588 Cr
P/E 45.9
PEG —
Profit +22% above its own trend Operating margin contracted 433 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
+29.4% +20.9%
198 164 153 Operating profit
-42.8% +17.5%
6.8 5.8 11.9 OPM %
-433 bps -10 bps
3.4% 3.5% 7.8% Other income
+45.9% -0.9%
11.9 12.1 8.2 Net profit?
+19.9% +23.9%
3.8 3.0 3.2 PAT margin %
-15 bps +5 bps
1.9% 1.9% 2.1% EPS (₹)
+100.0% +33.3%
0.04 0.03 0.02
Quality of profit
Pre-tax profit ₹5.4 Cr: core business −₹6.6 Cr, other income ₹11.9 Cr.
Core profit YoY: loss widened
· reported profit +19.9%
Cash & debt
FY25 cash from operations ₹79.0 Cr:
1124% of FY25 net profit of ₹7.0 Cr.
Borrowings ₹156 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹144 ₹198
+37.8% above Net profit ₹3.1 ₹3.8
+21.8% above
Turnaround: profit against a loss a year ago Operating margin expanded 547 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
-0.9% +2.3%
128 125 129 Operating profit
+700.0% +33.3%
8.0 6.0 1.0 OPM %
+547 bps +145 bps
6.2% 4.8% 0.8% Other income
from loss -54.5%
10.0 22.0 -2.0 Net profit?
from loss -62.5%
6.0 16.0 -12.0 PAT margin %
+1396 bps -808 bps
4.7% 12.8% -9.3% EPS (₹)
from loss -61.2%
0.57 1.47 -1.11
Quality of profit
Pre-tax profit ₹8.0 Cr: core business −₹2.0 Cr, other income ₹10.0 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations −₹24.0 Cr.
Borrowings ₹44.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹148 ₹128
-13.2% below
M Cap ₹574 Cr
P/E 6.4
PEG 0.08
Profit -64% below its own trend Operating margin expanded 306 bps YoY All of pre-tax profit came from other income or one-off items FY25 operating cash flow was only 49% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+14.5% +7.6%
197 183 172 Operating profit
loss narrowed loss widened -10.0 -9.0 -14.0 OPM %
+306 bps -16 bps
-5.1% -4.9% -8.1% Other income
-22.1% +3.9%
28.1 27.0 36.0 Net profit?
-27.9% -2.3%
10.0 10.2 13.9 PAT margin %
-298 bps -52 bps
5.1% 5.6% 8.1% EPS (₹)
-27.1% -1.4%
1.37 1.39 1.88
Quality of profit
Pre-tax profit ₹11.3 Cr: core business −₹17.1 Cr, other income ₹28.1 Cr.
Core profit YoY: loss narrowed
· reported profit -27.9%
Cash & debt
FY25 cash from operations ₹38.0 Cr:
49% of FY25 net profit of ₹77.4 Cr.
Borrowings ₹40.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹185 ₹197
+6.5% above Net profit ₹27.7 ₹10.0
-64.0% below
Turnaround: profit against a loss a year ago Operating margin contracted 359 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
-4.4% -12.4%
340 389 356 Operating profit
to loss to loss -4.1 15.2 8.5 OPM %
-359 bps -512 bps
-1.2% 3.9% 2.4% Other income
+381.7% +221.5%
46.3 14.4 9.6 Net profit?
from loss +303.2%
16.5 4.1 -3.2 PAT margin %
+575 bps +379 bps
4.8% 1.1% -0.9% EPS (₹)
from loss +302.1%
3.82 0.95 -0.75
Quality of profit
Pre-tax profit ₹19.7 Cr: core business −₹26.6 Cr, other income ₹46.3 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations ₹78.0 Cr:
425% of FY25 net profit of ₹18.4 Cr.
Borrowings ₹622 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹381 ₹340
-10.8% below
M Cap ₹565 Cr
P/E 12.0
PEG 0.52
Operating margin contracted 563 bps YoY 48% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit +19%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+69.6% +0.0%
95.0 95.0 56.0 Operating profit
+37.6% +35.3%
23.0 17.0 16.7 OPM %
-563 bps +632 bps
24.2% 17.9% 29.8% Other income
+66.9% —
0.7 0.0 0.4 Net profit?
+133.3% +16.7%
14.0 12.0 6.0 PAT margin %
+402 bps +211 bps
14.7% 12.6% 10.7% EPS (₹)
+128.9% +38.2%
5.79 4.19 2.53
Quality of profit
Pre-tax profit ₹32.3 Cr: core business ₹16.6 Cr, other income ₹0.7 Cr, exceptional & other items ₹15.0 Cr.
Core profit YoY: +19.5%
· reported profit +133.3%
Cash & debt
FY25 cash from operations ₹10.0 Cr.
Borrowings ₹51.0 Cr at Mar 2025.
M Cap ₹560 Cr
P/E 13.6
PEG —
Profit -26% below its own trend 37% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -55%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-24.9% -58.8%
245 594 326 Operating profit
-20.0% -22.5%
28.0 36.1 35.0 OPM %
+71 bps +536 bps
11.4% 6.1% 10.7% Other income
+150.1% +194.0%
5.0 1.7 2.0 Net profit?
-33.4% -8.0%
12.0 13.0 18.0 PAT margin %
-62 bps +270 bps
4.9% 2.2% 5.5% EPS (₹)
-35.0% -7.9%
8.02 8.71 12.33
Quality of profit
Pre-tax profit ₹13.6 Cr: core business ₹8.6 Cr, other income ₹5.0 Cr.
Core profit YoY: -54.9%
· reported profit -33.4%
Cash & debt
FY25 cash from operations ₹100 Cr:
87% of FY25 net profit of ₹116 Cr.
Borrowings ₹435 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹354 ₹245
-30.8% below Net profit ₹16.2 ₹12.0
-26.1% below
Operating margin expanded 908 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
+97.8% +9.5%
452 412 228 Operating profit
loss narrowed loss narrowed -4.1 -29.6 -22.8 OPM %
+908 bps +626 bps
-0.9% -7.2% -10.0% Other income
-14.8% +20.3%
47.3 39.3 55.5 Net profit?
loss narrowed loss narrowed -4.0 -13.3 -10.1 PAT margin %
+354 bps +234 bps
-0.9% -3.2% -4.4% EPS (₹)
loss narrowed loss narrowed -0.17 -0.58 -0.33
Quality of profit
Pre-tax profit ₹2.9 Cr: core business −₹44.4 Cr, other income ₹47.3 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations ₹57.0 Cr.
Borrowings ₹717 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹250 ₹452
+80.3% above
M Cap ₹545 Cr
P/E 54.2
PEG 0.46
Profit +303% above its own trend Operating margin expanded 249 bps YoY 40% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +567%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+5.9% +0.3%
69.1 68.8 65.3 Operating profit
+38.6% -7.0%
7.3 7.8 5.2 OPM %
+249 bps -83 bps
10.5% 11.4% 8.0% Other income
+83.7% -0.7%
1.5 1.5 0.8 Net profit?
+412.7% -8.8%
3.0 3.3 0.6 PAT margin %
+348 bps -44 bps
4.4% 4.8% 0.9% EPS (₹)
+200.0% +0.0%
0.03 0.03 0.01
Quality of profit
Pre-tax profit ₹4.1 Cr: core business ₹2.5 Cr, other income ₹1.5 Cr.
Core profit YoY: +566.6%
· reported profit +412.7%
Cash & debt
FY25 cash from operations −₹21.0 Cr:
-329% of FY25 net profit of ₹6.4 Cr.
Borrowings ₹5.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹79.6 ₹69.1
-13.2% below Net profit ₹0.8 ₹3.0
+303.3% above
M Cap ₹532 Cr
P/E 11.3
PEG 0.28
Profit +84% above its own trend 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
+25.4% -17.8%
706 859 563 Operating profit
-21.4% -12.4%
11.0 12.6 14.0 OPM %
-93 bps +10 bps
1.6% 1.5% 2.5% Other income
+148.0% +18.7%
5.0 4.2 2.0 Net profit?
+200.0% +179.8%
18.0 6.4 6.0 PAT margin %
+148 bps +180 bps
2.5% 0.7% 1.1% EPS (₹)
+217.6% +170.0%
0.54 0.20 0.17
Quality of profit
Pre-tax profit ₹27.8 Cr: core business −₹5.3 Cr, other income ₹5.0 Cr, exceptional & other items ₹28.1 Cr.
Core profit YoY: to loss
· reported profit +200.0%
Cash & debt
FY25 cash from operations −₹39.0 Cr:
-167% of FY25 net profit of ₹23.3 Cr.
Borrowings ₹224 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹634 ₹706
+11.3% above Net profit ₹9.8 ₹18.0
+84.4% above
Operating margin contracted 1107 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
-22.8% +22.1%
125 102 162 Operating profit
-74.1% from loss 7.0 -0.9 27.0 OPM %
-1107 bps +647 bps
5.6% -0.9% 16.7% Other income
— -66.8%
5.0 15.1 0.0 Net profit?
-76.5% -2.9%
4.0 4.1 17.0 PAT margin %
-729 bps -82 bps
3.2% 4.0% 10.5% EPS (₹)
-77.2% +9.0%
2.17 1.99 9.51
Quality of profit
Pre-tax profit ₹4.0 Cr: core business −₹2.0 Cr, other income ₹5.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: to loss
· reported profit -76.5%
Cash & debt
FY25 cash from operations ₹5.0 Cr:
162% of FY25 net profit of ₹3.1 Cr.
Borrowings ₹134 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹161 ₹125
-22.6% below
Turnaround: profit against a loss a year ago All of pre-tax profit came from other income or one-off items Exceptional items of ₹-6,466 Cr in the quarter Borrowings down 53% since Mar 2025
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-49.4% +68.8%
13.5 8.0 26.7 Operating profit
loss narrowed loss widened -3.6 -3.0 -30.5 OPM %
— +1066 bps
-26.8% -37.5% — Other income
-0.6% —
0.1 0.0 0.1 Net profit?
from loss from loss 6,306 -400 -351 EPS (₹)
from loss from loss 1043.40 -155.62 -136.57
Quality of profit
Pre-tax profit ₹6,306 Cr: core business −₹160 Cr, other income ₹0.1 Cr, exceptional & other items ₹6,466 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations ₹11.0 Cr.
Borrowings ₹1,436 Cr at Sep 2025, against ₹3,040 Cr at Mar 2025 (-53% ).
Against its own trend ?
Trend Actual Gap
Sales ₹13.3 ₹13.5
+1.3% in line
M Cap ₹506 Cr
P/E 20.7
PEG —
Profit +26% above its own trend 46% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -8%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+6.6% +12.0%
135 120 126 Operating profit
-1.5% +4.2%
7.6 7.3 7.8 OPM %
-47 bps -42 bps
5.7% 6.1% 6.1% Other income
-2.5% -8.6%
4.2 4.7 4.4 Net profit?
+17.5% -4.0%
6.5 6.7 5.5 PAT margin %
+44 bps -80 bps
4.8% 5.6% 4.3% EPS (₹)
+16.8% -4.3%
1.11 1.16 0.95
Quality of profit
Pre-tax profit ₹9.2 Cr: core business ₹4.9 Cr, other income ₹4.2 Cr.
Core profit YoY: -7.7%
· reported profit +17.5%
Cash & debt
FY25 cash from operations ₹20.0 Cr:
105% of FY25 net profit of ₹19.1 Cr.
Borrowings ₹7.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹145 ₹135
-6.9% below Net profit ₹5.1 ₹6.5
+26.3% above
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, 20:15 IST
