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 15 of 170
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M Cap ₹15,510 Cr
P/E —
PEG —
Operating margin expanded 180 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-43.2% -16.7%
690 828 1,214 Operating profit
loss narrowed loss narrowed -203 -237 -379 OPM %
+180 bps -80 bps
-29.4% -28.6% -31.2% Other income
-34.0% -2.9%
66.0 68.0 100 Net profit?
loss narrowed loss narrowed -418 -428 -495 PAT margin %
-1981 bps -889 bps
-60.6% -51.7% -40.8% EPS (₹)
loss narrowed loss narrowed -0.95 -0.97 -1.20
Quality of profit
Pre-tax profit −₹418 Cr: core business −₹484 Cr, other income ₹66.0 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations −₹2,391 Cr.
Borrowings ₹3,556 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹795 ₹690
-13.2% below
M Cap ₹15,405 Cr
P/E —
PEG —
Into loss: a profit a year ago Profit -247% below its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+65.1% +5.6%
526 499 319 Operating profit
to loss to loss -922 47.4 25.2 Other income
— —
881 77.1 25.3 Net profit?
to loss to loss -34.0 51.3 16.2 PAT margin %
-1155 bps -1675 bps
-6.5% 10.3% 5.1% EPS (₹)
to loss to loss -0.79 7.73 3.11
Quality of profit
Pre-tax profit −₹41.7 Cr: core business −₹990 Cr, other income ₹881 Cr, exceptional & other items ₹68.0 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations ₹66.0 Cr:
114% of FY25 net profit of ₹57.9 Cr.
Borrowings ₹219 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹578 ₹526
-8.9% below Net profit ₹23.1 −₹34.0
-247.2% below
M Cap ₹15,348 Cr
P/E 15.8
PEG —
Profit -49% below its own trend Operating margin contracted 1323 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+7.0% -19.2%
964 1,193 900 Operating profit
-23.8% -46.4%
315 588 414 OPM %
-1323 bps -1659 bps
32.7% 49.3% 45.9% Other income
-38.8% -33.9%
26.0 39.3 42.4 Net profit?
-46.5% -55.5%
177 399 332 PAT margin %
-1845 bps -1503 bps
18.4% 33.4% 36.9% EPS (₹)
-47.2% -58.0%
4.57 10.89 adj. 8.65
EPS restated for the ₹2 to ₹1 split of Jan 2025: Sep 2024 ₹17.30 to ₹8.65.
Quality of profit
Pre-tax profit ₹244 Cr: core business ₹218 Cr, other income ₹26.0 Cr.
Core profit YoY: -31.6%
· reported profit -46.5%
Cash & debt
FY25 cash from operations ₹2,157 Cr:
150% of FY25 net profit of ₹1,434 Cr.
Borrowings ₹893 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹879 ₹964
+9.6% above Net profit ₹346 ₹177
-48.6% below
M Cap ₹15,327 Cr
P/E 49.2
PEG 6.15
Profit -40% below its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+18.1% -9.9%
1,249 1,386 1,058 Operating profit
+11.2% -12.0%
137 156 124 OPM %
-68 bps -27 bps
11.0% 11.3% 11.7% Other income
-67.9% +26.7%
4.2 3.3 13.0 Net profit?
-25.0% -28.1%
47.0 65.3 62.7 PAT margin %
-216 bps -95 bps
3.8% 4.7% 5.9% EPS (₹)
-24.8% -29.1%
1.97 2.78 2.62
Quality of profit
Pre-tax profit ₹63.0 Cr: core business ₹58.8 Cr, other income ₹4.2 Cr.
Core profit YoY: -16.3%
· reported profit -25.0%
Cash & debt
FY25 cash from operations ₹544 Cr:
235% of FY25 net profit of ₹231 Cr.
Borrowings ₹1,614 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,143 ₹1,249
+9.2% above Net profit ₹78.8 ₹47.0
-40.4% below
M Cap ₹15,325 Cr
P/E 6.7
PEG 0.26
Profit -26% below its own trend Gross NPA down 63 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
+0.8% -2.1%
3,450 3,523 3,424 Net interest income
-0.1% -2.2%
1,435 1,467 1,436 Other income
-47.8% -38.0%
157 253 301 Net profit?
-10.5% +2.2%
495 485 553 EPS (₹)
-10.6% +2.0%
4.49 4.40 5.02 Gross NPA %
-63 bps -18 bps
3.3% 3.5% 4.0% Net NPA %
-9 bps -6 bps
0.8% 0.8% 0.8%
Against its own trend ?
Trend Actual Gap
NII ₹1,546 ₹1,435
-7.2% below Net profit ₹666 ₹495
-25.6% below
M Cap ₹15,295 Cr
P/E 60.4
PEG 0.68
Operating margin expanded 1173 bps YoY 35% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +174%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+25.3% +11.6%
193 173 154 Operating profit
+93.9% +45.5%
64.0 44.0 33.0 OPM %
+1173 bps +773 bps
33.2% 25.4% 21.4% Other income
+61.1% +16.0%
29.0 25.0 18.0 Net profit?
+106.5% +36.2%
64.0 47.0 31.0 PAT margin %
+1303 bps +599 bps
33.2% 27.2% 20.1% EPS (₹)
+112.7% +38.8%
12.53 9.03 5.89
Quality of profit
Pre-tax profit ₹80.0 Cr: core business ₹52.0 Cr, other income ₹29.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +173.7%
· reported profit +106.5%
Cash & debt
FY25 cash from operations ₹171 Cr:
117% of FY25 net profit of ₹146 Cr.
Borrowings ₹131 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹192 ₹193
+0.7% in line Net profit ₹62.0 ₹64.0
+3.2% in line
M Cap ₹15,277 Cr
P/E 69.1
PEG —
Profit -40% below its own trend Operating margin contracted 552 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+2.2% +4.2%
911 874 891 Operating profit
-18.3% -3.1%
200 206 245 OPM %
-552 bps -165 bps
22.0% 23.6% 27.5% Other income
-9.1% -15.3%
15.0 17.7 16.5 Net profit?
-36.9% -22.7%
67.0 86.7 106 PAT margin %
-455 bps -256 bps
7.4% 9.9% 11.9% EPS (₹)
-36.7% -22.7%
1.67 2.16 2.64
Quality of profit
Pre-tax profit ₹85.0 Cr: core business ₹71.0 Cr, other income ₹15.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: -41.2%
· reported profit -36.9%
Cash & debt
FY25 cash from operations ₹1,168 Cr:
235% of FY25 net profit of ₹496 Cr.
Borrowings ₹578 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹986 ₹911
-7.6% below Net profit ₹112 ₹67.0
-40.3% below
M Cap ₹15,269 Cr
P/E 16.0
PEG —
Profit +208% above its own trend Operating margin contracted 1053 bps YoY 93% of pre-tax profit came from other income and one-off items Exceptional items of ₹474 Cr in the quarter Profit grew faster than the core business (core profit -61%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-11.0% -28.0%
528 733 593 Operating profit
-50.7% -59.2%
69.0 169 140 OPM %
-1053 bps -999 bps
13.1% 23.1% 23.6% Other income
+840.3% +647.4%
583 78.0 62.0 Net profit?
+264.3% +184.4%
466 164 128 PAT margin %
+6672 bps +6593 bps
88.3% 22.4% 21.6% EPS (₹)
+264.4% +184.5%
14.65 5.15 4.02
Quality of profit
Pre-tax profit ₹630 Cr: core business ₹46.0 Cr, other income ₹583 Cr, exceptional & other items ₹0.7 Cr.
Core profit YoY: -61.0%
· reported profit +264.3%
Cash & debt
FY25 cash from operations ₹1,059 Cr:
154% of FY25 net profit of ₹687 Cr.
Borrowings ₹126 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹654 ₹528
-19.3% below Net profit ₹151 ₹466
+208.0% above
M Cap ₹15,255 Cr
P/E 114.2
PEG 3.94
Profit -29% below its own trend FY25 operating cash flow was only 39% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+39.1% +18.3%
382 323 275 Operating profit
+28.1% +29.2%
38.6 29.9 30.1 OPM %
-86 bps +85 bps
10.1% 9.2% 11.0% Other income
+102.1% +377.4%
7.9 1.7 3.9 Net profit?
+42.9% +75.7%
25.0 14.2 17.5 PAT margin %
+18 bps +213 bps
6.5% 4.4% 6.4% EPS (₹)
+41.5% +75.2%
3.75 2.14 2.65
Quality of profit
Pre-tax profit ₹33.6 Cr: core business ₹25.7 Cr, other income ₹7.9 Cr.
Core profit YoY: +31.5%
· reported profit +42.9%
Cash & debt
FY25 cash from operations ₹25.0 Cr:
39% of FY25 net profit of ₹63.4 Cr.
Borrowings ₹180 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹406 ₹382
-5.7% below Net profit ₹35.0 ₹25.0
-28.5% below
M Cap ₹15,243 Cr
P/E 21.1
PEG —
28% of pre-tax profit came from other income and one-off items
₹ Cr QoQ
Sep 2025 Jun 2025
Sales
-7.9%
1,436 1,560 Operating profit
-17.2%
268 323 OPM %
-208 bps
18.6% 20.7% Other income
from loss 33.5 -1,444 Net profit?
from loss 75.4 -1,366 PAT margin %
+9281 bps
5.2% -87.6% EPS (₹)
from loss 0.71 -13.31
Quality of profit
Pre-tax profit ₹121 Cr: core business ₹87.7 Cr, other income ₹33.5 Cr.
M Cap ₹15,239 Cr
P/E 41.1
PEG 4.11
Operating margin expanded 342 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+28.7% +8.3%
1,671 1,542 1,298 Operating profit
+145.3% -10.3%
120 134 49.1 OPM %
+342 bps -150 bps
7.2% 8.7% 3.8% Other income
-86.5% -46.1%
8.7 16.2 64.9 Net profit?
-19.8% +4.5%
53.9 51.6 67.2 PAT margin %
-195 bps -12 bps
3.2% 3.3% 5.2% EPS (₹)
-19.8% +4.7%
2.67 2.55 3.33
Quality of profit
Pre-tax profit ₹79.9 Cr: core business ₹61.9 Cr, other income ₹8.7 Cr, exceptional & other items ₹9.3 Cr.
Core profit YoY: from loss
· reported profit -19.8%
Cash & debt
FY25 cash from operations ₹425 Cr:
97% of FY25 net profit of ₹437 Cr.
Borrowings ₹2,627 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,309 ₹1,671
+27.6% above Net profit ₹50.6 ₹53.9
+6.5% in line
M Cap ₹15,232 Cr
P/E 38.9
PEG 0.61
Turnaround: profit against a loss a year ago Operating margin expanded 646 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+44.3% +9.4%
1,705 1,558 1,181 Operating profit
from loss +14.2%
99.3 87.0 -7.4 OPM %
+646 bps +25 bps
5.8% 5.6% -0.6% Other income
— —
6.3 0.0 0.0 Net profit
from loss +28.0%
58.5 45.7 -17.4 PAT margin %
+491 bps +50 bps
3.4% 2.9% -1.5% EPS (₹)
from loss +27.9%
18.82 14.71 -6.36
Quality of profit
Pre-tax profit ₹78.4 Cr: core business ₹72.1 Cr, other income ₹6.3 Cr.
Core profit YoY: from loss
Cash & debt
FY25 cash from operations −₹424 Cr:
-357% of FY25 net profit of ₹119 Cr.
Borrowings ₹797 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,499 ₹1,705
+13.7% above
M Cap ₹15,222 Cr
P/E 61.3
PEG 0.52
Turnaround: profit against a loss a year ago Operating margin expanded 1563 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
+16.5% -9.6%
538 595 462 Operating profit
from loss +4.3%
48.0 46.0 -31.0 OPM %
+1563 bps +119 bps
8.9% 7.7% -6.7% Other income
+0.0% -16.7%
20.0 24.0 20.0 Net profit?
from loss -4.9%
39.0 41.0 -19.0 PAT margin %
+1136 bps +36 bps
7.2% 6.9% -4.1% EPS (₹)
from loss -4.7%
1.21 1.27 -0.57
Quality of profit
Pre-tax profit ₹53.0 Cr: core business ₹33.0 Cr, other income ₹20.0 Cr.
Core profit YoY: from loss
Cash & debt
FY25 cash from operations ₹102 Cr:
156% of FY25 net profit of ₹65.2 Cr.
Borrowings ₹136 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹458 ₹538
+17.5% above
M Cap ₹15,173 Cr
P/E 7.9
PEG 0.31
Operating margin contracted 505 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+47.5% +12.6%
6,413 5,698 4,346 Operating profit
+6.5% +10.6%
842 761 790 OPM %
-505 bps -23 bps
13.1% 13.4% 18.2% Other income
-7.8% -6.3%
40.6 43.3 44.1 Net profit?
+21.0% +18.2%
649 549 536 PAT margin %
-222 bps +48 bps
10.1% 9.6% 12.3% EPS (₹)
+20.9% +18.2%
16.19 13.70 13.39
Quality of profit
Pre-tax profit ₹842 Cr: core business ₹754 Cr, other income ₹40.6 Cr, exceptional & other items ₹47.0 Cr.
Core profit YoY: +6.9%
· reported profit +21.0%
Cash & debt
FY25 cash from operations ₹1,394 Cr:
85% of FY25 net profit of ₹1,649 Cr.
Borrowings ₹99.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹4,471 ₹6,413
+43.4% above Net profit ₹689 ₹649
-5.9% in line
M Cap ₹15,151 Cr
P/E 44.1
PEG 0.30
Operating margin expanded 169 bps YoY Core business grew faster than reported profit (core profit +203%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+93.0% +31.2%
1,484 1,131 769 Operating profit
+157.9% +40.1%
100 71.4 38.8 OPM %
+169 bps +43 bps
6.7% 6.3% 5.0% Other income
-59.5% +84.3%
8.0 4.3 19.7 Net profit?
+82.5% +53.7%
67.0 43.6 36.7 PAT margin %
-26 bps +66 bps
4.5% 3.9% 4.8% EPS (₹)
— +45.8%
4.33 2.97 34.58
No EPS growth against Sep 2024: 9:1 bonus in Dec 2024.
Quality of profit
Pre-tax profit ₹88.0 Cr: core business ₹80.0 Cr, other income ₹8.0 Cr.
Core profit YoY: +202.6%
· reported profit +82.5%
Cash & debt
FY25 cash from operations −₹273 Cr:
-205% of FY25 net profit of ₹133 Cr.
Borrowings ₹630 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,538 ₹1,484
-3.5% in line Net profit ₹73.4 ₹67.0
-8.7% in line
M Cap ₹15,126 Cr
P/E 131.4
PEG 1.73
Operating margin expanded 575 bps YoY FY25 operating cash flow was only 18% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+40.0% +68.4%
225 134 161 Operating profit
+79.4% +44.1%
59.0 40.9 32.9 OPM %
+575 bps -442 bps
26.2% 30.6% 20.5% Other income
+68.7% +14.7%
1.0 0.9 0.6 Net profit?
+90.7% +69.6%
30.0 17.7 15.7 PAT margin %
+355 bps +9 bps
13.3% 13.2% 9.8% EPS (₹)
+78.8% +66.1%
0.93 0.56 0.52
Quality of profit
Pre-tax profit ₹43.0 Cr: core business ₹41.0 Cr, other income ₹1.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +87.5%
· reported profit +90.7%
Cash & debt
FY25 cash from operations ₹10.0 Cr:
18% of FY25 net profit of ₹56.4 Cr.
Borrowings ₹335 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹248 ₹225
-9.4% below Net profit ₹30.9 ₹30.0
-2.9% in line
M Cap ₹15,120 Cr
P/E 96.1
PEG —
35% of pre-tax profit came from other income and one-off items
₹ Cr QoQ
Sep 2025 Jun 2025
Sales
+32.1%
531 402 Operating profit
+25.9%
335 266 OPM %
-308 bps
63.1% 66.2% Other income
+200.0%
27.0 9.0 Net profit?
from loss 36.0 -17.0 PAT margin %
+1101 bps
6.8% -4.2% EPS (₹)
from loss 2.49 -2.80
Quality of profit
Pre-tax profit ₹79.0 Cr: core business ₹51.0 Cr, other income ₹27.0 Cr, exceptional & other items ₹1.0 Cr.
M Cap ₹15,117 Cr
P/E —
PEG —
Into loss: a profit a year ago Profit -155% below its own trend Operating margin contracted 2500 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-7.9% +21.3%
43.8 36.1 47.5 Operating profit
-42.7% +71.4%
18.0 10.5 31.4 OPM %
-2500 bps +1201 bps
41.1% 29.1% 66.1% Other income
+865.1% -44.7%
8.3 15.0 0.9 Net profit
to loss loss widened -13.5 -2.8 12.2 PAT margin %
-5628 bps -2287 bps
-30.7% -7.9% 25.6% EPS (₹)
to loss loss widened -0.67 -0.14 0.72
Quality of profit
Pre-tax profit −₹18.5 Cr: core business −₹26.8 Cr, other income ₹8.3 Cr.
Core profit YoY: to loss
Cash & debt
FY25 cash from operations ₹88.0 Cr:
185% of FY25 net profit of ₹47.5 Cr.
Borrowings ₹73.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹68.4 ₹43.8
-35.9% below Net profit ₹24.3 −₹13.5
-155.4% below
M Cap ₹15,078 Cr
P/E 10.9
PEG —
Profit -34% below its own trend Gross NPA down 129 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
+8.9% -0.2%
3,373 3,379 3,098 Net interest income
+8.8% +5.5%
950 900 873 Other income
+4.3% -20.1%
374 469 359 Operating profit (pre-provision)
+10.3% -6.5%
505 540 458 Provisions
-2.0% -32.0%
148 217 151 Net profit
+22.9% +9.4%
295 269 240 EPS (₹)
+20.0% +10.5%
0.42 0.38 0.35 Cost-to-income %
-96 bps +131 bps
61.9% 60.6% 62.8% Gross NPA %
-129 bps -42 bps
2.9% 3.3% 4.2% Net NPA %
-63 bps -8 bps
0.8% 0.9% 1.5%
Where profit came from
Pre-provision profit ₹505 Cr (+10.3% YoY); provisions ₹148 Cr (-2.0% YoY).
Net profit +22.9% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹1,119 ₹950
-15.1% below Net profit ₹447 ₹295
-34.0% below
M Cap ₹15,076 Cr
P/E 17.5
PEG —
Profit -23% below its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-0.9% +4.0%
2,480 2,386 2,502 Operating profit
+6.1% +2.7%
334 326 315 OPM %
+89 bps -17 bps
13.5% 13.7% 12.6% Other income
-54.9% -47.7%
36.8 70.3 81.6 Net profit?
-4.8% -9.6%
188 208 197 PAT margin %
-31 bps -113 bps
7.6% 8.7% 7.9% EPS (₹)
-5.1% -9.8%
6.57 7.28 6.92
Quality of profit
Pre-tax profit ₹249 Cr: core business ₹200 Cr, other income ₹36.8 Cr, exceptional & other items ₹12.3 Cr.
Core profit YoY: +1.0%
· reported profit -4.8%
Cash & debt
FY25 cash from operations ₹1,644 Cr:
185% of FY25 net profit of ₹887 Cr.
Borrowings ₹1,238 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,599 ₹2,480
-4.6% in line Net profit ₹245 ₹188
-23.4% below
M Cap ₹15,052 Cr
P/E —
PEG —
Operating margin contracted 205 bps YoY Exceptional items of ₹-2.6 Cr in the quarter
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+12.6% +1.5%
1,377 1,357 1,222 Operating profit
-1.7% -6.7%
192 206 196 OPM %
-205 bps -122 bps
14.0% 15.2% 16.0% Other income
+6.1% -62.0%
5.1 13.5 4.8 Net profit?
loss widened to loss -23.9 2.2 -4.9 PAT margin %
-134 bps -190 bps
-1.7% 0.2% -0.4% EPS (₹)
— to loss -0.16 0.03 0.00
Quality of profit
Pre-tax profit −₹29.1 Cr: core business −₹31.7 Cr, other income ₹5.1 Cr, exceptional & other items −₹2.6 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations ₹900 Cr.
Borrowings ₹3,188 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,619 ₹1,377
-15.0% below
M Cap ₹15,014 Cr
P/E 76.3
PEG 2.12
Profit -92% below its own trend Operating margin contracted 381 bps YoY All of pre-tax profit came from other income or one-off items Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-2.4% -56.4%
655 1,504 671 Operating profit
-46.6% -75.2%
30.1 121 56.4 OPM %
-381 bps -347 bps
4.6% 8.1% 8.4% Other income
+252.3% -19.8%
14.6 18.2 4.1 Net profit?
-85.7% -95.9%
2.8 67.0 19.3 PAT margin %
-246 bps -403 bps
0.4% 4.5% 2.9% EPS (₹)
-87.8% -96.2%
0.09 2.37 0.74
Quality of profit
Pre-tax profit ₹6.3 Cr: core business −₹8.3 Cr, other income ₹14.6 Cr.
Core profit YoY: to loss
· reported profit -85.7%
Cash & debt
FY25 cash from operations −₹77.0 Cr:
-27% of FY25 net profit of ₹289 Cr.
Borrowings ₹384 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,085 ₹655
-39.6% below Net profit ₹35.3 ₹2.8
-92.2% below
M Cap ₹14,977 Cr
P/E —
PEG —
Profit +493% above its own trend Operating margin expanded 735 bps YoY 31% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+14.7% +13.8%
405 356 353 Operating profit
+101.5% +24.5%
69.2 55.6 34.4 OPM %
+735 bps +146 bps
17.1% 15.6% 9.7% Other income
+16.6% -6.8%
15.7 16.9 13.5 Net profit?
+522.4% +27.2%
44.9 35.3 7.2 PAT margin %
+904 bps +116 bps
11.1% 9.9% 2.0% EPS (₹)
+525.0% +27.1%
6.75 5.31 1.08
Quality of profit
Pre-tax profit ₹58.7 Cr: core business ₹40.6 Cr, other income ₹15.7 Cr, exceptional & other items ₹2.4 Cr.
Core profit YoY: —
· reported profit +522.4%
Cash & debt
FY25 cash from operations ₹195 Cr:
97% of FY25 net profit of ₹200 Cr.
Borrowings ₹330 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹372 ₹405
+9.0% above Net profit ₹7.6 ₹44.9
+492.7% above
M Cap ₹14,943 Cr
P/E 80.8
PEG 6.21
Profit +40% above its own trend Operating margin expanded 160 bps YoY Core business grew faster than reported profit (core profit +105%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+19.7% +2.5%
499 487 417 Operating profit
+27.1% -3.5%
136 141 107 OPM %
+160 bps -170 bps
27.3% 29.0% 25.7% Other income
-33.3% -42.9%
8.0 14.0 12.0 Net profit?
+71.4% -5.3%
36.0 38.0 21.0 PAT margin %
+218 bps -59 bps
7.2% 7.8% 5.0% EPS (₹)
— -1.1%
0.94 0.95 —
Quality of profit
Pre-tax profit ₹54.0 Cr: core business ₹45.0 Cr, other income ₹8.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +104.5%
· reported profit +71.4%
Cash & debt
FY25 cash from operations ₹360 Cr:
327% of FY25 net profit of ₹110 Cr.
Borrowings ₹961 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹539 ₹499
-7.5% below Net profit ₹25.8 ₹36.0
+39.6% above
M Cap ₹14,928 Cr
P/E 42.5
PEG 0.90
Profit -20% below its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+12.2% —
1,966 150 1,752 Operating profit
+18.0% —
341 2.6 289 OPM %
+85 bps +1561 bps
17.3% 1.7% 16.5% Other income
-50.0% -66.7%
4.0 12.0 8.0 Net profit?
+17.6% —
120 1.7 102 PAT margin %
+28 bps +497 bps
6.1% 1.1% 5.8% EPS (₹)
+17.1% +16.9%
7.55 6.46 6.45
Quality of profit
Pre-tax profit ₹190 Cr: core business ₹186 Cr, other income ₹4.0 Cr.
Core profit YoY: +35.8%
· reported profit +17.6%
Cash & debt
FY25 cash from operations ₹1,072 Cr:
129% of FY25 net profit of ₹832 Cr.
Borrowings ₹2,731 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,830 ₹1,966
+7.4% above Net profit ₹149 ₹120
-19.5% below
M Cap ₹14,913 Cr
P/E 13.5
PEG 0.61
Profit -13% below its own trend Gross NPA up 117 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
+14.2% +1.8%
806 792 706 Net interest income
+14.8% +3.2%
619 600 539 Other income
+75.0% +40.0%
7.0 5.0 4.0 Net profit
+6.7% +7.5%
286 266 268 EPS (₹)
+6.1% +7.5%
9.72 9.04 9.16 Gross NPA %
+117 bps +18 bps
2.6% 2.5% 1.5% Net NPA %
+75 bps +21 bps
1.5% 1.2% 0.7%
Against its own trend ?
Trend Actual Gap
NII ₹667 ₹619
-7.3% below Net profit ₹328 ₹286
-12.7% below
M Cap ₹14,891 Cr
P/E 10.4
PEG —
Profit +90% above its own trend Operating margin expanded 366 bps YoY 40% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +251%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+4.5% +0.3%
3,272 3,262 3,130 Operating profit
+70.5% +1.6%
309 304 181 OPM %
+366 bps +12 bps
9.4% 9.3% 5.8% Other income
+83.7% +350.0%
99.0 22.0 53.9 Net profit?
+152.7% +39.5%
159 114 62.9 PAT margin %
+285 bps +136 bps
4.9% 3.5% 2.0% EPS (₹)
+150.7% +39.3%
10.13 7.27 4.04
Quality of profit
Pre-tax profit ₹246 Cr: core business ₹147 Cr, other income ₹99.0 Cr.
Core profit YoY: +251.0%
· reported profit +152.7%
Cash & debt
FY25 cash from operations ₹1,128 Cr:
187% of FY25 net profit of ₹604 Cr.
Borrowings ₹2,529 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,623 ₹3,272
-9.7% below Net profit ₹83.5 ₹159
+90.3% above
M Cap ₹14,880 Cr
P/E 49.9
PEG —
Profit +123% above its own trend Operating margin expanded 320 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+17.1% +18.5%
1,386 1,169 1,184 Operating profit
+56.9% +36.3%
175 128 111 OPM %
+320 bps +164 bps
12.6% 11.0% 9.4% Other income
from loss +2.3%
1.9 1.9 -2.5 Net profit?
+77.4% +34.0%
70.9 52.9 40.0 PAT margin %
+174 bps +59 bps
5.1% 4.5% 3.4% EPS (₹)
+72.2% +33.0%
3.10 2.33 1.80
Quality of profit
Pre-tax profit ₹97.9 Cr: core business ₹96.0 Cr, other income ₹1.9 Cr.
Core profit YoY: +58.6%
· reported profit +77.4%
Cash & debt
FY25 cash from operations −₹3.0 Cr:
-2% of FY25 net profit of ₹186 Cr.
Borrowings ₹1,586 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,391 ₹1,386
-0.4% in line Net profit ₹31.8 ₹70.9
+122.9% above
M Cap ₹14,865 Cr
P/E 59.5
PEG 0.89
Operating margin expanded 594 bps YoY 30% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit +51%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+37.2% +109.7%
332 158 242 Operating profit
+61.8% +100.1%
129 64.7 80.0 OPM %
+594 bps -188 bps
39.0% 40.9% 33.1% Other income
+488.8% +116.2%
47.1 21.8 8.0 Net profit?
+81.3% +116.6%
115 53.1 63.4 PAT margin %
+842 bps +111 bps
34.7% 33.5% 26.2% EPS (₹)
+64.2% +124.5%
11.92 5.31 7.26
Quality of profit
Pre-tax profit ₹159 Cr: core business ₹112 Cr, other income ₹47.1 Cr.
Core profit YoY: +51.2%
· reported profit +81.3%
Cash & debt
FY25 cash from operations −₹146 Cr:
-30% of FY25 net profit of ₹484 Cr.
Borrowings ₹78.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹484 ₹332
-31.4% below Net profit ₹127 ₹115
-9.4% in line
M Cap ₹14,809 Cr
P/E 23.0
PEG —
Profit +35% above its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-8.3% +0.5%
3,896 3,875 4,248 Operating profit
-22.8% -27.6%
155 214 201 OPM %
-75 bps -154 bps
4.0% 5.5% 4.7% Other income
+68.8% +63.2%
31.0 19.0 18.4 Net profit?
-16.4% -21.9%
107 137 128 PAT margin %
-27 bps -79 bps
2.7% 3.5% 3.0% EPS (₹)
-16.4% -22.0%
24.75 31.74 29.60
Quality of profit
Pre-tax profit ₹142 Cr: core business ₹111 Cr, other income ₹31.0 Cr.
Core profit YoY: -27.4%
· reported profit -16.4%
Cash & debt
FY25 cash from operations ₹373 Cr:
78% of FY25 net profit of ₹479 Cr.
Borrowings ₹190 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹4,149 ₹3,896
-6.1% below Net profit ₹79.3 ₹107
+34.9% 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, 19:14 IST
