Flash Finance

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.

Updated 13 Oct 2026, 15:50 IST 5073 declared
The next results season has started: 36 companies have filed results for the quarter ended 30 Sep 2026. See them →

Q2 FY26 scoreboard

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

1339 matching results 1339

Page 2 of 45

Cupid Limited

CUPID · Personal Care & FMCG · Q2 FY26 · Consolidated
M Cap
₹48,650 Cr
P/E
355.2
PEG
—
  • Profit +96% above its own trend
  • Operating margin expanded 952 bps YoY
  • 53% of pre-tax profit came from other income and one-off items
  • Core business grew faster than reported profit (core profit +205%)
  • Operating cash flow was negative in FY25 despite a profit
₹ CrYoYQoQ Sep 2025Jun 2025Sep 2024
Sales +100.0%+40.5% 84.059.842.0
Operating profit +180.0%+70.0% 28.016.510.0
OPM % +952 bps+579 bps 33.3%27.5%23.8%
Other income +0.0%+21.4% 6.04.96.0
Net profit? +140.0%+59.9% 24.015.010.0
PAT margin % +476 bps+348 bps 28.6%25.1%23.8%
EPS (₹) +157.1%+60.7% adj. 0.18adj. 0.110.07

EPS restated for the 4:1 bonus of Mar 2026: Sep 2025 ₹0.90 to ₹0.18; Jun 2025 ₹0.56 to ₹0.11.

Quality of profit

Core 47%Other income & one-offs 53%

Pre-tax profit ₹51.7 Cr: core business ₹24.4 Cr, other income ₹6.0 Cr, exceptional & other items ₹21.4 Cr.

Core profit YoY: +204.7% · reported profit +140.0%

Cash & debt

FY25 cash from operations −₹11.0 Cr: -27% of FY25 net profit of ₹40.6 Cr.

Borrowings ₹19.0 Cr at Mar 2025.

Against its own trend ?

TrendActualGap
Sales₹48.7₹84.0 +72.6% above
Net profit₹12.3₹24.0 +95.7% above
Detailed financials →

PB Fintech Limited

POLICYBZR · IT Services & Software · Q2 FY26 · Consolidated
M Cap
₹48,382 Cr
P/E
—
PEG
—
  • Profit +38% above its own trend
  • Operating margin expanded 675 bps YoY
  • 61% of pre-tax profit came from other income and one-off items
  • Operating cash flow was negative in FY25 despite a profit
₹ CrYoYQoQ Sep 2025Jun 2025Sep 2024
Sales +38.2%+19.7% 1,6141,3481,167
Operating profit from loss+184.4% 97.834.4-8.0
OPM % +675 bps+351 bps 6.1%2.6%-0.7%
Other income -20.3%-15.7% 84.5100106
Net profit? +164.6%+59.4% 13584.751.0
PAT margin % +399 bps+208 bps 8.4%6.3%4.4%
EPS (₹) +164.9%+58.9% 2.941.851.11

Quality of profit

Core 38%Other income & one-offs 62%

Pre-tax profit ₹142 Cr: core business ₹54.7 Cr, other income ₹84.5 Cr, exceptional & other items ₹2.8 Cr.

Core profit YoY: from loss · reported profit +164.6%

Cash & debt

FY25 cash from operations −₹183 Cr: -52% of FY25 net profit of ₹353 Cr.

Borrowings ₹322 Cr at Mar 2025.

Against its own trend ?

TrendActualGap
Sales₹1,647₹1,614 -2.0% in line
Net profit₹98.0₹135 +37.7% above
📊 Investor presentation (11 May) Detailed financials →

Fertilizers and Chemicals Travancore Limited

FACT · Fertilizers · Q2 FY26 · Consolidated
M Cap
₹47,314 Cr
P/E
—
PEG
—
  • Profit +276% above its own trend
  • All of pre-tax profit came from other income or one-off items
  • Borrowings up 113% since Mar 2025
₹ CrYoYQoQ Sep 2025Jun 2025Sep 2024
Sales +12.5%+56.2% 1,6291,0431,449
Operating profit +11.2%+62.5% 39.024.035.1
OPM % -3 bps+9 bps 2.4%2.3%2.4%
Other income +5.9%-1.9% 51.052.048.2
Net profit? +87.8%+425.0% 21.04.011.2
PAT margin % +52 bps+91 bps 1.3%0.4%0.8%
EPS (₹) +88.2%+357.1% 0.320.070.17

Quality of profit

Pre-tax profit ₹21.0 Cr: core business −₹31.0 Cr, other income ₹51.0 Cr, exceptional & other items ₹1.0 Cr.

Core profit YoY: loss narrowed · reported profit +87.8%

Cash & debt

FY25 cash from operations ₹140 Cr: 337% of FY25 net profit of ₹41.5 Cr.

Borrowings ₹3,837 Cr at Sep 2025, against ₹1,805 Cr at Mar 2025 (+113%).

Against its own trend ?

TrendActualGap
Sales₹1,349₹1,629 +20.7% above
Net profit₹5.6₹21.0 +275.7% above
Detailed financials →

Godrej Properties Limited

GODREJPROP · Construction & Infrastructure · Q2 FY26 · Consolidated
M Cap
₹46,524 Cr
P/E
29.2
PEG
0.51
  • Profit -34% below its own trend
  • Operating margin contracted 8315 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
₹ CrYoYQoQ Sep 2025Jun 2025Sep 2024
Sales -32.3%+70.4% 7404351,093
Operating profit to lossloss widened -596-27029.0
OPM % -8315 bps-1837 bps -80.5%-62.1%2.7%
Other income +378.3%+2.0% 1,2101,186253
Net profit? +20.7%-32.6% 403598334
PAT margin % +2388 bps— 54.4%—30.6%
EPS (₹) +11.5%-32.5% 13.4519.9212.06

Quality of profit

Pre-tax profit ₹566 Cr: core business −₹644 Cr, other income ₹1,210 Cr.

Core profit YoY: loss widened · reported profit +20.7%

Cash & debt

FY25 cash from operations −₹2,242 Cr: -161% of FY25 net profit of ₹1,389 Cr.

Borrowings ₹12,641 Cr at Mar 2025.

Against its own trend ?

TrendActualGap
Sales₹2,186₹740 -66.1% below
Net profit₹611₹403 -34.1% below
📊 Investor presentation (04 Aug) Detailed financials →

Max Financial Services Limited

MFSL · NBFC & Finance Companies · Q2 FY26 · Consolidated
M Cap
₹44,852 Cr
P/E
326.7
PEG
—
  • Profit -92% below its own trend
  • Operating margin contracted 108 bps YoY
  • All of pre-tax profit came from other income or one-off items
₹ CrYoYQoQ Sep 2025Jun 2025Sep 2024
Sales -26.8%-23.6% 9,79212,82213,372
Operating profit -87.9%-82.4% 21.0119173
OPM % -108 bps-71 bps 0.2%0.9%1.3%
Other income +250.0%+133.3% 7.03.02.0
Net profit? -95.7%-93.0% 6.086.0139
PAT margin % -98 bps-61 bps 0.1%0.7%1.0%
EPS (₹) -96.3%-94.1% 0.122.023.26

Quality of profit

Pre-tax profit ₹6.0 Cr: core business −₹1.0 Cr, other income ₹7.0 Cr.

Core profit YoY: to loss · reported profit -95.7%

Cash & debt

FY25 cash from operations ₹8,352 Cr: 2072% of FY25 net profit of ₹403 Cr.

Borrowings ₹1,026 Cr at Mar 2025.

Against its own trend ?

TrendActualGap
Sales₹12,824₹9,792 -23.6% below
Net profit₹76.6₹6.0 -92.2% below
📊 Investor presentation (13 Aug) Detailed financials →

UPL Limited

UPL · Pesticides & Agrochemicals · Q2 FY26 · Consolidated
M Cap
₹43,519 Cr
P/E
22.3
PEG
—
  • Turnaround: profit against a loss a year ago
  • Operating margin expanded 446 bps YoY
  • 43% of pre-tax profit came from other income and one-off items
  • Exceptional items of ₹142 Cr in the quarter
₹ CrYoYQoQ Sep 2025Jun 2025Sep 2024
Sales +8.4%+30.4% 12,0199,21611,090
Operating profit +48.0%+43.3% 2,0011,3961,352
OPM % +446 bps+150 bps 16.6%15.1%12.2%
Other income +125.2%+74.8% 250143111
Net profit? from lossfrom loss 612-176-585
PAT margin % +1037 bps+700 bps 5.1%-1.9%-5.3%
EPS (₹) from lossfrom loss 6.75-1.98-5.90

Quality of profit

Core 57%Other income & one-offs 43%

Pre-tax profit ₹784 Cr: core business ₹446 Cr, other income ₹250 Cr, exceptional & other items ₹88.0 Cr.

Core profit YoY: from loss

Cash & debt

FY25 cash from operations ₹10,151 Cr: 1238% of FY25 net profit of ₹820 Cr.

Borrowings ₹25,099 Cr at Mar 2025.

Against its own trend ?

TrendActualGap
Sales₹12,164₹12,019 -1.2% in line
📊 Investor presentation (03 Aug) Detailed financials →

Embassy Office Parks REIT

EMBASSY · Construction & Infrastructure · Q2 FY26 · Consolidated
M Cap
₹40,848 Cr
P/E
108.0
PEG
—
  • Profit -82% below its own trend
  • Operating margin expanded 1424 bps YoY
  • 25% of pre-tax profit came from other income and one-off items
  • Core business grew faster than reported profit (core profit +755%)
₹ CrYoYQoQ Sep 2025Jun 2025Sep 2024
Sales +12.7%+6.0% 1,1241,060997
Operating profit +38.2%+5.7% 868821628
OPM % +1424 bps-23 bps 77.2%77.5%63.0%
Other income -23.8%+33.3% 64.048.084.0
Net profit? -84.8%+49.7% 2321551,530
PAT margin % —+602 bps 20.6%14.6%—
EPS (₹) -84.8%+49.4% 2.451.6416.14

Quality of profit

Core 75%Other income & one-offs 25%

Pre-tax profit ₹252 Cr: core business ₹188 Cr, other income ₹64.0 Cr.

Core profit YoY: +754.5% · reported profit -84.8%

Cash & debt

FY25 cash from operations ₹3,079 Cr: 190% of FY25 net profit of ₹1,624 Cr.

Borrowings ₹19,957 Cr at Mar 2025.

Against its own trend ?

TrendActualGap
Sales₹1,089₹1,124 +3.3% in line
Net profit₹1,325₹232 -82.5% below
Detailed financials →

Physicswallah Limited

PWL · Education & E-Learning · Q2 FY26 · Consolidated
M Cap
₹40,688 Cr
P/E
2715.6
PEG
—
  • 48% of pre-tax profit came from other income and one-off items
₹ CrQoQ Sep 2025Jun 2025
Sales +24.1% 1,051847
Operating profit from loss 181-76.0
OPM % +2620 bps 17.2%-9.0%
Other income -14.2% 47.255.0
Net profit? from loss 69.7-127
PAT margin % +2163 bps 6.6%-15.0%
EPS (₹) from loss 0.28-0.55

Quality of profit

Core 52%Other income & one-offs 48%

Pre-tax profit ₹98.9 Cr: core business ₹51.7 Cr, other income ₹47.2 Cr.

Detailed financials →

Rail Vikas Nigam Limited

RVNL · Construction & Infrastructure · Q2 FY26 · Consolidated
M Cap
₹40,187 Cr
P/E
44.8
PEG
—
  • Operating margin contracted 136 bps YoY
  • 68% of pre-tax profit came from other income and one-off items
₹ CrYoYQoQ Sep 2025Jun 2025Sep 2024
Sales +5.5%+31.1% 5,1233,9094,855
Operating profit -20.1%+310.2% 21752.9271
OPM % -136 bps+288 bps 4.2%1.4%5.6%
Other income -16.6%+2.7% 234228281
Net profit? -19.6%+71.6% 231134287
PAT margin % -141 bps+106 bps 4.5%3.4%5.9%
EPS (₹) -20.3%+69.2% 1.100.651.38

Quality of profit

Core 32%Other income & one-offs 68%

Pre-tax profit ₹342 Cr: core business ₹108 Cr, other income ₹234 Cr.

Core profit YoY: -12.5% · reported profit -19.6%

Cash & debt

FY25 cash from operations ₹1,878 Cr: 147% of FY25 net profit of ₹1,282 Cr.

Borrowings ₹5,419 Cr at Mar 2025.

Against its own trend ?

TrendActualGap
Sales₹4,693₹5,123 +9.2% above
Net profit₹229₹231 +0.7% in line
Detailed financials →

Bharat Dynamics Limited

BDL · Engineering & Capital Goods · Q2 FY26 · Standalone
M Cap
₹39,919 Cr
P/E
76.7
PEG
12.78
  • Profit +73% above its own trend
  • Operating margin contracted 180 bps YoY
  • 42% of pre-tax profit came from other income and one-off items
  • Core business grew faster than reported profit (core profit +108%)
  • FY25 operating cash flow was only 30% of profit
₹ CrYoYQoQ Sep 2025Jun 2025Sep 2024
Sales +110.6%+362.6% 1,147248545
Operating profit +89.7%from loss 188-45.498.8
OPM % -180 bps+3465 bps 16.3%-18.3%18.1%
Other income +40.1%+38.8% 12186.986.0
Net profit +76.2%— 21618.3123
PAT margin % -367 bps+1142 bps 18.8%7.4%22.5%
EPS (₹) +76.3%— 5.890.503.34

Quality of profit

Core 58%Other income & one-offs 42%

Pre-tax profit ₹288 Cr: core business ₹167 Cr, other income ₹121 Cr.

Core profit YoY: +107.7% · reported profit +76.2%

Cash & debt

FY25 cash from operations ₹167 Cr: 30% of FY25 net profit of ₹550 Cr.

Borrowings ₹7.0 Cr at Mar 2025.

Against its own trend ?

TrendActualGap
Sales₹730₹1,147 +57.2% above
Net profit₹125₹216 +73.3% above
📊 Investor presentation (10 Jun) Detailed financials →

PTC Industries Limited

PTCIL · Castings & Forgings · Q2 FY26 · Consolidated
M Cap
₹38,553 Cr
P/E
307.6
PEG
5.30
  • Profit -39% below its own trend
  • Operating margin contracted 870 bps YoY
  • 36% of pre-tax profit came from other income and one-off items
  • FY25 operating cash flow was only 23% of profit
₹ CrYoYQoQ Sep 2025Jun 2025Sep 2024
Sales +72.2%+28.3% 12597.172.4
Operating profit +21.1%+192.8% 25.78.821.2
OPM % -870 bps+1160 bps 20.6%9.0%29.3%
Other income -2.6%-22.4% 8.210.68.4
Net profit? +4.8%+251.8% 18.15.217.3
PAT margin % -936 bps+925 bps 14.6%5.3%23.9%
EPS (₹) +2.1%+251.7% 12.103.4411.85

Quality of profit

Core 64%Other income & one-offs 36%

Pre-tax profit ₹23.0 Cr: core business ₹14.8 Cr, other income ₹8.2 Cr.

Core profit YoY: +8.5% · reported profit +4.8%

Cash & debt

FY25 cash from operations ₹14.0 Cr: 23% of FY25 net profit of ₹61.0 Cr.

Borrowings ₹61.0 Cr at Mar 2025.

Against its own trend ?

TrendActualGap
Sales₹106₹125 +17.1% above
Net profit₹29.6₹18.1 -38.7% below
Detailed financials →

Thermax Limited

THERMAX · Electrical Equipment · Q2 FY26 · Consolidated
M Cap
₹37,270 Cr
P/E
63.1
PEG
4.51
  • Profit -49% below its own trend
  • Operating margin contracted 369 bps YoY
  • 49% of pre-tax profit came from other income and one-off items
₹ CrYoYQoQ Sep 2025Jun 2025Sep 2024
Sales -5.3%+15.1% 2,4742,1502,612
Operating profit -38.1%-23.6% 172225278
OPM % -369 bps-352 bps 7.0%10.5%10.6%
Other income +42.9%+30.1% 85.465.659.8
Net profit? -39.7%-21.2% 119151198
PAT margin % -276 bps-222 bps 4.8%7.0%7.6%
EPS (₹) -39.3%-21.5% 10.6213.5317.49

Quality of profit

Core 51%Other income & one-offs 49%

Pre-tax profit ₹174 Cr: core business ₹88.4 Cr, other income ₹85.4 Cr.

Core profit YoY: -57.2% · reported profit -39.7%

Cash & debt

FY25 cash from operations ₹1,043 Cr: 166% of FY25 net profit of ₹627 Cr.

Borrowings ₹1,718 Cr at Mar 2025.

Against its own trend ?

TrendActualGap
Sales₹2,866₹2,474 -13.7% below
Net profit₹232₹119 -48.6% below
📊 Investor presentation (31 Jul) Detailed financials →

AIA Engineering Limited

AIAENG · Castings & Forgings · Q2 FY26 · Consolidated
M Cap
₹34,959 Cr
P/E
27.6
PEG
3.95
  • Operating margin expanded 190 bps YoY
  • 27% of pre-tax profit came from other income and one-off items
₹ CrYoYQoQ Sep 2025Jun 2025Sep 2024
Sales +0.4%+0.8% 1,0481,0391,044
Operating profit +7.6%-3.1% 297306276
OPM % +190 bps-115 bps 28.3%29.5%26.4%
Other income +8.5%-13.4% 98.711491.0
Net profit? +8.4%-9.1% 277305256
PAT margin % +196 bps-289 bps 26.5%29.4%24.5%
EPS (₹) +8.1%-9.1% 29.7332.6927.51

Quality of profit

Core 73%Other income & one-offs 27%

Pre-tax profit ₹360 Cr: core business ₹261 Cr, other income ₹98.7 Cr.

Core profit YoY: +5.8% · reported profit +8.4%

Cash & debt

FY25 cash from operations ₹1,162 Cr: 110% of FY25 net profit of ₹1,059 Cr.

Borrowings ₹491 Cr at Mar 2025.

Against its own trend ?

TrendActualGap
Sales₹1,001₹1,048 +4.7% in line
Net profit₹258₹277 +7.3% in line
📊 Investor presentation (12 Aug) Detailed financials →

Voltas Limited

VOLTAS · Consumer Durables & Appliances · Q2 FY26 · Consolidated
M Cap
₹33,750 Cr
P/E
76.4
PEG
4.49
  • Profit -88% below its own trend
  • Operating margin contracted 352 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
₹ CrYoYQoQ Sep 2025Jun 2025Sep 2024
Sales -11.1%-40.9% 2,3203,9252,609
Operating profit -73.8%-77.8% 34.0153130
OPM % -352 bps-243 bps 1.5%3.9%5.0%
Other income -20.7%-4.2% 92.096.0116
Net profit? -75.9%-77.3% 32.0141133
PAT margin % -372 bps-221 bps 1.4%3.6%5.1%
EPS (₹) -74.3%-75.5% 1.044.244.05

Quality of profit

Pre-tax profit ₹54.0 Cr: core business −₹10.0 Cr, other income ₹92.0 Cr, exceptional & other items −₹28.0 Cr.

Core profit YoY: to loss · reported profit -75.9%

Cash & debt

FY25 cash from operations −₹225 Cr: -27% of FY25 net profit of ₹835 Cr.

Borrowings ₹892 Cr at Mar 2025.

Against its own trend ?

TrendActualGap
Sales₹2,981₹2,320 -22.2% below
Net profit₹266₹32.0 -88.0% below
📊 Investor presentation (14 Aug) Detailed financials →

Godrej Industries Limited

GODREJIND · Chemicals · Q2 FY26 · Consolidated
M Cap
₹33,207 Cr
P/E
15.0
PEG
1.07
  • Profit -47% below its own trend
  • Operating margin contracted 931 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
₹ CrYoYQoQ Sep 2025Jun 2025Sep 2024
Sales +4.7%+12.8% 5,0324,4604,805
Operating profit -76.7%-66.2% 134397575
OPM % -931 bps-623 bps 2.7%8.9%12.0%
Other income +186.5%-0.1% 1,2581,259439
Net profit? +0.8%-32.0% 493725489
PAT margin % -38 bps-647 bps 9.8%16.3%10.2%
EPS (₹) -15.7%-30.6% 7.2010.378.54

Quality of profit

Pre-tax profit ₹723 Cr: core business −₹571 Cr, other income ₹1,258 Cr, exceptional & other items ₹36.4 Cr.

Core profit YoY: loss widened · reported profit +0.8%

Cash & debt

FY25 cash from operations −₹5,151 Cr: -277% of FY25 net profit of ₹1,858 Cr.

Borrowings ₹38,088 Cr at Mar 2025.

Against its own trend ?

TrendActualGap
Sales₹5,972₹5,032 -15.7% below
Net profit₹928₹493 -46.9% below
Detailed financials →

Cochin Shipyard Limited

COCHINSHIP · Miscellaneous · Q2 FY26 · Consolidated
M Cap
₹32,412 Cr
P/E
47.7
PEG
1.19
  • Profit -46% below its own trend
  • Operating margin contracted 1067 bps YoY
  • 85% of pre-tax profit came from other income and one-off items
  • Profit grew faster than the core business (core profit -86%)
  • Operating cash flow was negative in FY25 despite a profit
₹ CrYoYQoQ Sep 2025Jun 2025Sep 2024
Sales -2.2%+4.7% 1,1191,0691,143
Operating profit -62.7%-69.5% 73.7241197
OPM % -1067 bps-1600 bps 6.6%22.6%17.3%
Other income +25.9%+134.3% 12754.3101
Net profit? -43.1%-42.8% 108188189
PAT margin % -691 bps-796 bps 9.6%17.6%16.5%
EPS (₹) -43.0%-42.7% 4.097.147.18

Quality of profit

Core 15%Other income & one-offs 85%

Pre-tax profit ₹150 Cr: core business ₹22.6 Cr, other income ₹127 Cr.

Core profit YoY: -86.1% · reported profit -43.1%

Cash & debt

FY25 cash from operations −₹297 Cr: -36% of FY25 net profit of ₹827 Cr.

Borrowings ₹560 Cr at Mar 2025.

Against its own trend ?

TrendActualGap
Sales₹1,427₹1,119 -21.6% below
Net profit₹200₹108 -46.3% below
📊 Investor presentation (10 Sep) Detailed financials →

ITC Hotels Limited

ITCHOTELS · Hotels & Resorts · Q2 FY26 · Consolidated
M Cap
₹32,060 Cr
P/E
36.9
PEG
—
  • 26% of pre-tax profit came from other income and one-off items
  • Profit grew faster than the core business (core profit +32%)
₹ CrYoYQoQ Sep 2025Jun 2025Sep 2024
Sales +13.7%+8.5% 885816778
Operating profit +16.0%+0.5% 246245212
OPM % +55 bps-220 bps 27.8%30.0%27.2%
Other income +600.0%+10.9% 49.044.27.0
Net profit? +73.1%-0.3% 13313477.0
PAT margin % +517 bps-133 bps 15.1%16.4%9.9%
EPS (₹) —+0.0% 0.640.64—

Quality of profit

Core 74%Other income & one-offs 26%

Pre-tax profit ₹189 Cr: core business ₹140 Cr, other income ₹49.0 Cr.

Core profit YoY: +32.1% · reported profit +73.1%

Cash & debt

FY25 cash from operations ₹803 Cr: 126% of FY25 net profit of ₹638 Cr.

Borrowings ₹73.0 Cr at Mar 2025.

Detailed financials →

The New India Assurance Company Limited

NIACL · NBFC & Finance Companies · Q2 FY26 · Consolidated
M Cap
₹30,821 Cr
P/E
40.0
PEG
0.40
  • Profit -47% below its own trend
  • Operating margin contracted 185 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
₹ CrYoYQoQ Sep 2025Jun 2025Sep 2024
Sales +24.7%+14.8% 13,45011,71910,786
Operating profit to lossto loss -74.0189140
OPM % -185 bps-216 bps -0.6%1.6%1.3%
Other income —-51.5% 98.02021.0
Net profit? -39.6%-86.3% 55.040291.0
PAT margin % -43 bps-302 bps 0.4%3.4%0.8%
EPS (₹) -38.9%-86.4% 0.332.430.54

Quality of profit

Pre-tax profit ₹23.0 Cr: core business −₹74.0 Cr, other income ₹98.0 Cr, exceptional & other items −₹1.0 Cr.

Core profit YoY: to loss · reported profit -39.6%

Cash & debt

FY25 cash from operations −₹3,390 Cr: -326% of FY25 net profit of ₹1,039 Cr.

Borrowings nil at Mar 2025.

Against its own trend ?

TrendActualGap
Sales₹10,888₹13,450 +23.5% above
Net profit₹104₹55.0 -46.9% below
📊 Investor presentation (24 Jul) Detailed financials →

Acme Solar Holdings Limited

ACMESOLAR · Construction & Infrastructure · Q2 FY26 · Consolidated
M Cap
₹29,576 Cr
P/E
49.1
PEG
0.33
  • Profit +412% above its own trend
  • 88% of pre-tax profit came from other income and one-off items
₹ CrYoYQoQ Sep 2025Jun 2025Sep 2024
Sales +80.3%-8.4% 468511260
Operating profit +81.2%-12.7% 400458221
OPM % +43 bps-416 bps 85.5%89.6%85.0%
Other income +288.1%+142.1% 13857.035.6
Net profit? +651.7%-12.2% 11513115.3
PAT margin % +1868 bps-106 bps 24.6%25.6%5.9%
EPS (₹) +555.2%-12.0% 1.902.160.29

Quality of profit

Core 12%Other income & one-offs 88%

Pre-tax profit ₹156 Cr: core business ₹18.0 Cr, other income ₹138 Cr.

Core profit YoY: from loss · reported profit +651.7%

Cash & debt

FY25 cash from operations ₹1,543 Cr: 616% of FY25 net profit of ₹250 Cr.

Borrowings ₹10,976 Cr at Mar 2025.

Against its own trend ?

TrendActualGap
Sales₹350₹468 +33.6% above
Net profit₹22.5₹115 +411.5% above
📊 Investor presentation (30 Jul) Detailed financials →

Escorts Kubota Limited

ESCORTS · Tractors & Farm Machinery · Q2 FY26 · Consolidated
M Cap
₹29,410 Cr
P/E
21.3
PEG
0.82
  • Profit -29% below its own trend
  • Operating margin expanded 225 bps YoY
  • 31% of pre-tax profit came from other income and one-off items
  • Core business grew faster than reported profit (core profit +53%)
₹ CrYoYQoQ Sep 2025Jun 2025Sep 2024
Sales +12.2%+11.7% 2,7922,5002,488
Operating profit +35.9%+11.9% 360321265
OPM % +225 bps+3 bps 12.9%12.9%10.6%
Other income +15.6%-14.0% 134156116
Net profit? -1.9%-77.2% 3181,397324
PAT margin % -163 bps-4449 bps 11.4%55.9%13.0%
EPS (₹) -1.9%-77.2% 28.92127.0129.48

Quality of profit

Core 69%Other income & one-offs 31%

Pre-tax profit ₹427 Cr: core business ₹293 Cr, other income ₹134 Cr.

Core profit YoY: +53.3% · reported profit -1.9%

Cash & debt

FY25 cash from operations ₹1,003 Cr: 80% of FY25 net profit of ₹1,256 Cr.

Borrowings ₹105 Cr at Mar 2025.

Against its own trend ?

TrendActualGap
Sales₹2,964₹2,792 -5.8% below
Net profit₹449₹318 -29.1% below
📊 Investor presentation (05 Mar) Detailed financials →

Piramal Pharma Limited

PPLPHARMA · Pharmaceuticals · Q2 FY26 · Consolidated
M Cap
₹26,058 Cr
P/E
105.5
PEG
—
  • Profit -53% below its own trend
  • Operating margin contracted 748 bps YoY
  • All of pre-tax profit came from other income or one-off items
₹ CrYoYQoQ Sep 2025Jun 2025Sep 2024
Sales -8.8%+5.7% 2,0441,9342,242
Operating profit -53.5%+48.6% 159107342
OPM % -748 bps+225 bps 7.8%5.5%15.3%
Other income +2.6%-18.4% 80.098.078.0
Net profit? -6.5%+73.5% 196113210
PAT margin % +24 bps+376 bps 9.6%5.9%9.4%
EPS (₹) to lossloss widened -0.75-0.610.17

Quality of profit

Pre-tax profit ₹247 Cr: core business −₹126 Cr, other income ₹80.0 Cr, exceptional & other items ₹293 Cr.

Core profit YoY: to loss · reported profit -6.5%

Cash & debt

FY25 cash from operations ₹892 Cr: 129% of FY25 net profit of ₹691 Cr.

Borrowings ₹4,856 Cr at Mar 2025.

Against its own trend ?

TrendActualGap
Sales₹2,471₹2,044 -17.3% below
Net profit₹420₹196 -53.3% below
📊 Investor presentation (29 Jul) Detailed financials →

ZF Commercial Vehicle Control Systems India Limited

ZFCVINDIA · Auto Components · Q2 FY26 · Consolidated
M Cap
₹24,056 Cr
P/E
48.2
PEG
2.54
  • Profit -20% below its own trend
  • 31% of pre-tax profit came from other income and one-off items
₹ CrYoYQoQ Sep 2025Jun 2025Sep 2024
Sales +0.7%-6.4% 913976907
Operating profit -3.7%+2.1% 134132139
OPM % -67 bps+123 bps 14.7%13.5%15.4%
Other income +13.4%-32.5% 45.066.639.7
Net profit? -1.0%-11.5% 108122109
PAT margin % -20 bps-69 bps 11.9%12.5%12.1%
EPS (₹) -1.0%-11.5% 57.0864.5257.65

Quality of profit

Core 69%Other income & one-offs 31%

Pre-tax profit ₹146 Cr: core business ₹101 Cr, other income ₹45.0 Cr.

Core profit YoY: -5.8% · reported profit -1.0%

Cash & debt

FY25 cash from operations ₹286 Cr: 62% of FY25 net profit of ₹460 Cr.

Borrowings nil at Mar 2025.

Against its own trend ?

TrendActualGap
Sales₹946₹913 -3.5% in line
Net profit₹135₹108 -19.8% below
📊 Investor presentation (26 May) Detailed financials →

Garden Reach Shipbuilders & Engineers Limited

GRSE · Miscellaneous · Q2 FY26 · Standalone
M Cap
₹23,849 Cr
P/E
29.8
PEG
0.60
  • Profit +21% above its own trend
  • Operating margin expanded 332 bps YoY
  • 33% of pre-tax profit came from other income and one-off items
  • Core business grew faster than reported profit (core profit +150%)
  • FY25 operating cash flow was only 3% of profit
₹ CrYoYQoQ Sep 2025Jun 2025Sep 2024
Sales +45.4%+28.0% 1,6771,3101,153
Operating profit +126.1%+39.3% 15611269.0
OPM % +332 bps+75 bps 9.3%8.5%6.0%
Other income -8.0%-5.5% 69.073.075.0
Net profit +57.1%+28.3% 15412098.0
PAT margin % +68 bps+2 bps 9.2%9.2%8.5%
EPS (₹) +57.4%+28.0% 13.4310.498.53

Quality of profit

Core 67%Other income & one-offs 33%

Pre-tax profit ₹209 Cr: core business ₹140 Cr, other income ₹69.0 Cr.

Core profit YoY: +150.0% · reported profit +57.1%

Cash & debt

FY25 cash from operations ₹16.0 Cr: 3% of FY25 net profit of ₹527 Cr.

Borrowings ₹10.0 Cr at Mar 2025.

Against its own trend ?

TrendActualGap
Sales₹1,542₹1,677 +8.8% above
Net profit₹127₹154 +21.4% above
Detailed financials →

Mtar Technologies Limited

MTARTECH · Engineering & Capital Goods · Q2 FY26 · Consolidated
M Cap
₹23,676 Cr
P/E
176.7
PEG
—
  • Profit -89% below its own trend
  • Operating margin contracted 694 bps YoY
  • 65% of pre-tax profit came from other income and one-off items
₹ CrYoYQoQ Sep 2025Jun 2025Sep 2024
Sales -28.6%-13.4% 136157190
Operating profit -54.1%-40.1% 17.028.437.0
OPM % -694 bps-559 bps 12.5%18.1%19.5%
Other income +268.0%+503.3% 3.70.61.0
Net profit? -77.7%-60.7% 4.210.819.0
PAT margin % -687 bps-377 bps 3.1%6.9%10.0%
EPS (₹) -77.4%-60.8% 1.383.526.10

Quality of profit

Core 35%Other income & one-offs 65%

Pre-tax profit ₹5.7 Cr: core business ₹2.0 Cr, other income ₹3.7 Cr.

Core profit YoY: -91.7% · reported profit -77.7%

Cash & debt

FY25 cash from operations ₹101 Cr: 189% of FY25 net profit of ₹53.4 Cr.

Borrowings ₹177 Cr at Mar 2025.

Against its own trend ?

TrendActualGap
Sales₹238₹136 -42.9% below
Net profit₹37.7₹4.2 -88.7% below
📊 Investor presentation (30 Jul) Detailed financials →

Metro Brands Limited

METROBRAND · Footwear & Leather · Q2 FY26 · Consolidated
M Cap
₹23,113 Cr
P/E
56.0
PEG
11.20
  • 31% of pre-tax profit came from other income and one-off items
₹ CrYoYQoQ Sep 2025Jun 2025Sep 2024
Sales +11.2%+3.6% 651628585
Operating profit +10.3%-12.0% 171194155
OPM % -23 bps-465 bps 26.2%30.9%26.4%
Other income +20.6%-1.4% 28.228.623.4
Net profit? -3.9%-30.2% 69.098.871.8
PAT margin % -167 bps-513 bps 10.6%15.7%12.3%
EPS (₹) -2.7%-31.2% 2.493.622.56

Quality of profit

Core 69%Other income & one-offs 31%

Pre-tax profit ₹91.1 Cr: core business ₹62.9 Cr, other income ₹28.2 Cr.

Core profit YoY: -10.9% · reported profit -3.9%

Cash & debt

FY25 cash from operations ₹698 Cr: 197% of FY25 net profit of ₹354 Cr.

Borrowings ₹1,227 Cr at Mar 2025.

Against its own trend ?

TrendActualGap
Sales₹642₹651 +1.4% in line
Net profit₹72.6₹69.0 -5.0% in line
📊 Investor presentation (04 Aug) Detailed financials →

Finolex Cables Limited

FINCABLES · Cables & Wires · Q2 FY26 · Consolidated
M Cap
₹21,997 Cr
P/E
27.5
PEG
2.29
  • Profit +59% above its own trend
  • Operating margin expanded 247 bps YoY
  • 72% of pre-tax profit came from other income and one-off items
  • FY25 operating cash flow was only 30% of profit
₹ CrYoYQoQ Sep 2025Jun 2025Sep 2024
Sales +4.9%-1.4% 1,3761,3961,312
Operating profit +36.9%+6.3% 145136106
OPM % +247 bps+77 bps 10.5%9.8%8.1%
Other income +47.3%-5.4% 76.080.351.6
Net profit? +38.3%+0.2% 163163118
PAT margin % +286 bps+19 bps 11.8%11.7%9.0%
EPS (₹) +37.9%+0.0% 10.6310.637.71

Quality of profit

Core 28%Other income & one-offs 72%

Pre-tax profit ₹409 Cr: core business ₹116 Cr, other income ₹76.0 Cr, exceptional & other items ₹216 Cr.

Core profit YoY: +24.1% · reported profit +38.3%

Cash & debt

FY25 cash from operations ₹207 Cr: 30% of FY25 net profit of ₹701 Cr.

Borrowings ₹20.0 Cr at Mar 2025.

Against its own trend ?

TrendActualGap
Sales₹1,445₹1,376 -4.8% in line
Net profit₹103₹163 +58.9% above
📊 Investor presentation (13 Aug) Detailed financials →

Prime Focus Limited

PFOCUS · Media & Entertainment · Q2 FY26 · Consolidated
M Cap
₹21,958 Cr
P/E
150.9
PEG
15.09
  • Operating margin expanded 146 bps YoY
  • All of pre-tax profit came from other income or one-off items
₹ CrYoYQoQ Sep 2025Jun 2025Sep 2024
Sales +19.9%+3.7% 1,0611,023885
Operating profit +27.7%+4.0% 254244199
OPM % +146 bps+6 bps 23.9%23.9%22.5%
Other income -92.4%-93.5% 10.9167143
Net profit? -91.9%-96.3% 4.111050.4
PAT margin % -531 bps-1041 bps 0.4%10.8%5.7%
EPS (₹) -94.0%-95.1% 0.102.051.68

Quality of profit

Pre-tax profit ₹5.8 Cr: core business −₹5.1 Cr, other income ₹10.9 Cr.

Core profit YoY: loss narrowed · reported profit -91.9%

Cash & debt

FY25 cash from operations ₹295 Cr.

Borrowings ₹4,879 Cr at Mar 2025.

Against its own trend ?

TrendActualGap
Sales₹969₹1,061 +9.5% above
Detailed financials →

Kaynes Technology India Limited

KAYNES · Electronic Components · Q2 FY26 · Consolidated
M Cap
₹21,660 Cr
P/E
62.7
PEG
1.10
  • Profit +38% above its own trend
  • Operating margin expanded 200 bps YoY
  • 28% of pre-tax profit came from other income and one-off items
  • Operating cash flow was negative in FY25 despite a profit
₹ CrYoYQoQ Sep 2025Jun 2025Sep 2024
Sales +58.4%+34.6% 906673572
Operating profit +80.5%+30.9% 14811382.0
OPM % +200 bps-45 bps 16.3%16.8%14.3%
Other income +26.7%+59.0% 43.127.134.0
Net profit? +102.4%+62.7% 12174.660.0
PAT margin % +291 bps+232 bps 13.4%11.1%10.5%
EPS (₹) +97.2%+59.6% 18.5611.639.41

Quality of profit

Core 72%Other income & one-offs 28%

Pre-tax profit ₹152 Cr: core business ₹109 Cr, other income ₹43.1 Cr.

Core profit YoY: +113.0% · reported profit +102.4%

Cash & debt

FY25 cash from operations −₹82.0 Cr: -28% of FY25 net profit of ₹293 Cr.

Borrowings ₹903 Cr at Mar 2025.

Against its own trend ?

TrendActualGap
Sales₹824₹906 +10.0% above
Net profit₹87.7₹121 +38.4% above
📊 Investor presentation (07 Aug) Detailed financials →

Welspun Living Limited

WELSPUNLIV · Textiles · Q2 FY26 · Consolidated
M Cap
₹21,493 Cr
P/E
74.9
PEG
18.74
  • Profit -91% below its own trend
  • Operating margin contracted 619 bps YoY
  • 62% of pre-tax profit came from other income and one-off items
₹ CrYoYQoQ Sep 2025Jun 2025Sep 2024
Sales -15.0%+8.0% 2,4412,2612,873
Operating profit -57.3%-32.0% 153225358
OPM % -619 bps-368 bps 6.3%10.0%12.5%
Other income -76.2%-48.3% 15.029.063.0
Net profit? -92.6%-83.1% 15.089.0202
PAT margin % -642 bps-332 bps 0.6%3.9%7.0%
EPS (₹) -93.3%-84.6% 0.140.912.10

Quality of profit

Core 38%Other income & one-offs 62%

Pre-tax profit ₹24.0 Cr: core business ₹9.0 Cr, other income ₹15.0 Cr.

Core profit YoY: -95.9% · reported profit -92.6%

Cash & debt

FY25 cash from operations ₹688 Cr: 107% of FY25 net profit of ₹644 Cr.

Borrowings ₹2,762 Cr at Mar 2025.

Against its own trend ?

TrendActualGap
Sales₹2,960₹2,441 -17.5% below
Net profit₹171₹15.0 -91.2% below
📊 Investor presentation (13 Aug) Detailed financials →

ACC Limited

ACC · Cement · Q2 FY26 · Consolidated
M Cap
₹21,124 Cr
P/E
11.1
PEG
0.36
  • Profit +516% above its own trend
  • Operating margin expanded 480 bps YoY
  • 29% of pre-tax profit came from other income and one-off items
  • Profit grew faster than the core business (core profit +235%)
₹ CrYoYQoQ Sep 2025Jun 2025Sep 2024
Sales +28.6%-1.7% 5,9326,0364,614
Operating profit +93.9%+16.4% 846727436
OPM % +480 bps+222 bps 14.3%12.0%9.5%
Other income +41.9%+85.8% 225121159
Net profit? +460.3%+198.1% 1,119375200
PAT margin % +1454 bps+1264 bps 18.9%6.2%4.3%
EPS (₹) +464.9%+198.1% 59.6019.9910.55

Quality of profit

Core 70%Other income & one-offs 30%

Pre-tax profit ₹763 Cr: core business ₹538 Cr, other income ₹225 Cr.

Core profit YoY: +234.6% · reported profit +460.3%

Cash & debt

FY25 cash from operations ₹1,711 Cr: 71% of FY25 net profit of ₹2,409 Cr.

Borrowings ₹430 Cr at Mar 2025.

Against its own trend ?

TrendActualGap
Sales₹5,288₹5,932 +12.2% above
Net profit₹182₹1,119 +515.8% above
📊 Investor presentation (28 Jul) Detailed financials →

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.

Results calendarWho reports results today, tomorrow and this week. Strong quarterly resultsCompanies whose latest quarter showed profit up 30% or more. Live announcementsEvery NSE/BSE filing with an AI read, as it arrives. Company fundamentalsTen years of quarterly and annual financials.
⚠️ How this site is made: Market data pages are computed automatically from NSE/BSE publications and company filings; news articles and announcement analyses are written with AI assistance, with a human in the loop: our editors review what the AI produces. Both can contain errors. Verify with the original sources before any investment decision. Not investment advice; Flash Finance is not SEBI-registered. How we use AI