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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Turnaround: profit against a loss a year ago All of pre-tax profit came from other income or one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-77.6% -63.2%
17.0 46.2 76.0 Operating profit
to loss to loss -18.9 28.1 8.0 Other income
— —
71.1 4.8 5.0 Net profit?
from loss -10.1%
12.0 13.4 -10.0 PAT margin %
+8375 bps +4172 bps
70.6% 28.9% -13.2% EPS (₹)
from loss -64.2%
0.57 1.59 -0.85
Quality of profit
Pre-tax profit ₹26.1 Cr: core business −₹45.1 Cr, other income ₹71.1 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations ₹71.0 Cr:
52% of FY25 net profit of ₹136 Cr.
Borrowings ₹434 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹50.9 ₹17.0
-66.6% below
M Cap ₹130 Cr
P/E 24.8
PEG —
Turnaround: profit against a loss a year ago Operating margin contracted 2529 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
+19.4% +15.2%
61.9 53.7 51.8 Operating profit
-66.4% +28.4%
6.1 4.8 18.2 OPM %
-2529 bps +102 bps
9.9% 8.9% 35.2% Other income
loss narrowed to loss -0.0 0.4 -0.1 Net profit?
from loss +92.8%
2.4 1.2 -3.2 PAT margin %
+1009 bps +154 bps
3.8% 2.3% -6.3% EPS (₹)
from loss +100.0%
1.64 0.82 -2.16
Quality of profit
Pre-tax profit ₹4.6 Cr: core business −₹0.4 Cr, other income −₹0.0 Cr, exceptional & other items ₹5.0 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations ₹14.0 Cr:
518% of FY25 net profit of ₹2.7 Cr.
Borrowings ₹90.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹53.4 ₹61.9
+15.8% above
M Cap ₹129 Cr
P/E 21.5
PEG 1.19
Profit -36% below its own trend Operating margin contracted 495 bps YoY 25% of pre-tax profit came from other income and one-off items
₹ Cr YoY vs prev. half
Sep 2025 Mar 2025 Sep 2024
Sales
+32.5% +6.0%
53.0 50.0 40.0 Operating profit
-20.0% +0.0%
4.0 4.0 5.0 OPM %
-495 bps -45 bps
7.5% 8.0% 12.5% Other income
-100.0% —
0.0 0.0 1.0 Net profit
-25.0% +50.0%
3.0 2.0 4.0 PAT margin %
-434 bps +166 bps
5.7% 4.0% 10.0% EPS (₹)
-30.3% +20.5%
2.12 1.76 3.04
Quality of profit
Pre-tax profit ₹4.0 Cr: core business ₹3.0 Cr, other income ₹0.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: -25.0%
· reported profit -25.0%
Cash & debt
FY25 cash from operations ₹2.0 Cr.
Borrowings ₹1.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹47.0 ₹53.0
+12.7% above Net profit ₹4.7 ₹3.0
-35.7% below
M Cap ₹126 Cr
P/E 35.9
PEG 8.98
Profit -80% below 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
+54.4% +3.9%
31.3 30.2 20.3 Operating profit
+15.7% -15.0%
0.4 0.5 0.4 OPM %
-47 bps -31 bps
1.4% 1.7% 1.9% Other income
-48.7% -10.1%
0.7 0.7 1.3 Net profit
-78.9% +42.3%
0.1 0.1 0.7 PAT margin %
-280 bps +12 bps
0.4% 0.3% 3.2% EPS (₹)
-79.3% +33.3%
0.12 0.09 0.58
Quality of profit
Pre-tax profit ₹0.2 Cr: core business −₹0.5 Cr, other income ₹0.7 Cr.
Core profit YoY: loss widened
· reported profit -78.9%
Cash & debt
FY25 cash from operations −₹4.0 Cr:
-243% of FY25 net profit of ₹1.6 Cr.
Borrowings ₹30.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹27.3 ₹31.3
+14.9% above Net profit ₹0.7 ₹0.1
-80.0% below
M Cap ₹126 Cr
P/E 30.8
PEG 2.80
Profit -82% below its own trend Operating margin contracted 884 bps YoY All of pre-tax profit came from other income or one-off items Profit grew faster than the core business (core profit -100%)
₹ Cr YoY vs prev. half
Sep 2025 Mar 2025 Sep 2024
Sales
-4.9% -19.7%
16.2 20.2 17.0 Operating profit
-68.8% -80.0%
0.7 3.5 2.2 OPM %
-884 bps -1303 bps
4.3% 17.4% 13.2% Other income
+29.2% +3.3%
0.3 0.3 0.2 Net profit
-79.8% -90.0%
0.2 2.5 1.2 PAT margin %
-574 bps -1086 bps
1.5% 12.4% 7.3% EPS (₹)
-79.7% -90.0%
0.25 2.49 1.23
Quality of profit
Pre-tax profit ₹0.3 Cr: core business ₹0.0 Cr, other income ₹0.3 Cr.
Core profit YoY: -100.0%
· reported profit -79.8%
Cash & debt
FY25 cash from operations ₹3.1 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹19.1 ₹16.2
-15.5% below Net profit ₹1.4 ₹0.2
-81.9% below
M Cap ₹125 Cr
P/E 13.8
PEG 0.34
Profit -43% below its own trend Operating margin contracted 951 bps YoY 30% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+26.1% -5.4%
9.5 10.1 7.6 Operating profit
+6.3% -19.3%
4.9 6.0 4.6 OPM %
-951 bps -884 bps
51.2% 60.1% 60.7% Other income
+107.0% +50.0%
0.9 0.6 0.4 Net profit
+3.3% -21.7%
2.2 2.8 2.1 PAT margin %
-509 bps -481 bps
23.1% 27.9% 28.2% EPS (₹)
+0.0% -23.7%
1.90 2.49 1.90
Quality of profit
Pre-tax profit ₹3.0 Cr: core business ₹2.1 Cr, other income ₹0.9 Cr.
Core profit YoY: -14.9%
· reported profit +3.3%
Cash & debt
FY25 cash from operations ₹47.7 Cr:
251% of FY25 net profit of ₹19.0 Cr.
Borrowings ₹47.2 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹9.5 ₹9.5
+0.1% in line Net profit ₹3.9 ₹2.2
-42.9% below
M Cap ₹123 Cr
P/E 50.5
PEG —
Profit -91% below its own trend Operating margin contracted 1162 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
-27.4% -20.6%
56.2 70.7 77.4 Operating profit
-89.0% -72.1%
1.2 4.2 10.6 OPM %
-1162 bps -382 bps
2.1% 5.9% 13.7% Other income
from loss from loss 1.6 -1.8 -4.1 Net profit?
-95.4% -27.6%
0.2 0.3 4.6 PAT margin %
-556 bps -4 bps
0.4% 0.4% 5.9% EPS (₹)
-95.2% -20.0%
0.04 0.05 0.83
Quality of profit
Pre-tax profit ₹1.4 Cr: core business −₹0.2 Cr, other income ₹1.6 Cr.
Core profit YoY: to loss
· reported profit -95.4%
Cash & debt
FY25 cash from operations −₹35.0 Cr:
-140% of FY25 net profit of ₹25.1 Cr.
Borrowings ₹53.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹96.0 ₹56.2
-41.5% below Net profit ₹2.3 ₹0.2
-90.8% below
M Cap ₹122 Cr
P/E 27.8
PEG 4.64
Profit -99% below its own trend Operating margin contracted 1062 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
+5.3% +37.4%
26.3 19.1 24.9 Operating profit
-78.7% +66.9%
0.7 0.4 3.3 OPM %
-1062 bps +48 bps
2.7% 2.2% 13.3% Other income
-55.7% -74.4%
3.1 11.9 6.9 Net profit?
-98.5% -99.0%
0.1 11.8 7.7 PAT margin %
-3041 bps -6115 bps
0.4% 61.6% 30.8% EPS (₹)
-98.6% -99.1%
0.05 5.59 3.65
Quality of profit
Pre-tax profit ₹0.1 Cr: core business −₹2.9 Cr, other income ₹3.1 Cr.
Core profit YoY: to loss
· reported profit -98.5%
Cash & debt
FY25 cash from operations ₹18.0 Cr:
92% of FY25 net profit of ₹19.6 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹23.1 ₹26.3
+13.9% above Net profit ₹15.2 ₹0.1
-99.3% below
M Cap ₹119 Cr
P/E 51.6
PEG —
Into loss: a profit a year ago Operating margin contracted 835 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
+8.6% +20.5%
12.1 10.0 11.1 Operating profit
-58.7% -49.2%
0.6 1.2 1.5 OPM %
-835 bps -704 bps
5.1% 12.2% 13.5% Other income
+290.3% -31.7%
0.3 0.4 0.1 Net profit?
to loss to loss -0.0 0.5 0.3 PAT margin %
-352 bps -566 bps
-0.4% 5.3% 3.1% EPS (₹)
-78.1% -81.6%
0.07 0.38 0.32
Quality of profit
Pre-tax profit ₹0.0 Cr: core business −₹0.2 Cr, other income ₹0.3 Cr.
Core profit YoY: to loss
Cash & debt
FY25 cash from operations −₹2.8 Cr.
Borrowings ₹25.9 Cr at Mar 2025.
M Cap ₹119 Cr
P/E 1.1
PEG 0.04
Operating margin expanded 973 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
+21.4% +12.6%
250 222 206 Operating profit
+45.5% +0.0%
147 147 101 OPM %
+973 bps -742 bps
58.8% 66.2% 49.1% Other income
+251.7% +150.0%
60.0 24.0 17.1 Net profit?
-42.3% -12.9%
27.0 31.0 46.8 PAT margin %
-1193 bps -316 bps
10.8% 14.0% 22.7% EPS (₹)
-79.4% -53.5%
0.33 0.71 1.60
Quality of profit
Pre-tax profit ₹35.0 Cr: core business −₹25.0 Cr, other income ₹60.0 Cr.
Core profit YoY: loss narrowed
· reported profit -42.3%
Cash & debt
FY25 cash from operations ₹290 Cr.
Borrowings ₹4,176 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹139 ₹250
+79.8% above
M Cap ₹116 Cr
P/E 18.1
PEG 0.19
Profit +30% above its own trend Operating margin contracted 9563 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
-81.9% +23.7%
2.6 2.1 14.3 Operating profit
to loss loss widened -2.3 -1.6 0.8 OPM %
-9563 bps -1131 bps
-90.3% -79.0% 5.3% Other income
— +55.2%
3.7 2.4 0.3 Net profit
+63.6% +93.1%
0.5 0.3 0.3 PAT margin %
+1862 bps +753 bps
20.9% 13.4% 2.3% EPS (₹)
+57.1% +83.3%
0.11 0.06 0.07
Quality of profit
Pre-tax profit ₹0.7 Cr: core business −₹2.9 Cr, other income ₹3.7 Cr.
Core profit YoY: to loss
· reported profit +63.6%
Cash & debt
FY25 cash from operations ₹1.5 Cr:
2247% of FY25 net profit of ₹0.1 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹21.8 ₹2.6
-88.2% below Net profit ₹0.4 ₹0.5
+29.9% above
M Cap ₹116 Cr
P/E 162.2
PEG —
Profit -95% below 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
-99.6% -40.0%
0.1 0.2 23.2 Operating profit
to loss loss narrowed -0.6 -1.1 4.5 Other income
+70.6% -24.9%
1.0 1.3 0.6 Net profit?
-93.2% +368.6%
0.3 0.1 4.1 EPS (₹)
-93.6% +250.0%
0.07 0.02 1.10
Quality of profit
Pre-tax profit ₹0.3 Cr: core business −₹0.7 Cr, other income ₹1.0 Cr.
Core profit YoY: to loss
· reported profit -93.2%
Cash & debt
FY25 cash from operations −₹10.7 Cr:
-102% of FY25 net profit of ₹10.5 Cr.
Borrowings ₹5.8 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹11.6 ₹0.1
-99.2% below Net profit ₹5.6 ₹0.3
-95.1% below
Profit -76% below its own trend Operating margin contracted 332 bps YoY 53% of pre-tax profit came from other income and one-off items Operating cash flow was negative in FY25 despite a profit Borrowings up 375% since Mar 2025
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+157.8% +50.1%
71.7 47.8 27.8 Operating profit
-54.5% +104.0%
0.5 0.2 1.1 OPM %
-332 bps +19 bps
0.7% 0.5% 4.0% Other income
+11.5% -17.1%
0.3 0.3 0.3 Net profit?
-71.4% +21.7%
0.3 0.2 1.0 PAT margin %
-313 bps -9 bps
0.4% 0.5% 3.5% EPS (₹)
-71.4% +25.0%
0.10 0.08 0.35
Quality of profit
Pre-tax profit ₹0.6 Cr: core business ₹0.3 Cr, other income ₹0.3 Cr.
Core profit YoY: -66.7%
· reported profit -71.4%
Cash & debt
FY25 cash from operations −₹119 Cr:
-3920% of FY25 net profit of ₹3.0 Cr.
Borrowings ₹19.0 Cr at Sep 2025, against ₹4.0 Cr at Mar 2025 (+375% ).
Against its own trend ?
Trend Actual Gap
Sales ₹55.6 ₹71.7
+28.9% above Net profit ₹1.1 ₹0.3
-75.5% below
M Cap ₹113 Cr
P/E 10.3
PEG —
25% of pre-tax profit came from other income and one-off items
₹ Cr YoY vs prev. half
Sep 2025 Mar 2025 Sep 2024
Sales
+30.9% +24.7%
182 146 139 Operating profit
+12.5% +12.5%
9.0 8.0 8.0 OPM %
-81 bps -53 bps
4.9% 5.5% 5.8% Other income
+0.0% —
1.0 0.0 1.0 Net profit?
+20.0% +50.0%
6.0 4.0 5.0 PAT margin %
-30 bps +56 bps
3.3% 2.7% 3.6% EPS (₹)
+28.2% +33.5%
5.46 4.09 4.26
Quality of profit
Pre-tax profit ₹8.0 Cr: core business ₹6.0 Cr, other income ₹1.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +20.0%
· reported profit +20.0%
Cash & debt
FY25 cash from operations ₹12.0 Cr.
Borrowings ₹28.0 Cr at Mar 2025.
M Cap ₹113 Cr
P/E 18.9
PEG 2.36
Profit -51% below its own trend Operating margin contracted 6944 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
-55.5% +11.2%
10.7 9.7 24.1 Operating profit
to loss loss widened -3.3 -2.9 9.2 OPM %
-6944 bps -167 bps
-31.2% -29.5% 38.2% Other income
-8.0% +58.9%
11.4 7.2 12.4 Net profit?
-30.7% +136.4%
5.4 2.3 7.8 PAT margin %
+1808 bps +2672 bps
50.5% 23.7% 32.4% EPS (₹)
-30.7% +136.6%
9.11 3.85 13.15
Quality of profit
Pre-tax profit ₹6.6 Cr: core business −₹4.8 Cr, other income ₹11.4 Cr.
Core profit YoY: to loss
· reported profit -30.7%
Cash & debt
FY25 cash from operations −₹17.3 Cr:
-19% of FY25 net profit of ₹91.9 Cr.
Borrowings ₹16.9 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹21.7 ₹10.7
-50.6% below Net profit ₹11.0 ₹5.4
-50.9% below
Profit +975% above its own trend Operating margin expanded 947 bps YoY 98% of pre-tax profit came from other income and one-off items Exceptional items of ₹93.5 Cr in the quarter Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+35.0% +12.8%
48.5 43.0 35.9 Operating profit
from loss -11.6%
3.1 3.6 -1.1 OPM %
+947 bps -180 bps
6.5% 8.3% -3.0% Other income
-94.5% +42.0%
0.7 0.5 12.3 Net profit?
+786.2% —
71.9 2.2 8.1 EPS (₹)
+752.3% —
12.75 adj. 0.38adj. 1.50
EPS restated for the ₹5 to ₹2 split of Aug 2025: Jun 2025 ₹0.94 to ₹0.38; Sep 2024 ₹3.74 to ₹1.50.
Quality of profit
Pre-tax profit ₹95.8 Cr: core business ₹1.6 Cr, other income ₹0.7 Cr, exceptional & other items ₹93.5 Cr.
Core profit YoY: from loss
· reported profit +786.2%
Cash & debt
FY25 cash from operations −₹9.0 Cr:
-61% of FY25 net profit of ₹14.8 Cr.
Borrowings ₹20.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹44.9 ₹48.5
+8.1% above Net profit ₹6.7 ₹71.9
+974.9% above
M Cap ₹108 Cr
P/E 21.7
PEG —
Operating margin contracted 141 bps YoY 33% of pre-tax profit came from other income and one-off items
₹ Cr YoY vs prev. half
Sep 2025 Mar 2025 Sep 2024
Sales
+53.6% +48.3%
43.0 29.0 28.0 Operating profit
+33.3% +0.0%
4.0 4.0 3.0 OPM %
-141 bps -449 bps
9.3% 13.8% 10.7% Other income
— —
0.0 0.0 0.0 Net profit?
+100.0% +0.0%
2.0 2.0 1.0 PAT margin %
+108 bps -225 bps
4.7% 6.9% 3.6% EPS (₹)
+55.7% -1.2%
1.65 1.67 1.06
Quality of profit
Pre-tax profit ₹3.0 Cr: core business ₹2.0 Cr, other income ₹0.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +100.0%
· reported profit +100.0%
Cash & debt
FY25 cash from operations −₹3.0 Cr.
Borrowings ₹16.0 Cr at Mar 2025.
M Cap ₹108 Cr
P/E 10.5
PEG —
48% of pre-tax profit came from other income and one-off items
₹ Cr QoQ
Sep 2025 Jun 2025
Sales
-12.8%
58.3 66.8 Operating profit
+204.4%
4.8 1.6 OPM %
+589 bps
8.3% 2.4% Other income
+54.0%
1.9 1.2 Net profit?
+484.9%
3.1 0.5 PAT margin %
+453 bps
5.3% 0.8% EPS (₹)
+160.8%
1.93 0.74
Quality of profit
Pre-tax profit ₹4.0 Cr: core business ₹2.1 Cr, other income ₹1.9 Cr.
Operating margin expanded 766 bps YoY 76% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-5.6% +9.3%
10.1 9.2 10.7 Operating profit
+69.6% +75.8%
1.7 1.0 1.0 OPM %
+766 bps +654 bps
17.3% 10.7% 9.6% Other income
-61.8% -11.7%
0.3 0.3 0.7 Net profit?
loss widened loss widened -0.4 -0.3 -0.1 PAT margin %
-292 bps -113 bps
-4.1% -3.0% -1.2% EPS (₹)
— loss widened -0.02 -0.01 0.00
Quality of profit
Pre-tax profit ₹0.3 Cr: core business ₹0.1 Cr, other income ₹0.3 Cr.
Core profit YoY: from loss
Cash & debt
FY25 cash from operations ₹20.9 Cr.
Borrowings ₹11.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹11.1 ₹10.1
-9.1% below
M Cap ₹106 Cr
P/E 26.5
PEG —
Turnaround: profit against a loss a year ago Operating margin contracted 129 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
-0.5% +7.8%
192 178 193 Operating profit
-20.2% -27.0%
10.0 13.7 12.5 OPM %
-129 bps -248 bps
5.2% 7.7% 6.5% Other income
from loss +192.1%
2.2 0.8 -0.0 Net profit
from loss -78.8%
0.3 1.5 -0.5 PAT margin %
+44 bps -66 bps
0.2% 0.8% -0.3% EPS (₹)
from loss -79.5%
0.16 0.78 -0.28
Quality of profit
Pre-tax profit ₹0.5 Cr: core business −₹1.8 Cr, other income ₹2.2 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations ₹8.0 Cr:
220% of FY25 net profit of ₹3.6 Cr.
Borrowings ₹287 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹203 ₹192
-5.1% below
M Cap ₹105 Cr
P/E 24.1
PEG 0.83
Profit -25% below its own trend Operating margin contracted 502 bps YoY 69% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -68%)
₹ Cr YoY vs prev. half
Sep 2025 Mar 2025 Sep 2024
Sales
+19.6% +14.8%
37.0 32.2 30.9 Operating profit
-31.2% -9.4%
2.5 2.8 3.6 OPM %
-502 bps -181 bps
6.8% 8.6% 11.8% Other income
+409.7% +113.5%
1.6 0.7 0.3 Net profit?
-8.4% +30.4%
2.1 1.6 2.2 PAT margin %
-171 bps +67 bps
5.6% 4.9% 7.3% EPS (₹)
-8.7% +30.3%
1.16 0.89 1.27
Quality of profit
Pre-tax profit ₹2.3 Cr: core business ₹0.7 Cr, other income ₹1.6 Cr.
Core profit YoY: -68.5%
· reported profit -8.4%
Cash & debt
FY25 cash from operations −₹4.6 Cr.
Borrowings ₹15.7 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹36.5 ₹37.0
+1.3% in line Net profit ₹2.7 ₹2.1
-24.6% below
All of pre-tax profit came from other income or one-off items
₹ Cr QoQ
Sep 2025 Jun 2025
Sales
-73.9%
1.5 5.8 Operating profit
loss narrowed -0.7 -1.2 OPM %
-2295 bps
-44.4% -21.4% Other income
+31.4%
1.8 1.4 Net profit?
—
1.1 0.0 PAT margin %
+7184 bps
72.2% 0.3% EPS (₹)
—
0.01 0.00
Quality of profit
Pre-tax profit ₹1.1 Cr: core business −₹0.7 Cr, other income ₹1.8 Cr.
Turnaround: profit against a loss a year ago Operating margin expanded 117 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
-77.2% -49.0%
7.2 14.2 31.8 Operating profit
loss narrowed loss narrowed -1.0 -4.7 -4.9 OPM %
+117 bps +1902 bps
-14.4% -33.4% -15.6% Other income
+17.1% +48.2%
3.0 2.0 2.5 Net profit
from loss from loss 0.8 -4.0 -2.3 PAT margin %
+1831 bps +3947 bps
11.1% -28.4% -7.2% EPS (₹)
from loss from loss 0.04 -0.19 -0.11
Quality of profit
Pre-tax profit ₹0.7 Cr: core business −₹2.3 Cr, other income ₹3.0 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations −₹1.5 Cr.
Borrowings ₹4.5 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹24.9 ₹7.2
-71.0% below
M Cap ₹104 Cr
P/E 23.3
PEG —
Profit -20% below its own trend Operating margin contracted 748 bps YoY 51% of pre-tax profit came from other income and one-off items Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+60.9% +40.8%
33.5 23.8 20.8 Operating profit
-42.6% +1.5%
1.4 1.4 2.4 OPM %
-748 bps -161 bps
4.2% 5.8% 11.6% Other income
+18.3% +0.0%
0.8 0.8 0.7 Net profit
-40.1% -7.8%
1.2 1.3 2.0 PAT margin %
-595 bps -186 bps
3.5% 5.4% 9.5% EPS (₹)
— -25.0%
0.09 0.12 0.18
No EPS growth against Sep 2024: 1:1 bonus in Oct 2024 and ₹10 to ₹2 split in Oct 2024.
Quality of profit
Pre-tax profit ₹1.7 Cr: core business ₹0.8 Cr, other income ₹0.8 Cr.
Core profit YoY: -57.3%
· reported profit -40.1%
Cash & debt
FY25 cash from operations −₹18.0 Cr:
-2195% of FY25 net profit of ₹0.8 Cr.
Borrowings ₹12.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹24.1 ₹33.5
+39.1% above Net profit ₹1.5 ₹1.2
-20.4% below
Profit -69% below its own trend Operating margin contracted 2049 bps YoY 50% of pre-tax profit came from other income and one-off items Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+8.7% +10.0%
22.0 20.0 20.2 Operating profit
-66.6% -50.0%
2.0 4.0 6.0 OPM %
-2049 bps -1091 bps
9.1% 20.0% 29.6% Other income
+235.6% —
1.0 0.0 0.3 Net profit?
-74.6% -50.0%
1.0 2.0 3.9 PAT margin %
-1491 bps -545 bps
4.5% 10.0% 19.5% EPS (₹)
-77.1% -62.0%
0.52 1.37 2.27
Quality of profit
Pre-tax profit ₹2.0 Cr: core business ₹1.0 Cr, other income ₹1.0 Cr.
Core profit YoY: -79.6%
· reported profit -74.6%
Cash & debt
FY25 cash from operations −₹12.0 Cr:
-86% of FY25 net profit of ₹13.9 Cr.
Borrowings ₹16.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹20.9 ₹22.0
+5.3% above Net profit ₹3.3 ₹1.0
-69.2% below
M Cap ₹102 Cr
P/E 35.2
PEG —
Profit +30% above its own trend Operating margin contracted 330 bps YoY All of pre-tax profit came from other income or one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-1.1% -3.5%
8.5 8.8 8.6 Operating profit
-16.3% -32.4%
1.5 2.3 1.8 OPM %
-330 bps -776 bps
18.2% 25.9% 21.5% Other income
-41.6% +3.6%
1.5 1.5 2.6 Net profit?
-35.2% -48.7%
0.7 1.3 1.1 PAT margin %
-426 bps -716 bps
8.1% 15.3% 12.4% EPS (₹)
-30.8% -47.1%
0.09 0.17 0.13
Quality of profit
Pre-tax profit ₹1.1 Cr: core business −₹0.4 Cr, other income ₹1.5 Cr.
Core profit YoY: loss narrowed
· reported profit -35.2%
Cash & debt
FY25 cash from operations ₹36.8 Cr:
2481% of FY25 net profit of ₹1.5 Cr.
Borrowings ₹29.6 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹6.4 ₹8.5
+32.3% above Net profit ₹0.5 ₹0.7
+29.7% above
M Cap ₹101 Cr
P/E 235.9
PEG —
Profit -89% below its own trend Operating margin contracted 1494 bps YoY All of pre-tax profit came from other income or one-off items
₹ Cr YoY vs prev. half
Sep 2025 Mar 2025 Sep 2024
Sales
-44.1% -60.8%
8.1 20.7 14.5 Operating profit
to loss to loss -0.3 0.8 1.6 OPM %
-1494 bps -796 bps
-4.2% 3.8% 10.7% Other income
— -34.3%
0.5 0.7 0.0 Net profit
-86.4% -94.1%
0.0 0.5 0.2 PAT margin %
-115 bps -209 bps
0.4% 2.5% 1.5% EPS (₹)
-100.0% -100.0%
0.00 0.08 0.03
Quality of profit
Pre-tax profit ₹0.0 Cr: core business −₹0.4 Cr, other income ₹0.5 Cr.
Core profit YoY: to loss
· reported profit -86.4%
Cash & debt
FY25 cash from operations ₹15.8 Cr.
Borrowings ₹3.3 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹7.3 ₹8.1
+11.7% above Net profit ₹0.3 ₹0.0
-89.3% below
M Cap ₹100 Cr
P/E 12.4
PEG —
Operating margin contracted 4897 bps YoY All of pre-tax profit came from other income or one-off items
₹ Cr YoY vs prev. half
Sep 2025 Mar 2025 Sep 2024
Sales
-41.3% -21.7%
32.1 41.0 54.8 Operating profit
to loss loss narrowed -1.1 -1.5 25.0 OPM %
-4897 bps +23 bps
-3.4% -3.6% 45.6% Other income
-89.8% from loss 4.4 -7.6 43.4 Net profit
-95.8% from loss 2.3 -8.2 55.0 PAT margin %
— +2733 bps
7.3% -20.1% — EPS (₹)
-95.8% from loss 2.19 -7.72 51.54
Quality of profit
Pre-tax profit ₹3.2 Cr: core business −₹1.3 Cr, other income ₹4.4 Cr.
Core profit YoY: to loss
· reported profit -95.8%
Cash & debt
FY25 cash from operations ₹19.3 Cr.
Borrowings ₹4.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹44.2 ₹32.1
-27.4% below
M Cap ₹100 Cr
P/E 0.7
PEG 0.03
All of pre-tax profit came from other income or one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+0.0% +0.0%
2.0 2.0 2.0 Operating profit
— —
0.0 0.0 0.0 OPM %
+0 bps +0 bps
0.0% 0.0% 0.0% Other income
+100.0% +100.0%
2.0 1.0 1.0 Net profit?
— —
1.0 0.0 0.0 PAT margin %
+5000 bps +5000 bps
50.0% 0.0% 0.0% EPS (₹)
+262.5% +383.3%
0.29 0.06 0.08
Quality of profit
Pre-tax profit ₹1.0 Cr: core business ₹0.0 Cr, other income ₹2.0 Cr, exceptional & other items −₹1.0 Cr.
Cash & debt
FY25 cash from operations ₹1.0 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2.0 ₹2.0
+0.0% in line
M Cap ₹97.0 Cr
P/E 335.7
PEG 7.46
Turnaround: profit against a loss a year ago Operating margin expanded 2202 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
+21.2% +9.0%
19.5 17.9 16.1 Operating profit
from loss -84.5%
0.2 1.3 -3.4 OPM %
+2202 bps -618 bps
1.0% 7.2% -21.0% Other income
+12.1% +17.6%
1.2 1.0 1.1 Net profit
from loss -40.0%
0.8 1.4 -2.1 PAT margin %
+1735 bps -352 bps
4.3% 7.8% -13.0% EPS (₹)
from loss -39.8%
1.56 2.59 -3.89
Quality of profit
Pre-tax profit ₹1.1 Cr: core business −₹0.1 Cr, other income ₹1.2 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations −₹3.0 Cr:
-177% of FY25 net profit of ₹1.7 Cr.
Borrowings ₹7.8 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹16.6 ₹19.5
+17.5% 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, 21:51 IST
