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 21 of 170
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M Cap ₹8,683 Cr
P/E 3.5
PEG 0.11
Operating margin expanded 373 bps YoY Core business grew faster than reported profit (core profit +33%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+3.8% +4.9%
4,943 4,712 4,761 Operating profit
+29.3% +29.3%
936 724 724 OPM %
+373 bps +357 bps
18.9% 15.4% 15.2% Other income
-54.5% +14.9%
85.0 74.0 187 Net profit?
+9.7% +13.7%
566 498 516 PAT margin %
+61 bps +88 bps
11.5% 10.6% 10.8% EPS (₹)
-4.4% +0.4%
34.64 34.50 36.22
Quality of profit
Pre-tax profit ₹891 Cr: core business ₹806 Cr, other income ₹85.0 Cr.
Core profit YoY: +32.8%
· reported profit +9.7%
Cash & debt
FY25 cash from operations ₹2,278 Cr:
136% of FY25 net profit of ₹1,669 Cr.
Borrowings ₹1,574 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹5,090 ₹4,943
-2.9% in line Net profit ₹547 ₹566
+3.4% in line
M Cap ₹8,679 Cr
P/E 13.2
PEG —
Profit +268% above its own trend Operating margin expanded 770 bps YoY Core business grew faster than reported profit (core profit +787%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+373.5% +8.5%
1,232 1,135 260 Operating profit
+626.3% -8.9%
273 299 37.5 OPM %
+770 bps -423 bps
22.1% 26.4% 14.4% Other income
-50.6% -15.9%
12.4 14.8 25.1 Net profit?
+331.9% -16.9%
139 167 32.1 PAT margin %
-109 bps -345 bps
11.3% 14.7% 12.3% EPS (₹)
+331.8% -16.8%
2.85 adj. 3.43adj. 0.66
EPS restated for the 2:1 bonus of Sep 2025: Jun 2025 ₹10.28 to ₹3.43; Sep 2024 ₹1.98 to ₹0.66.
Quality of profit
Pre-tax profit ₹175 Cr: core business ₹162 Cr, other income ₹12.4 Cr.
Core profit YoY: +786.7%
· reported profit +331.9%
Against its own trend ?
Trend Actual Gap
Sales ₹520 ₹1,232
+136.8% above Net profit ₹37.7 ₹139
+267.9% above
M Cap ₹8,650 Cr
P/E 260.1
PEG —
Profit -24% below its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+16.9% +5.5%
647 613 554 Operating profit
+20.6% +14.4%
123 108 102 OPM %
+59 bps +148 bps
19.1% 17.6% 18.5% Other income
-73.7% -61.0%
2.9 7.5 11.1 Net profit?
-0.1% +245.5%
20.7 6.0 20.7 PAT margin %
-54 bps +222 bps
3.2% 1.0% 3.7% EPS (₹)
-10.7% +240.6%
1.09 0.32 1.22
Quality of profit
Pre-tax profit ₹19.8 Cr: core business ₹16.9 Cr, other income ₹2.9 Cr.
Core profit YoY: +2.2%
· reported profit -0.1%
Cash & debt
FY25 cash from operations ₹317 Cr:
649% of FY25 net profit of ₹48.8 Cr.
Borrowings ₹1,837 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹652 ₹647
-0.9% in line Net profit ₹27.3 ₹20.7
-24.4% below
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+10.2% +12.7%
2,099 1,863 1,905 Operating profit
+8.7% +87.9%
62.0 33.0 57.0 OPM %
-4 bps +118 bps
3.0% 1.8% 3.0% Other income
+13.1% -16.7%
35.0 42.0 30.9 Net profit?
loss narrowed loss narrowed -51.0 -67.0 -63.0 PAT margin %
+88 bps +117 bps
-2.4% -3.6% -3.3% EPS (₹)
loss narrowed loss narrowed -0.67 -0.89 -0.97
Quality of profit
Pre-tax profit −₹41.0 Cr: core business −₹76.0 Cr, other income ₹35.0 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations −₹83.0 Cr.
Borrowings ₹1,570 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,192 ₹2,099
-4.2% in line
M Cap ₹8,522 Cr
P/E 19.0
PEG —
Profit +612% above its own trend All of pre-tax profit came from other income or one-off items Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-50.0% +0.0%
1.0 1.0 2.0 Operating profit
loss narrowed loss narrowed -22.0 -23.0 -30.0 Other income
+459.3% +480.8%
453 78.0 81.0 Net profit?
+256.2% +288.6%
171 44.0 48.0 EPS (₹)
+256.2% +280.0%
1.14 0.30 0.32
Quality of profit
Pre-tax profit ₹430 Cr: core business −₹23.0 Cr, other income ₹453 Cr.
Core profit YoY: loss narrowed
· reported profit +256.2%
Cash & debt
FY25 cash from operations −₹363 Cr:
-417% of FY25 net profit of ₹87.0 Cr.
Borrowings ₹2.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Net profit ₹24.0 ₹171
+612.5% above
M Cap ₹8,519 Cr
P/E 136.2
PEG 4.87
Profit +10% above its own trend Operating margin expanded 364 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+29.5% +8.8%
63.6 58.4 49.1 Operating profit
+47.8% +17.3%
18.7 15.9 12.6 OPM %
+364 bps +213 bps
29.4% 27.2% 25.7% Other income
+62.2% -23.1%
0.6 0.8 0.4 Net profit?
+58.3% +18.5%
13.8 11.7 8.7 PAT margin %
+397 bps +179 bps
21.8% 20.0% 17.8% EPS (₹)
+58.5% +18.9%
3.02 2.54 adj. 1.91
EPS restated for the 1:1 bonus of Nov 2024: Sep 2024 ₹3.81 to ₹1.91.
Quality of profit
Pre-tax profit ₹17.4 Cr: core business ₹16.7 Cr, other income ₹0.6 Cr.
Core profit YoY: +52.9%
· reported profit +58.3%
Cash & debt
FY25 cash from operations ₹39.0 Cr:
105% of FY25 net profit of ₹37.0 Cr.
Borrowings ₹7.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹70.0 ₹63.6
-9.1% below Net profit ₹12.5 ₹13.8
+10.4% above
M Cap ₹8,514 Cr
P/E 8.2
PEG —
Profit +47% above its own trend Operating margin expanded 471 bps YoY 55% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +758%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+2.7% +22.9%
1,968 1,601 1,917 Operating profit
+105.6% +496.8%
185 31.0 90.0 OPM %
+471 bps +746 bps
9.4% 1.9% 4.7% Other income
+3.3% -15.3%
127 150 123 Net profit?
+70.5% +115.7%
179 83.0 105 PAT margin %
+362 bps +391 bps
9.1% 5.2% 5.5% EPS (₹)
+70.3% +115.6%
12.18 5.65 7.15
Quality of profit
Pre-tax profit ₹230 Cr: core business ₹103 Cr, other income ₹127 Cr.
Core profit YoY: +758.3%
· reported profit +70.5%
Cash & debt
FY25 cash from operations ₹605 Cr:
101% of FY25 net profit of ₹597 Cr.
Borrowings ₹106 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,755 ₹1,968
+12.1% above Net profit ₹122 ₹179
+46.6% above
M Cap ₹8,468 Cr
P/E 24.1
PEG 2.19
Profit +88% above its own trend Operating margin expanded 573 bps YoY Core business grew faster than reported profit (core profit +152%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+35.9% +8.0%
758 702 558 Operating profit
+89.5% +7.1%
153 143 81.0 OPM %
+573 bps -18 bps
20.2% 20.4% 14.5% Other income
+6.3% -5.6%
30.8 32.7 29.0 Net profit?
+96.0% +8.8%
102 93.7 52.0 PAT margin %
+413 bps +9 bps
13.4% 13.4% 9.3% EPS (₹)
+93.7% +8.0%
7.40 6.85 3.82
Quality of profit
Pre-tax profit ₹136 Cr: core business ₹103 Cr, other income ₹30.8 Cr, exceptional & other items ₹1.6 Cr.
Core profit YoY: +152.0%
· reported profit +96.0%
Cash & debt
FY25 cash from operations ₹431 Cr:
129% of FY25 net profit of ₹334 Cr.
Borrowings ₹72.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹591 ₹758
+28.3% above Net profit ₹54.3 ₹102
+87.8% above
M Cap ₹8,462 Cr
P/E 38.1
PEG 2.93
Profit +72% above its own trend 33% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit +19%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+12.7% +8.2%
382 353 339 Operating profit
+18.0% +22.0%
72.0 59.0 61.0 OPM %
+85 bps +213 bps
18.8% 16.7% 18.0% Other income
— —
33.0 1.0 1.0 Net profit
+83.7% +93.0%
79.0 40.9 43.0 PAT margin %
+800 bps +908 bps
20.7% 11.6% 12.7% EPS (₹)
+83.5% +93.4%
51.45 26.60 28.04
Quality of profit
Pre-tax profit ₹101 Cr: core business ₹68.0 Cr, other income ₹33.0 Cr.
Core profit YoY: +19.3%
· reported profit +83.7%
Cash & debt
FY25 cash from operations ₹200 Cr:
115% of FY25 net profit of ₹174 Cr.
Borrowings ₹4.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹373 ₹382
+2.5% in line Net profit ₹45.8 ₹79.0
+72.4% above
M Cap ₹8,453 Cr
P/E 36.4
PEG —
Profit -19% below its own trend Operating margin contracted 230 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+2.9% +11.4%
245 220 238 Operating profit
-3.3% -13.6%
87.0 101 90.0 OPM %
-230 bps -1026 bps
35.5% 45.8% 37.8% Other income
-36.4% -45.8%
7.0 12.9 11.0 Net profit?
-6.8% -28.2%
55.0 76.6 59.0 PAT margin %
-234 bps -1237 bps
22.4% 34.8% 24.8% EPS (₹)
-5.6% -27.6%
5.22 7.21 5.53
Quality of profit
Pre-tax profit ₹75.0 Cr: core business ₹68.0 Cr, other income ₹7.0 Cr.
Core profit YoY: -5.6%
· reported profit -6.8%
Cash & debt
FY25 cash from operations ₹214 Cr:
78% of FY25 net profit of ₹273 Cr.
Borrowings ₹2.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹279 ₹245
-12.3% below Net profit ₹67.7 ₹55.0
-18.8% below
M Cap ₹8,444 Cr
P/E 32.2
PEG —
Profit -47% below its own trend Operating margin contracted 644 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-12.3% +39.0%
378 272 431 Operating profit
-38.2% +62.3%
58.1 35.8 94.0 OPM %
-644 bps +220 bps
15.4% 13.2% 21.8% Other income
+13.3% -17.1%
6.8 8.2 6.0 Net profit
-36.5% +53.7%
43.2 28.1 68.0 PAT margin %
-435 bps +109 bps
11.4% 10.3% 15.8% EPS (₹)
-36.2% +53.6%
6.65 4.33 10.43
Quality of profit
Pre-tax profit ₹57.0 Cr: core business ₹50.2 Cr, other income ₹6.8 Cr.
Core profit YoY: -41.6%
· reported profit -36.5%
Cash & debt
FY25 cash from operations ₹215 Cr:
102% of FY25 net profit of ₹212 Cr.
Borrowings ₹1.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹493 ₹378
-23.4% below Net profit ₹81.1 ₹43.2
-46.7% below
M Cap ₹8,443 Cr
P/E 17.1
PEG 0.68
Profit -46% below its own trend Operating margin contracted 864 bps YoY 34% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -36%) FY25 operating cash flow was only 42% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+16.0% +7.0%
1,038 970 895 Operating profit
-27.5% -18.0%
149 182 206 OPM %
-864 bps -438 bps
14.4% 18.8% 23.0% Other income
+244.3% +325.4%
58.5 13.8 17.0 Net profit?
-0.1% +26.8%
139 110 139 PAT margin %
-215 bps +209 bps
13.4% 11.3% 15.5% EPS (₹)
+0.1% +26.8%
9.71 7.66 9.70
Quality of profit
Pre-tax profit ₹175 Cr: core business ₹116 Cr, other income ₹58.5 Cr.
Core profit YoY: -35.8%
· reported profit -0.1%
Cash & debt
FY25 cash from operations ₹164 Cr:
42% of FY25 net profit of ₹393 Cr.
Borrowings ₹573 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,081 ₹1,038
-4.0% in line Net profit ₹257 ₹139
-46.0% below
M Cap ₹8,436 Cr
P/E 16.5
PEG —
Operating margin expanded 674 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+47.8% +28.5%
775 603 524 Operating profit
+120.8% +34.4%
158 118 71.6 OPM %
+674 bps +90 bps
20.4% 19.5% 13.6% Other income
+17.5% -17.2%
4.0 4.8 3.4 Net profit?
+116.8% +34.3%
116 86.4 53.5 PAT margin %
+476 bps +65 bps
15.0% 14.3% 10.2% EPS (₹)
+117.1% +34.6%
11.16 8.29 5.14
Quality of profit
Pre-tax profit ₹157 Cr: core business ₹152 Cr, other income ₹4.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +130.7%
· reported profit +116.8%
Against its own trend ?
Trend Actual Gap
Sales ₹1,049 ₹775
-26.1% below Net profit ₹107 ₹116
+8.4% in line
M Cap ₹8,418 Cr
P/E 32.8
PEG 1.26
Operating margin contracted 265 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+26.3% +4.4%
547 524 433 Operating profit
+9.2% +1.1%
92.0 91.0 84.3 OPM %
-265 bps -55 bps
16.8% 17.4% 19.5% Other income
-36.3% -12.5%
7.0 8.0 11.0 Net profit
-4.2% -1.6%
62.0 63.0 64.7 PAT margin %
-361 bps -69 bps
11.3% 12.0% 14.9% EPS (₹)
-5.0% -2.3%
3.03 3.10 adj. 3.19
EPS restated for the ₹10 to ₹1 split of Jun 2025: Sep 2024 ₹31.91 to ₹3.19.
Quality of profit
Pre-tax profit ₹83.0 Cr: core business ₹75.0 Cr, other income ₹7.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: -0.9%
· reported profit -4.2%
Cash & debt
Borrowings ₹13.0 Cr at Dec 2024.
Against its own trend ?
Trend Actual Gap
Sales ₹476 ₹547
+15.0% above Net profit ₹64.3 ₹62.0
-3.5% in line
All of pre-tax profit came from other income or one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+10.3% -6.2%
1,138 1,213 1,032 Operating profit
— -81.5%
5.0 27.0 — OPM %
— -179 bps
0.4% 2.2% — Other income
— -20.3%
47.0 59.0 — Net profit?
— to loss -6.0 27.0 — PAT margin %
— -275 bps
-0.5% 2.2% — EPS (₹)
— to loss -0.12 0.61 —
Quality of profit
Pre-tax profit ₹1.0 Cr: core business −₹46.0 Cr, other income ₹47.0 Cr.
Against its own trend ?
Trend Actual Gap
Sales ₹984 ₹1,138
+15.7% above
M Cap ₹8,321 Cr
P/E 31.3
PEG —
₹ Cr QoQ
Sep 2025 Jun 2025
Sales
+5.9%
234 221 Operating profit
+21.4%
85.0 70.0 OPM %
+465 bps
36.3% 31.7% Other income
-75.0%
3.0 12.0 Net profit
+3.3%
63.0 61.0 PAT margin %
-68 bps
26.9% 27.6% EPS (₹)
+3.6%
27.31 26.36
Quality of profit
Pre-tax profit ₹84.0 Cr: core business ₹81.0 Cr, other income ₹3.0 Cr.
M Cap ₹8,301 Cr
P/E 14.9
PEG 1.06
Profit +136% above its own trend Operating margin expanded 102 bps YoY 33% of pre-tax profit came from other income and one-off items Exceptional items of ₹43.1 Cr in the quarter Profit grew faster than the core business (core profit +42%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+31.8% +19.5%
299 250 227 Operating profit
+34.1% +20.0%
178 148 133 OPM %
+102 bps +26 bps
59.4% 59.1% 58.4% Other income
-17.8% -17.3%
20.2 24.4 24.6 Net profit?
+112.9% +54.1%
161 104 75.5 PAT margin %
+2044 bps +1204 bps
53.7% 41.7% 33.2% EPS (₹)
+112.8% +53.7%
3.32 2.16 1.56
Quality of profit
Pre-tax profit ₹215 Cr: core business ₹145 Cr, other income ₹20.2 Cr, exceptional & other items ₹49.8 Cr.
Core profit YoY: +42.1%
· reported profit +112.9%
Cash & debt
FY25 cash from operations ₹446 Cr:
112% of FY25 net profit of ₹397 Cr.
Borrowings ₹63.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹225 ₹299
+33.2% above Net profit ₹68.2 ₹161
+135.6% above
M Cap ₹8,299 Cr
P/E 14.5
PEG 0.76
Profit +26% above its own trend Operating margin expanded 1523 bps YoY Core business grew faster than reported profit (core profit +148%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-2.9% +3.4%
1,329 1,285 1,368 Operating profit
+119.8% +128.1%
363 159 165 OPM %
+1523 bps +1492 bps
27.3% 12.4% 12.1% Other income
-33.3% -33.3%
22.0 33.0 33.0 Net profit?
-9.4% +9.4%
116 106 128 PAT margin %
-63 bps +48 bps
8.7% 8.2% 9.4% EPS (₹)
-9.5% +8.9%
4.17 3.83 4.61
Quality of profit
Pre-tax profit ₹210 Cr: core business ₹338 Cr, other income ₹22.0 Cr, exceptional & other items −₹150 Cr.
Core profit YoY: +147.8%
· reported profit -9.4%
Cash & debt
FY25 cash from operations ₹588 Cr:
114% of FY25 net profit of ₹517 Cr.
Borrowings ₹151 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,356 ₹1,329
-2.0% in line Net profit ₹91.7 ₹116
+26.4% above
Profit -97% below its own trend Operating margin expanded 995 bps YoY 86% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+12.2% +4.7%
1,974 1,886 1,760 Operating profit
+64.4% +9.4%
618 565 376 OPM %
+995 bps +135 bps
31.3% 30.0% 21.4% Other income
-54.2% -33.6%
93.0 140 203 Net profit?
-97.0% —
87.0 1.9 2,878 PAT margin %
— +431 bps
4.4% 0.1% — EPS (₹)
-97.1% +90.9%
0.21 0.11 7.17
Quality of profit
Pre-tax profit ₹108 Cr: core business ₹15.0 Cr, other income ₹93.0 Cr.
Core profit YoY: from loss
· reported profit -97.0%
Cash & debt
FY25 cash from operations ₹1,938 Cr:
70% of FY25 net profit of ₹2,779 Cr.
Borrowings ₹15,153 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,520 ₹1,974
-43.9% below Net profit ₹2,791 ₹87.0
-96.9% below
Into loss: a profit a year ago Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-90.7% +29.4%
261 202 2,810 Operating profit
to loss loss widened -294 -136 534 Other income
-43.4% -40.0%
6.0 10.0 10.6 Net profit
to loss loss widened -307 -194 266 EPS (₹)
to loss loss widened -17.37 -10.98 15.53
Quality of profit
Pre-tax profit −₹473 Cr: core business −₹479 Cr, other income ₹6.0 Cr.
Core profit YoY: to loss
Cash & debt
FY25 cash from operations −₹493 Cr:
-110% of FY25 net profit of ₹447 Cr.
Borrowings ₹3,407 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹5,620 ₹261
-95.3% below
M Cap ₹8,224 Cr
P/E 62.5
PEG 3.47
Profit -67% below its own trend Operating margin expanded 145 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-47.7% +4.2%
50.0 48.0 95.6 Operating profit
-45.7% +0.0%
20.0 20.0 36.9 OPM %
+145 bps -167 bps
40.0% 41.7% 38.5% Other income
-35.9% +0.0%
1.0 1.0 1.6 Net profit?
-48.9% +9.1%
12.0 11.0 23.5 PAT margin %
-54 bps +108 bps
24.0% 22.9% 24.5% EPS (₹)
-51.0% -0.6%
5.19 5.22 adj. 10.59
EPS restated for the ₹10 to ₹5 split of Dec 2025: Sep 2024 ₹21.17 to ₹10.59.
Quality of profit
Pre-tax profit ₹14.0 Cr: core business ₹12.0 Cr, other income ₹1.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: -56.7%
· reported profit -48.9%
Cash & debt
FY25 cash from operations ₹58.0 Cr:
97% of FY25 net profit of ₹60.0 Cr.
Borrowings ₹133 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹111 ₹50.0
-54.8% below Net profit ₹36.5 ₹12.0
-67.2% below
M Cap ₹8,198 Cr
P/E 16.8
PEG —
₹ Cr QoQ
Sep 2025 Jun 2025
Sales
+156.8%
236 92.0 Operating profit
+665.8%
107 14.0 OPM %
+3016 bps
45.4% 15.2% Other income
+69.3%
20.3 12.0 Net profit?
from loss 75.3 -2.0 PAT margin %
+3405 bps
31.9% -2.2% EPS (₹)
-91.8%
0.00 0.04
Quality of profit
Pre-tax profit ₹103 Cr: core business ₹83.0 Cr, other income ₹20.3 Cr.
M Cap ₹8,190 Cr
P/E 60.6
PEG —
Profit -71% below its own trend Operating margin contracted 306 bps YoY 47% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-20.0% +23.0%
210 170 262 Operating profit
-33.1% -4.2%
32.8 34.2 49.0 OPM %
-306 bps -443 bps
15.6% 20.0% 18.7% Other income
+4.6% +25.5%
8.9 7.1 8.5 Net profit?
-45.8% -0.2%
12.8 12.8 23.5 PAT margin %
-289 bps -142 bps
6.1% 7.5% 9.0% EPS (₹)
-46.0% +0.0%
0.68 0.68 1.26
Quality of profit
Pre-tax profit ₹19.1 Cr: core business ₹10.2 Cr, other income ₹8.9 Cr.
Core profit YoY: -59.8%
· reported profit -45.8%
Cash & debt
FY25 cash from operations ₹217 Cr:
196% of FY25 net profit of ₹111 Cr.
Borrowings ₹350 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹269 ₹210
-22.2% below Net profit ₹43.8 ₹12.8
-70.9% below
M Cap ₹8,157 Cr
P/E 30.4
PEG 1.05
Profit +23% above its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+50.5% +12.5%
1,007 895 669 Operating profit
+52.8% +19.2%
118 99.0 77.2 OPM %
+17 bps +67 bps
11.7% 11.1% 11.5% Other income
-45.0% +50.0%
3.4 2.2 6.1 Net profit?
+42.0% +28.3%
64.0 49.9 45.1 PAT margin %
-38 bps +78 bps
6.4% 5.6% 6.7% EPS (₹)
+41.9% +28.4%
5.25 4.09 3.70
Quality of profit
Pre-tax profit ₹84.5 Cr: core business ₹81.2 Cr, other income ₹3.4 Cr.
Core profit YoY: +50.7%
· reported profit +42.0%
Cash & debt
FY25 cash from operations ₹309 Cr:
185% of FY25 net profit of ₹167 Cr.
Borrowings ₹135 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹828 ₹1,007
+21.7% above Net profit ₹52.1 ₹64.0
+22.7% above
M Cap ₹8,157 Cr
P/E 12.5
PEG 0.07
Profit -14% below its own trend Operating margin expanded 367 bps YoY Core business grew faster than reported profit (core profit +290%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+136.0% +21.9%
1,149 942 487 Operating profit
+187.9% +17.4%
234 199 81.3 OPM %
+367 bps -79 bps
20.4% 21.2% 16.7% Other income
-82.5% -49.2%
11.0 21.6 63.0 Net profit?
+72.1% +4.1%
143 137 83.1 PAT margin %
-462 bps -213 bps
12.4% 14.6% 17.1% EPS (₹)
+56.7% -5.4%
4.70 4.97 3.00
Quality of profit
Pre-tax profit ₹192 Cr: core business ₹181 Cr, other income ₹11.0 Cr.
Core profit YoY: +289.9%
· reported profit +72.1%
Cash & debt
FY25 cash from operations −₹443 Cr:
-142% of FY25 net profit of ₹311 Cr.
Borrowings ₹1,366 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹974 ₹1,149
+18.0% above Net profit ₹166 ₹143
-13.9% below
M Cap ₹8,151 Cr
P/E 24.0
PEG —
Profit -58% below its own trend Operating margin expanded 125 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-48.0% -4.8%
277 291 532 Operating profit
-47.2% -5.3%
232 245 439 OPM %
+125 bps -44 bps
83.8% 84.2% 82.5% Other income
-92.5% -50.0%
1.0 2.0 13.3 Net profit?
-51.5% -17.0%
83.0 100 171 PAT margin %
-218 bps -440 bps
30.0% 34.4% 32.1% EPS (₹)
-2.7% -16.9%
1.43 1.72 1.47
Quality of profit
Pre-tax profit ₹89.0 Cr: core business ₹87.0 Cr, other income ₹1.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: -46.9%
· reported profit -51.5%
Cash & debt
FY25 cash from operations ₹961 Cr:
217% of FY25 net profit of ₹442 Cr.
Borrowings ₹3,198 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹556 ₹277
-50.2% below Net profit ₹196 ₹83.0
-57.6% below
M Cap ₹8,121 Cr
P/E 25.1
PEG 3.13
Operating margin contracted 247 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+19.9% +11.0%
587 529 490 Operating profit
+7.6% +17.1%
128 109 119 OPM %
-247 bps +112 bps
21.7% 20.6% 24.2% Other income
+2.2% -21.1%
13.6 17.2 13.3 Net profit?
+5.2% +13.2%
91.3 80.7 86.8 PAT margin %
-216 bps +30 bps
15.5% 15.2% 17.7% EPS (₹)
+4.9% +16.9%
3.87 3.31 3.69
Quality of profit
Pre-tax profit ₹121 Cr: core business ₹108 Cr, other income ₹13.6 Cr.
Core profit YoY: +4.1%
· reported profit +5.2%
Cash & debt
FY25 cash from operations ₹262 Cr:
72% of FY25 net profit of ₹365 Cr.
Borrowings ₹5.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹518 ₹587
+13.5% above Net profit ₹86.7 ₹91.3
+5.3% in line
M Cap ₹8,081 Cr
P/E 77.7
PEG —
₹ Cr QoQ
Sep 2025 Jun 2025
Sales
+21.4%
125 103 Operating profit
+63.0%
44.0 27.0 OPM %
+899 bps
35.2% 26.2% Other income
+600.0%
7.0 1.0 Net profit?
+360.0%
23.0 5.0 PAT margin %
+1355 bps
18.4% 4.9% EPS (₹)
+330.0%
2.15 0.50
Quality of profit
Pre-tax profit ₹29.0 Cr: core business ₹22.0 Cr, other income ₹7.0 Cr.
M Cap ₹8,075 Cr
P/E 23.3
PEG 0.97
Profit -14% below its own trend Exceptional items of ₹-16.1 Cr in the quarter
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+12.9% +27.9%
951 744 843 Operating profit
+19.8% +33.2%
154 116 129 OPM %
+94 bps +65 bps
16.2% 15.6% 15.3% Other income
+187.6% -20.1%
14.4 18.0 5.0 Net profit
+4.2% +15.3%
76.1 66.0 73.0 PAT margin %
-66 bps -88 bps
8.0% 8.9% 8.7% EPS (₹)
+4.9% +15.0%
2.37 2.06 2.26
Quality of profit
Pre-tax profit ₹105 Cr: core business ₹107 Cr, other income ₹14.4 Cr, exceptional & other items −₹16.1 Cr.
Core profit YoY: +21.6%
· reported profit +4.2%
Cash & debt
FY25 cash from operations ₹255 Cr:
85% of FY25 net profit of ₹300 Cr.
Borrowings ₹45.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,155 ₹951
-17.6% below Net profit ₹88.3 ₹76.1
-13.9% below
M Cap ₹8,026 Cr
P/E 97.8
PEG 3.05
Profit +155% above its own trend Operating margin expanded 182 bps YoY 62% 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
-20.1% +11.6%
311 278 389 Operating profit
-2.5% +24.5%
31.2 25.1 32.0 OPM %
+182 bps +104 bps
10.0% 9.0% 8.2% Other income
+29.6% +442.6%
22.7 4.2 17.5 Net profit?
+114.3% +330.7%
32.1 7.5 15.0 PAT margin %
+649 bps +767 bps
10.3% 2.7% 3.9% EPS (₹)
+107.7% +330.9%
4.05 0.94 1.95
Quality of profit
Pre-tax profit ₹36.5 Cr: core business ₹13.8 Cr, other income ₹22.7 Cr.
Core profit YoY: from loss
· reported profit +114.3%
Cash & debt
FY25 cash from operations −₹62.0 Cr:
-91% of FY25 net profit of ₹68.0 Cr.
Borrowings ₹301 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹489 ₹311
-36.5% below Net profit ₹12.6 ₹32.1
+155.4% 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, 21:04 IST
