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 24 of 170
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M Cap ₹6,682 Cr
P/E 20.8
PEG 0.87
Profit +10% above its own trend Operating margin contracted 181 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+4.5% -3.7%
807 838 772 Operating profit
-7.3% +4.5%
114 109 123 OPM %
-181 bps +111 bps
14.1% 13.0% 15.9% Other income
+16.3% +17.7%
17.0 14.4 14.6 Net profit?
-14.5% +9.1%
56.0 51.3 65.5 PAT margin %
-155 bps +81 bps
6.9% 6.1% 8.5% EPS (₹)
-17.6% +12.9%
3.33 2.95 4.04
Quality of profit
Pre-tax profit ₹77.0 Cr: core business ₹61.0 Cr, other income ₹17.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: -17.1%
· reported profit -14.5%
Cash & debt
FY25 cash from operations −₹520 Cr:
-182% of FY25 net profit of ₹286 Cr.
Borrowings ₹1,397 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹816 ₹807
-1.1% in line Net profit ₹50.9 ₹56.0
+10.1% above
M Cap ₹6,680 Cr
P/E 32.7
PEG 0.76
Operating margin expanded 661 bps YoY Core business grew faster than reported profit (core profit +114%) FY25 operating cash flow was only 44% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+3.5% +12.4%
834 742 806 Operating profit
+90.0% +146.6%
121 49.1 63.7 OPM %
+661 bps +790 bps
14.5% 6.6% 7.9% Other income
to loss to loss -19.3 31.5 10.7 Net profit?
+16.1% +33.9%
37.0 27.6 31.9 PAT margin %
+48 bps +71 bps
4.4% 3.7% 4.0% EPS (₹)
-1.8% +16.9%
4.83 4.13 4.92
Quality of profit
Pre-tax profit ₹49.4 Cr: core business ₹68.7 Cr, other income −₹19.3 Cr.
Core profit YoY: +114.2%
· reported profit +16.1%
Cash & debt
FY25 cash from operations ₹68.0 Cr:
44% of FY25 net profit of ₹153 Cr.
Borrowings ₹476 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹754 ₹834
+10.7% above Net profit ₹40.9 ₹37.0
-9.5% in line
M Cap ₹6,641 Cr
P/E 101.4
PEG 1.95
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+20.6% +32.9%
222 167 184 Operating profit
+21.3% +52.9%
26.0 17.0 21.4 OPM %
+7 bps +153 bps
11.7% 10.2% 11.6% Other income
+88.0% -20.0%
4.0 5.0 2.1 Net profit?
+33.2% +41.7%
17.0 12.0 12.8 PAT margin %
+72 bps +47 bps
7.7% 7.2% 6.9% EPS (₹)
+26.3% +42.9%
1.20 0.84 0.95
Quality of profit
Pre-tax profit ₹22.0 Cr: core business ₹18.0 Cr, other income ₹4.0 Cr.
Core profit YoY: +27.5%
· reported profit +33.2%
Cash & debt
FY25 cash from operations ₹55.0 Cr:
143% of FY25 net profit of ₹38.6 Cr.
Borrowings ₹55.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹233 ₹222
-4.7% in line Net profit ₹18.4 ₹17.0
-7.5% in line
M Cap ₹6,639 Cr
P/E 29.8
PEG 2.71
Profit +53% above its own trend Operating margin expanded 416 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+13.3% -0.6%
265 267 234 Operating profit
+47.0% +18.5%
48.0 40.5 32.6 OPM %
+416 bps +293 bps
18.1% 15.2% 14.0% Other income
-9.8% -1.2%
8.0 8.1 8.9 Net profit?
+31.9% +10.7%
42.0 37.9 31.8 PAT margin %
+224 bps +163 bps
15.8% 14.2% 13.6% EPS (₹)
+42.7% +17.0%
3.24 2.77 2.27
Quality of profit
Pre-tax profit ₹51.0 Cr: core business ₹44.0 Cr, other income ₹8.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +46.8%
· reported profit +31.9%
Cash & debt
FY25 cash from operations ₹65.0 Cr:
52% of FY25 net profit of ₹125 Cr.
Borrowings ₹4.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹238 ₹265
+11.1% above Net profit ₹27.5 ₹42.0
+52.9% above
M Cap ₹6,606 Cr
P/E 36.5
PEG 0.56
Profit -22% below its own trend Operating margin expanded 179 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+14.7% +27.0%
772 608 673 Operating profit
+33.7% +58.8%
97.7 61.5 73.1 OPM %
+179 bps +253 bps
12.6% 10.1% 10.9% Other income
+76.3% -19.7%
6.0 7.4 3.4 Net profit?
+31.8% +62.6%
62.9 38.7 47.7 PAT margin %
+106 bps +178 bps
8.1% 6.4% 7.1% EPS (₹)
+30.8% +62.3%
3.23 1.99 2.47
Quality of profit
Pre-tax profit ₹85.0 Cr: core business ₹79.0 Cr, other income ₹6.0 Cr.
Core profit YoY: +37.8%
· reported profit +31.8%
Cash & debt
FY25 cash from operations ₹246 Cr:
150% of FY25 net profit of ₹164 Cr.
Borrowings ₹26.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹746 ₹772
+3.5% in line Net profit ₹80.4 ₹62.9
-21.8% below
M Cap ₹6,604 Cr
P/E 30.5
PEG —
Operating margin expanded 135 bps YoY Exceptional items of ₹7.8 Cr in the quarter
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+7.7% +6.5%
875 821 813 Operating profit
+24.5% +16.2%
87.1 75.0 70.0 OPM %
+135 bps +83 bps
10.0% 9.1% 8.6% Other income
-67.1% +5.3%
10.5 10.0 32.0 Net profit?
-50.2% +42.3%
10.0 7.0 20.0 PAT margin %
-132 bps +29 bps
1.1% 0.9% 2.5% EPS (₹)
-2.2% +29.4%
0.88 0.68 0.90
Quality of profit
Pre-tax profit ₹12.2 Cr: core business ₹9.5 Cr, other income ₹10.5 Cr, exceptional & other items −₹7.8 Cr.
Core profit YoY: from loss
· reported profit -50.2%
Cash & debt
FY25 cash from operations ₹252 Cr:
254% of FY25 net profit of ₹99.3 Cr.
Borrowings ₹1,462 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹859 ₹875
+1.8% in line Net profit ₹10.0 ₹10.0
-0.4% in line
M Cap ₹6,600 Cr
P/E 173.7
PEG 24.81
Operating margin expanded 883 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-16.9% +0.7%
286 284 344 Operating profit
+1.4% -4.8%
140 147 138 OPM %
+883 bps -281 bps
49.0% 51.8% 40.1% Other income
+0.0% from loss 2.0 -2.0 2.0 Net profit
loss narrowed loss narrowed -321 -325 -330 EPS (₹)
loss narrowed loss narrowed -1.64 -1.66 -1.69
Quality of profit
Pre-tax profit −₹321 Cr: core business −₹322 Cr, other income ₹2.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations ₹505 Cr.
Borrowings ₹20,416 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹358 ₹286
-20.0% below
M Cap ₹6,584 Cr
P/E 44.4
PEG 6.35
Operating margin contracted 244 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-5.5% +0.5%
138 137 146 Operating profit
-14.7% +23.1%
31.0 25.2 36.4 OPM %
-244 bps +415 bps
22.5% 18.4% 25.0% Other income
+11.9% -15.6%
7.7 9.1 6.9 Net profit?
-18.7% +4.2%
26.1 25.0 32.1 PAT margin %
-307 bps +68 bps
18.9% 18.3% 22.0% EPS (₹)
-18.9% +4.1%
2.27 2.18 2.80
Quality of profit
Pre-tax profit ₹35.4 Cr: core business ₹27.7 Cr, other income ₹7.7 Cr.
Core profit YoY: -18.1%
· reported profit -18.7%
Cash & debt
FY25 cash from operations ₹69.0 Cr:
63% of FY25 net profit of ₹109 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹137 ₹138
+0.6% in line Net profit ₹27.3 ₹26.1
-4.4% in line
M Cap ₹6,556 Cr
P/E 28.8
PEG —
₹ Cr QoQ
Sep 2025 Jun 2025
Sales
-4.7%
445 467 Operating profit
-26.2%
45.0 61.0 OPM %
-295 bps
10.1% 13.1% Other income
-23.1%
10.0 13.0 Net profit
-26.4%
39.0 53.0 PAT margin %
-258 bps
8.8% 11.3% EPS (₹)
-26.0%
3.42 4.62
Quality of profit
Pre-tax profit ₹53.0 Cr: core business ₹42.0 Cr, other income ₹10.0 Cr, exceptional & other items ₹1.0 Cr.
Profit -22% below its own trend FY25 operating cash flow was only 47% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-0.4% +16.3%
488 419 490 Operating profit
-4.1% +9.8%
67.1 61.1 70.0 OPM %
-53 bps -82 bps
13.8% 14.6% 14.3% Other income
-8.0% -12.8%
16.6 19.0 18.0 Net profit
-16.8% +21.7%
56.6 46.5 68.1 PAT margin %
-228 bps +52 bps
11.6% 11.1% 13.9% EPS (₹)
-16.2% +21.7%
43.92 36.08 52.44
Quality of profit
Pre-tax profit ₹72.2 Cr: core business ₹55.7 Cr, other income ₹16.6 Cr.
Core profit YoY: -2.3%
· reported profit -16.8%
Cash & debt
FY25 cash from operations ₹116 Cr:
47% of FY25 net profit of ₹246 Cr.
Borrowings ₹63.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹517 ₹488
-5.5% below Net profit ₹72.6 ₹56.6
-21.9% below
M Cap ₹6,507 Cr
P/E 10.4
PEG 0.38
Profit -12% below its own trend Operating margin expanded 276 bps YoY 34% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +181%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+19.6% -5.7%
929 985 777 Operating profit
+48.3% -38.3%
133 215 89.6 OPM %
+276 bps -756 bps
14.3% 21.9% 11.5% Other income
+15.3% -9.6%
29.4 32.5 25.5 Net profit?
+75.3% -47.9%
74.4 143 42.4 PAT margin %
+254 bps -650 bps
8.0% 14.5% 5.5% EPS (₹)
+75.3% -47.9%
8.24 15.83 4.70
Quality of profit
Pre-tax profit ₹85.7 Cr: core business ₹56.4 Cr, other income ₹29.4 Cr.
Core profit YoY: +181.2%
· reported profit +75.3%
Cash & debt
FY25 cash from operations ₹604 Cr:
198% of FY25 net profit of ₹304 Cr.
Borrowings ₹8.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,061 ₹929
-12.4% below Net profit ₹84.8 ₹74.4
-12.4% below
M Cap ₹6,503 Cr
P/E 30.2
PEG —
Profit -17% below its own trend Operating margin contracted 163 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+9.7% +1.2%
1,201 1,187 1,095 Operating profit
-6.7% -8.7%
111 122 119 OPM %
-163 bps -100 bps
9.2% 10.2% 10.9% Other income
+0.0% +24.4%
1.0 0.8 1.0 Net profit?
-21.7% -23.8%
36.0 47.2 46.0 PAT margin %
-120 bps -98 bps
3.0% 4.0% 4.2% EPS (₹)
-23.1% -24.9%
2.26 3.01 2.94
Quality of profit
Pre-tax profit ₹48.0 Cr: core business ₹47.0 Cr, other income ₹1.0 Cr.
Core profit YoY: -23.0%
· reported profit -21.7%
Cash & debt
FY25 cash from operations ₹517 Cr:
264% of FY25 net profit of ₹196 Cr.
Borrowings ₹828 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,162 ₹1,201
+3.3% in line Net profit ₹43.5 ₹36.0
-17.2% below
M Cap ₹6,497 Cr
P/E 47.4
PEG 0.33
Operating margin expanded 302 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+22.1% -8.8%
807 885 661 Operating profit
+84.6% -42.9%
72.0 126 39.0 OPM %
+302 bps -532 bps
8.9% 14.2% 5.9% Other income
+50.0% +0.0%
3.0 3.0 2.0 Net profit
loss narrowed to loss -9.0 34.0 -57.0 PAT margin %
+751 bps -496 bps
-1.1% 3.8% -8.6% EPS (₹)
loss narrowed to loss -1.12 4.23 -7.14
Quality of profit
Pre-tax profit −₹14.0 Cr: core business −₹16.0 Cr, other income ₹3.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations ₹349 Cr:
759% of FY25 net profit of ₹46.0 Cr.
Borrowings ₹783 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹767 ₹807
+5.2% above
M Cap ₹6,493 Cr
P/E 14.1
PEG 1.18
Profit -12% below its own trend 28% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+7.5% +5.8%
1,205 1,139 1,121 Operating profit
+8.2% +4.7%
127 121 117 OPM %
+7 bps -11 bps
10.5% 10.6% 10.4% Other income
-64.1% +10.6%
12.5 11.3 34.8 Net profit?
+5.8% +5.9%
114 107 107 PAT margin %
-15 bps +1 bps
9.4% 9.4% 9.6% EPS (₹)
+7.4% +5.7%
14.69 13.90 13.68
Quality of profit
Pre-tax profit ₹126 Cr: core business ₹90.3 Cr, other income ₹12.5 Cr, exceptional & other items ₹23.2 Cr.
Core profit YoY: +8.3%
· reported profit +5.8%
Cash & debt
FY25 cash from operations ₹359 Cr:
86% of FY25 net profit of ₹416 Cr.
Borrowings ₹242 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,244 ₹1,205
-3.2% in line Net profit ₹128 ₹114
-11.6% below
M Cap ₹6,488 Cr
P/E 25.4
PEG 0.91
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+14.0% +4.8%
392 374 344 Operating profit
+12.0% +1.1%
107 106 95.5 OPM %
-47 bps -100 bps
27.3% 28.3% 27.8% Other income
+41.6% +12.9%
6.4 5.7 4.5 Net profit
+16.1% +2.9%
58.9 57.2 50.7 PAT margin %
+28 bps -29 bps
15.0% 15.3% 14.7% EPS (₹)
+16.1% +2.8%
53.79 52.30 46.32
Quality of profit
Pre-tax profit ₹77.9 Cr: core business ₹71.5 Cr, other income ₹6.4 Cr.
Core profit YoY: +13.7%
· reported profit +16.1%
Cash & debt
FY25 cash from operations ₹353 Cr:
169% of FY25 net profit of ₹209 Cr.
Borrowings ₹415 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹387 ₹392
+1.4% in line Net profit ₹57.2 ₹58.9
+2.9% in line
M Cap ₹6,461 Cr
P/E 12.3
PEG 0.56
Operating margin contracted 543 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+3.9% +12.0%
719 642 692 Operating profit
-19.0% +10.0%
138 125 170 OPM %
-543 bps -35 bps
19.2% 19.6% 24.6% Other income
-16.2% -27.2%
16.0 22.0 19.1 Net profit?
-21.7% +5.9%
98.0 92.5 125 PAT margin %
-446 bps -79 bps
13.6% 14.4% 18.1% EPS (₹)
-22.0% +5.7%
18.07 17.10 23.17
Quality of profit
Pre-tax profit ₹131 Cr: core business ₹115 Cr, other income ₹16.0 Cr.
Core profit YoY: -24.0%
· reported profit -21.7%
Cash & debt
FY25 cash from operations ₹585 Cr:
154% of FY25 net profit of ₹379 Cr.
Borrowings ₹389 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹660 ₹719
+8.9% above Net profit ₹105 ₹98.0
-6.5% in line
M Cap ₹6,459 Cr
P/E 13.1
PEG 0.21
Operating margin contracted 161 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+76.4% +3.3%
634 614 360 Operating profit
+68.7% +4.0%
226 217 134 OPM %
-161 bps +24 bps
35.6% 35.3% 37.2% Other income
+296.1% -37.8%
6.8 11.0 1.7 Net profit?
+67.0% +4.8%
117 111 69.8 PAT margin %
-103 bps +26 bps
18.4% 18.1% 19.4% EPS (₹)
+49.5% +4.9%
5.53 5.27 adj. 3.70
EPS restated for the 1:2 bonus of Jan 2025: Sep 2024 ₹5.55 to ₹3.70.
Quality of profit
Pre-tax profit ₹158 Cr: core business ₹151 Cr, other income ₹6.8 Cr.
Core profit YoY: +57.5%
· reported profit +67.0%
Cash & debt
FY25 cash from operations ₹208 Cr:
64% of FY25 net profit of ₹325 Cr.
Borrowings ₹1,475 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹618 ₹634
+2.6% in line Net profit ₹129 ₹117
-9.6% in line
M Cap ₹6,453 Cr
P/E 28.7
PEG 0.34
Profit -34% below its own trend Exceptional items of ₹10.7 Cr in the quarter Core business grew faster than reported profit (core profit +38%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+13.7% +0.6%
1,262 1,254 1,110 Operating profit
+16.2% +2.8%
131 127 112 OPM %
+23 bps +22 bps
10.4% 10.1% 10.1% Other income
+20.7% +5.1%
4.1 3.9 3.4 Net profit?
+12.4% -18.2%
37.0 45.3 32.9 PAT margin %
-3 bps -67 bps
2.9% 3.6% 3.0% EPS (₹)
+4.8% -18.2%
3.28 4.01 3.13
Quality of profit
Pre-tax profit ₹51.7 Cr: core business ₹58.1 Cr, other income ₹4.1 Cr, exceptional & other items −₹10.5 Cr.
Core profit YoY: +38.2%
· reported profit +12.4%
Cash & debt
FY25 cash from operations ₹153 Cr:
102% of FY25 net profit of ₹149 Cr.
Borrowings ₹740 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,423 ₹1,262
-11.3% below Net profit ₹56.4 ₹37.0
-34.4% below
M Cap ₹6,408 Cr
P/E 43.2
PEG 2.70
Operating margin contracted 163 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+11.1% +16.6%
551 473 496 Operating profit
-1.7% +19.5%
69.3 58.0 70.5 OPM %
-163 bps +30 bps
12.6% 12.3% 14.2% Other income
+17.1% -5.7%
6.6 7.0 5.6 Net profit?
-6.2% +17.8%
36.5 31.0 38.9 PAT margin %
-122 bps +7 bps
6.6% 6.6% 7.8% EPS (₹)
-9.3% +17.8%
adj. 1.191.01 adj. 1.31
EPS restated for the ₹10 to ₹2 split of Dec 2025: Sep 2025 ₹5.95 to ₹1.19; Sep 2024 ₹6.56 to ₹1.31.
Quality of profit
Pre-tax profit ₹48.8 Cr: core business ₹42.3 Cr, other income ₹6.6 Cr.
Core profit YoY: -9.7%
· reported profit -6.2%
Cash & debt
FY25 cash from operations ₹161 Cr:
112% of FY25 net profit of ₹143 Cr.
Borrowings ₹184 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹557 ₹551
-1.1% in line Net profit ₹38.9 ₹36.5
-6.1% in line
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+11.2% +0.8%
703 698 632 Operating profit
+12.3% -2.4%
71.0 72.8 63.2 OPM %
+10 bps -33 bps
10.1% 10.4% 10.0% Other income
— -63.6%
8.0 22.0 0.1 Net profit?
loss narrowed loss widened -63.0 -45.4 -65.5 PAT margin %
+139 bps -245 bps
-9.0% -6.5% -10.3% EPS (₹)
loss narrowed loss widened -1.01 -0.72 -1.21
Quality of profit
Pre-tax profit −₹63.0 Cr: core business −₹72.0 Cr, other income ₹8.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations ₹350 Cr.
Borrowings ₹1,832 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹669 ₹703
+5.0% above
M Cap ₹6,402 Cr
P/E 5.1
PEG 0.08
Profit -60% below its own trend Operating margin expanded 416 bps YoY 72% of pre-tax profit came from other income and one-off items FY25 operating cash flow was only 16% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-21.7% -26.5%
1,926 2,620 2,461 Operating profit
-5.7% -9.4%
471 520 500 OPM %
+416 bps +461 bps
24.5% 19.8% 20.3% Other income
+4.9% -50.5%
191 386 182 Net profit?
-19.5% -21.0%
214 271 266 PAT margin %
+31 bps +77 bps
11.1% 10.3% 10.8% EPS (₹)
-19.5% -14.2%
14.64 17.06 18.18
Quality of profit
Pre-tax profit ₹265 Cr: core business ₹74.0 Cr, other income ₹191 Cr.
Core profit YoY: -19.2%
· reported profit -19.5%
Cash & debt
FY25 cash from operations ₹131 Cr:
16% of FY25 net profit of ₹840 Cr.
Borrowings ₹9,525 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,162 ₹1,926
-10.9% below Net profit ₹532 ₹214
-59.7% below
M Cap ₹6,383 Cr
P/E 15.3
PEG 0.22
Turnaround: profit against a loss a year ago Operating margin expanded 3353 bps YoY Exceptional items of ₹-7.8 Cr in the quarter
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+1.7% +9.3%
379 347 372 Operating profit
from loss +88.3%
119 63.0 -8.3 OPM %
+3353 bps +1313 bps
31.3% 18.2% -2.2% Other income
-66.9% -73.7%
1.7 6.3 5.0 Net profit?
from loss from loss 61.6 -203 -13.1 PAT margin %
+1978 bps +7497 bps
16.3% -58.7% -3.5% EPS (₹)
from loss from loss 1.98 -12.56 -0.75
Quality of profit
Pre-tax profit ₹86.6 Cr: core business ₹92.7 Cr, other income ₹1.7 Cr, exceptional & other items −₹7.8 Cr.
Core profit YoY: from loss
Cash & debt
FY25 cash from operations ₹100 Cr.
Borrowings ₹252 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹378 ₹379
+0.2% in line
M Cap ₹6,380 Cr
P/E 60.3
PEG 8.61
Profit +21% above its own trend Operating margin expanded 132 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+8.5% +0.6%
137 137 127 Operating profit
+15.2% -2.7%
31.1 32.0 27.0 OPM %
+132 bps -78 bps
22.6% 23.4% 21.3% Other income
+16.1% +66.0%
3.6 2.2 3.1 Net profit?
+24.6% +9.1%
24.9 22.8 19.9 PAT margin %
+234 bps +141 bps
18.1% 16.7% 15.7% EPS (₹)
+25.2% +7.8%
4.27 3.96 3.41
Quality of profit
Pre-tax profit ₹32.4 Cr: core business ₹26.6 Cr, other income ₹3.6 Cr, exceptional & other items ₹2.3 Cr.
Core profit YoY: +14.1%
· reported profit +24.6%
Cash & debt
FY25 cash from operations ₹94.0 Cr:
122% of FY25 net profit of ₹77.1 Cr.
Borrowings ₹42.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹128 ₹137
+7.1% above Net profit ₹20.5 ₹24.9
+21.2% above
M Cap ₹6,373 Cr
P/E 38.7
PEG 3.87
Profit +96% above its own trend Operating margin expanded 342 bps YoY FY25 operating cash flow was only 40% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+16.5% +1.1%
534 528 458 Operating profit
+54.6% -6.6%
74.0 79.3 47.9 OPM %
+342 bps -114 bps
13.9% 15.0% 10.5% Other income
-18.4% -0.9%
5.8 5.8 7.0 Net profit?
+58.3% -7.0%
46.9 50.5 29.7 PAT margin %
+232 bps -77 bps
8.8% 9.6% 6.5% EPS (₹)
+57.8% -7.3%
9.58 10.33 6.07
Quality of profit
Pre-tax profit ₹60.1 Cr: core business ₹54.4 Cr, other income ₹5.8 Cr.
Core profit YoY: +76.6%
· reported profit +58.3%
Cash & debt
FY25 cash from operations ₹57.0 Cr:
40% of FY25 net profit of ₹143 Cr.
Borrowings ₹125 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹532 ₹534
+0.3% in line Net profit ₹24.0 ₹46.9
+95.8% above
Operating margin contracted 235 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+6.7% -4.4%
742 777 696 Operating profit
-8.9% -9.5%
102 113 112 OPM %
-235 bps -78 bps
13.8% 14.5% 16.1% Other income
+9.2% +36.4%
9.2 6.8 8.5 Net profit?
loss widened loss widened -12.8 -1.7 -6.2 PAT margin %
-83 bps -150 bps
-1.7% -0.2% -0.9% EPS (₹)
loss widened loss widened -0.40 -0.06 -0.10
Quality of profit
Pre-tax profit −₹16.6 Cr: core business −₹25.8 Cr, other income ₹9.2 Cr.
Core profit YoY: loss widened
Against its own trend ?
Trend Actual Gap
Sales ₹768 ₹742
-3.4% in line
M Cap ₹6,292 Cr
P/E 109.9
PEG 1.49
Profit -55% below its own trend Operating margin expanded 202 bps YoY 25% 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
-25.5% +34.8%
118 87.5 158 Operating profit
-11.4% +25.0%
15.0 12.0 16.9 OPM %
+202 bps -100 bps
12.7% 13.7% 10.7% Other income
-49.4% +0.0%
2.0 2.0 4.0 Net profit?
-12.3% +42.1%
8.0 5.6 9.1 PAT margin %
+102 bps +35 bps
6.8% 6.4% 5.8% EPS (₹)
-15.6% +35.1%
4.93 3.65 5.84
Quality of profit
Pre-tax profit ₹12.0 Cr: core business ₹9.0 Cr, other income ₹2.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +3.6%
· reported profit -12.3%
Cash & debt
FY25 cash from operations −₹26.0 Cr:
-92% of FY25 net profit of ₹28.1 Cr.
Borrowings ₹185 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹161 ₹118
-26.8% below Net profit ₹17.9 ₹8.0
-55.3% below
M Cap ₹6,284 Cr
P/E 33.6
PEG 4.80
Profit +999% above its own trend Operating margin expanded 303 bps YoY 43% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+12.9% +9.1%
941 863 834 Operating profit
+58.1% +21.8%
99.6 81.7 63.0 OPM %
+303 bps +111 bps
10.6% 9.5% 7.6% Other income
+178.1% -11.0%
34.7 39.0 12.5 Net profit?
— +6.0%
50.9 48.1 0.5 PAT margin %
+536 bps -16 bps
5.4% 5.6% 0.1% EPS (₹)
— +5.7%
3.71 3.51 0.03
Quality of profit
Pre-tax profit ₹81.2 Cr: core business ₹46.5 Cr, other income ₹34.7 Cr.
Core profit YoY: +190.9%
Cash & debt
FY25 cash from operations ₹185 Cr:
165% of FY25 net profit of ₹112 Cr.
Borrowings ₹817 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹969 ₹941
-2.9% in line Net profit ₹0.3 ₹50.9
+999.0% above
M Cap ₹6,244 Cr
P/E 73.5
PEG —
₹ Cr QoQ
Sep 2025 Jun 2025
Sales
+7.9%
246 228 Operating profit
+33.3%
64.0 48.0 OPM %
+496 bps
26.0% 21.1% Other income
-42.9%
4.0 7.0 Net profit?
to loss -9.0 24.0 PAT margin %
-1418 bps
-3.7% 10.5% EPS (₹)
to loss -5.24 13.10
Quality of profit
Pre-tax profit −₹1.0 Cr: core business −₹4.0 Cr, other income ₹4.0 Cr, exceptional & other items −₹1.0 Cr.
M Cap ₹6,242 Cr
P/E 25.2
PEG 1.33
FY25 operating cash flow was only 2% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+18.3% +6.0%
492 464 416 Operating profit
+14.1% -5.2%
73.0 77.0 64.0 OPM %
-55 bps -175 bps
14.8% 16.6% 15.4% Other income
+233.3% +9.2%
10.0 9.2 3.0 Net profit?
+12.0% -27.5%
28.0 38.6 25.0 PAT margin %
-32 bps -262 bps
5.7% 8.3% 6.0% EPS (₹)
+11.1% -28.6%
0.50 0.70 0.45
Quality of profit
Pre-tax profit ₹42.0 Cr: core business ₹32.0 Cr, other income ₹10.0 Cr.
Core profit YoY: +3.2%
· reported profit +12.0%
Cash & debt
FY25 cash from operations ₹4.0 Cr:
2% of FY25 net profit of ₹170 Cr.
Borrowings ₹724 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹442 ₹492
+11.2% above Net profit ₹27.7 ₹28.0
+1.2% in line
M Cap ₹6,231 Cr
P/E 8.1
PEG —
All of pre-tax profit came from other income or one-off items
₹ Cr QoQ
Sep 2025 Jun 2025
Sales
-39.8%
323 536 Operating profit
-81.0%
67.9 357 OPM %
-4555 bps
21.1% 66.6% Other income
+795.5%
278 31.0 Net profit?
-12.4%
206 235 PAT margin %
+1999 bps
63.8% 43.8% EPS (₹)
-12.5%
3.35 3.83
Quality of profit
Pre-tax profit ₹188 Cr: core business −₹89.8 Cr, other income ₹278 Cr.
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
