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 27 of 170
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M Cap ₹5,069 Cr
P/E 18.9
PEG —
Profit -31% below its own trend Operating margin expanded 230 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-0.3% +7.1%
797 744 799 Operating profit
+13.5% -0.7%
151 152 133 OPM %
+230 bps -148 bps
18.9% 20.4% 16.6% Other income
+250.0% +16.7%
7.0 6.0 2.0 Net profit
+38.9% +0.0%
50.0 50.0 36.0 PAT margin %
+177 bps -45 bps
6.3% 6.7% 4.5% EPS (₹)
+39.0% -0.3%
2.85 2.86 2.05
Quality of profit
Pre-tax profit ₹69.0 Cr: core business ₹62.0 Cr, other income ₹7.0 Cr.
Core profit YoY: +31.9%
· reported profit +38.9%
Cash & debt
FY25 cash from operations ₹558 Cr:
307% of FY25 net profit of ₹182 Cr.
Borrowings ₹1,226 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹868 ₹797
-8.2% below Net profit ₹72.0 ₹50.0
-30.6% below
M Cap ₹5,067 Cr
P/E 17.9
PEG —
₹ Cr QoQ
Sep 2025 Jun 2025
Sales
-0.0%
916 916 Operating profit
+0.0%
177 177 OPM %
+0 bps
19.3% 19.3% Other income
-0.1%
4.0 4.0 Net profit?
+0.0%
119 119 PAT margin %
+0 bps
13.0% 13.0% EPS (₹)
+0.0%
10.60 10.60
Quality of profit
Pre-tax profit ₹150 Cr: core business ₹146 Cr, other income ₹4.0 Cr.
M Cap ₹5,020 Cr
P/E 36.2
PEG 3.29
Profit -47% below its own trend Operating margin contracted 1142 bps YoY 31% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+9.7% -6.4%
114 122 104 Operating profit
-24.9% -49.7%
28.1 55.9 37.5 OPM %
-1142 bps -2123 bps
24.7% 45.9% 36.1% Other income
+5.3% -23.6%
10.4 13.7 9.9 Net profit?
-39.0% -59.6%
18.5 45.8 30.4 PAT margin %
-1300 bps -2139 bps
16.3% 37.7% 29.3% EPS (₹)
-40.5% -60.8%
3.32 8.48 5.58
Quality of profit
Pre-tax profit ₹28.5 Cr: core business ₹19.8 Cr, other income ₹10.4 Cr, exceptional & other items −₹1.8 Cr.
Core profit YoY: -36.5%
· reported profit -39.0%
Cash & debt
FY25 cash from operations ₹113 Cr:
77% of FY25 net profit of ₹148 Cr.
Borrowings ₹30.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹127 ₹114
-10.2% below Net profit ₹35.2 ₹18.5
-47.4% below
M Cap ₹5,019 Cr
P/E 33.4
PEG 11.14
Operating margin contracted 643 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+29.8% +22.9%
644 524 496 Operating profit
-7.1% +55.2%
104 67.0 112 OPM %
-643 bps +336 bps
16.1% 12.8% 22.6% Other income
-40.6% +35.7%
19.0 14.0 32.0 Net profit?
loss widened loss narrowed -43.0 -69.0 -17.0 PAT margin %
-325 bps +649 bps
-6.7% -13.2% -3.4% EPS (₹)
loss widened loss narrowed -1.76 -2.85 -0.71
Quality of profit
Pre-tax profit −₹57.0 Cr: core business −₹76.0 Cr, other income ₹19.0 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations −₹531 Cr.
Borrowings ₹4,332 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹344 ₹644
+87.4% above
M Cap ₹4,982 Cr
P/E 33.1
PEG 2.36
Profit -10% below its own trend 27% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+7.9% +4.9%
325 310 302 Operating profit
+3.3% +4.2%
53.6 51.4 51.8 OPM %
-72 bps -11 bps
16.5% 16.6% 17.2% Other income
+37.9% +52.1%
14.3 9.4 10.4 Net profit?
+15.2% +26.2%
41.4 32.8 35.9 PAT margin %
+81 bps +215 bps
12.7% 10.6% 11.9% EPS (₹)
+15.1% +26.6%
4.19 3.31 3.64
Quality of profit
Pre-tax profit ₹52.4 Cr: core business ₹38.1 Cr, other income ₹14.3 Cr.
Core profit YoY: +2.2%
· reported profit +15.2%
Cash & debt
FY25 cash from operations ₹84.0 Cr:
102% of FY25 net profit of ₹82.7 Cr.
Borrowings ₹187 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹325 ₹325
-0.1% in line Net profit ₹46.0 ₹41.4
-10.0% below
M Cap ₹4,982 Cr
P/E 9.4
PEG 0.23
Profit -47% below its own trend Operating margin expanded 695 bps YoY Core business grew faster than reported profit (core profit +92%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+27.9% +12.4%
1,055 939 825 Operating profit
+142.4% +116.0%
155 71.8 64.0 OPM %
+695 bps +705 bps
14.7% 7.6% 7.8% Other income
-76.7% -64.4%
0.9 2.6 4.0 Net profit?
-5.0% -3.3%
38.0 39.3 40.0 PAT margin %
-125 bps -58 bps
3.6% 4.2% 4.8% EPS (₹)
-3.2% -2.4%
2.45 2.51 2.53
Quality of profit
Pre-tax profit ₹101 Cr: core business ₹100 Cr, other income ₹0.9 Cr.
Core profit YoY: +92.5%
· reported profit -5.0%
Cash & debt
FY25 cash from operations −₹151 Cr:
-103% of FY25 net profit of ₹146 Cr.
Borrowings ₹608 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,111 ₹1,055
-5.1% below Net profit ₹72.0 ₹38.0
-47.3% below
M Cap ₹4,971 Cr
P/E 165.6
PEG 4.14
Turnaround: profit against a loss a year ago Operating margin expanded 730 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
+10.1% -3.5%
1,855 1,922 1,685 Operating profit
+303.6% +10.5%
186 168 46.1 OPM %
+730 bps +127 bps
10.0% 8.8% 2.7% Other income
-43.2% -10.1%
10.4 11.5 18.3 Net profit?
from loss from loss 1.6 -5.6 -104 PAT margin %
+624 bps +38 bps
0.1% -0.3% -6.2% EPS (₹)
from loss +20.0%
0.06 0.05 -1.78
Quality of profit
Pre-tax profit ₹16.2 Cr: core business ₹2.3 Cr, other income ₹10.4 Cr, exceptional & other items ₹3.6 Cr.
Core profit YoY: from loss
Cash & debt
FY25 cash from operations ₹737 Cr:
1635% of FY25 net profit of ₹45.1 Cr.
Borrowings ₹1,978 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,740 ₹1,855
+6.6% above
M Cap ₹4,962 Cr
P/E 48.2
PEG —
Profit -79% below its own trend All of pre-tax profit came from other income or one-off items FY25 operating cash flow was only 36% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+6.0% +3.0%
984 956 929 Operating profit
-7.1% -33.6%
64.6 97.3 69.6 OPM %
-92 bps -362 bps
6.6% 10.2% 7.5% Other income
+48.0% -11.3%
19.0 21.4 12.8 Net profit?
-71.3% -80.5%
8.1 41.5 28.2 PAT margin %
-221 bps -352 bps
0.8% 4.3% 3.0% EPS (₹)
-72.1% -80.8%
1.10 5.73 3.94
Quality of profit
Pre-tax profit ₹18.7 Cr: core business −₹0.2 Cr, other income ₹19.0 Cr.
Core profit YoY: to loss
· reported profit -71.3%
Cash & debt
FY25 cash from operations ₹57.0 Cr:
36% of FY25 net profit of ₹159 Cr.
Borrowings ₹845 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,412 ₹984
-30.3% below Net profit ₹38.3 ₹8.1
-78.9% below
M Cap ₹4,951 Cr
P/E 19.6
PEG 2.80
Profit -16% below its own trend Operating margin contracted 177 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-26.0% +4.9%
3,832 3,651 5,179 Operating profit
-60.8% +9.6%
76.7 70.0 196 OPM %
-177 bps +8 bps
2.0% 1.9% 3.8% Other income
-7.9% +34.6%
4.0 3.0 4.4 Net profit?
-44.7% +1.5%
51.8 51.0 93.6 PAT margin %
-46 bps -5 bps
1.4% 1.4% 1.8% EPS (₹)
-43.7% +1.2%
3.46 3.42 6.15
Quality of profit
Pre-tax profit ₹57.5 Cr: core business ₹53.4 Cr, other income ₹4.0 Cr.
Core profit YoY: -45.2%
· reported profit -44.7%
Cash & debt
FY25 cash from operations ₹380 Cr:
250% of FY25 net profit of ₹152 Cr.
Borrowings ₹113 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹4,078 ₹3,832
-6.1% below Net profit ₹61.8 ₹51.8
-16.2% below
M Cap ₹4,949 Cr
P/E 24.9
PEG 2.77
30% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+23.3% +9.1%
258 236 209 Operating profit
+24.0% +12.3%
56.1 50.0 45.3 OPM %
+13 bps +61 bps
21.8% 21.2% 21.7% Other income
-17.7% -19.2%
18.6 23.0 22.6 Net profit?
+12.3% -10.3%
45.7 51.0 40.7 PAT margin %
-172 bps -385 bps
17.8% 21.6% 19.5% EPS (₹)
+10.8% -12.6%
2.15 2.46 1.94
Quality of profit
Pre-tax profit ₹61.7 Cr: core business ₹43.1 Cr, other income ₹18.6 Cr.
Core profit YoY: +20.8%
· reported profit +12.3%
Cash & debt
FY25 cash from operations ₹130 Cr:
75% of FY25 net profit of ₹173 Cr.
Borrowings ₹29.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹282 ₹258
-8.5% below Net profit ₹47.4 ₹45.7
-3.5% in line
M Cap ₹4,946 Cr
P/E 40.6
PEG 0.83
Operating margin contracted 2408 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
+56.4% +53.6%
86.0 56.0 55.0 Operating profit
-52.6% +50.0%
9.0 6.0 19.0 OPM %
-2408 bps -25 bps
10.5% 10.7% 34.5% Other income
+388.9% +4.8%
44.0 42.0 9.0 Net profit?
+113.3% +27.3%
28.0 22.0 13.1 PAT margin %
+869 bps -673 bps
32.6% 39.3% 23.9% EPS (₹)
+85.4% +26.7%
0.76 0.60 0.41
Quality of profit
Pre-tax profit ₹41.0 Cr: core business −₹2.0 Cr, other income ₹44.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: to loss
· reported profit +113.3%
Cash & debt
FY25 cash from operations ₹60.0 Cr:
230% of FY25 net profit of ₹26.1 Cr.
Borrowings ₹181 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹62.4 ₹86.0
+37.9% above Net profit ₹26.3 ₹28.0
+6.6% in line
M Cap ₹4,928 Cr
P/E 22.0
PEG 0.35
Operating margin contracted 256 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+69.2% +10.8%
221 199 131 Operating profit
+59.4% +12.3%
91.6 81.6 57.5 OPM %
-256 bps +55 bps
41.4% 40.9% 44.0% Other income
+198.6% +58.3%
21.3 13.4 7.1 Net profit?
+71.4% +15.4%
71.2 61.7 41.5 PAT margin %
+42 bps +130 bps
32.2% 30.9% 31.8% EPS (₹)
+75.5% +14.6%
10.53 9.19 6.00
Quality of profit
Pre-tax profit ₹91.5 Cr: core business ₹70.2 Cr, other income ₹21.3 Cr.
Core profit YoY: +58.9%
· reported profit +71.4%
Cash & debt
FY25 cash from operations ₹210 Cr.
Borrowings ₹205 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹188 ₹221
+17.6% above Net profit ₹66.2 ₹71.2
+7.6% in line
M Cap ₹4,923 Cr
P/E 26.2
PEG 1.25
Profit +12% above its own trend Operating margin expanded 143 bps YoY 30% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +120%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+24.3% +9.4%
1,009 923 812 Operating profit
+48.3% +8.8%
89.0 81.8 60.0 OPM %
+143 bps -5 bps
8.8% 8.9% 7.4% Other income
-36.4% +412.8%
14.0 2.7 22.0 Net profit?
+28.6% -0.5%
36.0 36.2 28.0 PAT margin %
+12 bps -36 bps
3.6% 3.9% 3.4% EPS (₹)
+26.0% -1.5%
38.13 38.71 30.25
Quality of profit
Pre-tax profit ₹47.0 Cr: core business ₹33.0 Cr, other income ₹14.0 Cr.
Core profit YoY: +120.0%
· reported profit +28.6%
Cash & debt
FY25 cash from operations ₹212 Cr:
152% of FY25 net profit of ₹140 Cr.
Borrowings ₹888 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,017 ₹1,009
-0.8% in line Net profit ₹32.1 ₹36.0
+12.0% above
M Cap ₹4,917 Cr
P/E 50.6
PEG —
Profit +20% above its own trend Operating margin expanded 598 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
+3.4% +2.3%
90.0 88.0 87.0 Operating profit
+33.3% -11.1%
24.0 27.0 18.0 OPM %
+598 bps -402 bps
26.7% 30.7% 20.7% Other income
-10.0% -18.2%
9.0 11.0 10.0 Net profit
+20.0% -14.3%
24.0 28.0 20.0 PAT margin %
+368 bps -515 bps
26.7% 31.8% 23.0% EPS (₹)
+18.6% -12.3%
9.81 11.19 8.27
Quality of profit
Pre-tax profit ₹33.0 Cr: core business ₹23.0 Cr, other income ₹9.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +35.3%
· reported profit +20.0%
Cash & debt
FY25 cash from operations ₹75.0 Cr:
75% of FY25 net profit of ₹100 Cr.
Borrowings ₹5.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹92.7 ₹90.0
-2.9% in line Net profit ₹20.0 ₹24.0
+19.8% above
M Cap ₹4,914 Cr
P/E 13.6
PEG —
Profit -24% below its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+0.4% -12.5%
602 688 599 Operating profit
-3.1% +5.3%
150 142 154 OPM %
-89 bps +420 bps
24.9% 20.7% 25.7% Other income
-60.3% -85.9%
4.7 33.5 11.8 Net profit?
+5.4% -14.5%
76.0 88.8 72.1 PAT margin %
+60 bps -29 bps
12.6% 12.9% 12.0% EPS (₹)
+5.5% -14.4%
11.75 13.73 11.14
Quality of profit
Pre-tax profit ₹101 Cr: core business ₹96.1 Cr, other income ₹4.7 Cr.
Core profit YoY: +14.5%
· reported profit +5.4%
Cash & debt
FY25 cash from operations ₹429 Cr.
Borrowings ₹553 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹630 ₹602
-4.5% in line Net profit ₹100 ₹76.0
-24.3% below
M Cap ₹4,899 Cr
P/E 12.3
PEG 0.54
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
+25.2% +3.2%
482 467 385 Net interest income
+28.6% +2.8%
256 249 199 Other income
+100.0% +100.0%
2.0 1.0 1.0 Net profit?
+16.7% +4.6%
91.0 87.0 78.0 EPS (₹)
+17.7% +5.7%
4.98 4.71 4.23 Gross NPA %
— +4 bps
2.5% 2.5% — Net NPA %
— +6 bps
1.7% 1.6% —
Against its own trend ?
Trend Actual Gap
NII ₹265 ₹256
-3.5% in line Net profit ₹95.2 ₹91.0
-4.4% in line
M Cap ₹4,891 Cr
P/E 39.6
PEG —
Profit -46% below its own trend Operating margin contracted 461 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-5.1% +5.1%
706 672 744 Operating profit
-47.7% +18.4%
40.0 33.8 76.4 OPM %
-461 bps +63 bps
5.7% 5.0% 10.3% Other income
-63.1% -29.1%
3.9 5.5 10.6 Net profit?
-66.3% -39.3%
13.9 23.0 41.4 PAT margin %
-359 bps -145 bps
2.0% 3.4% 5.6% EPS (₹)
-65.8% -38.6%
0.51 0.83 1.49
Quality of profit
Pre-tax profit ₹18.9 Cr: core business ₹15.0 Cr, other income ₹3.9 Cr.
Core profit YoY: -70.7%
· reported profit -66.3%
Cash & debt
FY25 cash from operations ₹108 Cr:
78% of FY25 net profit of ₹139 Cr.
Borrowings ₹258 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹775 ₹706
-8.9% below Net profit ₹25.8 ₹13.9
-46.0% below
M Cap ₹4,887 Cr
P/E 30.0
PEG 7.51
Profit +18% above its own trend Operating margin expanded 106 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+4.0% +1.0%
312 309 300 Operating profit
+11.9% +6.8%
47.0 44.0 42.0 OPM %
+106 bps +82 bps
15.1% 14.2% 14.0% Other income
-40.0% -50.0%
3.0 6.0 5.0 Net profit?
+13.6% -3.8%
25.0 26.0 22.0 PAT margin %
+68 bps -40 bps
8.0% 8.4% 7.3% EPS (₹)
+10.9% -3.1%
5.27 5.44 4.75
Quality of profit
Pre-tax profit ₹34.0 Cr: core business ₹31.0 Cr, other income ₹3.0 Cr.
Core profit YoY: +19.2%
· reported profit +13.6%
Cash & debt
FY25 cash from operations ₹206 Cr:
145% of FY25 net profit of ₹142 Cr.
Borrowings ₹27.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹300 ₹312
+3.9% in line Net profit ₹21.1 ₹25.0
+18.5% above
M Cap ₹4,883 Cr
P/E 237.0
PEG 23.70
Turnaround: profit against a loss a year ago Operating margin expanded 316 bps YoY 25% of pre-tax profit came from other income and one-off items Exceptional items of ₹-3.6 Cr in the quarter
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+13.4% +9.4%
815 745 719 Operating profit
+125.3% -8.9%
51.9 56.9 23.0 OPM %
+316 bps -128 bps
6.4% 7.6% 3.2% Other income
+10.0% -42.2%
10.4 18.0 9.5 Net profit?
from loss -69.7%
6.3 20.9 -14.3 PAT margin %
+277 bps -202 bps
0.8% 2.8% -2.0% EPS (₹)
+700.0% -21.1%
1.12 1.42 0.14
Quality of profit
Pre-tax profit ₹26.9 Cr: core business ₹20.1 Cr, other income ₹10.4 Cr, exceptional & other items −₹3.6 Cr.
Core profit YoY: from loss
Cash & debt
FY25 cash from operations −₹23.0 Cr.
Borrowings ₹81.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹822 ₹815
-0.8% in line
M Cap ₹4,875 Cr
P/E 40.3
PEG —
32% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit +0%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-6.3% +6.0%
89.0 84.0 95.0 Operating profit
-8.3% +6.5%
33.0 31.0 36.0 OPM %
-82 bps +17 bps
37.1% 36.9% 37.9% Other income
+85.7% +85.7%
13.0 7.0 7.0 Net profit
+23.3% +94.7%
37.0 19.0 30.0 PAT margin %
+999 bps +1895 bps
41.6% 22.6% 31.6% EPS (₹)
+15.5% +96.2%
2.61 1.33 2.26
Quality of profit
Pre-tax profit ₹40.0 Cr: core business ₹27.0 Cr, other income ₹13.0 Cr.
Core profit YoY: +0.0%
· reported profit +23.3%
M Cap ₹4,871 Cr
P/E 20.6
PEG 0.23
Operating margin expanded 2081 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-11.3% +8.9%
190 174 214 Operating profit
+55.3% +16.8%
92.1 78.8 59.3 OPM %
+2081 bps +329 bps
48.5% 45.2% 27.7% Other income
-75.7% +35.2%
1.4 1.1 6.0 Net profit
+25.4% +14.6%
58.8 51.3 46.9 PAT margin %
+907 bps +152 bps
31.0% 29.4% 21.9% EPS (₹)
-74.9% +14.5%
4.73 4.13 18.86
Quality of profit
Pre-tax profit ₹78.8 Cr: core business ₹77.3 Cr, other income ₹1.4 Cr.
Core profit YoY: +38.0%
· reported profit +25.4%
Cash & debt
FY25 cash from operations ₹69.0 Cr:
58% of FY25 net profit of ₹120 Cr.
Borrowings ₹11.0 Cr at Mar 2025.
M Cap ₹4,869 Cr
P/E 219.0
PEG 3.48
Into loss: a profit a year ago Profit -120% below its own trend Operating margin contracted 1439 bps YoY FY25 operating cash flow was only 20% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-13.1% +11.9%
194 173 223 Operating profit
to loss to loss -1.5 14.2 30.3 OPM %
-1439 bps -896 bps
-0.8% 8.2% 13.6% Other income
+43.3% -5.9%
10.8 11.4 7.5 Net profit?
to loss to loss -3.3 13.7 25.9 PAT margin %
-1335 bps -965 bps
-1.7% 7.9% 11.6% EPS (₹)
to loss to loss -1.13 2.94 5.37
Quality of profit
Pre-tax profit −₹3.3 Cr: core business −₹14.1 Cr, other income ₹10.8 Cr.
Core profit YoY: to loss
Cash & debt
FY25 cash from operations ₹19.0 Cr:
20% of FY25 net profit of ₹94.3 Cr.
Borrowings ₹175 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹231 ₹194
-16.3% below Net profit ₹16.4 −₹3.3
-120.3% below
M Cap ₹4,855 Cr
P/E 101.0
PEG —
Profit +59% above its own trend Operating margin expanded 714 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+20.0% +16.7%
42.0 36.0 35.0 Operating profit
+40.0% +50.0%
21.0 14.0 15.0 OPM %
+714 bps +1111 bps
50.0% 38.9% 42.9% Other income
— —
1.0 0.0 0.0 Net profit
+27.3% +55.6%
14.0 9.0 11.0 PAT margin %
+190 bps +833 bps
33.3% 25.0% 31.4% EPS (₹)
+35.1% +57.8%
1.31 0.83 0.97
Quality of profit
Pre-tax profit ₹19.0 Cr: core business ₹18.0 Cr, other income ₹1.0 Cr.
Core profit YoY: +28.6%
· reported profit +27.3%
Against its own trend ?
Trend Actual Gap
Sales ₹32.0 ₹42.0
+31.3% above Net profit ₹8.8 ₹14.0
+59.5% above
M Cap ₹4,852 Cr
P/E 46.9
PEG 1.14
Profit -16% below its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+13.8% +7.7%
275 255 241 Operating profit
+19.8% +22.3%
50.6 41.4 42.3 OPM %
+92 bps +219 bps
18.4% 16.2% 17.5% Other income
+2.9% +10.5%
7.7 6.9 7.4 Net profit?
+35.6% +41.5%
30.0 21.2 22.1 PAT margin %
+175 bps +261 bps
10.9% 8.3% 9.2% EPS (₹)
+33.8% +40.7%
1.90 1.35 1.42
Quality of profit
Pre-tax profit ₹39.4 Cr: core business ₹31.7 Cr, other income ₹7.7 Cr.
Core profit YoY: +37.2%
· reported profit +35.6%
Cash & debt
FY25 cash from operations ₹146 Cr:
178% of FY25 net profit of ₹82.2 Cr.
Borrowings ₹290 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹258 ₹275
+6.4% above Net profit ₹35.8 ₹30.0
-16.2% below
Operating margin contracted 1638 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-5.6% +20.5%
2,423 2,010 2,566 Operating profit
to loss loss widened -182 -86.1 227 OPM %
-1638 bps -324 bps
-7.5% -4.3% 8.9% Other income
+212.5% +278.8%
37.5 9.9 12.0 Net profit?
loss widened loss widened -369 -264 -23.1 PAT margin %
-1434 bps -213 bps
-15.2% -13.1% -0.9% EPS (₹)
loss widened loss widened -1.73 -1.24 -0.10
Quality of profit
Pre-tax profit −₹401 Cr: core business −₹439 Cr, other income ₹37.5 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations ₹950 Cr.
Borrowings ₹5,889 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,131 ₹2,423
+13.7% above
M Cap ₹4,834 Cr
P/E 11.0
PEG —
₹ Cr QoQ
Sep 2025 Jun 2025
Sales
+938.6%
5,802 559 Operating profit
+728.7%
602 72.7 OPM %
-263 bps
10.4% 13.0% Other income
—
10.7 0.8 Net profit?
+803.4%
306 33.9 PAT margin %
-79 bps
5.3% 6.1% EPS (₹)
-26.2%
1.04 1.41
Quality of profit
Pre-tax profit ₹409 Cr: core business ₹398 Cr, other income ₹10.7 Cr.
M Cap ₹4,814 Cr
P/E 15.0
PEG 0.50
Profit +24% above its own trend Operating margin contracted 309 bps YoY Profit grew faster than the core business (core profit +15%) FY25 operating cash flow was only 31% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+93.2% +53.5%
1,965 1,280 1,017 Operating profit
+15.4% +26.8%
90.0 71.0 78.0 OPM %
-309 bps -97 bps
4.6% 5.5% 7.7% Other income
+425.0% -25.0%
21.0 28.0 4.0 Net profit?
+44.7% +17.2%
68.0 58.0 47.0 PAT margin %
-116 bps -107 bps
3.5% 4.5% 4.6% EPS (₹)
— —
0.24 0.18 0.13
No EPS growth against Jun 2025 and Sep 2024: ₹1 to ₹10 consolidation in Oct 2026.
Quality of profit
Pre-tax profit ₹89.0 Cr: core business ₹68.0 Cr, other income ₹21.0 Cr.
Core profit YoY: +15.3%
· reported profit +44.7%
Cash & debt
FY25 cash from operations ₹72.0 Cr:
31% of FY25 net profit of ₹235 Cr.
Borrowings ₹172 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,482 ₹1,965
+32.6% above Net profit ₹55.0 ₹68.0
+23.6% above
M Cap ₹4,814 Cr
P/E 21.6
PEG —
Profit +29% above its own trend Operating margin contracted 159 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
+10.0% +4.3%
574 550 522 Operating profit
-1.9% +8.0%
75.5 69.9 77.0 OPM %
-159 bps +45 bps
13.2% 12.7% 14.8% Other income
-20.1% -28.1%
21.6 30.0 27.0 Net profit?
+9.1% -5.4%
54.0 57.1 49.5 PAT margin %
-7 bps -97 bps
9.4% 10.4% 9.5% EPS (₹)
+9.2% -5.3%
3.55 3.75 3.25
Quality of profit
Pre-tax profit ₹72.7 Cr: core business ₹51.1 Cr, other income ₹21.6 Cr.
Core profit YoY: +25.5%
· reported profit +9.1%
Cash & debt
FY25 cash from operations ₹236 Cr:
128% of FY25 net profit of ₹185 Cr.
Borrowings ₹1,244 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹672 ₹574
-14.7% below Net profit ₹41.8 ₹54.0
+29.3% above
M Cap ₹4,809 Cr
P/E 29.9
PEG 0.20
Operating margin expanded 174 bps YoY Core business grew faster than reported profit (core profit +103%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+12.4% +2.4%
1,370 1,338 1,219 Operating profit
+48.5% +58.1%
98.0 62.0 66.0 OPM %
+174 bps +252 bps
7.2% 4.6% 5.4% Other income
-46.2% -30.0%
7.0 10.0 13.0 Net profit?
+64.5% +96.2%
51.0 26.0 31.0 PAT margin %
+118 bps +178 bps
3.7% 1.9% 2.5% EPS (₹)
+61.7% +94.0%
12.53 6.46 7.75
Quality of profit
Pre-tax profit ₹70.0 Cr: core business ₹63.0 Cr, other income ₹7.0 Cr.
Core profit YoY: +103.2%
· reported profit +64.5%
Cash & debt
FY25 cash from operations ₹118 Cr:
99% of FY25 net profit of ₹119 Cr.
Borrowings ₹250 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,341 ₹1,370
+2.1% in line Net profit ₹46.4 ₹51.0
+10.0% in line
Operating margin expanded 126 bps YoY Exceptional items of ₹-4.8 Cr in the quarter Core business grew faster than reported profit (core profit +16%)
₹ Cr YoY
Sep 2025 Sep 2024
Sales
+7.1%
151 141 Operating profit
+15.0%
27.5 24.0 OPM %
+126 bps
18.3% 17.0% Other income
-16.1%
3.6 4.3 Net profit?
-13.8%
16.5 19.1 PAT margin %
-265 bps
10.9% 13.6% EPS (₹)
-13.8%
25.81 29.95
Quality of profit
Pre-tax profit ₹23.8 Cr: core business ₹25.0 Cr, other income ₹3.6 Cr, exceptional & other items −₹4.8 Cr.
Core profit YoY: +16.1%
· reported profit -13.8%
Cash & debt
Borrowings ₹2.0 Cr at Dec 2024.
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, 22:35 IST
