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
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M Cap ₹4,776 Cr
P/E 28.9
PEG 0.29
Turnaround: profit against a loss a year ago Operating margin expanded 584 bps YoY Exceptional items of ₹-3.8 Cr in the quarter
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+7.4% +4.3%
230 221 215 Operating profit
+28.2% +3.5%
82.6 79.8 64.4 OPM %
+584 bps -30 bps
35.9% 36.2% 30.0% Other income
-43.6% -27.8%
4.7 6.5 8.3 Net profit?
from loss +86.7%
16.8 9.0 -27.8 PAT margin %
+2027 bps +322 bps
7.3% 4.1% -13.0% EPS (₹)
from loss +90.0%
0.76 0.40 -1.25
Quality of profit
Pre-tax profit ₹23.7 Cr: core business ₹22.8 Cr, other income ₹4.7 Cr, exceptional & other items −₹3.8 Cr.
Core profit YoY: +96.9%
Cash & debt
FY25 cash from operations ₹309 Cr:
433% of FY25 net profit of ₹71.3 Cr.
Borrowings ₹1,457 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹240 ₹230
-4.0% in line
M Cap ₹4,771 Cr
P/E 20.4
PEG —
Profit -35% below its own trend Operating margin expanded 466 bps YoY 27% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +31%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+18.1% +10.4%
85.0 77.0 72.0 Operating profit
+28.2% +13.6%
50.0 44.0 39.0 OPM %
+466 bps +168 bps
58.8% 57.1% 54.2% Other income
-10.5% +6.2%
17.0 16.0 19.0 Net profit?
-15.8% +12.2%
47.5 42.3 56.4 PAT margin %
-2243 bps +89 bps
55.9% 55.0% 78.3% EPS (₹)
-15.7% +12.3%
6.75 6.01 8.01
Quality of profit
Pre-tax profit ₹64.5 Cr: core business ₹47.0 Cr, other income ₹17.0 Cr, exceptional & other items ₹0.5 Cr.
Core profit YoY: +30.6%
· reported profit -15.8%
Cash & debt
FY25 cash from operations ₹260 Cr:
58% of FY25 net profit of ₹445 Cr.
Borrowings ₹145 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹36.0 ₹85.0
+136.1% above Net profit ₹72.7 ₹47.5
-34.6% below
M Cap ₹4,761 Cr
P/E 15.7
PEG 5.22
Profit +41% above its own trend Operating margin expanded 168 bps YoY 33% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+19.2% -0.0%
348 348 292 Operating profit
+26.6% +26.9%
100 78.8 79.0 OPM %
+168 bps +610 bps
28.7% 22.6% 27.1% Other income
+11.1% +33.6%
30.0 22.5 27.0 Net profit
+40.0% +35.9%
70.0 51.5 50.0 PAT margin %
+299 bps +532 bps
20.1% 14.8% 17.1% EPS (₹)
+40.7% +36.8%
3.46 2.53 2.46
Quality of profit
Pre-tax profit ₹90.0 Cr: core business ₹60.0 Cr, other income ₹30.0 Cr.
Core profit YoY: +46.3%
· reported profit +40.0%
Cash & debt
FY25 cash from operations ₹434 Cr:
114% of FY25 net profit of ₹382 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹274 ₹348
+26.8% above Net profit ₹49.8 ₹70.0
+40.6% above
M Cap ₹4,759 Cr
P/E 48.8
PEG —
Operating margin contracted 127 bps YoY FY25 operating cash flow was only 15% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+13.9% +25.8%
734 583 644 Operating profit
+0.3% +9.5%
68.5 62.5 68.3 OPM %
-127 bps -139 bps
9.3% 10.7% 10.6% Other income
-0.6% -19.6%
14.3 17.7 14.3 Net profit?
-1.4% +3.1%
49.9 48.4 50.6 PAT margin %
-106 bps -150 bps
6.8% 8.3% 7.9% EPS (₹)
-2.8% +1.7%
4.18 4.11 4.30
Quality of profit
Pre-tax profit ₹67.9 Cr: core business ₹53.2 Cr, other income ₹14.3 Cr.
Core profit YoY: -1.0%
· reported profit -1.4%
Cash & debt
FY25 cash from operations ₹32.0 Cr:
15% of FY25 net profit of ₹208 Cr.
Borrowings ₹323 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹734 ₹734
+0.0% in line Net profit ₹54.0 ₹49.9
-7.5% in line
M Cap ₹4,722 Cr
P/E 24.7
PEG —
Operating margin expanded 372 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+2.6% +2.5%
1,076 1,049 1,049 Operating profit
+99.1% +21.7%
82.5 67.8 41.5 OPM %
+372 bps +121 bps
7.7% 6.5% 4.0% Other income
+100.7% -49.4%
5.4 10.8 2.7 Net profit?
+256.4% +16.9%
47.5 40.7 13.3 PAT margin %
+315 bps +54 bps
4.4% 3.9% 1.3% EPS (₹)
+256.7% +16.3%
1.07 0.92 0.30
Quality of profit
Pre-tax profit ₹63.8 Cr: core business ₹58.3 Cr, other income ₹5.4 Cr.
Core profit YoY: +276.0%
· reported profit +256.4%
Cash & debt
FY25 cash from operations ₹312 Cr:
233% of FY25 net profit of ₹134 Cr.
Borrowings ₹147 Cr at Mar 2025.
M Cap ₹4,717 Cr
P/E 39.2
PEG —
Profit -25% below its own trend Operating margin contracted 800 bps YoY 89% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -94%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-23.6% -10.4%
1,396 1,558 1,828 Operating profit
-65.3% -45.3%
93.0 170 268 OPM %
-800 bps -425 bps
6.7% 10.9% 14.7% Other income
+352.4% +239.3%
95.0 28.0 21.0 Net profit?
-49.7% -12.4%
78.0 89.0 155 PAT margin %
-289 bps -13 bps
5.6% 5.7% 8.5% EPS (₹)
-49.4% -11.8%
1.27 1.44 2.51
Quality of profit
Pre-tax profit ₹107 Cr: core business ₹12.0 Cr, other income ₹95.0 Cr.
Core profit YoY: -93.8%
· reported profit -49.7%
Cash & debt
FY25 cash from operations ₹480 Cr:
68% of FY25 net profit of ₹709 Cr.
Borrowings ₹2,125 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,646 ₹1,396
-15.2% below Net profit ₹104 ₹78.0
-25.3% below
M Cap ₹4,712 Cr
P/E 31.2
PEG 1.64
Profit -15% below its own trend Operating margin contracted 198 bps YoY 30% 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
+30.6% +11.2%
517 465 396 Operating profit
+14.3% +5.9%
72.0 68.0 63.0 OPM %
-198 bps -70 bps
13.9% 14.6% 15.9% Other income
+0.0% +16.7%
14.0 12.0 14.0 Net profit?
-8.3% +10.0%
33.0 30.0 36.0 PAT margin %
-271 bps -7 bps
6.4% 6.5% 9.1% EPS (₹)
-21.1% -5.1%
15.76 16.61 19.97
Quality of profit
Pre-tax profit ₹47.0 Cr: core business ₹33.0 Cr, other income ₹14.0 Cr.
Core profit YoY: -8.3%
· reported profit -8.3%
Cash & debt
FY25 cash from operations −₹4.0 Cr:
-3% of FY25 net profit of ₹143 Cr.
Borrowings ₹453 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹490 ₹517
+5.4% above Net profit ₹38.9 ₹33.0
-15.2% below
Profit +109% above its own trend Operating margin expanded 137 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+100.3% +152.4%
692 274 345 Operating profit
+127.8% +161.0%
78.3 30.0 34.4 OPM %
+137 bps +37 bps
11.3% 10.9% 10.0% Other income
+34.2% —
0.8 0.0 0.6 Net profit
+220.6% +231.3%
36.4 11.0 11.4 PAT margin %
+198 bps +126 bps
5.3% 4.0% 3.3% EPS (₹)
— —
12.66 0.74 4.99
No EPS growth against Jun 2025 and Sep 2024: 5:1 bonus in Jul 2026.
Quality of profit
Pre-tax profit ₹48.8 Cr: core business ₹48.0 Cr, other income ₹0.8 Cr.
Core profit YoY: +226.1%
· reported profit +220.6%
Cash & debt
FY25 cash from operations ₹23.0 Cr.
Borrowings ₹175 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹589 ₹692
+17.5% above Net profit ₹17.4 ₹36.4
+109.2% above
M Cap ₹4,687 Cr
P/E 22.2
PEG 0.86
Operating margin contracted 275 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+40.7% -16.2%
193 230 137 Operating profit
+23.6% -6.5%
38.3 41.0 31.0 OPM %
-275 bps +205 bps
19.9% 17.8% 22.6% Other income
+127.4% +51.6%
9.1 6.0 4.0 Net profit?
+42.5% -7.8%
31.4 34.0 22.0 PAT margin %
+21 bps +148 bps
16.3% 14.8% 16.1% EPS (₹)
+34.3% -11.7%
2.78 3.15 2.07
Quality of profit
Pre-tax profit ₹45.7 Cr: core business ₹36.6 Cr, other income ₹9.1 Cr.
Core profit YoY: +26.2%
· reported profit +42.5%
Cash & debt
FY25 cash from operations −₹10.0 Cr:
-9% of FY25 net profit of ₹117 Cr.
Borrowings ₹27.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹187 ₹193
+3.1% in line Net profit ₹31.2 ₹31.4
+0.4% in line
M Cap ₹4,684 Cr
P/E 401.3
PEG 15.44
Turnaround: profit against a loss a year ago
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
— -83.7%
137 840 3.0 Operating profit
from loss from loss 42.0 -30.0 -178 OPM %
— +3423 bps
30.7% -3.6% — Other income
from loss -98.7%
1.0 75.0 -4.0 Net profit?
from loss -27.1%
10.0 13.7 -111 PAT margin %
— +567 bps
7.3% 1.6% — EPS (₹)
from loss -17.4%
0.19 0.23 -2.12
Quality of profit
Pre-tax profit ₹14.0 Cr: core business ₹13.0 Cr, other income ₹1.0 Cr.
Core profit YoY: from loss
Cash & debt
FY25 cash from operations ₹540 Cr.
Borrowings ₹1,900 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹6.0 ₹137
+999.0% above
M Cap ₹4,681 Cr
P/E 22.2
PEG 0.10
Operating margin contracted 102 bps YoY 59% of pre-tax profit came from other income and one-off items Exceptional items of ₹25.6 Cr in the quarter Profit grew faster than the core business (core profit -31%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+3.5% -13.9%
2,074 2,408 2,004 Operating profit
-13.4% -14.8%
108 127 125 OPM %
-102 bps -6 bps
5.2% 5.3% 6.2% Other income
-9.7% -13.7%
38.8 45.0 43.0 Net profit?
-2.1% -4.7%
70.5 74.0 72.0 PAT margin %
-19 bps +33 bps
3.4% 3.1% 3.6% EPS (₹)
+2.9% -7.2%
1.42 1.53 1.38
Quality of profit
Pre-tax profit ₹110 Cr: core business ₹45.3 Cr, other income ₹38.8 Cr, exceptional & other items ₹25.6 Cr.
Core profit YoY: -31.3%
· reported profit -2.1%
Cash & debt
FY25 cash from operations ₹717 Cr:
278% of FY25 net profit of ₹258 Cr.
Borrowings ₹465 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,235 ₹2,074
-7.2% below Net profit ₹77.3 ₹70.5
-8.8% in line
M Cap ₹4,676 Cr
P/E 25.1
PEG —
Profit -50% below its own trend Operating margin contracted 134 bps YoY 51% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -67%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+3.4% +14.0%
3,419 2,999 3,306 Operating profit
-28.5% +103.8%
103 50.5 144 OPM %
-134 bps +133 bps
3.0% 1.7% 4.4% Other income
+125.2% -32.1%
27.0 39.8 12.0 Net profit?
-45.6% +141.8%
48.4 20.0 89.0 PAT margin %
-128 bps +75 bps
1.4% 0.7% 2.7% EPS (₹)
-55.6% +131.5%
2.13 0.92 4.80
Quality of profit
Pre-tax profit ₹55.9 Cr: core business ₹27.7 Cr, other income ₹27.0 Cr, exceptional & other items ₹1.2 Cr.
Core profit YoY: -67.4%
· reported profit -45.6%
Cash & debt
FY25 cash from operations −₹37.0 Cr:
-16% of FY25 net profit of ₹237 Cr.
Borrowings ₹1,232 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,894 ₹3,419
-12.2% below Net profit ₹96.1 ₹48.4
-49.6% below
M Cap ₹4,663 Cr
P/E 11.5
PEG 0.55
Profit +10% above its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
+7.2% +3.5%
628 607 586 Net interest income
+10.3% +7.7%
419 389 380 Other income
+0.0% -50.0%
1.0 2.0 1.0 Net profit?
-5.2% +16.7%
91.0 78.0 96.0 EPS (₹)
-6.1% +13.1%
5.68 5.02 6.05
Against its own trend ?
Trend Actual Gap
NII ₹436 ₹419
-3.9% in line Net profit ₹82.6 ₹91.0
+10.2% above
M Cap ₹4,642 Cr
P/E 38.7
PEG —
Profit +697% above its own trend Operating margin contracted 532 bps YoY 31% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -17%) FY25 operating cash flow was only 43% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+5.8% +7.7%
182 169 172 Operating profit
-15.2% +10.0%
39.0 35.5 46.0 OPM %
-532 bps +43 bps
21.4% 21.0% 26.7% Other income
from loss +205.9%
16.0 5.2 -25.0 Net profit
+825.0% +40.7%
37.0 26.3 4.0 PAT margin %
+1800 bps +477 bps
20.3% 15.6% 2.3% EPS (₹)
+777.2% +40.1%
22.28 15.90 2.54
Quality of profit
Pre-tax profit ₹49.0 Cr: core business ₹34.0 Cr, other income ₹16.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: -17.1%
· reported profit +825.0%
Cash & debt
FY25 cash from operations ₹78.0 Cr:
43% of FY25 net profit of ₹183 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹193 ₹182
-5.5% below Net profit ₹4.6 ₹37.0
+697.5% above
M Cap ₹4,634 Cr
P/E 81.2
PEG —
Profit +388% above its own trend Operating margin contracted 145 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+15.0% -7.9%
183 199 159 Operating profit
+6.5% +0.0%
33.0 33.0 31.0 OPM %
-145 bps +142 bps
18.0% 16.6% 19.5% Other income
— —
0.0 0.0 0.0 Net profit?
+143.9% +25.0%
5.0 4.0 2.0 PAT margin %
+144 bps +72 bps
2.7% 2.0% 1.3% EPS (₹)
+5.5% +33.4%
4.03 3.02 3.82
Quality of profit
Pre-tax profit ₹6.0 Cr: core business ₹6.0 Cr, other income ₹0.0 Cr.
Core profit YoY: +50.0%
· reported profit +143.9%
Cash & debt
FY25 cash from operations −₹42.0 Cr:
-1463% of FY25 net profit of ₹2.9 Cr.
Borrowings ₹583 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹181 ₹183
+1.1% in line Net profit ₹1.0 ₹5.0
+387.8% above
M Cap ₹4,606 Cr
P/E 21.3
PEG —
Profit +50% above its own trend Operating margin expanded 1262 bps YoY 59% of pre-tax profit came from other income and one-off items FY25 operating cash flow was only 43% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-35.4% -18.7%
149 183 230 Operating profit
+32.7% -10.8%
36.6 41.0 27.6 OPM %
+1262 bps +219 bps
24.6% 22.4% 12.0% Other income
+56.0% +2.8%
46.2 45.0 29.7 Net profit?
+27.0% +3.5%
60.0 58.0 47.2 PAT margin %
+1983 bps +865 bps
40.3% 31.7% 20.5% EPS (₹)
+15.0% -4.2%
1.38 1.44 1.20
Quality of profit
Pre-tax profit ₹78.1 Cr: core business ₹31.8 Cr, other income ₹46.2 Cr.
Core profit YoY: +41.5%
· reported profit +27.0%
Cash & debt
FY25 cash from operations ₹133 Cr:
43% of FY25 net profit of ₹312 Cr.
Borrowings ₹36.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹239 ₹149
-37.7% below Net profit ₹40.1 ₹60.0
+49.7% above
M Cap ₹4,606 Cr
P/E 11.2
PEG 0.22
Profit +60% above its own trend Operating margin expanded 316 bps YoY Core business grew faster than reported profit (core profit +180%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+57.6% -29.8%
952 1,356 604 Operating profit
+104.7% -28.0%
131 182 64.0 OPM %
+316 bps +34 bps
13.8% 13.4% 10.6% Other income
+20.0% +0.0%
12.0 12.0 10.0 Net profit?
+146.5% -7.0%
106 114 43.0 PAT margin %
+402 bps +273 bps
11.1% 8.4% 7.1% EPS (₹)
+117.9% -12.1%
10.11 11.50 4.64
Quality of profit
Pre-tax profit ₹81.0 Cr: core business ₹70.0 Cr, other income ₹12.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +180.0%
· reported profit +146.5%
Cash & debt
FY25 cash from operations ₹188 Cr:
65% of FY25 net profit of ₹290 Cr.
Borrowings ₹1,163 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹747 ₹952
+27.4% above Net profit ₹66.1 ₹106
+60.5% above
M Cap ₹4,598 Cr
P/E 21.2
PEG 2.12
Profit +49% above its own trend Operating margin expanded 613 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+20.5% +4.8%
490 468 407 Operating profit
+82.2% +17.0%
88.8 75.9 48.8 OPM %
+613 bps +188 bps
18.1% 16.2% 12.0% Other income
+13.9% +27.0%
15.7 12.3 13.8 Net profit?
+50.2% +25.9%
63.4 50.4 42.2 PAT margin %
+256 bps +216 bps
12.9% 10.8% 10.4% EPS (₹)
+49.0% +25.6%
10.70 8.52 7.18
Quality of profit
Pre-tax profit ₹80.5 Cr: core business ₹64.8 Cr, other income ₹15.7 Cr.
Core profit YoY: +66.5%
· reported profit +50.2%
Cash & debt
FY25 cash from operations ₹224 Cr:
109% of FY25 net profit of ₹206 Cr.
Borrowings ₹190 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹476 ₹490
+3.1% in line Net profit ₹42.4 ₹63.4
+49.4% above
M Cap ₹4,591 Cr
P/E 25.5
PEG 0.94
Operating margin expanded 214 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+16.2% +44.7%
136 94.0 117 Operating profit
+21.4% +142.9%
68.0 28.0 56.0 OPM %
+214 bps +2021 bps
50.0% 29.8% 47.9% Other income
+8.3% -7.1%
13.0 14.0 12.0 Net profit?
+21.3% +119.2%
57.0 26.0 47.0 PAT margin %
+174 bps +1425 bps
41.9% 27.7% 40.2% EPS (₹)
+22.6% +119.4%
18.89 8.61 15.41
Quality of profit
Pre-tax profit ₹77.0 Cr: core business ₹64.0 Cr, other income ₹13.0 Cr.
Core profit YoY: +20.8%
· reported profit +21.3%
Cash & debt
FY25 cash from operations ₹123 Cr:
88% of FY25 net profit of ₹139 Cr.
Borrowings ₹24.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹142 ₹136
-4.5% in line Net profit ₹59.8 ₹57.0
-4.6% in line
M Cap ₹4,574 Cr
P/E 21.4
PEG 0.22
Profit -50% below its own trend Core business grew faster than reported profit (core profit +96%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-6.5% +38.2%
1,258 911 1,346 Operating profit
-5.8% +75.4%
124 70.9 132 OPM %
+8 bps +210 bps
9.9% 7.8% 9.8% Other income
-65.0% -43.9%
8.0 14.3 23.0 Net profit?
-13.6% +117.9%
63.9 29.3 74.0 PAT margin %
-42 bps +186 bps
5.1% 3.2% 5.5% EPS (₹)
-11.0% +116.0%
1.62 0.75 1.82
Quality of profit
Pre-tax profit ₹98.2 Cr: core business ₹83.1 Cr, other income ₹8.0 Cr, exceptional & other items ₹7.0 Cr.
Core profit YoY: +96.0%
· reported profit -13.6%
Cash & debt
FY25 cash from operations −₹47.0 Cr:
-21% of FY25 net profit of ₹225 Cr.
Borrowings ₹948 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,788 ₹1,258
-29.6% below Net profit ₹128 ₹63.9
-50.3% below
M Cap ₹4,564 Cr
P/E 56.6
PEG 0.64
Profit -60% below its own trend Core business grew faster than reported profit (core profit +67%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+39.2% +20.7%
270 224 194 Operating profit
+47.7% +66.7%
44.0 26.4 29.8 OPM %
+94 bps +450 bps
16.3% 11.8% 15.4% Other income
-68.7% +501.3%
5.0 0.8 16.0 Net profit?
-19.2% +37.0%
18.0 13.1 22.3 PAT margin %
-481 bps +79 bps
6.7% 5.9% 11.5% EPS (₹)
-28.7% +35.1%
2.58 1.91 3.62
Quality of profit
Pre-tax profit ₹22.0 Cr: core business ₹17.0 Cr, other income ₹5.0 Cr.
Core profit YoY: +67.4%
· reported profit -19.2%
Cash & debt
FY25 cash from operations −₹60.0 Cr:
-138% of FY25 net profit of ₹43.4 Cr.
Borrowings ₹431 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹219 ₹270
+23.0% above Net profit ₹44.5 ₹18.0
-59.6% below
M Cap ₹4,551 Cr
P/E 17.3
PEG 0.79
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+16.8% +8.6%
715 659 612 Operating profit
+22.6% +10.6%
99.0 89.5 80.7 OPM %
+66 bps +26 bps
13.8% 13.6% 13.2% Other income
+53.9% -5.4%
5.5 5.9 3.6 Net profit?
+26.9% +10.7%
63.7 57.5 50.2 PAT margin %
+71 bps +17 bps
8.9% 8.7% 8.2% EPS (₹)
+26.9% +10.7%
24.19 21.85 19.06
Quality of profit
Pre-tax profit ₹84.8 Cr: core business ₹79.3 Cr, other income ₹5.5 Cr.
Core profit YoY: +23.1%
· reported profit +26.9%
Cash & debt
FY25 cash from operations ₹233 Cr:
114% of FY25 net profit of ₹205 Cr.
Borrowings ₹22.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹719 ₹715
-0.5% in line Net profit ₹58.6 ₹63.7
+8.6% in line
M Cap ₹4,540 Cr
P/E 6.6
PEG —
Turnaround: profit against a loss a year ago 70% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-0.0% -1.8%
3,832 3,901 3,833 Operating profit
-0.6% -14.8%
390 457 392 OPM %
-5 bps -156 bps
10.2% 11.7% 10.2% Other income
from loss +36.0%
28.9 21.3 -73.0 Net profit?
from loss -51.1%
30.3 61.9 -65.0 PAT margin %
+249 bps -80 bps
0.8% 1.6% -1.7% EPS (₹)
from loss -53.5%
3.73 8.03 -8.95
Quality of profit
Pre-tax profit ₹41.2 Cr: core business ₹12.3 Cr, other income ₹28.9 Cr.
Core profit YoY: -70.1%
Cash & debt
FY25 cash from operations ₹1,135 Cr:
794% of FY25 net profit of ₹143 Cr.
Borrowings ₹8,353 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹4,296 ₹3,832
-10.8% below
M Cap ₹4,514 Cr
P/E 14.5
PEG —
Profit +200% above its own trend Operating margin expanded 142 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+20.7% +15.0%
1,845 1,605 1,529 Operating profit
+55.1% +69.5%
118 69.8 76.2 OPM %
+142 bps +206 bps
6.4% 4.3% 5.0% Other income
+218.8% +76.2%
22.5 12.8 7.1 Net profit?
+117.2% +120.6%
74.2 33.6 34.2 PAT margin %
+179 bps +192 bps
4.0% 2.1% 2.2% EPS (₹)
+117.2% +120.0%
3.41 1.55 adj. 1.57
EPS restated for the 1:1 bonus of Jan 2025: Sep 2024 ₹3.14 to ₹1.57.
Quality of profit
Pre-tax profit ₹99.6 Cr: core business ₹77.1 Cr, other income ₹22.5 Cr.
Core profit YoY: +98.2%
· reported profit +117.2%
Cash & debt
FY25 cash from operations ₹395 Cr:
114% of FY25 net profit of ₹347 Cr.
Borrowings ₹16.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,385 ₹1,845
+33.2% above Net profit ₹24.7 ₹74.2
+200.1% above
M Cap ₹4,507 Cr
P/E 13.2
PEG —
68% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit +42%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+23.2% +13.3%
699 617 568 Operating profit
+22.5% +45.4%
118 81.4 96.6 OPM %
-9 bps +373 bps
16.9% 13.2% 17.0% Other income
+88.7% +120.4%
120 54.2 63.3 Net profit?
+74.2% +36.5%
143 105 82.3 PAT margin %
+600 bps +348 bps
20.5% 17.0% 14.5% EPS (₹)
+74.4% +36.8%
7.43 5.43 4.26
Quality of profit
Pre-tax profit ₹175 Cr: core business ₹55.7 Cr, other income ₹120 Cr.
Core profit YoY: +41.6%
· reported profit +74.2%
Cash & debt
FY25 cash from operations ₹280 Cr:
243% of FY25 net profit of ₹115 Cr.
Borrowings ₹588 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹544 ₹699
+28.6% above Net profit ₹157 ₹143
-8.8% in line
Operating margin expanded 614 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+92.5% +24.0%
129 104 67.0 Operating profit
from loss +50.0%
6.0 4.0 -1.0 OPM %
+614 bps +81 bps
4.7% 3.8% -1.5% Other income
+100.0% +100.0%
2.0 1.0 1.0 Net profit?
loss widened loss widened -16.0 -14.0 -12.0 PAT margin %
+551 bps +106 bps
-12.4% -13.5% -17.9% EPS (₹)
loss widened loss widened -5.20 -4.81 -4.41
Quality of profit
Pre-tax profit −₹14.0 Cr: core business −₹17.0 Cr, other income ₹2.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations −₹50.0 Cr.
Borrowings ₹140 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹114 ₹129
+13.6% above
M Cap ₹4,502 Cr
P/E 74.1
PEG —
₹ Cr QoQ
Sep 2025 Jun 2025
Sales
+9.8%
818 745 Operating profit
-9.8%
63.1 70.0 OPM %
-168 bps
7.7% 9.4% Other income
+252.0%
7.0 2.0 Net profit?
-49.7%
20.1 40.0 PAT margin %
-291 bps
2.5% 5.4% EPS (₹)
-50.3%
2.38 4.79
Quality of profit
Pre-tax profit ₹33.3 Cr: core business ₹26.2 Cr, other income ₹7.0 Cr.
M Cap ₹4,501 Cr
P/E 38.5
PEG 2.02
Operating margin expanded 100 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+22.7% +17.4%
173 147 141 Operating profit
+28.1% +18.2%
41.0 34.7 32.0 OPM %
+100 bps +16 bps
23.7% 23.5% 22.7% Other income
+100.0% -39.8%
2.0 3.3 1.0 Net profit?
+18.2% +3.9%
26.0 25.0 22.0 PAT margin %
-57 bps -196 bps
15.0% 17.0% 15.6% EPS (₹)
+15.1% +0.0%
3.05 3.05 2.65
Quality of profit
Pre-tax profit ₹33.0 Cr: core business ₹31.0 Cr, other income ₹2.0 Cr.
Core profit YoY: +24.0%
· reported profit +18.2%
Cash & debt
FY25 cash from operations ₹102 Cr:
119% of FY25 net profit of ₹86.0 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹208 ₹173
-16.6% below Net profit ₹25.2 ₹26.0
+3.2% in line
M Cap ₹4,481 Cr
P/E 28.7
PEG 0.32
Profit +91% above its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
+141.9% +10.3%
75.0 68.0 31.0 Net interest income
+45.2% +4.7%
45.0 43.0 31.0 Other income
— —
0.0 0.0 0.0 Net profit
+100.0% +12.0%
28.0 25.0 14.0 EPS (₹)
+100.8% +15.7%
5.08 4.39 2.53
Against its own trend ?
Trend Actual Gap
NII ₹33.1 ₹45.0
+35.8% above Net profit ₹14.6 ₹28.0
+91.3% above
M Cap ₹4,477 Cr
P/E 106.4
PEG —
₹ Cr QoQ
Sep 2025 Jun 2025
Sales
-0.3%
179 180 Operating profit
+4.5%
18.6 17.8 OPM %
+48 bps
10.4% 9.9% Other income
+87.9%
2.2 1.2 Net profit?
-61.3%
0.3 0.8 PAT margin %
-26 bps
0.2% 0.4% EPS (₹)
-60.0%
0.04 0.10
Quality of profit
Pre-tax profit −₹0.0 Cr: core business −₹2.2 Cr, other income ₹2.2 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, 22:53 IST
