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 29 of 170
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M Cap ₹4,473 Cr
P/E 7.6
PEG 0.69
Profit -13% below its own trend 43% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -20%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+6.5% +36.2%
5,459 4,009 5,128 Operating profit
-10.2% -4.5%
275 288 306 OPM %
-93 bps -215 bps
5.0% 7.2% 6.0% Other income
— +33.7%
127 95.0 5.6 Net profit?
+36.4% -8.6%
222 243 163 PAT margin %
+89 bps -199 bps
4.1% 6.1% 3.2% EPS (₹)
+30.8% -2.0%
6.46 6.59 4.94
Quality of profit
Pre-tax profit ₹298 Cr: core business ₹171 Cr, other income ₹127 Cr.
Core profit YoY: -19.7%
· reported profit +36.4%
Cash & debt
FY25 cash from operations ₹2,132 Cr:
236% of FY25 net profit of ₹905 Cr.
Borrowings ₹2,962 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹4,784 ₹5,459
+14.1% above Net profit ₹257 ₹222
-13.5% below
M Cap ₹4,462 Cr
P/E 34.0
PEG —
Profit -91% below its own trend Operating margin contracted 1202 bps YoY All of pre-tax profit came from other income or one-off items Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-6.3% +82.8%
499 273 533 Operating profit
-80.9% +12.2%
15.4 13.7 80.5 OPM %
-1202 bps -194 bps
3.1% 5.0% 15.1% Other income
-6.6% +39.3%
21.6 15.5 23.1 Net profit?
-84.9% -39.4%
9.9 16.3 65.5 PAT margin %
-1032 bps -400 bps
2.0% 6.0% 12.3% EPS (₹)
-87.3% -40.9%
0.68 1.15 5.36
Quality of profit
Pre-tax profit ₹16.9 Cr: core business −₹4.3 Cr, other income ₹21.6 Cr.
Core profit YoY: to loss
· reported profit -84.9%
Cash & debt
FY25 cash from operations −₹11.0 Cr:
-6% of FY25 net profit of ₹188 Cr.
Borrowings ₹930 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹422 ₹499
+18.3% above Net profit ₹105 ₹9.9
-90.6% below
M Cap ₹4,461 Cr
P/E 20.9
PEG 1.50
Profit -10% below its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+8.6% +4.1%
504 484 464 Operating profit
+7.9% +1.5%
68.0 67.0 63.0 OPM %
-9 bps -35 bps
13.5% 13.8% 13.6% Other income
+25.0% -16.7%
5.0 6.0 4.0 Net profit
+11.1% +0.0%
50.0 50.0 45.0 PAT margin %
+22 bps -41 bps
9.9% 10.3% 9.7% EPS (₹)
+9.4% -0.6%
40.90 41.14 37.39
Quality of profit
Pre-tax profit ₹67.0 Cr: core business ₹62.0 Cr, other income ₹5.0 Cr.
Core profit YoY: +8.8%
· reported profit +11.1%
Cash & debt
FY25 cash from operations ₹177 Cr:
107% of FY25 net profit of ₹165 Cr.
Borrowings ₹2.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹563 ₹504
-10.5% below Net profit ₹55.6 ₹50.0
-10.0% below
M Cap ₹4,459 Cr
P/E 29.3
PEG —
Profit +38% above its own trend Operating margin contracted 934 bps YoY Profit grew faster than the core business (core profit -10%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+34.9% -6.9%
271 292 201 Operating profit
-7.7% -10.9%
54.8 61.6 59.4 OPM %
-934 bps -91 bps
20.2% 21.1% 29.5% Other income
+193.7% -8.0%
14.4 15.6 4.9 Net profit
+21.8% -9.8%
44.3 49.2 36.4 PAT margin %
-175 bps -52 bps
16.3% 16.9% 18.1% EPS (₹)
+22.0% -9.9%
1.63 1.81 adj. 1.34
EPS restated for the ₹10 to ₹1 split of Oct 2025: Sep 2024 ₹13.36 to ₹1.34.
Quality of profit
Pre-tax profit ₹59.1 Cr: core business ₹44.7 Cr, other income ₹14.4 Cr.
Core profit YoY: -10.3%
· reported profit +21.8%
Cash & debt
FY25 cash from operations ₹227 Cr:
141% of FY25 net profit of ₹161 Cr.
Borrowings ₹14.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹174 ₹271
+55.8% above Net profit ₹32.0 ₹44.3
+38.5% above
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+31.2% +7.7%
171 159 131 Operating profit
+31.0% +3.1%
53.6 52.0 40.9 OPM %
-5 bps -141 bps
31.3% 32.7% 31.3% Other income
+139.8% +126.8%
9.1 4.0 3.8 Net profit
+40.3% +12.0%
45.9 41.0 32.7 PAT margin %
+175 bps +103 bps
26.8% 25.8% 25.1% EPS (₹)
+40.3% +10.7%
40.15 36.27 adj. 28.61
EPS restated for the 1:2 bonus of Jun 2025: Sep 2024 ₹42.92 to ₹28.61.
Quality of profit
Pre-tax profit ₹61.6 Cr: core business ₹52.5 Cr, other income ₹9.1 Cr.
Core profit YoY: +31.2%
· reported profit +40.3%
M Cap ₹4,455 Cr
P/E 14.8
PEG —
₹ Cr QoQ
Sep 2025 Jun 2025
Sales
+86.1%
696 374 Operating profit
+287.5%
91.8 23.7 OPM %
+685 bps
13.2% 6.3% Other income
-46.9%
9.3 17.5 Net profit?
+264.7%
60.2 16.5 PAT margin %
+423 bps
8.6% 4.4% EPS (₹)
+264.5%
9.04 2.48
Quality of profit
Pre-tax profit ₹70.1 Cr: core business ₹60.8 Cr, other income ₹9.3 Cr.
Operating margin expanded 562 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+6.2% +0.9%
941 932 886 Operating profit
from loss -80.1%
4.0 20.1 -46.0 OPM %
+562 bps -174 bps
0.4% 2.2% -5.2% Other income
+353.8% +744.1%
59.0 7.0 13.0 Net profit?
loss narrowed loss narrowed -162 -172 -262 PAT margin %
+1236 bps +118 bps
-17.2% -18.4% -29.6% EPS (₹)
loss narrowed loss narrowed -0.33 -0.35 -0.53
Quality of profit
Pre-tax profit −₹162 Cr: core business −₹221 Cr, other income ₹59.0 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations ₹115 Cr.
Borrowings ₹25,963 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹593 ₹941
+58.7% above
M Cap ₹4,448 Cr
P/E 19.4
PEG —
₹ Cr QoQ
Sep 2025 Jun 2025
Sales
-10.7%
108 121 Operating profit
-17.1%
68.0 82.0 OPM %
-481 bps
63.0% 67.8% Other income
—
0.0 0.0 Net profit
-19.7%
49.0 61.0 PAT margin %
-504 bps
45.4% 50.4% EPS (₹)
-20.3%
2.44 3.06
Quality of profit
Pre-tax profit ₹66.0 Cr: core business ₹66.0 Cr, other income ₹0.0 Cr.
M Cap ₹4,430 Cr
P/E 26.7
PEG 0.49
Profit -14% below its own trend Operating margin contracted 145 bps YoY 36% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -17%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+6.2% +0.2%
880 878 828 Operating profit
-10.5% -16.5%
68.5 82.0 76.5 OPM %
-145 bps -156 bps
7.8% 9.3% 9.2% Other income
+209.6% +245.5%
19.7 5.7 6.3 Net profit?
+11.8% -0.2%
40.7 40.8 36.5 PAT margin %
+23 bps -2 bps
4.6% 4.6% 4.4% EPS (₹)
+11.6% -0.3%
6.24 6.26 5.59
Quality of profit
Pre-tax profit ₹54.6 Cr: core business ₹35.0 Cr, other income ₹19.7 Cr.
Core profit YoY: -17.3%
· reported profit +11.8%
Cash & debt
FY25 cash from operations ₹175 Cr:
116% of FY25 net profit of ₹150 Cr.
Borrowings ₹41.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹901 ₹880
-2.4% in line Net profit ₹47.2 ₹40.7
-13.6% below
M Cap ₹4,406 Cr
P/E 22.4
PEG 2.04
Operating margin expanded 323 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
+8.7% +10.5%
137 124 126 Operating profit
+19.5% +22.5%
49.0 40.0 41.0 OPM %
+323 bps +351 bps
35.8% 32.3% 32.5% Other income
+5.0% -12.5%
21.0 24.0 20.0 Net profit?
+29.7% +11.6%
48.0 43.0 37.0 PAT margin %
+567 bps +36 bps
35.0% 34.7% 29.4% EPS (₹)
+30.2% +12.7%
49.54 43.97 38.05
Quality of profit
Pre-tax profit ₹64.0 Cr: core business ₹44.0 Cr, other income ₹21.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +18.9%
· reported profit +29.7%
Cash & debt
FY25 cash from operations ₹145 Cr:
85% of FY25 net profit of ₹171 Cr.
Borrowings ₹13.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹137 ₹137
-0.0% in line Net profit ₹44.1 ₹48.0
+8.7% in line
M Cap ₹4,377 Cr
P/E 20.4
PEG 0.29
Profit +99% above its own trend Operating margin expanded 312 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+21.3% +10.2%
688 624 567 Operating profit
+82.2% +20.8%
64.2 53.1 35.2 OPM %
+312 bps +81 bps
9.3% 8.5% 6.2% Other income
+48.2% +5.9%
1.8 1.7 1.2 Net profit?
+163.4% +40.2%
31.5 22.5 12.0 PAT margin %
+247 bps +98 bps
4.6% 3.6% 2.1% EPS (₹)
+164.2% +40.4%
4.73 3.37 1.79
Quality of profit
Pre-tax profit ₹41.9 Cr: core business ₹40.0 Cr, other income ₹1.8 Cr.
Core profit YoY: +150.8%
· reported profit +163.4%
Cash & debt
FY25 cash from operations −₹27.0 Cr:
-39% of FY25 net profit of ₹68.4 Cr.
Borrowings ₹792 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹631 ₹688
+9.0% above Net profit ₹15.8 ₹31.5
+99.0% above
Profit -31% below its own trend Operating margin contracted 1480 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+5.4% +160.6%
129 49.7 123 Operating profit
-10.4% +134.7%
108 46.1 121 OPM %
-1480 bps -923 bps
83.6% 92.8% 98.4% Other income
-100.0% —
0.0 0.0 1.6 Net profit?
-42.5% from loss 44.7 -4.0 77.7 PAT margin %
-2873 bps +4262 bps
34.5% -8.1% 63.3% EPS (₹)
-42.5% from loss 40.38 -3.63 70.18
Quality of profit
Pre-tax profit ₹69.3 Cr: core business ₹69.3 Cr, other income ₹0.0 Cr.
Core profit YoY: -31.6%
· reported profit -42.5%
Cash & debt
FY25 cash from operations ₹650 Cr:
660% of FY25 net profit of ₹98.5 Cr.
Borrowings ₹1,937 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹116 ₹129
+11.9% above Net profit ₹65.1 ₹44.7
-31.3% below
M Cap ₹4,361 Cr
P/E 65.8
PEG —
Turnaround: profit against a loss a year ago Operating margin expanded 218 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
+9.3% -2.0%
1,083 1,105 991 Operating profit
+60.7% -22.2%
73.9 95.0 46.0 OPM %
+218 bps -177 bps
6.8% 8.6% 4.6% Other income
+21.0% +641.1%
59.3 8.0 49.0 Net profit?
from loss from loss 16.3 -13.8 -18.2 PAT margin %
+334 bps +276 bps
1.5% -1.2% -1.8% EPS (₹)
from loss from loss 2.23 -1.88 -2.48
Quality of profit
Pre-tax profit ₹13.5 Cr: core business −₹45.8 Cr, other income ₹59.3 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations ₹381 Cr.
Borrowings ₹561 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,085 ₹1,083
-0.2% in line
M Cap ₹4,344 Cr
P/E 29.0
PEG 14.52
Profit +17% above its own trend Operating margin expanded 137 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+16.7% +15.6%
401 347 344 Operating profit
+28.8% +4.5%
58.2 55.7 45.2 OPM %
+137 bps -155 bps
14.5% 16.1% 13.1% Other income
+139.9% +102.2%
9.4 4.6 3.9 Net profit?
+44.0% +2.0%
32.9 32.2 22.8 PAT margin %
+155 bps -109 bps
8.2% 9.3% 6.6% EPS (₹)
+39.8% +1.9%
4.88 4.79 3.49
Quality of profit
Pre-tax profit ₹45.8 Cr: core business ₹36.4 Cr, other income ₹9.4 Cr.
Core profit YoY: +37.2%
· reported profit +44.0%
Cash & debt
FY25 cash from operations ₹90.0 Cr:
71% of FY25 net profit of ₹127 Cr.
Borrowings ₹342 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹402 ₹401
-0.3% in line Net profit ₹28.1 ₹32.9
+17.0% above
M Cap ₹4,307 Cr
P/E 84.5
PEG —
Turnaround: profit against a loss a year ago Operating margin expanded 1051 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+49.4% +6.0%
124 117 83.0 Operating profit
+266.7% +29.4%
22.0 17.0 6.0 OPM %
+1051 bps +321 bps
17.7% 14.5% 7.2% Other income
— +0.0%
1.0 1.0 0.0 Net profit?
from loss +42.9%
10.0 7.0 -1.0 PAT margin %
+927 bps +208 bps
8.1% 6.0% -1.2% EPS (₹)
from loss +49.3%
4.24 2.84 -0.28
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: from loss
Cash & debt
FY25 cash from operations ₹25.0 Cr:
478% of FY25 net profit of ₹5.2 Cr.
Borrowings ₹36.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹87.8 ₹124
+41.2% above
M Cap ₹4,286 Cr
P/E 15.8
PEG —
Operating margin expanded 1222 bps YoY 44% of pre-tax profit came from other income and one-off items Exceptional items of ₹-12.8 Cr in the quarter
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+29.0% -2.2%
281 287 217 Operating profit
from loss from loss 27.9 -12.2 -4.9 OPM %
+1222 bps +1422 bps
10.0% -4.3% -2.3% Other income
+1.6% -49.4%
28.4 56.1 27.9 Net profit?
-51.6% -6.8%
32.4 34.7 66.9 PAT margin %
-1922 bps -57 bps
11.5% 12.1% 30.8% EPS (₹)
-51.7% -6.8%
4.81 5.16 9.95
Quality of profit
Pre-tax profit ₹35.2 Cr: core business ₹19.7 Cr, other income ₹28.4 Cr, exceptional & other items −₹12.8 Cr.
Core profit YoY: from loss
· reported profit -51.6%
Against its own trend ?
Trend Actual Gap
Sales ₹174 ₹281
+61.6% above
M Cap ₹4,275 Cr
P/E 15.8
PEG —
Profit -68% below its own trend Operating margin contracted 597 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-6.2% -3.2%
587 607 626 Operating profit
-25.8% -19.0%
132 163 178 OPM %
-597 bps -440 bps
22.5% 26.9% 28.5% Other income
-68.6% -78.9%
1.7 8.2 5.5 Net profit?
-37.0% -68.1%
51.2 161 81.3 PAT margin %
-427 bps -1777 bps
8.7% 26.5% 13.0% EPS (₹)
-39.3% -68.1%
11.87 37.25 19.57
Quality of profit
Pre-tax profit ₹69.7 Cr: core business ₹68.2 Cr, other income ₹1.7 Cr.
Core profit YoY: -42.6%
· reported profit -37.0%
Cash & debt
FY25 cash from operations ₹441 Cr:
123% of FY25 net profit of ₹358 Cr.
Borrowings ₹593 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹784 ₹587
-25.1% below Net profit ₹162 ₹51.2
-68.4% below
M Cap ₹4,272 Cr
P/E 11.7
PEG —
Operating margin expanded 557 bps YoY FY25 operating cash flow was only 2% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-24.7% +0.0%
341 341 453 Operating profit
-14.5% +15.2%
159 138 186 OPM %
+557 bps +616 bps
46.6% 40.5% 41.1% Other income
+25.0% +66.7%
5.0 3.0 4.0 Net profit?
-25.0% +10.7%
93.0 84.0 124 PAT margin %
-10 bps +264 bps
27.3% 24.6% 27.4% EPS (₹)
-25.3% +10.4%
4.25 3.85 5.69
Quality of profit
Pre-tax profit ₹126 Cr: core business ₹121 Cr, other income ₹5.0 Cr.
Core profit YoY: -24.4%
· reported profit -25.0%
Cash & debt
FY25 cash from operations ₹6.0 Cr:
2% of FY25 net profit of ₹328 Cr.
Borrowings ₹513 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹394 ₹341
-13.4% below Net profit ₹94.8 ₹93.0
-1.9% in line
M Cap ₹4,263 Cr
P/E 16.1
PEG —
Profit -25% below its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-7.3% +3.0%
456 443 492 Operating profit
-11.2% +0.1%
85.4 85.3 96.1 OPM %
-81 bps -55 bps
18.7% 19.3% 19.5% Other income
+1.7% -0.5%
15.2 15.2 14.9 Net profit?
-7.2% +1.4%
62.5 61.7 67.4 PAT margin %
+2 bps -22 bps
13.7% 13.9% 13.7% EPS (₹)
-7.2% +1.4%
14.33 14.13 15.44
Quality of profit
Pre-tax profit ₹83.7 Cr: core business ₹68.6 Cr, other income ₹15.2 Cr.
Core profit YoY: -9.1%
· reported profit -7.2%
Cash & debt
FY25 cash from operations ₹382 Cr:
149% of FY25 net profit of ₹256 Cr.
Borrowings ₹438 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹502 ₹456
-9.2% below Net profit ₹83.0 ₹62.5
-24.7% below
M Cap ₹4,259 Cr
P/E 34.9
PEG 34.89
Profit +11% above its own trend Operating margin contracted 102 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+20.7% +36.5%
572 419 474 Operating profit
+11.9% +102.7%
75.0 37.0 67.0 OPM %
-102 bps +428 bps
13.1% 8.8% 14.1% Other income
+250.0% +75.0%
7.0 4.0 2.0 Net profit
+26.5% +186.7%
43.0 15.0 34.0 PAT margin %
+34 bps +394 bps
7.5% 3.6% 7.2% EPS (₹)
+24.6% +180.0%
34.05 12.16 27.33
Quality of profit
Pre-tax profit ₹66.0 Cr: core business ₹60.0 Cr, other income ₹7.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +17.6%
· reported profit +26.5%
Cash & debt
FY25 cash from operations ₹430 Cr:
413% of FY25 net profit of ₹104 Cr.
Borrowings ₹150 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹433 ₹572
+32.1% above Net profit ₹38.8 ₹43.0
+10.7% above
M Cap ₹4,249 Cr
P/E 66.9
PEG 11.14
Profit -26% below its own trend Operating margin contracted 192 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-14.9% -2.2%
132 135 155 Operating profit
-22.4% -13.1%
26.5 30.5 34.2 OPM %
-192 bps -251 bps
20.1% 22.6% 22.0% Other income
+76.3% +57.6%
5.9 3.8 3.4 Net profit
-16.1% -5.2%
21.5 22.7 25.6 PAT margin %
-22 bps -51 bps
16.3% 16.8% 16.5% EPS (₹)
-16.2% -5.4%
2.80 2.96 3.34
Quality of profit
Pre-tax profit ₹28.7 Cr: core business ₹22.7 Cr, other income ₹5.9 Cr.
Core profit YoY: -26.5%
· reported profit -16.1%
Cash & debt
FY25 cash from operations ₹91.0 Cr:
95% of FY25 net profit of ₹95.8 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹166 ₹132
-20.6% below Net profit ₹29.1 ₹21.5
-26.0% below
M Cap ₹4,249 Cr
P/E 50.2
PEG —
Profit -24% below its own trend Operating margin contracted 166 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+1.0% +6.2%
573 540 568 Operating profit
-23.0% -23.6%
30.6 40.0 39.7 OPM %
-166 bps -207 bps
5.3% 7.4% 7.0% Other income
-33.9% -88.1%
0.4 3.0 0.5 Net profit?
-31.8% -29.9%
11.9 17.0 17.5 PAT margin %
-100 bps -107 bps
2.1% 3.1% 3.1% EPS (₹)
-31.0% -29.4%
0.12 0.17 adj. 0.17
EPS restated for the 4:1 bonus of Feb 2025: Sep 2024 ₹0.87 to ₹0.17.
Quality of profit
Pre-tax profit ₹17.0 Cr: core business ₹15.3 Cr, other income ₹0.4 Cr, exceptional & other items ₹1.4 Cr.
Core profit YoY: -33.1%
· reported profit -31.8%
Cash & debt
FY25 cash from operations ₹167 Cr:
221% of FY25 net profit of ₹75.5 Cr.
Borrowings ₹796 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹716 ₹573
-19.9% below Net profit ₹15.7 ₹11.9
-24.1% below
M Cap ₹4,239 Cr
P/E 22.6
PEG 1.50
Profit +16% above its own trend Operating margin contracted 148 bps YoY 28% of pre-tax profit came from other income and one-off items Exceptional items of ₹13.2 Cr in the quarter Profit grew faster than the core business (core profit +7%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+9.4% +4.4%
194 186 178 Operating profit
+4.1% +12.9%
56.2 49.8 54.0 OPM %
-148 bps +219 bps
28.9% 26.7% 30.4% Other income
+650.0% +150.0%
15.0 6.0 2.0 Net profit?
+57.1% +57.1%
55.0 35.0 35.0 PAT margin %
+859 bps +950 bps
28.3% 18.8% 19.7% EPS (₹)
+57.3% +57.3%
32.41 20.60 20.60
Quality of profit
Pre-tax profit ₹69.2 Cr: core business ₹49.9 Cr, other income ₹15.0 Cr, exceptional & other items ₹4.2 Cr.
Core profit YoY: +6.7%
· reported profit +57.1%
Cash & debt
FY25 cash from operations ₹101 Cr:
68% of FY25 net profit of ₹149 Cr.
Borrowings ₹4.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹230 ₹194
-15.5% below Net profit ₹47.5 ₹55.0
+15.7% above
M Cap ₹4,169 Cr
P/E 16.0
PEG 0.15
Into loss: a profit a year ago Profit -999% below its own trend Operating margin contracted 957 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+10.9% -53.8%
97.4 211 87.9 Operating profit
-49.4% -91.9%
7.8 96.9 15.5 OPM %
-957 bps -3788 bps
8.0% 45.9% 17.6% Other income
-55.1% -49.2%
10.1 19.8 22.4 Net profit?
to loss to loss -25.7 75.8 0.2 PAT margin %
-2659 bps -6234 bps
-26.4% 35.9% 0.2% EPS (₹)
to loss to loss -10.81 29.80 0.04
Quality of profit
Pre-tax profit −₹25.1 Cr: core business −₹35.2 Cr, other income ₹10.1 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations ₹299 Cr:
340% of FY25 net profit of ₹87.9 Cr.
Borrowings ₹231 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹80.2 ₹97.4
+21.5% above Net profit ₹0.2 −₹25.7
-999.0% below
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-46.1% -32.0%
20.7 30.4 38.5 Operating profit
loss widened loss widened -95.0 -54.9 -53.7 Other income
+40.3% -16.7%
53.5 64.2 38.1 Net profit?
loss widened to loss -45.0 3.1 -24.4 EPS (₹)
loss widened to loss -6.13 0.67 -4.10
Quality of profit
Pre-tax profit −₹40.8 Cr: core business −₹104 Cr, other income ₹53.5 Cr, exceptional & other items ₹9.3 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations −₹143 Cr.
Borrowings ₹3.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹19.2 ₹20.7
+7.7% above
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+12.7% +8.2%
1,257 1,161 1,115 Operating profit
+13.7% -0.7%
170 172 150 OPM %
+12 bps -121 bps
13.6% 14.8% 13.4% Other income
-2.6% -5.7%
9.5 10.1 9.8 Net profit?
loss narrowed loss widened -20.1 -15.7 -20.6 PAT margin %
+25 bps -24 bps
-1.6% -1.4% -1.8% EPS (₹)
loss narrowed loss widened -1.83 -1.43 -1.87
Quality of profit
Pre-tax profit −₹26.9 Cr: core business −₹36.4 Cr, other income ₹9.5 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations ₹549 Cr:
5032% of FY25 net profit of ₹10.9 Cr.
Borrowings ₹3,314 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,203 ₹1,257
+4.4% in line
M Cap ₹4,143 Cr
P/E 39.8
PEG 1.24
Profit +17% above its own trend Operating margin contracted 2298 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+27.5% +5.8%
292 276 229 Operating profit
-46.8% +6.7%
48.0 45.0 90.3 OPM %
-2298 bps +13 bps
16.4% 16.3% 39.4% Other income
+219.1% -25.0%
3.0 4.0 0.9 Net profit
+8.3% +4.0%
26.0 25.0 24.0 PAT margin %
-158 bps -15 bps
8.9% 9.1% 10.5% EPS (₹)
+9.0% +4.9%
12.67 12.08 11.62
Quality of profit
Pre-tax profit ₹34.0 Cr: core business ₹32.0 Cr, other income ₹3.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: -52.8%
· reported profit +8.3%
Cash & debt
FY25 cash from operations ₹69.0 Cr:
73% of FY25 net profit of ₹94.0 Cr.
Borrowings ₹192 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹264 ₹292
+10.8% above Net profit ₹22.2 ₹26.0
+16.9% above
M Cap ₹4,137 Cr
P/E 56.2
PEG —
Operating margin contracted 295 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+16.1% +6.0%
237 224 204 Operating profit
-2.0% +13.6%
37.8 33.3 38.6 OPM %
-295 bps +108 bps
16.0% 14.9% 18.9% Other income
— +128.7%
2.1 0.9 0.1 Net profit?
-22.7% +28.7%
16.8 13.1 21.8 PAT margin %
-356 bps +125 bps
7.1% 5.8% 10.7% EPS (₹)
-22.6% +29.2%
1.68 1.30 2.17
Quality of profit
Pre-tax profit ₹22.6 Cr: core business ₹20.5 Cr, other income ₹2.1 Cr.
Core profit YoY: -29.7%
· reported profit -22.7%
Cash & debt
FY25 cash from operations ₹123 Cr:
177% of FY25 net profit of ₹69.6 Cr.
Borrowings ₹336 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹212 ₹237
+11.6% above Net profit ₹16.3 ₹16.8
+3.5% in line
M Cap ₹4,105 Cr
P/E 40.2
PEG 0.26
Profit +47% above its own trend Operating margin expanded 396 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+23.2% +23.7%
242 196 197 Operating profit
+53.7% +22.8%
48.4 39.4 31.5 OPM %
+396 bps -13 bps
20.0% 20.1% 16.0% Other income
+9.9% +141.8%
1.4 0.6 1.3 Net profit?
+79.5% +23.5%
25.3 20.5 14.1 PAT margin %
+328 bps -1 bps
10.4% 10.5% 7.2% EPS (₹)
+70.1% +22.9%
2.84 2.31 1.67
Quality of profit
Pre-tax profit ₹34.0 Cr: core business ₹32.6 Cr, other income ₹1.4 Cr.
Core profit YoY: +78.8%
· reported profit +79.5%
Cash & debt
FY25 cash from operations ₹82.0 Cr:
119% of FY25 net profit of ₹68.8 Cr.
Borrowings ₹311 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹222 ₹242
+9.3% above Net profit ₹17.2 ₹25.3
+46.8% above
M Cap ₹4,068 Cr
P/E 85.0
PEG —
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+10.8% +3.7%
1,685 1,625 1,521 Operating profit
+28.8% +11.8%
85.0 76.0 66.0 OPM %
+70 bps +37 bps
5.0% 4.7% 4.3% Other income
+50.0% -40.0%
3.0 5.0 2.0 Net profit?
loss narrowed loss narrowed -8.4 -9.4 -9.6 PAT margin %
+14 bps +9 bps
-0.5% -0.6% -0.6% EPS (₹)
loss narrowed loss narrowed -1.20 -1.50 -1.50
Quality of profit
Pre-tax profit −₹5.4 Cr: core business −₹9.0 Cr, other income ₹3.0 Cr, exceptional & other items ₹0.6 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations ₹343 Cr.
Borrowings ₹869 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,715 ₹1,685
-1.8% in line
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
