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 30 of 170
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Turnaround: profit against a loss a year ago Operating margin expanded 983 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
-72.7% +6.4%
498 468 1,825 Operating profit
loss narrowed -100.0%
0.0 4.2 -179 OPM %
+983 bps -89 bps
0.0% 0.9% -9.8% Other income
-54.1% +54.1%
124 80.5 270 Net profit?
from loss -72.5%
41.0 149 -152 PAT margin %
+1658 bps -2358 bps
8.2% 31.8% -8.3% EPS (₹)
from loss -73.2%
0.26 0.97 -0.63
Quality of profit
Pre-tax profit ₹41.0 Cr: core business −₹82.0 Cr, other income ₹124 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations −₹1,912 Cr.
Borrowings ₹2,960 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹913 ₹498
-45.4% below
M Cap ₹4,046 Cr
P/E 39.9
PEG 0.49
Profit +516% above its own trend Operating margin expanded 620 bps YoY FY25 operating cash flow was only 47% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+114.0% -7.4%
314 339 147 Operating profit
+186.9% +5.6%
76.6 72.6 26.7 OPM %
+620 bps +299 bps
24.4% 21.4% 18.2% Other income
+34.1% +39.3%
3.0 2.1 2.2 Net profit?
+540.5% +6.8%
53.3 49.9 8.3 PAT margin %
+1130 bps +225 bps
17.0% 14.7% 5.7% EPS (₹)
+545.2% +7.0%
2.00 1.87 0.31
Quality of profit
Pre-tax profit ₹54.6 Cr: core business ₹51.7 Cr, other income ₹3.0 Cr.
Core profit YoY: +479.1%
· reported profit +540.5%
Cash & debt
FY25 cash from operations ₹75.0 Cr:
47% of FY25 net profit of ₹158 Cr.
Borrowings ₹256 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹174 ₹314
+79.8% above Net profit ₹8.7 ₹53.3
+515.6% above
M Cap ₹4,015 Cr
P/E 25.9
PEG 3.24
Profit +20% above its own trend Operating margin expanded 228 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+7.3% +3.6%
378 365 353 Operating profit
+27.9% -3.5%
53.5 55.4 41.8 OPM %
+228 bps -103 bps
14.1% 15.2% 11.9% Other income
-13.5% -2.6%
10.4 10.7 12.1 Net profit?
+25.8% -3.9%
36.4 37.9 29.0 PAT margin %
+142 bps -75 bps
9.6% 10.4% 8.2% EPS (₹)
+25.8% -4.1%
4.00 4.17 3.18
Quality of profit
Pre-tax profit ₹49.6 Cr: core business ₹39.1 Cr, other income ₹10.4 Cr.
Core profit YoY: +35.7%
· reported profit +25.8%
Cash & debt
FY25 cash from operations ₹206 Cr:
231% of FY25 net profit of ₹89.3 Cr.
Borrowings ₹200 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹367 ₹378
+3.0% in line Net profit ₹30.5 ₹36.4
+19.6% above
M Cap ₹4,002 Cr
P/E 232.9
PEG —
Profit -78% below its own trend Operating margin contracted 2438 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-28.4% +6.8%
55.4 51.9 77.4 Operating profit
-67.4% +8.2%
11.3 10.5 34.7 OPM %
-2438 bps +28 bps
20.4% 20.1% 44.8% Other income
+84.6% —
0.9 0.0 0.5 Net profit?
-81.4% +32.2%
4.3 3.2 22.9 PAT margin %
-2188 bps +148 bps
7.7% 6.2% 29.6% EPS (₹)
-84.0% +25.0%
0.15 0.12 0.94
Quality of profit
Pre-tax profit ₹6.2 Cr: core business ₹5.3 Cr, other income ₹0.9 Cr.
Core profit YoY: -82.9%
· reported profit -81.4%
Cash & debt
FY25 cash from operations ₹50.0 Cr:
89% of FY25 net profit of ₹56.4 Cr.
Borrowings ₹26.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹91.8 ₹55.4
-39.6% below Net profit ₹19.8 ₹4.3
-78.5% below
M Cap ₹3,988 Cr
P/E 6.1
PEG —
Profit +208% above its own trend Operating margin contracted 1099 bps YoY Profit grew faster than the core business (core profit +15%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+12.7% +13.0%
1,608 1,423 1,427 Operating profit
-37.0% -38.8%
224 367 356 OPM %
-1099 bps -1183 bps
14.0% 25.8% 24.9% Other income
+13.7% -88.1%
42.1 353 37.0 Net profit?
+58.9% -69.4%
132 431 83.0 PAT margin %
+239 bps -2209 bps
8.2% 30.3% 5.8% EPS (₹)
+58.2% -69.4%
5.14 16.82 3.25
Quality of profit
Pre-tax profit ₹171 Cr: core business ₹129 Cr, other income ₹42.1 Cr.
Core profit YoY: +15.4%
· reported profit +58.9%
Cash & debt
FY25 cash from operations −₹56.0 Cr:
-7% of FY25 net profit of ₹814 Cr.
Borrowings ₹9,364 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹981 ₹1,608
+63.9% above Net profit ₹42.8 ₹132
+208.0% above
Operating margin expanded 189 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+38.9% +13.3%
350 309 252 Operating profit
+43.4% +10.6%
208 188 145 OPM %
+189 bps -141 bps
59.4% 60.8% 57.5% Other income
+33.3% +6.7%
16.0 15.0 12.0 Net profit
loss narrowed loss narrowed -30.0 -37.0 -53.0 PAT margin %
+1246 bps +340 bps
-8.6% -12.0% -21.0% EPS (₹)
— loss narrowed -1.42 -2.01 —
Quality of profit
Pre-tax profit −₹39.0 Cr: core business −₹55.0 Cr, other income ₹16.0 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations ₹612 Cr.
Borrowings ₹4,095 Cr at Mar 2025.
M Cap ₹3,974 Cr
P/E 18.9
PEG 0.04
Profit +44% above its own trend Operating margin expanded 873 bps YoY Core business grew faster than reported profit (core profit +130%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+49.3% +34.0%
252 188 169 Operating profit
+108.2% +63.0%
77.8 47.7 37.4 OPM %
+873 bps +549 bps
30.8% 25.4% 22.1% Other income
-24.7% -25.9%
9.8 13.2 13.0 Net profit?
+41.4% +46.5%
49.0 33.4 34.6 PAT margin %
-108 bps +165 bps
19.4% 17.8% 20.5% EPS (₹)
+41.5% +46.5%
3.34 2.28 2.36
Quality of profit
Pre-tax profit ₹64.8 Cr: core business ₹54.8 Cr, other income ₹9.8 Cr.
Core profit YoY: +129.9%
· reported profit +41.4%
Cash & debt
FY25 cash from operations ₹190 Cr:
126% of FY25 net profit of ₹150 Cr.
Borrowings ₹387 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹338 ₹252
-25.4% below Net profit ₹34.0 ₹49.0
+43.9% above
M Cap ₹3,966 Cr
P/E 19.5
PEG —
Profit -75% below its own trend Operating margin contracted 189 bps YoY 61% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+7.1% +5.1%
989 941 923 Operating profit
-19.7% -37.8%
56.0 90.0 69.7 OPM %
-189 bps -390 bps
5.7% 9.6% 7.5% Other income
+4.4% +81.8%
20.0 11.0 19.1 Net profit
-68.8% -41.0%
23.0 39.0 73.7 PAT margin %
-566 bps -182 bps
2.3% 4.1% 8.0% EPS (₹)
-68.4% -40.6%
2.88 4.85 9.11
Quality of profit
Pre-tax profit ₹31.0 Cr: core business ₹12.0 Cr, other income ₹20.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: -54.3%
· reported profit -68.8%
Cash & debt
FY25 cash from operations ₹450 Cr:
111% of FY25 net profit of ₹405 Cr.
Borrowings ₹1,044 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,208 ₹989
-18.1% below Net profit ₹91.1 ₹23.0
-74.8% below
M Cap ₹3,961 Cr
P/E 34.2
PEG 11.40
Profit -36% below its own trend Operating margin contracted 155 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-0.5% +8.4%
460 425 463 Operating profit
-9.7% -4.4%
69.4 72.6 76.9 OPM %
-155 bps -202 bps
15.1% 17.1% 16.6% Other income
— +293.2%
9.1 2.3 0.6 Net profit?
-19.2% +28.7%
28.7 22.3 35.5 PAT margin %
-144 bps +98 bps
6.2% 5.3% 7.7% EPS (₹)
-19.2% +28.7%
31.56 24.52 39.05
Quality of profit
Pre-tax profit ₹37.2 Cr: core business ₹28.1 Cr, other income ₹9.1 Cr.
Core profit YoY: -36.1%
· reported profit -19.2%
Cash & debt
FY25 cash from operations ₹133 Cr:
93% of FY25 net profit of ₹143 Cr.
Borrowings ₹651 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹508 ₹460
-9.3% below Net profit ₹44.8 ₹28.7
-35.9% below
Into loss: a profit a year ago Profit -999% below its own trend Operating margin contracted 154 bps YoY Exceptional items of ₹-580 Cr in the quarter FY25 operating cash flow was only 18% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+69.7% -0.7%
1,749 1,762 1,030 Operating profit
-78.4% -95.4%
3.9 85.5 18.1 OPM %
-154 bps -463 bps
0.2% 4.9% 1.8% Other income
+227.0% +426.1%
111 21.1 34.0 Net profit?
to loss to loss -478 38.7 8.6 PAT margin %
-2815 bps -2951 bps
-27.3% 2.2% 0.8% EPS (₹)
to loss to loss -20.27 1.37 0.30
Quality of profit
Pre-tax profit −₹503 Cr: core business −₹34.4 Cr, other income ₹111 Cr, exceptional & other items −₹580 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations ₹38.0 Cr:
18% of FY25 net profit of ₹215 Cr.
Borrowings ₹936 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,061 ₹1,749
-15.2% below Net profit ₹17.1 −₹478
-999.0% below
M Cap ₹3,916 Cr
P/E 39.6
PEG 6.60
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+7.5% +14.6%
689 601 640 Operating profit
-1.5% -7.9%
56.8 61.6 57.6 OPM %
-75 bps -201 bps
8.2% 10.3% 9.0% Other income
from loss -86.7%
1.8 13.2 -2.4 Net profit?
-9.0% -43.8%
16.0 28.5 17.6 PAT margin %
-42 bps -242 bps
2.3% 4.7% 2.7% EPS (₹)
-9.9% -43.9%
1.28 2.28 1.42
Quality of profit
Pre-tax profit ₹23.3 Cr: core business ₹27.4 Cr, other income ₹1.8 Cr, exceptional & other items −₹5.9 Cr.
Core profit YoY: -2.3%
· reported profit -9.0%
Cash & debt
FY25 cash from operations ₹219 Cr:
239% of FY25 net profit of ₹91.7 Cr.
Borrowings ₹515 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹667 ₹689
+3.2% in line Net profit ₹15.5 ₹16.0
+3.2% in line
M Cap ₹3,906 Cr
P/E 120.8
PEG —
Profit -26% below its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+37.0% +5.8%
227 215 166 Operating profit
+41.3% +6.8%
25.9 24.2 18.3 OPM %
+35 bps +11 bps
11.4% 11.3% 11.0% Other income
+0.0% -42.7%
0.1 0.2 0.1 Net profit?
+44.5% +15.3%
14.7 12.8 10.2 PAT margin %
+34 bps +54 bps
6.5% 5.9% 6.1% EPS (₹)
+44.1% +15.1%
4.28 adj. 3.722.97
EPS restated for the 1:1 bonus of Mar 2026: Jun 2025 ₹7.44 to ₹3.72.
Quality of profit
Pre-tax profit ₹19.6 Cr: core business ₹19.5 Cr, other income ₹0.1 Cr.
Core profit YoY: +52.4%
· reported profit +44.5%
Cash & debt
FY25 cash from operations ₹36.0 Cr:
97% of FY25 net profit of ₹37.1 Cr.
Borrowings ₹164 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹205 ₹227
+10.8% above Net profit ₹19.9 ₹14.7
-26.0% below
M Cap ₹3,890 Cr
P/E 18.2
PEG 0.61
Profit -13% below its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-7.2% -10.0%
861 957 928 Operating profit
-7.2% +2.7%
154 150 166 OPM %
-0 bps +221 bps
17.9% 15.7% 17.9% Other income
+60.0% +33.3%
16.0 12.0 10.0 Net profit
+4.1% +7.4%
102 95.0 98.0 PAT margin %
+129 bps +192 bps
11.8% 9.9% 10.6% EPS (₹)
+4.2% +7.4%
5.25 4.89 5.04
Quality of profit
Pre-tax profit ₹137 Cr: core business ₹121 Cr, other income ₹16.0 Cr.
Core profit YoY: -9.0%
· reported profit +4.1%
Cash & debt
FY25 cash from operations ₹295 Cr:
236% of FY25 net profit of ₹125 Cr.
Borrowings ₹63.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹975 ₹861
-11.7% below Net profit ₹117 ₹102
-12.9% below
M Cap ₹3,882 Cr
P/E 50.1
PEG 0.36
Profit -93% below its own trend Operating margin expanded 2380 bps YoY All of pre-tax profit came from other income or one-off items Exceptional items of ₹4.9 Cr in the quarter Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-59.6% -14.4%
149 174 370 Operating profit
loss narrowed to loss -2.0 13.0 -93.0 OPM %
+2380 bps -879 bps
-1.3% 7.5% -25.1% Other income
-88.7% +36.4%
30.0 22.0 266 Net profit?
-90.7% -42.4%
10.8 18.8 117 PAT margin %
-2426 bps -353 bps
7.2% 10.8% 31.5% EPS (₹)
-88.1% -37.5%
0.05 0.08 0.42
Quality of profit
Pre-tax profit ₹12.3 Cr: core business −₹17.0 Cr, other income ₹30.0 Cr, exceptional & other items −₹0.7 Cr.
Core profit YoY: loss narrowed
· reported profit -90.7%
Cash & debt
FY25 cash from operations −₹51.0 Cr:
-42% of FY25 net profit of ₹122 Cr.
Borrowings ₹372 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹267 ₹149
-44.1% below Net profit ₹150 ₹10.8
-92.8% below
M Cap ₹3,864 Cr
P/E 14.4
PEG 1.44
Profit -32% below its own trend Operating margin contracted 153 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-8.6% +13.3%
598 528 654 Operating profit
-14.3% +64.7%
137 83.0 160 OPM %
-153 bps +714 bps
22.9% 15.7% 24.4% Other income
-41.5% -21.0%
6.3 8.0 10.8 Net profit
-20.0% +67.8%
94.0 56.0 118 PAT margin %
-225 bps +510 bps
15.7% 10.6% 18.0% EPS (₹)
-19.3% +69.4%
20.85 12.31 25.83
Quality of profit
Pre-tax profit ₹126 Cr: core business ₹120 Cr, other income ₹6.3 Cr.
Core profit YoY: -18.0%
· reported profit -20.0%
Cash & debt
FY25 cash from operations ₹263 Cr:
89% of FY25 net profit of ₹297 Cr.
Borrowings ₹74.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹711 ₹598
-15.9% below Net profit ₹139 ₹94.0
-32.5% below
Operating margin contracted 2578 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-25.3% -27.6%
406 561 544 Operating profit
loss widened to loss -106 24.6 -2.2 OPM %
-2578 bps -3057 bps
-26.2% 4.4% -0.4% Other income
+304.9% +132.3%
10.7 4.6 2.6 Net profit?
loss widened loss widened -143 -13.1 -33.0 PAT margin %
-2915 bps -3289 bps
-35.2% -2.3% -6.1% EPS (₹)
loss widened loss widened -10.08 -0.92 -2.33
Quality of profit
Pre-tax profit −₹142 Cr: core business −₹157 Cr, other income ₹10.7 Cr, exceptional & other items ₹4.3 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations ₹292 Cr.
Borrowings ₹751 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹510 ₹406
-20.3% below
M Cap ₹3,852 Cr
P/E 76.4
PEG —
Profit +44% above its own trend Operating margin expanded 280 bps YoY 92% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+6.9% +2.2%
717 701 671 Operating profit
+23.2% +24.1%
152 122 123 OPM %
+280 bps +374 bps
21.2% 17.5% 18.4% Other income
-9.7% -17.4%
32.0 38.8 35.4 Net profit?
+48.0% +137.1%
17.0 7.2 11.5 PAT margin %
+66 bps +135 bps
2.4% 1.0% 1.7% EPS (₹)
+29.4% +125.6%
0.88 0.39 0.68
Quality of profit
Pre-tax profit ₹36.0 Cr: core business ₹3.0 Cr, other income ₹32.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: from loss
· reported profit +48.0%
Cash & debt
FY25 cash from operations ₹621 Cr:
493% of FY25 net profit of ₹126 Cr.
Borrowings ₹3,130 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹702 ₹717
+2.2% in line Net profit ₹11.8 ₹17.0
+44.0% above
M Cap ₹3,835 Cr
P/E 25.3
PEG —
₹ Cr QoQ
Sep 2025 Jun 2025
Sales
-62.2%
115 304 Operating profit
to loss -4.5 42.0 OPM %
-1778 bps
-4.0% 13.8% Other income
-35.8%
14.8 23.0 Net profit?
to loss -37.9 5.0 PAT margin %
-3468 bps
-33.0% 1.6% EPS (₹)
to loss -5.37 0.67
Quality of profit
Pre-tax profit −₹49.2 Cr: core business −₹63.9 Cr, other income ₹14.8 Cr.
M Cap ₹3,822 Cr
P/E 84.9
PEG 1.01
Profit -11% below its own trend Operating margin contracted 454 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-29.9% +39.8%
47.0 33.6 67.0 Operating profit
-39.1% +42.4%
14.0 9.8 23.0 OPM %
-454 bps +55 bps
29.8% 29.2% 34.3% Other income
+0.0% +36.3%
2.0 1.5 2.0 Net profit?
-44.4% +39.0%
10.0 7.2 18.0 PAT margin %
-559 bps -12 bps
21.3% 21.4% 26.9% EPS (₹)
-49.6% +27.2%
4.72 3.71 9.36
Quality of profit
Pre-tax profit ₹13.0 Cr: core business ₹12.0 Cr, other income ₹2.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: -45.5%
· reported profit -44.4%
Cash & debt
FY25 cash from operations ₹29.0 Cr:
65% of FY25 net profit of ₹44.7 Cr.
Borrowings ₹10.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹41.8 ₹47.0
+12.5% above Net profit ₹11.2 ₹10.0
-10.7% below
M Cap ₹3,818 Cr
P/E 28.2
PEG 0.74
Profit +42% above its own trend Operating margin expanded 726 bps YoY Core business grew faster than reported profit (core profit +174%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+15.7% +18.4%
1,008 852 871 Operating profit
+121.4% +164.7%
153 57.9 69.2 OPM %
+726 bps +840 bps
15.2% 6.8% 7.9% Other income
-77.8% -79.3%
1.6 7.6 7.1 Net profit?
+57.5% +66.8%
46.0 27.6 29.2 PAT margin %
+121 bps +132 bps
4.6% 3.2% 3.4% EPS (₹)
+49.0% +58.0%
3.65 2.31 2.45
Quality of profit
Pre-tax profit ₹79.7 Cr: core business ₹78.1 Cr, other income ₹1.6 Cr.
Core profit YoY: +174.5%
· reported profit +57.5%
Cash & debt
FY25 cash from operations ₹212 Cr:
178% of FY25 net profit of ₹119 Cr.
Borrowings ₹654 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹971 ₹1,008
+3.8% in line Net profit ₹32.4 ₹46.0
+42.2% above
M Cap ₹3,793 Cr
P/E 30.3
PEG —
Into loss: a profit a year ago Operating margin contracted 3186 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-54.9% +68.8%
139 82.4 308 Operating profit
to loss loss widened -37.0 -25.9 16.2 OPM %
-3186 bps +489 bps
-26.6% -31.5% 5.2% Other income
+144.7% +114.5%
31.0 14.4 12.7 Net profit?
to loss loss narrowed -11.0 -16.9 10.3 PAT margin %
-1127 bps +1258 bps
-7.9% -20.5% 3.4% EPS (₹)
to loss loss narrowed -1.18 -2.21 1.28
Quality of profit
Pre-tax profit −₹14.0 Cr: core business −₹44.0 Cr, other income ₹31.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: to loss
Cash & debt
FY25 cash from operations ₹282 Cr:
344% of FY25 net profit of ₹82.0 Cr.
Borrowings ₹1,139 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹450 ₹139
-69.1% below
M Cap ₹3,786 Cr
P/E 16.8
PEG 1.53
Profit +198% above its own trend Operating margin expanded 374 bps YoY Core business grew faster than reported profit (core profit +130%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+16.4% +17.1%
1,177 1,005 1,011 Operating profit
+76.7% +49.5%
129 86.3 73.0 OPM %
+374 bps +237 bps
11.0% 8.6% 7.2% Other income
+25.0% -5.4%
15.0 15.9 12.0 Net profit
+107.9% +54.6%
79.0 51.1 38.0 PAT margin %
+295 bps +163 bps
6.7% 5.1% 3.8% EPS (₹)
+105.9% +54.7%
11.80 7.63 5.73
Quality of profit
Pre-tax profit ₹106 Cr: core business ₹92.0 Cr, other income ₹15.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +130.0%
· reported profit +107.9%
Cash & debt
FY25 cash from operations ₹359 Cr:
178% of FY25 net profit of ₹201 Cr.
Borrowings ₹76.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,081 ₹1,177
+8.9% above Net profit ₹26.5 ₹79.0
+197.9% above
M Cap ₹3,779 Cr
P/E 30.3
PEG 1.17
Profit -27% below its own trend 40% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+11.4% +4.5%
478 457 429 Operating profit
+17.7% +3.5%
77.7 75.0 66.0 OPM %
+87 bps -16 bps
16.3% 16.4% 15.4% Other income
-18.0% +204.6%
21.3 7.0 26.0 Net profit?
+5.5% +74.3%
40.1 23.0 38.0 PAT margin %
-47 bps +336 bps
8.4% 5.0% 8.9% EPS (₹)
+0.6% +77.3%
10.78 6.08 10.72
Quality of profit
Pre-tax profit ₹53.9 Cr: core business ₹32.5 Cr, other income ₹21.3 Cr.
Core profit YoY: +20.5%
· reported profit +5.5%
Cash & debt
FY25 cash from operations ₹289 Cr:
235% of FY25 net profit of ₹123 Cr.
Borrowings ₹690 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹610 ₹478
-21.7% below Net profit ₹55.0 ₹40.1
-27.1% below
M Cap ₹3,776 Cr
P/E 28.7
PEG —
₹ Cr QoQ
Sep 2025 Jun 2025
Sales
+8.9%
55.1 50.6 Operating profit
+9.7%
29.4 26.8 OPM %
+37 bps
53.4% 53.0% Other income
-20.8%
2.3 2.9 Net profit
+5.3%
11.8 11.2 PAT margin %
-74 bps
21.4% 22.2% EPS (₹)
+5.3%
3.36 3.19
Quality of profit
Pre-tax profit ₹15.8 Cr: core business ₹13.5 Cr, other income ₹2.3 Cr.
M Cap ₹3,758 Cr
P/E 1101.8
PEG —
Operating margin expanded 1641 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+10.8% +215.4%
41.0 13.0 37.0 Operating profit
loss narrowed loss narrowed -11.0 -19.0 -16.0 OPM %
+1641 bps —
-26.8% — -43.2% Other income
-50.0% -25.0%
3.0 4.0 6.0 Net profit?
loss widened loss narrowed -20.0 -24.0 -14.0 PAT margin %
-1094 bps —
-48.8% — -37.8% EPS (₹)
loss widened loss narrowed -4.49 -5.45 -3.19
Quality of profit
Pre-tax profit −₹19.0 Cr: core business −₹23.0 Cr, other income ₹3.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations −₹77.0 Cr.
Borrowings ₹16.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹18.5 ₹41.0
+121.6% above
M Cap ₹3,743 Cr
P/E 19.6
PEG 3.91
Profit +10% above its own trend Operating margin expanded 166 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+9.2% +10.5%
653 591 598 Operating profit
+25.4% +13.5%
84.0 74.0 67.0 OPM %
+166 bps +34 bps
12.9% 12.5% 11.2% Other income
-100.0% —
0.0 0.0 1.0 Net profit?
+28.6% -16.7%
45.0 54.0 35.0 PAT margin %
+104 bps -225 bps
6.9% 9.1% 5.9% EPS (₹)
+29.2% -16.1%
4.96 5.91 3.84
Quality of profit
Pre-tax profit ₹60.0 Cr: core business ₹60.0 Cr, other income ₹0.0 Cr.
Core profit YoY: +36.4%
· reported profit +28.6%
Cash & debt
FY25 cash from operations ₹245 Cr:
146% of FY25 net profit of ₹168 Cr.
Borrowings ₹615 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹597 ₹653
+9.4% above Net profit ₹40.9 ₹45.0
+10.0% above
Profit -64% below its own trend Operating margin contracted 559 bps YoY 25% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-48.3% -35.1%
163 251 315 Operating profit
-62.5% -7.7%
24.0 26.0 64.0 OPM %
-559 bps +437 bps
14.7% 10.4% 20.3% Other income
-65.0% -75.9%
7.0 29.0 20.0 Net profit?
-66.1% -54.8%
19.0 42.0 56.0 PAT margin %
-612 bps -508 bps
11.7% 16.7% 17.8% EPS (₹)
-65.8% -54.7%
2.77 6.12 8.11
Quality of profit
Pre-tax profit ₹28.0 Cr: core business ₹21.0 Cr, other income ₹7.0 Cr.
Core profit YoY: -62.5%
· reported profit -66.1%
Cash & debt
FY25 cash from operations ₹259 Cr:
122% of FY25 net profit of ₹213 Cr.
Borrowings ₹142 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹335 ₹163
-51.3% below Net profit ₹53.2 ₹19.0
-64.3% below
M Cap ₹3,720 Cr
P/E 31.2
PEG 0.50
Turnaround: profit against a loss a year ago Operating margin expanded 3929 bps YoY 28% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+201.8% -43.3%
166 293 55.0 Operating profit
from loss +141.7%
29.0 12.0 -12.0 OPM %
+3929 bps +1337 bps
17.5% 4.1% -21.8% Other income
+120.0% +10.0%
11.0 10.0 5.0 Net profit?
from loss +115.4%
28.0 13.0 -8.0 PAT margin %
+3141 bps +1243 bps
16.9% 4.4% -14.5% EPS (₹)
from loss +115.7%
2.74 1.27 -0.75
Quality of profit
Pre-tax profit ₹36.0 Cr: core business ₹26.0 Cr, other income ₹11.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: from loss
Cash & debt
FY25 cash from operations ₹234 Cr:
1276% of FY25 net profit of ₹18.3 Cr.
Borrowings ₹276 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹40.5 ₹166
+309.9% above
M Cap ₹3,706 Cr
P/E 110.2
PEG 1.22
Profit +51% above its own trend Operating margin contracted 886 bps YoY 88% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -74%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-20.1% -46.8%
75.6 142 94.6 Operating profit
-60.3% -68.4%
6.6 20.9 16.6 OPM %
-886 bps -596 bps
8.7% 14.7% 17.6% Other income
— —
22.5 1.9 1.1 Net profit
+113.1% +16.7%
17.9 15.3 8.4 PAT margin %
+1478 bps +1287 bps
23.6% 10.8% 8.9% EPS (₹)
+112.8% +16.5%
3.32 2.85 1.56
Quality of profit
Pre-tax profit ₹24.8 Cr: core business ₹2.9 Cr, other income ₹22.5 Cr, exceptional & other items −₹0.6 Cr.
Core profit YoY: -74.2%
· reported profit +113.1%
Cash & debt
FY25 cash from operations ₹119 Cr:
417% of FY25 net profit of ₹28.6 Cr.
Borrowings ₹45.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹138 ₹75.6
-45.3% below Net profit ₹11.9 ₹17.9
+50.8% above
M Cap ₹3,706 Cr
P/E 12.2
PEG 0.35
Into loss: a profit a year ago Exceptional items of ₹-58.3 Cr in the quarter Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+14.2% +9.9%
579 527 507 Operating profit
+20.3% +194.3%
66.2 22.5 55.0 OPM %
+58 bps +716 bps
11.4% 4.3% 10.8% Other income
+133.0% +207.5%
21.0 6.8 9.0 Net profit?
to loss loss widened -11.9 -10.5 25.0 PAT margin %
-698 bps -7 bps
-2.1% -2.0% 4.9% EPS (₹)
to loss loss widened -1.69 -1.49 3.50
Quality of profit
Pre-tax profit −₹10.8 Cr: core business ₹26.5 Cr, other income ₹21.0 Cr, exceptional & other items −₹58.3 Cr.
Core profit YoY: +47.1%
Cash & debt
FY25 cash from operations −₹7.0 Cr:
-5% of FY25 net profit of ₹145 Cr.
Borrowings ₹460 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹620 ₹579
-6.6% below
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, 23:38 IST
