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 32 of 170
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M Cap ₹3,406 Cr
P/E 16.5
PEG 0.72
Profit -13% below its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+15.5% +11.3%
240 216 208 Operating profit
+17.0% +17.4%
50.5 43.0 43.1 OPM %
+26 bps +110 bps
21.0% 19.9% 20.7% Other income
-14.9% -34.4%
12.8 19.6 15.1 Net profit?
+2.5% +0.3%
40.8 40.7 39.8 PAT margin %
-216 bps -187 bps
17.0% 18.9% 19.2% EPS (₹)
+3.4% +0.3%
9.40 9.37 9.09
Quality of profit
Pre-tax profit ₹55.6 Cr: core business ₹42.8 Cr, other income ₹12.8 Cr.
Core profit YoY: +20.5%
· reported profit +2.5%
Cash & debt
FY25 cash from operations ₹157 Cr:
105% of FY25 net profit of ₹150 Cr.
Borrowings ₹9.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹225 ₹240
+7.0% above Net profit ₹47.1 ₹40.8
-13.3% below
M Cap ₹3,387 Cr
P/E 34.1
PEG 0.64
Profit -31% below its own trend Operating margin expanded 117 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+25.2% +11.5%
183 164 146 Operating profit
+34.6% +29.0%
30.9 24.0 23.0 OPM %
+117 bps +229 bps
16.9% 14.6% 15.8% Other income
+39.3% +58.3%
4.2 2.6 3.0 Net profit
+37.7% +29.3%
24.8 19.2 18.0 PAT margin %
+122 bps +186 bps
13.6% 11.7% 12.3% EPS (₹)
+39.8% +29.3%
23.33 18.05 16.69
Quality of profit
Pre-tax profit ₹33.3 Cr: core business ₹29.1 Cr, other income ₹4.2 Cr.
Core profit YoY: +32.5%
· reported profit +37.7%
Cash & debt
FY25 cash from operations ₹56.0 Cr:
88% of FY25 net profit of ₹63.9 Cr.
Borrowings ₹8.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹204 ₹183
-10.4% below Net profit ₹36.0 ₹24.8
-31.2% below
M Cap ₹3,354 Cr
P/E 8.7
PEG 0.67
Profit -16% below its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+3.9% -9.5%
1,343 1,484 1,292 Operating profit
+3.5% -10.3%
195 217 188 OPM %
-6 bps -13 bps
14.5% 14.6% 14.6% Other income
+60.1% +8.2%
12.8 11.8 8.0 Net profit?
+0.6% -12.4%
90.6 103 90.0 PAT margin %
-22 bps -23 bps
6.7% 7.0% 7.0% EPS (₹)
+0.4% -12.4%
11.97 13.67 11.92
Quality of profit
Pre-tax profit ₹124 Cr: core business ₹112 Cr, other income ₹12.8 Cr.
Core profit YoY: -2.1%
· reported profit +0.6%
Cash & debt
FY25 cash from operations ₹376 Cr:
96% of FY25 net profit of ₹391 Cr.
Borrowings ₹704 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,504 ₹1,343
-10.7% below Net profit ₹108 ₹90.6
-16.0% below
M Cap ₹3,353 Cr
P/E 14.2
PEG 2.36
Profit +207% above its own trend Operating margin expanded 160 bps YoY 62% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit +11%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+0.8% +5.8%
960 908 953 Operating profit
+27.9% +19.2%
72.2 60.6 56.5 OPM %
+160 bps +85 bps
7.5% 6.7% 5.9% Other income
-10.4% +121.1%
11.0 5.0 12.3 Net profit?
+142.7% +0.9%
59.1 58.6 24.4 PAT margin %
+360 bps -30 bps
6.2% 6.5% 2.6% EPS (₹)
+142.8% +0.8%
49.89 49.47 20.55
Quality of profit
Pre-tax profit ₹76.6 Cr: core business ₹29.3 Cr, other income ₹11.0 Cr, exceptional & other items ₹36.3 Cr.
Core profit YoY: +11.4%
· reported profit +142.7%
Cash & debt
FY25 cash from operations −₹590 Cr:
-291% of FY25 net profit of ₹203 Cr.
Borrowings ₹1,168 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹975 ₹960
-1.5% in line Net profit ₹19.3 ₹59.1
+206.6% above
M Cap ₹3,351 Cr
P/E 2986.1
PEG —
₹ Cr QoQ
Sep 2025 Jun 2025
Sales
+56.4%
1.8 1.1 Operating profit
loss widened -0.3 -0.3 OPM %
+664 bps
-17.1% -23.7% Other income
+7.5%
0.1 0.1 Net profit?
loss narrowed -0.2 -0.2 PAT margin %
+877 bps
-10.6% -19.4% EPS (₹)
loss narrowed -0.01 -0.02
Quality of profit
Pre-tax profit −₹0.3 Cr: core business −₹0.4 Cr, other income ₹0.1 Cr.
Operating margin expanded 159 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+4.1% -6.1%
1,033 1,100 993 Operating profit
+67.6% +153.4%
43.2 17.1 25.8 OPM %
+159 bps +263 bps
4.2% 1.6% 2.6% Other income
-35.6% -22.3%
7.0 9.0 10.8 Net profit?
loss widened loss narrowed -51.0 -64.2 -31.3 PAT margin %
-179 bps +90 bps
-4.9% -5.8% -3.1% EPS (₹)
loss widened loss narrowed -3.21 -4.02 -1.95
Quality of profit
Pre-tax profit −₹62.2 Cr: core business −₹69.2 Cr, other income ₹7.0 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations ₹172 Cr.
Borrowings ₹1,842 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,043 ₹1,033
-0.9% in line
M Cap ₹3,321 Cr
P/E 36.0
PEG —
Profit +119% above its own trend Exceptional items of ₹-2.6 Cr in the quarter
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+10.0% +13.1%
926 819 842 Operating profit
+11.9% +37.5%
66.0 48.0 59.0 OPM %
+12 bps +127 bps
7.1% 5.9% 7.0% Other income
-100.0% -100.0%
0.0 20.0 3.0 Net profit?
+9.6% -14.6%
11.0 12.8 10.0 PAT margin %
-0 bps -38 bps
1.2% 1.6% 1.2% EPS (₹)
+7.9% -13.7%
14.52 16.82 13.46
Quality of profit
Pre-tax profit ₹18.2 Cr: core business ₹18.0 Cr, other income ₹0.0 Cr.
Core profit YoY: +20.0%
· reported profit +9.6%
Cash & debt
FY25 cash from operations ₹197 Cr:
972% of FY25 net profit of ₹20.3 Cr.
Borrowings ₹886 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹920 ₹926
+0.7% in line Net profit ₹5.0 ₹11.0
+119.2% above
M Cap ₹3,309 Cr
P/E 16.6
PEG —
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+34.5% -23.2%
210 273 156 Operating profit
— +26.5%
81.0 64.1 — OPM %
— +1514 bps
38.6% 23.4% — Other income
+71.3% +55.0%
8.0 5.2 4.7 Net profit?
— —
36.0 — — PAT margin %
— —
17.1% — — EPS (₹)
— —
4.19 — —
Quality of profit
Pre-tax profit ₹50.0 Cr: core business ₹43.0 Cr, other income ₹8.0 Cr, exceptional & other items −₹1.0 Cr.
Against its own trend ?
Trend Actual Gap
Sales ₹223 ₹210
-6.0% below
M Cap ₹3,305 Cr
P/E 25.1
PEG 0.70
Profit +34% above its own trend Operating margin expanded 339 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+10.6% +6.2%
640 603 579 Operating profit
+86.0% +30.6%
53.6 41.0 28.8 OPM %
+339 bps +157 bps
8.4% 6.8% 5.0% Other income
+59.6% +10.5%
1.1 1.0 0.7 Net profit?
+122.0% +35.5%
33.9 25.0 15.3 PAT margin %
+265 bps +114 bps
5.3% 4.1% 2.6% EPS (₹)
— +37.4%
11.50 8.37 11.84
No EPS growth against Sep 2024: ₹10 to ₹5 split in Oct 2024 and ₹5 to ₹2 split in Jul 2026.
Quality of profit
Pre-tax profit ₹46.2 Cr: core business ₹45.1 Cr, other income ₹1.1 Cr.
Core profit YoY: +118.5%
· reported profit +122.0%
Cash & debt
FY25 cash from operations −₹81.0 Cr:
-140% of FY25 net profit of ₹58.1 Cr.
Borrowings ₹113 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹812 ₹640
-21.1% below Net profit ₹25.3 ₹33.9
+33.8% above
M Cap ₹3,285 Cr
P/E 15.9
PEG 0.51
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+28.8% +6.2%
358 337 278 Operating profit
+28.6% +5.9%
72.0 68.0 56.0 OPM %
-3 bps -7 bps
20.1% 20.2% 20.1% Other income
+100.0% +233.3%
10.0 3.0 5.0 Net profit?
+21.7% +9.8%
56.0 51.0 46.0 PAT margin %
-90 bps +51 bps
15.6% 15.1% 16.5% EPS (₹)
+20.6% +5.9%
9.84 9.29 8.16
Quality of profit
Pre-tax profit ₹69.0 Cr: core business ₹60.0 Cr, other income ₹10.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +25.0%
· reported profit +21.7%
Cash & debt
FY25 cash from operations ₹157 Cr:
83% of FY25 net profit of ₹190 Cr.
Borrowings ₹31.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹367 ₹358
-2.5% in line Net profit ₹58.8 ₹56.0
-4.7% in line
M Cap ₹3,281 Cr
P/E 26.9
PEG 8.96
Profit +21% above its own trend Operating margin expanded 185 bps YoY Core business grew faster than reported profit (core profit +6%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-10.5% -21.1%
429 544 480 Operating profit
+16.1% +48.3%
34.7 23.4 29.8 OPM %
+185 bps +378 bps
8.1% 4.3% 6.2% Other income
-74.7% -65.6%
2.0 5.7 7.8 Net profit?
-15.9% +33.9%
22.2 16.5 26.4 PAT margin %
-33 bps +212 bps
5.2% 3.0% 5.5% EPS (₹)
-19.4% +33.3%
0.56 0.42 adj. 0.69
EPS restated for the ₹2 to ₹1 split of Nov 2024: Sep 2024 ₹1.39 to ₹0.69.
Quality of profit
Pre-tax profit ₹30.7 Cr: core business ₹28.7 Cr, other income ₹2.0 Cr.
Core profit YoY: +6.4%
· reported profit -15.9%
Cash & debt
FY25 cash from operations −₹246 Cr:
-249% of FY25 net profit of ₹98.9 Cr.
Borrowings ₹76.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹471 ₹429
-8.8% below Net profit ₹18.3 ₹22.2
+21.1% above
M Cap ₹3,274 Cr
P/E 46.5
PEG 1.37
Profit -11% below its own trend Operating margin contracted 200 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+22.4% +46.3%
340 233 278 Operating profit
+7.3% +29.4%
48.3 37.3 45.0 OPM %
-200 bps -186 bps
14.2% 16.0% 16.2% Other income
+14.1% -41.9%
5.7 9.8 5.0 Net profit?
+26.2% +30.4%
22.7 17.4 18.0 PAT margin %
+20 bps -81 bps
6.7% 7.5% 6.5% EPS (₹)
+24.2% +30.1%
1.90 1.46 1.53
Quality of profit
Pre-tax profit ₹30.5 Cr: core business ₹24.8 Cr, other income ₹5.7 Cr.
Core profit YoY: +17.9%
· reported profit +26.2%
Cash & debt
FY25 cash from operations −₹19.0 Cr:
-26% of FY25 net profit of ₹73.9 Cr.
Borrowings ₹93.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹305 ₹340
+11.8% above Net profit ₹25.4 ₹22.7
-10.7% below
Profit -79% below its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
-2.5% -76.7%
357 1,530 366 Net interest income
— —
190 — — Other income
— —
0.0 — — Net profit?
-68.8% -98.2%
10.0 546 32.0 EPS (₹)
-67.0% -98.1%
0.77 39.92 2.33
Against its own trend ?
Trend Actual Gap
Net profit ₹46.8 ₹10.0
-78.6% below
M Cap ₹3,226 Cr
P/E 39.5
PEG —
Into loss: a profit a year ago Profit -117% below its own trend Operating margin expanded 1083 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+19.6% -52.4%
80.2 168 67.0 Operating profit
from loss -90.2%
7.5 76.7 -1.0 OPM %
+1083 bps -3624 bps
9.3% 45.6% -1.5% Other income
+109.1% -22.7%
8.4 10.8 4.0 Net profit
to loss to loss -1.7 52.6 15.0 PAT margin %
-2457 bps -3343 bps
-2.2% 31.2% 22.4% EPS (₹)
to loss to loss -0.27 8.29 2.60
Quality of profit
Pre-tax profit −₹2.0 Cr: core business −₹10.4 Cr, other income ₹8.4 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations ₹123 Cr:
112% of FY25 net profit of ₹110 Cr.
Borrowings ₹5.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹65.0 ₹80.2
+23.3% above Net profit ₹10.4 −₹1.7
-116.9% below
M Cap ₹3,218 Cr
P/E 16.9
PEG 0.33
Profit -23% below its own trend Exceptional items of ₹-3.6 Cr in the quarter Profit grew faster than the core business (core profit +13%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+6.7% -5.6%
227 241 213 Operating profit
+7.1% -6.6%
60.0 64.2 56.0 OPM %
+8 bps -28 bps
26.4% 26.7% 26.3% Other income
+56.1% +69.8%
14.0 8.3 9.0 Net profit?
+37.5% +16.5%
49.5 42.5 36.0 PAT margin %
+487 bps +414 bps
21.8% 17.6% 16.9% EPS (₹)
+6.9% +16.3%
2.78 2.39 2.60
Quality of profit
Pre-tax profit ₹63.1 Cr: core business ₹47.6 Cr, other income ₹14.0 Cr, exceptional & other items ₹1.4 Cr.
Core profit YoY: +13.3%
· reported profit +37.5%
Cash & debt
FY25 cash from operations −₹47.0 Cr:
-27% of FY25 net profit of ₹177 Cr.
Borrowings ₹234 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹315 ₹227
-27.8% below Net profit ₹64.7 ₹49.5
-23.5% below
M Cap ₹3,213 Cr
P/E 5.6
PEG —
Turnaround: profit against a loss a year ago Operating margin expanded 187 bps YoY 96% of pre-tax profit came from other income and one-off items Exceptional items of ₹88.9 Cr in the quarter
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-13.0% +4.0%
35.1 33.8 40.4 Operating profit
-7.4% from loss 10.9 -39.4 11.7 OPM %
+187 bps —
30.9% — 29.1% Other income
— —
86.5 0.2 2.9 Net profit
from loss +95.9%
89.9 45.9 -2.9 EPS (₹)
from loss +96.1%
4.06 2.07 -0.13
Quality of profit
Pre-tax profit ₹89.9 Cr: core business ₹3.4 Cr, other income ₹86.5 Cr.
Core profit YoY: from loss
Against its own trend ?
Trend Actual Gap
Sales ₹40.8 ₹35.1
-13.9% below
M Cap ₹3,212 Cr
P/E 15.4
PEG —
Profit +54% above its own trend 40% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit +33%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+29.1% +16.5%
1,270 1,090 984 Operating profit
+19.5% —
118 — 98.8 OPM %
-75 bps —
9.3% — 10.0% Other income
+544.4% —
37.3 — 5.8 Net profit?
+83.3% —
73.4 — 40.0 PAT margin %
+171 bps —
5.8% — 4.1% EPS (₹)
+83.3% —
12.19 — 6.65
Quality of profit
Pre-tax profit ₹95.7 Cr: core business ₹57.0 Cr, other income ₹37.3 Cr, exceptional & other items ₹1.4 Cr.
Core profit YoY: +33.0%
· reported profit +83.3%
Against its own trend ?
Trend Actual Gap
Sales ₹1,091 ₹1,270
+16.4% above Net profit ₹47.6 ₹73.4
+54.3% above
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+5.7% +1.9%
0.2 0.2 0.2 Operating profit
loss widened loss widened -2.5 -2.3 -2.2 Other income
-57.6% -44.8%
0.7 1.4 1.8 Net profit
loss widened loss widened -3.6 -2.6 -2.0 EPS (₹)
loss widened loss widened -0.13 -0.09 -0.07
Quality of profit
Pre-tax profit −₹3.6 Cr: core business −₹4.4 Cr, other income ₹0.7 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations −₹17.0 Cr.
Borrowings ₹60.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹0.4 ₹0.2
-40.5% below
M Cap ₹3,194 Cr
P/E 8.1
PEG 4.05
Profit -91% below its own trend Operating margin contracted 1494 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-66.8% +5.5%
647 613 1,945 Operating profit
-77.9% +5.3%
193 183 870 OPM %
-1494 bps -7 bps
29.8% 29.9% 44.7% Other income
-94.3% -70.4%
7.5 25.2 132 Net profit?
-82.0% -13.6%
105 121 580 PAT margin %
-1363 bps -359 bps
16.2% 19.8% 29.8% EPS (₹)
-76.3% -15.3%
3.72 4.39 15.70
Quality of profit
Pre-tax profit ₹132 Cr: core business ₹125 Cr, other income ₹7.5 Cr.
Core profit YoY: -77.0%
· reported profit -82.0%
Cash & debt
FY25 cash from operations −₹567 Cr:
-58% of FY25 net profit of ₹970 Cr.
Borrowings ₹1,849 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,588 ₹647
-59.3% below Net profit ₹1,103 ₹105
-90.5% below
M Cap ₹3,181 Cr
P/E 11.7
PEG —
Profit -90% below its own trend Operating margin contracted 526 bps YoY 97% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+3.2% +3.2%
1,794 1,739 1,739 Operating profit
-46.3% from loss 103 -0.6 191 OPM %
-526 bps +575 bps
5.7% -0.0% 11.0% Other income
-77.3% -23.6%
22.8 29.8 100 Net profit?
-79.6% from loss 33.5 -59.8 164 PAT margin %
-757 bps +531 bps
1.9% -3.4% 9.4% EPS (₹)
-71.9% from loss 7.87 -6.15 27.97
Quality of profit
Pre-tax profit ₹23.5 Cr: core business ₹0.7 Cr, other income ₹22.8 Cr.
Core profit YoY: -99.3%
· reported profit -79.6%
Cash & debt
FY25 cash from operations ₹438 Cr:
122% of FY25 net profit of ₹358 Cr.
Borrowings ₹882 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,863 ₹1,794
-3.7% in line Net profit ₹328 ₹33.5
-89.8% below
M Cap ₹3,177 Cr
P/E 17.6
PEG 1.76
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-11.4% +5.6%
325 308 367 Operating profit
-7.4% -6.6%
49.1 52.6 53.0 OPM %
+64 bps -197 bps
15.1% 17.1% 14.5% Other income
-31.6% -32.5%
7.7 11.4 11.2 Net profit?
-12.7% -11.9%
40.5 45.9 46.3 PAT margin %
-18 bps -246 bps
12.4% 14.9% 12.6% EPS (₹)
-12.4% -11.4%
1.63 1.84 1.86
Quality of profit
Pre-tax profit ₹54.9 Cr: core business ₹46.9 Cr, other income ₹7.7 Cr.
Core profit YoY: -7.3%
· reported profit -12.7%
Cash & debt
FY25 cash from operations ₹109 Cr:
61% of FY25 net profit of ₹180 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹411 ₹325
-20.9% below Net profit ₹44.9 ₹40.5
-9.9% in line
Into loss: a profit a year ago Operating margin contracted 668 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-9.6% -1.8%
314 319 347 Operating profit
-43.6% -39.1%
34.7 57.0 61.6 OPM %
-668 bps -679 bps
11.1% 17.9% 17.8% Other income
+53.1% -50.0%
0.5 1.0 0.3 Net profit?
to loss to loss -10.1 10.5 8.0 PAT margin %
-553 bps -652 bps
-3.2% 3.3% 2.3% EPS (₹)
to loss to loss -2.36 2.46 2.22
Quality of profit
Pre-tax profit −₹10.1 Cr: core business −₹10.6 Cr, other income ₹0.5 Cr.
Core profit YoY: to loss
Cash & debt
FY25 cash from operations ₹213 Cr:
39444% of FY25 net profit of ₹0.5 Cr.
Borrowings ₹796 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹310 ₹314
+1.0% in line
M Cap ₹3,147 Cr
P/E 37.5
PEG —
Profit +79% above its own trend Operating margin contracted 528 bps YoY 63% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -66%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-6.7% +16.8%
376 322 403 Operating profit
-48.9% +60.0%
24.0 15.0 47.0 OPM %
-528 bps +172 bps
6.4% 4.7% 11.7% Other income
— —
22.0 1.0 1.0 Net profit
-10.3% +766.7%
26.0 3.0 29.0 PAT margin %
-28 bps +598 bps
6.9% 0.9% 7.2% EPS (₹)
-11.2% +930.0%
2.06 0.20 2.32
Quality of profit
Pre-tax profit ₹35.0 Cr: core business ₹13.0 Cr, other income ₹22.0 Cr.
Core profit YoY: -65.8%
· reported profit -10.3%
Cash & debt
FY25 cash from operations ₹68.0 Cr:
372% of FY25 net profit of ₹18.3 Cr.
Borrowings ₹67.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹399 ₹376
-5.7% below Net profit ₹14.5 ₹26.0
+79.3% above
M Cap ₹3,144 Cr
P/E 8.9
PEG 0.36
Profit +49% above its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+9.8% +9.8%
614 559 559 Operating profit
+14.3% +24.3%
138 111 121 OPM %
+88 bps +261 bps
22.5% 19.9% 21.6% Other income
-14.1% -27.8%
20.2 28.0 23.5 Net profit
+12.9% +15.1%
93.2 81.0 82.5 PAT margin %
+42 bps +69 bps
15.2% 14.5% 14.8% EPS (₹)
+13.0% +15.5%
5.23 4.53 4.63
Quality of profit
Pre-tax profit ₹126 Cr: core business ₹106 Cr, other income ₹20.2 Cr.
Core profit YoY: +21.9%
· reported profit +12.9%
Cash & debt
FY25 cash from operations ₹414 Cr:
112% of FY25 net profit of ₹370 Cr.
Borrowings ₹283 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹531 ₹614
+15.5% above Net profit ₹62.4 ₹93.2
+49.3% above
M Cap ₹3,142 Cr
P/E 54.9
PEG —
Operating margin expanded 10097 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
— +5.5%
153 145 12.0 Operating profit
from loss from loss 1.5 -13.5 -12.0 OPM %
+10097 bps +1027 bps
1.0% -9.3% -100.0% Other income
+37.4% +305.0%
17.9 4.4 13.0 Net profit?
— -96.3%
8.0 218 0.0 PAT margin %
+523 bps —
5.2% — 0.0% EPS (₹)
— -96.9%
1.00 32.34 0.07
Quality of profit
Pre-tax profit ₹10.3 Cr: core business −₹7.5 Cr, other income ₹17.9 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations −₹25.0 Cr:
-11% of FY25 net profit of ₹228 Cr.
Borrowings ₹41.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹6.0 ₹153
+999.0% above
M Cap ₹3,140 Cr
P/E 16.3
PEG 2.33
Profit -24% below its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+12.3% +7.9%
499 462 444 Operating profit
+6.0% +2.7%
72.1 70.2 68.0 OPM %
-86 bps -74 bps
14.5% 15.2% 15.3% Other income
-13.0% -96.3%
1.7 47.0 2.0 Net profit?
-11.2% -53.4%
35.3 75.9 39.8 PAT margin %
-188 bps -933 bps
7.1% 16.4% 9.0% EPS (₹)
-11.3% -53.4%
2.99 6.41 3.37
Quality of profit
Pre-tax profit ₹53.5 Cr: core business ₹51.7 Cr, other income ₹1.7 Cr.
Core profit YoY: +5.6%
· reported profit -11.2%
Cash & debt
Borrowings ₹73.0 Cr at Dec 2024.
Against its own trend ?
Trend Actual Gap
Sales ₹473 ₹499
+5.4% above Net profit ₹46.3 ₹35.3
-23.6% below
M Cap ₹3,136 Cr
P/E 44.0
PEG —
Profit +35% above its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+5.6% +12.9%
639 566 605 Operating profit
-2.1% +48.4%
46.0 31.0 47.0 OPM %
-57 bps +172 bps
7.2% 5.5% 7.8% Other income
+100.0% -55.6%
4.0 9.0 2.0 Net profit
-5.3% +63.6%
18.0 11.0 19.0 PAT margin %
-32 bps +87 bps
2.8% 1.9% 3.1% EPS (₹)
-5.7% +69.2%
0.66 0.39 0.70
Quality of profit
Pre-tax profit ₹25.0 Cr: core business ₹21.0 Cr, other income ₹4.0 Cr.
Core profit YoY: -12.5%
· reported profit -5.3%
Cash & debt
FY25 cash from operations ₹194 Cr:
259% of FY25 net profit of ₹75.0 Cr.
Borrowings ₹156 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹624 ₹639
+2.4% in line Net profit ₹13.3 ₹18.0
+35.3% above
M Cap ₹3,127 Cr
P/E 30.4
PEG 1.17
Operating margin contracted 2640 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+9.4% -6.9%
85.3 91.6 78.0 Operating profit
-34.5% +10.8%
33.6 30.3 51.3 OPM %
-2640 bps +630 bps
39.4% 33.1% 65.8% Other income
-8.5% -5.2%
1.8 1.9 2.0 Net profit?
+29.7% +10.2%
22.0 20.0 17.0 PAT margin %
+405 bps +400 bps
25.8% 21.8% 21.8% EPS (₹)
+26.2% +10.1%
adj. 1.80adj. 1.641.43
EPS restated for the ₹5 to ₹1 split of Oct 2025: Sep 2025 ₹9.02 to ₹1.80; Jun 2025 ₹8.19 to ₹1.64.
Quality of profit
Pre-tax profit ₹26.7 Cr: core business ₹24.9 Cr, other income ₹1.8 Cr.
Core profit YoY: -33.4%
· reported profit +29.7%
Cash & debt
FY25 cash from operations −₹20.0 Cr:
-30% of FY25 net profit of ₹66.2 Cr.
Borrowings ₹137 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹91.9 ₹85.3
-7.2% below Net profit ₹22.7 ₹22.0
-2.7% in line
Profit +104% above its own trend Operating margin expanded 447 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
-4.0% -10.4%
337 376 351 Operating profit
+51.9% +5.1%
41.0 39.0 27.0 OPM %
+447 bps +179 bps
12.2% 10.4% 7.7% Other income
+233.3% +233.3%
10.0 3.0 3.0 Net profit
+127.3% +31.6%
25.0 19.0 11.0 PAT margin %
+428 bps +237 bps
7.4% 5.1% 3.1% EPS (₹)
+131.3% +31.9%
4.88 3.70 2.11
Quality of profit
Pre-tax profit ₹36.0 Cr: core business ₹26.0 Cr, other income ₹10.0 Cr.
Core profit YoY: +116.7%
· reported profit +127.3%
Cash & debt
FY25 cash from operations ₹85.0 Cr:
155% of FY25 net profit of ₹55.0 Cr.
Borrowings ₹189 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹418 ₹337
-19.3% below Net profit ₹12.2 ₹25.0
+104.4% above
M Cap ₹3,089 Cr
P/E 33.8
PEG 1.61
Profit +28% above its own trend Operating margin expanded 469 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+1.2% +22.7%
163 133 161 Operating profit
+28.6% +53.0%
36.0 23.5 28.0 OPM %
+469 bps +438 bps
22.1% 17.7% 17.4% Other income
+50.0% +97.0%
6.0 3.0 4.0 Net profit?
+30.0% +70.5%
26.0 15.2 20.0 PAT margin %
+353 bps +448 bps
16.0% 11.5% 12.4% EPS (₹)
+34.1% +72.7%
2.40 1.39 1.79
Quality of profit
Pre-tax profit ₹36.0 Cr: core business ₹30.0 Cr, other income ₹6.0 Cr.
Core profit YoY: +36.4%
· reported profit +30.0%
Cash & debt
FY25 cash from operations ₹37.0 Cr:
53% of FY25 net profit of ₹69.6 Cr.
Borrowings ₹59.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹180 ₹163
-9.5% below Net profit ₹20.3 ₹26.0
+28.1% above
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 14 Oct 2026, 00:15 IST
