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 ₹89,148 Cr
P/E 9.6
PEG 0.27
Profit +38% above its own trend Gross NPA down 103 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
+5.1% +9.0%
9,264 8,499 8,813 Net interest income
-15.2% +3.7%
3,293 3,175 3,883 Other income
+57.5% +46.4%
2,155 1,472 1,368 Operating profit (pre-provision)
+4.1% +32.4%
3,147 2,378 3,024 Provisions
to loss loss widened -650 -179 554 Net profit?
+74.7% +59.9%
3,230 2,019 1,849 EPS (₹)
+73.4% +59.6%
3.00 1.88 1.73 Cost-to-income %
-18 bps -661 bps
42.2% 48.8% 42.4% Gross NPA %
-103 bps -28 bps
2.6% 2.9% 3.7% Net NPA %
+1 bps +0 bps
0.2% 0.2% 0.2%
Where profit came from
Pre-provision profit ₹3,147 Cr (+4.1% YoY); provisions −₹650 Cr.
Net profit +74.7% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹4,187 ₹3,293
-21.4% below Net profit ₹2,332 ₹3,230
+38.5% above
M Cap ₹88,481 Cr
P/E 16.5
PEG 0.12
Operating margin expanded 959 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+24.2% +12.4%
7,048 6,268 5,673 Operating profit
+74.7% +35.6%
2,341 1,727 1,340 OPM %
+959 bps +567 bps
33.2% 27.6% 23.6% Other income
+112.8% +13.9%
90.0 79.0 42.3 Net profit?
+72.8% +21.6%
1,485 1,221 859 PAT margin %
+592 bps +158 bps
21.1% 19.5% 15.2% EPS (₹)
+73.0% +21.2%
32.36 26.70 18.70
Quality of profit
Pre-tax profit ₹2,007 Cr: core business ₹1,917 Cr, other income ₹90.0 Cr.
Core profit YoY: +89.3%
· reported profit +72.8%
Cash & debt
FY25 cash from operations ₹3,000 Cr:
91% of FY25 net profit of ₹3,307 Cr.
Borrowings ₹5,448 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹6,368 ₹7,048
+10.7% above Net profit ₹1,406 ₹1,485
+5.6% in line
M Cap ₹87,191 Cr
P/E 45.6
PEG 7.59
Operating margin contracted 155 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+4.3% +4.5%
3,825 3,662 3,666 Operating profit
-3.5% +5.6%
733 695 760 OPM %
-155 bps +20 bps
19.2% 19.0% 20.7% Other income
-26.9% -25.6%
62.9 84.5 86.0 Net profit?
-6.5% +1.5%
459 452 491 PAT margin %
-139 bps -35 bps
12.0% 12.4% 13.4% EPS (₹)
-6.5% +1.6%
4.49 4.42 4.80
Quality of profit
Pre-tax profit ₹625 Cr: core business ₹592 Cr, other income ₹62.9 Cr, exceptional & other items −₹29.7 Cr.
Core profit YoY: -5.5%
· reported profit -6.5%
Cash & debt
FY25 cash from operations ₹2,577 Cr:
139% of FY25 net profit of ₹1,852 Cr.
Borrowings ₹4,009 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,836 ₹3,825
-0.3% in line Net profit ₹493 ₹459
-6.9% in line
M Cap ₹86,787 Cr
P/E 121.3
PEG 3.47
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+9.3% +3.2%
4,032 3,909 3,689 Operating profit
+12.2% +7.8%
726 673 647 OPM %
+46 bps +78 bps
18.0% 17.2% 17.5% Other income
-13.7% +7.6%
53.5 49.7 62.0 Net profit?
+23.2% +5.4%
299 284 243 PAT margin %
+84 bps +16 bps
7.4% 7.3% 6.6% EPS (₹)
+19.7% +5.6%
6.26 5.93 5.23
Quality of profit
Pre-tax profit ₹457 Cr: core business ₹405 Cr, other income ₹53.5 Cr, exceptional & other items −₹1.4 Cr.
Core profit YoY: +24.9%
· reported profit +23.2%
Cash & debt
FY25 cash from operations ₹1,796 Cr:
196% of FY25 net profit of ₹914 Cr.
Borrowings ₹6,698 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,463 ₹4,032
+16.4% above Net profit ₹289 ₹299
+3.6% in line
M Cap ₹86,472 Cr
P/E 16.7
PEG 0.79
Profit +357% above its own trend Operating margin expanded 441 bps YoY FY25 operating cash flow was only 43% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+22.1% -10.8%
9,174 10,289 7,516 Operating profit
+58.4% -10.2%
1,761 1,961 1,111 OPM %
+441 bps +14 bps
19.2% 19.1% 14.8% Other income
-89.6% -87.0%
39.0 300 376 Net profit?
+386.8% +126.4%
2,302 1,017 473 PAT margin %
+1880 bps +1521 bps
25.1% 9.9% 6.3% EPS (₹)
+285.9% +110.6%
7.14 3.39 1.85
Quality of profit
Pre-tax profit ₹838 Cr: core business ₹799 Cr, other income ₹39.0 Cr.
Core profit YoY: +62.2%
· reported profit +386.8%
Cash & debt
FY25 cash from operations ₹2,237 Cr:
43% of FY25 net profit of ₹5,165 Cr.
Borrowings ₹788 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹8,455 ₹9,174
+8.5% above Net profit ₹503 ₹2,302
+357.4% above
M Cap ₹86,280 Cr
P/E 92.1
PEG 0.85
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
+28.9% -1.2%
401 406 311 Operating profit (pre-provision)
+31.4% -2.5%
250 257 191 Provisions
from loss +200.0%
1.5 0.5 -0.4 Net profit?
+28.5% -2.8%
197 203 154 EPS (₹)
+28.6% -2.8%
38.72 39.84 30.12
Where profit came from
Pre-provision profit ₹250 Cr (+31.4% YoY); provisions ₹1.5 Cr.
Net profit +28.5% YoY.
Against its own trend ?
Trend Actual Gap
Total income ₹499 ₹401
-19.8% below
M Cap ₹85,636 Cr
P/E 34.8
PEG 1.66
Profit -16% below its own trend Operating margin expanded 584 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+59.9% +0.7%
5,177 5,143 3,238 Operating profit
+77.8% +7.5%
2,996 2,789 1,685 OPM %
+584 bps +366 bps
57.9% 54.2% 52.0% Other income
-20.2% -32.2%
184 271 230 Net profit?
-6.0% -1.4%
824 836 877 PAT margin %
-1116 bps -33 bps
15.9% 16.3% 27.1% EPS (₹)
-17.2% -5.2%
4.04 4.26 4.88
Quality of profit
Pre-tax profit ₹955 Cr: core business ₹770 Cr, other income ₹184 Cr, exceptional & other items ₹2.0 Cr.
Core profit YoY: -0.7%
· reported profit -6.0%
Cash & debt
FY25 cash from operations ₹3,838 Cr:
194% of FY25 net profit of ₹1,983 Cr.
Borrowings ₹50,185 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹4,765 ₹5,177
+8.6% above Net profit ₹976 ₹824
-15.5% below
M Cap ₹84,730 Cr
P/E 22.7
PEG 0.49
Profit -20% below its own trend Operating margin expanded 111 bps YoY FY25 operating cash flow was only 4% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+12.8% +7.4%
12,577 11,709 11,148 Operating profit
+19.7% +12.3%
2,441 2,173 2,040 OPM %
+111 bps +85 bps
19.4% 18.6% 18.3% Other income
-58.0% -0.4%
103 103 245 Net profit?
+6.9% +24.7%
820 658 767 PAT margin %
-36 bps +90 bps
6.5% 5.6% 6.9% EPS (₹)
+7.5% +24.0%
1.29 1.04 1.20
Quality of profit
Pre-tax profit ₹1,124 Cr: core business ₹1,021 Cr, other income ₹103 Cr.
Core profit YoY: +22.4%
· reported profit +6.9%
Cash & debt
FY25 cash from operations ₹128 Cr:
4% of FY25 net profit of ₹3,383 Cr.
Borrowings ₹49,962 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹12,077 ₹12,577
+4.1% in line Net profit ₹1,028 ₹820
-20.2% below
M Cap ₹84,284 Cr
P/E 57.8
PEG 5.78
Profit +52% above its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+25.1% +5.3%
2,135 2,028 1,707 Operating profit
+27.7% +10.0%
575 523 451 OPM %
+55 bps +114 bps
26.9% 25.8% 26.4% Other income
-19.4% -9.9%
32.9 36.5 40.8 Net profit?
+74.3% +59.5%
491 308 282 PAT margin %
+650 bps +782 bps
23.0% 15.2% 16.5% EPS (₹)
+74.1% +59.3%
5.05 3.17 2.90
Quality of profit
Pre-tax profit ₹446 Cr: core business ₹413 Cr, other income ₹32.9 Cr.
Core profit YoY: +24.1%
· reported profit +74.3%
Cash & debt
FY25 cash from operations ₹1,459 Cr:
136% of FY25 net profit of ₹1,076 Cr.
Borrowings ₹3,010 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,268 ₹2,135
-5.8% below Net profit ₹322 ₹491
+52.5% above
M Cap ₹83,634 Cr
P/E 34.4
PEG 2.46
FY25 operating cash flow was only 46% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+11.7% +7.4%
6,869 6,396 6,147 Operating profit
+11.1% +6.4%
1,044 981 940 OPM %
-9 bps -14 bps
15.2% 15.3% 15.3% Other income
from loss +153.8%
33.0 13.0 -21.0 Net profit
+18.2% +9.8%
820 747 694 PAT margin %
+65 bps +26 bps
11.9% 11.7% 11.3% EPS (₹)
+17.4% +9.5%
16.47 15.04 14.03
Quality of profit
Pre-tax profit ₹1,077 Cr: core business ₹1,044 Cr, other income ₹33.0 Cr.
Core profit YoY: +11.1%
· reported profit +18.2%
Cash & debt
FY25 cash from operations ₹1,147 Cr:
46% of FY25 net profit of ₹2,508 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹7,094 ₹6,869
-3.2% in line Net profit ₹864 ₹820
-5.1% in line
M Cap ₹81,800 Cr
P/E 42.6
PEG 1.37
Profit +41% above its own trend Operating margin expanded 491 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+30.2% +8.1%
3,986 3,689 3,062 Operating profit
+77.7% +26.9%
732 577 412 OPM %
+491 bps +272 bps
18.4% 15.6% 13.5% Other income
-32.5% -40.6%
38.0 64.0 56.3 Net profit?
+81.9% +19.4%
425 356 234 PAT margin %
+303 bps +101 bps
10.7% 9.7% 7.6% EPS (₹)
+85.2% +18.3%
11.23 9.49 adj. 6.06
EPS restated for the ₹10 to ₹2 split of Jun 2025: Sep 2024 ₹30.32 to ₹6.06.
Quality of profit
Pre-tax profit ₹558 Cr: core business ₹519 Cr, other income ₹38.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +101.8%
· reported profit +81.9%
Cash & debt
FY25 cash from operations ₹1,237 Cr:
132% of FY25 net profit of ₹935 Cr.
Borrowings ₹1,070 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹4,401 ₹3,986
-9.4% below Net profit ₹301 ₹425
+41.2% above
M Cap ₹81,765 Cr
P/E 28.7
PEG 0.90
Profit +32% above its own trend Operating margin expanded 519 bps YoY 29% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+6.3% +11.6%
2,929 2,626 2,757 Operating profit
+36.0% +130.3%
695 302 511 OPM %
+519 bps +1222 bps
23.7% 11.5% 18.5% Other income
+6.4% -6.5%
271 289 254 Net profit?
+28.1% +65.8%
749 452 585 PAT margin %
+436 bps +837 bps
25.6% 17.2% 21.2% EPS (₹)
+28.1% +65.7%
18.58 11.21 adj. 14.51
EPS restated for the ₹10 to ₹5 split of Dec 2024: Sep 2024 ₹29.01 to ₹14.51.
Quality of profit
Pre-tax profit ₹934 Cr: core business ₹663 Cr, other income ₹271 Cr.
Core profit YoY: +36.4%
· reported profit +28.1%
Cash & debt
FY25 cash from operations ₹2,078 Cr:
86% of FY25 net profit of ₹2,414 Cr.
Borrowings ₹20.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,370 ₹2,929
-13.1% below Net profit ₹567 ₹749
+32.3% above
M Cap ₹81,068 Cr
P/E 17.0
PEG 1.54
Provisions up 103% YoY Gross NPA down 26 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
+3.8% +0.1%
8,321 8,315 8,015 Net interest income
+6.7% +6.7%
2,787 2,611 2,612 Other income
+9.5% -5.1%
1,105 1,164 1,010 Operating profit (pre-provision)
+6.0% +3.7%
1,770 1,707 1,669 Provisions
+102.6% -9.1%
397 437 196 Net profit?
-9.5% +8.0%
992 918 1,096 EPS (₹)
-9.8% +8.0%
4.04 3.74 4.48 Cost-to-income %
+61 bps -27 bps
54.5% 54.8% 53.9% Gross NPA %
-26 bps -8 bps
1.8% 1.9% 2.1% Net NPA %
-9 bps +0 bps
0.5% 0.5% 0.6%
Where profit came from
Pre-provision profit ₹1,770 Cr (+6.0% YoY); provisions ₹397 Cr (+102.6% YoY).
Net profit -9.5% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹2,955 ₹2,787
-5.7% below Net profit ₹1,101 ₹992
-9.9% in line
M Cap ₹79,292 Cr
P/E 131.0
PEG 2.91
Profit +47% above its own trend Operating margin expanded 343 bps YoY 49% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit +48%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+21.5% -10.0%
612 680 504 Operating profit
+26.5% -12.3%
530 604 419 OPM %
+343 bps -224 bps
86.6% 88.8% 83.1% Other income
+185.7% -32.6%
60.0 89.0 21.0 Net profit?
+133.5% -60.8%
86.4 220 37.0 PAT margin %
+677 bps -1831 bps
14.1% 32.4% 7.3% EPS (₹)
+100.0% -61.5%
0.10 0.26 0.05
Quality of profit
Pre-tax profit ₹122 Cr: core business ₹62.0 Cr, other income ₹60.0 Cr.
Core profit YoY: +47.6%
· reported profit +133.5%
Cash & debt
FY25 cash from operations ₹1,999 Cr:
421% of FY25 net profit of ₹475 Cr.
Borrowings ₹19,441 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹593 ₹612
+3.2% in line Net profit ₹58.7 ₹86.4
+47.2% above
M Cap ₹79,260 Cr
P/E 4.9
PEG 0.38
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
+10.6% +2.3%
15,162 14,824 13,706 Net interest income
— -2.1%
5,459 5,578 — Other income
— +83.7%
572 312 — Operating profit (pre-provision)
+14.7% +12.5%
5,689 5,057 4,959 Provisions
from loss from loss 140 -610 -138 Net profit?
+9.3% -1.1%
4,415 4,466 4,038 EPS (₹)
+9.4% -1.1%
16.77 16.96 15.33 Cost-to-income %
+104 bps -846 bps
5.7% 14.1% 4.6% Gross NPA %
— +1 bps
1.1% 1.1% — Net NPA %
— +0 bps
0.2% 0.2% —
Where profit came from
Pre-provision profit ₹5,689 Cr (+14.7% YoY); provisions ₹140 Cr.
Net profit +9.3% YoY.
Against its own trend ?
Trend Actual Gap
Net profit ₹4,638 ₹4,415
-4.8% in line
M Cap ₹78,873 Cr
P/E 48.2
PEG 4.38
Profit +614% above its own trend Operating margin expanded 534 bps YoY 41% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+17.4% -9.8%
4,761 5,281 4,054 Operating profit
+58.9% -26.9%
974 1,333 613 OPM %
+534 bps -478 bps
20.5% 25.2% 15.1% Other income
-1.1% -23.9%
179 235 181 Net profit?
+302.6% -51.8%
310 644 77.0 PAT margin %
+461 bps -568 bps
6.5% 12.2% 1.9% EPS (₹)
+303.5% -52.0%
85.51 178.12 21.19
Quality of profit
Pre-tax profit ₹434 Cr: core business ₹255 Cr, other income ₹179 Cr.
Core profit YoY: from loss
· reported profit +302.6%
Cash & debt
FY25 cash from operations ₹4,920 Cr:
438% of FY25 net profit of ₹1,124 Cr.
Borrowings ₹1,046 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,849 ₹4,761
+23.7% above Net profit ₹43.4 ₹310
+614.3% above
M Cap ₹78,565 Cr
P/E 51.8
PEG 1.79
Profit -32% below its own trend Operating margin contracted 380 bps YoY Profit grew faster than the core business (core profit -24%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+26.4% +3.4%
1,266 1,224 1,001 Operating profit
+17.2% +5.0%
610 581 521 OPM %
-380 bps +70 bps
48.2% 47.5% 52.0% Other income
+23.2% +19.1%
107 89.8 86.8 Net profit?
-1.3% -5.3%
369 390 374 PAT margin %
-818 bps -268 bps
29.1% 31.8% 37.3% EPS (₹)
-4.4% -7.0%
1.72 1.85 1.80
Quality of profit
Pre-tax profit ₹463 Cr: core business ₹356 Cr, other income ₹107 Cr.
Core profit YoY: -23.8%
· reported profit -1.3%
Cash & debt
FY25 cash from operations ₹2,100 Cr:
138% of FY25 net profit of ₹1,522 Cr.
Borrowings ₹5,042 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,236 ₹1,266
+2.4% in line Net profit ₹540 ₹369
-31.7% below
M Cap ₹77,981 Cr
P/E 40.8
PEG 0.45
Profit +119% above its own trend Operating margin contracted 243 bps YoY 47% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit +5%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+13.7% +1.3%
746 736 656 Operating profit
+6.5% +6.9%
268 250 251 OPM %
-243 bps +188 bps
35.9% 34.0% 38.3% Other income
-50.7% -10.5%
187 209 379 Net profit?
+309.4% +1.5%
348 343 85.0 PAT margin %
+3369 bps +7 bps
46.6% 46.6% 13.0% EPS (₹)
— +6.8%
4.88 4.57 0.36
No EPS growth against Sep 2024: ₹10 to ₹2 split in May 2025.
Quality of profit
Pre-tax profit ₹429 Cr: core business ₹230 Cr, other income ₹187 Cr, exceptional & other items ₹12.5 Cr.
Core profit YoY: +5.2%
· reported profit +309.4%
Cash & debt
FY25 cash from operations ₹876 Cr:
67% of FY25 net profit of ₹1,310 Cr.
Borrowings ₹267 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹695 ₹746
+7.3% above Net profit ₹159 ₹348
+118.7% above
M Cap ₹76,975 Cr
P/E 37.0
PEG 0.48
54% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit +32%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+28.8% +15.7%
14,855 12,836 11,534 Operating profit
+31.7% +16.4%
561 482 426 OPM %
+8 bps +2 bps
3.8% 3.8% 3.7% Other income
from loss —
497 1.7 -5.7 Net profit?
+81.1% +166.3%
746 280 412 PAT margin %
+145 bps +284 bps
5.0% 2.2% 3.6% EPS (₹)
+79.6% +166.0%
123.60 46.47 68.82
Quality of profit
Pre-tax profit ₹924 Cr: core business ₹427 Cr, other income ₹497 Cr.
Core profit YoY: +32.3%
· reported profit +81.1%
Cash & debt
FY25 cash from operations ₹1,150 Cr:
93% of FY25 net profit of ₹1,233 Cr.
Borrowings ₹671 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹23,068 ₹14,855
-35.6% below Net profit ₹823 ₹746
-9.4% in line
M Cap ₹76,065 Cr
P/E 41.7
PEG 0.89
Profit +36% above its own trend Operating margin expanded 437 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+10.5% +2.4%
2,317 2,263 2,098 Operating profit
+20.6% +4.1%
1,208 1,161 1,002 OPM %
+437 bps +84 bps
52.1% 51.3% 47.8% Other income
+24.6% +28.8%
61.2 47.5 49.1 Net profit
+66.4% +7.6%
421 392 253 PAT margin %
+611 bps +87 bps
18.2% 17.3% 12.1% EPS (₹)
+66.4% +7.5%
8.42 7.83 5.06
Quality of profit
Pre-tax profit ₹564 Cr: core business ₹503 Cr, other income ₹61.2 Cr.
Core profit YoY: +73.2%
· reported profit +66.4%
Cash & debt
FY25 cash from operations ₹4,583 Cr:
307% of FY25 net profit of ₹1,494 Cr.
Borrowings ₹7,353 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,551 ₹2,317
-9.2% below Net profit ₹310 ₹421
+35.9% above
M Cap ₹75,789 Cr
P/E 64.2
PEG 4.01
Profit +19% above its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+23.1% +12.0%
5,715 5,104 4,645 Operating profit
+29.3% +1.9%
461 452 357 OPM %
+39 bps -80 bps
8.1% 8.9% 7.7% Other income
-16.3% +10.6%
27.4 24.8 32.8 Net profit?
+29.8% -4.3%
252 263 194 PAT margin %
+23 bps -75 bps
4.4% 5.2% 4.2% EPS (₹)
+29.8% -4.3%
62.66 65.45 48.27
Quality of profit
Pre-tax profit ₹341 Cr: core business ₹313 Cr, other income ₹27.4 Cr.
Core profit YoY: +39.8%
· reported profit +29.8%
Cash & debt
FY25 cash from operations ₹1,291 Cr:
157% of FY25 net profit of ₹821 Cr.
Borrowings ₹585 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹5,476 ₹5,715
+4.4% in line Net profit ₹211 ₹252
+19.5% above
M Cap ₹73,758 Cr
P/E 34.1
PEG —
Profit +66% above its own trend Operating margin expanded 555 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+6.3% -4.7%
3,640 3,819 3,424 Operating profit
+43.9% -6.7%
774 830 538 OPM %
+555 bps -46 bps
21.3% 21.7% 15.7% Other income
-22.9% -11.7%
25.7 29.1 33.3 Net profit?
+92.7% -10.2%
388 432 201 PAT margin %
+478 bps -66 bps
10.7% 11.3% 5.9% EPS (₹)
+92.9% -10.2%
13.10 14.58 6.79
Quality of profit
Pre-tax profit ₹517 Cr: core business ₹491 Cr, other income ₹25.7 Cr.
Core profit YoY: +96.3%
· reported profit +92.7%
Cash & debt
FY25 cash from operations ₹2,487 Cr:
199% of FY25 net profit of ₹1,251 Cr.
Borrowings ₹4,726 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,845 ₹3,640
-5.3% below Net profit ₹233 ₹388
+66.5% above
M Cap ₹73,731 Cr
P/E 17.3
PEG —
Profit +38% above its own trend Operating margin expanded 129 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+10.3% +4.7%
3,365 3,214 3,052 Operating profit
+12.7% +12.5%
2,027 1,802 1,799 OPM %
+129 bps +417 bps
60.2% 56.1% 58.9% Other income
-24.4% +15.6%
265 229 350 Net profit?
+14.0% +7.8%
1,219 1,131 1,069 PAT margin %
+120 bps +103 bps
36.2% 35.2% 35.0% EPS (₹)
+13.3% -3.8%
1.02 1.06 0.90
Quality of profit
Pre-tax profit ₹1,573 Cr: core business ₹1,308 Cr, other income ₹265 Cr.
Core profit YoY: +7.1%
· reported profit +14.0%
Cash & debt
FY25 cash from operations ₹5,026 Cr:
147% of FY25 net profit of ₹3,428 Cr.
Borrowings ₹39,557 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,518 ₹3,365
-4.3% in line Net profit ₹883 ₹1,219
+38.1% above
M Cap ₹73,676 Cr
P/E 31.8
PEG 0.27
Profit -15% below its own trend Operating margin expanded 140 bps YoY Core business grew faster than reported profit (core profit +101%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+32.5% +23.2%
4,374 3,551 3,302 Operating profit
+47.8% +12.6%
591 525 400 OPM %
+140 bps -127 bps
13.5% 14.8% 12.1% Other income
+4.8% +56.0%
131 84.0 125 Net profit?
+56.9% +27.2%
444 349 283 PAT margin %
+158 bps +32 bps
10.2% 9.8% 8.6% EPS (₹)
+52.5% +25.3%
16.68 13.31 10.94
Quality of profit
Pre-tax profit ₹588 Cr: core business ₹458 Cr, other income ₹131 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +100.9%
· reported profit +56.9%
Cash & debt
FY25 cash from operations ₹1,504 Cr:
79% of FY25 net profit of ₹1,902 Cr.
Borrowings ₹1,122 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,796 ₹4,374
+56.5% above Net profit ₹523 ₹444
-15.0% below
M Cap ₹73,233 Cr
P/E 25.6
PEG 1.11
Profit -29% below its own trend Gross NPA up 43 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
+14.8% +0.7%
5,224 5,189 4,549 Net interest income
+8.6% +4.9%
2,144 2,045 1,974 Other income
+11.7% -12.1%
713 811 638 Operating profit (pre-provision)
+6.9% -7.8%
1,210 1,312 1,132 Provisions
+28.9% -9.8%
481 533 373 Net profit
-1.8% -3.4%
561 581 571 EPS (₹)
-2.1% -3.6%
7.52 7.80 7.68 Cost-to-income %
+98 bps +362 bps
57.7% 54.0% 56.7% Gross NPA %
+43 bps -6 bps
2.4% 2.5% 2.0% Net NPA %
+13 bps +0 bps
0.9% 0.9% 0.8%
Where profit came from
Pre-provision profit ₹1,210 Cr (+6.9% YoY); provisions ₹481 Cr (+28.9% YoY).
Net profit -1.8% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹3,053 ₹2,144
-29.8% below Net profit ₹790 ₹561
-29.0% below
M Cap ₹71,823 Cr
P/E 9.5
PEG —
Operating margin contracted 606 bps YoY 35% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+12.8% +15.7%
9,175 7,929 8,136 Operating profit
-9.2% -2.0%
2,303 2,351 2,536 OPM %
-606 bps -455 bps
25.1% 29.7% 31.2% Other income
-31.1% -47.2%
517 980 751 Net profit?
-20.6% -19.7%
1,644 2,047 2,069 PAT margin %
-752 bps -790 bps
17.9% 25.8% 25.4% EPS (₹)
-29.2% -24.7%
8.78 11.66 12.40
Quality of profit
Pre-tax profit ₹2,048 Cr: core business ₹1,327 Cr, other income ₹517 Cr, exceptional & other items ₹204 Cr.
Core profit YoY: -19.5%
· reported profit -20.6%
Cash & debt
FY25 cash from operations ₹11,332 Cr:
161% of FY25 net profit of ₹7,040 Cr.
Borrowings ₹30,645 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹7,683 ₹9,175
+19.4% above Net profit ₹1,714 ₹1,644
-4.1% in line
M Cap ₹70,697 Cr
P/E 42.3
PEG 0.64
Profit +206% above its own trend Operating margin expanded 369 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+2.0% -0.4%
1,10,397 1,10,825 1,08,216 Operating profit
+151.5% -8.2%
6,852 7,461 2,724 OPM %
+369 bps -53 bps
6.2% 6.7% 2.5% Other income
-9.2% +3.0%
522 507 575 Net profit?
+511.4% -6.1%
3,859 4,111 631 PAT margin %
+291 bps -21 bps
3.5% 3.7% 0.6% EPS (₹)
+510.8% -6.1%
18.14 19.32 2.97
Quality of profit
Pre-tax profit ₹5,131 Cr: core business ₹4,416 Cr, other income ₹522 Cr, exceptional & other items ₹193 Cr.
Core profit YoY: —
· reported profit +511.4%
Cash & debt
FY25 cash from operations ₹14,228 Cr:
185% of FY25 net profit of ₹7,703 Cr.
Borrowings ₹70,558 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,06,987 ₹1,10,397
+3.2% in line Net profit ₹1,262 ₹3,859
+205.7% above
M Cap ₹70,632 Cr
P/E 16.5
PEG 0.66
Profit -48% below its own trend Operating margin contracted 234 bps YoY Exceptional items of ₹-338 Cr in the quarter
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+8.2% +3.0%
26,704 25,922 24,675 Operating profit
-13.2% -8.7%
2,528 2,769 2,913 OPM %
-234 bps -122 bps
9.5% 10.7% 11.8% Other income
to loss to loss -34.0 235 322 Net profit?
-53.3% -43.8%
419 745 897 PAT margin %
-207 bps -130 bps
1.6% 2.9% 3.6% EPS (₹)
-53.5% -43.9%
1.01 1.80 2.17
Quality of profit
Pre-tax profit ₹556 Cr: core business ₹591 Cr, other income −₹34.0 Cr, exceptional & other items −₹0.9 Cr.
Core profit YoY: -30.6%
· reported profit -53.3%
Cash & debt
FY25 cash from operations ₹9,914 Cr:
418% of FY25 net profit of ₹2,372 Cr.
Borrowings ₹36,934 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹25,877 ₹26,704
+3.2% in line Net profit ₹807 ₹419
-48.1% below
M Cap ₹68,495 Cr
P/E 29.7
PEG —
Profit +228% above its own trend Profit growth came mainly from lower provisions (pre-provision profit -5%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
+10.7% -0.3%
11,828 11,869 10,684 Net interest income
+6.8% +3.6%
5,113 4,933 4,788 Other income
+9.5% -15.1%
1,891 2,227 1,727 Operating profit (pre-provision)
-5.1% -15.9%
1,876 2,230 1,977 Provisions
-16.2% -12.5%
1,452 1,659 1,732 Net profit?
+64.1% -23.3%
348 453 212 EPS (₹)
+25.0% -43.5%
0.35 0.62 0.28 Cost-to-income %
+357 bps +437 bps
73.2% 68.9% 69.7% Gross NPA %
-6 bps -11 bps
1.9% 2.0% 1.9% Net NPA %
+4 bps -3 bps
0.5% 0.6% 0.5%
Where profit came from
Pre-provision profit ₹1,876 Cr (-5.1% YoY); provisions ₹1,452 Cr (-16.2% YoY).
Net profit +64.1% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹5,366 ₹5,113
-4.7% in line Net profit ₹106 ₹348
+228.2% above
M Cap ₹67,704 Cr
P/E 25.1
PEG 0.93
₹ Cr YoY
Sep 2025 Sep 2024
Net profit?
+17.8%
643 546 EPS (₹)
+11.6%
0.77 0.69 Gross NPA %
-3 bps
0.3% 0.3% Net NPA %
+0 bps
0.1% 0.1%
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, 15:50 IST
