Q2 FY26 quarterly results (July-September 2025)

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, the year's cash-flow statement with the March results and the half-year's (April to September) with the September results.

Management guidance. When a company files the transcript of its earnings call, we read what its management said to expect: revenue or profit growth, margins, capex and the like, for this financial year or part of it. A figure is kept only when the sentence that states it is found in the transcript, and you can read it under "What management said". Growth and margins are then set beside the actual so far: the year-to-date quarters against the same quarters a year earlier (so the first half is measured against a full-year figure). Within 1 percentage point of the range for growth, or 0.5 for margins, is "on track"; above it "ahead", below it "behind". A new figure for the same period is marked raised or cut against the one before. This is what management said, not a forecast of ours.

Working capital. Inventory, trade receivables and trade payables from the same balance sheets, each also as days of sales (the amount against the twelve months' sales to that date, times 365). Receivables or inventory that grow 25 points or more faster than sales between two balance sheets (and by at least 20%) are flagged: money tied up in customers and stock is profit not yet in cash. These lines are read from filings since the September 2026 results, so comparisons with an earlier balance sheet start with the March 2027 results for most companies.

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.