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 9 of 170
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M Cap ₹35,104 Cr
P/E 26.5
PEG 6.64
Operating margin contracted 164 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+15.8% +4.0%
2,980 2,866 2,573 Operating profit
+5.3% +6.1%
491 462 466 OPM %
-164 bps +34 bps
16.5% 16.1% 18.1% Other income
+0.9% -3.1%
65.6 67.7 65.0 Net profit?
+2.9% +4.1%
329 316 320 PAT margin %
-139 bps +2 bps
11.0% 11.0% 12.4% EPS (₹)
+2.7% +4.1%
31.02 29.81 30.20
Quality of profit
Pre-tax profit ₹448 Cr: core business ₹382 Cr, other income ₹65.6 Cr.
Core profit YoY: +1.8%
· reported profit +2.9%
Cash & debt
FY25 cash from operations ₹1,481 Cr:
117% of FY25 net profit of ₹1,264 Cr.
Borrowings ₹578 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,885 ₹2,980
+3.3% in line Net profit ₹306 ₹329
+7.4% in line
M Cap ₹34,959 Cr
P/E 27.6
PEG 3.95
Operating margin expanded 190 bps YoY 27% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+0.4% +0.8%
1,048 1,039 1,044 Operating profit
+7.6% -3.1%
297 306 276 OPM %
+190 bps -115 bps
28.3% 29.5% 26.4% Other income
+8.5% -13.4%
98.7 114 91.0 Net profit?
+8.4% -9.1%
277 305 256 PAT margin %
+196 bps -289 bps
26.5% 29.4% 24.5% EPS (₹)
+8.1% -9.1%
29.73 32.69 27.51
Quality of profit
Pre-tax profit ₹360 Cr: core business ₹261 Cr, other income ₹98.7 Cr.
Core profit YoY: +5.8%
· reported profit +8.4%
Cash & debt
FY25 cash from operations ₹1,162 Cr:
110% of FY25 net profit of ₹1,059 Cr.
Borrowings ₹491 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,001 ₹1,048
+4.7% in line Net profit ₹258 ₹277
+7.3% in line
M Cap ₹34,653 Cr
P/E —
PEG —
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
+23.1% +8.1%
307 284 250 Operating profit (pre-provision)
+31.3% +6.2%
134 126 102 Net profit?
+30.9% +6.4%
99.9 93.9 76.3 EPS (₹)
+31.3% +6.4%
12.03 11.31 adj. 9.16
EPS restated for the 1:1 bonus of Mar 2025: Sep 2024 ₹18.32 to ₹9.16.
Where profit came from
Pre-provision profit ₹134 Cr (+31.3% YoY).
Net profit +30.9% YoY.
Against its own trend ?
Trend Actual Gap
Total income ₹326 ₹307
-5.6% below Net profit ₹101 ₹99.9
-1.0% in line
M Cap ₹34,470 Cr
P/E —
PEG —
Profit -93% below its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
-62.8% -54.9%
192 426 516 Net interest income
from loss -53.0%
4.6 9.8 -1.1 Other income
-64.4% -52.3%
174 364 488 Operating profit (pre-provision)
-81.7% -73.1%
61.0 227 334 Provisions
loss narrowed to loss -1.3 1.4 -3.8 Net profit
-85.4% -79.1%
46.4 221 317 EPS (₹)
-85.6% -79.1%
12.87 61.55 89.21 Cost-to-income %
+3440 bps +2638 bps
65.8% 39.4% 31.4%
Where profit came from
Pre-provision profit ₹61.0 Cr (-81.7% YoY); provisions −₹1.3 Cr.
Net profit -85.4% YoY.
Against its own trend ?
Trend Actual Gap
Net profit ₹634 ₹46.4
-92.7% below
M Cap ₹34,369 Cr
P/E 42.1
PEG 3.51
Profit +30% above its own trend Operating margin expanded 246 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+17.4% +9.1%
1,644 1,507 1,400 Operating profit
+30.5% +19.5%
403 337 308 OPM %
+246 bps +213 bps
24.5% 22.4% 22.0% Other income
+1.6% +0.8%
24.0 23.8 23.6 Net profit?
+30.0% +31.4%
258 197 199 PAT margin %
+153 bps +267 bps
15.7% 13.1% 14.2% EPS (₹)
+30.1% +31.4%
12.72 9.68 9.78
Quality of profit
Pre-tax profit ₹295 Cr: core business ₹273 Cr, other income ₹24.0 Cr, exceptional & other items −₹1.3 Cr.
Core profit YoY: +31.0%
· reported profit +30.0%
Cash & debt
FY25 cash from operations ₹986 Cr:
125% of FY25 net profit of ₹791 Cr.
Borrowings ₹2,428 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,581 ₹1,644
+3.9% in line Net profit ₹199 ₹258
+29.8% above
M Cap ₹34,173 Cr
P/E 59.2
PEG 6.58
Profit +49% above its own trend Operating margin expanded 375 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+14.0% +5.9%
1,266 1,196 1,111 Operating profit
+39.9% +5.8%
256 242 183 OPM %
+375 bps -1 bps
20.2% 20.2% 16.5% Other income
-33.3% -20.0%
12.0 15.0 18.0 Net profit
+42.5% +7.3%
191 178 134 PAT margin %
+303 bps +20 bps
15.1% 14.9% 12.1% EPS (₹)
+43.0% +7.7%
169.85 157.73 118.76
Quality of profit
Pre-tax profit ₹251 Cr: core business ₹239 Cr, other income ₹12.0 Cr.
Core profit YoY: +44.8%
· reported profit +42.5%
Cash & debt
FY25 cash from operations ₹355 Cr:
76% of FY25 net profit of ₹465 Cr.
Borrowings ₹100 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,287 ₹1,266
-1.6% in line Net profit ₹128 ₹191
+48.7% above
M Cap ₹34,063 Cr
P/E 35.1
PEG 1.30
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+23.0% +8.0%
3,583 3,319 2,913 Operating profit
+24.8% +7.4%
477 444 382 OPM %
+19 bps -6 bps
13.3% 13.4% 13.1% Other income
-20.9% -41.2%
21.0 35.6 26.5 Net profit?
+12.0% +0.4%
227 226 203 PAT margin %
-63 bps -48 bps
6.3% 6.8% 7.0% EPS (₹)
+12.0% +0.4%
16.16 16.09 14.43
Quality of profit
Pre-tax profit ₹304 Cr: core business ₹283 Cr, other income ₹21.0 Cr.
Core profit YoY: +18.4%
· reported profit +12.0%
Cash & debt
FY25 cash from operations ₹1,532 Cr:
183% of FY25 net profit of ₹836 Cr.
Borrowings ₹944 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,293 ₹3,583
+8.8% above Net profit ₹241 ₹227
-5.8% in line
M Cap ₹33,917 Cr
P/E 10.1
PEG 0.63
Profit -63% below its own trend Operating margin expanded 697 bps YoY Core business grew faster than reported profit (core profit +56%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+19.5% +14.2%
4,369 3,826 3,657 Operating profit
+47.7% +70.1%
1,590 935 1,076 OPM %
+697 bps +1196 bps
36.4% 24.4% 29.4% Other income
-76.4% -42.0%
168 290 713 Net profit?
-26.2% -13.6%
725 839 982 PAT margin %
-1027 bps -535 bps
16.6% 21.9% 26.9% EPS (₹)
-26.1% -13.6%
5.23 6.05 7.08
Quality of profit
Pre-tax profit ₹921 Cr: core business ₹753 Cr, other income ₹168 Cr.
Core profit YoY: +55.6%
· reported profit -26.2%
Cash & debt
FY25 cash from operations ₹8,977 Cr:
331% of FY25 net profit of ₹2,714 Cr.
Borrowings ₹22,429 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹4,318 ₹4,369
+1.2% in line Net profit ₹1,965 ₹725
-63.1% below
M Cap ₹33,750 Cr
P/E 76.4
PEG 4.49
Profit -88% below its own trend Operating margin contracted 352 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
-11.1% -40.9%
2,320 3,925 2,609 Operating profit
-73.8% -77.8%
34.0 153 130 OPM %
-352 bps -243 bps
1.5% 3.9% 5.0% Other income
-20.7% -4.2%
92.0 96.0 116 Net profit?
-75.9% -77.3%
32.0 141 133 PAT margin %
-372 bps -221 bps
1.4% 3.6% 5.1% EPS (₹)
-74.3% -75.5%
1.04 4.24 4.05
Quality of profit
Pre-tax profit ₹54.0 Cr: core business −₹10.0 Cr, other income ₹92.0 Cr, exceptional & other items −₹28.0 Cr.
Core profit YoY: to loss
· reported profit -75.9%
Cash & debt
FY25 cash from operations −₹225 Cr:
-27% of FY25 net profit of ₹835 Cr.
Borrowings ₹892 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,981 ₹2,320
-22.2% below Net profit ₹266 ₹32.0
-88.0% below
M Cap ₹33,568 Cr
P/E 26.9
PEG 13.45
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+2.9% +9.4%
2,355 2,154 2,288 Operating profit
-1.0% +33.1%
576 433 582 OPM %
-98 bps +437 bps
24.5% 20.1% 25.4% Other income
-31.7% -7.6%
88.0 95.2 129 Net profit?
+3.8% +42.2%
380 267 366 PAT margin %
+13 bps +373 bps
16.1% 12.4% 16.0% EPS (₹)
+3.4% +41.6%
4.97 3.51 adj. 4.81
EPS restated for the 1:4 bonus of Jul 2025: Sep 2024 ₹6.01 to ₹4.81.
Quality of profit
Pre-tax profit ₹498 Cr: core business ₹410 Cr, other income ₹88.0 Cr.
Core profit YoY: +3.2%
· reported profit +3.8%
Cash & debt
FY25 cash from operations ₹1,712 Cr:
133% of FY25 net profit of ₹1,291 Cr.
Borrowings ₹861 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,314 ₹2,355
+1.8% in line Net profit ₹371 ₹380
+2.4% in line
M Cap ₹33,529 Cr
P/E 25.0
PEG —
₹ Cr QoQ
Sep 2025 Jun 2025
Sales
+6.8%
3,484 3,261 Operating profit
+51.2%
612 404 OPM %
+515 bps
17.6% 12.4% Net profit?
-2.6%
370 380 PAT margin %
-103 bps
10.6% 11.6% EPS (₹)
-2.6%
6.09 6.25
M Cap ₹33,503 Cr
P/E 35.8
PEG 11.92
Profit -18% below its own trend Operating margin contracted 164 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-1.9% -7.0%
4,365 4,695 4,450 Operating profit
-17.1% -27.3%
391 538 472 OPM %
-164 bps -250 bps
9.0% 11.5% 10.6% Other income
+34.1% +92.3%
53.7 27.9 40.0 Net profit?
-25.5% -36.8%
174 275 233 PAT margin %
-126 bps -187 bps
4.0% 5.8% 5.2% EPS (₹)
-25.7% -37.1%
2.02 3.21 2.72
Quality of profit
Pre-tax profit ₹253 Cr: core business ₹200 Cr, other income ₹53.7 Cr.
Core profit YoY: -31.7%
· reported profit -25.5%
Cash & debt
FY25 cash from operations ₹1,273 Cr:
159% of FY25 net profit of ₹800 Cr.
Borrowings ₹2,017 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹4,666 ₹4,365
-6.5% below Net profit ₹212 ₹174
-18.2% below
M Cap ₹33,463 Cr
P/E 83.6
PEG 2.14
Profit +102% above its own trend Operating margin expanded 351 bps YoY Core business grew faster than reported profit (core profit +863%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+125.6% +15.1%
1,087 944 482 Operating profit
+253.6% +21.1%
105 87.0 29.8 OPM %
+351 bps +48 bps
9.7% 9.2% 6.2% Other income
-6.7% -38.7%
9.8 16.0 10.5 Net profit?
+304.5% +30.8%
65.4 50.0 16.2 PAT margin %
+266 bps +72 bps
6.0% 5.3% 3.4% EPS (₹)
+285.7% +25.8%
3.51 2.79 0.91
Quality of profit
Pre-tax profit ₹86.1 Cr: core business ₹76.3 Cr, other income ₹9.8 Cr.
Core profit YoY: +862.6%
· reported profit +304.5%
Cash & debt
FY25 cash from operations ₹176 Cr:
123% of FY25 net profit of ₹143 Cr.
Borrowings ₹665 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹574 ₹1,087
+89.5% above Net profit ₹32.3 ₹65.4
+102.3% above
M Cap ₹33,373 Cr
P/E 41.5
PEG 0.88
Operating margin expanded 345 bps YoY Profit grew faster than the core business (core profit +9%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-5.8% -4.2%
1,071 1,118 1,137 Operating profit
+11.9% -4.9%
233 245 208 OPM %
+345 bps -15 bps
21.8% 21.9% 18.3% Other income
+165.3% +34.9%
36.0 26.7 13.6 Net profit?
+29.8% -1.8%
176 179 136 PAT margin %
+451 bps +41 bps
16.4% 16.0% 11.9% EPS (₹)
+30.7% -2.7%
3.58 3.68 2.74
Quality of profit
Pre-tax profit ₹237 Cr: core business ₹201 Cr, other income ₹36.0 Cr.
Core profit YoY: +9.4%
· reported profit +29.8%
Cash & debt
FY25 cash from operations ₹447 Cr:
81% of FY25 net profit of ₹555 Cr.
Borrowings ₹313 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,164 ₹1,071
-8.0% below Net profit ₹183 ₹176
-3.7% in line
M Cap ₹33,207 Cr
P/E 15.0
PEG 1.07
Profit -47% below its own trend Operating margin contracted 931 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
+4.7% +12.8%
5,032 4,460 4,805 Operating profit
-76.7% -66.2%
134 397 575 OPM %
-931 bps -623 bps
2.7% 8.9% 12.0% Other income
+186.5% -0.1%
1,258 1,259 439 Net profit?
+0.8% -32.0%
493 725 489 PAT margin %
-38 bps -647 bps
9.8% 16.3% 10.2% EPS (₹)
-15.7% -30.6%
7.20 10.37 8.54
Quality of profit
Pre-tax profit ₹723 Cr: core business −₹571 Cr, other income ₹1,258 Cr, exceptional & other items ₹36.4 Cr.
Core profit YoY: loss widened
· reported profit +0.8%
Cash & debt
FY25 cash from operations −₹5,151 Cr:
-277% of FY25 net profit of ₹1,858 Cr.
Borrowings ₹38,088 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹5,972 ₹5,032
-15.7% below Net profit ₹928 ₹493
-46.9% below
M Cap ₹33,139 Cr
P/E 39.3
PEG —
Profit -37% below its own trend Operating margin contracted 191 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+7.9% +3.4%
4,378 4,233 4,058 Operating profit
-49.0% -78.6%
75.0 351 147 OPM %
-191 bps -658 bps
1.7% 8.3% 3.6% Other income
+50.0% +200.0%
3.0 1.0 2.0 Net profit
-50.5% -79.1%
55.0 263 111 PAT margin %
-148 bps -496 bps
1.3% 6.2% 2.7% EPS (₹)
-50.8% -79.2%
0.93 4.47 1.89
Quality of profit
Pre-tax profit ₹78.0 Cr: core business ₹75.0 Cr, other income ₹3.0 Cr.
Core profit YoY: -49.0%
· reported profit -50.5%
Cash & debt
FY25 cash from operations ₹1,379 Cr:
213% of FY25 net profit of ₹646 Cr.
Borrowings ₹470 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹4,602 ₹4,378
-4.9% in line Net profit ₹86.9 ₹55.0
-36.7% below
M Cap ₹33,089 Cr
P/E 12.1
PEG 0.39
Provisions up 53% YoY Gross NPA down 34 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
+16.3% +10.1%
3,320 3,016 2,856 Net interest income
+19.0% +16.8%
1,261 1,079 1,060 Other income
+8.5% +14.5%
512 447 472 Operating profit (pre-provision)
+24.6% +26.3%
1,017 806 816 Provisions
+52.6% +132.2%
274 118 180 Net profit
+21.2% +10.1%
574 521 474 EPS (₹)
+21.0% +10.0%
5.94 5.40 adj. 4.91Cost-to-income %
-408 bps -460 bps
42.6% 47.2% 46.7% Gross NPA %
-34 bps +10 bps
0.8% 0.7% 1.1% Net NPA %
-9 bps +0 bps
0.2% 0.2% 0.3%
EPS restated for the 1:5 bonus of Aug 2025: Sep 2024 ₹5.89 to ₹4.91.
Where profit came from
Pre-provision profit ₹1,017 Cr (+24.6% YoY); provisions ₹274 Cr (+52.6% YoY).
Net profit +21.2% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹1,129 ₹1,261
+11.7% above Net profit ₹555 ₹574
+3.5% in line
M Cap ₹32,890 Cr
P/E 60.3
PEG 2.01
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+10.7% +9.1%
731 670 660 Operating profit
+10.6% +16.7%
224 192 202 OPM %
-3 bps +199 bps
30.6% 28.7% 30.7% Other income
+14.2% -10.7%
25.0 28.0 21.9 Net profit?
+16.2% +13.4%
152 134 131 PAT margin %
+98 bps +79 bps
20.8% 20.0% 19.8% EPS (₹)
+15.7% +13.6%
17.95 15.80 15.52
Quality of profit
Pre-tax profit ₹204 Cr: core business ₹179 Cr, other income ₹25.0 Cr.
Core profit YoY: +11.0%
· reported profit +16.2%
Cash & debt
FY25 cash from operations ₹569 Cr:
116% of FY25 net profit of ₹492 Cr.
Borrowings ₹157 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹730 ₹731
+0.1% in line Net profit ₹159 ₹152
-4.7% in line
M Cap ₹32,789 Cr
P/E 7.7
PEG 0.23
Profit +14% above its own trend Gross NPA down 83 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
+28.7% +10.4%
3,251 2,945 2,526 Net interest income
+31.7% +10.8%
1,050 948 797 Other income
-19.6% +157.8%
53.7 20.8 66.8 Operating profit (pre-provision)
+22.3% +24.3%
938 754 767 Provisions
loss narrowed loss narrowed -17.0 -103 -233 Net profit
+3.1% +12.6%
710 630 689 EPS (₹)
+3.2% +12.7%
3.55 3.15 3.44 Cost-to-income %
+382 bps -710 bps
15.1% 22.2% 11.3% Gross NPA %
-83 bps -13 bps
1.2% 1.3% 2.0% Net NPA %
-24 bps -2 bps
0.1% 0.1% 0.3%
Where profit came from
Pre-provision profit ₹938 Cr (+22.3% YoY); provisions −₹17.0 Cr.
Net profit +3.1% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹1,064 ₹1,050
-1.2% in line Net profit ₹622 ₹710
+14.1% above
M Cap ₹32,756 Cr
P/E —
PEG —
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
+13.8% —
948 — 833 Operating profit (pre-provision)
+14.8% +18.5%
262 221 229 Net profit?
+12.6% +12.3%
193 172 172 EPS (₹)
+12.6% +12.6%
26.41 23.46 23.46
Where profit came from
Pre-provision profit ₹262 Cr (+14.8% YoY).
Net profit +12.6% YoY.
Against its own trend ?
Trend Actual Gap
Total income ₹902 ₹948
+5.1% above Net profit ₹197 ₹193
-1.8% in line
M Cap ₹32,685 Cr
P/E 40.9
PEG 1.57
Operating margin expanded 237 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+19.0% +4.3%
772 740 649 Operating profit
+22.9% +4.5%
575 550 468 OPM %
+237 bps +16 bps
74.5% 74.3% 72.1% Other income
to loss to loss -20.0 27.0 3.0 Net profit?
-5.9% -24.0%
127 167 135 PAT margin %
-435 bps -612 bps
16.5% 22.6% 20.8% EPS (₹)
-9.9% -25.7%
1.91 2.57 2.12
Quality of profit
Pre-tax profit ₹233 Cr: core business ₹253 Cr, other income −₹20.0 Cr.
Core profit YoY: +5.4%
· reported profit -5.9%
Cash & debt
FY25 cash from operations ₹2,017 Cr:
392% of FY25 net profit of ₹514 Cr.
Borrowings ₹10,125 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹703 ₹772
+9.8% above Net profit ₹127 ₹127
-0.3% in line
M Cap ₹32,412 Cr
P/E 47.7
PEG 1.19
Profit -46% below its own trend Operating margin contracted 1067 bps YoY 85% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -86%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-2.2% +4.7%
1,119 1,069 1,143 Operating profit
-62.7% -69.5%
73.7 241 197 OPM %
-1067 bps -1600 bps
6.6% 22.6% 17.3% Other income
+25.9% +134.3%
127 54.3 101 Net profit?
-43.1% -42.8%
108 188 189 PAT margin %
-691 bps -796 bps
9.6% 17.6% 16.5% EPS (₹)
-43.0% -42.7%
4.09 7.14 7.18
Quality of profit
Pre-tax profit ₹150 Cr: core business ₹22.6 Cr, other income ₹127 Cr.
Core profit YoY: -86.1%
· reported profit -43.1%
Cash & debt
FY25 cash from operations −₹297 Cr:
-36% of FY25 net profit of ₹827 Cr.
Borrowings ₹560 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,427 ₹1,119
-21.6% below Net profit ₹200 ₹108
-46.3% below
M Cap ₹32,336 Cr
P/E 24.5
PEG —
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-15.7% -1.5%
1,872 1,900 2,221 Operating profit
-13.8% +4.3%
541 519 628 OPM %
+63 bps +160 bps
28.9% 27.3% 28.3% Other income
-32.9% -7.0%
82.5 88.7 123 Net profit?
-19.5% +2.3%
409 400 508 PAT margin %
-102 bps +81 bps
21.9% 21.0% 22.9% EPS (₹)
-19.5% +2.3%
26.98 26.37 33.51
Quality of profit
Pre-tax profit ₹525 Cr: core business ₹441 Cr, other income ₹82.5 Cr, exceptional & other items ₹2.1 Cr.
Core profit YoY: -18.4%
· reported profit -19.5%
Cash & debt
FY25 cash from operations ₹1,413 Cr:
85% of FY25 net profit of ₹1,660 Cr.
Borrowings ₹184 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,252 ₹1,872
-16.9% below Net profit ₹454 ₹409
-9.8% in line
M Cap ₹32,278 Cr
P/E 63.4
PEG 2.35
Profit -18% below its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+6.4% -18.8%
2,422 2,982 2,276 Operating profit
+21.9% -8.5%
182 199 149 OPM %
+95 bps +84 bps
7.5% 6.7% 6.6% Other income
-46.0% -37.5%
10.0 16.0 18.5 Net profit?
+3.1% -18.2%
99.0 121 96.1 PAT margin %
-13 bps +3 bps
4.1% 4.1% 4.2% EPS (₹)
+3.2% -18.0%
4.82 5.88 4.67
Quality of profit
Pre-tax profit ₹132 Cr: core business ₹122 Cr, other income ₹10.0 Cr.
Core profit YoY: +8.1%
· reported profit +3.1%
Cash & debt
FY25 cash from operations ₹688 Cr:
116% of FY25 net profit of ₹591 Cr.
Borrowings ₹381 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,744 ₹2,422
-11.7% below Net profit ₹121 ₹99.0
-18.4% below
M Cap ₹32,060 Cr
P/E 36.9
PEG —
26% 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
+13.7% +8.5%
885 816 778 Operating profit
+16.0% +0.5%
246 245 212 OPM %
+55 bps -220 bps
27.8% 30.0% 27.2% Other income
+600.0% +10.9%
49.0 44.2 7.0 Net profit?
+73.1% -0.3%
133 134 77.0 PAT margin %
+517 bps -133 bps
15.1% 16.4% 9.9% EPS (₹)
— +0.0%
0.64 0.64 —
Quality of profit
Pre-tax profit ₹189 Cr: core business ₹140 Cr, other income ₹49.0 Cr.
Core profit YoY: +32.1%
· reported profit +73.1%
Cash & debt
FY25 cash from operations ₹803 Cr:
126% of FY25 net profit of ₹638 Cr.
Borrowings ₹73.0 Cr at Mar 2025.
M Cap ₹31,913 Cr
P/E 75.3
PEG 3.27
Profit +45% above its own trend Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+29.4% +10.4%
1,948 1,764 1,505 Operating profit
+28.2% +16.9%
382 327 298 OPM %
-19 bps +109 bps
19.6% 18.5% 19.8% Other income
-31.6% -62.5%
13.0 34.7 19.0 Net profit?
+27.2% +14.5%
159 139 125 PAT margin %
-14 bps +29 bps
8.2% 7.9% 8.3% EPS (₹)
+27.2% +14.4%
11.18 9.77 8.79
Quality of profit
Pre-tax profit ₹216 Cr: core business ₹204 Cr, other income ₹13.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +38.8%
· reported profit +27.2%
Cash & debt
FY25 cash from operations −₹739 Cr:
-155% of FY25 net profit of ₹476 Cr.
Borrowings ₹5,819 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,606 ₹1,948
+21.3% above Net profit ₹110 ₹159
+45.0% above
M Cap ₹31,900 Cr
P/E 90.4
PEG 2.10
Turnaround: profit against a loss a year ago Operating margin expanded 917 bps YoY
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-3.3% +6.0%
782 738 809 Operating profit
+61.8% +147.2%
178 72.0 110 OPM %
+917 bps +1301 bps
22.8% 9.8% 13.6% Other income
+133.3% from loss 21.0 -77.0 9.0 Net profit?
from loss from loss 54.0 -108 -16.0 PAT margin %
+888 bps +2154 bps
6.9% -14.6% -2.0% EPS (₹)
from loss from loss 4.80 -5.54 -1.47
Quality of profit
Pre-tax profit ₹54.0 Cr: core business ₹70.0 Cr, other income ₹21.0 Cr, exceptional & other items −₹37.0 Cr.
Core profit YoY: from loss
Cash & debt
FY25 cash from operations −₹22.0 Cr.
Borrowings ₹2,021 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹845 ₹782
-7.5% below
M Cap ₹31,733 Cr
P/E 110.8
PEG —
₹ Cr QoQ
Sep 2025 Jun 2025
Sales
-9.8%
188 208 Operating profit
-11.3%
137 155 OPM %
-126 bps
73.3% 74.5% Other income
-86.8%
1.5 11.0 Net profit?
-31.7%
53.9 79.0 PAT margin %
-923 bps
28.7% 38.0% EPS (₹)
-23.4%
0.49 0.64
Quality of profit
Pre-tax profit ₹71.0 Cr: core business ₹69.6 Cr, other income ₹1.5 Cr.
M Cap ₹31,349 Cr
P/E —
PEG —
Profit +47% above its own trend
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
-6.9% +5.6%
154 146 166 Operating profit (pre-provision)
-8.6% +6.7%
143 134 156 Provisions
— —
-24.5 — — Net profit?
+19.8% +1.3%
148 146 124 EPS (₹)
+19.8% +1.3%
2.93 adj. 2.89adj. 2.44
EPS restated for the ₹10 to ₹1 split of Oct 2025: Jun 2025 ₹28.92 to ₹2.89; Sep 2024 ₹24.45 to ₹2.44.
Where profit came from
Pre-provision profit ₹143 Cr (-8.6% YoY); provisions −₹24.5 Cr.
Net profit +19.8% YoY.
Against its own trend ?
Trend Actual Gap
Total income ₹121 ₹154
+28.0% above Net profit ₹101 ₹148
+47.4% above
M Cap ₹31,296 Cr
P/E 13.5
PEG 0.45
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Total income
+13.4% +2.3%
2,131 2,082 1,880 Net interest income
+13.4% +0.6%
750 746 662 Other income
+13.9% +11.5%
113 102 99.3 Operating profit (pre-provision)
+15.6% +2.3%
646 632 559 Provisions
loss widened loss widened -113 -56.2 -45.6 Net profit?
+23.8% +9.0%
582 534 470 EPS (₹)
+23.6% +8.9%
22.34 20.52 18.08 Cost-to-income %
-140 bps -32 bps
25.1% 25.5% 26.5% Gross NPA %
-20 bps -2 bps
1.0% 1.1% 1.2% Net NPA %
-15 bps +0 bps
0.7% 0.7% 0.8%
Where profit came from
Pre-provision profit ₹646 Cr (+15.6% YoY); provisions −₹113 Cr.
Net profit +23.8% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹770 ₹750
-2.5% in line Net profit ₹584 ₹582
-0.4% 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, 17:11 IST
