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
Latest results
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The next results season has started: 36 companies have filed results for the quarter ended 30 Sep 2026.
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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
1339 matching results 1339
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M Cap ₹3,56,029 Cr
P/E 44.1
PEG —
Profit -14% below its own trend Operating margin contracted 110 bps YoY 95% of pre-tax profit came from other income and one-off items Exceptional items of ₹3,583 Cr in the quarter Profit grew faster than the core business (core profit -88%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-6.0% -3.2%
21,249 21,961 22,608 Operating profit
-12.2% -0.1%
3,307 3,310 3,766 OPM %
-110 bps +49 bps
15.6% 15.1% 16.7% Other income
+2.2% +25.3%
596 475 583 Net profit?
+71.7% +249.7%
3,414 976 1,989 PAT margin %
+727 bps +1162 bps
16.1% 4.4% 8.8% EPS (₹)
+100.7% +354.8%
27.38 6.02 13.64
Quality of profit
Pre-tax profit ₹4,398 Cr: core business ₹219 Cr, other income ₹596 Cr, exceptional & other items ₹3,583 Cr.
Core profit YoY: -88.0%
· reported profit +71.7%
Cash & debt
FY25 cash from operations ₹4,513 Cr:
56% of FY25 net profit of ₹8,005 Cr.
Borrowings ₹91,473 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹20,192 ₹21,249
+5.2% above Net profit ₹3,978 ₹3,414
-14.2% below
M Cap ₹3,55,746 Cr
P/E 24.2
PEG 0.81
Operating margin contracted 134 bps YoY 81% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -52%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+13.1% +9.7%
42,344 38,605 37,449 Operating profit
+1.7% +10.0%
5,086 4,623 4,999 OPM %
-134 bps +4 bps
12.0% 12.0% 13.3% Other income
-35.4% -46.3%
1,014 1,888 1,570 Net profit?
+8.0% -11.7%
3,349 3,792 3,102 PAT margin %
-37 bps -191 bps
7.9% 9.8% 8.3% EPS (₹)
+7.9% -11.7%
106.52 120.62 98.68
Quality of profit
Pre-tax profit ₹9,283 Cr: core business ₹1,723 Cr, other income ₹1,014 Cr, exceptional & other items ₹6,546 Cr.
Core profit YoY: -51.7%
· reported profit +8.0%
Cash & debt
FY25 cash from operations ₹16,136 Cr:
111% of FY25 net profit of ₹14,500 Cr.
Borrowings ₹87.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹40,120 ₹42,344
+5.5% above Net profit ₹3,099 ₹3,349
+8.1% in line
M Cap ₹3,18,337 Cr
P/E 34.2
PEG 2.13
Operating margin contracted 394 bps YoY 40% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+10.9% +37.6%
6,629 4,819 5,976 Operating profit
-5.0% +21.5%
1,558 1,282 1,640 OPM %
-394 bps -311 bps
23.5% 26.6% 27.4% Other income
+63.7% +17.2%
888 757 542 Net profit?
+10.5% +20.6%
1,669 1,384 1,510 PAT margin %
-10 bps -354 bps
25.2% 28.7% 25.3% EPS (₹)
+10.5% +20.6%
24.96 20.69 22.59
Quality of profit
Pre-tax profit ₹2,227 Cr: core business ₹1,332 Cr, other income ₹888 Cr, exceptional & other items ₹7.3 Cr.
Core profit YoY: -8.9%
· reported profit +10.5%
Cash & debt
FY25 cash from operations ₹13,643 Cr:
163% of FY25 net profit of ₹8,364 Cr.
Borrowings ₹51.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹6,481 ₹6,629
+2.3% in line Net profit ₹1,589 ₹1,669
+5.0% in line
M Cap ₹3,00,597 Cr
P/E 10.6
PEG 0.62
Profit -14% below its own trend Operating margin expanded 252 bps YoY 37% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +19%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+0.2% -4.8%
44,786 47,065 44,706 Operating profit
+9.9% +1.9%
12,816 12,580 11,665 OPM %
+252 bps +189 bps
28.6% 26.7% 26.1% Other income
-15.0% -15.6%
2,734 3,240 3,218 Net profit?
-2.9% -14.5%
5,225 6,108 5,380 PAT margin %
-37 bps -131 bps
11.7% 13.0% 12.0% EPS (₹)
-3.9% -15.6%
5.23 6.20 5.44
Quality of profit
Pre-tax profit ₹7,301 Cr: core business ₹4,568 Cr, other income ₹2,734 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +19.3%
· reported profit -2.9%
Cash & debt
FY25 cash from operations ₹50,436 Cr:
211% of FY25 net profit of ₹23,953 Cr.
Borrowings ₹2,50,096 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹45,604 ₹44,786
-1.8% in line Net profit ₹6,046 ₹5,225
-13.6% below
M Cap ₹2,97,334 Cr
P/E 686.7
PEG —
Operating margin contracted 295 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
+183.2% +89.6%
13,590 7,167 4,799 Operating profit
+5.8% +107.8%
239 115 226 OPM %
-295 bps +15 bps
1.8% 1.6% 4.7% Other income
+59.3% -0.6%
352 354 221 Net profit?
-63.1% —
65.0 — 176 PAT margin %
-319 bps —
0.5% — 3.7% EPS (₹)
-65.0% +133.3%
0.07 0.03 0.20
Quality of profit
Pre-tax profit ₹129 Cr: core business −₹223 Cr, other income ₹352 Cr.
Core profit YoY: to loss
· reported profit -63.1%
Against its own trend ?
Trend Actual Gap
Sales ₹7,988 ₹13,590
+70.1% above
M Cap ₹2,49,467 Cr
P/E 8.0
PEG —
Profit +19% above its own trend Operating margin contracted 1904 bps YoY 38% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
— -15.8%
30,187 35,842 315 Operating profit
— -46.4%
6,716 12,521 130 OPM %
-1904 bps -1269 bps
22.2% 34.9% 41.3% Other income
-40.7% +45.4%
2,350 1,616 3,961 Net profit?
+3.1% -51.2%
4,263 8,734 4,134 PAT margin %
— -1025 bps
14.1% 24.4% — EPS (₹)
+5.4% -50.2%
7.07 14.19 6.71
Quality of profit
Pre-tax profit ₹6,115 Cr: core business ₹3,765 Cr, other income ₹2,350 Cr.
Core profit YoY: —
· reported profit +3.1%
Cash & debt
FY25 cash from operations ₹29,200 Cr:
88% of FY25 net profit of ₹33,161 Cr.
Borrowings ₹9,146 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹311 ₹30,187
+999.0% above Net profit ₹3,580 ₹4,263
+19.1% above
M Cap ₹2,09,850 Cr
P/E 97.8
PEG 5.75
Operating margin expanded 1276 bps YoY 54% of pre-tax profit came from other income and one-off items Exceptional items of ₹-83.0 Cr in the quarter
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+0.1% -20.8%
3,008 3,800 3,005 Operating profit
+17.4% -14.4%
2,603 3,042 2,217 OPM %
+1276 bps +648 bps
86.5% 80.1% 73.8% Other income
-18.0% +17.0%
241 206 294 Net profit?
+25.0% -21.8%
644 824 515 PAT margin %
+427 bps -27 bps
21.4% 21.7% 17.1% EPS (₹)
+97.7% -19.2%
3.44 4.26 1.74
Quality of profit
Pre-tax profit ₹292 Cr: core business ₹134 Cr, other income ₹241 Cr, exceptional & other items −₹83.0 Cr.
Core profit YoY: from loss
· reported profit +25.0%
Cash & debt
FY25 cash from operations ₹8,957 Cr:
448% of FY25 net profit of ₹2,001 Cr.
Borrowings ₹80,040 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,842 ₹3,008
-21.7% below Net profit ₹695 ₹644
-7.3% in line
M Cap ₹1,95,432 Cr
P/E 33.9
PEG 1.41
Operating margin contracted 102 bps YoY 27% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +45%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+44.8% +22.4%
6,172 5,042 4,263 Operating profit
+39.0% +25.7%
1,512 1,203 1,088 OPM %
-102 bps +64 bps
24.5% 23.9% 25.5% Other income
-24.9% -41.8%
351 603 468 Net profit?
+24.5% +13.6%
1,369 1,205 1,100 PAT margin %
-362 bps -171 bps
22.2% 23.9% 25.8% EPS (₹)
+24.4% +13.6%
49.93 43.95 40.15
Quality of profit
Pre-tax profit ₹1,779 Cr: core business ₹1,293 Cr, other income ₹351 Cr, exceptional & other items ₹135 Cr.
Core profit YoY: +44.6%
· reported profit +24.5%
Cash & debt
FY25 cash from operations ₹3,980 Cr:
84% of FY25 net profit of ₹4,734 Cr.
Borrowings ₹458 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹4,983 ₹6,172
+23.9% above Net profit ₹1,249 ₹1,369
+9.7% in line
M Cap ₹1,60,895 Cr
P/E 48.2
PEG 1.72
Profit +345% above its own trend Operating margin contracted 813 bps YoY 84% of pre-tax profit came from other income and one-off items Exceptional items of ₹235 Cr in the quarter Profit grew faster than the core business (core profit -48%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-16.8% -39.5%
1,643 2,717 1,975 Operating profit
-43.4% -22.0%
284 364 502 OPM %
-813 bps +388 bps
17.3% 13.4% 25.4% Other income
+314.6% +223.3%
854 264 206 Net profit?
+426.9% +32.9%
1,013 763 192 PAT margin %
+5194 bps +3361 bps
61.7% 28.1% 9.7% EPS (₹)
-14.5% +54.9%
4.77 3.08 5.58
Quality of profit
Pre-tax profit ₹1,219 Cr: core business ₹191 Cr, other income ₹854 Cr, exceptional & other items ₹174 Cr.
Core profit YoY: -48.4%
· reported profit +426.9%
Cash & debt
FY25 cash from operations ₹5,235 Cr:
236% of FY25 net profit of ₹2,221 Cr.
Borrowings ₹4,103 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,894 ₹1,643
-43.2% below Net profit ₹228 ₹1,013
+345.3% above
M Cap ₹1,53,176 Cr
P/E 63.0
PEG 1.70
Operating margin expanded 356 bps YoY 38% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+14.1% +36.9%
7,512 5,487 6,584 Operating profit
+111.3% from loss 581 -537 275 OPM %
+356 bps +1752 bps
7.7% -9.8% 4.2% Other income
+47.7% +2.2%
189 185 128 Net profit?
+253.8% from loss 375 -456 106 PAT margin %
+338 bps +1330 bps
5.0% -8.3% 1.6% EPS (₹)
+260.0% from loss 1.08 -1.31 0.30
Quality of profit
Pre-tax profit ₹499 Cr: core business ₹311 Cr, other income ₹189 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: —
· reported profit +253.8%
Cash & debt
FY25 cash from operations ₹2,192 Cr:
411% of FY25 net profit of ₹534 Cr.
Borrowings ₹9,015 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹7,813 ₹7,512
-3.9% in line
M Cap ₹1,31,508 Cr
P/E 55.6
PEG 3.09
Profit +11% above its own trend 29% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+9.1% +0.1%
4,795 4,789 4,394 Operating profit
+10.1% -3.5%
617 639 560 OPM %
+12 bps -48 bps
12.9% 13.4% 12.8% Other income
+0.4% -27.2%
210 288 209 Net profit?
+3.3% -50.3%
554 1,116 537 PAT margin %
-65 bps -1174 bps
11.6% 23.3% 12.2% EPS (₹)
+3.3% -50.3%
188.01 378.41 181.99
Quality of profit
Pre-tax profit ₹730 Cr: core business ₹520 Cr, other income ₹210 Cr.
Core profit YoY: +11.1%
· reported profit +3.3%
Cash & debt
FY25 cash from operations ₹2,373 Cr:
118% of FY25 net profit of ₹2,014 Cr.
Borrowings ₹118 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹4,775 ₹4,795
+0.4% in line Net profit ₹501 ₹554
+10.8% above
M Cap ₹1,21,472 Cr
P/E 61.5
PEG 5.13
Profit -10% below its own trend Operating margin contracted 3805 bps YoY 33% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +105%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
— -29.9%
20,651 29,463 387 Operating profit
+105.5% -28.2%
315 439 153 OPM %
-3805 bps +4 bps
1.5% 1.5% 39.6% Other income
-45.3% -4.3%
157 164 287 Net profit?
+2.9% -18.2%
448 548 435 PAT margin %
— +31 bps
2.2% 1.9% — EPS (₹)
+3.0% -18.1%
2.08 2.54 2.02
Quality of profit
Pre-tax profit ₹471 Cr: core business ₹315 Cr, other income ₹157 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +105.5%
· reported profit +2.9%
Cash & debt
FY25 cash from operations ₹15,597 Cr:
862% of FY25 net profit of ₹1,810 Cr.
Borrowings ₹2,950 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹336 ₹20,651
+999.0% above Net profit ₹499 ₹448
-10.3% below
M Cap ₹1,09,824 Cr
P/E 20.9
PEG 3.48
Operating margin contracted 262 bps YoY 51% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -49%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-1.0% -13.8%
15,545 18,035 15,698 Operating profit
-11.8% -20.2%
3,302 4,139 3,745 OPM %
-262 bps -171 bps
21.2% 22.9% 23.9% Other income
-1.5% +39.7%
505 362 513 Net profit?
+13.9% -1.3%
1,245 1,262 1,093 PAT margin %
+105 bps +101 bps
8.0% 7.0% 7.0% EPS (₹)
-0.7% -13.0%
2.88 3.31 2.90
Quality of profit
Pre-tax profit ₹1,680 Cr: core business ₹821 Cr, other income ₹505 Cr, exceptional & other items ₹353 Cr.
Core profit YoY: -49.2%
· reported profit +13.9%
Cash & debt
FY25 cash from operations ₹12,680 Cr:
266% of FY25 net profit of ₹4,775 Cr.
Borrowings ₹62,866 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹16,431 ₹15,545
-5.4% below Net profit ₹1,190 ₹1,245
+4.6% in line
M Cap ₹1,08,351 Cr
P/E —
PEG —
Operating margin expanded 3114 bps YoY All of pre-tax profit came from other income or one-off items Exceptional items of ₹-190 Cr in the quarter
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+24.2% +7.5%
2,061 1,918 1,660 Operating profit
from loss +97.2%
141 71.5 -403 OPM %
+3114 bps +311 bps
6.8% 3.7% -24.3% Other income
+27.2% -8.0%
222 241 174 Net profit?
-97.7% -82.9%
21.0 122 930 PAT margin %
-5502 bps -537 bps
1.0% 6.4% 56.0% EPS (₹)
-97.7% -82.8%
0.33 1.92 14.59
Quality of profit
Pre-tax profit ₹30.0 Cr: core business −₹1.0 Cr, other income ₹222 Cr, exceptional & other items −₹191 Cr.
Core profit YoY: loss narrowed
· reported profit -97.7%
Cash & debt
FY25 cash from operations −₹121 Cr.
Borrowings ₹160 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,247 ₹2,061
+65.3% above
M Cap ₹1,04,760 Cr
P/E 1.3
PEG —
Profit +999% above its own trend Operating margin contracted 669 bps YoY All of pre-tax profit came from other income or one-off items Exceptional items of ₹82,318 Cr in the quarter
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
-16.5% -17.4%
12,955 15,682 15,518 Operating profit
-69.2% -74.0%
507 1,952 1,645 OPM %
-669 bps -853 bps
3.9% 12.4% 10.6% Other income
+12.9% -93.6%
332 5,159 294 Net profit
— —
82,081 5,350 477 EPS (₹)
+889.9% -6.0%
13.66 14.53 1.38
Quality of profit
Pre-tax profit ₹82,456 Cr: core business −₹194 Cr, other income ₹332 Cr, exceptional & other items ₹82,318 Cr.
Core profit YoY: to loss
Against its own trend ?
Trend Actual Gap
Sales ₹13,576 ₹12,955
-4.6% in line Net profit ₹268 ₹82,081
+999.0% above
M Cap ₹1,02,408 Cr
P/E 31.3
PEG —
Operating margin contracted 601 bps YoY 37% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -28%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+9.8% +3.0%
8,805 8,545 8,016 Operating profit
-15.6% +0.2%
1,751 1,748 2,076 OPM %
-601 bps -56 bps
19.9% 20.5% 25.9% Other income
-44.5% -27.4%
174 240 314 Net profit?
+6.3% +1.2%
1,427 1,410 1,342 PAT margin %
-54 bps -29 bps
16.2% 16.5% 16.7% EPS (₹)
+14.7% +1.3%
17.26 17.04 15.05
Quality of profit
Pre-tax profit ₹1,835 Cr: core business ₹1,156 Cr, other income ₹174 Cr, exceptional & other items ₹505 Cr.
Core profit YoY: -27.9%
· reported profit +6.3%
Cash & debt
FY25 cash from operations ₹4,643 Cr:
81% of FY25 net profit of ₹5,725 Cr.
Borrowings ₹4,677 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹9,313 ₹8,805
-5.5% below Net profit ₹1,363 ₹1,427
+4.7% in line
M Cap ₹97,419 Cr
P/E 375.0
PEG 3.07
Profit +50% above its own trend Operating margin contracted 237 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
+25.1% +8.9%
2,346 2,155 1,875 Operating profit
-28.3% +23.1%
74.6 60.6 104 OPM %
-237 bps +37 bps
3.2% 2.8% 5.5% Other income
— -21.1%
2.8 3.6 0.0 Net profit?
+153.8% +37.5%
33.0 24.0 13.0 PAT margin %
+71 bps +29 bps
1.4% 1.1% 0.7% EPS (₹)
+200.0% +50.0%
0.12 0.08 0.04
Quality of profit
Pre-tax profit ₹55.4 Cr: core business −₹25.4 Cr, other income ₹2.8 Cr, exceptional & other items ₹78.0 Cr.
Core profit YoY: to loss
· reported profit +153.8%
Cash & debt
FY25 cash from operations ₹467 Cr:
649% of FY25 net profit of ₹72.0 Cr.
Borrowings ₹1,321 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,325 ₹2,346
+0.9% in line Net profit ₹22.0 ₹33.0
+50.2% above
M Cap ₹94,503 Cr
P/E 200.2
PEG 4.66
Turnaround: profit against a loss a year ago Operating margin expanded 500 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
+47.1% +14.5%
3,670 3,205 2,495 Operating profit
+68.5% +24.2%
1,447 1,165 859 OPM %
+500 bps +308 bps
39.4% 36.3% 34.4% Other income
-50.0% -37.5%
130 208 260 Net profit?
from loss from loss 35.0 -137 -429 PAT margin %
+1815 bps +523 bps
1.0% -4.3% -17.2% EPS (₹)
loss narrowed loss narrowed -0.04 -0.20 -0.27
Quality of profit
Pre-tax profit ₹103 Cr: core business −₹27.0 Cr, other income ₹130 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations ₹3,443 Cr.
Borrowings ₹38,218 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,994 ₹3,670
+22.6% 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 ₹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 ₹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 ₹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 ₹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 ₹67,229 Cr
P/E 41.8
PEG 1.61
Profit -15% below its own trend Operating margin contracted 143 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
-52.6% -53.0%
11,936 25,401 25,158 Operating profit
to loss to loss -19.0 213 319 OPM %
-143 bps -100 bps
-0.2% 0.8% 1.3% Other income
from loss +130.5%
408 177 -17.0 Net profit?
+17.9% -1.7%
296 301 251 PAT margin %
+148 bps +129 bps
2.5% 1.2% 1.0% EPS (₹)
+17.2% -1.9%
2.04 2.08 1.74
Quality of profit
Pre-tax profit ₹389 Cr: core business −₹19.0 Cr, other income ₹408 Cr.
Core profit YoY: to loss
· reported profit +17.9%
Cash & debt
FY25 cash from operations −₹9,408 Cr:
-794% of FY25 net profit of ₹1,185 Cr.
Borrowings ₹2,600 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹21,359 ₹11,936
-44.1% below Net profit ₹348 ₹296
-15.0% below
M Cap ₹61,573 Cr
P/E 48.7
PEG 2.70
Profit +289% above its own trend Operating margin expanded 1051 bps YoY 48% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +378%) FY25 operating cash flow was only 21% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+5.6% +5.4%
2,432 2,307 2,304 Operating profit
+46.8% +3.8%
910 877 620 OPM %
+1051 bps -60 bps
37.4% 38.0% 26.9% Other income
+133.6% +72.7%
278 161 119 Net profit?
+94.5% +46.5%
457 312 235 PAT margin %
+859 bps +527 bps
18.8% 13.5% 10.2% EPS (₹)
+124.0% +47.1%
9.99 6.79 4.46
Quality of profit
Pre-tax profit ₹584 Cr: core business ₹306 Cr, other income ₹278 Cr.
Core profit YoY: +378.1%
· reported profit +94.5%
Cash & debt
FY25 cash from operations ₹131 Cr:
21% of FY25 net profit of ₹617 Cr.
Borrowings ₹13,180 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,248 ₹2,432
+8.2% above Net profit ₹118 ₹457
+288.9% above
M Cap ₹56,396 Cr
P/E 135.3
PEG —
Profit +880% above its own trend 47% of pre-tax profit came from other income and one-off items Exceptional items of ₹-11.9 Cr in the quarter Profit grew faster than the core business (core profit +126%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+19.6% +9.0%
4,296 3,942 3,590 Operating profit
+21.9% +11.6%
835 749 685 OPM %
+36 bps +45 bps
19.4% 19.0% 19.1% Other income
+186.2% +16.7%
93.0 79.7 32.5 Net profit?
+390.0% +48.9%
133 89.2 27.1 PAT margin %
+234 bps +83 bps
3.1% 2.3% 0.8% EPS (₹)
from loss +153.8%
0.66 0.26 -0.13
Quality of profit
Pre-tax profit ₹171 Cr: core business ₹90.2 Cr, other income ₹93.0 Cr, exceptional & other items −₹11.9 Cr.
Core profit YoY: +126.1%
· reported profit +390.0%
Cash & debt
FY25 cash from operations ₹4,061 Cr:
284% of FY25 net profit of ₹1,429 Cr.
Borrowings ₹18,362 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,886 ₹4,296
+10.5% above Net profit ₹13.6 ₹133
+880.1% above
M Cap ₹52,133 Cr
P/E 214.5
PEG —
Turnaround: profit against a loss a year ago Operating margin expanded 179 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
-26.8% +1.4%
1,034 1,020 1,413 Operating profit
-14.6% -2.3%
129 132 151 OPM %
+179 bps -47 bps
12.5% 12.9% 10.7% Other income
+140.0% +50.0%
12.0 8.0 5.0 Net profit?
from loss -60.0%
4.0 10.0 -14.0 PAT margin %
+138 bps -59 bps
0.4% 1.0% -1.0% EPS (₹)
from loss -60.0%
0.08 0.20 -0.29
Quality of profit
Pre-tax profit ₹6.0 Cr: core business −₹6.0 Cr, other income ₹12.0 Cr.
Core profit YoY: to loss
Cash & debt
FY25 cash from operations ₹348 Cr.
Borrowings ₹1,926 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,320 ₹1,034
-21.7% below
M Cap ₹50,895 Cr
P/E 34.5
PEG 1.38
Profit +49% above its own trend 31% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit +37%)
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+31.1% +33.4%
2,294 1,719 1,750 Operating profit
+29.9% +21.2%
291 240 224 OPM %
-11 bps -128 bps
12.7% 14.0% 12.8% Other income
+146.2% +52.4%
96.0 63.0 39.0 Net profit?
+60.5% +39.4%
244 175 152 PAT margin %
+195 bps +46 bps
10.6% 10.2% 8.7% EPS (₹)
+42.6% +36.9%
5.12 3.74 3.59
Quality of profit
Pre-tax profit ₹310 Cr: core business ₹215 Cr, other income ₹96.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +36.9%
· reported profit +60.5%
Cash & debt
FY25 cash from operations ₹558 Cr:
71% of FY25 net profit of ₹788 Cr.
Borrowings ₹4,606 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,752 ₹2,294
+31.0% above Net profit ₹164 ₹244
+48.6% above
M Cap ₹50,783 Cr
P/E 49.4
PEG 6.18
Profit +24% above its own trend 30% of pre-tax profit came from other income and one-off items FY25 operating cash flow was only 46% of profit
₹ Cr YoY QoQ
Sep 2025 Jun 2025 Sep 2024
Sales
+5.8% -1.2%
1,487 1,506 1,406 Operating profit
+5.7% -14.6%
314 368 297 OPM %
-2 bps -332 bps
21.1% 24.4% 21.1% Other income
+41.1% +46.3%
84.2 57.5 59.7 Net profit?
+12.3% -14.8%
184 215 164 PAT margin %
+72 bps -196 bps
12.4% 14.3% 11.6% EPS (₹)
+12.3% -14.8%
11.15 13.08 9.93
Quality of profit
Pre-tax profit ₹284 Cr: core business ₹200 Cr, other income ₹84.2 Cr.
Core profit YoY: +1.3%
· reported profit +12.3%
Cash & debt
FY25 cash from operations ₹915 Cr:
46% of FY25 net profit of ₹1,992 Cr.
Borrowings ₹314 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,281 ₹1,487
+16.1% above Net profit ₹148 ₹184
+24.0% 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 13 Oct 2026, 15:08 IST
