Home › Quarterly results › Q3 FY26
Q3 FY26 quarterly results (October-December 2025)
4,316 companies have declared Q3 FY26 results so far, the latest on 15 Sep 2026.
Across the 3,727 non-financial companies with a year-ago quarter to compare, sales grew +15.1% and net profit +14.8% year on year, and the combined operating margin narrowed 25 bps to 14.1%.
For the 146 banks and lenders, net interest income grew +8.0% and net profit +10.5%.
56% of companies grew net profit; 416 turned a loss into a profit; 37% beat their own profit trend and 48% fell short of it.
4316 declared
Latest results
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The next results season has started: 38 companies have filed results for the quarter ended 30 Sep 2026.
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Sales growth
+15.1%
YoY, 3727 companies combined; median +8.3%
Net profit growth
+14.8%
YoY combined; median +8.9%
Operating margin
14.1%
-25 bps YoY
Grew profit
56%
416 turnarounds, 346 into loss
Vs own profit trend
37% / 48%
above / below, 15% in line
Banks: NII growth
+8.0%
146 lenders; profit +10.5%
Price since results
-9.5%
median; 0% of 1 stocks up
Other-income heavy
1051
25%+ of pre-tax profit from other income & one-offs
Filters & sorting
Results by sector
Latest Q3 FY26 results 4316
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M Cap ₹31,900 Cr
P/E 90.4
PEG 2.10
Operating margin contracted 1163 bps YoY All of pre-tax profit came from other income or one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-36.6% -41.6%
457 782 721 Operating profit
-78.1% -84.3%
28.0 178 128 OPM %
-1163 bps -1664 bps
6.1% 22.8% 17.8% Other income
+87.5% -28.6%
15.0 21.0 8.0 Net profit?
+40.0% -48.1%
28.0 54.0 20.0 PAT margin %
+335 bps -78 bps
6.1% 6.9% 2.8% EPS (₹)
+298.9% -24.4%
3.63 4.80 0.91
Quality of profit
Pre-tax profit ₹28.0 Cr: core business −₹97.0 Cr, other income ₹15.0 Cr, exceptional & other items ₹110 Cr.
Core profit YoY: to loss
· reported profit +40.0%
Cash & debt
FY25 cash from operations −₹22.0 Cr.
Borrowings ₹2,021 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹731 ₹457
-37.5% below
M Cap ₹31,733 Cr
P/E 110.8
PEG —
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
+27.4%
239 188 Operating profit
+30.2%
179 137 OPM %
+164 bps
74.9% 73.3% Other income
+175.1%
4.0 1.5 Net profit?
+65.0%
89.0 53.9 PAT margin %
+849 bps
37.2% 28.7% EPS (₹)
+51.0%
0.74 0.49
Quality of profit
Pre-tax profit ₹107 Cr: core business ₹103 Cr, other income ₹4.0 Cr.
M Cap ₹31,349 Cr
P/E —
PEG —
Profit +342% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+206.4% -40.4%
92.1 154 30.1 Operating profit (pre-provision)
+292.8% -43.5%
80.8 143 20.6 Net profit?
+284.4% -49.1%
75.4 148 19.6 EPS (₹)
+284.0% -49.1%
1.49 2.93 adj. 0.39
EPS restated for the ₹10 to ₹1 split of Oct 2025: Dec 2024 ₹3.88 to ₹0.39.
Where profit came from
Pre-provision profit ₹80.8 Cr (+292.8% YoY).
Net profit +284.4% YoY.
Against its own trend ?
Trend Actual Gap
Total income ₹21.9 ₹92.1
+321.1% above Net profit ₹17.1 ₹75.4
+341.9% above
M Cap ₹31,296 Cr
P/E 13.5
PEG 0.45
Profit -14% below its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+9.1% -0.5%
2,121 2,131 1,943 Net interest income
+11.0% +2.1%
767 750 691 Other income
+7.0% -10.5%
101 113 94.7 Operating profit (pre-provision)
+8.4% -2.9%
628 646 580 Provisions
loss widened loss narrowed -40.5 -113 -36.1 Net profit?
+7.7% -10.5%
520 582 483 EPS (₹)
+7.4% -10.6%
19.97 22.34 18.60 Cost-to-income %
+145 bps +250 bps
27.6% 25.1% 26.2% Gross NPA %
-15 bps +0 bps
1.0% 1.0% 1.2% Net NPA %
-12 bps -1 bps
0.7% 0.7% 0.8%
Where profit came from
Pre-provision profit ₹628 Cr (+8.4% YoY); provisions −₹40.5 Cr.
Net profit +7.7% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹803 ₹767
-4.6% in line Net profit ₹602 ₹520
-13.6% below
M Cap ₹31,250 Cr
P/E 91.1
PEG 0.40
Profit +22% above its own trend Operating margin expanded 787 bps YoY Exceptional items of ₹8.3 Cr in the quarter Core business grew faster than reported profit (core profit +129%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+29.7% +5.6%
556 527 429 Operating profit
+69.1% +28.8%
188 146 111 OPM %
+787 bps +609 bps
33.8% 27.7% 25.9% Other income
-100.0% -100.0%
0.0 15.0 9.4 Net profit?
+91.2% +17.7%
97.6 82.9 51.1 PAT margin %
+565 bps +181 bps
17.6% 15.7% 11.9% EPS (₹)
+73.4% +18.8%
4.75 4.00 2.74
Quality of profit
Pre-tax profit ₹130 Cr: core business ₹134 Cr, other income ₹0.0 Cr, exceptional & other items −₹3.5 Cr.
Core profit YoY: +129.2%
· reported profit +91.2%
Cash & debt
FY25 cash from operations ₹314 Cr:
188% of FY25 net profit of ₹167 Cr.
Borrowings ₹352 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹568 ₹556
-2.1% in line Net profit ₹80.2 ₹97.6
+21.7% above
M Cap ₹31,244 Cr
P/E 5.4
PEG 0.22
Profit -14% below its own trend Gross NPA down 29 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+2.0% +0.5%
7,214 7,180 7,070 Net interest income
+5.2% +3.1%
2,111 2,048 2,008 Other income
+45.0% +17.5%
162 138 112 Operating profit (pre-provision)
+9.2% +2.3%
1,915 1,871 1,754 Provisions
from loss -8.7%
154 168 -44.0 Net profit?
-2.6% +3.6%
1,398 1,349 1,435 EPS (₹)
-2.6% +3.6%
25.42 24.53 26.09 Cost-to-income %
-150 bps +137 bps
15.8% 14.4% 17.3% Gross NPA %
-29 bps -6 bps
2.5% 2.5% 2.7% Net NPA %
-33 bps -6 bps
1.1% 1.2% 1.5%
Where profit came from
Pre-provision profit ₹1,915 Cr (+9.2% YoY); provisions ₹154 Cr.
Net profit -2.6% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹2,075 ₹2,111
+1.7% in line Net profit ₹1,632 ₹1,398
-14.3% below
M Cap ₹30,882 Cr
P/E 332.1
PEG 11.07
Profit -17% below its own trend Operating margin expanded 314 bps YoY All of pre-tax profit came from other income or one-off items Exceptional items of ₹-27.4 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+17.9% +9.6%
2,805 2,559 2,378 Operating profit
+103.8% +206.3%
209 68.2 102 OPM %
+314 bps +478 bps
7.4% 2.7% 4.3% Other income
-21.8% -16.4%
77.1 92.2 98.7 Net profit?
+58.4% from loss 39.6 -50.5 25.0 PAT margin %
+36 bps +338 bps
1.4% -2.0% 1.1% EPS (₹)
+55.9% from loss 0.53 -0.68 0.34
Quality of profit
Pre-tax profit ₹36.7 Cr: core business −₹15.0 Cr, other income ₹77.1 Cr, exceptional & other items −₹25.4 Cr.
Core profit YoY: loss narrowed
· reported profit +58.4%
Cash & debt
FY25 cash from operations ₹567 Cr:
350% of FY25 net profit of ₹162 Cr.
Borrowings ₹1,422 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,545 ₹2,805
+10.2% above Net profit ₹47.6 ₹39.6
-16.8% below
M Cap ₹30,821 Cr
P/E 40.0
PEG 0.40
Profit +25% above its own trend 45% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +110%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+12.8% -10.3%
12,069 13,450 10,703 Operating profit
+110.2% from loss 206 -74.0 98.0 OPM %
+79 bps +226 bps
1.7% -0.6% 0.9% Other income
— +69.4%
166 98.0 9.0 Net profit?
+8.9% +590.9%
380 55.0 349 PAT margin %
-11 bps +274 bps
3.1% 0.4% 3.3% EPS (₹)
+9.0% +600.0%
2.31 0.33 2.12
Quality of profit
Pre-tax profit ₹372 Cr: core business ₹206 Cr, other income ₹166 Cr.
Core profit YoY: +110.2%
· reported profit +8.9%
Cash & debt
FY25 cash from operations −₹3,390 Cr:
-326% of FY25 net profit of ₹1,039 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹11,361 ₹12,069
+6.2% above Net profit ₹304 ₹380
+25.0% above
M Cap ₹30,798 Cr
P/E 77.9
PEG 15.58
Profit +179% above its own trend Operating margin expanded 382 bps YoY Exceptional items of ₹-18.7 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+3.6% +1.0%
2,073 2,053 2,000 Operating profit
+59.6% +73.7%
226 130 141 OPM %
+382 bps +456 bps
10.9% 6.3% 7.1% Other income
+9.4% -26.1%
11.1 15.0 10.1 Net profit?
+110.7% +76.4%
81.2 46.0 38.5 PAT margin %
+199 bps +167 bps
3.9% 2.2% 1.9% EPS (₹)
+111.0% +73.9%
3.06 1.76 1.45
Quality of profit
Pre-tax profit ₹132 Cr: core business ₹140 Cr, other income ₹11.1 Cr, exceptional & other items −₹18.7 Cr.
Core profit YoY: +81.9%
· reported profit +110.7%
Cash & debt
FY25 cash from operations ₹235 Cr:
53% of FY25 net profit of ₹442 Cr.
Borrowings ₹620 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,455 ₹2,073
+42.5% above Net profit ₹29.1 ₹81.2
+178.5% above
M Cap ₹30,782 Cr
P/E 50.7
PEG 1.30
Profit +14% above its own trend Operating margin expanded 185 bps YoY Exceptional items of ₹-19.0 Cr in the quarter Core business grew faster than reported profit (core profit +111%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+42.3% +17.2%
2,536 2,164 1,782 Operating profit
+84.8% +16.2%
204 176 111 OPM %
+185 bps -7 bps
8.1% 8.1% 6.2% Other income
+17.8% -3.1%
16.3 16.9 13.9 Net profit?
+72.4% +1.7%
118 116 68.6 PAT margin %
+82 bps -71 bps
4.7% 5.4% 3.8% EPS (₹)
+72.3% +1.8%
10.46 10.28 6.07
Quality of profit
Pre-tax profit ₹159 Cr: core business ₹161 Cr, other income ₹16.3 Cr, exceptional & other items −₹19.0 Cr.
Core profit YoY: +110.8%
· reported profit +72.4%
Cash & debt
FY25 cash from operations ₹494 Cr:
159% of FY25 net profit of ₹312 Cr.
Borrowings ₹290 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,080 ₹2,536
+21.9% above Net profit ₹104 ₹118
+13.6% above
M Cap ₹30,536 Cr
P/E 32.0
PEG —
Operating margin expanded 111 bps YoY Core business grew faster than reported profit (core profit +213%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+10.2% +2.6%
3,506 3,417 3,181 Operating profit
+17.8% -13.5%
602 696 511 OPM %
+111 bps -320 bps
17.2% 20.4% 16.1% Other income
-18.9% -54.5%
30.0 66.0 37.0 Net profit?
+93.9% -46.4%
128 239 66.0 PAT margin %
+158 bps -334 bps
3.7% 7.0% 2.1% EPS (₹)
+100.0% -48.3%
6.50 12.58 3.25
Quality of profit
Pre-tax profit ₹174 Cr: core business ₹144 Cr, other income ₹30.0 Cr.
Core profit YoY: +213.0%
· reported profit +93.9%
Cash & debt
FY25 cash from operations ₹2,117 Cr:
303% of FY25 net profit of ₹699 Cr.
Borrowings ₹5,702 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,108 ₹3,506
+12.8% above Net profit ₹132 ₹128
-3.0% in line
M Cap ₹30,505 Cr
P/E 20.3
PEG 4.05
Profit -14% below its own trend FY25 operating cash flow was only 16% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+15.7% +6.3%
30,922 29,076 26,716 Operating profit
+3.9% +6.3%
626 589 602 OPM %
-23 bps -0 bps
2.0% 2.0% 2.3% Other income
-23.0% -13.4%
37.2 43.0 48.4 Net profit?
+2.6% +18.1%
413 350 403 PAT margin %
-17 bps +13 bps
1.3% 1.2% 1.5% EPS (₹)
+8.8% +12.3%
5.57 4.96 5.12
Quality of profit
Pre-tax profit ₹538 Cr: core business ₹501 Cr, other income ₹37.2 Cr.
Core profit YoY: +7.8%
· reported profit +2.6%
Cash & debt
FY25 cash from operations ₹293 Cr:
16% of FY25 net profit of ₹1,821 Cr.
Borrowings ₹2,809 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹31,345 ₹30,922
-1.3% in line Net profit ₹483 ₹413
-14.4% below
M Cap ₹30,446 Cr
P/E 9.7
PEG —
Profit +742% above its own trend Operating margin expanded 534 bps YoY Core business grew faster than reported profit (core profit +399%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+16.1% +14.5%
29,720 25,953 25,601 Operating profit
+170.0% +87.1%
2,785 1,489 1,031 OPM %
+534 bps +363 bps
9.4% 5.7% 4.0% Other income
+18.1% -35.8%
39.3 61.2 33.3 Net profit?
+369.1% +131.3%
1,451 627 309 PAT margin %
+367 bps +246 bps
4.9% 2.4% 1.2% EPS (₹)
+370.5% +131.3%
8.28 3.58 1.76
Quality of profit
Pre-tax profit ₹2,220 Cr: core business ₹2,175 Cr, other income ₹39.3 Cr, exceptional & other items ₹5.7 Cr.
Core profit YoY: +398.8%
· reported profit +369.1%
Cash & debt
FY25 cash from operations ₹1,878 Cr:
3341% of FY25 net profit of ₹56.2 Cr.
Borrowings ₹13,143 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹23,086 ₹29,720
+28.7% above Net profit ₹172 ₹1,451
+741.9% above
M Cap ₹30,296 Cr
P/E 27.0
PEG 3.00
Profit -11% below its own trend Operating margin contracted 114 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+17.8% -0.8%
4,421 4,457 3,753 Operating profit
+6.8% -9.7%
487 539 456 OPM %
-114 bps -109 bps
11.0% 12.1% 12.2% Other income
+1.4% -25.3%
51.6 69.1 50.9 Net profit?
+0.1% -24.2%
198 260 197 PAT margin %
-79 bps -138 bps
4.5% 5.8% 5.3% EPS (₹)
+0.0% -24.1%
7.10 9.36 7.10
Quality of profit
Pre-tax profit ₹270 Cr: core business ₹218 Cr, other income ₹51.6 Cr.
Core profit YoY: +2.9%
· reported profit +0.1%
Cash & debt
FY25 cash from operations ₹1,964 Cr:
216% of FY25 net profit of ₹909 Cr.
Borrowings ₹789 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹4,449 ₹4,421
-0.6% in line Net profit ₹223 ₹198
-11.4% below
M Cap ₹30,059 Cr
P/E 20.8
PEG —
Profit +71% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
-8.0% +3.7%
2,359 2,275 2,563 Net interest income
— —
1,299 — — Other income
— —
115 — — Operating profit (pre-provision)
-29.4% —
657 — 931 Provisions
-36.2% —
354 — 555 Net profit?
-14.3% +9.9%
239 217 278 EPS (₹)
-14.3% +8.5%
2.82 2.60 3.29 Cost-to-income %
+1037 bps —
53.5% — 43.2% Gross NPA %
+15 bps -39 bps
2.6% 3.0% 2.5% Net NPA %
-5 bps -42 bps
2.2% 2.6% 2.2%
Where profit came from
Pre-provision profit ₹657 Cr (-29.4% YoY); provisions ₹354 Cr (-36.2% YoY).
Net profit -14.3% YoY.
Against its own trend ?
Trend Actual Gap
Net profit ₹139 ₹239
+71.3% above
M Cap ₹29,729 Cr
P/E 110.3
PEG 1.72
Profit +60% above its own trend Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+141.0% +220.7%
805 251 334 Operating profit
+123.0% +81.4%
98.0 54.0 43.9 OPM %
-98 bps -934 bps
12.2% 21.5% 13.2% Other income
+349.6% +99.4%
7.0 3.5 1.6 Net profit
+140.7% +81.6%
73.0 40.2 30.3 PAT margin %
-1 bps -694 bps
9.1% 16.0% 9.1% EPS (₹)
+140.5% +81.0%
12.94 7.15 5.38
Quality of profit
Pre-tax profit ₹98.0 Cr: core business ₹91.0 Cr, other income ₹7.0 Cr.
Core profit YoY: +131.2%
· reported profit +140.7%
Cash & debt
FY25 cash from operations −₹13.0 Cr:
-11% of FY25 net profit of ₹114 Cr.
Borrowings ₹8.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹481 ₹805
+67.4% above Net profit ₹45.7 ₹73.0
+59.8% above
M Cap ₹29,576 Cr
P/E 49.1
PEG 0.33
Profit -49% below its own trend Operating margin expanded 132 bps YoY 77% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -38%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+42.4% +6.2%
497 468 349 Operating profit
+44.5% +11.0%
444 400 307 OPM %
+132 bps +387 bps
89.3% 85.5% 88.0% Other income
+131.6% -13.0%
120 138 51.8 Net profit?
+1.7% -0.9%
114 115 112 PAT margin %
-917 bps -164 bps
22.9% 24.6% 32.1% EPS (₹)
-10.0% -1.1%
1.88 1.90 2.09
Quality of profit
Pre-tax profit ₹156 Cr: core business ₹36.0 Cr, other income ₹120 Cr.
Core profit YoY: -38.4%
· reported profit +1.7%
Cash & debt
FY25 cash from operations ₹1,543 Cr:
616% of FY25 net profit of ₹250 Cr.
Borrowings ₹10,976 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹576 ₹497
-13.7% below Net profit ₹224 ₹114
-49.1% below
M Cap ₹29,410 Cr
P/E 21.3
PEG 0.82
Operating margin expanded 196 bps YoY Exceptional items of ₹-52.5 Cr in the quarter Core business grew faster than reported profit (core profit +36%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+11.3% +17.5%
3,280 2,792 2,948 Operating profit
+30.6% +20.9%
435 360 333 OPM %
+196 bps +37 bps
13.3% 12.9% 11.3% Other income
+40.5% +15.0%
154 134 110 Net profit?
+11.8% +12.6%
358 318 321 PAT margin %
+5 bps -47 bps
10.9% 11.4% 10.9% EPS (₹)
+11.7% +12.6%
32.57 28.92 29.16
Quality of profit
Pre-tax profit ₹466 Cr: core business ₹364 Cr, other income ₹154 Cr, exceptional & other items −₹52.5 Cr.
Core profit YoY: +36.0%
· reported profit +11.8%
Cash & debt
FY25 cash from operations ₹1,003 Cr:
80% of FY25 net profit of ₹1,256 Cr.
Borrowings ₹105 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,384 ₹3,280
-3.1% in line Net profit ₹396 ₹358
-9.6% in line
M Cap ₹29,385 Cr
P/E 14.9
PEG —
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+26.0% +4.0%
2,140 2,058 1,699 Net interest income
+30.6% +3.0%
870 844 666 Other income
— —
37.6 1.0 1.0 Operating profit (pre-provision)
— —
846 — — Provisions
— —
129 — — Net profit?
+37.6% +6.6%
585 549 425 EPS (₹)
+32.3% +6.6%
2.09 1.96 1.58 Cost-to-income %
— —
6.7% — — Gross NPA %
+107 bps -22 bps
3.8% 4.0% 2.7% Net NPA %
+18 bps -29 bps
1.7% 2.0% 1.5%
Where profit came from
Pre-provision profit ₹846 Cr; provisions ₹129 Cr.
Net profit +37.6% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹928 ₹870
-6.3% below Net profit ₹571 ₹585
+2.6% in line
M Cap ₹29,083 Cr
P/E 52.2
PEG —
Profit -96% below its own trend Operating margin contracted 364 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+3.7% +3.2%
1,366 1,323 1,317 Operating profit
-17.5% -7.1%
193 208 234 OPM %
-364 bps -158 bps
14.1% 15.7% 17.8% Other income
to loss to loss -125 48.2 28.1 Net profit?
-95.8% -95.8%
7.0 166 169 PAT margin %
-1229 bps -1199 bps
0.5% 12.5% 12.8% EPS (₹)
-96.2% -96.1%
0.16 4.08 4.16
Quality of profit
Pre-tax profit ₹23.0 Cr: core business ₹148 Cr, other income −₹125 Cr.
Core profit YoY: -25.3%
· reported profit -95.8%
Cash & debt
FY25 cash from operations ₹699 Cr:
103% of FY25 net profit of ₹677 Cr.
Borrowings ₹237 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,323 ₹1,366
+3.2% in line Net profit ₹177 ₹7.0
-96.0% below
M Cap ₹28,991 Cr
P/E 10.3
PEG 0.74
Gross NPA down 50 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+1.6% +1.3%
7,521 7,421 7,406 Net interest income
+11.3% +4.5%
2,646 2,533 2,378 Other income
-26.7% -1.7%
869 884 1,186 Operating profit (pre-provision)
+6.0% +4.2%
1,680 1,613 1,586 Provisions
-10.9% -10.7%
525 588 590 Net profit
+15.8% +19.3%
740 620 639 EPS (₹)
+11.3% +20.4%
0.59 0.49 0.53 Cost-to-income %
-330 bps -58 bps
52.2% 52.8% 55.5% Gross NPA %
-50 bps -15 bps
2.4% 2.6% 2.9% Net NPA %
-27 bps -7 bps
0.4% 0.4% 0.6%
Where profit came from
Pre-provision profit ₹1,680 Cr (+6.0% YoY); provisions ₹525 Cr (-10.9% YoY).
Net profit +15.8% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹2,731 ₹2,646
-3.1% in line Net profit ₹749 ₹740
-1.2% in line
M Cap ₹28,923 Cr
P/E 37.9
PEG 1.26
Profit -11% below its own trend Operating margin expanded 694 bps YoY Core business grew faster than reported profit (core profit +70%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+24.0% +4.3%
815 781 657 Operating profit
+55.2% +3.6%
282 272 181 OPM %
+694 bps -24 bps
34.6% 34.8% 27.6% Other income
-79.4% +51.9%
5.6 3.7 27.0 Net profit?
+41.4% +1.4%
183 181 130 PAT margin %
+276 bps -64 bps
22.5% 23.1% 19.7% EPS (₹)
+41.3% -1.2%
10.68 10.81 7.56
Quality of profit
Pre-tax profit ₹229 Cr: core business ₹226 Cr, other income ₹5.6 Cr, exceptional & other items −₹2.4 Cr.
Core profit YoY: +69.9%
· reported profit +41.4%
Cash & debt
FY25 cash from operations ₹318 Cr:
65% of FY25 net profit of ₹486 Cr.
Borrowings ₹766 Cr at Sep 2025, against ₹856 Cr at Mar 2025 (-11% ).
Against its own trend ?
Trend Actual Gap
Sales ₹765 ₹815
+6.6% above Net profit ₹207 ₹183
-11.5% below
M Cap ₹28,688 Cr
P/E 47.7
PEG 6.81
Operating margin expanded 432 bps YoY Core business grew faster than reported profit (core profit +39%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+1.2% +7.9%
1,104 1,023 1,091 Operating profit
+34.8% +13.9%
191 168 142 OPM %
+432 bps +91 bps
17.3% 16.4% 13.0% Other income
-44.8% -18.8%
27.6 34.0 50.0 Net profit
+14.5% +7.9%
151 140 132 PAT margin %
+159 bps -0 bps
13.7% 13.7% 12.1% EPS (₹)
+14.4% +7.9%
170.97 158.48 149.41
Quality of profit
Pre-tax profit ₹203 Cr: core business ₹175 Cr, other income ₹27.6 Cr.
Core profit YoY: +38.8%
· reported profit +14.5%
Cash & debt
FY25 cash from operations ₹426 Cr:
83% of FY25 net profit of ₹516 Cr.
Borrowings ₹101 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,123 ₹1,104
-1.7% in line Net profit ₹142 ₹151
+6.6% in line
M Cap ₹28,558 Cr
P/E 28.1
PEG 1.56
Profit +11% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+16.3% +11.0%
562 506 484 Operating profit (pre-provision)
+20.4% +14.4%
361 316 300 Net profit?
+20.1% +11.7%
270 241 224 EPS (₹)
+19.9% +11.6%
9.33 8.36 7.78
Where profit came from
Pre-provision profit ₹361 Cr (+20.4% YoY).
Net profit +20.1% YoY.
Against its own trend ?
Trend Actual Gap
Total income ₹555 ₹562
+1.3% in line Net profit ₹243 ₹270
+10.8% above
M Cap ₹28,348 Cr
P/E 154.5
PEG 5.72
Profit -20% below its own trend Core business grew faster than reported profit (core profit +24%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+20.1% +58.3%
1,029 650 857 Operating profit
+23.6% +106.0%
173 84.0 140 OPM %
+48 bps +389 bps
16.8% 12.9% 16.3% Other income
to loss to loss -20.0 4.0 25.0 Net profit
-12.6% +86.5%
97.0 52.0 111 PAT margin %
-353 bps +143 bps
9.4% 8.0% 13.0% EPS (₹)
-12.1% +85.4%
4.06 2.19 4.62
Quality of profit
Pre-tax profit ₹130 Cr: core business ₹151 Cr, other income −₹20.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +23.8%
· reported profit -12.6%
Cash & debt
FY25 cash from operations ₹308 Cr:
115% of FY25 net profit of ₹268 Cr.
Borrowings ₹606 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹958 ₹1,029
+7.4% above Net profit ₹121 ₹97.0
-19.9% below
M Cap ₹28,286 Cr
P/E 60.9
PEG 3.58
Profit +685% above its own trend Operating margin expanded 255 bps YoY Profit grew faster than the core business (core profit +217%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+30.5% +2.8%
2,057 2,002 1,576 Operating profit
+56.9% +3.4%
312 302 199 OPM %
+255 bps +9 bps
15.2% 15.1% 12.6% Other income
+223.5% +207.7%
27.7 9.0 8.6 Net profit?
+728.4% +17.7%
107 91.0 12.9 PAT margin %
+439 bps +66 bps
5.2% 4.5% 0.8% EPS (₹)
+728.4% +17.9%
44.90 38.09 5.42
Quality of profit
Pre-tax profit ₹142 Cr: core business ₹118 Cr, other income ₹27.7 Cr, exceptional & other items −₹3.4 Cr.
Core profit YoY: +216.6%
· reported profit +728.4%
Cash & debt
FY25 cash from operations ₹283 Cr:
141% of FY25 net profit of ₹201 Cr.
Borrowings ₹2,358 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,469 ₹2,057
-16.7% below Net profit ₹13.6 ₹107
+685.1% above
M Cap ₹28,178 Cr
P/E 144.9
PEG —
Profit -44% below its own trend Operating margin contracted 428 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+29.3% +3.9%
998 961 772 Operating profit
+6.4% -2.5%
199 204 187 OPM %
-428 bps -129 bps
19.9% 21.2% 24.2% Other income
-72.2% +25.0%
5.0 4.0 18.0 Net profit?
-43.5% -27.8%
52.0 72.0 92.0 PAT margin %
-671 bps -228 bps
5.2% 7.5% 11.9% EPS (₹)
-40.1% -20.4%
1.33 1.67 2.22
Quality of profit
Pre-tax profit ₹69.0 Cr: core business ₹63.0 Cr, other income ₹5.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: -45.7%
· reported profit -43.5%
Cash & debt
FY25 cash from operations ₹582 Cr:
141% of FY25 net profit of ₹414 Cr.
Borrowings ₹2,557 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹974 ₹998
+2.4% in line Net profit ₹93.1 ₹52.0
-44.1% below
M Cap ₹27,949 Cr
P/E 20.4
PEG 0.55
Profit -22% below its own trend Operating margin expanded 173 bps YoY FY25 operating cash flow was only 10% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-3.5% +12.1%
1,829 1,632 1,896 Operating profit
+5.3% -0.9%
380 383 361 OPM %
+173 bps -271 bps
20.8% 23.5% 19.0% Other income
+17.5% -6.9%
94.0 101 80.0 Net profit?
+8.7% +12.6%
343 305 316 PAT margin %
+211 bps +8 bps
18.8% 18.7% 16.7% EPS (₹)
+8.3% +12.5%
22.01 19.56 adj. 20.32
EPS restated for the 2:1 bonus of Sep 2025: Dec 2024 ₹60.95 to ₹20.32.
Quality of profit
Pre-tax profit ₹440 Cr: core business ₹346 Cr, other income ₹94.0 Cr.
Core profit YoY: +4.8%
· reported profit +8.7%
Cash & debt
FY25 cash from operations ₹107 Cr:
10% of FY25 net profit of ₹1,072 Cr.
Borrowings ₹179 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,185 ₹1,829
-16.3% below Net profit ₹440 ₹343
-22.0% below
M Cap ₹27,644 Cr
P/E —
PEG —
Profit +91% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+5.8% +11.1%
1,338 1,204 1,264 Net interest income
+18.0% +9.6%
314 286 266 Other income
-1.9% +8.7%
897 825 914 Operating profit (pre-provision)
-3.1% +28.0%
375 293 387 Provisions
from loss from loss 1.7 -0.8 -0.0 Net profit?
-4.5% +26.9%
269 212 281 EPS (₹)
-5.3% +26.5%
29.59 23.39 31.25 Cost-to-income %
+182 bps -461 bps
69.0% 73.6% 67.2%
Where profit came from
Pre-provision profit ₹375 Cr (-3.1% YoY); provisions ₹1.7 Cr.
Net profit -4.5% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹304 ₹314
+3.1% in line Net profit ₹141 ₹269
+90.9% above
M Cap ₹27,363 Cr
P/E 60.9
PEG 12.17
Profit +48% above its own trend Operating margin expanded 110 bps YoY Exceptional items of ₹33.7 Cr in the quarter Core business grew faster than reported profit (core profit +115%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+13.3% +4.1%
2,437 2,340 2,151 Operating profit
+20.0% +1.3%
482 476 402 OPM %
+110 bps -56 bps
19.8% 20.3% 18.7% Other income
+3.0% +17.2%
17.9 15.2 17.3 Net profit?
+68.6% -62.5%
72.9 195 43.2 PAT margin %
+98 bps -533 bps
3.0% 8.3% 2.0% EPS (₹)
+64.6% -62.1%
1.07 2.82 0.65
Quality of profit
Pre-tax profit ₹115 Cr: core business ₹130 Cr, other income ₹17.9 Cr, exceptional & other items −₹33.0 Cr.
Core profit YoY: +114.6%
· reported profit +68.6%
Cash & debt
FY25 cash from operations ₹1,668 Cr:
768% of FY25 net profit of ₹217 Cr.
Borrowings ₹4,372 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,725 ₹2,437
-10.6% below Net profit ₹49.4 ₹72.9
+47.6% above
How to read this page
The numbers. Each card is one company's Q3 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, 17:12 IST
