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: 41 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 ₹23,118 Cr
P/E 71.8
PEG 0.46
Profit -13% below its own trend Operating margin expanded 180 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+28.1% +13.4%
576 508 450 Operating profit
+37.3% +24.1%
155 125 113 OPM %
+180 bps +231 bps
26.8% 24.5% 25.0% Other income
from loss -33.7%
6.0 9.1 -0.1 Net profit?
+10.3% +3.5%
88.5 85.5 80.2 PAT margin %
-248 bps -147 bps
15.4% 16.8% 17.9% EPS (₹)
+10.2% +3.5%
3.89 3.76 3.53
Quality of profit
Pre-tax profit ₹124 Cr: core business ₹118 Cr, other income ₹6.0 Cr.
Core profit YoY: +26.2%
· reported profit +10.3%
Cash & debt
FY25 cash from operations −₹105 Cr:
-33% of FY25 net profit of ₹316 Cr.
Borrowings ₹497 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹532 ₹576
+8.2% above Net profit ₹101 ₹88.5
-12.7% below
M Cap ₹23,113 Cr
P/E 56.0
PEG 11.20
Profit +43% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+15.4% +24.6%
811 651 703 Operating profit
+17.7% +55.2%
265 171 225 OPM %
+65 bps +644 bps
32.7% 26.2% 32.0% Other income
-30.6% -42.8%
16.1 28.2 23.2 Net profit?
+37.1% +89.0%
130 69.0 95.1 PAT margin %
+255 bps +548 bps
16.1% 10.6% 13.5% EPS (₹)
+35.3% +89.2%
4.71 2.49 3.48
Quality of profit
Pre-tax profit ₹173 Cr: core business ₹156 Cr, other income ₹16.1 Cr.
Core profit YoY: +14.8%
· reported profit +37.1%
Cash & debt
FY25 cash from operations ₹698 Cr:
197% of FY25 net profit of ₹354 Cr.
Borrowings ₹1,227 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹777 ₹811
+4.5% in line Net profit ₹91.5 ₹130
+42.6% above
M Cap ₹23,059 Cr
P/E 34.5
PEG 1.11
Profit +11% above its own trend Operating margin expanded 472 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+15.2% -2.6%
790 811 686 Operating profit
+35.5% +19.2%
248 208 183 OPM %
+472 bps +575 bps
31.4% 25.6% 26.7% Other income
-11.1% -11.1%
8.0 9.0 9.0 Net profit
+36.5% +19.4%
172 144 126 PAT margin %
+340 bps +402 bps
21.8% 17.8% 18.4% EPS (₹)
+36.9% +20.1%
52.93 44.08 38.66
Quality of profit
Pre-tax profit ₹232 Cr: core business ₹225 Cr, other income ₹8.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +42.4%
· reported profit +36.5%
Cash & debt
FY25 cash from operations ₹328 Cr:
61% of FY25 net profit of ₹534 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹744 ₹790
+6.2% above Net profit ₹156 ₹172
+10.5% above
M Cap ₹23,023 Cr
P/E —
PEG —
Into loss: a profit a year ago Profit -119% below its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+38.0% +78.7%
2,943 1,647 2,133 Operating profit
+49.6% +182.7%
237 84.0 159 OPM %
+63 bps +297 bps
8.1% 5.1% 7.4% Other income
to loss to loss -48.0 16.0 16.0 Net profit?
to loss loss narrowed -9.0 -32.0 37.0 PAT margin %
-204 bps +164 bps
-0.3% -1.9% 1.7% EPS (₹)
to loss loss narrowed -7.74 -9.35 10.61
Quality of profit
Pre-tax profit ₹18.6 Cr: core business ₹66.9 Cr, other income −₹48.0 Cr.
Core profit YoY: +44.4%
Cash & debt
FY25 cash from operations ₹711 Cr:
284% of FY25 net profit of ₹251 Cr.
Borrowings ₹2,059 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,960 ₹2,943
-0.6% in line Net profit ₹48.4 −₹9.0
-118.6% below
M Cap ₹22,904 Cr
P/E 17.3
PEG 1.44
Gross NPA down 119 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+17.2% +4.6%
2,001 1,912 1,707 Net interest income
+28.0% +12.8%
752 667 588 Other income
+7.4% -5.3%
245 259 228 Operating profit (pre-provision)
+17.7% +9.0%
513 471 436 Provisions
+28.0% +68.4%
96.0 57.0 75.0 Net profit
+16.1% +1.1%
332 329 286 EPS (₹)
+16.1% +1.1%
4.48 4.43 3.86 Cost-to-income %
+198 bps -61 bps
48.6% 49.2% 46.6% Gross NPA %
-119 bps -25 bps
2.2% 2.4% 3.4% Net NPA %
-64 bps -12 bps
0.8% 0.9% 1.4%
Where profit came from
Pre-provision profit ₹513 Cr (+17.7% YoY); provisions ₹96.0 Cr (+28.0% YoY).
Net profit +16.1% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹671 ₹752
+12.1% above Net profit ₹326 ₹332
+1.8% in line
M Cap ₹22,897 Cr
P/E 594.9
PEG 20.51
Turnaround: profit against a loss a year ago Operating margin expanded 3074 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
-11.6% +12.0%
160 143 181 Operating profit
from loss from loss 10.6 -21.6 -43.5 OPM %
+3074 bps +2181 bps
6.7% -15.1% -24.1% Other income
+47.5% -12.2%
15.7 17.9 10.7 Net profit
from loss from loss 18.1 -17.2 -47.8 PAT margin %
+3783 bps +2339 bps
11.4% -12.0% -26.5% EPS (₹)
from loss from loss 0.30 -0.28 -0.79
Quality of profit
Pre-tax profit ₹13.1 Cr: core business −₹2.6 Cr, other income ₹15.7 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations ₹343 Cr.
Borrowings ₹193 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹115 ₹160
+38.2% above
M Cap ₹22,858 Cr
P/E 85.5
PEG 2.85
Core business grew faster than reported profit (core profit +53%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+47.9% -43.6%
173 307 117 Operating profit
+49.2% +18.5%
80.6 68.0 54.0 OPM %
+39 bps +2440 bps
46.5% 22.1% 46.2% Other income
-48.9% -3.2%
5.8 6.0 11.4 Net profit
+30.5% +19.0%
58.3 49.0 44.7 PAT margin %
-448 bps +1771 bps
33.7% 16.0% 38.2% EPS (₹)
+30.7% +18.5%
10.42 8.79 7.97
Quality of profit
Pre-tax profit ₹75.3 Cr: core business ₹72.5 Cr, other income ₹5.8 Cr, exceptional & other items −₹3.0 Cr.
Core profit YoY: +53.0%
· reported profit +30.5%
Cash & debt
FY25 cash from operations −₹90.0 Cr:
-41% of FY25 net profit of ₹222 Cr.
Borrowings ₹6.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹183 ₹173
-5.4% below Net profit ₹55.4 ₹58.3
+5.2% in line
M Cap ₹22,788 Cr
P/E 121.6
PEG —
Profit +56% above its own trend Operating margin contracted 516 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+75.0% -0.5%
1,291 1,298 738 Operating profit
+22.9% +0.6%
157 156 128 OPM %
-516 bps +14 bps
12.2% 12.0% 17.3% Other income
+942.7% -4.3%
22.0 23.0 2.1 Net profit?
-9.4% -1.4%
73.0 74.0 80.6 PAT margin %
-526 bps -5 bps
5.7% 5.7% 10.9% EPS (₹)
-5.7% +2.0%
3.99 3.91 4.23
Quality of profit
Pre-tax profit ₹113 Cr: core business ₹91.0 Cr, other income ₹22.0 Cr.
Core profit YoY: -15.3%
· reported profit -9.4%
Cash & debt
FY25 cash from operations ₹304 Cr:
89% of FY25 net profit of ₹341 Cr.
Borrowings ₹216 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹755 ₹1,291
+71.0% above Net profit ₹46.9 ₹73.0
+55.7% above
M Cap ₹22,725 Cr
P/E 13.3
PEG —
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
-90.1%
2,341 23,535 Operating profit
-90.3%
287 2,962 OPM %
-33 bps
12.3% 12.6% Other income
-87.5%
33.7 269 Net profit?
-90.8%
122 1,330 PAT margin %
-44 bps
5.2% 5.7% EPS (₹)
-11.0%
1.45 1.63
Quality of profit
Pre-tax profit ₹171 Cr: core business ₹144 Cr, other income ₹33.7 Cr, exceptional & other items −₹6.4 Cr.
M Cap ₹22,709 Cr
P/E 115.2
PEG —
Profit +574% above its own trend Operating margin expanded 937 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+54.2% +8.1%
474 438 307 Operating profit
+332.8% +50.3%
69.0 45.9 15.9 OPM %
+937 bps +408 bps
14.6% 10.5% 5.2% Other income
— +857.9%
1.0 0.1 0.1 Net profit?
+696.9% +80.3%
50.0 27.7 6.3 PAT margin %
+851 bps +422 bps
10.5% 6.3% 2.0% EPS (₹)
+683.3% +77.4%
0.94 0.53 0.12
Quality of profit
Pre-tax profit ₹51.0 Cr: core business ₹50.0 Cr, other income ₹1.0 Cr.
Core profit YoY: +710.9%
· reported profit +696.9%
Cash & debt
FY25 cash from operations ₹77.0 Cr:
220% of FY25 net profit of ₹34.9 Cr.
Borrowings ₹463 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹615 ₹474
-22.9% below Net profit ₹7.4 ₹50.0
+573.8% above
M Cap ₹22,562 Cr
P/E 28.5
PEG 2.04
Operating margin expanded 213 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+1.1% +9.7%
1,262 1,150 1,248 Operating profit
+8.4% +41.1%
402 285 371 OPM %
+213 bps +707 bps
31.9% 24.8% 29.7% Other income
+20.0% +20.0%
12.0 10.0 10.0 Net profit
+11.9% +43.3%
301 210 269 PAT margin %
+230 bps +559 bps
23.9% 18.3% 21.6% EPS (₹)
+12.2% +43.7%
92.87 64.65 82.74
Quality of profit
Pre-tax profit ₹402 Cr: core business ₹389 Cr, other income ₹12.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +9.9%
· reported profit +11.9%
Cash & debt
FY25 cash from operations ₹593 Cr:
83% of FY25 net profit of ₹718 Cr.
Borrowings ₹2.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,260 ₹1,262
+0.2% in line Net profit ₹294 ₹301
+2.3% in line
M Cap ₹22,413 Cr
P/E 17.9
PEG 0.08
Profit +76% above its own trend Operating margin expanded 531 bps YoY 45% of pre-tax profit came from other income and one-off items Exceptional items of ₹211 Cr in the quarter Profit grew faster than the core business (core profit +92%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+12.7% +2.3%
2,129 2,081 1,889 Operating profit
+61.4% +3.1%
374 363 232 OPM %
+531 bps +14 bps
17.6% 17.4% 12.3% Other income
+34.8% +5.7%
27.1 25.6 20.1 Net profit?
+252.1% +15.8%
406 351 115 PAT margin %
+1298 bps +223 bps
19.1% 16.8% 6.1% EPS (₹)
+252.2% +15.8%
308.22 266.14 87.52
Quality of profit
Pre-tax profit ₹543 Cr: core business ₹301 Cr, other income ₹27.1 Cr, exceptional & other items ₹214 Cr.
Core profit YoY: +91.7%
· reported profit +252.1%
Cash & debt
FY25 cash from operations ₹971 Cr:
121% of FY25 net profit of ₹801 Cr.
Borrowings ₹17.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,162 ₹2,129
-1.5% in line Net profit ₹231 ₹406
+76.1% above
M Cap ₹22,190 Cr
P/E 35.4
PEG 3.94
Profit +17% above its own trend Operating margin contracted 127 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+25.5% +4.5%
2,887 2,762 2,300 Operating profit
+10.1% -6.4%
262 280 238 OPM %
-127 bps -106 bps
9.1% 10.1% 10.3% Other income
+0.0% +0.0%
1.0 1.0 1.0 Net profit
+6.4% -9.7%
149 165 140 PAT margin %
-93 bps -81 bps
5.2% 6.0% 6.1% EPS (₹)
+9.5% -8.0%
0.23 0.25 0.21
Quality of profit
Pre-tax profit ₹200 Cr: core business ₹199 Cr, other income ₹1.0 Cr.
Core profit YoY: +8.2%
· reported profit +6.4%
Cash & debt
FY25 cash from operations ₹365 Cr:
60% of FY25 net profit of ₹606 Cr.
Borrowings ₹269 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,605 ₹2,887
+10.8% above Net profit ₹128 ₹149
+16.7% above
M Cap ₹22,112 Cr
P/E 50.6
PEG 8.43
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+7.1% -2.8%
753 775 703 Operating profit
+13.0% -1.4%
139 141 123 OPM %
+96 bps +27 bps
18.5% 18.2% 17.5% Other income
-5.0% -44.9%
17.1 31.0 18.0 Net profit?
+9.1% -10.3%
96.0 107 88.0 PAT margin %
+23 bps -106 bps
12.8% 13.8% 12.5% EPS (₹)
+9.7% -10.9%
8.60 9.65 7.84
Quality of profit
Pre-tax profit ₹128 Cr: core business ₹110 Cr, other income ₹17.1 Cr, exceptional & other items ₹1.5 Cr.
Core profit YoY: +12.2%
· reported profit +9.1%
Cash & debt
FY25 cash from operations ₹458 Cr:
123% of FY25 net profit of ₹371 Cr.
Borrowings ₹84.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹735 ₹753
+2.5% in line Net profit ₹88.6 ₹96.0
+8.3% in line
M Cap ₹22,072 Cr
P/E 28.2
PEG —
Profit +82% above its own trend Operating margin expanded 180 bps YoY Exceptional items of ₹-10.5 Cr in the quarter Core business grew faster than reported profit (core profit +23%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+3.8% +3.8%
1,975 1,902 1,903 Operating profit
+24.9% +3.4%
211 204 169 OPM %
+180 bps -4 bps
10.7% 10.7% 8.9% Other income
to loss to loss -4.0 20.0 21.0 Net profit?
+2.0% -16.0%
100 119 98.0 PAT margin %
-9 bps -119 bps
5.1% 6.3% 5.1% EPS (₹)
+1.8% -15.9%
7.32 8.70 7.19
Quality of profit
Pre-tax profit ₹138 Cr: core business ₹142 Cr, other income −₹4.0 Cr.
Core profit YoY: +23.5%
· reported profit +2.0%
Cash & debt
FY25 cash from operations ₹625 Cr:
88% of FY25 net profit of ₹712 Cr.
Borrowings ₹1,267 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,792 ₹1,975
+10.2% above Net profit ₹55.0 ₹100
+81.7% above
M Cap ₹22,017 Cr
P/E 51.7
PEG —
Operating margin contracted 333 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+14.2% -0.8%
780 786 683 Operating profit
-9.2% -29.5%
101 143 111 OPM %
-333 bps -527 bps
12.9% 18.2% 16.3% Other income
-48.9% -35.0%
7.2 11.0 14.0 Net profit?
-30.1% -42.0%
54.6 94.0 78.0 PAT margin %
-442 bps -496 bps
7.0% 12.0% 11.4% EPS (₹)
-30.3% -41.7%
7.25 12.44 10.40
Quality of profit
Pre-tax profit ₹78.2 Cr: core business ₹71.1 Cr, other income ₹7.2 Cr.
Core profit YoY: -20.1%
· reported profit -30.1%
Cash & debt
FY25 cash from operations ₹399 Cr.
Borrowings ₹18.0 Cr at Mar 2025.
M Cap ₹21,997 Cr
P/E 27.5
PEG 2.29
Profit +11% above its own trend Operating margin contracted 177 bps YoY 34% of pre-tax profit came from other income and one-off items FY25 operating cash flow was only 30% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+35.3% +16.2%
1,599 1,376 1,182 Operating profit
+14.7% +9.0%
158 145 138 OPM %
-177 bps -66 bps
9.9% 10.5% 11.7% Other income
+10.5% -2.6%
74.0 76.0 66.9 Net profit?
+11.4% +0.6%
164 163 147 PAT margin %
-220 bps -159 bps
10.3% 11.8% 12.5% EPS (₹)
+11.4% +0.9%
10.73 10.63 9.63
Quality of profit
Pre-tax profit ₹216 Cr: core business ₹143 Cr, other income ₹74.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +13.8%
· reported profit +11.4%
Cash & debt
FY25 cash from operations ₹207 Cr:
30% of FY25 net profit of ₹701 Cr.
Borrowings ₹20.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,270 ₹1,599
+25.9% above Net profit ₹148 ₹164
+11.1% above
M Cap ₹21,982 Cr
P/E 7.5
PEG 1.25
Profit +68% above its own trend Operating margin expanded 805 bps YoY 33% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +64%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+17.6% +17.1%
1,454 1,242 1,237 Operating profit
+36.8% +14.8%
836 728 611 OPM %
+805 bps -116 bps
57.5% 58.6% 49.4% Other income
+6.9% +101.5%
282 140 264 Net profit?
+36.9% +39.8%
813 581 594 PAT margin %
+787 bps +909 bps
55.9% 46.8% 48.0% EPS (₹)
+36.9% +39.8%
56.91 40.72 41.58
Quality of profit
Pre-tax profit ₹847 Cr: core business ₹564 Cr, other income ₹282 Cr.
Core profit YoY: +64.0%
· reported profit +36.9%
Cash & debt
FY25 cash from operations ₹2,647 Cr:
113% of FY25 net profit of ₹2,345 Cr.
Borrowings ₹2,163 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,072 ₹1,454
+35.6% above Net profit ₹484 ₹813
+67.9% above
M Cap ₹21,958 Cr
P/E 150.9
PEG 15.09
Turnaround: profit against a loss a year ago Operating margin expanded 235 bps YoY Exceptional items of ₹-18.5 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+31.1% +12.4%
1,192 1,061 909 Operating profit
+41.6% +49.4%
379 254 268 OPM %
+235 bps +788 bps
31.8% 23.9% 29.5% Other income
from loss +100.4%
21.9 10.9 -83.8 Net profit?
from loss —
69.2 4.1 -99.0 PAT margin %
+1669 bps +542 bps
5.8% 0.4% -10.9% EPS (₹)
from loss +810.0%
0.91 0.10 -3.30
Quality of profit
Pre-tax profit ₹82.7 Cr: core business ₹79.3 Cr, other income ₹21.9 Cr, exceptional & other items −₹18.5 Cr.
Core profit YoY: from loss
Cash & debt
FY25 cash from operations ₹295 Cr.
Borrowings ₹4,879 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,049 ₹1,192
+13.6% above
M Cap ₹21,839 Cr
P/E 5.2
PEG —
Profit +999% above its own trend Operating margin expanded 755 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+21.3% -3.9%
15,683 16,327 12,925 Operating profit
+510.7% +29.2%
1,478 1,144 242 OPM %
+755 bps +242 bps
9.4% 7.0% 1.9% Other income
+186.7% +87.0%
43.0 23.0 15.0 Net profit?
— +39.4%
1,002 719 21.0 PAT margin %
+623 bps +199 bps
6.4% 4.4% 0.2% EPS (₹)
— +39.3%
67.26 48.30 1.40
Quality of profit
Pre-tax profit ₹1,331 Cr: core business ₹1,288 Cr, other income ₹43.0 Cr.
Cash & debt
FY25 cash from operations ₹1,352 Cr:
632% of FY25 net profit of ₹214 Cr.
Borrowings ₹3,117 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹11,089 ₹15,683
+41.4% above Net profit ₹10.5 ₹1,002
+999.0% above
M Cap ₹21,660 Cr
P/E 62.7
PEG 1.10
Profit -21% below its own trend 36% of pre-tax profit came from other income and one-off items Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+21.6% -11.3%
804 906 661 Operating profit
+26.9% -19.4%
119 148 94.0 OPM %
+62 bps -149 bps
14.8% 16.3% 14.2% Other income
+79.2% +4.0%
44.8 43.1 25.0 Net profit?
+16.1% -36.9%
76.6 121 66.0 PAT margin %
-45 bps -387 bps
9.5% 13.4% 10.0% EPS (₹)
+9.2% -38.9%
11.34 18.56 10.38
Quality of profit
Pre-tax profit ₹116 Cr: core business ₹74.0 Cr, other income ₹44.8 Cr, exceptional & other items −₹2.5 Cr.
Core profit YoY: +32.2%
· reported profit +16.1%
Cash & debt
FY25 cash from operations −₹82.0 Cr:
-28% of FY25 net profit of ₹293 Cr.
Borrowings ₹903 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹952 ₹804
-15.6% below Net profit ₹96.5 ₹76.6
-20.6% below
M Cap ₹21,595 Cr
P/E 22.6
PEG 2.83
Profit -98% below its own trend Operating margin expanded 603 bps YoY Core business grew faster than reported profit (core profit +15%) FY25 operating cash flow was only 30% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-7.6% +6.9%
1,871 1,751 2,025 Operating profit
+3.9% +10.5%
1,022 925 984 OPM %
+603 bps +180 bps
54.6% 52.8% 48.6% Other income
to loss to loss -2.0 49.0 5,869 Net profit?
-96.5% +49.6%
211 141 6,026 PAT margin %
— +322 bps
11.3% 8.1% — EPS (₹)
-96.6% +41.7%
0.17 0.12 adj. 4.99
EPS restated for the 1:1 bonus of Mar 2026: Dec 2024 ₹9.98 to ₹4.99.
Quality of profit
Pre-tax profit ₹295 Cr: core business ₹297 Cr, other income −₹2.0 Cr.
Core profit YoY: +15.1%
· reported profit -96.5%
Cash & debt
FY25 cash from operations ₹1,971 Cr:
30% of FY25 net profit of ₹6,481 Cr.
Borrowings ₹20,599 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,174 ₹1,871
-13.9% below Net profit ₹8,607 ₹211
-97.5% below
M Cap ₹21,493 Cr
P/E 74.9
PEG 18.74
Profit -96% below its own trend Operating margin contracted 417 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-9.2% -7.3%
2,262 2,441 2,490 Operating profit
-42.9% +4.6%
160 153 280 OPM %
-417 bps +81 bps
7.1% 6.3% 11.2% Other income
to loss to loss -5.0 15.0 38.0 Net profit?
-97.6% -80.0%
3.0 15.0 123 PAT margin %
-481 bps -48 bps
0.1% 0.6% 4.9% EPS (₹)
-100.0% -100.0%
0.00 0.14 1.26
Quality of profit
Pre-tax profit ₹14.0 Cr: core business ₹19.0 Cr, other income −₹5.0 Cr.
Core profit YoY: -84.2%
· reported profit -97.6%
Cash & debt
FY25 cash from operations ₹688 Cr:
107% of FY25 net profit of ₹644 Cr.
Borrowings ₹2,762 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,389 ₹2,262
-5.3% below Net profit ₹71.7 ₹3.0
-95.8% below
M Cap ₹21,441 Cr
P/E 33.6
PEG —
Profit +130% above its own trend Operating margin expanded 347 bps YoY 26% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +198%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+73.1% +4.8%
1,082 1,032 625 Operating profit
+81.9% -10.1%
773 860 425 OPM %
+347 bps -1186 bps
71.4% 83.3% 68.0% Other income
-41.0% -44.3%
44.0 79.0 74.6 Net profit?
+61.1% -27.1%
224 308 139 PAT margin %
-155 bps -908 bps
20.7% 29.8% 22.3% EPS (₹)
+62.9% -26.9%
0.57 0.78 0.35
Quality of profit
Pre-tax profit ₹421 Cr: core business ₹312 Cr, other income ₹44.0 Cr, exceptional & other items ₹65.0 Cr.
Core profit YoY: +198.3%
· reported profit +61.1%
Cash & debt
FY25 cash from operations ₹2,483 Cr:
307% of FY25 net profit of ₹809 Cr.
Borrowings ₹27,025 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹679 ₹1,082
+59.3% above Net profit ₹97.4 ₹224
+130.3% above
M Cap ₹21,124 Cr
P/E 11.1
PEG 0.36
Profit -76% below its own trend Operating margin contracted 803 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+9.4% +9.3%
6,483 5,932 5,927 Operating profit
-37.3% -17.3%
700 846 1,116 OPM %
-803 bps -346 bps
10.8% 14.3% 18.8% Other income
-86.0% -59.6%
91.0 225 648 Net profit?
-63.0% -63.9%
404 1,119 1,092 PAT margin %
-1219 bps -1263 bps
6.2% 18.9% 18.4% EPS (₹)
-63.0% -63.9%
21.52 59.60 58.14
Quality of profit
Pre-tax profit ₹460 Cr: core business ₹368 Cr, other income ₹91.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: -55.6%
· reported profit -63.0%
Cash & debt
FY25 cash from operations ₹1,711 Cr:
71% of FY25 net profit of ₹2,409 Cr.
Borrowings ₹430 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹7,044 ₹6,483
-8.0% below Net profit ₹1,668 ₹404
-75.8% below
M Cap ₹20,853 Cr
P/E 17.2
PEG —
Turnaround: profit against a loss a year ago
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+7.9% -1.2%
1,491 1,509 1,382 Net interest income
+13.1% +4.4%
976 935 863 Other income
+27.1% -40.6%
56.3 94.9 44.3 Operating profit (pre-provision)
+9.2% -2.1%
680 695 623 Provisions
-54.4% -34.8%
343 526 752 Net profit
from loss +100.4%
252 126 -99.5 EPS (₹)
from loss +100.3%
15.76 7.87 -6.24 Cost-to-income %
+273 bps +155 bps
34.1% 32.5% 31.3% Gross NPA %
+5 bps +39 bps
4.0% 3.6% 4.0% Net NPA %
+8 bps +10 bps
1.4% 1.3% 1.3%
Where profit came from
Pre-provision profit ₹680 Cr (+9.2% YoY); provisions ₹343 Cr (-54.4% YoY).
Against its own trend ?
Trend Actual Gap
NII ₹864 ₹976
+12.9% above
M Cap ₹20,793 Cr
P/E 12.2
PEG —
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
-3.2%
3,658 3,780 Operating profit
+0.0%
447 447 OPM %
+39 bps
12.2% 11.8% Other income
-22.2%
56.0 72.0 Net profit?
-4.6%
267 280 PAT margin %
-11 bps
7.3% 7.4% EPS (₹)
-4.4%
3.88 4.06
Quality of profit
Pre-tax profit ₹359 Cr: core business ₹303 Cr, other income ₹56.0 Cr.
M Cap ₹20,784 Cr
P/E 35.9
PEG 7.18
Profit -25% below its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-11.5% -38.9%
568 930 642 Operating profit
-6.7% -54.6%
99.0 218 106 OPM %
+90 bps -602 bps
17.4% 23.4% 16.5% Other income
-32.8% -45.9%
21.0 38.8 31.2 Net profit?
-13.1% -57.2%
76.0 178 87.4 PAT margin %
-24 bps -574 bps
13.4% 19.1% 13.6% EPS (₹)
-12.6% -57.3%
1.52 3.56 1.74
Quality of profit
Pre-tax profit ₹102 Cr: core business ₹80.0 Cr, other income ₹21.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: -6.2%
· reported profit -13.1%
Cash & debt
FY25 cash from operations ₹453 Cr:
89% of FY25 net profit of ₹507 Cr.
Borrowings ₹52.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹704 ₹568
-19.3% below Net profit ₹102 ₹76.0
-25.3% below
M Cap ₹20,542 Cr
P/E 16.1
PEG —
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
+1.9%
1,152 1,131 Operating profit
+3.5%
413 399 OPM %
+56 bps
35.9% 35.3% Other income
-14.7%
15.7 18.4 Net profit?
+10.8%
264 238 PAT margin %
+185 bps
22.9% 21.0% EPS (₹)
+2.5%
4.11 4.01
Quality of profit
Pre-tax profit ₹322 Cr: core business ₹306 Cr, other income ₹15.7 Cr.
M Cap ₹20,498 Cr
P/E 26.8
PEG 1.34
Profit +10% above its own trend Operating margin contracted 128 bps YoY 58% of pre-tax profit came from other income and one-off items Exceptional items of ₹80.2 Cr in the quarter Profit grew faster than the core business (core profit -22%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+6.9% +3.9%
3,022 2,910 2,827 Operating profit
-20.3% +12.7%
114 101 142 OPM %
-128 bps +30 bps
3.8% 3.5% 5.0% Other income
+30.6% -32.5%
72.3 107 55.3 Net profit?
+38.5% +25.9%
197 157 142 PAT margin %
+149 bps +114 bps
6.5% 5.4% 5.0% EPS (₹)
+39.2% +24.6%
0.71 0.57 0.51
Quality of profit
Pre-tax profit ₹263 Cr: core business ₹110 Cr, other income ₹72.3 Cr, exceptional & other items ₹80.2 Cr.
Core profit YoY: -21.6%
· reported profit +38.5%
Cash & debt
FY25 cash from operations ₹657 Cr:
118% of FY25 net profit of ₹557 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,298 ₹3,022
-8.4% below Net profit ₹179 ₹197
+10.2% 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, 17:43 IST
