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
Results calendar
Q2 FY27 Q1 FY27 Q4 FY26 Q3 FY26 Q2 FY26
The next results season has started: 41 companies have filed results for the quarter ended 30 Sep 2026.
See them → Q3 FY26 scoreboard
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 ₹20,497 Cr
P/E 45.6
PEG 0.84
Profit -35% below its own trend Operating margin contracted 512 bps YoY 29% of pre-tax profit came from other income and one-off items FY25 operating cash flow was only 26% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-30.0% -40.7%
374 631 535 Operating profit
-44.4% -55.8%
74.3 168 134 OPM %
-512 bps -676 bps
19.9% 26.6% 25.0% Other income
+190.0% +170.6%
27.1 10.0 9.3 Net profit?
-29.7% +4.5%
77.5 74.2 110 PAT margin %
+8 bps +897 bps
20.7% 11.8% 20.6% EPS (₹)
-31.0% -44.5%
2.23 4.02 3.23
Quality of profit
Pre-tax profit ₹94.6 Cr: core business ₹67.5 Cr, other income ₹27.1 Cr.
Core profit YoY: -44.9%
· reported profit -29.7%
Cash & debt
FY25 cash from operations ₹97.0 Cr:
26% of FY25 net profit of ₹372 Cr.
Borrowings ₹482 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹665 ₹374
-43.7% below Net profit ₹119 ₹77.5
-34.9% below
M Cap ₹20,348 Cr
P/E 35.4
PEG 1.36
Exceptional items of ₹25.2 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+20.7% +0.7%
1,023 1,016 848 Operating profit
+20.6% -0.6%
206 207 171 OPM %
-0 bps -26 bps
20.1% 20.4% 20.1% Other income
+21.5% +27.3%
33.1 26.0 27.2 Net profit?
+3.9% -11.5%
126 142 121 PAT margin %
-198 bps -169 bps
12.3% 14.0% 14.3% EPS (₹)
+2.6% -12.1%
27.93 31.76 27.22
Quality of profit
Pre-tax profit ₹169 Cr: core business ₹161 Cr, other income ₹33.1 Cr, exceptional & other items −₹25.2 Cr.
Core profit YoY: +22.3%
· reported profit +3.9%
Cash & debt
FY25 cash from operations ₹434 Cr:
85% of FY25 net profit of ₹513 Cr.
Borrowings ₹508 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹981 ₹1,023
+4.3% in line Net profit ₹140 ₹126
-10.0% in line
M Cap ₹20,291 Cr
P/E 31.0
PEG —
Profit -34% below its own trend Operating margin contracted 301 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+1.5% +3.8%
953 918 939 Operating profit
-10.1% +15.0%
222 193 247 OPM %
-301 bps +227 bps
23.3% 21.0% 26.3% Other income
to loss to loss -50.0 49.0 40.0 Net profit
-45.2% -29.7%
109 155 199 PAT margin %
-976 bps -545 bps
11.4% 16.9% 21.2% EPS (₹)
-45.3% -29.7%
17.48 24.85 31.95
Quality of profit
Pre-tax profit ₹146 Cr: core business ₹195 Cr, other income −₹50.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: -9.7%
· reported profit -45.2%
Cash & debt
FY25 cash from operations ₹812 Cr:
104% of FY25 net profit of ₹784 Cr.
Borrowings ₹192 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹923 ₹953
+3.3% in line Net profit ₹165 ₹109
-33.8% below
M Cap ₹20,245 Cr
P/E 25.9
PEG 0.25
Profit +160% above its own trend Operating margin expanded 1376 bps YoY Core business grew faster than reported profit (core profit +269%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+93.8% -28.5%
874 1,223 451 Operating profit
+221.7% -44.4%
302 544 94.0 OPM %
+1376 bps -988 bps
34.6% 44.5% 20.8% Other income
+427.0% from loss 10.5 -8.0 2.0 Net profit?
+239.4% -43.0%
221 387 65.0 PAT margin %
+1083 bps -640 bps
25.2% 31.6% 14.4% EPS (₹)
+241.2% -43.1%
7.95 13.97 2.33
Quality of profit
Pre-tax profit ₹297 Cr: core business ₹288 Cr, other income ₹10.5 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +268.6%
· reported profit +239.4%
Cash & debt
FY25 cash from operations ₹247 Cr:
89% of FY25 net profit of ₹277 Cr.
Borrowings ₹74.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹437 ₹874
+100.1% above Net profit ₹84.9 ₹221
+160.0% above
M Cap ₹20,219 Cr
P/E 20.4
PEG 0.24
Profit -38% below its own trend Operating margin contracted 106 bps YoY Exceptional items of ₹-32.8 Cr in the quarter Core business grew faster than reported profit (core profit +48%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+35.7% +18.9%
1,971 1,658 1,453 Operating profit
+30.3% +23.1%
511 415 392 OPM %
-106 bps +90 bps
25.9% 25.0% 27.0% Other income
-80.9% -85.5%
8.4 58.2 44.0 Net profit?
+23.4% +6.7%
268 251 217 PAT margin %
-135 bps -155 bps
13.6% 15.1% 14.9% EPS (₹)
+23.9% +7.5%
0.57 0.53 0.46
Quality of profit
Pre-tax profit ₹339 Cr: core business ₹363 Cr, other income ₹8.4 Cr, exceptional & other items −₹32.8 Cr.
Core profit YoY: +47.6%
· reported profit +23.4%
Cash & debt
FY25 cash from operations ₹1,214 Cr:
225% of FY25 net profit of ₹539 Cr.
Borrowings ₹1,402 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,798 ₹1,971
+9.7% above Net profit ₹434 ₹268
-38.3% below
M Cap ₹20,114 Cr
P/E 14.9
PEG —
Profit +54% above its own trend Operating margin expanded 172 bps YoY 33% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+8.3% +1.0%
4,489 4,446 4,146 Operating profit
+29.5% +6.7%
471 441 364 OPM %
+172 bps +57 bps
10.5% 9.9% 8.8% Other income
-30.7% -6.0%
89.2 94.9 129 Net profit?
+37.2% +1.8%
392 385 286 PAT margin %
+184 bps +7 bps
8.7% 8.7% 6.9% EPS (₹)
+37.7% +1.8%
2.81 2.76 adj. 2.04
EPS restated for the 1:1 bonus of Jan 2025: Dec 2024 ₹4.08 to ₹2.04.
Quality of profit
Pre-tax profit ₹503 Cr: core business ₹336 Cr, other income ₹89.2 Cr, exceptional & other items ₹77.6 Cr.
Core profit YoY: +40.2%
· reported profit +37.2%
Cash & debt
FY25 cash from operations ₹2,199 Cr:
133% of FY25 net profit of ₹1,650 Cr.
Borrowings ₹93.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹4,525 ₹4,489
-0.8% in line Net profit ₹255 ₹392
+53.8% above
M Cap ₹20,017 Cr
P/E 41.9
PEG 1.82
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+19.2% +10.9%
717 647 602 Operating profit
+24.5% +11.6%
163 146 131 OPM %
+96 bps +13 bps
22.7% 22.6% 21.8% Other income
-16.5% -21.3%
17.5 22.3 21.0 Net profit?
+19.3% +8.0%
119 111 100 PAT margin %
+2 bps -46 bps
16.6% 17.1% 16.6% EPS (₹)
+19.2% +7.9%
8.50 7.88 7.13
Quality of profit
Pre-tax profit ₹146 Cr: core business ₹129 Cr, other income ₹17.5 Cr.
Core profit YoY: +26.1%
· reported profit +19.3%
Cash & debt
FY25 cash from operations ₹426 Cr:
112% of FY25 net profit of ₹382 Cr.
Borrowings ₹82.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹718 ₹717
-0.1% in line Net profit ₹121 ₹119
-1.4% in line
M Cap ₹19,934 Cr
P/E 33.1
PEG —
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+3.1% +6.4%
2,315 2,175 2,245 Operating profit
+7.7% +9.2%
222 203 206 OPM %
+41 bps +24 bps
9.6% 9.3% 9.2% Other income
+193.8% -40.3%
23.0 38.5 7.8 Net profit?
+27.5% +3.1%
111 108 87.0 PAT margin %
+92 bps -16 bps
4.8% 5.0% 3.9% EPS (₹)
+27.4% +3.0%
6.46 6.27 5.07
Quality of profit
Pre-tax profit ₹152 Cr: core business ₹129 Cr, other income ₹23.0 Cr.
Core profit YoY: +23.6%
· reported profit +27.5%
Against its own trend ?
Trend Actual Gap
Sales ₹2,459 ₹2,315
-5.9% below Net profit ₹115 ₹111
-3.4% in line
M Cap ₹19,907 Cr
P/E 30.0
PEG 6.01
Profit +21% above its own trend Operating margin expanded 195 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+22.0% +7.0%
1,388 1,297 1,138 Operating profit
+33.7% +10.7%
308 278 230 OPM %
+195 bps +74 bps
22.2% 21.5% 20.2% Other income
to loss loss widened -4.0 -1.1 5.7 Net profit?
+27.5% +14.8%
150 131 118 PAT margin %
+47 bps +74 bps
10.8% 10.1% 10.3% EPS (₹)
+27.6% +15.1%
6.19 5.38 4.85
Quality of profit
Pre-tax profit ₹202 Cr: core business ₹205 Cr, other income −₹4.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +39.3%
· reported profit +27.5%
Cash & debt
FY25 cash from operations ₹867 Cr:
173% of FY25 net profit of ₹501 Cr.
Borrowings ₹1,455 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,163 ₹1,388
+19.4% above Net profit ₹124 ₹150
+21.0% above
M Cap ₹19,862 Cr
P/E 44.8
PEG —
Exceptional items of ₹-8.9 Cr in the quarter
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
+47.2%
457 311 Operating profit
+72.4%
238 138 OPM %
+759 bps
52.0% 44.4% Other income
-41.1%
13.4 22.8 Net profit?
+97.9%
148 74.7 PAT margin %
+828 bps
32.3% 24.1% EPS (₹)
+93.2%
4.54 2.35
Quality of profit
Pre-tax profit ₹174 Cr: core business ₹169 Cr, other income ₹13.4 Cr, exceptional & other items −₹8.9 Cr.
M Cap ₹19,830 Cr
P/E 66.7
PEG 0.61
Profit -30% below its own trend Operating margin expanded 263 bps YoY Exceptional items of ₹-12.9 Cr in the quarter Core business grew faster than reported profit (core profit +83%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+28.3% +10.7%
410 370 319 Operating profit
+41.6% +5.8%
114 108 80.7 OPM %
+263 bps -129 bps
27.9% 29.2% 25.3% Other income
-28.1% -59.3%
0.8 2.0 1.1 Net profit?
+40.3% +1.3%
44.6 44.0 31.8 PAT margin %
+93 bps -101 bps
10.9% 11.9% 10.0% EPS (₹)
+45.2% +4.9%
2.36 2.25 adj. 1.62
EPS restated for the 1:1 bonus of Oct 2025: Dec 2024 ₹3.25 to ₹1.62.
Quality of profit
Pre-tax profit ₹60.9 Cr: core business ₹73.3 Cr, other income ₹0.8 Cr, exceptional & other items −₹13.2 Cr.
Core profit YoY: +82.5%
· reported profit +40.3%
Cash & debt
FY25 cash from operations ₹132 Cr:
301% of FY25 net profit of ₹43.9 Cr.
Borrowings ₹588 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹359 ₹410
+14.2% above Net profit ₹63.6 ₹44.6
-29.9% below
M Cap ₹19,736 Cr
P/E 93.9
PEG 0.22
Profit -44% below its own trend Operating margin expanded 152 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+3.0% +1.3%
1,003 990 974 Operating profit
+16.0% +8.2%
136 125 117 OPM %
+152 bps +86 bps
13.5% 12.7% 12.0% Other income
-60.0% -74.8%
1.2 4.8 3.0 Net profit?
+11.8% +1.3%
63.7 62.9 57.0 PAT margin %
+50 bps -0 bps
6.4% 6.4% 5.9% EPS (₹)
+16.1% +6.7%
2.38 2.23 2.05
Quality of profit
Pre-tax profit ₹89.1 Cr: core business ₹91.1 Cr, other income ₹1.2 Cr, exceptional & other items −₹3.2 Cr.
Core profit YoY: +18.3%
· reported profit +11.8%
Cash & debt
FY25 cash from operations −₹678 Cr:
-347% of FY25 net profit of ₹195 Cr.
Borrowings ₹905 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,139 ₹1,003
-12.0% below Net profit ₹114 ₹63.7
-44.1% below
M Cap ₹19,342 Cr
P/E 17.0
PEG 0.68
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+18.3% +4.9%
944 899 798 Net interest income
— —
595 — — Other income
— —
1.1 — — Operating profit (pre-provision)
+20.5% +10.5%
393 356 326 Provisions
-6.2% +33.2%
17.5 13.2 18.7 Net profit?
+17.5% +5.5%
281 266 239 EPS (₹)
+16.7% +5.4%
6.49 6.16 5.56 Cost-to-income %
-77 bps -212 bps
34.1% 36.2% 34.8% Gross NPA %
+2 bps -2 bps
1.4% 1.4% 1.4% Net NPA %
+6 bps +4 bps
1.0% 1.0% 0.9%
Where profit came from
Pre-provision profit ₹393 Cr (+20.5% YoY); provisions ₹17.5 Cr (-6.2% YoY).
Net profit +17.5% YoY.
Against its own trend ?
Trend Actual Gap
Net profit ₹282 ₹281
-0.4% in line
M Cap ₹19,245 Cr
P/E 35.1
PEG 2.51
Profit +14% above its own trend Operating margin expanded 416 bps YoY Exceptional items of ₹-39.6 Cr in the quarter Core business grew faster than reported profit (core profit +46%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+0.4% -1.5%
1,168 1,186 1,164 Operating profit
+32.4% -5.7%
201 213 152 OPM %
+416 bps -78 bps
17.2% 18.0% 13.1% Other income
+10.7% -24.6%
11.7 15.5 10.5 Net profit?
+10.8% -35.7%
86.2 134 77.7 PAT margin %
+69 bps -392 bps
7.4% 11.3% 6.7% EPS (₹)
+12.9% -34.0%
5.51 8.35 4.88
Quality of profit
Pre-tax profit ₹125 Cr: core business ₹154 Cr, other income ₹11.7 Cr, exceptional & other items −₹40.4 Cr.
Core profit YoY: +46.4%
· reported profit +10.8%
Cash & debt
FY25 cash from operations ₹501 Cr:
170% of FY25 net profit of ₹295 Cr.
Borrowings ₹274 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,161 ₹1,168
+0.6% in line Net profit ₹75.7 ₹86.2
+13.8% above
M Cap ₹19,176 Cr
P/E 20.0
PEG 3.33
Profit -17% below its own trend Operating margin contracted 221 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+6.4% +5.6%
1,440 1,363 1,354 Operating profit
-2.1% +13.9%
368 323 376 OPM %
-221 bps +186 bps
25.6% 23.7% 27.8% Other income
to loss to loss -9.0 12.0 23.0 Net profit
-9.6% +7.5%
245 228 271 PAT margin %
-300 bps +29 bps
17.0% 16.7% 20.0% EPS (₹)
-9.9% +7.4%
2.47 2.30 2.74
Quality of profit
Pre-tax profit ₹332 Cr: core business ₹342 Cr, other income −₹9.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: -1.7%
· reported profit -9.6%
Cash & debt
Borrowings ₹63.0 Cr at Dec 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,450 ₹1,440
-0.7% in line Net profit ₹295 ₹245
-17.1% below
M Cap ₹19,170 Cr
P/E 137.4
PEG 0.92
Operating margin expanded 366 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+31.7% +9.0%
159 146 120 Operating profit
+45.3% +18.4%
62.2 52.5 42.8 OPM %
+366 bps +312 bps
39.2% 36.1% 35.5% Other income
+60.4% -33.6%
8.1 12.2 5.1 Net profit?
+46.4% +6.5%
34.7 32.6 23.7 PAT margin %
+219 bps -52 bps
21.9% 22.4% 19.7% EPS (₹)
+31.9% +5.7%
5.34 5.05 4.05
Quality of profit
Pre-tax profit ₹47.8 Cr: core business ₹39.6 Cr, other income ₹8.1 Cr.
Core profit YoY: +36.8%
· reported profit +46.4%
Cash & debt
FY25 cash from operations ₹54.0 Cr:
62% of FY25 net profit of ₹86.7 Cr.
Borrowings ₹263 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹164 ₹159
-3.0% in line Net profit ₹38.3 ₹34.7
-9.3% in line
M Cap ₹19,152 Cr
P/E 28.6
PEG 2.04
Profit -40% below its own trend Operating margin expanded 196 bps YoY Exceptional items of ₹-100 Cr in the quarter Core business grew faster than reported profit (core profit +38%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+17.0% +5.5%
2,443 2,315 2,088 Operating profit
+32.8% +6.4%
403 379 303 OPM %
+196 bps +13 bps
16.5% 16.4% 14.5% Other income
-70.9% from loss 3.6 -3.8 12.4 Net profit?
-24.9% -33.0%
120 180 160 PAT margin %
-275 bps -283 bps
4.9% 7.8% 7.7% EPS (₹)
-25.3% -33.1%
1.74 2.60 2.33
Quality of profit
Pre-tax profit ₹152 Cr: core business ₹248 Cr, other income ₹3.6 Cr, exceptional & other items −₹100 Cr.
Core profit YoY: +38.3%
· reported profit -24.9%
Cash & debt
FY25 cash from operations ₹701 Cr:
118% of FY25 net profit of ₹595 Cr.
Borrowings ₹2,569 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,643 ₹2,443
-7.6% below Net profit ₹200 ₹120
-39.8% below
M Cap ₹19,145 Cr
P/E 9.8
PEG —
Exceptional items of ₹27.2 Cr in the quarter
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
-90.0%
1,285 12,806 Operating profit
-89.7%
223 2,168 OPM %
+38 bps
17.3% 16.9% Other income
-96.1%
4.7 121 Net profit?
-92.1%
119 1,507 PAT margin %
-252 bps
9.2% 11.8% EPS (₹)
-21.2%
2.94 3.73
Quality of profit
Pre-tax profit ₹165 Cr: core business ₹187 Cr, other income ₹4.7 Cr, exceptional & other items −₹27.2 Cr.
M Cap ₹19,076 Cr
P/E 44.1
PEG 1.05
Turnaround: profit against a loss a year ago
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+2.0% -38.0%
467 752 457 Net interest income
from loss from loss 10.4 -17.7 -20.7 Other income
+2.0% -46.7%
354 663 347 Operating profit (pre-provision)
+66.0% -60.8%
158 402 94.9 Provisions
— +589.9%
140 20.3 0.6 Net profit?
from loss -93.4%
20.8 317 -8.7 EPS (₹)
loss narrowed to loss -0.06 0.53 -0.12 Cost-to-income %
-1417 bps +1898 bps
56.7% 37.7% 70.9% Gross NPA %
+10 bps +3 bps
96.3% 96.3% 96.2% Net NPA %
-157 bps +30 bps
81.1% 80.8% 82.7%
Where profit came from
Pre-provision profit ₹158 Cr (+66.0% YoY); provisions ₹140 Cr.
M Cap ₹19,018 Cr
P/E 29.5
PEG —
All of pre-tax profit came from other income or one-off items Exceptional items of ₹479 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+6.2% -5.9%
2,106 2,239 1,983 Operating profit
+0.4% -27.8%
280 388 279 OPM %
-77 bps -403 bps
13.3% 17.3% 14.1% Other income
+149.2% —
496 7.0 199 Net profit?
+111.4% +398.6%
386 77.3 182 PAT margin %
+911 bps +1485 bps
18.3% 3.5% 9.2% EPS (₹)
+114.0% +398.8%
16.31 3.27 7.62
Quality of profit
Pre-tax profit ₹483 Cr: core business −₹13.0 Cr, other income ₹496 Cr.
Core profit YoY: loss widened
· reported profit +111.4%
Cash & debt
FY25 cash from operations ₹1,399 Cr:
513% of FY25 net profit of ₹273 Cr.
Borrowings ₹4,675 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,913 ₹2,106
+10.1% above Net profit ₹365 ₹386
+5.7% in line
M Cap ₹18,900 Cr
P/E 74.1
PEG 3.90
Profit -14% below its own trend Operating margin expanded 121 bps YoY Exceptional items of ₹-8.5 Cr in the quarter Core business grew faster than reported profit (core profit +35%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+28.5% +19.7%
429 358 334 Operating profit
+35.9% +20.6%
94.1 78.0 69.2 OPM %
+121 bps +17 bps
22.0% 21.8% 20.7% Other income
-16.0% -45.5%
7.1 13.0 8.4 Net profit?
+3.9% -0.5%
60.7 61.0 58.4 PAT margin %
-334 bps -288 bps
14.2% 17.0% 17.5% EPS (₹)
+4.0% -0.1%
6.69 6.70 6.43
Quality of profit
Pre-tax profit ₹80.3 Cr: core business ₹81.7 Cr, other income ₹7.1 Cr, exceptional & other items −₹8.5 Cr.
Core profit YoY: +35.4%
· reported profit +3.9%
Cash & debt
FY25 cash from operations ₹122 Cr:
54% of FY25 net profit of ₹226 Cr.
Borrowings ₹43.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹386 ₹429
+11.0% above Net profit ₹70.8 ₹60.7
-14.2% below
M Cap ₹18,852 Cr
P/E 24.0
PEG 0.69
Profit -49% below its own trend Operating margin contracted 728 bps YoY 40% of pre-tax profit came from other income and one-off items Exceptional items of ₹-19.1 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+7.6% +13.9%
1,575 1,383 1,464 Operating profit
-20.1% +31.6%
331 251 414 OPM %
-728 bps +284 bps
21.0% 18.2% 28.3% Other income
-27.3% +2.8%
47.8 46.5 65.7 Net profit?
-12.7% +21.2%
206 170 236 PAT margin %
-304 bps +79 bps
13.1% 12.3% 16.1% EPS (₹)
-21.1% +14.7%
7.63 6.65 9.67
Quality of profit
Pre-tax profit ₹270 Cr: core business ₹161 Cr, other income ₹47.8 Cr, exceptional & other items ₹60.9 Cr.
Core profit YoY: -28.0%
· reported profit -12.7%
Cash & debt
FY25 cash from operations ₹995 Cr:
146% of FY25 net profit of ₹681 Cr.
Borrowings ₹5,464 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,783 ₹1,575
-11.7% below Net profit ₹405 ₹206
-49.1% below
M Cap ₹18,810 Cr
P/E 148.1
PEG —
₹ Cr
Dec 2025
Total income
780 Operating profit (pre-provision)
74.8 Provisions
0.0 Net profit?
42.4 EPS (₹)
0.38
First results we hold for this company (a recent listing or a first filing), so there is no earlier quarter to compare with.
Where profit came from
Pre-provision profit ₹74.8 Cr; provisions ₹0.0 Cr.
M Cap ₹18,562 Cr
P/E 56.6
PEG 4.36
Profit +19% above its own trend Operating margin expanded 213 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+10.4% +3.7%
391 377 354 Operating profit
+18.7% +4.0%
120 116 101 OPM %
+213 bps +8 bps
30.8% 30.7% 28.6% Other income
+23.3% +30.6%
8.2 6.3 6.6 Net profit?
+22.3% +7.5%
78.9 73.4 64.5 PAT margin %
+196 bps +71 bps
20.2% 19.5% 18.2% EPS (₹)
+22.2% +7.4%
8.37 7.79 6.85
Quality of profit
Pre-tax profit ₹104 Cr: core business ₹95.5 Cr, other income ₹8.2 Cr.
Core profit YoY: +19.1%
· reported profit +22.3%
Cash & debt
FY25 cash from operations ₹292 Cr:
109% of FY25 net profit of ₹267 Cr.
Borrowings ₹228 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹367 ₹391
+6.6% above Net profit ₹66.4 ₹78.9
+18.8% above
M Cap ₹18,393 Cr
P/E 27.1
PEG 1.36
Operating margin expanded 207 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+10.2% +1.7%
543 534 493 Operating profit
+17.1% +0.4%
190 189 162 OPM %
+207 bps -43 bps
35.0% 35.4% 32.9% Other income
+8.4% +11.9%
34.0 30.4 31.4 Net profit?
+18.5% +3.6%
166 160 140 PAT margin %
+216 bps +57 bps
30.6% 30.0% 28.4% EPS (₹)
+17.9% +6.1%
21.56 20.32 18.28
Quality of profit
Pre-tax profit ₹204 Cr: core business ₹171 Cr, other income ₹34.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +17.2%
· reported profit +18.5%
Cash & debt
FY25 cash from operations ₹432 Cr:
80% of FY25 net profit of ₹541 Cr.
Borrowings ₹222 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹547 ₹543
-0.7% in line Net profit ₹168 ₹166
-1.4% in line
M Cap ₹18,265 Cr
P/E 109.8
PEG —
All of pre-tax profit came from other income or one-off items Exceptional items of ₹-9.1 Cr in the quarter
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
+709.5%
146 18.0 Operating profit
+573.6%
6.7 1.0 OPM %
-93 bps
4.6% 5.6% Other income
+242.8%
13.7 4.0 Net profit?
to loss -1.0 4.0 PAT margin %
-2293 bps
-0.7% 22.2% EPS (₹)
to loss -0.14 0.57
Quality of profit
Pre-tax profit ₹0.1 Cr: core business −₹4.5 Cr, other income ₹13.7 Cr, exceptional & other items −₹9.1 Cr.
M Cap ₹18,180 Cr
P/E 40.6
PEG 2.54
Exceptional items of ₹-15.0 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+18.4% +3.7%
1,003 968 848 Operating profit
+20.5% +2.9%
144 140 119 OPM %
+25 bps -11 bps
14.3% 14.5% 14.1% Other income
+83.8% -52.3%
24.5 51.4 13.3 Net profit?
+18.1% -21.6%
95.2 121 80.6 PAT margin %
-2 bps -305 bps
9.5% 12.5% 9.5% EPS (₹)
+18.0% -21.8%
3.01 3.85 2.55
Quality of profit
Pre-tax profit ₹129 Cr: core business ₹118 Cr, other income ₹24.5 Cr, exceptional & other items −₹13.2 Cr.
Core profit YoY: +23.4%
· reported profit +18.1%
Cash & debt
FY25 cash from operations ₹391 Cr:
112% of FY25 net profit of ₹350 Cr.
Borrowings ₹577 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹931 ₹1,003
+7.8% above Net profit ₹98.9 ₹95.2
-3.7% in line
M Cap ₹18,085 Cr
P/E 34.2
PEG 0.57
Profit -15% below its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+27.1% -20.9%
582 735 458 Operating profit
+29.5% -11.3%
265 299 205 OPM %
+86 bps +489 bps
45.6% 40.7% 44.7% Other income
+13.1% -16.3%
7.5 9.0 6.7 Net profit?
+28.5% -20.0%
124 155 96.5 PAT margin %
+24 bps +24 bps
21.3% 21.1% 21.1% EPS (₹)
+28.3% -19.9%
5.67 7.08 4.42
Quality of profit
Pre-tax profit ₹167 Cr: core business ₹161 Cr, other income ₹7.5 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +43.9%
· reported profit +28.5%
Cash & debt
FY25 cash from operations ₹950 Cr:
666% of FY25 net profit of ₹143 Cr.
Borrowings ₹2,604 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹732 ₹582
-20.5% below Net profit ₹145 ₹124
-14.5% below
M Cap ₹18,064 Cr
P/E 12.6
PEG 2.11
Operating margin expanded 232 bps YoY 67% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+12.5% -24.0%
4,005 5,267 3,561 Operating profit
+27.7% -26.6%
779 1,061 610 OPM %
+232 bps -69 bps
19.5% 20.1% 17.1% Other income
-35.1% +69.1%
257 152 396 Net profit?
+7.8% -31.7%
304 445 282 PAT margin %
-33 bps -86 bps
7.6% 8.4% 7.9% EPS (₹)
+7.5% -33.0%
2.15 3.21 2.00
Quality of profit
Pre-tax profit ₹385 Cr: core business ₹128 Cr, other income ₹257 Cr.
Core profit YoY: from loss
· reported profit +7.8%
Cash & debt
FY25 cash from operations ₹2,582 Cr:
203% of FY25 net profit of ₹1,273 Cr.
Borrowings ₹17,978 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,993 ₹4,005
+0.3% in line Net profit ₹279 ₹304
+9.0% in line
M Cap ₹18,004 Cr
P/E 27.4
PEG 1.10
Operating margin contracted 148 bps YoY Exceptional items of ₹-30.0 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+9.1% +46.0%
873 598 800 Operating profit
+5.5% +144.7%
376 154 357 OPM %
-148 bps +1739 bps
43.1% 25.7% 44.6% Other income
+19.8% +6.8%
37.1 34.8 31.0 Net profit?
-8.6% +118.6%
255 117 279 PAT margin %
-566 bps +969 bps
29.2% 19.5% 34.8% EPS (₹)
-8.0% +113.7%
3.89 1.82 4.23
Quality of profit
Pre-tax profit ₹360 Cr: core business ₹334 Cr, other income ₹37.1 Cr, exceptional & other items −₹11.4 Cr.
Core profit YoY: +5.5%
· reported profit -8.6%
Cash & debt
FY25 cash from operations ₹825 Cr:
107% of FY25 net profit of ₹770 Cr.
Borrowings ₹265 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹868 ₹873
+0.6% in line Net profit ₹270 ₹255
-5.6% in line
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
