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: 42 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
Page 15 of 144
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M Cap ₹15,891 Cr
P/E 84.5
PEG —
Into loss: a profit a year ago Profit -999% below its own trend Operating margin expanded 312 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+108.9% +48.5%
965 650 462 Operating profit
+312.2% +165.2%
61.0 23.0 14.8 OPM %
+312 bps +278 bps
6.3% 3.5% 3.2% Other income
to loss loss narrowed -6.0 -33.0 3.8 Net profit?
to loss loss narrowed -40.0 -53.0 6.4 PAT margin %
-553 bps +401 bps
-4.1% -8.2% 1.4% EPS (₹)
to loss loss narrowed -1.25 -1.66 adj. 0.20
EPS restated for the ₹10 to ₹2 split of Sep 2025: Dec 2024 ₹1.01 to ₹0.20.
Quality of profit
Pre-tax profit −₹42.0 Cr: core business −₹36.0 Cr, other income −₹6.0 Cr.
Core profit YoY: to loss
Cash & debt
FY25 cash from operations ₹380 Cr:
211% of FY25 net profit of ₹180 Cr.
Borrowings ₹188 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹289 ₹965
+234.3% above Net profit ₹3.2 −₹40.0
-999.0% below
M Cap ₹15,888 Cr
P/E 32.6
PEG —
25% of pre-tax profit came from other income and one-off items
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
+28.1%
456 356 Operating profit
+33.9%
181 135 OPM %
+171 bps
39.7% 38.0% Other income
+25.6%
44.0 35.0 Net profit?
+39.9%
137 97.9 PAT margin %
+253 bps
30.0% 27.5% EPS (₹)
+38.7%
10.08 7.27
Quality of profit
Pre-tax profit ₹177 Cr: core business ₹132 Cr, other income ₹44.0 Cr, exceptional & other items ₹1.0 Cr.
M Cap ₹15,683 Cr
P/E 22.7
PEG 0.81
FY25 operating cash flow was only 15% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+10.8% -1.8%
1,876 1,910 1,693 Operating profit
+12.2% -7.5%
292 316 260 OPM %
+19 bps -96 bps
15.6% 16.5% 15.4% Other income
to loss to loss -27.0 6.9 9.5 Net profit?
-4.1% -28.5%
132 185 138 PAT margin %
-110 bps -263 bps
7.0% 9.7% 8.1% EPS (₹)
-3.6% -28.1%
6.76 9.40 7.01
Quality of profit
Pre-tax profit ₹162 Cr: core business ₹189 Cr, other income −₹27.0 Cr.
Core profit YoY: +12.6%
· reported profit -4.1%
Cash & debt
FY25 cash from operations ₹88.0 Cr:
15% of FY25 net profit of ₹583 Cr.
Borrowings ₹1,258 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,908 ₹1,876
-1.7% in line Net profit ₹139 ₹132
-5.1% in line
M Cap ₹15,637 Cr
P/E —
PEG —
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+406.2% -85.3%
5.9 40.0 1.2 Operating profit
loss narrowed loss widened -20.0 -8.0 -36.2 Other income
+485.7% +1.9%
5.1 5.0 0.9 Net profit?
loss narrowed loss widened -33.1 -20.0 -52.9 EPS (₹)
loss narrowed loss widened -6.28 -3.77 -10.13
Quality of profit
Pre-tax profit −₹33.1 Cr: core business −₹38.5 Cr, other income ₹5.1 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations −₹96.0 Cr.
Borrowings ₹2,505 Cr at Mar 2025.
M Cap ₹15,583 Cr
P/E 74.6
PEG —
Turnaround: profit against a loss a year ago Operating margin expanded 807 bps YoY 84% of pre-tax profit came from other income and one-off items Exceptional items of ₹-27.0 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+22.8% -11.9%
642 729 523 Operating profit
from loss -2.3%
42.0 43.0 -8.0 OPM %
+807 bps +64 bps
6.5% 5.9% -1.5% Other income
+468.4% +21.3%
108 89.0 19.0 Net profit?
from loss -11.8%
67.0 76.0 -21.0 PAT margin %
+1445 bps +1 bps
10.4% 10.4% -4.0% EPS (₹)
from loss -10.5%
3.50 3.91 -1.03
Quality of profit
Pre-tax profit ₹97.0 Cr: core business ₹16.0 Cr, other income ₹108 Cr, exceptional & other items −₹27.0 Cr.
Core profit YoY: from loss
Cash & debt
FY25 cash from operations ₹500 Cr:
109% of FY25 net profit of ₹458 Cr.
Borrowings ₹173 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹481 ₹642
+33.5% above
M Cap ₹15,519 Cr
P/E —
PEG —
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+6.9% -4.5%
2,158 2,261 2,019 Net interest income
— -73.9%
42.5 163 — Other income
— -19.0%
658 812 — Operating profit (pre-provision)
-7.1% -39.8%
394 654 424 Provisions
to loss to loss -25.1 229 6.8 Net profit?
+3.8% +1.8%
314 308 302 Cost-to-income %
-490 bps +1086 bps
43.7% 32.9% 48.6% Gross NPA %
+10 bps —
1.6% — 1.6% Net NPA %
+6 bps —
1.0% — 0.9%
Where profit came from
Pre-provision profit ₹394 Cr (-7.1% YoY); provisions −₹25.1 Cr.
Net profit +3.8% YoY.
Against its own trend ?
Trend Actual Gap
Net profit ₹305 ₹314
+3.1% in line
M Cap ₹15,510 Cr
P/E —
PEG —
Operating margin contracted 1364 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-55.0% -31.9%
470 690 1,045 Operating profit
loss narrowed loss widened -271 -203 -460 OPM %
-1364 bps -2824 bps
-57.7% -29.4% -44.0% Other income
-73.2% -48.5%
34.0 66.0 127 Net profit?
loss narrowed loss widened -487 -418 -564 EPS (₹)
loss narrowed loss widened -1.10 -0.95 -1.28
Quality of profit
Pre-tax profit −₹487 Cr: core business −₹521 Cr, other income ₹34.0 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations −₹2,391 Cr.
Borrowings ₹3,556 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹560 ₹470
-16.1% below
M Cap ₹15,405 Cr
P/E —
PEG —
Profit -68% below its own trend Operating margin expanded 983 bps YoY 71% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +33%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-24.1% -22.9%
406 526 535 Operating profit
+83.8% from loss 68.0 -922 37.0 OPM %
+983 bps —
16.7% — 6.9% Other income
-54.5% -98.9%
10.0 881 22.0 Net profit?
-35.7% from loss 9.0 -34.0 14.0 PAT margin %
-40 bps +867 bps
2.2% -6.5% 2.6% EPS (₹)
-40.0% from loss 0.27 -0.79 adj. 0.45
EPS restated for the 1:1 bonus of Sep 2025: Dec 2024 ₹0.90 to ₹0.45.
Quality of profit
Pre-tax profit ₹14.0 Cr: core business ₹4.0 Cr, other income ₹10.0 Cr.
Core profit YoY: +33.3%
· reported profit -35.7%
Cash & debt
FY25 cash from operations ₹66.0 Cr:
114% of FY25 net profit of ₹57.9 Cr.
Borrowings ₹219 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹969 ₹406
-58.1% below Net profit ₹28.0 ₹9.0
-67.9% below
M Cap ₹15,384 Cr
P/E —
PEG —
Profit -18% below its own trend
₹ Cr YoY
Dec 2025 Dec 2024
Total income
+26.2%
378 299 Operating profit (pre-provision)
+9.6%
134 122 Provisions
—
0.1 — Net profit?
+2.0%
92.0 90.2 EPS (₹)
+1.7%
5.34 5.25
Where profit came from
Pre-provision profit ₹134 Cr (+9.6% YoY); provisions ₹0.1 Cr.
Net profit +2.0% YoY.
Against its own trend ?
Trend Actual Gap
Total income ₹372 ₹378
+1.6% in line Net profit ₹112 ₹92.0
-17.9% below
M Cap ₹15,348 Cr
P/E 15.8
PEG —
Profit +12% above its own trend Operating margin contracted 1514 bps YoY 34% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+17.6% +2.8%
991 964 842 Operating profit
-15.7% +20.3%
379 315 450 OPM %
-1514 bps +554 bps
38.3% 32.7% 53.4% Other income
-48.9% -29.9%
18.2 26.0 35.6 Net profit?
-7.7% +83.7%
326 177 353 PAT margin %
-904 bps +1447 bps
32.9% 18.4% 41.9% EPS (₹)
-9.0% +71.6%
7.84 4.57 8.62
Quality of profit
Pre-tax profit ₹397 Cr: core business ₹262 Cr, other income ₹18.2 Cr, exceptional & other items ₹116 Cr.
Core profit YoY: -26.3%
· reported profit -7.7%
Cash & debt
FY25 cash from operations ₹2,157 Cr:
150% of FY25 net profit of ₹1,434 Cr.
Borrowings ₹893 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹862 ₹991
+15.0% above Net profit ₹292 ₹326
+11.5% above
M Cap ₹15,327 Cr
P/E 49.2
PEG 6.15
Profit +17% above its own trend 27% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -13%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+0.8% +1.2%
1,263 1,249 1,253 Operating profit
+2.6% +7.5%
148 137 144 OPM %
+20 bps +68 bps
11.7% 11.0% 11.5% Other income
+224.2% +599.8%
29.2 4.2 9.0 Net profit?
+22.2% +69.0%
79.4 47.0 65.0 PAT margin %
+110 bps +252 bps
6.3% 3.8% 5.2% EPS (₹)
+22.5% +68.5%
3.32 1.97 2.71
Quality of profit
Pre-tax profit ₹97.4 Cr: core business ₹71.2 Cr, other income ₹29.2 Cr, exceptional & other items −₹2.9 Cr.
Core profit YoY: -13.2%
· reported profit +22.2%
Cash & debt
FY25 cash from operations ₹544 Cr:
235% of FY25 net profit of ₹231 Cr.
Borrowings ₹1,614 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,421 ₹1,263
-11.1% below Net profit ₹68.1 ₹79.4
+16.6% above
M Cap ₹15,325 Cr
P/E 6.7
PEG 0.26
Gross NPA down 108 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+4.2% +4.2%
3,595 3,450 3,452 Net interest income
-1.4% +3.9%
1,491 1,435 1,512 Other income
+15.7% +78.3%
280 157 242 Net profit?
+9.9% +17.4%
581 495 529 EPS (₹)
+10.0% +17.6%
5.28 4.49 4.80 Gross NPA %
-108 bps -32 bps
3.0% 3.3% 4.1% Net NPA %
-26 bps -8 bps
0.7% 0.8% 0.9%
Against its own trend ?
Trend Actual Gap
NII ₹1,668 ₹1,491
-10.6% below Net profit ₹549 ₹581
+5.8% in line
M Cap ₹15,295 Cr
P/E 60.4
PEG 0.68
Profit -33% below its own trend Operating margin expanded 891 bps YoY Exceptional items of ₹-6.5 Cr in the quarter Core business grew faster than reported profit (core profit +83%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+19.1% +8.6%
210 193 176 Operating profit
+56.5% +22.3%
78.2 64.0 50.0 OPM %
+891 bps +416 bps
37.3% 33.2% 28.4% Other income
+10.0% -35.5%
18.7 29.0 17.0 Net profit?
+33.7% -3.9%
61.5 64.0 46.0 PAT margin %
+321 bps -382 bps
29.3% 33.2% 26.1% EPS (₹)
+29.9% -6.6%
11.70 12.53 9.01
Quality of profit
Pre-tax profit ₹78.0 Cr: core business ₹65.8 Cr, other income ₹18.7 Cr, exceptional & other items −₹6.5 Cr.
Core profit YoY: +82.8%
· reported profit +33.7%
Cash & debt
FY25 cash from operations ₹171 Cr:
117% of FY25 net profit of ₹146 Cr.
Borrowings ₹131 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹217 ₹210
-3.6% in line Net profit ₹92.0 ₹61.5
-33.1% below
M Cap ₹15,277 Cr
P/E 69.1
PEG —
Profit -89% below its own trend Operating margin contracted 726 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-2.8% +0.7%
917 911 944 Operating profit
-26.3% +4.5%
209 200 284 OPM %
-726 bps +84 bps
22.8% 22.0% 30.1% Other income
to loss to loss -55.0 15.0 18.3 Net profit?
-88.6% -77.6%
15.0 67.0 131 PAT margin %
-1226 bps -572 bps
1.6% 7.4% 13.9% EPS (₹)
-88.7% -77.8%
0.37 1.67 3.27
Quality of profit
Pre-tax profit ₹28.0 Cr: core business ₹83.0 Cr, other income −₹55.0 Cr.
Core profit YoY: -48.9%
· reported profit -88.6%
Cash & debt
FY25 cash from operations ₹1,168 Cr:
235% of FY25 net profit of ₹496 Cr.
Borrowings ₹578 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,044 ₹917
-12.2% below Net profit ₹139 ₹15.0
-89.2% below
M Cap ₹15,269 Cr
P/E 16.0
PEG —
Profit -24% below its own trend Operating margin expanded 1675 bps YoY Core business grew faster than reported profit (core profit +138%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-11.4% +9.8%
579 528 653 Operating profit
+93.0% +159.9%
179 69.0 92.9 OPM %
+1675 bps +1789 bps
31.0% 13.1% 14.2% Other income
-11.9% -82.7%
101 583 115 Net profit?
-10.5% -71.4%
133 466 149 PAT margin %
+21 bps -6531 bps
23.0% 88.3% 22.8% EPS (₹)
-10.7% -71.5%
4.18 14.65 4.68
Quality of profit
Pre-tax profit ₹179 Cr: core business ₹156 Cr, other income ₹101 Cr, exceptional & other items −₹78.0 Cr.
Core profit YoY: +137.7%
· reported profit -10.5%
Cash & debt
FY25 cash from operations ₹1,059 Cr:
154% of FY25 net profit of ₹687 Cr.
Borrowings ₹126 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹635 ₹579
-8.8% below Net profit ₹176 ₹133
-24.3% below
M Cap ₹15,255 Cr
P/E 114.2
PEG 3.94
Profit -32% below its own trend Core business grew faster than reported profit (core profit +63%) FY25 operating cash flow was only 39% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+48.7% +9.2%
418 382 281 Operating profit
+38.5% +24.2%
48.0 38.6 34.6 OPM %
-84 bps +139 bps
11.5% 10.1% 12.3% Other income
-25.4% -6.0%
7.4 7.9 10.0 Net profit?
+35.9% +30.5%
32.6 25.0 24.0 PAT margin %
-73 bps +128 bps
7.8% 6.5% 8.5% EPS (₹)
+34.7% +30.4%
4.89 3.75 3.63
Quality of profit
Pre-tax profit ₹44.5 Cr: core business ₹37.1 Cr, other income ₹7.4 Cr.
Core profit YoY: +62.9%
· reported profit +35.9%
Cash & debt
FY25 cash from operations ₹25.0 Cr:
39% of FY25 net profit of ₹63.4 Cr.
Borrowings ₹180 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹417 ₹418
+0.1% in line Net profit ₹48.0 ₹32.6
-32.0% below
M Cap ₹15,243 Cr
P/E 21.1
PEG —
36% of pre-tax profit came from other income and one-off items Exceptional items of ₹-33.7 Cr in the quarter
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
+12.9%
1,621 1,436 Operating profit
+6.5%
285 268 OPM %
-104 bps
17.6% 18.6% Other income
+156.8%
86.1 33.5 Net profit?
+73.3%
131 75.4 PAT margin %
+281 bps
8.1% 5.2% EPS (₹)
+49.3%
1.06 0.71
Quality of profit
Pre-tax profit ₹184 Cr: core business ₹117 Cr, other income ₹86.1 Cr, exceptional & other items −₹19.0 Cr.
M Cap ₹15,239 Cr
P/E 41.1
PEG 4.11
Profit +105% above its own trend Operating margin expanded 350 bps YoY Core business grew faster than reported profit (core profit +110%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+22.0% -13.0%
1,454 1,671 1,192 Operating profit
+63.1% +67.6%
202 120 124 OPM %
+350 bps +667 bps
13.9% 7.2% 10.4% Other income
+157.3% +99.5%
17.4 8.7 6.8 Net profit?
+61.0% +110.5%
113 53.9 70.5 PAT margin %
+189 bps +458 bps
7.8% 3.2% 5.9% EPS (₹)
+61.0% +110.5%
5.62 2.67 3.49
Quality of profit
Pre-tax profit ₹171 Cr: core business ₹154 Cr, other income ₹17.4 Cr.
Core profit YoY: +109.8%
· reported profit +61.0%
Cash & debt
FY25 cash from operations ₹425 Cr:
97% of FY25 net profit of ₹437 Cr.
Borrowings ₹2,627 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,272 ₹1,454
+14.4% above Net profit ₹55.5 ₹113
+104.5% above
M Cap ₹15,232 Cr
P/E 38.9
PEG 0.61
Profit +94% above its own trend Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+112.5% +41.1%
2,406 1,705 1,132 Operating profit
+106.8% +73.1%
172 99.3 83.2 OPM %
-20 bps +132 bps
7.1% 5.8% 7.3% Other income
— to loss -2.0 6.3 0.0 Net profit
+117.9% +79.5%
105 58.5 48.2 PAT margin %
+11 bps +93 bps
4.4% 3.4% 4.3% EPS (₹)
+92.0% +79.1%
33.71 18.82 17.56
Quality of profit
Pre-tax profit ₹143 Cr: core business ₹145 Cr, other income −₹2.0 Cr.
Core profit YoY: +114.9%
· reported profit +117.9%
Cash & debt
FY25 cash from operations −₹424 Cr:
-357% of FY25 net profit of ₹119 Cr.
Borrowings ₹797 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,517 ₹2,406
+58.6% above Net profit ₹54.0 ₹105
+94.3% above
M Cap ₹15,222 Cr
P/E 61.3
PEG 0.52
Profit +179% above its own trend Operating margin expanded 569 bps YoY Core business grew faster than reported profit (core profit +353%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+27.9% +11.9%
602 538 471 Operating profit
+170.5% +35.4%
65.0 48.0 24.0 OPM %
+569 bps +188 bps
10.8% 8.9% 5.1% Other income
-13.3% -20.0%
16.0 20.0 18.4 Net profit?
+131.7% +28.2%
50.0 39.0 21.6 PAT margin %
+372 bps +106 bps
8.3% 7.2% 4.6% EPS (₹)
+129.9% +27.3%
1.54 1.21 0.67
Quality of profit
Pre-tax profit ₹67.0 Cr: core business ₹51.0 Cr, other income ₹16.0 Cr.
Core profit YoY: +353.3%
· reported profit +131.7%
Cash & debt
FY25 cash from operations ₹102 Cr:
156% of FY25 net profit of ₹65.2 Cr.
Borrowings ₹136 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹492 ₹602
+22.3% above Net profit ₹17.9 ₹50.0
+179.2% above
M Cap ₹15,173 Cr
P/E 7.9
PEG 0.31
Operating margin contracted 190 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+19.9% -8.0%
5,898 6,413 4,918 Operating profit
+5.5% -2.5%
821 842 778 OPM %
-190 bps +79 bps
13.9% 13.1% 15.8% Other income
-78.2% -65.3%
14.1 40.6 64.6 Net profit?
+9.7% -9.6%
586 649 534 PAT margin %
-92 bps -17 bps
9.9% 10.1% 10.9% EPS (₹)
+9.7% -9.6%
14.64 16.19 13.34
Quality of profit
Pre-tax profit ₹768 Cr: core business ₹732 Cr, other income ₹14.1 Cr, exceptional & other items ₹21.9 Cr.
Core profit YoY: +6.4%
· reported profit +9.7%
Cash & debt
FY25 cash from operations ₹1,394 Cr:
85% of FY25 net profit of ₹1,649 Cr.
Borrowings ₹99.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹5,621 ₹5,898
+4.9% in line Net profit ₹650 ₹586
-9.8% in line
M Cap ₹15,151 Cr
P/E 44.1
PEG 0.30
Operating margin expanded 119 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+77.2% +19.1%
1,768 1,484 998 Operating profit
+114.0% +22.0%
122 100 57.0 OPM %
+119 bps +16 bps
6.9% 6.7% 5.7% Other income
+0.0% -12.5%
7.0 8.0 7.0 Net profit?
+118.9% +20.9%
81.0 67.0 37.0 PAT margin %
+87 bps +7 bps
4.6% 4.5% 3.7% EPS (₹)
+108.8% +20.1%
5.20 4.33 2.49
Quality of profit
Pre-tax profit ₹106 Cr: core business ₹98.0 Cr, other income ₹7.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +133.3%
· reported profit +118.9%
Cash & debt
FY25 cash from operations −₹273 Cr:
-205% of FY25 net profit of ₹133 Cr.
Borrowings ₹630 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,992 ₹1,768
-11.2% below Net profit ₹74.0 ₹81.0
+9.5% in line
M Cap ₹15,126 Cr
P/E 131.4
PEG 1.73
Profit -33% below its own trend Operating margin contracted 560 bps YoY FY25 operating cash flow was only 18% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+70.0% +12.1%
252 225 148 Operating profit
+32.8% -14.6%
50.4 59.0 38.0 OPM %
-560 bps -624 bps
20.0% 26.2% 25.6% Other income
-7.5% -9.4%
0.9 1.0 1.0 Net profit?
+25.5% -23.7%
22.9 30.0 18.2 PAT margin %
-322 bps -426 bps
9.1% 13.3% 12.3% EPS (₹)
+15.0% -25.8%
0.69 0.93 0.60
Quality of profit
Pre-tax profit ₹31.6 Cr: core business ₹30.7 Cr, other income ₹0.9 Cr.
Core profit YoY: +21.6%
· reported profit +25.5%
Cash & debt
FY25 cash from operations ₹10.0 Cr:
18% of FY25 net profit of ₹56.4 Cr.
Borrowings ₹335 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹213 ₹252
+18.7% above Net profit ₹34.1 ₹22.9
-32.9% below
M Cap ₹15,120 Cr
P/E 96.1
PEG —
All of pre-tax profit came from other income or one-off items
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
-20.4%
422 531 Operating profit
-21.5%
263 335 OPM %
-80 bps
62.3% 63.1% Other income
+62.3%
43.8 27.0 Net profit?
-41.2%
21.2 36.0 PAT margin %
-177 bps
5.0% 6.8% EPS (₹)
+8.4%
2.70 2.49
Quality of profit
Pre-tax profit ₹6.6 Cr: core business −₹37.5 Cr, other income ₹43.8 Cr.
M Cap ₹15,117 Cr
P/E —
PEG —
Into loss: a profit a year ago Profit -125% below its own trend Operating margin contracted 253 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+68.3% +59.9%
70.0 43.8 41.6 Operating profit
+61.1% +120.2%
39.6 18.0 24.6 OPM %
-253 bps +1551 bps
56.6% 41.1% 59.2% Other income
-59.2% -37.1%
5.2 8.3 12.8 Net profit
to loss loss narrowed -5.7 -13.5 11.6 PAT margin %
-3600 bps +2259 bps
-8.1% -30.7% 27.9% EPS (₹)
to loss loss narrowed -0.28 -0.67 0.58
Quality of profit
Pre-tax profit −₹7.5 Cr: core business −₹12.7 Cr, other income ₹5.2 Cr.
Core profit YoY: to loss
Cash & debt
FY25 cash from operations ₹88.0 Cr:
185% of FY25 net profit of ₹47.5 Cr.
Borrowings ₹73.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹42.8 ₹70.0
+63.5% above Net profit ₹23.2 −₹5.7
-124.6% below
M Cap ₹15,078 Cr
P/E 10.9
PEG —
Profit -36% below its own trend Gross NPA down 123 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+8.6% +5.2%
3,549 3,373 3,269 Net interest income
+5.0% +3.8%
986 950 939 Other income
+49.9% +35.4%
507 374 338 Operating profit (pre-provision)
+22.8% +17.7%
594 505 484 Provisions
+26.0% -6.7%
138 148 109 Net profit
+19.3% +14.2%
336 295 282 EPS (₹)
+11.9% +11.9%
0.47 0.42 0.42 Gross NPA %
-123 bps -32 bps
2.6% 2.9% 3.8% Net NPA %
-51 bps -9 bps
0.7% 0.8% 1.2%
Where profit came from
Pre-provision profit ₹594 Cr (+22.8% YoY); provisions ₹138 Cr (+26.0% YoY).
Net profit +19.3% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹1,192 ₹986
-17.3% below Net profit ₹526 ₹336
-36.0% below
M Cap ₹15,076 Cr
P/E 17.5
PEG —
Profit -25% below its own trend Operating margin contracted 134 bps YoY 35% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+1.6% +1.0%
2,505 2,480 2,465 Operating profit
-9.1% -15.0%
284 334 313 OPM %
-134 bps -214 bps
11.3% 13.5% 12.7% Other income
-14.5% +59.0%
58.5 36.8 68.4 Net profit?
-20.4% -10.3%
168 188 212 PAT margin %
-186 bps -84 bps
6.7% 7.6% 8.6% EPS (₹)
-20.9% -11.0%
5.85 6.57 7.40
Quality of profit
Pre-tax profit ₹214 Cr: core business ₹140 Cr, other income ₹58.5 Cr, exceptional & other items ₹15.3 Cr.
Core profit YoY: -27.6%
· reported profit -20.4%
Cash & debt
FY25 cash from operations ₹1,644 Cr:
185% of FY25 net profit of ₹887 Cr.
Borrowings ₹1,238 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,531 ₹2,505
-1.0% in line Net profit ₹225 ₹168
-25.3% below
M Cap ₹15,052 Cr
P/E —
PEG —
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+11.3% +4.7%
1,441 1,377 1,294 Operating profit
+8.3% +20.1%
231 192 213 OPM %
-45 bps +206 bps
16.0% 14.0% 16.5% Other income
to loss to loss -10.2 5.1 9.1 Net profit?
loss widened loss narrowed -11.0 -23.9 -7.6 PAT margin %
-17 bps +98 bps
-0.8% -1.7% -0.6% EPS (₹)
— loss narrowed -0.08 -0.16 0.00
Quality of profit
Pre-tax profit −₹15.9 Cr: core business −₹5.7 Cr, other income −₹10.2 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations ₹900 Cr.
Borrowings ₹3,188 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,479 ₹1,441
-2.6% in line
M Cap ₹15,014 Cr
P/E 76.3
PEG 2.12
Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+45.9% +115.5%
1,412 655 968 Operating profit
+37.4% +288.8%
117 30.1 85.2 OPM %
-52 bps +369 bps
8.3% 4.6% 8.8% Other income
+25.1% -38.3%
9.0 14.6 7.2 Net profit?
+54.5% —
62.0 2.8 40.1 PAT margin %
+24 bps +397 bps
4.4% 0.4% 4.1% EPS (₹)
+47.6% —
2.17 0.09 1.47
Quality of profit
Pre-tax profit ₹79.0 Cr: core business ₹70.0 Cr, other income ₹9.0 Cr.
Core profit YoY: +50.9%
· reported profit +54.5%
Cash & debt
FY25 cash from operations −₹77.0 Cr:
-27% of FY25 net profit of ₹289 Cr.
Borrowings ₹384 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,409 ₹1,412
+0.2% in line Net profit ₹57.7 ₹62.0
+7.5% in line
M Cap ₹14,988 Cr
P/E —
PEG —
₹ Cr
Dec 2025
Sales
529 Operating profit
220 OPM %
41.6% Other income
19.0 Net profit
173 PAT margin %
32.7% EPS (₹)
2.42
Sep 2025 and Dec 2024 are not on record for this company, so there is nothing to compare with yet.
Quality of profit
Pre-tax profit ₹230 Cr: core business ₹211 Cr, other income ₹19.0 Cr.
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, 19:16 IST
