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
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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 ₹2,75,738 Cr
P/E 23.8
PEG 1.13
Profit +13% above its own trend Operating margin expanded 213 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+23.0% +3.0%
16,204 15,735 13,169 Operating profit
+35.6% +31.8%
3,730 2,829 2,751 OPM %
+213 bps +504 bps
23.0% 18.0% 20.9% Other income
+3.2% -37.7%
359 576 348 Net profit?
+25.2% +29.6%
2,750 2,122 2,196 PAT margin %
+30 bps +349 bps
17.0% 13.5% 16.7% EPS (₹)
+25.1% +29.5%
98.38 75.99 78.62
Quality of profit
Pre-tax profit ₹3,656 Cr: core business ₹3,297 Cr, other income ₹359 Cr.
Core profit YoY: +30.4%
· reported profit +25.2%
Cash & debt
FY25 cash from operations −₹1,406 Cr:
-19% of FY25 net profit of ₹7,325 Cr.
Borrowings ₹9,364 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹14,453 ₹16,204
+12.1% above Net profit ₹2,430 ₹2,750
+13.1% above
M Cap ₹2,75,226 Cr
P/E —
PEG —
Profit -69% below its own trend Provisions up 79% YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+23.9% +6.2%
39,708 37,403 32,042 Net interest income
+18.7% +4.1%
13,216 12,697 11,132 Other income
+31.6% +8.2%
19,259 17,804 14,633 Operating profit (pre-provision)
+26.9% +9.3%
9,943 9,099 7,836 Provisions
+79.5% +59.8%
3,639 2,277 2,028 Net profit?
-49.5% -53.0%
2,229 4,746 4,412 EPS (₹)
+0.0% -0.7%
14.00 14.10 14.00 Cost-to-income %
-21 bps -79 bps
69.4% 70.2% 69.6%
Where profit came from
Pre-provision profit ₹9,943 Cr (+26.9% YoY); provisions ₹3,639 Cr (+79.5% YoY).
Net profit -49.5% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹13,544 ₹13,216
-2.4% in line Net profit ₹7,303 ₹2,229
-69.5% below
M Cap ₹2,73,313 Cr
P/E 44.5
PEG 1.65
FY25 operating cash flow was only 11% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+24.0% +24.1%
7,154 5,764 5,771 Operating profit
+27.4% +25.5%
2,127 1,695 1,669 OPM %
+80 bps +32 bps
29.7% 29.4% 28.9% Other income
-25.4% -12.6%
139 159 186 Net profit?
+20.5% +22.8%
1,580 1,286 1,312 PAT margin %
-64 bps -23 bps
22.1% 22.3% 22.7% EPS (₹)
+20.7% +22.7%
2.16 1.76 1.79
Quality of profit
Pre-tax profit ₹2,128 Cr: core business ₹1,990 Cr, other income ₹139 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +27.8%
· reported profit +20.5%
Cash & debt
FY25 cash from operations ₹587 Cr:
11% of FY25 net profit of ₹5,323 Cr.
Borrowings ₹61.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹6,694 ₹7,154
+6.9% above Net profit ₹1,579 ₹1,580
+0.1% in line
M Cap ₹2,55,444 Cr
P/E 67.0
PEG —
Profit +68% above its own trend Operating margin contracted 170 bps YoY Exceptional items of ₹157 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+18.6% +0.4%
5,667 5,644 4,780 Operating profit
+9.8% -2.0%
1,202 1,227 1,095 OPM %
-170 bps -53 bps
21.2% 21.7% 22.9% Other income
+192.8% +485.5%
11.7 2.0 4.0 Net profit?
+45.1% +34.4%
998 743 688 PAT margin %
+322 bps +445 bps
17.6% 13.2% 14.4% EPS (₹)
+44.8% +34.3%
5.17 3.85 3.57
Quality of profit
Pre-tax profit ₹1,148 Cr: core business ₹999 Cr, other income ₹11.7 Cr, exceptional & other items ₹137 Cr.
Core profit YoY: +9.8%
· reported profit +45.1%
Cash & debt
FY25 cash from operations ₹2,936 Cr:
92% of FY25 net profit of ₹3,207 Cr.
Borrowings ₹1,167 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹5,060 ₹5,667
+12.0% above Net profit ₹596 ₹998
+67.5% above
M Cap ₹2,50,231 Cr
P/E 85.5
PEG 6.58
Profit -25% below its own trend Operating margin expanded 214 bps YoY Core business grew faster than reported profit (core profit +19%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+12.3% -4.1%
2,604 2,715 2,319 Operating profit
+19.8% +0.2%
890 888 743 OPM %
+214 bps +147 bps
34.2% 32.7% 32.0% Other income
-82.9% -90.3%
14.0 145 82.0 Net profit?
-1.9% -15.4%
583 689 594 PAT margin %
-323 bps -299 bps
22.4% 25.4% 25.6% EPS (₹)
-1.0% -15.4%
21.96 25.95 22.19
Quality of profit
Pre-tax profit ₹780 Cr: core business ₹766 Cr, other income ₹14.0 Cr.
Core profit YoY: +18.9%
· reported profit -1.9%
Cash & debt
FY25 cash from operations ₹1,653 Cr:
75% of FY25 net profit of ₹2,201 Cr.
Borrowings ₹4.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,666 ₹2,604
-2.3% in line Net profit ₹778 ₹583
-25.0% below
M Cap ₹2,49,467 Cr
P/E 8.0
PEG —
Profit -14% below its own trend Operating margin contracted 771 bps YoY 28% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-2.4% +15.7%
34,924 30,187 35,780 Operating profit
-24.2% +38.9%
9,331 6,716 12,317 OPM %
-771 bps +447 bps
26.7% 22.2% 34.4% Other income
+21.0% +14.0%
2,680 2,350 2,214 Net profit?
-15.6% +68.1%
7,166 4,263 8,491 PAT margin %
-321 bps +640 bps
20.5% 14.1% 23.7% EPS (₹)
-15.9% +64.2%
11.61 7.07 13.80
Quality of profit
Pre-tax profit ₹9,473 Cr: core business ₹6,792 Cr, other income ₹2,680 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: -29.1%
· reported profit -15.6%
Cash & debt
FY25 cash from operations ₹29,200 Cr:
88% of FY25 net profit of ₹33,161 Cr.
Borrowings ₹9,146 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹35,413 ₹34,924
-1.4% in line Net profit ₹8,342 ₹7,166
-14.1% below
M Cap ₹2,31,585 Cr
P/E 14.6
PEG 14.57
Profit +12% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+10.3% +8.0%
12,395 11,476 11,233 Operating profit
+11.3% +17.1%
10,607 9,055 9,533 OPM %
+71 bps +667 bps
85.6% 78.9% 84.9% Other income
-16.1% -35.0%
463 712 552 Net profit?
+8.4% +17.4%
4,185 3,566 3,862 PAT margin %
-61 bps +269 bps
33.8% 31.1% 34.4% EPS (₹)
+8.4% +17.5%
4.50 3.83 4.15
Quality of profit
Pre-tax profit ₹5,497 Cr: core business ₹5,036 Cr, other income ₹463 Cr, exceptional & other items −₹2.0 Cr.
Core profit YoY: +14.5%
· reported profit +8.4%
Cash & debt
FY25 cash from operations ₹36,223 Cr:
233% of FY25 net profit of ₹15,522 Cr.
Borrowings ₹1,31,030 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹11,429 ₹12,395
+8.5% above Net profit ₹3,733 ₹4,185
+12.1% above
M Cap ₹2,31,083 Cr
P/E 13.5
PEG 1.35
Profit +19% above its own trend Operating margin expanded 291 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+27.5% +28.4%
10,980 8,549 8,614 Operating profit
+34.6% +36.2%
6,054 4,445 4,499 OPM %
+291 bps +314 bps
55.1% 52.0% 52.2% Other income
+34.4% +23.1%
293 238 218 Net profit?
+46.2% +47.8%
3,916 2,649 2,678 PAT margin %
+458 bps +468 bps
35.7% 31.0% 31.1% EPS (₹)
+46.2% +47.8%
9.27 6.27 6.34
Quality of profit
Pre-tax profit ₹5,230 Cr: core business ₹4,912 Cr, other income ₹293 Cr, exceptional & other items ₹25.0 Cr.
Core profit YoY: +48.4%
· reported profit +46.2%
Cash & debt
FY25 cash from operations ₹14,160 Cr:
137% of FY25 net profit of ₹10,353 Cr.
Borrowings ₹10,967 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹9,537 ₹10,980
+15.1% above Net profit ₹3,292 ₹3,916
+18.9% above
M Cap ₹2,23,460 Cr
P/E 46.6
PEG 23.29
Profit +12% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+3.9% +3.9%
8,850 8,514 8,522 Operating profit
+8.8% +18.5%
1,781 1,503 1,637 OPM %
+92 bps +247 bps
20.1% 17.7% 19.2% Other income
-64.2% -70.9%
69.0 237 193 Net profit?
-4.6% +6.7%
1,060 994 1,110 PAT margin %
-106 bps +31 bps
12.0% 11.7% 13.0% EPS (₹)
-4.6% +6.7%
11.05 10.36 11.58
Quality of profit
Pre-tax profit ₹1,647 Cr: core business ₹1,420 Cr, other income ₹69.0 Cr, exceptional & other items ₹158 Cr.
Core profit YoY: +7.2%
· reported profit -4.6%
Cash & debt
FY25 cash from operations ₹4,424 Cr:
120% of FY25 net profit of ₹3,676 Cr.
Borrowings ₹2,290 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹8,331 ₹8,850
+6.2% above Net profit ₹948 ₹1,060
+11.8% above
M Cap ₹2,19,474 Cr
P/E 70.5
PEG 8.81
Profit +16% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+13.3% +8.5%
18,101 16,676 15,973 Operating profit
+20.2% +20.6%
1,463 1,214 1,217 OPM %
+46 bps +81 bps
8.1% 7.3% 7.6% Other income
-29.9% -13.5%
16.9 19.6 24.1 Net profit?
+18.3% +25.0%
856 685 724 PAT margin %
+20 bps +62 bps
4.7% 4.1% 4.5% EPS (₹)
+18.3% +24.9%
13.15 10.53 11.12
Quality of profit
Pre-tax profit ₹1,175 Cr: core business ₹1,158 Cr, other income ₹16.9 Cr.
Core profit YoY: +19.3%
· reported profit +18.3%
Cash & debt
FY25 cash from operations ₹2,463 Cr:
91% of FY25 net profit of ₹2,707 Cr.
Borrowings ₹820 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹18,619 ₹18,101
-2.8% in line Net profit ₹737 ₹856
+16.1% above
M Cap ₹2,18,692 Cr
P/E 19.3
PEG 1.02
Profit -27% below its own trend Gross NPA down 84 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+13.9% +2.3%
12,197 11,921 10,705 Net interest income
+17.7% +9.2%
6,580 6,027 5,590 Other income
-2.0% -3.4%
357 370 365 Operating profit (pre-provision)
+14.4% +5.1%
4,674 4,446 4,085 Provisions
-1.2% -1.7%
1,310 1,333 1,326 Net profit?
-22.1% +9.3%
2,530 2,314 3,249 EPS (₹)
-22.1% +9.3%
13.45 12.30 17.27 Cost-to-income %
+123 bps +214 bps
32.6% 30.5% 31.4% Gross NPA %
-84 bps -3 bps
4.5% 4.6% 5.4% Net NPA %
-30 bps -11 bps
2.4% 2.5% 2.7%
Where profit came from
Pre-provision profit ₹4,674 Cr (+14.4% YoY); provisions ₹1,310 Cr (-1.2% YoY).
Net profit -22.1% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹6,165 ₹6,580
+6.7% above Net profit ₹3,473 ₹2,530
-27.2% below
M Cap ₹2,14,858 Cr
P/E 19.1
PEG 1.91
Profit +362% above its own trend Operating margin expanded 338 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+6.3% -2.9%
57,002 58,689 53,648 Operating profit
+38.9% -7.8%
8,200 8,897 5,903 OPM %
+338 bps -77 bps
14.4% 15.2% 11.0% Other income
+126.7% +37.8%
501 364 221 Net profit?
+824.0% -14.2%
2,730 3,183 295 PAT margin %
+424 bps -63 bps
4.8% 5.4% 0.6% EPS (₹)
+730.8% -13.3%
2.16 2.49 0.26
Quality of profit
Pre-tax profit ₹3,869 Cr: core business ₹3,404 Cr, other income ₹501 Cr, exceptional & other items −₹35.9 Cr.
Core profit YoY: +122.4%
· reported profit +824.0%
Cash & debt
FY25 cash from operations ₹23,138 Cr:
729% of FY25 net profit of ₹3,174 Cr.
Borrowings ₹94,801 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹52,061 ₹57,002
+9.5% above Net profit ₹591 ₹2,730
+362.0% above
M Cap ₹2,09,850 Cr
P/E 97.8
PEG 5.75
Profit -99% below its own trend Operating margin expanded 1790 bps YoY Exceptional items of ₹-11.0 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+10.7% -13.0%
2,618 3,008 2,365 Operating profit
+40.0% -13.9%
2,241 2,603 1,601 OPM %
+1790 bps -94 bps
85.6% 86.5% 67.7% Other income
-17.4% -9.1%
219 241 265 Net profit?
-98.9% -99.2%
5.0 644 474 PAT margin %
-1985 bps -2122 bps
0.2% 21.4% 20.0% EPS (₹)
to loss to loss -0.38 3.44 2.92
Quality of profit
Pre-tax profit −₹32.0 Cr: core business −₹343 Cr, other income ₹219 Cr, exceptional & other items ₹92.0 Cr.
Core profit YoY: to loss
· reported profit -98.9%
Cash & debt
FY25 cash from operations ₹8,957 Cr:
448% of FY25 net profit of ₹2,001 Cr.
Borrowings ₹80,040 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,648 ₹2,618
-1.1% in line Net profit ₹607 ₹5.0
-99.2% below
M Cap ₹1,95,901 Cr
P/E 11.9
PEG 0.60
Profit -62% below its own trend Exceptional items of ₹-2,613 Cr in the quarter Core business grew faster than reported profit (core profit +1%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+13.9% +0.7%
66,521 66,058 58,390 Operating profit
+5.4% -10.8%
7,994 8,966 7,583 OPM %
-97 bps -156 bps
12.0% 13.6% 13.0% Other income
+7.9% -23.0%
549 713 509 Net profit?
-45.1% -56.8%
2,049 4,741 3,735 PAT margin %
-332 bps -410 bps
3.1% 7.2% 6.4% EPS (₹)
-45.1% -56.8%
9.23 21.35 16.82
Quality of profit
Pre-tax profit ₹2,829 Cr: core business ₹4,893 Cr, other income ₹549 Cr, exceptional & other items −₹2,613 Cr.
Core profit YoY: +1.4%
· reported profit -45.1%
Cash & debt
FY25 cash from operations ₹24,410 Cr:
153% of FY25 net profit of ₹16,002 Cr.
Borrowings ₹63,929 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹66,027 ₹66,521
+0.7% in line Net profit ₹5,425 ₹2,049
-62.2% below
M Cap ₹1,95,432 Cr
P/E 33.9
PEG 1.41
Operating margin expanded 131 bps YoY 26% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+22.9% -0.9%
6,114 6,172 4,973 Operating profit
+29.6% +3.0%
1,557 1,512 1,201 OPM %
+131 bps +96 bps
25.5% 24.5% 24.2% Other income
+16.8% -3.9%
337 351 289 Net profit?
+21.4% +3.7%
1,421 1,369 1,170 PAT margin %
-30 bps +105 bps
23.2% 22.2% 23.5% EPS (₹)
+21.3% +3.7%
51.79 49.93 42.70
Quality of profit
Pre-tax profit ₹1,793 Cr: core business ₹1,328 Cr, other income ₹337 Cr, exceptional & other items ₹127 Cr.
Core profit YoY: +31.7%
· reported profit +21.4%
Cash & debt
FY25 cash from operations ₹3,980 Cr:
84% of FY25 net profit of ₹4,734 Cr.
Borrowings ₹458 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹6,021 ₹6,114
+1.5% in line Net profit ₹1,416 ₹1,421
+0.3% in line
M Cap ₹1,93,845 Cr
P/E 17.0
PEG —
Operating margin contracted 558 bps YoY Exceptional items of ₹-200 Cr in the quarter Core business grew faster than reported profit (core profit +58%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+27.4% +11.1%
44,312 39,900 34,793 Operating profit
-9.0% +20.1%
6,184 5,151 6,796 OPM %
-558 bps +105 bps
14.0% 12.9% 19.5% Other income
-91.7% -76.0%
30.5 127 369 Net profit?
+21.1% +49.1%
2,233 1,498 1,844 PAT margin %
-26 bps +128 bps
5.0% 3.8% 5.3% EPS (₹)
+22.7% +87.3%
15.28 8.16 12.45
Quality of profit
Pre-tax profit ₹3,051 Cr: core business ₹3,277 Cr, other income ₹30.5 Cr, exceptional & other items −₹256 Cr.
Core profit YoY: +58.4%
· reported profit +21.1%
Cash & debt
FY25 cash from operations −₹17,170 Cr:
-210% of FY25 net profit of ₹8,185 Cr.
Borrowings ₹1,86,326 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹41,023 ₹44,312
+8.0% above Net profit ₹2,133 ₹2,233
+4.7% in line
M Cap ₹1,87,253 Cr
P/E 52.0
PEG 1.58
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+32.5% +5.0%
14,756 14,051 11,135 Operating profit
+36.4% +7.6%
2,270 2,110 1,665 OPM %
+43 bps +37 bps
15.4% 15.0% 15.0% Other income
to loss loss narrowed -13.1 -14.0 43.9 Net profit?
+46.3% +7.0%
891 833 609 PAT margin %
+57 bps +11 bps
6.0% 5.9% 5.5% EPS (₹)
+48.7% +5.8%
17.71 16.74 11.91
Quality of profit
Pre-tax profit ₹1,323 Cr: core business ₹1,386 Cr, other income −₹13.1 Cr, exceptional & other items −₹50.1 Cr.
Core profit YoY: +60.8%
· reported profit +46.3%
Cash & debt
FY25 cash from operations ₹3,503 Cr:
147% of FY25 net profit of ₹2,380 Cr.
Borrowings ₹28,609 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹12,995 ₹14,756
+13.5% above Net profit ₹836 ₹891
+6.7% in line
M Cap ₹1,85,407 Cr
P/E —
PEG —
Profit -73% below its own trend Exceptional items of ₹1,546 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+6.2% +26.5%
23,472 18,555 22,111 Operating profit
+3.6% +826.2%
5,367 580 5,179 OPM %
-55 bps +1974 bps
22.9% 3.1% 23.4% Other income
+21.2% +2.3%
1,069 1,044 882 Net profit?
-77.6% from loss 549 -2,582 2,449 PAT margin %
-874 bps +1626 bps
2.3% -13.9% 11.1% EPS (₹)
-77.6% from loss 14.22 -66.79 63.38
Quality of profit
Pre-tax profit ₹562 Cr: core business ₹1,040 Cr, other income ₹1,069 Cr, exceptional & other items −₹1,546 Cr.
Core profit YoY: -36.8%
· reported profit -77.6%
Cash & debt
FY25 cash from operations ₹24,151 Cr:
333% of FY25 net profit of ₹7,258 Cr.
Borrowings ₹66,810 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹24,655 ₹23,472
-4.8% in line Net profit ₹2,000 ₹549
-72.5% below
M Cap ₹1,84,002 Cr
P/E 89.7
PEG 3.09
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+29.1% +22.4%
2,548 2,082 1,973 Operating profit
+34.0% +28.1%
708 553 529 OPM %
+100 bps +124 bps
27.8% 26.5% 26.8% Other income
+138.1% -14.3%
25.0 29.2 10.5 Net profit?
+38.4% +29.2%
467 361 338 PAT margin %
+122 bps +97 bps
18.3% 17.4% 17.1% EPS (₹)
+41.7% +29.4%
49.31 38.12 34.80
Quality of profit
Pre-tax profit ₹636 Cr: core business ₹611 Cr, other income ₹25.0 Cr.
Core profit YoY: +36.2%
· reported profit +38.4%
Cash & debt
FY25 cash from operations ₹2,468 Cr:
192% of FY25 net profit of ₹1,288 Cr.
Borrowings ₹975 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,581 ₹2,548
-1.3% in line Net profit ₹441 ₹467
+5.9% in line
M Cap ₹1,78,088 Cr
P/E 82.6
PEG 3.75
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+17.6% +0.0%
3,303 3,302 2,809 Operating profit
+19.0% +0.5%
1,088 1,083 914 OPM %
+40 bps +14 bps
32.9% 32.8% 32.5% Other income
to loss loss narrowed -13.0 -27.0 33.0 Net profit?
+26.2% +7.4%
635 591 503 PAT margin %
+132 bps +133 bps
19.2% 17.9% 17.9% EPS (₹)
+26.1% +7.6%
18.77 17.45 14.88
Quality of profit
Pre-tax profit ₹814 Cr: core business ₹837 Cr, other income −₹13.0 Cr, exceptional & other items −₹10.0 Cr.
Core profit YoY: +27.2%
· reported profit +26.2%
Cash & debt
FY25 cash from operations ₹2,585 Cr:
135% of FY25 net profit of ₹1,911 Cr.
Borrowings ₹3,202 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,075 ₹3,303
+7.4% above Net profit ₹587 ₹635
+8.2% in line
M Cap ₹1,77,010 Cr
P/E 5.0
PEG 0.08
Profit +312% above its own trend Operating margin expanded 618 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+7.6% +14.4%
2,36,257 2,06,447 2,19,522 Operating profit
+200.4% +40.0%
22,745 16,245 7,573 OPM %
+618 bps +176 bps
9.6% 7.9% 3.4% Other income
+13.6% -14.4%
1,160 1,356 1,022 Net profit?
+528.8% +64.8%
13,502 8,191 2,147 PAT margin %
+474 bps +175 bps
5.7% 4.0% 1.0% EPS (₹)
+513.0% +66.2%
9.44 5.68 1.54
Quality of profit
Pre-tax profit ₹17,827 Cr: core business ₹16,200 Cr, other income ₹1,160 Cr, exceptional & other items ₹467 Cr.
Core profit YoY: —
· reported profit +528.8%
Cash & debt
FY25 cash from operations ₹34,699 Cr:
252% of FY25 net profit of ₹13,789 Cr.
Borrowings ₹1,52,271 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,19,389 ₹2,36,257
+7.7% above Net profit ₹3,274 ₹13,502
+312.4% above
M Cap ₹1,68,653 Cr
P/E 68.3
PEG 5.25
Operating margin contracted 183 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+144.6% +99.6%
46,133 23,115 18,862 Operating profit
+3.2% +19.2%
615 516 596 OPM %
-183 bps -90 bps
1.3% 2.2% 3.2% Other income
from loss +68.8%
27.0 16.0 -3.0 Net profit
+4.7% +16.6%
577 495 551 PAT margin %
-167 bps -89 bps
1.3% 2.1% 2.9% EPS (₹)
+4.5% +16.6%
5.75 4.93 5.50
Quality of profit
Pre-tax profit ₹642 Cr: core business ₹615 Cr, other income ₹27.0 Cr.
Core profit YoY: +3.2%
· reported profit +4.7%
Cash & debt
FY25 cash from operations ₹25,547 Cr:
1058% of FY25 net profit of ₹2,414 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹11,411 ₹46,133
+304.3% above Net profit ₹591 ₹577
-2.4% in line
M Cap ₹1,65,330 Cr
P/E 36.3
PEG —
Profit +31% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+13.5% +4.1%
31,409 30,173 27,666 Operating profit
+13.3% +16.5%
3,043 2,611 2,686 OPM %
-2 bps +103 bps
9.7% 8.7% 9.7% Other income
-32.2% -37.2%
145 231 214 Net profit?
+8.9% +26.7%
1,072 846 984 PAT margin %
-14 bps +61 bps
3.4% 2.8% 3.6% EPS (₹)
+16.9% +24.4%
0.97 0.78 0.83
Quality of profit
Pre-tax profit ₹1,527 Cr: core business ₹1,381 Cr, other income ₹145 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +24.6%
· reported profit +8.9%
Against its own trend ?
Trend Actual Gap
Sales ₹29,912 ₹31,409
+5.0% above Net profit ₹819 ₹1,072
+30.9% above
M Cap ₹1,60,895 Cr
P/E 48.2
PEG 1.72
Turnaround: profit against a loss a year ago Operating margin contracted 685 bps YoY Exceptional items of ₹-35.3 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+32.1% +22.9%
2,020 1,643 1,529 Operating profit
-2.5% +37.3%
390 284 400 OPM %
-685 bps +202 bps
19.3% 17.3% 26.2% Other income
from loss -53.3%
399 854 -94.0 Net profit?
from loss -70.8%
296 1,013 -166 PAT margin %
+2553 bps -4701 bps
14.7% 61.7% -10.9% EPS (₹)
+13.6% +1.9%
4.86 4.77 4.28
Quality of profit
Pre-tax profit ₹356 Cr: core business ₹324 Cr, other income ₹399 Cr, exceptional & other items −₹367 Cr.
Core profit YoY: +21.3%
Cash & debt
FY25 cash from operations ₹5,235 Cr:
236% of FY25 net profit of ₹2,221 Cr.
Borrowings ₹4,103 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,889 ₹2,020
+7.0% above
M Cap ₹1,60,069 Cr
P/E 12.0
PEG 2.41
Profit -20% below its own trend Operating margin contracted 210 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+5.5% +3.8%
23,556 22,697 22,319 Operating profit
-5.4% -1.7%
4,296 4,372 4,540 OPM %
-210 bps -102 bps
18.2% 19.3% 20.3% Other income
+0.4% +4.7%
1,008 963 1,004 Net profit?
-6.6% -3.6%
3,145 3,262 3,367 PAT margin %
-173 bps -102 bps
13.4% 14.4% 15.1% EPS (₹)
-6.9% -3.9%
2.98 3.10 3.20
Quality of profit
Pre-tax profit ₹4,134 Cr: core business ₹3,126 Cr, other income ₹1,008 Cr.
Core profit YoY: -9.4%
· reported profit -6.6%
Cash & debt
FY25 cash from operations ₹16,943 Cr:
128% of FY25 net profit of ₹13,218 Cr.
Borrowings ₹19,204 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹22,554 ₹23,556
+4.4% in line Net profit ₹3,948 ₹3,145
-20.3% below
M Cap ₹1,57,722 Cr
P/E 31.9
PEG 6.37
Profit +13% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+8.0% +2.9%
17,973 17,461 16,648 Operating profit
+7.6% -16.9%
2,018 2,429 1,876 OPM %
-4 bps -268 bps
11.2% 13.9% 11.3% Other income
-0.3% +5.4%
244 231 244 Net profit?
+6.3% -21.5%
1,234 1,572 1,161 PAT margin %
-10 bps -214 bps
6.9% 9.0% 7.0% EPS (₹)
+6.3% -21.5%
15.19 19.35 14.29
Quality of profit
Pre-tax profit ₹1,666 Cr: core business ₹1,422 Cr, other income ₹244 Cr.
Core profit YoY: +7.9%
· reported profit +6.3%
Cash & debt
FY25 cash from operations ₹4,345 Cr:
77% of FY25 net profit of ₹5,641 Cr.
Borrowings ₹850 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹16,633 ₹17,973
+8.1% above Net profit ₹1,092 ₹1,234
+13.0% above
M Cap ₹1,56,538 Cr
P/E 50.6
PEG 2.41
Profit +386% above its own trend Operating margin expanded 3227 bps YoY 27% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
— +2.0%
6,730 6,596 349 Operating profit
from loss +2.1%
1,995 1,955 -9.1 OPM %
+3227 bps +1 bps
29.7% 29.6% -2.6% Other income
-30.6% +25.6%
215 171 310 Net profit?
+250.5% +3.1%
574 557 164 PAT margin %
-3843 bps +9 bps
8.5% 8.4% 47.0% EPS (₹)
+233.3% +3.6%
4.60 4.44 1.38
Quality of profit
Pre-tax profit ₹801 Cr: core business ₹586 Cr, other income ₹215 Cr.
Core profit YoY: from loss
· reported profit +250.5%
Cash & debt
FY25 cash from operations ₹9,045 Cr:
1967% of FY25 net profit of ₹460 Cr.
Borrowings ₹39,926 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹407 ₹6,730
+999.0% above Net profit ₹118 ₹574
+386.5% above
M Cap ₹1,55,331 Cr
P/E 85.6
PEG 1.21
Operating margin expanded 215 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+14.8% +10.9%
5,345 4,818 4,657 Operating profit
+28.4% +32.3%
1,081 817 842 OPM %
+215 bps +327 bps
20.2% 17.0% 18.1% Other income
-68.2% -31.8%
18.8 27.6 59.1 Net profit?
+2.7% +36.6%
510 373 497 PAT margin %
-112 bps +179 bps
9.5% 7.8% 10.7% EPS (₹)
+3.1% +36.0%
14.42 10.60 13.99
Quality of profit
Pre-tax profit ₹676 Cr: core business ₹671 Cr, other income ₹18.8 Cr, exceptional & other items −₹14.2 Cr.
Core profit YoY: +19.8%
· reported profit +2.7%
Cash & debt
FY25 cash from operations ₹1,661 Cr:
108% of FY25 net profit of ₹1,535 Cr.
Borrowings ₹2,237 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹5,747 ₹5,345
-7.0% below Net profit ₹546 ₹510
-6.6% in line
M Cap ₹1,53,176 Cr
P/E 63.0
PEG 1.70
Profit +45% above its own trend Operating margin expanded 225 bps YoY 45% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +442%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+16.4% +12.8%
8,473 7,512 7,277 Operating profit
+79.1% -6.2%
545 581 304 OPM %
+225 bps -130 bps
6.4% 7.7% 4.2% Other income
+117.8% +24.3%
235 189 108 Net profit?
+189.5% +4.0%
390 375 135 PAT margin %
+275 bps -39 bps
4.6% 5.0% 1.9% EPS (₹)
+187.2% +3.7%
1.12 1.08 0.39
Quality of profit
Pre-tax profit ₹520 Cr: core business ₹285 Cr, other income ₹235 Cr.
Core profit YoY: +442.0%
· reported profit +189.5%
Cash & debt
FY25 cash from operations ₹2,192 Cr:
411% of FY25 net profit of ₹534 Cr.
Borrowings ₹9,015 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹8,113 ₹8,473
+4.4% in line Net profit ₹269 ₹390
+44.8% above
M Cap ₹1,50,412 Cr
P/E 56.2
PEG 2.25
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+10.1% +4.4%
3,710 3,554 3,369 Operating profit
+12.0% +5.1%
894 851 798 OPM %
+40 bps +16 bps
24.1% 23.9% 23.7% Other income
+7.6% +19.6%
60.0 50.2 55.8 Net profit?
+12.0% +6.7%
624 585 557 PAT margin %
+28 bps +37 bps
16.8% 16.4% 16.5% EPS (₹)
+11.8% +6.7%
6.07 5.69 adj. 5.43
EPS restated for the 1:1 bonus of Sep 2025: Dec 2024 ₹10.86 to ₹5.43.
Quality of profit
Pre-tax profit ₹840 Cr: core business ₹780 Cr, other income ₹60.0 Cr.
Core profit YoY: +12.0%
· reported profit +12.0%
Cash & debt
FY25 cash from operations ₹2,287 Cr:
109% of FY25 net profit of ₹2,096 Cr.
Borrowings ₹454 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,713 ₹3,710
-0.1% in line Net profit ₹632 ₹624
-1.3% 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, 14:24 IST
