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
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The next results season has started: 44 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
Page 20 of 144
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M Cap ₹9,837 Cr
P/E 81.8
PEG —
Profit -77% below its own trend Operating margin contracted 101 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
+10.7% -6.7%
1,407 1,508 1,271 Operating profit
-60.2% -46.9%
8.0 15.0 20.0 OPM %
-101 bps -43 bps
0.6% 1.0% 1.6% Other income
-33.5% -5.5%
17.9 19.0 27.0 Net profit
-76.1% -60.7%
6.7 17.0 28.0 PAT margin %
-173 bps -65 bps
0.5% 1.1% 2.2% EPS (₹)
-78.5% -60.2%
0.53 1.33 2.46
Quality of profit
Pre-tax profit ₹9.1 Cr: core business −₹8.8 Cr, other income ₹17.9 Cr.
Core profit YoY: to loss
· reported profit -76.1%
Against its own trend ?
Trend Actual Gap
Sales ₹1,247 ₹1,407
+12.8% above Net profit ₹29.5 ₹6.7
-77.3% below
M Cap ₹9,798 Cr
P/E 8.5
PEG 0.42
Profit +11% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+8.8% +2.3%
1,073 1,049 986 Net interest income
+22.1% +4.0%
421 405 345 Other income
+71.9% +59.3%
10.0 6.3 5.8 Operating profit (pre-provision)
+20.5% +4.9%
351 335 291 Provisions
-56.0% +216.9%
9.7 3.1 22.1 Net profit
+24.8% +5.3%
265 251 212 EPS (₹)
+24.9% +5.3%
19.89 18.88 15.93 Cost-to-income %
+162 bps -2 bps
18.5% 18.6% 16.9% Gross NPA %
+0 bps -2 bps
0.9% 0.9% 0.9% Net NPA %
-1 bps -1 bps
0.5% 0.5% 0.5%
Where profit came from
Pre-provision profit ₹351 Cr (+20.5% YoY); provisions ₹9.7 Cr (-56.0% YoY).
Net profit +24.8% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹378 ₹421
+11.4% above Net profit ₹238 ₹265
+11.4% above
M Cap ₹9,715 Cr
P/E 16.5
PEG 0.52
Profit -17% below its own trend 28% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+1.3% -14.1%
1,384 1,610 1,366 Operating profit
+9.8% -9.4%
176 194 160 OPM %
+99 bps +65 bps
12.7% 12.1% 11.7% Other income
+61.2% +27.5%
63.1 49.4 39.1 Net profit?
+16.1% -3.1%
163 169 141 PAT margin %
+151 bps +133 bps
11.8% 10.5% 10.3% EPS (₹)
+21.1% +6.8%
12.01 11.25 9.92
Quality of profit
Pre-tax profit ₹222 Cr: core business ₹159 Cr, other income ₹63.1 Cr.
Core profit YoY: +10.1%
· reported profit +16.1%
Cash & debt
FY25 cash from operations ₹584 Cr:
105% of FY25 net profit of ₹557 Cr.
Borrowings ₹15.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,481 ₹1,384
-6.6% below Net profit ₹196 ₹163
-16.6% below
M Cap ₹9,705 Cr
P/E 14.9
PEG 0.34
Profit +487% above its own trend Operating margin expanded 496 bps YoY Exceptional items of ₹-104 Cr in the quarter Core business grew faster than reported profit (core profit +347%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+15.0% +5.3%
4,223 4,011 3,674 Operating profit
+81.7% +9.5%
571 521 314 OPM %
+496 bps +52 bps
13.5% 13.0% 8.6% Other income
-40.4% -13.9%
12.3 14.3 20.7 Net profit?
+294.9% -6.7%
208 223 52.6 PAT margin %
+349 bps -63 bps
4.9% 5.5% 1.4% EPS (₹)
+287.8% -9.8%
7.29 8.08 1.88
Quality of profit
Pre-tax profit ₹254 Cr: core business ₹346 Cr, other income ₹12.3 Cr, exceptional & other items −₹104 Cr.
Core profit YoY: +347.5%
· reported profit +294.9%
Cash & debt
FY25 cash from operations ₹716 Cr:
141% of FY25 net profit of ₹507 Cr.
Borrowings ₹4,911 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,820 ₹4,223
+10.6% above Net profit ₹35.4 ₹208
+486.7% above
M Cap ₹9,683 Cr
P/E 14.1
PEG 0.94
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+12.7% +1.0%
674 667 598 Net interest income
+18.3% +2.3%
400 391 338 Other income
-100.0% —
0.0 0.0 1.0 Net profit
+16.4% +3.7%
170 164 146 EPS (₹)
+16.1% +3.7%
21.48 20.71 18.50 Gross NPA %
+5 bps -5 bps
1.2% 1.2% 1.1% Net NPA %
-2 bps -6 bps
0.8% 0.8% 0.8%
Against its own trend ?
Trend Actual Gap
NII ₹393 ₹400
+1.8% in line Net profit ₹161 ₹170
+5.3% in line
M Cap ₹9,620 Cr
P/E 43.5
PEG —
Profit -22% below its own trend Operating margin expanded 1778 bps YoY Exceptional items of ₹-7.0 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-46.1% +13.2%
260 230 483 Operating profit
+8.7% +33.0%
91.7 69.0 84.4 OPM %
+1778 bps +523 bps
35.2% 30.0% 17.5% Other income
-52.8% -32.5%
7.4 11.0 15.7 Net profit?
-17.8% +16.5%
51.2 44.0 62.3 PAT margin %
+678 bps +55 bps
19.7% 19.1% 12.9% EPS (₹)
-17.6% +17.6%
2.67 2.27 3.24
Quality of profit
Pre-tax profit ₹69.5 Cr: core business ₹69.1 Cr, other income ₹7.4 Cr, exceptional & other items −₹7.0 Cr.
Core profit YoY: +0.5%
· reported profit -17.8%
Against its own trend ?
Trend Actual Gap
Sales ₹474 ₹260
-45.0% below Net profit ₹65.4 ₹51.2
-21.6% below
M Cap ₹9,610 Cr
P/E 20.8
PEG —
Profit +35% above its own trend Operating margin expanded 867 bps YoY 29% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +103%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+5.7% +10.9%
609 549 576 Operating profit
+80.1% -1.7%
128 130 71.0 OPM %
+867 bps -269 bps
21.0% 23.7% 12.3% Other income
-31.7% -13.3%
26.3 30.3 38.4 Net profit?
+37.4% +5.5%
115 109 83.8 PAT margin %
+436 bps -97 bps
18.9% 19.9% 14.6% EPS (₹)
+39.5% +3.9%
2.12 2.04 1.52
Quality of profit
Pre-tax profit ₹154 Cr: core business ₹110 Cr, other income ₹26.3 Cr, exceptional & other items ₹18.0 Cr.
Core profit YoY: +103.5%
· reported profit +37.4%
Cash & debt
FY25 cash from operations ₹637 Cr:
160% of FY25 net profit of ₹398 Cr.
Borrowings ₹9.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹566 ₹609
+7.6% above Net profit ₹85.4 ₹115
+34.7% above
M Cap ₹9,574 Cr
P/E 15.8
PEG 0.29
Profit -39% below its own trend Core business grew faster than reported profit (core profit +31%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+12.2% -1.5%
6,001 6,092 5,349 Operating profit
+15.0% +0.0%
430 430 374 OPM %
+17 bps +11 bps
7.2% 7.1% 7.0% Other income
to loss to loss -49.0 5.0 1.0 Net profit?
-2.3% -21.1%
127 161 130 PAT margin %
-31 bps -53 bps
2.1% 2.6% 2.4% EPS (₹)
-1.6% -20.7%
4.79 6.04 4.87
Quality of profit
Pre-tax profit ₹160 Cr: core business ₹209 Cr, other income −₹49.0 Cr.
Core profit YoY: +31.4%
· reported profit -2.3%
Cash & debt
FY25 cash from operations ₹419 Cr:
73% of FY25 net profit of ₹571 Cr.
Borrowings ₹3,957 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹5,959 ₹6,001
+0.7% in line Net profit ₹207 ₹127
-38.8% below
M Cap ₹9,527 Cr
P/E 55.6
PEG 1.43
Profit +19% above its own trend Operating margin contracted 189 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+46.2% +14.7%
320 279 219 Operating profit
+35.2% +15.1%
74.2 64.5 54.9 OPM %
-189 bps +8 bps
23.2% 23.1% 25.1% Other income
+85.9% -17.5%
7.8 9.5 4.2 Net profit?
+41.3% +4.4%
43.1 41.3 30.5 PAT margin %
-47 bps -132 bps
13.4% 14.8% 13.9% EPS (₹)
+31.9% +10.0%
4.71 4.28 3.57
Quality of profit
Pre-tax profit ₹57.1 Cr: core business ₹49.3 Cr, other income ₹7.8 Cr.
Core profit YoY: +37.1%
· reported profit +41.3%
Cash & debt
FY25 cash from operations ₹150 Cr:
115% of FY25 net profit of ₹130 Cr.
Borrowings ₹12.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹283 ₹320
+13.2% above Net profit ₹36.3 ₹43.1
+18.6% above
M Cap ₹9,498 Cr
P/E 222.0
PEG 36.99
Profit +200% above its own trend Core business grew faster than reported profit (core profit +100%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+34.9% +8.4%
425 392 315 Operating profit
+28.2% +8.7%
50.0 46.0 39.0 OPM %
-62 bps +3 bps
11.8% 11.7% 12.4% Other income
— —
-8.0 0.0 0.0 Net profit?
+50.0% +100.0%
6.0 3.0 4.0 PAT margin %
+14 bps +65 bps
1.4% 0.8% 1.3% EPS (₹)
+63.4% +74.3%
9.10 5.22 5.57
Quality of profit
Pre-tax profit ₹8.0 Cr: core business ₹16.0 Cr, other income −₹8.0 Cr.
Core profit YoY: +100.0%
· reported profit +50.0%
Cash & debt
FY25 cash from operations ₹144 Cr:
335% of FY25 net profit of ₹43.0 Cr.
Borrowings ₹571 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹331 ₹425
+28.4% above Net profit ₹2.0 ₹6.0
+200.0% above
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+14.0% —
183 — 161 Operating profit (pre-provision)
+12.7% -38.9%
153 250 136 Net profit?
+11.0% -3.2%
119 123 107 EPS (₹)
+10.7% -2.9%
1.34 1.38 1.21
Where profit came from
Pre-provision profit ₹153 Cr (+12.7% YoY).
Net profit +11.0% YoY.
Against its own trend ?
Trend Actual Gap
Total income ₹187 ₹183
-2.1% in line Net profit ₹130 ₹119
-8.3% in line
M Cap ₹9,443 Cr
P/E 26.7
PEG —
Operating margin contracted 116 bps YoY Exceptional items of ₹11.9 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+27.6% +0.3%
1,329 1,326 1,042 Operating profit
+13.1% +8.5%
119 110 106 OPM %
-116 bps +68 bps
9.0% 8.3% 10.1% Other income
+20.9% -20.0%
4.8 6.0 4.0 Net profit?
-8.7% -10.7%
59.0 66.0 64.6 PAT margin %
-177 bps -54 bps
4.4% 5.0% 6.2% EPS (₹)
-8.7% -11.3%
16.63 18.75 18.22
Quality of profit
Pre-tax profit ₹73.0 Cr: core business ₹80.1 Cr, other income ₹4.8 Cr, exceptional & other items −₹11.9 Cr.
Core profit YoY: +9.9%
· reported profit -8.7%
Cash & debt
FY25 cash from operations ₹421 Cr:
79% of FY25 net profit of ₹534 Cr.
Borrowings ₹210 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,292 ₹1,329
+2.9% in line Net profit ₹61.5 ₹59.0
-4.0% in line
M Cap ₹9,409 Cr
P/E 111.7
PEG —
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
+10.3%
632 573 Net profit
+103.9%
15.1 7.4 PAT margin %
+109 bps
2.4% 1.3%
M Cap ₹9,390 Cr
P/E 41.8
PEG —
Profit -14% below its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-4.6% -9.0%
354 389 371 Operating profit
-5.6% -4.3%
67.0 70.0 71.0 OPM %
-21 bps +93 bps
18.9% 18.0% 19.1% Other income
+14.3% +14.3%
8.0 7.0 7.0 Net profit
-4.5% -2.3%
42.0 43.0 44.0 PAT margin %
+0 bps +81 bps
11.9% 11.1% 11.9% EPS (₹)
-3.5% -1.7%
8.26 8.40 8.56
Quality of profit
Pre-tax profit ₹57.0 Cr: core business ₹49.0 Cr, other income ₹8.0 Cr.
Core profit YoY: -7.5%
· reported profit -4.5%
Cash & debt
FY25 cash from operations ₹263 Cr:
141% of FY25 net profit of ₹186 Cr.
Borrowings ₹6.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹389 ₹354
-9.0% below Net profit ₹48.6 ₹42.0
-13.6% below
M Cap ₹9,358 Cr
P/E 15.6
PEG 0.41
Profit +26% above its own trend Operating margin expanded 538 bps YoY 40% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +103%) FY25 operating cash flow was only 48% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-10.3% +4.5%
898 859 1,001 Operating profit
+47.5% -5.4%
123 130 83.4 OPM %
+538 bps -145 bps
13.7% 15.2% 8.3% Other income
+8.4% -9.1%
52.5 57.8 48.4 Net profit?
+23.5% -6.1%
116 124 94.0 PAT margin %
+354 bps -146 bps
12.9% 14.4% 9.4% EPS (₹)
+23.7% -6.0%
1.88 2.00 1.52
Quality of profit
Pre-tax profit ₹157 Cr: core business ₹93.6 Cr, other income ₹52.5 Cr, exceptional & other items ₹10.9 Cr.
Core profit YoY: +102.9%
· reported profit +23.5%
Cash & debt
FY25 cash from operations ₹383 Cr:
48% of FY25 net profit of ₹790 Cr.
Borrowings ₹237 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹967 ₹898
-7.1% below Net profit ₹92.4 ₹116
+25.7% above
M Cap ₹9,357 Cr
P/E 5.9
PEG 0.07
Profit -45% below its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-0.8% +0.0%
317 317 320 Operating profit
-1.0% -27.4%
297 409 300 OPM %
-17 bps —
93.7% — 93.9% Other income
-16.5% -20.0%
8.0 10.0 9.6 Net profit?
-3.1% -29.0%
198 279 204 PAT margin %
-149 bps -2555 bps
62.5% 88.0% 63.9% EPS (₹)
+1.4% -29.3%
2.17 3.07 2.14
Quality of profit
Pre-tax profit ₹207 Cr: core business ₹199 Cr, other income ₹8.0 Cr.
Core profit YoY: -4.6%
· reported profit -3.1%
Cash & debt
FY25 cash from operations ₹1,215 Cr:
104% of FY25 net profit of ₹1,172 Cr.
Borrowings ₹1,072 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹317 ₹317
+0.1% in line Net profit ₹362 ₹198
-45.3% below
M Cap ₹9,331 Cr
P/E 129.7
PEG 3.16
Profit -83% below its own trend Operating margin contracted 2454 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
-37.4% -45.6%
33.7 62.0 53.9 Operating profit
-90.2% -91.7%
1.5 18.5 15.7 OPM %
-2454 bps -2535 bps
4.6% 29.9% 29.1% Other income
+41.5% +10.5%
10.9 9.9 7.7 Net profit?
-84.7% -84.8%
2.4 15.7 15.6 PAT margin %
-2182 bps -1821 bps
7.1% 25.3% 28.9% EPS (₹)
-86.1% -84.7%
0.47 3.08 3.37
Quality of profit
Pre-tax profit ₹4.0 Cr: core business −₹6.9 Cr, other income ₹10.9 Cr.
Core profit YoY: to loss
· reported profit -84.7%
Cash & debt
FY25 cash from operations ₹81.0 Cr:
97% of FY25 net profit of ₹83.8 Cr.
Borrowings ₹84.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹56.2 ₹33.7
-40.0% below Net profit ₹13.8 ₹2.4
-82.7% below
Profit -52% below its own trend Operating margin expanded 202 bps YoY Core business grew faster than reported profit (core profit +116%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+4.2% -3.0%
1,727 1,781 1,657 Operating profit
+17.4% -5.2%
310 327 264 OPM %
+202 bps -41 bps
18.0% 18.4% 15.9% Other income
to loss to loss -10.0 4.0 3.0 Net profit
-3.9% -29.5%
74.0 105 77.0 PAT margin %
-36 bps -161 bps
4.3% 5.9% 4.6% EPS (₹)
-3.8% -29.6%
0.76 1.08 0.79
Quality of profit
Pre-tax profit ₹99.0 Cr: core business ₹108 Cr, other income −₹10.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +116.0%
· reported profit -3.9%
Cash & debt
FY25 cash from operations ₹1,388 Cr:
1228% of FY25 net profit of ₹113 Cr.
Borrowings ₹2,735 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,934 ₹1,727
-10.7% below Net profit ₹154 ₹74.0
-51.9% below
M Cap ₹9,275 Cr
P/E 47.6
PEG —
Profit +14% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+16.4% +12.8%
334 296 287 Operating profit
+9.8% -15.1%
45.0 53.0 41.0 OPM %
-81 bps -443 bps
13.5% 17.9% 14.3% Other income
-33.3% +0.0%
2.0 2.0 3.0 Net profit
+9.1% -22.6%
24.0 31.0 22.0 PAT margin %
-48 bps -329 bps
7.2% 10.5% 7.7% EPS (₹)
+9.9% -22.3%
11.10 14.29 10.10
Quality of profit
Pre-tax profit ₹35.0 Cr: core business ₹33.0 Cr, other income ₹2.0 Cr.
Core profit YoY: +10.0%
· reported profit +9.1%
Cash & debt
Borrowings ₹2.0 Cr at Dec 2025, against ₹2.0 Cr at Jun 2025 (+0% ).
Against its own trend ?
Trend Actual Gap
Sales ₹308 ₹334
+8.4% above Net profit ₹21.0 ₹24.0
+14.0% above
M Cap ₹9,241 Cr
P/E 291.6
PEG —
Profit -88% below its own trend Operating margin expanded 105 bps YoY Exceptional items of ₹-9.7 Cr in the quarter Core business grew faster than reported profit (core profit +21%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+2.6% +4.5%
671 642 654 Operating profit
+10.6% +45.2%
97.5 67.2 88.1 OPM %
+105 bps +408 bps
14.5% 10.5% 13.5% Other income
+152.2% -88.3%
7.4 63.5 2.9 Net profit?
-85.4% -96.3%
1.0 27.7 7.0 PAT margin %
-92 bps -417 bps
0.2% 4.3% 1.1% EPS (₹)
-84.4% -96.1%
0.07 1.78 0.45
Quality of profit
Pre-tax profit ₹2.0 Cr: core business ₹4.3 Cr, other income ₹7.4 Cr, exceptional & other items −₹9.7 Cr.
Core profit YoY: +20.6%
· reported profit -85.4%
Cash & debt
FY25 cash from operations ₹345 Cr:
2842% of FY25 net profit of ₹12.1 Cr.
Borrowings ₹1,623 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹699 ₹671
-4.1% in line Net profit ₹8.4 ₹1.0
-87.9% below
M Cap ₹9,241 Cr
P/E 57.6
PEG 3.84
Profit -14% below its own trend Operating margin contracted 174 bps YoY FY25 operating cash flow was only 27% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-13.6% +13.3%
890 786 1,030 Operating profit
-24.0% +9.1%
113 104 149 OPM %
-174 bps -48 bps
12.7% 13.2% 14.4% Other income
+0.7% -12.3%
9.0 10.3 8.9 Net profit?
-35.7% +36.8%
62.0 45.3 96.4 PAT margin %
-240 bps +120 bps
7.0% 5.8% 9.4% EPS (₹)
-35.8% +33.6%
1.47 1.10 2.29
Quality of profit
Pre-tax profit ₹87.0 Cr: core business ₹78.0 Cr, other income ₹9.0 Cr.
Core profit YoY: -35.4%
· reported profit -35.7%
Cash & debt
FY25 cash from operations ₹104 Cr:
27% of FY25 net profit of ₹381 Cr.
Borrowings ₹502 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹883 ₹890
+0.7% in line Net profit ₹71.9 ₹62.0
-13.8% below
M Cap ₹9,142 Cr
P/E 103.4
PEG —
Into loss: a profit a year ago Profit -999% below its own trend Operating margin contracted 1005 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+215.8% -11.9%
2,103 2,387 666 Operating profit
-51.9% -71.2%
38.0 132 79.0 OPM %
-1005 bps -372 bps
1.8% 5.5% 11.9% Other income
loss narrowed to loss -24.0 38.0 -26.0 Net profit?
to loss to loss -116 19.0 1.0 PAT margin %
-567 bps -631 bps
-5.5% 0.8% 0.2% EPS (₹)
to loss to loss -14.67 1.49 0.07
Quality of profit
Pre-tax profit −₹123 Cr: core business −₹99.0 Cr, other income −₹24.0 Cr.
Core profit YoY: to loss
Cash & debt
FY25 cash from operations ₹37.0 Cr:
62% of FY25 net profit of ₹60.0 Cr.
Borrowings ₹2,378 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,332 ₹2,103
+57.9% above Net profit ₹0.6 −₹116
-999.0% below
M Cap ₹9,125 Cr
P/E 29.1
PEG 0.34
Profit -32% below its own trend Operating margin expanded 180 bps YoY Core business grew faster than reported profit (core profit +61%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+31.8% +60.2%
737 460 559 Operating profit
+47.4% +140.4%
125 52.0 84.8 OPM %
+180 bps +566 bps
17.0% 11.3% 15.2% Other income
-55.4% -71.4%
4.0 14.0 9.0 Net profit?
+37.0% +105.4%
76.0 37.0 55.5 PAT margin %
+39 bps +227 bps
10.3% 8.0% 9.9% EPS (₹)
+34.1% +117.7%
2.46 1.13 adj. 1.83
EPS restated for the 1:1 bonus of Feb 2025: Dec 2024 ₹3.67 to ₹1.83.
Quality of profit
Pre-tax profit ₹108 Cr: core business ₹104 Cr, other income ₹4.0 Cr.
Core profit YoY: +60.6%
· reported profit +37.0%
Cash & debt
FY25 cash from operations ₹157 Cr:
73% of FY25 net profit of ₹217 Cr.
Borrowings ₹283 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹793 ₹737
-7.1% below Net profit ₹111 ₹76.0
-31.5% below
M Cap ₹9,078 Cr
P/E 12.0
PEG —
Profit -15% below its own trend Operating margin expanded 391 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-12.2% -2.3%
1,477 1,511 1,682 Operating profit
+17.4% +1.0%
229 226 195 OPM %
+391 bps +50 bps
15.5% 15.0% 11.6% Other income
+191.0% -18.3%
24.6 30.1 8.5 Net profit?
+28.2% -1.2%
170 172 133 PAT margin %
+362 bps +12 bps
11.5% 11.4% 7.9% EPS (₹)
+28.3% -1.2%
7.43 7.52 5.79
Quality of profit
Pre-tax profit ₹229 Cr: core business ₹204 Cr, other income ₹24.6 Cr.
Core profit YoY: +17.8%
· reported profit +28.2%
Cash & debt
FY25 cash from operations ₹961 Cr:
202% of FY25 net profit of ₹476 Cr.
Borrowings ₹407 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,984 ₹1,477
-25.6% below Net profit ₹201 ₹170
-15.3% below
M Cap ₹9,038 Cr
P/E 93.2
PEG —
Profit +18% above its own trend Operating margin expanded 587 bps YoY FY25 operating cash flow was only 40% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+38.0% +0.8%
153 152 111 Operating profit
+94.2% +3.6%
31.1 30.0 16.0 OPM %
+587 bps +54 bps
20.3% 19.7% 14.4% Other income
-62.7% -6.8%
1.9 2.0 5.0 Net profit?
+61.9% +25.9%
22.7 18.0 14.0 PAT margin %
+218 bps +295 bps
14.8% 11.8% 12.6% EPS (₹)
+65.2% +25.9%
3.65 2.90 2.21
Quality of profit
Pre-tax profit ₹25.9 Cr: core business ₹23.6 Cr, other income ₹1.9 Cr.
Core profit YoY: +57.4%
· reported profit +61.9%
Cash & debt
FY25 cash from operations ₹21.0 Cr:
40% of FY25 net profit of ₹52.9 Cr.
Borrowings ₹33.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹182 ₹153
-15.7% below Net profit ₹19.2 ₹22.7
+18.2% above
M Cap ₹9,032 Cr
P/E 42.1
PEG —
Operating margin expanded 747 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+21.4% +5.7%
94.3 89.2 77.7 Operating profit
+34.1% +9.8%
74.5 67.8 55.6 OPM %
+747 bps +300 bps
79.0% 76.0% 71.6% Other income
+15.7% +6.6%
4.8 4.5 4.2 Net profit?
+32.6% +10.3%
58.7 53.2 44.2 PAT margin %
+527 bps +259 bps
62.2% 59.6% 56.9% EPS (₹)
+32.7% +10.3%
4.59 4.16 3.46
Quality of profit
Pre-tax profit ₹78.6 Cr: core business ₹73.8 Cr, other income ₹4.8 Cr.
Core profit YoY: +34.3%
· reported profit +32.6%
M Cap ₹9,006 Cr
P/E 12.1
PEG 0.24
Profit -10% below its own trend Operating margin contracted 394 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+43.6% -0.0%
736 737 513 Operating profit
+25.2% -7.0%
198 213 158 OPM %
-394 bps -200 bps
26.9% 28.9% 30.8% Other income
+42.5% +11.9%
21.0 18.7 14.7 Net profit?
+33.1% -8.3%
170 186 128 PAT margin %
-183 bps -210 bps
23.1% 25.2% 24.9% EPS (₹)
+34.8% -7.3%
3.95 4.26 2.93
Quality of profit
Pre-tax profit ₹191 Cr: core business ₹170 Cr, other income ₹21.0 Cr.
Core profit YoY: +35.1%
· reported profit +33.1%
Cash & debt
FY25 cash from operations ₹829 Cr:
154% of FY25 net profit of ₹540 Cr.
Borrowings ₹359 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹751 ₹736
-2.0% in line Net profit ₹190 ₹170
-10.2% below
M Cap ₹8,997 Cr
P/E 62.8
PEG —
Profit -39% below its own trend Operating margin expanded 244 bps YoY Exceptional items of ₹76.5 Cr in the quarter Core business grew faster than reported profit (core profit +91%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-7.3% -0.4%
2,976 2,988 3,211 Operating profit
+12.6% +24.8%
410 329 364 OPM %
+244 bps +279 bps
13.8% 11.0% 11.3% Other income
-59.0% -55.8%
49.7 113 121 Net profit?
-35.0% -7.9%
96.8 105 149 PAT margin %
-138 bps -26 bps
3.3% 3.5% 4.6% EPS (₹)
-35.1% -7.7%
2.63 2.85 4.05
Quality of profit
Pre-tax profit ₹123 Cr: core business ₹150 Cr, other income ₹49.7 Cr, exceptional & other items −₹76.5 Cr.
Core profit YoY: +90.5%
· reported profit -35.0%
Cash & debt
FY25 cash from operations −₹132 Cr:
-27% of FY25 net profit of ₹487 Cr.
Borrowings ₹2,343 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,270 ₹2,976
-9.0% below Net profit ₹158 ₹96.8
-38.9% below
Operating margin contracted 1458 bps YoY
₹ Cr YoY
Dec 2025 Dec 2024
Sales
-39.6%
192 318 Operating profit
-62.2%
46.9 124 OPM %
-1458 bps
24.4% 39.0% Other income
-0.2%
13.2 13.2 Net profit?
-59.4%
40.2 99.0 PAT margin %
-1021 bps
20.9% 31.1% EPS (₹)
-59.4%
2.32 5.71
Quality of profit
Pre-tax profit ₹53.8 Cr: core business ₹40.6 Cr, other income ₹13.2 Cr.
Core profit YoY: -66.0%
· reported profit -59.4%
M Cap ₹8,943 Cr
P/E 738.3
PEG —
Operating margin contracted 2301 bps YoY All of pre-tax profit came from other income or one-off items FY25 operating cash flow was only 15% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-98.8% +2.0%
49.8 48.8 4,004 Operating profit
-99.7% -71.0%
2.9 10.1 1,157 OPM %
-2301 bps -1480 bps
5.9% 20.7% 28.9% Other income
-99.3% -16.2%
21.7 25.9 3,185 Net profit?
-100.0% -99.7%
0.0 7.8 1,581 PAT margin %
-3945 bps -1597 bps
0.1% 16.0% 39.5% EPS (₹)
-100.0% -100.0%
0.00 0.49 1.04
Quality of profit
Pre-tax profit ₹1.0 Cr: core business −₹20.7 Cr, other income ₹21.7 Cr.
Core profit YoY: loss narrowed
· reported profit -100.0%
Cash & debt
FY25 cash from operations ₹225 Cr:
15% of FY25 net profit of ₹1,455 Cr.
Borrowings ₹1,656 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹5,200 ₹49.8
-99.0% below
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, 21:05 IST
