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: 45 companies have filed results for the quarter ended 30 Sep 2026.
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Sales growth
+15.1%
YoY, 3727 companies combined; median +8.3%
Net profit growth
+14.8%
YoY combined; median +8.9%
Operating margin
14.1%
-25 bps YoY
Grew profit
56%
416 turnarounds, 346 into loss
Vs own profit trend
37% / 48%
above / below, 15% in line
Banks: NII growth
+8.0%
146 lenders; profit +10.5%
Price since results
-9.5%
median; 0% of 1 stocks up
Other-income heavy
1051
25%+ of pre-tax profit from other income & one-offs
Filters & sorting
Results by sector
Latest Q3 FY26 results 4316
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M Cap ₹8,299 Cr
P/E 14.5
PEG 0.76
Profit +43% above its own trend Operating margin expanded 622 bps YoY Exceptional items of ₹-40.7 Cr in the quarter Core business grew faster than reported profit (core profit +62%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-1.1% +1.4%
1,348 1,329 1,363 Operating profit
+50.3% -32.4%
245 363 163 OPM %
+622 bps -911 bps
18.2% 27.3% 12.0% Other income
to loss to loss -27.0 22.0 21.0 Net profit?
+2.6% +3.4%
120 116 117 PAT margin %
+32 bps +18 bps
8.9% 8.7% 8.6% EPS (₹)
+1.7% +3.1%
4.30 4.17 4.23
Quality of profit
Pre-tax profit ₹192 Cr: core business ₹219 Cr, other income −₹27.0 Cr, exceptional & other items −₹0.6 Cr.
Core profit YoY: +62.4%
· reported profit +2.6%
Cash & debt
FY25 cash from operations ₹588 Cr:
114% of FY25 net profit of ₹517 Cr.
Borrowings ₹151 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,321 ₹1,348
+2.0% in line Net profit ₹83.9 ₹120
+43.1% above
Profit +999% above its own trend Operating margin expanded 570 bps YoY 77% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+1.1% -5.1%
1,873 1,974 1,853 Operating profit
+22.8% -2.3%
604 618 492 OPM %
+570 bps +94 bps
32.2% 31.3% 26.6% Other income
-74.9% -17.2%
77.0 93.0 307 Net profit?
— -71.3%
25.0 87.0 0.3 PAT margin %
+132 bps -307 bps
1.3% 4.4% 0.0% EPS (₹)
-40.0% -71.4%
0.06 0.21 0.10
Quality of profit
Pre-tax profit ₹100 Cr: core business ₹23.0 Cr, other income ₹77.0 Cr.
Core profit YoY: from loss
Cash & debt
FY25 cash from operations ₹1,938 Cr:
70% of FY25 net profit of ₹2,779 Cr.
Borrowings ₹15,153 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,957 ₹1,873
-4.3% in line Net profit ₹0.3 ₹25.0
+999.0% above
Into loss: a profit a year ago Operating margin contracted 5822 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-88.4% +17.0%
306 261 2,642 Operating profit
to loss loss narrowed -135 -294 372 OPM %
-5822 bps —
-44.2% — 14.1% Other income
-41.8% +33.3%
8.0 6.0 13.7 Net profit
to loss loss narrowed -197 -307 166 PAT margin %
-7067 bps —
-64.4% — 6.3% EPS (₹)
to loss loss narrowed -11.09 -17.37 9.44
Quality of profit
Pre-tax profit −₹303 Cr: core business −₹311 Cr, other income ₹8.0 Cr.
Core profit YoY: to loss
Cash & debt
FY25 cash from operations −₹493 Cr:
-110% of FY25 net profit of ₹447 Cr.
Borrowings ₹3,407 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,096 ₹306
-85.4% below
M Cap ₹8,224 Cr
P/E 62.5
PEG 3.47
Profit +59% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+56.3% +80.0%
90.0 50.0 57.6 Operating profit
+56.2% +92.7%
38.5 20.0 24.7 OPM %
-1 bps +282 bps
42.8% 40.0% 42.8% Other income
+235.9% +222.4%
3.2 1.0 1.0 Net profit?
+110.5% +174.1%
32.9 12.0 15.6 PAT margin %
+942 bps +1254 bps
36.5% 24.0% 27.1% EPS (₹)
— +157.2%
13.35 5.19 14.77
No EPS growth against Dec 2024: ₹10 to ₹5 split in Dec 2025.
Quality of profit
Pre-tax profit ₹34.6 Cr: core business ₹31.4 Cr, other income ₹3.2 Cr.
Core profit YoY: +71.8%
· reported profit +110.5%
Cash & debt
FY25 cash from operations ₹58.0 Cr:
97% of FY25 net profit of ₹60.0 Cr.
Borrowings ₹133 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹65.5 ₹90.0
+37.4% above Net profit ₹20.8 ₹32.9
+58.5% above
M Cap ₹8,198 Cr
P/E 16.8
PEG —
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
-58.9%
97.0 236 Operating profit
to loss -14.0 107 OPM %
-5981 bps
-14.4% 45.4% Other income
-70.5%
6.0 20.3 Net profit?
+3.6%
78.0 75.3 PAT margin %
+4854 bps
80.4% 31.9% EPS (₹)
—
0.34 0.00
Quality of profit
Pre-tax profit −₹28.0 Cr: core business −₹33.0 Cr, other income ₹6.0 Cr, exceptional & other items −₹1.0 Cr.
M Cap ₹8,190 Cr
P/E 60.6
PEG —
Profit -34% below its own trend Operating margin contracted 192 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+16.0% +31.6%
276 210 238 Operating profit
+5.8% +67.9%
55.0 32.8 52.0 OPM %
-192 bps +431 bps
19.9% 15.6% 21.8% Other income
+14.3% -10.4%
8.0 8.9 7.0 Net profit?
+7.7% +119.2%
28.0 12.8 26.0 PAT margin %
-78 bps +405 bps
10.1% 6.1% 10.9% EPS (₹)
+8.8% +117.6%
1.48 0.68 1.36
Quality of profit
Pre-tax profit ₹39.0 Cr: core business ₹32.0 Cr, other income ₹8.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +10.3%
· reported profit +7.7%
Cash & debt
FY25 cash from operations ₹217 Cr:
196% of FY25 net profit of ₹111 Cr.
Borrowings ₹350 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹233 ₹276
+18.5% above Net profit ₹42.2 ₹28.0
-33.6% below
M Cap ₹8,157 Cr
P/E 30.4
PEG 1.05
Profit +33% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+64.0% +3.2%
1,039 1,007 634 Operating profit
+61.6% +2.9%
121 118 75.1 OPM %
-17 bps -4 bps
11.7% 11.7% 11.9% Other income
-52.5% -43.6%
1.9 3.4 4.0 Net profit?
+53.7% -0.5%
63.7 64.0 41.5 PAT margin %
-41 bps -23 bps
6.1% 6.4% 6.5% EPS (₹)
+53.5% -0.6%
5.22 5.25 3.40
Quality of profit
Pre-tax profit ₹84.5 Cr: core business ₹82.6 Cr, other income ₹1.9 Cr.
Core profit YoY: +63.7%
· reported profit +53.7%
Cash & debt
FY25 cash from operations ₹309 Cr:
185% of FY25 net profit of ₹167 Cr.
Borrowings ₹135 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹875 ₹1,039
+18.8% above Net profit ₹47.9 ₹63.7
+32.8% above
M Cap ₹8,157 Cr
P/E 12.5
PEG 0.07
Profit +23% above its own trend Operating margin expanded 353 bps YoY Core business grew faster than reported profit (core profit +166%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+85.8% -2.3%
1,122 1,149 604 Operating profit
+128.4% -9.2%
212 234 93.0 OPM %
+353 bps -144 bps
18.9% 20.4% 15.4% Other income
+7.8% +27.4%
14.0 11.0 13.0 Net profit?
+146.0% -1.9%
140 143 57.0 PAT margin %
+306 bps +5 bps
12.5% 12.4% 9.4% EPS (₹)
+172.6% +7.9%
5.07 4.70 1.86
Quality of profit
Pre-tax profit ₹171 Cr: core business ₹157 Cr, other income ₹14.0 Cr.
Core profit YoY: +166.2%
· reported profit +146.0%
Cash & debt
FY25 cash from operations −₹443 Cr:
-142% of FY25 net profit of ₹311 Cr.
Borrowings ₹1,366 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,208 ₹1,122
-7.1% below Net profit ₹114 ₹140
+23.0% above
M Cap ₹8,151 Cr
P/E 24.0
PEG —
Profit -41% below its own trend Operating margin expanded 136 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+63.5% +62.5%
450 277 275 Operating profit
+66.2% +60.3%
372 232 224 OPM %
+136 bps -109 bps
82.7% 83.8% 81.3% Other income
to loss to loss -2.0 1.0 6.9 Net profit?
-34.0% -27.7%
60.0 83.0 91.0 PAT margin %
-1971 bps -1663 bps
13.3% 30.0% 33.0% EPS (₹)
-70.1% -67.1%
0.47 1.43 1.57
Quality of profit
Pre-tax profit ₹80.0 Cr: core business ₹82.0 Cr, other income −₹2.0 Cr.
Core profit YoY: -6.0%
· reported profit -34.0%
Cash & debt
FY25 cash from operations ₹961 Cr:
217% of FY25 net profit of ₹442 Cr.
Borrowings ₹3,198 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹283 ₹450
+59.1% above Net profit ₹102 ₹60.0
-41.3% below
M Cap ₹8,121 Cr
P/E 25.1
PEG 3.13
Profit -26% below its own trend Operating margin contracted 377 bps YoY Exceptional items of ₹-7.4 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-0.6% -5.7%
554 587 557 Operating profit
-17.0% -17.2%
106 128 127 OPM %
-377 bps -264 bps
19.1% 21.7% 22.9% Other income
+34.0% +22.0%
16.6 13.6 12.4 Net profit?
-25.0% -24.0%
69.4 91.3 92.5 PAT margin %
-408 bps -301 bps
12.5% 15.5% 16.6% EPS (₹)
-27.8% -25.6%
2.88 3.87 3.99
Quality of profit
Pre-tax profit ₹94.4 Cr: core business ₹85.2 Cr, other income ₹16.6 Cr, exceptional & other items −₹7.4 Cr.
Core profit YoY: -23.9%
· reported profit -25.0%
Cash & debt
FY25 cash from operations ₹262 Cr:
72% of FY25 net profit of ₹365 Cr.
Borrowings ₹5.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹614 ₹554
-9.8% below Net profit ₹93.5 ₹69.4
-25.7% below
M Cap ₹8,081 Cr
P/E 77.7
PEG —
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
+7.2%
134 125 Operating profit
+15.9%
51.0 44.0 OPM %
+286 bps
38.1% 35.2% Other income
-42.9%
4.0 7.0 Net profit?
-4.3%
22.0 23.0 PAT margin %
-198 bps
16.4% 18.4% EPS (₹)
-1.4%
2.12 2.15
Quality of profit
Pre-tax profit ₹32.0 Cr: core business ₹29.0 Cr, other income ₹4.0 Cr, exceptional & other items −₹1.0 Cr.
M Cap ₹8,075 Cr
P/E 23.3
PEG 0.97
Profit -20% below its own trend Operating margin contracted 119 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+18.9% -4.0%
913 951 768 Operating profit
+9.9% -13.9%
133 154 121 OPM %
-119 bps -167 bps
14.6% 16.2% 15.8% Other income
-91.7% -93.0%
1.0 14.4 12.0 Net profit
-4.6% -18.5%
62.0 76.1 65.0 PAT margin %
-167 bps -121 bps
6.8% 8.0% 8.5% EPS (₹)
-4.4% -18.1%
1.94 2.37 2.03
Quality of profit
Pre-tax profit ₹85.0 Cr: core business ₹83.0 Cr, other income ₹1.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +7.8%
· reported profit -4.6%
Cash & debt
FY25 cash from operations ₹255 Cr:
85% of FY25 net profit of ₹300 Cr.
Borrowings ₹45.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹953 ₹913
-4.2% in line Net profit ₹77.8 ₹62.0
-20.4% below
M Cap ₹8,026 Cr
P/E 97.8
PEG 3.05
Operating margin expanded 276 bps YoY 29% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +33%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-31.7% -2.3%
303 311 444 Operating profit
-1.8% -11.9%
27.5 31.2 28.0 OPM %
+276 bps -98 bps
9.1% 10.0% 6.3% Other income
-38.7% -81.1%
4.3 22.7 7.0 Net profit?
+2.1% -65.1%
11.2 32.1 11.0 PAT margin %
+123 bps -665 bps
3.7% 10.3% 2.5% EPS (₹)
+2.2% -64.9%
1.42 4.05 1.39
Quality of profit
Pre-tax profit ₹14.9 Cr: core business ₹10.6 Cr, other income ₹4.3 Cr.
Core profit YoY: +32.7%
· reported profit +2.1%
Cash & debt
FY25 cash from operations −₹62.0 Cr:
-91% of FY25 net profit of ₹68.0 Cr.
Borrowings ₹301 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹502 ₹303
-39.6% below Net profit ₹11.2 ₹11.2
-0.0% in line
M Cap ₹8,021 Cr
P/E 37.6
PEG —
Profit -42% below its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-19.7% +3.3%
432 418 538 Operating profit
-20.9% +36.5%
102 74.7 129 OPM %
-37 bps +575 bps
23.6% 17.9% 24.0% Other income
-60.0% —
2.0 0.1 5.0 Net profit?
-35.1% +71.9%
48.0 27.9 74.0 PAT margin %
-264 bps +444 bps
11.1% 6.7% 13.8% EPS (₹)
-35.2% +71.8%
5.29 3.08 8.16
Quality of profit
Pre-tax profit ₹63.0 Cr: core business ₹60.0 Cr, other income ₹2.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: -37.5%
· reported profit -35.1%
Cash & debt
FY25 cash from operations ₹332 Cr:
122% of FY25 net profit of ₹273 Cr.
Borrowings ₹413 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹545 ₹432
-20.8% below Net profit ₹83.3 ₹48.0
-42.4% below
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+74.5% +205.6%
2.8 0.9 1.6 Operating profit
loss widened loss widened -103 -79.8 -39.2 Other income
+70.2% -26.6%
2.8 3.8 1.6 Net profit?
loss widened loss widened -102 -77.3 -39.1 EPS (₹)
loss widened loss widened -4.55 -3.48 -1.79
Quality of profit
Pre-tax profit −₹102 Cr: core business −₹105 Cr, other income ₹2.8 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations −₹154 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1.0 ₹2.8
+174.3% above
M Cap ₹8,002 Cr
P/E 13.7
PEG —
Operating margin expanded 266 bps YoY Exceptional items of ₹-125 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+16.0% +3.2%
1,869 1,810 1,611 Operating profit
+34.1% +1.5%
369 363 275 OPM %
+266 bps -34 bps
19.7% 20.1% 17.1% Other income
+69.8% +105.2%
229 112 135 Net profit?
loss widened to loss -160 895 -108 PAT margin %
-187 bps -5800 bps
-8.6% 49.4% -6.7% EPS (₹)
loss widened to loss -2.36 12.43 -1.49
Quality of profit
Pre-tax profit −₹71.8 Cr: core business −₹176 Cr, other income ₹229 Cr, exceptional & other items −₹125 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations ₹2,833 Cr:
182% of FY25 net profit of ₹1,553 Cr.
Borrowings ₹10,259 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,910 ₹1,869
-2.1% in line
M Cap ₹7,975 Cr
P/E 38.8
PEG —
Operating margin expanded 160 bps YoY Exceptional items of ₹-8.7 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+5.7% -3.1%
942 973 892 Operating profit
+19.3% +30.7%
132 101 111 OPM %
+160 bps +363 bps
14.0% 10.4% 12.4% Other income
-22.5% -4.5%
2.1 2.2 2.8 Net profit?
+19.5% +31.6%
59.9 45.5 50.1 PAT margin %
+74 bps +168 bps
6.4% 4.7% 5.6% EPS (₹)
+19.8% +31.6%
3.33 2.53 2.78
Quality of profit
Pre-tax profit ₹78.2 Cr: core business ₹84.0 Cr, other income ₹2.1 Cr, exceptional & other items −₹7.9 Cr.
Core profit YoY: +33.0%
· reported profit +19.5%
Against its own trend ?
Trend Actual Gap
Sales ₹967 ₹942
-2.5% in line Net profit ₹62.8 ₹59.9
-4.6% in line
M Cap ₹7,960 Cr
P/E 55.8
PEG —
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
+10.7%
487 440 Operating profit
+14.8%
54.0 47.0 OPM %
+39 bps
11.1% 10.7% Other income
—
0.6 0.0 Net profit?
+17.2%
38.7 33.0 PAT margin %
+44 bps
7.9% 7.5% EPS (₹)
+16.8%
3.34 2.86
Quality of profit
Pre-tax profit ₹42.8 Cr: core business ₹42.2 Cr, other income ₹0.6 Cr.
M Cap ₹7,949 Cr
P/E 45.2
PEG 1.26
Operating margin expanded 443 bps YoY Exceptional items of ₹-6.2 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+17.8% -9.9%
196 217 166 Operating profit
+38.6% -18.5%
57.8 71.0 41.7 OPM %
+443 bps -314 bps
29.6% 32.7% 25.2% Other income
+24.2% +66.0%
5.0 3.0 4.0 Net profit?
+48.0% -41.6%
28.1 48.0 18.9 PAT margin %
+292 bps -777 bps
14.3% 22.1% 11.4% EPS (₹)
+52.5% -39.7%
1.82 3.02 adj. 1.19
EPS restated for the 2:1 bonus of Nov 2025: Dec 2024 ₹3.58 to ₹1.19.
Quality of profit
Pre-tax profit ₹35.4 Cr: core business ₹36.3 Cr, other income ₹5.0 Cr, exceptional & other items −₹5.9 Cr.
Core profit YoY: +50.8%
· reported profit +48.0%
Cash & debt
FY25 cash from operations ₹180 Cr:
198% of FY25 net profit of ₹90.9 Cr.
Borrowings ₹25.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹204 ₹196
-4.0% in line Net profit ₹27.4 ₹28.1
+2.3% in line
M Cap ₹7,947 Cr
P/E 19.1
PEG —
Profit +48% above its own trend Operating margin contracted 417 bps YoY 31% of pre-tax profit came from other income and one-off items Exceptional items of ₹-4.7 Cr in the quarter Profit grew faster than the core business (core profit -31%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+31.2% -0.2%
1,484 1,487 1,131 Operating profit
-19.1% +30.9%
99.5 76.0 123 OPM %
-417 bps +159 bps
6.7% 5.1% 10.9% Other income
+259.7% +70.4%
32.4 19.0 9.0 Net profit?
-7.0% +73.8%
66.1 38.0 71.0 PAT margin %
-183 bps +189 bps
4.5% 2.6% 6.3% EPS (₹)
-7.7% +73.5%
1.44 0.83 1.56
Quality of profit
Pre-tax profit ₹88.3 Cr: core business ₹60.6 Cr, other income ₹32.4 Cr, exceptional & other items −₹4.7 Cr.
Core profit YoY: -31.2%
· reported profit -7.0%
Cash & debt
FY25 cash from operations ₹341 Cr:
137% of FY25 net profit of ₹249 Cr.
Borrowings ₹231 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,201 ₹1,484
+23.5% above Net profit ₹44.6 ₹66.1
+48.3% above
M Cap ₹7,935 Cr
P/E 42.4
PEG 1.09
Profit -19% below its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+13.8% -7.3%
365 394 321 Operating profit
+10.7% -10.0%
83.0 92.2 75.0 OPM %
-65 bps -70 bps
22.7% 23.4% 23.4% Other income
-63.9% -73.4%
3.0 11.3 8.3 Net profit?
-20.0% -26.9%
42.0 57.5 52.5 PAT margin %
-487 bps -309 bps
11.5% 14.6% 16.4% EPS (₹)
-19.0% -25.8%
6.49 8.75 8.01
Quality of profit
Pre-tax profit ₹57.0 Cr: core business ₹53.0 Cr, other income ₹3.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: -9.0%
· reported profit -20.0%
Cash & debt
FY25 cash from operations ₹253 Cr:
122% of FY25 net profit of ₹207 Cr.
Borrowings ₹393 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹383 ₹365
-4.6% in line Net profit ₹51.9 ₹42.0
-19.0% below
M Cap ₹7,912 Cr
P/E 10.7
PEG —
Profit +46% above its own trend Operating margin contracted 589 bps YoY 62% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -52%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-22.6% -5.9%
1,090 1,159 1,408 Operating profit
-45.5% +24.2%
152 123 280 OPM %
-589 bps +338 bps
14.0% 10.6% 19.9% Other income
— +159.7%
197 75.8 1.7 Net profit?
+30.4% +93.8%
243 125 186 PAT margin %
+904 bps +1145 bps
22.3% 10.8% 13.2% EPS (₹)
+30.5% +93.8%
18.12 9.35 13.89
Quality of profit
Pre-tax profit ₹319 Cr: core business ₹123 Cr, other income ₹197 Cr.
Core profit YoY: -51.6%
· reported profit +30.4%
Cash & debt
FY25 cash from operations ₹610 Cr:
79% of FY25 net profit of ₹777 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,393 ₹1,090
-21.7% below Net profit ₹166 ₹243
+46.3% above
M Cap ₹7,907 Cr
P/E 54.1
PEG —
Profit +121% above its own trend Exceptional items of ₹-7.9 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+2.8% +17.9%
945 801 919 Operating profit
+6.3% +46.3%
212 145 200 OPM %
+73 bps +436 bps
22.4% 18.1% 21.7% Other income
+113.3% -1.8%
21.0 21.4 9.9 Net profit?
+12.6% +375.7%
66.1 13.9 58.7 PAT margin %
+61 bps +526 bps
7.0% 1.7% 6.4% EPS (₹)
+12.5% +375.9%
5.14 1.08 4.57
Quality of profit
Pre-tax profit ₹88.9 Cr: core business ₹75.8 Cr, other income ₹21.0 Cr, exceptional & other items −₹7.9 Cr.
Core profit YoY: -3.2%
· reported profit +12.6%
Cash & debt
FY25 cash from operations ₹738 Cr:
223% of FY25 net profit of ₹331 Cr.
Borrowings ₹1,446 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹912 ₹945
+3.6% in line Net profit ₹29.9 ₹66.1
+120.8% above
M Cap ₹7,802 Cr
P/E 11.4
PEG 1.91
Profit -28% below its own trend Exceptional items of ₹-33.7 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-8.9% +30.6%
4,868 3,726 5,345 Operating profit
-1.1% +57.2%
436 278 441 OPM %
+71 bps +151 bps
9.0% 7.4% 8.3% Other income
-33.0% -32.4%
32.1 47.5 48.0 Net profit?
-34.4% +33.9%
135 101 206 PAT margin %
-108 bps +7 bps
2.8% 2.7% 3.9% EPS (₹)
-36.7% +21.1%
1.95 1.61 3.08
Quality of profit
Pre-tax profit ₹182 Cr: core business ₹181 Cr, other income ₹32.1 Cr, exceptional & other items −₹31.8 Cr.
Core profit YoY: -18.0%
· reported profit -34.4%
Cash & debt
FY25 cash from operations ₹742 Cr:
85% of FY25 net profit of ₹869 Cr.
Borrowings ₹1,594 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹5,030 ₹4,868
-3.2% in line Net profit ₹187 ₹135
-27.5% below
M Cap ₹7,757 Cr
P/E 7.6
PEG —
Profit +49% above its own trend Operating margin contracted 156 bps YoY 25% of pre-tax profit came from other income and one-off items Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+36.2% +44.1%
2,308 1,602 1,694 Operating profit
+26.5% +20.9%
468 387 370 OPM %
-156 bps -388 bps
20.3% 24.2% 21.8% Other income
-40.9% +82.0%
91.0 50.0 154 Net profit?
+53.6% +36.3%
259 190 169 PAT margin %
+127 bps -64 bps
11.2% 11.9% 10.0% EPS (₹)
+53.7% +34.6%
26.79 19.91 17.43
Quality of profit
Pre-tax profit ₹356 Cr: core business ₹266 Cr, other income ₹91.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +35.7%
· reported profit +53.6%
Cash & debt
FY25 cash from operations −₹2,032 Cr:
-221% of FY25 net profit of ₹918 Cr.
Borrowings ₹4,971 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,663 ₹2,308
+38.8% above Net profit ₹174 ₹259
+48.8% above
M Cap ₹7,742 Cr
P/E 15.2
PEG —
Profit +173% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+7.1% +7.3%
1,981 1,846 1,850 Net interest income
+4.2% +10.2%
852 773 818 Other income
+21.4% +26.2%
289 229 238 Net profit
+36.4% +275.0%
90.0 24.0 66.0 EPS (₹)
+36.2% +276.2%
0.79 0.21 0.58 Gross NPA %
-22 bps -17 bps
2.8% 2.9% 3.0% Net NPA %
-4 bps -6 bps
0.9% 1.0% 1.0%
Against its own trend ?
Trend Actual Gap
NII ₹827 ₹852
+3.0% in line Net profit ₹33.0 ₹90.0
+172.7% above
M Cap ₹7,739 Cr
P/E 429.5
PEG 6.05
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+23.3% -1.0%
2,056 2,077 1,668 Operating profit
loss widened to loss -95.0 67.0 -61.0 OPM %
-96 bps -785 bps
-4.6% 3.2% -3.7% Other income
+500.0% +0.0%
12.0 12.0 2.0 Net profit?
loss widened to loss -77.0 46.0 -63.0 PAT margin %
+3 bps -596 bps
-3.7% 2.2% -3.8% EPS (₹)
loss widened to loss -1.36 1.17 -1.30
Quality of profit
Pre-tax profit −₹103 Cr: core business −₹115 Cr, other income ₹12.0 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations ₹1,572 Cr:
854% of FY25 net profit of ₹184 Cr.
Borrowings ₹233 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,825 ₹2,056
+12.6% above
M Cap ₹7,724 Cr
P/E 18.4
PEG 0.92
Profit -14% below its own trend FY25 operating cash flow was only 0% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+6.1% +14.7%
1,420 1,238 1,338 Operating profit
+6.0% +9.6%
160 146 151 OPM %
-1 bps -53 bps
11.3% 11.8% 11.3% Other income
+45.6% +18.2%
13.0 11.0 8.9 Net profit?
+15.5% +28.2%
100 78.0 86.5 PAT margin %
+57 bps +74 bps
7.0% 6.3% 6.5% EPS (₹)
+14.6% +25.4%
29.73 23.70 25.94
Quality of profit
Pre-tax profit ₹124 Cr: core business ₹111 Cr, other income ₹13.0 Cr.
Core profit YoY: -0.9%
· reported profit +15.5%
Cash & debt
FY25 cash from operations ₹1.0 Cr:
0% of FY25 net profit of ₹348 Cr.
Borrowings ₹735 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,667 ₹1,420
-14.8% below Net profit ₹117 ₹100
-14.5% below
M Cap ₹7,720 Cr
P/E 217.1
PEG —
Profit -39% below its own trend Operating margin contracted 270 bps YoY 38% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+9.2% +5.4%
220 209 201 Operating profit
-7.9% +6.5%
31.9 30.0 34.6 OPM %
-270 bps +14 bps
14.5% 14.4% 17.2% Other income
+107.5% +16.4%
2.2 1.9 1.1 Net profit?
-63.1% +9.5%
3.7 3.4 10.0 PAT margin %
-329 bps +6 bps
1.7% 1.6% 5.0% EPS (₹)
-63.2% +9.4%
1.40 1.28 3.80
Quality of profit
Pre-tax profit ₹5.8 Cr: core business ₹3.6 Cr, other income ₹2.2 Cr.
Core profit YoY: -74.8%
· reported profit -63.1%
Cash & debt
FY25 cash from operations ₹196 Cr:
562% of FY25 net profit of ₹34.9 Cr.
Borrowings ₹597 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹213 ₹220
+3.2% in line Net profit ₹6.0 ₹3.7
-38.7% below
M Cap ₹7,719 Cr
P/E 121.1
PEG —
Profit -81% below its own trend Operating margin contracted 369 bps YoY 90% of pre-tax profit came from other income and one-off items FY25 operating cash flow was only 3% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-41.6% +5.6%
557 528 954 Operating profit
-56.5% +38.7%
60.0 43.2 138 OPM %
-369 bps +258 bps
10.8% 8.2% 14.5% Other income
-71.4% -75.0%
9.0 36.0 31.4 Net profit?
-90.3% -49.6%
7.0 13.9 72.3 PAT margin %
-632 bps -138 bps
1.3% 2.6% 7.6% EPS (₹)
-95.0% -68.4%
0.54 1.71 10.83
Quality of profit
Pre-tax profit ₹10.0 Cr: core business ₹1.0 Cr, other income ₹9.0 Cr.
Core profit YoY: -98.5%
· reported profit -90.3%
Cash & debt
FY25 cash from operations ₹233 Cr:
3% of FY25 net profit of ₹7,607 Cr.
Borrowings ₹740 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹912 ₹557
-38.9% below Net profit ₹36.1 ₹7.0
-80.6% 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, 21:52 IST
