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 ₹5,859 Cr
P/E 8.5
PEG —
Profit -13% below its own trend 31% of pre-tax profit came from other income and one-off items FY25 operating cash flow was only 14% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+4.5% -7.7%
2,941 3,187 2,814 Operating profit
+12.1% -47.2%
178 337 158 OPM %
+41 bps -452 bps
6.0% 10.6% 5.6% Other income
+0.5% -60.7%
56.2 143 55.9 Net profit?
+18.2% -51.2%
158 324 134 PAT margin %
+62 bps -479 bps
5.4% 10.2% 4.8% EPS (₹)
+18.2% -51.2%
3.97 8.13 3.36
Quality of profit
Pre-tax profit ₹183 Cr: core business ₹126 Cr, other income ₹56.2 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +17.1%
· reported profit +18.2%
Cash & debt
FY25 cash from operations ₹83.0 Cr:
14% of FY25 net profit of ₹591 Cr.
Borrowings ₹2.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,123 ₹2,941
-5.8% below Net profit ₹182 ₹158
-13.2% below
M Cap ₹5,838 Cr
P/E 226.9
PEG —
Profit -48% below its own trend Operating margin contracted 578 bps YoY Exceptional items of ₹-1.0 Cr in the quarter Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+71.5% +3.2%
130 126 75.7 Operating profit
+19.4% +9.0%
17.2 15.8 14.4 OPM %
-578 bps +71 bps
13.2% 12.5% 19.0% Other income
-88.7% +100.0%
0.0 0.0 0.4 Net profit?
+4.0% -4.7%
5.4 5.7 5.2 PAT margin %
-270 bps -34 bps
4.2% 4.5% 6.9% EPS (₹)
+3.6% -4.7%
1.43 1.50 1.38
Quality of profit
Pre-tax profit ₹7.3 Cr: core business ₹8.3 Cr, other income ₹0.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +17.8%
· reported profit +4.0%
Cash & debt
FY25 cash from operations −₹42.0 Cr:
-528% of FY25 net profit of ₹8.0 Cr.
Borrowings ₹240 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹133 ₹130
-2.0% in line Net profit ₹10.4 ₹5.4
-48.0% below
M Cap ₹5,829 Cr
P/E 25.0
PEG 2.08
Profit +39% above its own trend Operating margin expanded 335 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+18.8% +25.8%
668 531 562 Operating profit
+47.8% +65.4%
114 68.9 77.1 OPM %
+335 bps +408 bps
17.1% 13.0% 13.7% Other income
to loss to loss -9.0 3.0 1.0 Net profit?
+32.3% +46.0%
58.0 39.7 43.8 PAT margin %
+89 bps +120 bps
8.7% 7.5% 7.8% EPS (₹)
+32.7% +46.0%
1.46 1.00 1.10
Quality of profit
Pre-tax profit ₹83.0 Cr: core business ₹92.0 Cr, other income −₹9.0 Cr.
Core profit YoY: +47.9%
· reported profit +32.3%
Cash & debt
FY25 cash from operations ₹289 Cr:
161% of FY25 net profit of ₹180 Cr.
Borrowings ₹358 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹570 ₹668
+17.2% above Net profit ₹41.8 ₹58.0
+38.8% above
M Cap ₹5,811 Cr
P/E 60.9
PEG —
Profit -47% below its own trend Operating margin contracted 1182 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+5.2% +6.4%
255 240 242 Operating profit
-32.5% -14.3%
54.0 63.0 79.9 OPM %
-1182 bps -512 bps
21.2% 26.3% 33.0% Other income
-20.9% +16.7%
7.0 6.0 8.9 Net profit?
-49.8% -17.4%
24.0 29.0 47.8 PAT margin %
-1033 bps -271 bps
9.4% 12.1% 19.7% EPS (₹)
-50.9% -19.1%
1.91 2.36 3.89
Quality of profit
Pre-tax profit ₹33.0 Cr: core business ₹26.0 Cr, other income ₹7.0 Cr.
Core profit YoY: -54.3%
· reported profit -49.8%
Cash & debt
FY25 cash from operations ₹176 Cr:
105% of FY25 net profit of ₹167 Cr.
Borrowings ₹235 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹258 ₹255
-1.3% in line Net profit ₹45.6 ₹24.0
-47.4% below
M Cap ₹5,796 Cr
P/E 13.6
PEG —
Profit -50% below its own trend Operating margin expanded 182 bps YoY 44% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-6.2% -20.0%
4,236 5,293 4,518 Operating profit
+36.8% +14.2%
245 214 179 OPM %
+182 bps +173 bps
5.8% 4.0% 4.0% Other income
+24.0% +2.2%
52.3 51.1 42.2 Net profit?
+0.9% -23.2%
81.0 105 80.2 PAT margin %
+14 bps -8 bps
1.9% 2.0% 1.8% EPS (₹)
+1.4% -23.0%
1.47 1.91 1.45
Quality of profit
Pre-tax profit ₹118 Cr: core business ₹66.0 Cr, other income ₹52.3 Cr.
Core profit YoY: +5.5%
· reported profit +0.9%
Cash & debt
FY25 cash from operations ₹2,364 Cr:
976% of FY25 net profit of ₹242 Cr.
Borrowings ₹2,762 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹4,254 ₹4,236
-0.4% in line Net profit ₹160 ₹81.0
-49.6% below
M Cap ₹5,727 Cr
P/E 34.1
PEG 17.05
Profit -12% below its own trend Exceptional items of ₹-11.2 Cr in the quarter Core business grew faster than reported profit (core profit +41%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+10.9% +2.3%
580 568 523 Operating profit
+22.2% +0.3%
57.3 57.1 46.9 OPM %
+91 bps -19 bps
9.9% 10.1% 9.0% Other income
+30.0% -23.1%
5.3 6.9 4.1 Net profit
+0.1% -31.4%
20.6 30.0 20.6 PAT margin %
-38 bps -174 bps
3.5% 5.3% 3.9% EPS (₹)
+0.0% -31.4%
0.70 1.02 adj. 0.70
EPS restated for the ₹10 to ₹2 split of Mar 2025: Dec 2024 ₹3.50 to ₹0.70.
Quality of profit
Pre-tax profit ₹27.6 Cr: core business ₹33.5 Cr, other income ₹5.3 Cr, exceptional & other items −₹11.2 Cr.
Core profit YoY: +40.9%
· reported profit +0.1%
Cash & debt
FY25 cash from operations ₹179 Cr:
177% of FY25 net profit of ₹101 Cr.
Borrowings ₹117 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹556 ₹580
+4.3% in line Net profit ₹23.3 ₹20.6
-11.6% below
M Cap ₹5,726 Cr
P/E 21.6
PEG —
Profit -71% below its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-64.5% -47.6%
91.3 174 257 Operating profit
-64.4% -49.3%
75.1 148 211 OPM %
+16 bps -269 bps
82.3% 84.9% 82.1% Other income
-97.0% +201.5%
0.2 0.1 7.1 Net profit?
-66.6% -50.3%
53.7 108 161 PAT margin %
-372 bps -318 bps
58.9% 62.0% 62.6% EPS (₹)
-66.6% -50.3%
6.44 12.96 19.29
Quality of profit
Pre-tax profit ₹72.6 Cr: core business ₹72.4 Cr, other income ₹0.2 Cr.
Core profit YoY: -65.2%
· reported profit -66.6%
Against its own trend ?
Trend Actual Gap
Sales ₹211 ₹91.3
-56.8% below Net profit ₹183 ₹53.7
-70.7% below
M Cap ₹5,723 Cr
P/E 11.4
PEG 0.09
Profit -28% below its own trend 44% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +14%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+6.6% +1.0%
306 303 287 Operating profit
+9.2% +9.2%
95.0 87.0 87.0 OPM %
+73 bps +233 bps
31.0% 28.7% 30.3% Other income
-16.9% -12.3%
64.0 73.0 77.0 Net profit
-9.9% -0.8%
118 119 131 PAT margin %
-708 bps -71 bps
38.6% 39.3% 45.6% EPS (₹)
-10.2% -1.2%
13.87 14.04 15.44
Quality of profit
Pre-tax profit ₹146 Cr: core business ₹82.0 Cr, other income ₹64.0 Cr.
Core profit YoY: +13.9%
· reported profit -9.9%
Cash & debt
FY25 cash from operations ₹311 Cr:
53% of FY25 net profit of ₹584 Cr.
Borrowings ₹100 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹306 ₹306
-0.1% in line Net profit ₹164 ₹118
-27.8% below
M Cap ₹5,711 Cr
P/E 69.9
PEG 4.66
Profit +37% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+23.7% +55.9%
185 118 149 Operating profit
+29.3% +71.9%
32.8 19.1 25.4 OPM %
+77 bps +165 bps
17.8% 16.1% 17.0% Other income
+15.5% +18.3%
7.8 6.6 6.8 Net profit?
+35.7% +71.3%
28.0 16.3 20.6 PAT margin %
+134 bps +136 bps
15.2% 13.8% 13.8% EPS (₹)
+34.7% +70.7%
3.26 1.91 2.42
Quality of profit
Pre-tax profit ₹38.4 Cr: core business ₹30.6 Cr, other income ₹7.8 Cr.
Core profit YoY: +31.6%
· reported profit +35.7%
Cash & debt
FY25 cash from operations ₹53.0 Cr:
65% of FY25 net profit of ₹81.2 Cr.
Borrowings ₹1.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹160 ₹185
+15.5% above Net profit ₹20.5 ₹28.0
+36.7% above
M Cap ₹5,684 Cr
P/E 34.2
PEG 0.83
Profit +12% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+21.9% +8.5%
1,371 1,264 1,125 Operating profit
+17.7% +8.2%
100 92.6 85.1 OPM %
-26 bps -2 bps
7.3% 7.3% 7.6% Other income
+93.3% -6.1%
6.4 6.8 3.3 Net profit?
+44.8% +16.1%
36.9 31.8 25.5 PAT margin %
+43 bps +18 bps
2.7% 2.5% 2.3% EPS (₹)
+44.0% +16.4%
14.76 12.68 10.25
Quality of profit
Pre-tax profit ₹48.5 Cr: core business ₹40.5 Cr, other income ₹6.4 Cr, exceptional & other items ₹1.7 Cr.
Core profit YoY: +34.5%
· reported profit +44.8%
Cash & debt
FY25 cash from operations ₹400 Cr:
355% of FY25 net profit of ₹113 Cr.
Borrowings ₹737 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,169 ₹1,371
+17.3% above Net profit ₹33.0 ₹36.9
+11.9% above
M Cap ₹5,660 Cr
P/E 14.8
PEG 0.67
Profit +335% above its own trend Gross NPA up 26 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+4.5% +3.7%
556 536 532 Net interest income
+12.3% +8.1%
347 321 309 Other income
-50.0% +0.0%
1.0 1.0 2.0 Net profit
+363.2% +10.0%
88.0 80.0 19.0 EPS (₹)
+370.0% +9.8%
2.35 2.14 0.50 Gross NPA %
+26 bps +16 bps
2.1% 1.9% 1.8% Net NPA %
+30 bps +10 bps
1.4% 1.3% 1.1%
Against its own trend ?
Trend Actual Gap
Net profit ₹20.2 ₹88.0
+334.8% above
M Cap ₹5,650 Cr
P/E 27.0
PEG 1.00
Operating margin expanded 124 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+10.1% +4.6%
1,037 991 942 Operating profit
+26.1% +10.1%
101 91.8 80.1 OPM %
+124 bps +49 bps
9.7% 9.3% 8.5% Other income
-56.1% -72.0%
1.7 6.2 4.0 Net profit?
+6.0% +2.4%
43.7 42.6 41.2 PAT margin %
-16 bps -9 bps
4.2% 4.3% 4.4% EPS (₹)
+5.9% +3.2%
12.83 12.43 12.12
Quality of profit
Pre-tax profit ₹58.5 Cr: core business ₹56.8 Cr, other income ₹1.7 Cr.
Core profit YoY: +13.9%
· reported profit +6.0%
Cash & debt
FY25 cash from operations ₹158 Cr:
95% of FY25 net profit of ₹166 Cr.
Borrowings ₹882 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,012 ₹1,037
+2.4% in line Net profit ₹46.2 ₹43.7
-5.5% in line
Profit +108% above its own trend Operating margin expanded 159 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+52.5% +33.9%
314 234 206 Operating profit
+63.0% —
77.8 — 47.7 OPM %
+159 bps —
24.8% — 23.2% Other income
-45.2% —
1.4 — 2.6 Net profit?
+92.5% —
47.7 — 24.8 PAT margin %
+315 bps —
15.2% — 12.0% EPS (₹)
+83.7% —
4.83 — 2.63
Quality of profit
Pre-tax profit ₹67.5 Cr: core business ₹66.1 Cr, other income ₹1.4 Cr.
Core profit YoY: +96.9%
· reported profit +92.5%
Against its own trend ?
Trend Actual Gap
Sales ₹223 ₹314
+40.5% above Net profit ₹22.9 ₹47.7
+108.0% above
M Cap ₹5,636 Cr
P/E 38.5
PEG 38.48
Into loss: a profit a year ago Profit -194% below its own trend Exceptional items of ₹-239 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+24.5% +11.3%
4,185 3,759 3,362 Operating profit
+20.7% +12.7%
189 168 157 OPM %
-14 bps +5 bps
4.5% 4.5% 4.7% Other income
to loss to loss -276 20.0 38.7 Net profit?
to loss to loss -138 80.7 102 PAT margin %
-634 bps -545 bps
-3.3% 2.1% 3.0% EPS (₹)
to loss to loss -9.81 5.73 7.08
Quality of profit
Pre-tax profit −₹191 Cr: core business ₹85.0 Cr, other income −₹276 Cr.
Core profit YoY: +12.4%
Cash & debt
FY25 cash from operations ₹742 Cr:
6342% of FY25 net profit of ₹11.7 Cr.
Borrowings ₹1,645 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,745 ₹4,185
+11.8% above Net profit ₹148 −₹138
-193.7% below
M Cap ₹5,609 Cr
P/E 19.9
PEG —
Profit +229% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+43.9% -9.4%
1,750 1,931 1,216 Operating profit
+58.9% +109.7%
151 72.0 95.0 OPM %
+82 bps +490 bps
8.6% 3.7% 7.8% Other income
to loss to loss -2.0 20.0 18.0 Net profit
+64.6% +192.7%
93.3 31.9 56.7 PAT margin %
+67 bps +368 bps
5.3% 1.7% 4.7% EPS (₹)
+35.1% +139.7%
3.50 1.46 2.59
Quality of profit
Pre-tax profit ₹126 Cr: core business ₹104 Cr, other income −₹2.0 Cr, exceptional & other items ₹23.9 Cr.
Core profit YoY: +76.3%
· reported profit +64.6%
Cash & debt
FY25 cash from operations ₹154 Cr:
62% of FY25 net profit of ₹248 Cr.
Borrowings ₹1,700 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,404 ₹1,750
+24.6% above Net profit ₹28.3 ₹93.3
+229.2% above
M Cap ₹5,564 Cr
P/E 32.8
PEG 2.05
Profit +58% above its own trend Operating margin expanded 244 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+6.5% -7.3%
271 292 255 Operating profit
+20.9% -1.8%
55.6 56.6 46.0 OPM %
+244 bps +116 bps
20.5% 19.4% 18.1% Other income
-38.6% +20.5%
1.1 0.9 1.8 Net profit?
+54.2% +23.2%
46.0 37.3 29.8 PAT margin %
+526 bps +421 bps
17.0% 12.8% 11.7% EPS (₹)
+54.6% +22.5%
27.14 22.16 17.55
Quality of profit
Pre-tax profit ₹59.3 Cr: core business ₹58.2 Cr, other income ₹1.1 Cr.
Core profit YoY: +42.9%
· reported profit +54.2%
Cash & debt
FY25 cash from operations ₹107 Cr:
88% of FY25 net profit of ₹122 Cr.
Borrowings ₹36.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹290 ₹271
-6.5% below Net profit ₹29.0 ₹46.0
+58.3% above
M Cap ₹5,555 Cr
P/E 82.1
PEG 1.16
Turnaround: profit against a loss a year ago Operating margin expanded 214 bps YoY Exceptional items of ₹-9.1 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+11.1% +2.0%
2,716 2,663 2,445 Operating profit
+55.0% +12.9%
206 182 133 OPM %
+214 bps +73 bps
7.6% 6.8% 5.4% Other income
-70.7% -40.0%
7.2 12.0 24.6 Net profit?
from loss -30.1%
11.2 16.0 -23.8 PAT margin %
+139 bps -19 bps
0.4% 0.6% -1.0% EPS (₹)
from loss -31.4%
0.24 0.35 -0.56
Quality of profit
Pre-tax profit ₹16.0 Cr: core business ₹16.9 Cr, other income ₹7.2 Cr, exceptional & other items −₹8.1 Cr.
Core profit YoY: from loss
Cash & debt
FY25 cash from operations ₹672 Cr.
Borrowings ₹2,088 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,554 ₹2,716
+6.3% above
M Cap ₹5,522 Cr
P/E 30.8
PEG 0.23
Profit +12% above its own trend Exceptional items of ₹27.7 Cr in the quarter Profit grew faster than the core business (core profit +57%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+57.2% +31.1%
929 709 591 Operating profit
+55.8% +103.3%
174 85.4 111 OPM %
-17 bps +664 bps
18.7% 12.1% 18.9% Other income
+259.4% +295.3%
4.3 1.1 1.2 Net profit?
+99.4% +492.3%
102 17.2 51.2 PAT margin %
+232 bps +855 bps
11.0% 2.4% 8.7% EPS (₹)
+97.1% +489.3%
29.17 4.95 14.80
Quality of profit
Pre-tax profit ₹138 Cr: core business ₹106 Cr, other income ₹4.3 Cr, exceptional & other items ₹27.7 Cr.
Core profit YoY: +57.4%
· reported profit +99.4%
Cash & debt
FY25 cash from operations ₹223 Cr:
310% of FY25 net profit of ₹72.0 Cr.
Borrowings ₹850 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹964 ₹929
-3.7% in line Net profit ₹91.5 ₹102
+11.5% above
M Cap ₹5,510 Cr
P/E 18.9
PEG 1.18
Profit +19% above its own trend Operating margin expanded 105 bps YoY Core business grew faster than reported profit (core profit +9%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+0.2% -1.7%
465 473 464 Operating profit
+10.6% +52.9%
52.0 34.0 47.0 OPM %
+105 bps +399 bps
11.2% 7.2% 10.1% Other income
-100.0% -100.0%
0.0 21.0 19.0 Net profit?
-24.3% +0.0%
28.0 28.0 37.0 PAT margin %
-195 bps +10 bps
6.0% 5.9% 8.0% EPS (₹)
-23.7% +0.0%
1.74 1.74 2.28
Quality of profit
Pre-tax profit ₹36.0 Cr: core business ₹36.0 Cr, other income ₹0.0 Cr.
Core profit YoY: +9.1%
· reported profit -24.3%
Cash & debt
FY25 cash from operations ₹318 Cr:
119% of FY25 net profit of ₹267 Cr.
Borrowings ₹21.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹470 ₹465
-1.2% in line Net profit ₹23.6 ₹28.0
+18.6% above
M Cap ₹5,483 Cr
P/E 9.6
PEG 0.18
Profit +296% above its own trend Operating margin expanded 937 bps YoY Core business grew faster than reported profit (core profit +885%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+46.1% +99.9%
3,071 1,536 2,103 Operating profit
+406.0% +278.1%
405 107 80.0 OPM %
+937 bps +621 bps
13.2% 7.0% 3.8% Other income
+136.5% +66.7%
30.0 18.0 12.7 Net profit?
+688.4% +438.8%
264 49.0 33.5 PAT margin %
+700 bps +541 bps
8.6% 3.2% 1.6% EPS (₹)
+657.3% +441.3%
16.13 2.98 2.13
Quality of profit
Pre-tax profit ₹355 Cr: core business ₹325 Cr, other income ₹30.0 Cr.
Core profit YoY: +885.4%
· reported profit +688.4%
Cash & debt
FY25 cash from operations −₹221 Cr:
-139% of FY25 net profit of ₹159 Cr.
Borrowings ₹2,059 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,612 ₹3,071
+17.6% above Net profit ₹66.7 ₹264
+295.7% above
M Cap ₹5,470 Cr
P/E 23.0
PEG —
Profit -12% below its own trend Operating margin contracted 340 bps YoY FY25 operating cash flow was only 29% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+3.3% +0.6%
1,050 1,043 1,016 Operating profit
-20.2% +34.0%
121 90.5 152 OPM %
-340 bps +288 bps
11.6% 8.7% 15.0% Other income
-34.8% +95.7%
45.0 23.0 69.0 Net profit?
-56.1% +148.4%
29.6 11.9 67.4 PAT margin %
-382 bps +168 bps
2.8% 1.1% 6.6% EPS (₹)
-58.1% +53.6%
4.07 2.65 9.72
Quality of profit
Pre-tax profit ₹47.0 Cr: core business ₹47.3 Cr, other income ₹45.0 Cr, exceptional & other items −₹45.3 Cr.
Core profit YoY: -46.8%
· reported profit -56.1%
Cash & debt
FY25 cash from operations ₹99.0 Cr:
29% of FY25 net profit of ₹336 Cr.
Borrowings ₹456 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹999 ₹1,050
+5.1% above Net profit ₹33.7 ₹29.6
-12.2% below
M Cap ₹5,462 Cr
P/E 42.7
PEG 1.22
Profit +54% above its own trend Operating margin expanded 117 bps YoY Core business grew faster than reported profit (core profit +115%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+43.8% +9.9%
1,278 1,163 889 Operating profit
+82.3% +27.9%
71.0 55.5 39.0 OPM %
+117 bps +79 bps
5.6% 4.8% 4.4% Other income
-77.3% -75.6%
1.0 4.1 4.4 Net profit?
+74.5% +46.7%
32.0 21.8 18.3 PAT margin %
+44 bps +63 bps
2.5% 1.9% 2.1% EPS (₹)
+79.1% +46.6%
3.35 adj. 2.29adj. 1.87
EPS restated for the 1:1 bonus of Dec 2025: Sep 2025 ₹4.57 to ₹2.29; Dec 2024 ₹3.74 to ₹1.87.
Quality of profit
Pre-tax profit ₹42.0 Cr: core business ₹42.0 Cr, other income ₹1.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +114.5%
· reported profit +74.5%
Cash & debt
FY25 cash from operations ₹227 Cr:
323% of FY25 net profit of ₹70.2 Cr.
Borrowings ₹305 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,079 ₹1,278
+18.4% above Net profit ₹20.8 ₹32.0
+53.8% above
Into loss: a profit a year ago
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+7.9% +19.8%
2,374 1,982 2,201 Operating profit
+3.1% +387.1%
302 62.0 293 OPM %
-59 bps +959 bps
12.7% 3.1% 13.3% Other income
-57.9% -27.3%
40.0 55.0 95.0 Net profit?
to loss loss widened -137 -90.9 28.1 PAT margin %
-705 bps -119 bps
-5.8% -4.6% 1.3% EPS (₹)
to loss loss widened -1.25 -0.75 0.26
Quality of profit
Pre-tax profit −₹141 Cr: core business −₹180 Cr, other income ₹40.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations ₹1,644 Cr.
Borrowings ₹5,017 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,405 ₹2,374
-1.3% in line
M Cap ₹5,416 Cr
P/E 193.4
PEG —
All of pre-tax profit came from other income or one-off items
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
+11.1%
472 425 Operating profit
+13.3%
306 270 OPM %
+124 bps
64.8% 63.6% Other income
-1.7%
16.0 16.3 Net profit?
from loss 1.0 -3.1 PAT margin %
+95 bps
0.2% -0.7% EPS (₹)
from loss 0.11 -0.27
Quality of profit
Pre-tax profit ₹2.0 Cr: core business −₹14.0 Cr, other income ₹16.0 Cr.
M Cap ₹5,379 Cr
P/E 52.3
PEG —
Exceptional items of ₹7.7 Cr in the quarter
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
-36.4%
505 794 Operating profit
to loss -74.7 6.7 OPM %
-1563 bps
-14.8% 0.8% Other income
+40.1%
30.7 21.9 Net profit?
to loss -67.0 5.0 PAT margin %
-1390 bps
-13.3% 0.6% EPS (₹)
to loss -3.05 0.26
Quality of profit
Pre-tax profit −₹79.1 Cr: core business −₹102 Cr, other income ₹30.7 Cr, exceptional & other items −₹8.0 Cr.
M Cap ₹5,339 Cr
P/E 28.7
PEG 0.54
Profit -38% below its own trend Exceptional items of ₹-29.0 Cr in the quarter Core business grew faster than reported profit (core profit +28%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+14.5% -2.9%
1,377 1,418 1,203 Operating profit
+17.7% +4.2%
195 187 166 OPM %
+39 bps +97 bps
14.2% 13.2% 13.8% Other income
-32.1% -54.7%
5.9 13.0 8.7 Net profit?
-22.4% -35.5%
36.1 56.0 46.5 PAT margin %
-124 bps -133 bps
2.6% 3.9% 3.9% EPS (₹)
-5.0% -32.0%
1.91 2.81 2.01
Quality of profit
Pre-tax profit ₹53.5 Cr: core business ₹76.7 Cr, other income ₹5.9 Cr, exceptional & other items −₹29.0 Cr.
Core profit YoY: +28.0%
· reported profit -22.4%
Cash & debt
FY25 cash from operations ₹530 Cr:
1607% of FY25 net profit of ₹33.0 Cr.
Borrowings ₹1,157 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,323 ₹1,377
+4.0% in line Net profit ₹57.9 ₹36.1
-37.6% below
M Cap ₹5,331 Cr
P/E 16.7
PEG 1.67
Exceptional items of ₹-7.4 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+20.6% +3.8%
817 787 677 Operating profit
+18.5% -1.4%
135 137 114 OPM %
-30 bps -86 bps
16.5% 17.3% 16.8% Other income
+38.8% +11.9%
16.2 14.5 11.7 Net profit?
+17.5% -5.6%
88.5 93.7 75.3 PAT margin %
-29 bps -107 bps
10.8% 11.9% 11.1% EPS (₹)
+17.5% -5.5%
27.73 29.35 23.61
Quality of profit
Pre-tax profit ₹110 Cr: core business ₹101 Cr, other income ₹16.2 Cr, exceptional & other items −₹7.4 Cr.
Core profit YoY: +15.1%
· reported profit +17.5%
Cash & debt
FY25 cash from operations ₹288 Cr:
95% of FY25 net profit of ₹302 Cr.
Borrowings ₹157 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹771 ₹817
+5.9% above Net profit ₹84.4 ₹88.5
+4.8% in line
M Cap ₹5,320 Cr
P/E 12.8
PEG 0.80
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+4.1% -3.6%
906 940 870 Operating profit
+7.8% +4.1%
152 146 141 OPM %
+57 bps +125 bps
16.8% 15.5% 16.2% Other income
+7.7% -6.7%
14.0 15.0 13.0 Net profit?
+13.7% +11.3%
108 97.0 95.0 PAT margin %
+100 bps +160 bps
11.9% 10.3% 10.9% EPS (₹)
+14.0% +11.1%
34.96 31.46 30.67
Quality of profit
Pre-tax profit ₹141 Cr: core business ₹127 Cr, other income ₹14.0 Cr.
Core profit YoY: +13.4%
· reported profit +13.7%
Cash & debt
FY25 cash from operations ₹395 Cr:
105% of FY25 net profit of ₹377 Cr.
Borrowings ₹583 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹972 ₹906
-6.8% below Net profit ₹98.6 ₹108
+9.5% in line
M Cap ₹5,310 Cr
P/E 56.8
PEG —
Into loss: a profit a year ago Profit -109% below its own trend Exceptional items of ₹-6.2 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+17.3% -12.6%
706 808 602 Operating profit
+7.4% -34.4%
68.2 104 63.5 OPM %
-89 bps -321 bps
9.7% 12.9% 10.6% Other income
+93.9% +154.0%
2.5 1.0 1.3 Net profit?
to loss to loss -0.6 32.0 12.5 PAT margin %
-217 bps -404 bps
-0.1% 4.0% 2.1% EPS (₹)
to loss to loss -0.02 1.27 0.98
Quality of profit
Pre-tax profit ₹5.6 Cr: core business ₹9.2 Cr, other income ₹2.5 Cr, exceptional & other items −₹6.2 Cr.
Core profit YoY: -54.0%
Cash & debt
FY25 cash from operations ₹205 Cr:
304% of FY25 net profit of ₹67.5 Cr.
Borrowings ₹1,199 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹664 ₹706
+6.3% above Net profit ₹6.3 −₹0.6
-109.4% below
M Cap ₹5,305 Cr
P/E 22.1
PEG 0.33
Operating margin expanded 362 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+12.7% +26.2%
1,222 968 1,084 Operating profit
+93.5% +39.5%
106 76.0 54.8 OPM %
+362 bps +82 bps
8.7% 7.9% 5.1% Other income
-100.0% —
0.0 0.0 1.0 Net profit
+96.5% +43.8%
73.4 51.0 37.3 PAT margin %
+256 bps +73 bps
6.0% 5.3% 3.4% EPS (₹)
+94.0% +42.7%
32.21 22.57 16.60
Quality of profit
Pre-tax profit ₹98.0 Cr: core business ₹98.0 Cr, other income ₹0.0 Cr.
Core profit YoY: +102.6%
· reported profit +96.5%
Cash & debt
FY25 cash from operations −₹19.0 Cr:
-17% of FY25 net profit of ₹113 Cr.
Borrowings ₹184 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,279 ₹1,222
-4.4% in line Net profit ₹66.9 ₹73.4
+9.7% 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, 22:42 IST
