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 ₹4,891 Cr
P/E 39.6
PEG —
Profit +35% above its own trend Operating margin contracted 283 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-10.1% +0.1%
707 706 786 Operating profit
-36.9% +18.0%
47.2 40.0 74.8 OPM %
-283 bps +102 bps
6.7% 5.7% 9.5% Other income
-43.7% -18.8%
3.2 3.9 5.6 Net profit?
-32.3% +42.3%
19.8 13.9 29.3 PAT margin %
-92 bps +83 bps
2.8% 2.0% 3.7% EPS (₹)
-33.0% +39.2%
0.71 0.51 1.06
Quality of profit
Pre-tax profit ₹23.6 Cr: core business ₹20.4 Cr, other income ₹3.2 Cr.
Core profit YoY: -50.7%
· reported profit -32.3%
Cash & debt
FY25 cash from operations ₹108 Cr:
78% of FY25 net profit of ₹139 Cr.
Borrowings ₹258 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹741 ₹707
-4.7% in line Net profit ₹14.7 ₹19.8
+35.3% above
M Cap ₹4,887 Cr
P/E 30.0
PEG 7.51
Operating margin expanded 225 bps YoY Core business grew faster than reported profit (core profit +26%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+4.8% +15.1%
359 312 343 Operating profit
+18.9% +44.7%
68.0 47.0 57.2 OPM %
+225 bps +388 bps
18.9% 15.1% 16.7% Other income
to loss to loss -2.0 3.0 3.0 Net profit?
+3.1% +48.0%
37.0 25.0 35.9 PAT margin %
-17 bps +229 bps
10.3% 8.0% 10.5% EPS (₹)
+0.9% +44.8%
7.63 5.27 7.56
Quality of profit
Pre-tax profit ₹50.0 Cr: core business ₹52.0 Cr, other income −₹2.0 Cr.
Core profit YoY: +26.2%
· reported profit +3.1%
Cash & debt
FY25 cash from operations ₹206 Cr:
145% of FY25 net profit of ₹142 Cr.
Borrowings ₹27.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹343 ₹359
+4.7% in line Net profit ₹36.4 ₹37.0
+1.6% in line
M Cap ₹4,883 Cr
P/E 237.0
PEG 23.70
Operating margin expanded 189 bps YoY Exceptional items of ₹-19.3 Cr in the quarter Core business grew faster than reported profit (core profit +161%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+14.9% +7.4%
875 815 762 Operating profit
+56.6% +19.7%
62.1 51.9 39.7 OPM %
+189 bps +73 bps
7.1% 6.4% 5.2% Other income
-52.7% -19.3%
8.4 10.4 17.8 Net profit?
-11.4% -6.3%
5.9 6.3 6.7 PAT margin %
-20 bps -10 bps
0.7% 0.8% 0.9% EPS (₹)
+22.2% -1.8%
1.10 1.12 0.90
Quality of profit
Pre-tax profit ₹17.3 Cr: core business ₹28.1 Cr, other income ₹8.4 Cr, exceptional & other items −₹19.3 Cr.
Core profit YoY: +160.9%
· reported profit -11.4%
Cash & debt
FY25 cash from operations −₹23.0 Cr.
Borrowings ₹81.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹876 ₹875
-0.1% in line
M Cap ₹4,875 Cr
P/E 40.3
PEG —
Operating margin contracted 884 bps YoY 44% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit +6%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+19.1% -9.0%
81.0 89.0 68.0 Operating profit
-7.4% -24.2%
25.0 33.0 27.0 OPM %
-884 bps -621 bps
30.9% 37.1% 39.7% Other income
+77.8% +23.1%
16.0 13.0 9.0 Net profit
+36.8% -29.7%
26.0 37.0 19.0 PAT margin %
+416 bps -947 bps
32.1% 41.6% 27.9% EPS (₹)
+25.9% -29.1%
1.85 2.61 1.47
Quality of profit
Pre-tax profit ₹34.0 Cr: core business ₹19.0 Cr, other income ₹16.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +5.6%
· reported profit +36.8%
M Cap ₹4,871 Cr
P/E 20.6
PEG 0.23
Profit +158% above its own trend Operating margin expanded 1963 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+91.4% +16.9%
222 190 116 Operating profit
+236.7% +9.7%
101 92.1 30.0 OPM %
+1963 bps -300 bps
45.5% 48.5% 25.9% Other income
— +107.6%
3.0 1.4 0.0 Net profit
+415.4% +14.0%
67.0 58.8 13.0 PAT margin %
+1897 bps -78 bps
30.2% 31.0% 11.2% EPS (₹)
+406.6% +13.5%
5.37 4.73 1.06
Quality of profit
Pre-tax profit ₹89.0 Cr: core business ₹87.0 Cr, other income ₹3.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +383.3%
· reported profit +415.4%
Cash & debt
FY25 cash from operations ₹69.0 Cr:
58% of FY25 net profit of ₹120 Cr.
Borrowings ₹11.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹153 ₹222
+45.6% above Net profit ₹26.0 ₹67.0
+157.7% above
M Cap ₹4,869 Cr
P/E 219.0
PEG 3.48
Into loss: a profit a year ago Profit -201% below its own trend Operating margin contracted 1123 bps YoY Exceptional items of ₹-7.1 Cr in the quarter FY25 operating cash flow was only 20% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-4.5% +7.1%
207 194 217 Operating profit
-94.0% from loss 1.6 -1.5 26.0 OPM %
-1123 bps +152 bps
0.8% -0.8% 12.0% Other income
-29.9% -47.9%
5.6 10.8 8.0 Net profit?
to loss loss widened -12.1 -3.3 21.0 PAT margin %
-1554 bps -414 bps
-5.9% -1.7% 9.7% EPS (₹)
to loss loss widened -2.49 -1.13 4.10
Quality of profit
Pre-tax profit −₹12.1 Cr: core business −₹10.6 Cr, other income ₹5.6 Cr, exceptional & other items −₹7.1 Cr.
Core profit YoY: to loss
Cash & debt
FY25 cash from operations ₹19.0 Cr:
20% of FY25 net profit of ₹94.3 Cr.
Borrowings ₹175 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹201 ₹207
+3.1% in line Net profit ₹12.0 −₹12.1
-201.3% below
M Cap ₹4,855 Cr
P/E 101.0
PEG —
Operating margin expanded 134 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+7.5% +2.4%
43.0 42.0 40.0 Operating profit
+10.5% +0.0%
21.0 21.0 19.0 OPM %
+134 bps -116 bps
48.8% 50.0% 47.5% Other income
— -100.0%
0.0 1.0 0.0 Net profit
-7.7% -14.3%
12.0 14.0 13.0 PAT margin %
-459 bps -543 bps
27.9% 33.3% 32.5% EPS (₹)
-4.2% -13.0%
1.14 1.31 1.19
Quality of profit
Pre-tax profit ₹17.0 Cr: core business ₹16.0 Cr, other income ₹0.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: -5.9%
· reported profit -7.7%
Against its own trend ?
Trend Actual Gap
Sales ₹39.0 ₹43.0
+10.1% above Net profit ₹11.4 ₹12.0
+5.6% in line
M Cap ₹4,852 Cr
P/E 46.9
PEG 1.14
Profit -27% below its own trend Exceptional items of ₹3.1 Cr in the quarter Core business grew faster than reported profit (core profit +41%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+17.2% -0.9%
272 275 232 Operating profit
+19.0% -12.0%
44.6 50.6 37.5 OPM %
+24 bps -206 bps
16.4% 18.4% 16.1% Other income
-15.2% -2.5%
7.5 7.7 8.8 Net profit?
+7.9% -25.9%
22.2 30.0 20.6 PAT margin %
-70 bps -276 bps
8.2% 10.9% 8.9% EPS (₹)
+6.8% -25.8%
1.41 1.90 1.32
Quality of profit
Pre-tax profit ₹29.8 Cr: core business ₹25.4 Cr, other income ₹7.5 Cr, exceptional & other items −₹3.1 Cr.
Core profit YoY: +40.9%
· reported profit +7.9%
Cash & debt
FY25 cash from operations ₹146 Cr:
178% of FY25 net profit of ₹82.2 Cr.
Borrowings ₹290 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹256 ₹272
+6.4% above Net profit ₹30.5 ₹22.2
-27.0% below
Operating margin expanded 1101 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
-12.7% -6.2%
2,273 2,423 2,603 Operating profit
from loss from loss 249 -182 -1.5 OPM %
+1101 bps +1847 bps
10.9% -7.5% -0.1% Other income
-16.2% -28.5%
26.8 37.5 32.0 Net profit?
loss narrowed loss narrowed -38.1 -369 -204 PAT margin %
+615 bps +1357 bps
-1.7% -15.2% -7.8% EPS (₹)
loss narrowed loss narrowed -0.18 -1.73 -0.96
Quality of profit
Pre-tax profit ₹23.6 Cr: core business −₹3.2 Cr, other income ₹26.8 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations ₹950 Cr.
Borrowings ₹5,889 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,162 ₹2,273
+5.2% above
M Cap ₹4,834 Cr
P/E 11.0
PEG —
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
-89.8%
589 5,802 Operating profit
-91.5%
51.0 602 OPM %
-172 bps
8.7% 10.4% Other income
-86.2%
1.5 10.7 Net profit?
-92.0%
24.4 306 PAT margin %
-114 bps
4.1% 5.3% EPS (₹)
-20.2%
0.83 1.04
Quality of profit
Pre-tax profit ₹32.7 Cr: core business ₹31.2 Cr, other income ₹1.5 Cr.
M Cap ₹4,814 Cr
P/E 15.0
PEG 0.50
Operating margin contracted 326 bps YoY FY25 operating cash flow was only 31% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+122.5% +21.2%
2,381 1,965 1,070 Operating profit
+23.1% +6.7%
96.0 90.0 78.0 OPM %
-326 bps -55 bps
4.0% 4.6% 7.3% Other income
-44.4% -28.6%
15.0 21.0 27.0 Net profit?
+25.0% +17.6%
80.0 68.0 64.0 PAT margin %
-262 bps -10 bps
3.4% 3.5% 6.0% EPS (₹)
+16.7% —
0.21 0.24 0.18
No EPS growth against Sep 2025: ₹1 to ₹10 consolidation in Oct 2026.
Quality of profit
Pre-tax profit ₹89.0 Cr: core business ₹75.0 Cr, other income ₹15.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +31.6%
· reported profit +25.0%
Cash & debt
FY25 cash from operations ₹72.0 Cr:
31% of FY25 net profit of ₹235 Cr.
Borrowings ₹172 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,787 ₹2,381
+33.3% above Net profit ₹84.6 ₹80.0
-5.4% in line
M Cap ₹4,814 Cr
P/E 21.6
PEG —
Profit -17% below its own trend Operating margin expanded 486 bps YoY Core business grew faster than reported profit (core profit +30%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+10.8% +2.5%
588 574 531 Operating profit
+51.2% +41.7%
107 75.5 70.8 OPM %
+486 bps +503 bps
18.2% 13.2% 13.3% Other income
to loss to loss -6.0 21.6 23.0 Net profit?
-20.2% -26.0%
40.0 54.0 50.1 PAT margin %
-264 bps -262 bps
6.8% 9.4% 9.4% EPS (₹)
-19.5% -25.4%
2.65 3.55 3.29
Quality of profit
Pre-tax profit ₹54.0 Cr: core business ₹60.0 Cr, other income −₹6.0 Cr.
Core profit YoY: +30.5%
· reported profit -20.2%
Cash & debt
FY25 cash from operations ₹236 Cr:
128% of FY25 net profit of ₹185 Cr.
Borrowings ₹1,244 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹658 ₹588
-10.7% below Net profit ₹48.4 ₹40.0
-17.3% below
M Cap ₹4,809 Cr
P/E 29.9
PEG 0.20
Profit -52% below its own trend Operating margin contracted 161 bps YoY Exceptional items of ₹-13.4 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+11.3% +3.1%
1,413 1,370 1,270 Operating profit
-14.2% -22.0%
76.4 98.0 89.1 OPM %
-161 bps -174 bps
5.4% 7.2% 7.0% Other income
+77.5% +2.7%
7.2 7.0 4.0 Net profit?
-23.0% -53.1%
23.9 51.0 31.1 PAT margin %
-75 bps -203 bps
1.7% 3.7% 2.4% EPS (₹)
-22.9% -52.8%
5.91 12.53 7.67
Quality of profit
Pre-tax profit ₹31.6 Cr: core business ₹40.0 Cr, other income ₹7.2 Cr, exceptional & other items −₹15.7 Cr.
Core profit YoY: -8.5%
· reported profit -23.0%
Cash & debt
FY25 cash from operations ₹118 Cr:
99% of FY25 net profit of ₹119 Cr.
Borrowings ₹250 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,407 ₹1,413
+0.4% in line Net profit ₹50.2 ₹23.9
-52.3% below
Operating margin expanded 531 bps YoY Core business grew faster than reported profit (core profit +80%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+39.0% +25.4%
189 151 136 Operating profit
+82.6% +52.5%
42.0 27.5 23.0 OPM %
+531 bps +395 bps
22.2% 18.3% 16.9% Other income
to loss to loss -12.0 3.6 6.0 Net profit?
-25.0% -9.0%
15.0 16.5 20.0 PAT margin %
-677 bps -300 bps
7.9% 10.9% 14.7% EPS (₹)
-45.4% -35.2%
16.72 25.81 30.61
Quality of profit
Pre-tax profit ₹24.0 Cr: core business ₹36.0 Cr, other income −₹12.0 Cr.
Core profit YoY: +80.0%
· reported profit -25.0%
Cash & debt
Borrowings ₹3.0 Cr at Dec 2025.
M Cap ₹4,776 Cr
P/E 28.9
PEG 0.29
Profit +70% above its own trend Operating margin expanded 662 bps YoY Core business grew faster than reported profit (core profit +123%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+16.8% +28.1%
295 230 252 Operating profit
+37.9% +54.9%
128 82.6 92.8 OPM %
+662 bps +752 bps
43.4% 35.9% 36.8% Other income
-29.3% +27.6%
6.0 4.7 8.5 Net profit?
+100.0% +286.7%
65.0 16.8 32.5 PAT margin %
+917 bps +1474 bps
22.0% 7.3% 12.9% EPS (₹)
+101.4% +286.8%
2.94 0.76 1.46
Quality of profit
Pre-tax profit ₹84.0 Cr: core business ₹78.0 Cr, other income ₹6.0 Cr.
Core profit YoY: +122.7%
· reported profit +100.0%
Cash & debt
FY25 cash from operations ₹309 Cr:
433% of FY25 net profit of ₹71.3 Cr.
Borrowings ₹1,457 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹275 ₹295
+7.2% above Net profit ₹38.2 ₹65.0
+70.2% above
M Cap ₹4,771 Cr
P/E 20.4
PEG —
Profit -83% below its own trend Operating margin contracted 584 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
-8.5% +3.5%
88.0 85.0 96.2 Operating profit
-17.0% +0.0%
50.0 50.0 60.3 OPM %
-584 bps -201 bps
56.8% 58.8% 62.7% Other income
-93.8% +5.9%
18.0 17.0 291 Net profit?
-79.5% +8.1%
51.4 47.5 251 PAT margin %
— +249 bps
58.4% 55.9% — EPS (₹)
-79.5% +8.1%
7.30 6.75 35.63
Quality of profit
Pre-tax profit ₹65.5 Cr: core business ₹47.0 Cr, other income ₹18.0 Cr.
Core profit YoY: -19.4%
· reported profit -79.5%
Cash & debt
FY25 cash from operations ₹260 Cr:
58% of FY25 net profit of ₹445 Cr.
Borrowings ₹145 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹76.3 ₹88.0
+15.3% above Net profit ₹301 ₹51.4
-82.9% below
M Cap ₹4,761 Cr
P/E 15.7
PEG 5.22
Profit -33% below its own trend Operating margin expanded 199 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-5.2% +0.0%
348 348 367 Operating profit
+2.1% -3.0%
97.0 100 95.0 OPM %
+199 bps -86 bps
27.9% 28.7% 25.9% Other income
-48.5% -43.3%
17.0 30.0 33.0 Net profit
-17.2% -24.3%
53.0 70.0 64.0 PAT margin %
-221 bps -489 bps
15.2% 20.1% 17.4% EPS (₹)
-16.9% -24.9%
2.60 3.46 3.13
Quality of profit
Pre-tax profit ₹70.0 Cr: core business ₹53.0 Cr, other income ₹17.0 Cr.
Core profit YoY: -5.4%
· reported profit -17.2%
Cash & debt
FY25 cash from operations ₹434 Cr:
114% of FY25 net profit of ₹382 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹410 ₹348
-15.1% below Net profit ₹78.7 ₹53.0
-32.7% below
M Cap ₹4,759 Cr
P/E 48.8
PEG —
Profit -59% below its own trend Operating margin contracted 286 bps YoY Exceptional items of ₹17.0 Cr in the quarter FY25 operating cash flow was only 15% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+6.4% +0.1%
734 734 691 Operating profit
-21.5% -13.5%
59.2 68.5 75.5 OPM %
-286 bps -126 bps
8.1% 9.3% 10.9% Other income
+29.3% -19.2%
11.5 14.3 8.9 Net profit?
-58.5% -58.8%
20.6 49.9 49.6 PAT margin %
-438 bps -400 bps
2.8% 6.8% 7.2% EPS (₹)
-58.2% -59.0%
1.71 4.18 4.10
Quality of profit
Pre-tax profit ₹28.7 Cr: core business ₹33.1 Cr, other income ₹11.5 Cr, exceptional & other items −₹15.9 Cr.
Core profit YoY: -45.6%
· reported profit -58.5%
Cash & debt
FY25 cash from operations ₹32.0 Cr:
15% of FY25 net profit of ₹208 Cr.
Borrowings ₹323 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹762 ₹734
-3.6% in line Net profit ₹50.5 ₹20.6
-59.3% below
M Cap ₹4,722 Cr
P/E 24.7
PEG —
Profit -42% below its own trend Operating margin expanded 122 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-1.8% -2.4%
1,050 1,076 1,069 Operating profit
+14.6% +8.8%
89.8 82.5 78.4 OPM %
+122 bps +89 bps
8.6% 7.7% 7.3% Other income
+188.6% +49.1%
8.1 5.4 2.8 Net profit?
+16.6% +15.6%
55.0 47.5 47.1 PAT margin %
+83 bps +82 bps
5.2% 4.4% 4.4% EPS (₹)
+17.0% +15.9%
1.24 1.07 1.06
Quality of profit
Pre-tax profit ₹73.8 Cr: core business ₹65.7 Cr, other income ₹8.1 Cr.
Core profit YoY: +11.0%
· reported profit +16.6%
Cash & debt
FY25 cash from operations ₹312 Cr:
233% of FY25 net profit of ₹134 Cr.
Borrowings ₹147 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,080 ₹1,050
-2.8% in line Net profit ₹94.3 ₹55.0
-41.7% below
M Cap ₹4,717 Cr
P/E 39.2
PEG —
Into loss: a profit a year ago Profit -125% below its own trend Operating margin contracted 1202 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-17.3% +5.4%
1,472 1,396 1,780 Operating profit
-86.7% -63.4%
34.0 93.0 255 OPM %
-1202 bps -435 bps
2.3% 6.7% 14.3% Other income
-59.0% -83.2%
16.0 95.0 39.0 Net profit?
to loss to loss -22.0 78.0 160 PAT margin %
-1048 bps -708 bps
-1.5% 5.6% 9.0% EPS (₹)
to loss to loss -0.35 1.27 2.59
Quality of profit
Pre-tax profit −₹32.0 Cr: core business −₹48.0 Cr, other income ₹16.0 Cr.
Core profit YoY: to loss
Cash & debt
FY25 cash from operations ₹480 Cr:
68% of FY25 net profit of ₹709 Cr.
Borrowings ₹2,125 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,445 ₹1,472
+1.9% in line Net profit ₹88.9 −₹22.0
-124.7% below
M Cap ₹4,712 Cr
P/E 31.2
PEG 1.64
Profit -18% below its own trend Operating margin contracted 264 bps YoY 30% 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
+26.4% +15.4%
597 517 472 Operating profit
+6.2% +15.1%
82.8 72.0 78.0 OPM %
-264 bps -4 bps
13.9% 13.9% 16.5% Other income
+54.2% +32.1%
18.5 14.0 12.0 Net profit?
-18.5% +16.0%
38.3 33.0 47.0 PAT margin %
-354 bps +3 bps
6.4% 6.4% 10.0% EPS (₹)
-29.2% +18.6%
18.69 15.76 26.40
Quality of profit
Pre-tax profit ₹54.4 Cr: core business ₹38.3 Cr, other income ₹18.5 Cr, exceptional & other items −₹2.4 Cr.
Core profit YoY: -14.9%
· reported profit -18.5%
Cash & debt
FY25 cash from operations −₹4.0 Cr:
-3% of FY25 net profit of ₹143 Cr.
Borrowings ₹453 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹604 ₹597
-1.2% in line Net profit ₹46.8 ₹38.3
-18.2% below
M Cap ₹4,687 Cr
P/E 22.2
PEG 0.86
Profit grew faster than the core business (core profit +13%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+14.3% +65.8%
320 193 280 Operating profit
+13.1% +84.5%
70.7 38.3 62.5 OPM %
-23 bps +224 bps
22.1% 19.9% 22.4% Other income
+140.4% +120.2%
20.0 9.1 8.3 Net profit?
+37.4% +118.1%
68.4 31.4 49.8 PAT margin %
+360 bps +513 bps
21.4% 16.3% 17.8% EPS (₹)
+30.0% +118.0%
6.06 2.78 4.66
Quality of profit
Pre-tax profit ₹88.6 Cr: core business ₹68.5 Cr, other income ₹20.0 Cr.
Core profit YoY: +12.6%
· reported profit +37.4%
Cash & debt
FY25 cash from operations −₹10.0 Cr:
-9% of FY25 net profit of ₹117 Cr.
Borrowings ₹27.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹387 ₹320
-17.4% below Net profit ₹73.9 ₹68.4
-7.5% in line
M Cap ₹4,684 Cr
P/E 401.3
PEG 15.44
Operating margin expanded 1156 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+60.3% +286.1%
529 137 330 Operating profit
+400.0% +114.3%
90.0 42.0 18.0 OPM %
+1156 bps -1364 bps
17.0% 30.7% 5.5% Other income
-36.4% +600.0%
7.0 1.0 11.0 Net profit?
+675.0% +520.0%
62.0 10.0 8.0 PAT margin %
+930 bps +442 bps
11.7% 7.3% 2.4% EPS (₹)
— +505.3%
1.15 0.19 0.08
Quality of profit
Pre-tax profit ₹71.0 Cr: core business ₹64.0 Cr, other income ₹7.0 Cr.
Core profit YoY: from loss
· reported profit +675.0%
Cash & debt
FY25 cash from operations ₹540 Cr.
Borrowings ₹1,900 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹660 ₹529
-19.8% below
M Cap ₹4,681 Cr
P/E 22.2
PEG 0.10
Exceptional items of ₹-30.1 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+406.1% +3.5%
2,146 2,074 424 Operating profit
+335.6% +5.8%
114 108 26.3 OPM %
-86 bps +12 bps
5.3% 5.2% 6.2% Other income
+127.4% +5.4%
40.9 38.8 18.0 Net profit?
-3.2% -35.5%
45.5 70.5 47.0 PAT margin %
-897 bps -128 bps
2.1% 3.4% 11.1% EPS (₹)
-14.3% -36.6%
0.90 1.42 1.05
Quality of profit
Pre-tax profit ₹59.6 Cr: core business ₹48.8 Cr, other income ₹40.9 Cr, exceptional & other items −₹30.1 Cr.
Core profit YoY: from loss
· reported profit -3.2%
Cash & debt
FY25 cash from operations ₹717 Cr:
278% of FY25 net profit of ₹258 Cr.
Borrowings ₹465 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹462 ₹2,146
+364.7% above Net profit ₹46.8 ₹45.5
-2.9% in line
M Cap ₹4,676 Cr
P/E 25.1
PEG —
Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+1.5% -7.2%
3,172 3,419 3,125 Operating profit
+14.5% +6.2%
109 103 95.6 OPM %
+39 bps +43 bps
3.4% 3.0% 3.1% Other income
-45.1% -83.2%
4.5 27.0 8.3 Net profit?
-12.7% -23.5%
37.0 48.4 42.5 PAT margin %
-19 bps -25 bps
1.2% 1.4% 1.4% EPS (₹)
-21.5% -34.7%
1.39 2.13 1.77
Quality of profit
Pre-tax profit ₹44.3 Cr: core business ₹41.2 Cr, other income ₹4.5 Cr, exceptional & other items −₹1.4 Cr.
Core profit YoY: +5.9%
· reported profit -12.7%
Cash & debt
FY25 cash from operations −₹37.0 Cr:
-16% of FY25 net profit of ₹237 Cr.
Borrowings ₹1,232 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,501 ₹3,172
-9.4% below Net profit ₹38.1 ₹37.0
-2.7% in line
M Cap ₹4,663 Cr
P/E 11.5
PEG 0.55
Profit +62% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+24.8% +15.4%
725 628 581 Net interest income
+35.4% +16.9%
490 419 362 Other income
-20.0% +300.0%
4.0 1.0 5.0 Net profit?
+39.7% +12.1%
102 91.0 73.0 EPS (₹)
+33.0% +9.9%
6.24 5.68 4.69
Against its own trend ?
Trend Actual Gap
NII ₹402 ₹490
+21.8% above Net profit ₹62.8 ₹102
+62.5% above
M Cap ₹4,642 Cr
P/E 38.7
PEG —
Profit -68% below its own trend Operating margin contracted 624 bps YoY Exceptional items of ₹-8.4 Cr in the quarter FY25 operating cash flow was only 43% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+4.1% -1.1%
180 182 173 Operating profit
-18.9% +1.9%
39.8 39.0 49.0 OPM %
-624 bps +66 bps
22.1% 21.4% 28.3% Other income
+13.7% -78.7%
3.4 16.0 3.0 Net profit
-36.8% -40.2%
22.1 37.0 35.0 PAT margin %
-794 bps -804 bps
12.3% 20.3% 20.2% EPS (₹)
-36.6% -39.9%
13.38 22.28 21.12
Quality of profit
Pre-tax profit ₹29.1 Cr: core business ₹34.1 Cr, other income ₹3.4 Cr, exceptional & other items −₹8.4 Cr.
Core profit YoY: -22.4%
· reported profit -36.8%
Cash & debt
FY25 cash from operations ₹78.0 Cr:
43% of FY25 net profit of ₹183 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹189 ₹180
-4.6% in line Net profit ₹70.0 ₹22.1
-68.4% below
M Cap ₹4,634 Cr
P/E 81.2
PEG —
Turnaround: profit against a loss a year ago Operating margin contracted 178 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+35.5% +10.3%
202 183 149 Operating profit
+22.2% +0.0%
33.0 33.0 27.0 OPM %
-178 bps -168 bps
16.4% 18.0% 18.1% Other income
— —
0.0 0.0 0.0 Net profit?
from loss -20.0%
4.0 5.0 -1.0 PAT margin %
+265 bps -75 bps
2.0% 2.7% -0.7% EPS (₹)
from loss -7.4%
3.73 4.03 -0.72
Quality of profit
Pre-tax profit ₹6.0 Cr: core business ₹5.0 Cr, other income ₹0.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: from loss
Cash & debt
FY25 cash from operations −₹42.0 Cr:
-1463% of FY25 net profit of ₹2.9 Cr.
Borrowings ₹583 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹171 ₹202
+18.1% above
M Cap ₹4,606 Cr
P/E 21.3
PEG —
Profit -45% below its own trend Operating margin contracted 2243 bps YoY 62% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -74%) FY25 operating cash flow was only 43% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-36.9% +2.9%
153 149 242 Operating profit
-69.0% -9.8%
33.0 36.6 107 OPM %
-2243 bps -302 bps
21.6% 24.6% 44.0% Other income
+37.7% -2.7%
45.0 46.2 32.7 Net profit?
-38.1% -13.4%
52.0 60.0 84.0 PAT margin %
-69 bps -636 bps
34.0% 40.3% 34.7% EPS (₹)
-48.4% -15.9%
1.16 1.38 2.25
Quality of profit
Pre-tax profit ₹72.0 Cr: core business ₹27.0 Cr, other income ₹45.0 Cr.
Core profit YoY: -73.5%
· reported profit -38.1%
Cash & debt
FY25 cash from operations ₹133 Cr:
43% of FY25 net profit of ₹312 Cr.
Borrowings ₹36.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹200 ₹153
-23.4% below Net profit ₹94.2 ₹52.0
-44.8% below
M Cap ₹4,606 Cr
P/E 11.2
PEG 0.22
Profit -64% below its own trend Operating margin contracted 373 bps YoY 34% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+11.0% +0.8%
960 952 865 Operating profit
-15.6% -13.0%
114 131 135 OPM %
-373 bps -189 bps
11.9% 13.8% 15.6% Other income
+40.0% +133.3%
28.0 12.0 20.0 Net profit?
-29.6% -28.3%
76.0 106 108 PAT margin %
-457 bps -322 bps
7.9% 11.1% 12.5% EPS (₹)
-20.1% -12.8%
8.82 10.11 11.04
Quality of profit
Pre-tax profit ₹85.0 Cr: core business ₹56.0 Cr, other income ₹28.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: -44.0%
· reported profit -29.6%
Cash & debt
FY25 cash from operations ₹188 Cr:
65% of FY25 net profit of ₹290 Cr.
Borrowings ₹1,163 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,227 ₹960
-21.8% below Net profit ₹210 ₹76.0
-63.8% 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, 23:30 IST
