Home › Quarterly results › Q3 FY26
Q3 FY26 quarterly results (October-December 2025)
4,316 companies have declared Q3 FY26 results so far, the latest on 15 Sep 2026.
Across the 3,727 non-financial companies with a year-ago quarter to compare, sales grew +15.1% and net profit +14.8% year on year, and the combined operating margin narrowed 25 bps to 14.1%.
For the 146 banks and lenders, net interest income grew +8.0% and net profit +10.5%.
56% of companies grew net profit; 416 turned a loss into a profit; 37% beat their own profit trend and 48% fell short of it.
4316 declared
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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 ₹4,598 Cr
P/E 21.2
PEG 2.12
Profit -63% below its own trend Operating margin expanded 604 bps YoY Exceptional items of ₹-40.2 Cr in the quarter Core business grew faster than reported profit (core profit +64%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+19.9% +4.1%
510 490 425 Operating profit
+76.4% +8.3%
96.2 88.8 54.6 OPM %
+604 bps +75 bps
18.9% 18.1% 12.8% Other income
+16.8% -20.5%
12.5 15.7 10.7 Net profit?
-51.3% -42.7%
36.3 63.4 74.6 PAT margin %
-1041 bps -581 bps
7.1% 12.9% 17.5% EPS (₹)
-51.0% -42.4%
6.16 10.70 12.58
Quality of profit
Pre-tax profit ₹41.9 Cr: core business ₹69.7 Cr, other income ₹12.5 Cr, exceptional & other items −₹40.2 Cr.
Core profit YoY: +63.6%
· reported profit -51.3%
Cash & debt
FY25 cash from operations ₹224 Cr:
109% of FY25 net profit of ₹206 Cr.
Borrowings ₹190 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹509 ₹510
+0.3% in line Net profit ₹98.9 ₹36.3
-63.3% below
M Cap ₹4,591 Cr
P/E 25.5
PEG 0.94
Operating margin expanded 446 bps YoY 29% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+16.7% -17.6%
112 136 96.0 Operating profit
+33.3% -41.2%
40.0 68.0 30.0 OPM %
+446 bps -1429 bps
35.7% 50.0% 31.2% Other income
+8.3% +0.0%
13.0 13.0 12.0 Net profit?
+32.1% -35.1%
37.0 57.0 28.0 PAT margin %
+387 bps -888 bps
33.0% 41.9% 29.2% EPS (₹)
+28.7% -36.7%
11.96 18.89 9.29
Quality of profit
Pre-tax profit ₹49.0 Cr: core business ₹35.0 Cr, other income ₹13.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +34.6%
· reported profit +32.1%
Cash & debt
FY25 cash from operations ₹123 Cr:
88% of FY25 net profit of ₹139 Cr.
Borrowings ₹24.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹115 ₹112
-3.0% in line Net profit ₹34.3 ₹37.0
+7.8% in line
M Cap ₹4,574 Cr
P/E 21.4
PEG 0.22
Profit -39% below its own trend Operating margin contracted 231 bps YoY 26% 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
-21.4% -17.2%
1,042 1,258 1,326 Operating profit
-39.8% -36.7%
78.8 124 131 OPM %
-231 bps -232 bps
7.6% 9.9% 9.9% Other income
-5.2% -5.7%
7.6 8.0 8.0 Net profit?
-44.7% -34.3%
42.0 63.9 76.0 PAT margin %
-170 bps -105 bps
4.0% 5.1% 5.7% EPS (₹)
-45.3% -35.2%
1.05 1.62 1.92
Quality of profit
Pre-tax profit ₹63.0 Cr: core business ₹46.5 Cr, other income ₹7.6 Cr, exceptional & other items ₹9.0 Cr.
Core profit YoY: -45.3%
· reported profit -44.7%
Cash & debt
FY25 cash from operations −₹47.0 Cr:
-21% of FY25 net profit of ₹225 Cr.
Borrowings ₹948 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,457 ₹1,042
-28.5% below Net profit ₹68.5 ₹42.0
-38.7% below
M Cap ₹4,564 Cr
P/E 56.6
PEG 0.64
Turnaround: profit against a loss a year ago Operating margin expanded 1291 bps YoY Exceptional items of ₹-4.2 Cr in the quarter Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+77.0% +6.2%
287 270 162 Operating profit
+694.0% +8.3%
47.6 44.0 6.0 OPM %
+1291 bps +32 bps
16.6% 16.3% 3.7% Other income
+587.0% +12.7%
5.6 5.0 0.8 Net profit?
from loss +3.1%
18.6 18.0 -13.3 PAT margin %
+1470 bps -19 bps
6.5% 6.7% -8.2% EPS (₹)
from loss +3.9%
2.68 2.58 -1.93
Quality of profit
Pre-tax profit ₹20.3 Cr: core business ₹18.8 Cr, other income ₹5.6 Cr, exceptional & other items −₹4.2 Cr.
Core profit YoY: from loss
Cash & debt
FY25 cash from operations −₹60.0 Cr:
-138% of FY25 net profit of ₹43.4 Cr.
Borrowings ₹431 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹193 ₹287
+48.2% above
M Cap ₹4,551 Cr
P/E 17.3
PEG 0.79
Profit +12% above its own trend Operating margin expanded 103 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+16.3% -3.5%
690 715 593 Operating profit
+25.4% -1.4%
97.7 99.1 77.9 OPM %
+103 bps +30 bps
14.2% 13.9% 13.1% Other income
+28.5% -10.9%
4.9 5.5 3.8 Net profit
+33.8% -0.5%
63.5 63.8 47.4 PAT margin %
+120 bps +27 bps
9.2% 8.9% 8.0% EPS (₹)
+33.8% -0.5%
24.11 24.23 18.02
Quality of profit
Pre-tax profit ₹84.3 Cr: core business ₹79.3 Cr, other income ₹4.9 Cr.
Core profit YoY: +29.8%
· reported profit +33.8%
Cash & debt
FY25 cash from operations ₹232 Cr:
114% of FY25 net profit of ₹204 Cr.
Borrowings ₹22.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹686 ₹690
+0.6% in line Net profit ₹56.9 ₹63.5
+11.6% above
M Cap ₹4,540 Cr
P/E 6.6
PEG —
Exceptional items of ₹12.4 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-3.3% -5.7%
3,612 3,832 3,735 Operating profit
-3.4% +12.6%
439 390 454 OPM %
-1 bps +197 bps
12.1% 10.2% 12.2% Other income
-67.9% -28.0%
20.8 28.9 65.0 Net profit?
-73.6% +19.3%
36.1 30.3 137 PAT margin %
-267 bps +21 bps
1.0% 0.8% 3.7% EPS (₹)
-73.6% +34.3%
5.01 3.73 18.95
Quality of profit
Pre-tax profit ₹51.9 Cr: core business ₹43.5 Cr, other income ₹20.8 Cr, exceptional & other items −₹12.5 Cr.
Core profit YoY: -59.8%
· reported profit -73.6%
Cash & debt
FY25 cash from operations ₹1,135 Cr:
794% of FY25 net profit of ₹143 Cr.
Borrowings ₹8,353 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹4,072 ₹3,612
-11.3% below
M Cap ₹4,514 Cr
P/E 14.5
PEG —
Profit -21% below its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+3.2% +4.5%
1,927 1,845 1,868 Operating profit
-3.2% +22.6%
145 118 150 OPM %
-49 bps +111 bps
7.5% 6.4% 8.0% Other income
-53.7% -87.9%
2.7 22.5 5.9 Net profit
-11.4% +7.4%
79.6 74.1 89.9 PAT margin %
-68 bps +11 bps
4.1% 4.0% 4.8% EPS (₹)
-11.4% +7.3%
3.66 3.41 4.13
Quality of profit
Pre-tax profit ₹107 Cr: core business ₹105 Cr, other income ₹2.7 Cr.
Core profit YoY: -8.8%
· reported profit -11.4%
Cash & debt
FY25 cash from operations ₹393 Cr:
113% of FY25 net profit of ₹348 Cr.
Borrowings ₹16.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,863 ₹1,927
+3.4% in line Net profit ₹101 ₹79.6
-21.2% below
M Cap ₹4,507 Cr
P/E 13.2
PEG —
Profit +30% above its own trend Operating margin expanded 499 bps YoY 68% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +297%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+37.2% -6.1%
656 699 478 Operating profit
+78.2% +20.3%
142 118 79.9 OPM %
+499 bps +476 bps
21.7% 16.9% 16.7% Other income
-8.6% -14.7%
102 120 112 Net profit?
+148.2% +44.4%
207 143 83.4 PAT margin %
+1410 bps +1104 bps
31.5% 20.5% 17.4% EPS (₹)
+148.1% +44.3%
10.72 7.43 4.32
Quality of profit
Pre-tax profit ₹246 Cr: core business ₹79.0 Cr, other income ₹102 Cr, exceptional & other items ₹65.1 Cr.
Core profit YoY: +296.8%
· reported profit +148.2%
Cash & debt
FY25 cash from operations ₹280 Cr:
243% of FY25 net profit of ₹115 Cr.
Borrowings ₹588 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹495 ₹656
+32.5% above Net profit ₹159 ₹207
+29.9% above
Operating margin expanded 833 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+98.6% +10.9%
143 129 72.0 Operating profit
loss narrowed -100.0%
0.0 6.0 -6.0 OPM %
+833 bps -465 bps
0.0% 4.7% -8.3% Other income
+100.0% +0.0%
2.0 2.0 1.0 Net profit?
loss widened loss widened -30.0 -16.0 -19.0 PAT margin %
+541 bps -858 bps
-21.0% -12.4% -26.4% EPS (₹)
loss widened loss widened -8.73 -5.20 -6.78
Quality of profit
Pre-tax profit −₹26.0 Cr: core business −₹27.0 Cr, other income ₹2.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations −₹50.0 Cr.
Borrowings ₹140 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹136 ₹143
+5.0% above
M Cap ₹4,502 Cr
P/E 74.1
PEG —
Into loss: a profit a year ago Operating margin contracted 259 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+45.5% +31.9%
1,079 818 741 Operating profit
-2.3% -9.4%
57.2 63.1 58.5 OPM %
-259 bps -242 bps
5.3% 7.7% 7.9% Other income
-50.2% -39.8%
4.2 7.0 8.5 Net profit?
to loss to loss -4.8 20.1 37.3 PAT margin %
-548 bps -290 bps
-0.4% 2.5% 5.0% EPS (₹)
to loss to loss -0.57 2.38 5.10
Quality of profit
Pre-tax profit −₹5.1 Cr: core business −₹9.3 Cr, other income ₹4.2 Cr.
Core profit YoY: to loss
M Cap ₹4,501 Cr
P/E 38.5
PEG 2.02
Profit +14% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+35.3% +8.7%
188 173 139 Operating profit
+37.0% +0.2%
41.1 41.0 30.0 OPM %
+27 bps -184 bps
21.9% 23.7% 21.6% Other income
+52.5% +52.5%
3.0 2.0 2.0 Net profit?
+31.8% +11.5%
29.0 26.0 22.0 PAT margin %
-40 bps +40 bps
15.4% 15.0% 15.8% EPS (₹)
+38.3% +14.8%
3.50 3.05 2.53
Quality of profit
Pre-tax profit ₹34.1 Cr: core business ₹31.0 Cr, other income ₹3.0 Cr.
Core profit YoY: +29.3%
· reported profit +31.8%
Cash & debt
FY25 cash from operations ₹102 Cr:
119% of FY25 net profit of ₹86.0 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹202 ₹188
-6.8% below Net profit ₹25.5 ₹29.0
+13.9% above
M Cap ₹4,481 Cr
P/E 28.7
PEG 0.32
Profit +11% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+104.8% +14.7%
86.0 75.0 42.0 Net interest income
+22.0% +11.1%
50.0 45.0 41.0 Other income
— —
0.0 0.0 0.0 Net profit
+33.3% +14.3%
32.0 28.0 24.0 EPS (₹)
+37.0% +14.4%
5.81 5.08 4.24
Against its own trend ?
Trend Actual Gap
NII ₹49.4 ₹50.0
+1.1% in line Net profit ₹28.9 ₹32.0
+10.8% above
M Cap ₹4,477 Cr
P/E 106.4
PEG —
45% of pre-tax profit came from other income and one-off items
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
+2.6%
184 179 Operating profit
+33.9%
25.0 18.6 OPM %
+317 bps
13.6% 10.4% Other income
+68.9%
3.7 2.2 Net profit?
—
8.0 0.3 PAT margin %
+418 bps
4.3% 0.2% EPS (₹)
—
1.05 0.04
Quality of profit
Pre-tax profit ₹8.1 Cr: core business ₹4.4 Cr, other income ₹3.7 Cr.
M Cap ₹4,473 Cr
P/E 7.6
PEG 0.69
Profit -55% below its own trend Operating margin contracted 395 bps YoY 39% 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
-0.5% -37.6%
3,405 5,459 3,421 Operating profit
-43.9% -36.7%
174 275 310 OPM %
-395 bps +7 bps
5.1% 5.0% 9.1% Other income
+703.9% -43.0%
72.3 127 9.0 Net profit?
-27.5% -40.9%
131 222 181 PAT margin %
-144 bps -21 bps
3.9% 4.1% 5.3% EPS (₹)
-27.6% -40.4%
3.85 6.46 5.32
Quality of profit
Pre-tax profit ₹175 Cr: core business ₹108 Cr, other income ₹72.3 Cr, exceptional & other items −₹4.9 Cr.
Core profit YoY: -51.8%
· reported profit -27.5%
Cash & debt
FY25 cash from operations ₹2,132 Cr:
236% of FY25 net profit of ₹905 Cr.
Borrowings ₹2,962 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,212 ₹3,405
+6.0% above Net profit ₹292 ₹131
-55.1% below
M Cap ₹4,462 Cr
P/E 34.0
PEG —
Profit -80% below its own trend Operating margin contracted 510 bps YoY All of pre-tax profit came from other income or one-off items Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-42.7% -46.7%
266 499 464 Operating profit
-75.7% -35.1%
10.0 15.4 41.1 OPM %
-510 bps +67 bps
3.8% 3.1% 8.9% Other income
+28.4% +29.5%
28.0 21.6 21.8 Net profit?
-83.3% -49.4%
5.0 9.9 30.0 PAT margin %
-458 bps -10 bps
1.9% 2.0% 6.5% EPS (₹)
-77.5% -60.3%
0.27 0.68 1.20
Quality of profit
Pre-tax profit ₹10.0 Cr: core business −₹17.0 Cr, other income ₹28.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: to loss
· reported profit -83.3%
Cash & debt
FY25 cash from operations −₹11.0 Cr:
-6% of FY25 net profit of ₹188 Cr.
Borrowings ₹930 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹374 ₹266
-28.9% below Net profit ₹24.6 ₹5.0
-79.7% below
M Cap ₹4,461 Cr
P/E 20.9
PEG 1.50
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+36.7% -6.2%
473 504 346 Operating profit
+40.9% -8.8%
62.0 68.0 44.0 OPM %
+39 bps -38 bps
13.1% 13.5% 12.7% Other income
-100.0% -100.0%
0.0 5.0 4.0 Net profit
+31.2% -16.0%
42.0 50.0 32.0 PAT margin %
-37 bps -104 bps
8.9% 9.9% 9.2% EPS (₹)
+31.7% -15.3%
34.65 40.90 26.30
Quality of profit
Pre-tax profit ₹56.0 Cr: core business ₹56.0 Cr, other income ₹0.0 Cr.
Core profit YoY: +43.6%
· reported profit +31.2%
Cash & debt
FY25 cash from operations ₹177 Cr:
107% of FY25 net profit of ₹165 Cr.
Borrowings ₹2.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹414 ₹473
+14.2% above Net profit ₹39.2 ₹42.0
+7.2% in line
M Cap ₹4,459 Cr
P/E 29.3
PEG —
Profit +115% above its own trend Operating margin expanded 123 bps YoY Profit grew faster than the core business (core profit +16%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+5.8% +1.3%
275 271 260 Operating profit
+12.4% +5.1%
57.6 54.8 51.3 OPM %
+123 bps +75 bps
21.0% 20.2% 19.7% Other income
from loss +4.2%
15.0 14.4 -14.8 Net profit
+136.5% +7.7%
47.8 44.3 20.2 PAT margin %
+960 bps +104 bps
17.4% 16.3% 7.8% EPS (₹)
+136.5% +7.4%
1.75 1.63 0.74
Quality of profit
Pre-tax profit ₹63.0 Cr: core business ₹48.1 Cr, other income ₹15.0 Cr.
Core profit YoY: +16.1%
· reported profit +136.5%
Cash & debt
FY25 cash from operations ₹227 Cr:
141% of FY25 net profit of ₹161 Cr.
Borrowings ₹14.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹239 ₹275
+15.2% above Net profit ₹22.2 ₹47.8
+114.7% above
Profit -22% below its own trend Operating margin expanded 291 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+10.6% -0.6%
170 171 154 Operating profit
+22.1% -2.1%
52.5 53.6 43.0 OPM %
+291 bps -47 bps
30.8% 31.3% 27.9% Other income
+21.5% -33.0%
6.1 9.1 5.0 Net profit
+21.0% -7.8%
42.3 45.9 35.0 PAT margin %
+214 bps -195 bps
24.9% 26.8% 22.7% EPS (₹)
+21.3% -7.8%
37.01 40.15 30.50
Quality of profit
Pre-tax profit ₹57.4 Cr: core business ₹51.3 Cr, other income ₹6.1 Cr.
Core profit YoY: +22.1%
· reported profit +21.0%
Against its own trend ?
Trend Actual Gap
Sales ₹215 ₹170
-21.0% below Net profit ₹54.5 ₹42.3
-22.3% below
M Cap ₹4,455 Cr
P/E 14.8
PEG —
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
+8.8%
758 696 Operating profit
-0.3%
91.5 91.8 OPM %
-110 bps
12.1% 13.2% Other income
-9.4%
8.4 9.3 Net profit?
+11.0%
66.8 60.2 PAT margin %
+18 bps
8.8% 8.6% EPS (₹)
+11.0%
10.03 9.04
Quality of profit
Pre-tax profit ₹77.2 Cr: core business ₹68.8 Cr, other income ₹8.4 Cr.
Operating margin expanded 488 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-0.7% -8.8%
858 941 864 Operating profit
from loss -92.2%
0.3 4.0 -41.9 OPM %
+488 bps -39 bps
0.0% 0.4% -4.8% Other income
-90.0% -98.8%
0.7 59.0 6.8 Net profit?
loss narrowed loss widened -218 -162 -273 PAT margin %
+624 bps -814 bps
-25.4% -17.2% -31.6% EPS (₹)
loss narrowed loss widened -0.44 -0.33 -0.55
Quality of profit
Pre-tax profit −₹218 Cr: core business −₹218 Cr, other income ₹0.7 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations ₹115 Cr.
Borrowings ₹25,963 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹698 ₹858
+23.0% above
M Cap ₹4,448 Cr
P/E 19.4
PEG —
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
+12.0%
121 108 Operating profit
+7.4%
73.0 68.0 OPM %
-263 bps
60.3% 63.0% Other income
—
0.0 0.0 Net profit
+8.2%
53.0 49.0 PAT margin %
-157 bps
43.8% 45.4% EPS (₹)
+8.6%
2.65 2.44
Quality of profit
Pre-tax profit ₹70.0 Cr: core business ₹70.0 Cr, other income ₹0.0 Cr.
M Cap ₹4,430 Cr
P/E 26.7
PEG 0.49
Profit -12% below its own trend Exceptional items of ₹8.1 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+15.4% +7.7%
948 880 821 Operating profit
+7.4% +18.9%
81.4 68.5 75.8 OPM %
-65 bps +81 bps
8.6% 7.8% 9.2% Other income
+16.3% -71.7%
5.6 19.7 4.8 Net profit?
+5.6% -14.7%
34.8 40.7 32.9 PAT margin %
-34 bps -96 bps
3.7% 4.6% 4.0% EPS (₹)
+5.5% -14.6%
5.33 6.24 5.05
Quality of profit
Pre-tax profit ₹44.6 Cr: core business ₹47.0 Cr, other income ₹5.6 Cr, exceptional & other items −₹8.0 Cr.
Core profit YoY: +14.6%
· reported profit +5.6%
Cash & debt
FY25 cash from operations ₹175 Cr:
116% of FY25 net profit of ₹150 Cr.
Borrowings ₹41.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹893 ₹948
+6.1% above Net profit ₹39.4 ₹34.8
-11.8% below
M Cap ₹4,406 Cr
P/E 22.4
PEG 2.04
Profit -25% below its own trend Core business grew faster than reported profit (core profit +24%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+35.5% +19.7%
164 137 121 Operating profit
+35.7% +16.3%
57.0 49.0 42.0 OPM %
+5 bps -101 bps
34.8% 35.8% 34.7% Other income
-52.6% -57.1%
9.0 21.0 19.0 Net profit?
-7.1% -18.8%
39.0 48.0 42.0 PAT margin %
-1093 bps -1126 bps
23.8% 35.0% 34.7% EPS (₹)
-7.6% -18.8%
40.22 49.54 43.55
Quality of profit
Pre-tax profit ₹55.0 Cr: core business ₹46.0 Cr, other income ₹9.0 Cr.
Core profit YoY: +24.3%
· reported profit -7.1%
Cash & debt
FY25 cash from operations ₹145 Cr:
85% of FY25 net profit of ₹171 Cr.
Borrowings ₹13.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹131 ₹164
+25.2% above Net profit ₹52.3 ₹39.0
-25.5% below
M Cap ₹4,377 Cr
P/E 20.4
PEG 0.29
Profit +98% above its own trend Operating margin expanded 587 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+14.4% +54.3%
1,061 688 928 Operating profit
+117.9% +104.1%
131 64.2 60.1 OPM %
+587 bps +302 bps
12.3% 9.3% 6.5% Other income
+144.8% +8.9%
2.0 1.8 0.8 Net profit?
+171.1% +156.9%
81.0 31.5 29.9 PAT margin %
+441 bps +305 bps
7.6% 4.6% 3.2% EPS (₹)
+169.6% +155.4%
12.08 4.73 4.48
Quality of profit
Pre-tax profit ₹108 Cr: core business ₹106 Cr, other income ₹2.0 Cr.
Core profit YoY: +160.0%
· reported profit +171.1%
Cash & debt
FY25 cash from operations −₹27.0 Cr:
-39% of FY25 net profit of ₹68.4 Cr.
Borrowings ₹792 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,048 ₹1,061
+1.2% in line Net profit ₹41.0 ₹81.0
+97.7% above
Into loss: a profit a year ago Profit -315% below its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-2.2% -54.0%
59.6 129 60.9 Operating profit
-2.0% -48.9%
55.3 108 56.4 OPM %
+15 bps +912 bps
92.7% 83.6% 92.6% Other income
-62.5% —
0.3 0.0 0.7 Net profit?
to loss to loss -14.4 44.7 13.4 PAT margin %
-4608 bps -5868 bps
-24.1% 34.5% 21.9% EPS (₹)
to loss to loss -13.00 40.38 12.08
Quality of profit
Pre-tax profit ₹13.3 Cr: core business ₹13.0 Cr, other income ₹0.3 Cr.
Core profit YoY: -64.2%
Cash & debt
FY25 cash from operations ₹650 Cr:
660% of FY25 net profit of ₹98.5 Cr.
Borrowings ₹1,937 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹57.4 ₹59.6
+3.9% in line Net profit ₹6.7 −₹14.4
-315.3% below
M Cap ₹4,361 Cr
P/E 65.8
PEG —
All of pre-tax profit came from other income or one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+1.4% -3.6%
1,044 1,083 1,029 Operating profit
-2.0% +29.9%
96.0 73.9 98.0 OPM %
-32 bps +237 bps
9.2% 6.8% 9.5% Other income
from loss -49.4%
30.0 59.3 -4.6 Net profit?
loss widened to loss -20.0 16.3 -11.2 PAT margin %
-82 bps -342 bps
-1.9% 1.5% -1.1% EPS (₹)
loss widened to loss -2.72 2.23 -1.53
Quality of profit
Pre-tax profit ₹4.0 Cr: core business −₹26.0 Cr, other income ₹30.0 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations ₹381 Cr.
Borrowings ₹561 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,138 ₹1,044
-8.3% below
M Cap ₹4,344 Cr
P/E 29.0
PEG 14.52
Profit -30% below its own trend Operating margin contracted 196 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+10.3% +2.1%
409 401 371 Operating profit
-2.4% +6.5%
62.0 58.2 63.5 OPM %
-196 bps +63 bps
15.1% 14.5% 17.1% Other income
+100.9% -35.9%
6.0 9.4 3.0 Net profit?
-1.2% +3.4%
34.0 32.9 34.4 PAT margin %
-96 bps +11 bps
8.3% 8.2% 9.3% EPS (₹)
-4.4% +2.9%
5.02 4.88 5.25
Quality of profit
Pre-tax profit ₹44.0 Cr: core business ₹37.0 Cr, other income ₹6.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: -10.7%
· reported profit -1.2%
Cash & debt
FY25 cash from operations ₹90.0 Cr:
71% of FY25 net profit of ₹127 Cr.
Borrowings ₹342 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹444 ₹409
-7.7% below Net profit ₹48.9 ₹34.0
-30.5% below
M Cap ₹4,307 Cr
P/E 84.5
PEG —
Profit +999% above its own trend Operating margin expanded 1086 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+52.5% +5.6%
131 124 85.9 Operating profit
+254.1% +13.6%
25.0 22.0 7.1 OPM %
+1086 bps +134 bps
19.1% 17.7% 8.2% Other income
— +100.0%
2.0 1.0 0.0 Net profit?
— +50.0%
15.0 10.0 0.1 PAT margin %
+1129 bps +339 bps
11.5% 8.1% 0.2% EPS (₹)
— +53.1%
6.49 4.24 0.06
Quality of profit
Pre-tax profit ₹18.0 Cr: core business ₹16.0 Cr, other income ₹2.0 Cr.
Core profit YoY: from loss
Cash & debt
FY25 cash from operations ₹25.0 Cr:
478% of FY25 net profit of ₹5.2 Cr.
Borrowings ₹36.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹94.9 ₹131
+38.0% above Net profit ₹0.1 ₹15.0
+999.0% above
M Cap ₹4,286 Cr
P/E 15.8
PEG —
Turnaround: profit against a loss a year ago Operating margin expanded 3204 bps YoY Exceptional items of ₹-42.6 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+21.7% +37.5%
386 281 317 Operating profit
from loss +290.9%
109 27.9 -11.8 OPM %
+3204 bps +1837 bps
28.3% 10.0% -3.7% Other income
-40.6% -42.7%
16.3 28.4 27.4 Net profit?
from loss +123.5%
72.3 32.4 -18.6 PAT margin %
+2462 bps +722 bps
18.8% 11.5% -5.9% EPS (₹)
from loss +123.5%
10.75 4.81 -2.76
Quality of profit
Pre-tax profit ₹73.5 Cr: core business ₹99.8 Cr, other income ₹16.3 Cr, exceptional & other items −₹42.6 Cr.
Core profit YoY: from loss
Against its own trend ?
Trend Actual Gap
Sales ₹295 ₹386
+30.8% above
M Cap ₹4,275 Cr
P/E 15.8
PEG —
Profit -75% below its own trend Operating margin contracted 1108 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-7.5% +1.7%
597 587 645 Operating profit
-43.7% -22.4%
103 132 183 OPM %
-1108 bps -533 bps
17.2% 22.5% 28.3% Other income
+44.0% +219.5%
5.6 1.7 3.9 Net profit
-62.2% -24.0%
39.1 51.5 104 PAT margin %
-949 bps -221 bps
6.6% 8.8% 16.0% EPS (₹)
-62.5% -24.0%
9.08 11.94 24.23
Quality of profit
Pre-tax profit ₹54.6 Cr: core business ₹49.0 Cr, other income ₹5.6 Cr.
Core profit YoY: -67.2%
· reported profit -62.2%
Cash & debt
FY25 cash from operations ₹441 Cr:
124% of FY25 net profit of ₹357 Cr.
Borrowings ₹593 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹689 ₹597
-13.3% below Net profit ₹155 ₹39.1
-74.7% 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
