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 ₹4,272 Cr
P/E 11.7
PEG —
Profit +48% above its own trend Operating margin expanded 363 bps YoY FY25 operating cash flow was only 2% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+8.8% +9.1%
372 341 342 Operating profit
+19.1% -1.9%
156 159 131 OPM %
+363 bps -469 bps
41.9% 46.6% 38.3% Other income
-28.6% +0.0%
5.0 5.0 7.0 Net profit?
+8.5% -4.3%
89.0 93.0 82.0 PAT margin %
-5 bps -335 bps
23.9% 27.3% 24.0% EPS (₹)
+7.7% -4.7%
4.05 4.25 3.76
Quality of profit
Pre-tax profit ₹122 Cr: core business ₹118 Cr, other income ₹5.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +12.4%
· reported profit +8.5%
Cash & debt
FY25 cash from operations ₹6.0 Cr:
2% of FY25 net profit of ₹328 Cr.
Borrowings ₹513 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹270 ₹372
+38.0% above Net profit ₹60.0 ₹89.0
+48.4% above
M Cap ₹4,263 Cr
P/E 16.1
PEG —
Operating margin expanded 269 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-4.5% +1.3%
462 456 484 Operating profit
+10.4% +7.7%
92.0 85.4 83.4 OPM %
+269 bps +119 bps
19.9% 18.7% 17.2% Other income
-40.3% -47.2%
8.0 15.2 13.4 Net profit?
+9.8% -0.9%
62.0 62.5 56.4 PAT margin %
+176 bps -29 bps
13.4% 13.7% 11.7% EPS (₹)
+9.7% -1.0%
14.19 14.33 12.93
Quality of profit
Pre-tax profit ₹83.0 Cr: core business ₹76.0 Cr, other income ₹8.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +22.4%
· reported profit +9.8%
Cash & debt
FY25 cash from operations ₹382 Cr:
149% of FY25 net profit of ₹256 Cr.
Borrowings ₹438 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹464 ₹462
-0.5% in line Net profit ₹66.7 ₹62.0
-7.0% in line
M Cap ₹4,259 Cr
P/E 34.9
PEG 34.89
Profit +16% above its own trend Operating margin contracted 160 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+53.0% +12.6%
644 572 421 Operating profit
+36.1% +10.7%
83.0 75.0 61.0 OPM %
-160 bps -22 bps
12.9% 13.1% 14.5% Other income
+400.0% -28.6%
5.0 7.0 1.0 Net profit
+65.5% +11.6%
48.0 43.0 29.0 PAT margin %
+57 bps -6 bps
7.5% 7.5% 6.9% EPS (₹)
+67.9% +13.3%
38.59 34.05 22.98
Quality of profit
Pre-tax profit ₹73.0 Cr: core business ₹68.0 Cr, other income ₹5.0 Cr.
Core profit YoY: +58.1%
· reported profit +65.5%
Cash & debt
FY25 cash from operations ₹430 Cr:
413% of FY25 net profit of ₹104 Cr.
Borrowings ₹150 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹465 ₹644
+38.4% above Net profit ₹41.4 ₹48.0
+15.9% above
M Cap ₹4,249 Cr
P/E 66.9
PEG 11.14
Profit -35% below its own trend Operating margin contracted 247 bps YoY Exceptional items of ₹1.6 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-26.1% -11.4%
117 132 158 Operating profit
-34.3% -13.3%
23.0 26.5 35.0 OPM %
-247 bps -42 bps
19.7% 20.1% 22.2% Other income
+1.8% -31.5%
4.1 5.9 4.0 Net profit
-37.7% -24.7%
16.2 21.5 26.0 PAT margin %
-260 bps -245 bps
13.9% 16.3% 16.5% EPS (₹)
-38.5% -24.6%
2.11 2.80 3.43
Quality of profit
Pre-tax profit ₹21.6 Cr: core business ₹19.1 Cr, other income ₹4.1 Cr, exceptional & other items −₹1.6 Cr.
Core profit YoY: -40.4%
· reported profit -37.7%
Cash & debt
FY25 cash from operations ₹91.0 Cr:
95% of FY25 net profit of ₹95.8 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹155 ₹117
-24.8% below Net profit ₹24.8 ₹16.2
-34.8% below
M Cap ₹4,249 Cr
P/E 50.2
PEG —
Operating margin contracted 400 bps YoY 47% of pre-tax profit came from other income and one-off items Exceptional items of ₹2.9 Cr in the quarter Profit grew faster than the core business (core profit -61%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-14.7% -7.2%
532 573 624 Operating profit
-56.4% -27.3%
22.2 30.6 51.0 OPM %
-400 bps -116 bps
4.2% 5.3% 8.2% Other income
— —
5.6 0.4 0.0 Net profit?
-20.4% +20.3%
14.3 11.9 18.0 PAT margin %
-19 bps +61 bps
2.7% 2.1% 2.9% EPS (₹)
-22.2% +16.7%
0.14 0.12 0.18
Quality of profit
Pre-tax profit ₹18.3 Cr: core business ₹9.7 Cr, other income ₹5.6 Cr, exceptional & other items ₹2.9 Cr.
Core profit YoY: -61.3%
· reported profit -20.4%
Cash & debt
FY25 cash from operations ₹167 Cr:
221% of FY25 net profit of ₹75.5 Cr.
Borrowings ₹796 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹672 ₹532
-20.8% below Net profit ₹14.8 ₹14.3
-3.1% in line
M Cap ₹4,239 Cr
P/E 22.6
PEG 1.50
Profit -41% below its own trend Exceptional items of ₹-7.4 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-2.1% -6.1%
182 194 186 Operating profit
-4.6% +2.4%
57.6 56.2 60.3 OPM %
-83 bps +264 bps
31.6% 28.9% 32.4% Other income
+17.4% -86.1%
2.1 15.0 1.8 Net profit?
-12.8% -35.5%
35.5 55.0 40.7 PAT margin %
-239 bps -883 bps
19.5% 28.3% 21.8% EPS (₹)
-12.8% -35.4%
20.93 32.41 24.00
Quality of profit
Pre-tax profit ₹45.7 Cr: core business ₹51.0 Cr, other income ₹2.1 Cr, exceptional & other items −₹7.4 Cr.
Core profit YoY: -4.3%
· reported profit -12.8%
Cash & debt
FY25 cash from operations ₹101 Cr:
68% of FY25 net profit of ₹149 Cr.
Borrowings ₹4.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹216 ₹182
-15.3% below Net profit ₹59.9 ₹35.5
-40.7% below
M Cap ₹4,169 Cr
P/E 16.0
PEG 0.15
Turnaround: profit against a loss a year ago Operating margin expanded 1334 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+103.0% +211.2%
303 97.4 149 Operating profit
+194.3% —
130 7.8 44.3 OPM %
+1334 bps +3493 bps
43.0% 8.0% 29.6% Other income
from loss +33.3%
13.4 10.1 -10.0 Net profit?
from loss from loss 101 -25.7 -3.2 PAT margin %
+3559 bps +5984 bps
33.4% -26.4% -2.2% EPS (₹)
from loss from loss 39.85 -10.81 -1.31
Quality of profit
Pre-tax profit ₹110 Cr: core business ₹96.1 Cr, other income ₹13.4 Cr.
Cash & debt
FY25 cash from operations ₹299 Cr:
340% of FY25 net profit of ₹87.9 Cr.
Borrowings ₹231 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹136 ₹303
+122.4% above
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+126.2% +28.6%
26.6 20.7 11.8 Operating profit
loss widened loss narrowed -63.9 -95.0 -61.3 Other income
+0.8% -23.1%
41.1 53.5 40.8 Net profit?
loss widened loss narrowed -19.7 -45.0 -16.7 PAT margin %
— —
-74.1% — — EPS (₹)
loss widened loss narrowed -4.29 -6.13 -3.62
Quality of profit
Pre-tax profit −₹31.2 Cr: core business −₹72.4 Cr, other income ₹41.1 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations −₹143 Cr.
Borrowings ₹3.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹5.9 ₹26.6
+352.4% above
Profit -59% below its own trend Operating margin contracted 243 bps YoY 32% of pre-tax profit came from other income and one-off items Exceptional items of ₹17.7 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+2.6% +12.7%
1,416 1,257 1,379 Operating profit
-11.3% +27.9%
218 170 246 OPM %
-243 bps +183 bps
15.4% 13.6% 17.8% Other income
+6.3% +152.1%
23.9 9.5 22.5 Net profit?
-69.1% from loss 16.1 -20.1 52.2 PAT margin %
-265 bps +274 bps
1.1% -1.6% 3.8% EPS (₹)
-69.3% from loss 1.46 -1.83 4.75
Quality of profit
Pre-tax profit ₹19.7 Cr: core business ₹13.4 Cr, other income ₹23.9 Cr, exceptional & other items −₹17.7 Cr.
Core profit YoY: -73.3%
· reported profit -69.1%
Cash & debt
FY25 cash from operations ₹549 Cr:
5032% of FY25 net profit of ₹10.9 Cr.
Borrowings ₹3,314 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,518 ₹1,416
-6.7% below Net profit ₹39.3 ₹16.1
-58.9% below
M Cap ₹4,143 Cr
P/E 39.8
PEG 1.24
Profit +54% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+28.3% +1.6%
297 292 231 Operating profit
+31.7% +1.8%
48.9 48.0 37.1 OPM %
+43 bps +3 bps
16.5% 16.4% 16.0% Other income
+169.3% -13.2%
2.6 3.0 1.0 Net profit
+42.5% -1.5%
25.6 26.0 18.0 PAT margin %
+86 bps -27 bps
8.6% 8.9% 7.8% EPS (₹)
+41.0% -1.7%
12.46 12.67 8.84
Quality of profit
Pre-tax profit ₹34.2 Cr: core business ₹32.3 Cr, other income ₹2.6 Cr, exceptional & other items −₹0.6 Cr.
Core profit YoY: +38.9%
· reported profit +42.5%
Cash & debt
FY25 cash from operations ₹69.0 Cr:
73% of FY25 net profit of ₹94.0 Cr.
Borrowings ₹192 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹266 ₹297
+11.5% above Net profit ₹16.7 ₹25.6
+53.8% above
M Cap ₹4,137 Cr
P/E 56.2
PEG —
Operating margin contracted 208 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+11.4% -2.4%
231 237 208 Operating profit
-2.8% -12.9%
33.0 37.8 33.9 OPM %
-208 bps -171 bps
14.3% 16.0% 16.3% Other income
-57.6% -62.6%
0.8 2.1 1.9 Net profit?
-35.6% -26.2%
12.4 16.8 19.3 PAT margin %
-392 bps -173 bps
5.4% 7.1% 9.3% EPS (₹)
-35.8% -26.2%
1.24 1.68 1.93
Quality of profit
Pre-tax profit ₹17.7 Cr: core business ₹16.9 Cr, other income ₹0.8 Cr.
Core profit YoY: -30.6%
· reported profit -35.6%
Cash & debt
FY25 cash from operations ₹123 Cr:
177% of FY25 net profit of ₹69.6 Cr.
Borrowings ₹336 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹224 ₹231
+3.4% in line Net profit ₹13.5 ₹12.4
-8.0% in line
M Cap ₹4,105 Cr
P/E 40.2
PEG 0.26
Operating margin expanded 158 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+21.4% -13.2%
210 242 173 Operating profit
+31.4% -9.8%
43.6 48.4 33.2 OPM %
+158 bps +79 bps
20.7% 20.0% 19.2% Other income
+76.3% +161.7%
3.8 1.4 2.1 Net profit?
+28.7% -7.3%
23.5 25.3 18.2 PAT margin %
+63 bps +71 bps
11.2% 10.4% 10.5% EPS (₹)
+20.5% -8.8%
2.59 2.84 2.15
Quality of profit
Pre-tax profit ₹31.2 Cr: core business ₹27.4 Cr, other income ₹3.8 Cr.
Core profit YoY: +34.9%
· reported profit +28.7%
Cash & debt
FY25 cash from operations ₹82.0 Cr:
119% of FY25 net profit of ₹68.8 Cr.
Borrowings ₹311 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹196 ₹210
+7.2% above Net profit ₹24.9 ₹23.5
-5.6% in line
M Cap ₹4,068 Cr
P/E 85.0
PEG —
Turnaround: profit against a loss a year ago Operating margin contracted 360 bps YoY All of pre-tax profit came from other income or one-off items Exceptional items of ₹-7.4 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+19.1% +12.6%
1,898 1,685 1,594 Operating profit
-73.2% -76.7%
19.8 85.0 74.0 OPM %
-360 bps -400 bps
1.0% 5.0% 4.6% Other income
to loss to loss -2.0 3.0 6.0 Net profit?
from loss from loss 6.0 -8.4 -7.3 PAT margin %
+77 bps +81 bps
0.3% -0.5% -0.5% EPS (₹)
from loss from loss 0.33 -1.20 -1.25
Quality of profit
Pre-tax profit ₹12.4 Cr: core business −₹69.2 Cr, other income −₹2.0 Cr, exceptional & other items ₹83.6 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations ₹343 Cr.
Borrowings ₹869 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,793 ₹1,898
+5.9% above
Operating margin expanded 344 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-60.4% +8.2%
539 498 1,360 Operating profit
from loss —
10.0 0.0 -21.5 OPM %
+344 bps +186 bps
1.9% 0.0% -1.6% Other income
-65.6% -44.4%
69.0 124 201 Net profit?
loss narrowed to loss -5.0 41.0 -1,400 PAT margin %
— -916 bps
-0.9% 8.2% — EPS (₹)
loss narrowed to loss -0.04 0.26 -9.38
Quality of profit
Pre-tax profit −₹5.0 Cr: core business −₹73.0 Cr, other income ₹69.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations −₹1,912 Cr.
Borrowings ₹2,960 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹680 ₹539
-20.8% below
M Cap ₹4,046 Cr
P/E 39.9
PEG 0.49
Profit -57% below its own trend Operating margin contracted 482 bps YoY FY25 operating cash flow was only 47% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-15.4% -0.8%
311 314 368 Operating profit
-36.1% -39.7%
46.2 76.6 72.3 OPM %
-482 bps -957 bps
14.8% 24.4% 19.7% Other income
-18.6% -27.5%
2.2 3.0 2.7 Net profit?
-52.1% -57.8%
22.5 53.3 47.0 PAT margin %
-554 bps -975 bps
7.2% 17.0% 12.8% EPS (₹)
-52.3% -58.0%
0.84 2.00 1.76
Quality of profit
Pre-tax profit ₹24.3 Cr: core business ₹22.6 Cr, other income ₹2.2 Cr, exceptional & other items −₹0.5 Cr.
Core profit YoY: -52.9%
· reported profit -52.1%
Cash & debt
FY25 cash from operations ₹75.0 Cr:
47% of FY25 net profit of ₹158 Cr.
Borrowings ₹256 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹496 ₹311
-37.2% below Net profit ₹52.4 ₹22.5
-57.1% below
M Cap ₹4,015 Cr
P/E 25.9
PEG 3.24
Profit +21% above its own trend Operating margin expanded 132 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+20.7% +8.1%
409 378 339 Operating profit
+33.3% +6.5%
57.0 53.5 42.8 OPM %
+132 bps -21 bps
13.9% 14.1% 12.6% Other income
+4.2% -33.0%
7.0 10.4 6.7 Net profit?
+27.4% -6.7%
34.0 36.4 26.7 PAT margin %
+44 bps -132 bps
8.3% 9.6% 7.9% EPS (₹)
+25.9% -7.8%
3.69 4.00 2.93
Quality of profit
Pre-tax profit ₹47.0 Cr: core business ₹40.0 Cr, other income ₹7.0 Cr.
Core profit YoY: +30.9%
· reported profit +27.4%
Cash & debt
FY25 cash from operations ₹206 Cr:
231% of FY25 net profit of ₹89.3 Cr.
Borrowings ₹200 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹357 ₹409
+14.4% above Net profit ₹28.1 ₹34.0
+21.1% above
M Cap ₹4,002 Cr
P/E 232.9
PEG —
Profit -73% below its own trend Operating margin contracted 2110 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-26.8% -6.7%
51.7 55.4 70.7 Operating profit
-60.9% +10.8%
12.5 11.3 32.0 OPM %
-2110 bps +382 bps
24.2% 20.4% 45.3% Other income
-19.6% -54.6%
0.4 0.9 0.5 Net profit?
-86.3% -35.7%
2.7 4.3 20.1 PAT margin %
-2311 bps -239 bps
5.3% 7.7% 28.4% EPS (₹)
-88.0% -33.3%
0.10 0.15 0.83
Quality of profit
Pre-tax profit ₹5.8 Cr: core business ₹5.4 Cr, other income ₹0.4 Cr.
Core profit YoY: -80.7%
· reported profit -86.3%
Cash & debt
FY25 cash from operations ₹50.0 Cr:
89% of FY25 net profit of ₹56.4 Cr.
Borrowings ₹26.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹77.1 ₹51.7
-33.0% below Net profit ₹10.0 ₹2.7
-72.7% below
M Cap ₹3,988 Cr
P/E 6.1
PEG —
Profit +60% above its own trend Operating margin contracted 588 bps YoY 31% 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
-18.3% -25.3%
1,201 1,608 1,470 Operating profit
-36.9% +6.5%
239 224 379 OPM %
-588 bps +594 bps
19.9% 14.0% 25.8% Other income
-11.9% -12.0%
37.0 42.1 42.0 Net profit?
-4.9% -41.6%
77.0 132 81.0 PAT margin %
+90 bps -179 bps
6.4% 8.2% 5.5% EPS (₹)
-5.7% -41.8%
2.99 5.14 3.17
Quality of profit
Pre-tax profit ₹118 Cr: core business ₹81.0 Cr, other income ₹37.0 Cr.
Core profit YoY: +0.0%
· reported profit -4.9%
Cash & debt
FY25 cash from operations −₹56.0 Cr:
-7% of FY25 net profit of ₹814 Cr.
Borrowings ₹9,364 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,010 ₹1,201
+18.9% above Net profit ₹48.1 ₹77.0
+60.1% above
Operating margin expanded 181 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+45.5% +11.4%
390 350 268 Operating profit
+50.0% +13.9%
237 208 158 OPM %
+181 bps +134 bps
60.8% 59.4% 59.0% Other income
+61.5% +31.2%
21.0 16.0 13.0 Net profit
loss widened loss narrowed -17.0 -30.0 -14.0 PAT margin %
+86 bps +421 bps
-4.4% -8.6% -5.2% EPS (₹)
— loss narrowed -0.81 -1.42 —
Quality of profit
Pre-tax profit −₹23.0 Cr: core business −₹44.0 Cr, other income ₹21.0 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations ₹612 Cr.
Borrowings ₹4,095 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹357 ₹390
+9.2% above
M Cap ₹3,974 Cr
P/E 18.9
PEG 0.04
Operating margin contracted 622 bps YoY Core business grew faster than reported profit (core profit +81%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+112.7% +36.4%
344 252 162 Operating profit
+68.5% +4.7%
81.5 77.8 48.4 OPM %
-622 bps -715 bps
23.7% 30.8% 29.9% Other income
-8.3% +21.8%
11.9 9.8 13.0 Net profit?
+33.7% +16.1%
56.8 49.0 42.5 PAT margin %
-977 bps -289 bps
16.5% 19.4% 26.3% EPS (₹)
+36.9% +18.9%
3.97 3.34 2.90
Quality of profit
Pre-tax profit ₹78.0 Cr: core business ₹66.1 Cr, other income ₹11.9 Cr.
Core profit YoY: +81.0%
· reported profit +33.7%
Cash & debt
FY25 cash from operations ₹190 Cr:
126% of FY25 net profit of ₹150 Cr.
Borrowings ₹387 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹169 ₹344
+103.7% above Net profit ₹60.1 ₹56.8
-5.5% in line
M Cap ₹3,966 Cr
P/E 19.5
PEG —
Profit +12% above its own trend Operating margin expanded 549 bps YoY 31% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +57%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-16.9% -29.4%
698 989 840 Operating profit
+28.1% +94.6%
109 56.0 85.1 OPM %
+549 bps +996 bps
15.6% 5.7% 10.1% Other income
+167.8% +45.0%
29.0 20.0 10.8 Net profit
-0.8% +203.3%
69.8 23.0 70.3 PAT margin %
+163 bps +767 bps
10.0% 2.3% 8.4% EPS (₹)
+17.6% +199.3%
8.62 2.88 7.33
Quality of profit
Pre-tax profit ₹93.2 Cr: core business ₹64.0 Cr, other income ₹29.0 Cr.
Core profit YoY: +56.6%
· reported profit -0.8%
Cash & debt
FY25 cash from operations ₹450 Cr:
111% of FY25 net profit of ₹405 Cr.
Borrowings ₹1,044 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,019 ₹698
-31.5% below Net profit ₹62.0 ₹69.8
+12.5% above
M Cap ₹3,961 Cr
P/E 34.2
PEG 11.40
Profit -37% below its own trend Operating margin expanded 246 bps YoY Exceptional items of ₹-11.6 Cr in the quarter Core business grew faster than reported profit (core profit +21%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-1.8% +2.3%
471 460 480 Operating profit
+14.7% +16.6%
81.0 69.4 70.6 OPM %
+246 bps +210 bps
17.2% 15.1% 14.7% Other income
-78.6% -71.7%
2.6 9.1 12.0 Net profit?
-33.6% -12.8%
25.0 28.7 37.7 PAT margin %
-255 bps -92 bps
5.3% 6.2% 7.9% EPS (₹)
-33.6% -12.8%
27.52 31.56 41.46
Quality of profit
Pre-tax profit ₹35.1 Cr: core business ₹44.1 Cr, other income ₹2.6 Cr, exceptional & other items −₹11.6 Cr.
Core profit YoY: +21.5%
· reported profit -33.6%
Cash & debt
FY25 cash from operations ₹133 Cr:
93% of FY25 net profit of ₹143 Cr.
Borrowings ₹651 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹504 ₹471
-6.5% below Net profit ₹40.0 ₹25.0
-37.3% below
Profit -99% below its own trend Exceptional items of ₹-30.8 Cr in the quarter FY25 operating cash flow was only 18% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+13.9% +19.7%
2,092 1,749 1,837 Operating profit
-4.4% —
67.0 3.9 70.0 OPM %
-61 bps +298 bps
3.2% 0.2% 3.8% Other income
+271.6% -83.3%
18.6 111 5.0 Net profit?
-98.0% from loss 1.6 -478 77.5 PAT margin %
-414 bps +2739 bps
0.1% -27.3% 4.2% EPS (₹)
to loss loss narrowed -0.12 -20.27 0.64
Quality of profit
Pre-tax profit ₹4.4 Cr: core business ₹16.7 Cr, other income ₹18.6 Cr, exceptional & other items −₹30.8 Cr.
Core profit YoY: -53.7%
· reported profit -98.0%
Cash & debt
FY25 cash from operations ₹38.0 Cr:
18% of FY25 net profit of ₹215 Cr.
Borrowings ₹936 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,674 ₹2,092
-43.1% below Net profit ₹155 ₹1.6
-99.0% below
M Cap ₹3,916 Cr
P/E 39.6
PEG 6.60
Profit -33% below its own trend Exceptional items of ₹-3.8 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+9.6% -2.2%
673 689 614 Operating profit
+9.0% +3.8%
58.9 56.8 54.0 OPM %
-5 bps +51 bps
8.7% 8.2% 8.8% Other income
-60.6% -40.2%
1.0 1.8 2.7 Net profit?
-41.2% -10.3%
14.3 16.0 24.4 PAT margin %
-184 bps -19 bps
2.1% 2.3% 4.0% EPS (₹)
-41.3% -10.2%
1.15 1.28 1.96
Quality of profit
Pre-tax profit ₹21.9 Cr: core business ₹32.5 Cr, other income ₹1.0 Cr, exceptional & other items −₹11.6 Cr.
Core profit YoY: -4.0%
· reported profit -41.2%
Cash & debt
FY25 cash from operations ₹219 Cr:
239% of FY25 net profit of ₹91.7 Cr.
Borrowings ₹515 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹646 ₹673
+4.2% in line Net profit ₹21.5 ₹14.3
-33.3% below
M Cap ₹3,906 Cr
P/E 120.8
PEG —
Profit -33% below its own trend Operating margin contracted 123 bps YoY Exceptional items of ₹-1.3 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+64.2% +22.1%
277 227 169 Operating profit
+44.9% -1.3%
25.5 25.9 17.6 OPM %
-123 bps -219 bps
9.2% 11.4% 10.4% Other income
-58.4% +60.8%
0.2 0.1 0.5 Net profit?
+26.9% -13.7%
12.7 14.7 10.0 PAT margin %
-135 bps -190 bps
4.6% 6.5% 5.9% EPS (₹)
+29.8% -11.4%
adj. 3.794.28 adj. 2.92
EPS restated for the 1:1 bonus of Mar 2026: Dec 2025 ₹7.58 to ₹3.79; Dec 2024 ₹5.84 to ₹2.92.
Quality of profit
Pre-tax profit ₹15.3 Cr: core business ₹16.4 Cr, other income ₹0.2 Cr, exceptional & other items −₹1.3 Cr.
Core profit YoY: +26.5%
· reported profit +26.9%
Cash & debt
FY25 cash from operations ₹36.0 Cr:
97% of FY25 net profit of ₹37.1 Cr.
Borrowings ₹164 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹220 ₹277
+26.0% above Net profit ₹19.0 ₹12.7
-33.1% below
M Cap ₹3,890 Cr
P/E 18.2
PEG 0.61
Profit -83% below its own trend Core business grew faster than reported profit (core profit +108%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+19.3% -27.6%
623 861 522 Operating profit
+31.8% -62.3%
58.0 154 44.0 OPM %
+88 bps -858 bps
9.3% 17.9% 8.4% Other income
to loss to loss -26.0 16.0 6.0 Net profit
-81.8% -98.0%
2.0 102 11.0 PAT margin %
-179 bps -1153 bps
0.3% 11.8% 2.1% EPS (₹)
-82.5% -98.1%
0.10 5.25 0.57
Quality of profit
Pre-tax profit ₹1.0 Cr: core business ₹27.0 Cr, other income −₹26.0 Cr.
Core profit YoY: +107.7%
· reported profit -81.8%
Cash & debt
FY25 cash from operations ₹295 Cr:
236% of FY25 net profit of ₹125 Cr.
Borrowings ₹63.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹500 ₹623
+24.7% above Net profit ₹11.4 ₹2.0
-82.5% below
M Cap ₹3,882 Cr
P/E 50.1
PEG 0.36
Turnaround: profit against a loss a year ago Operating margin contracted 862 bps YoY All of pre-tax profit came from other income or one-off items Exceptional items of ₹18.3 Cr in the quarter Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-75.4% -14.6%
128 149 520 Operating profit
-94.7% from loss 3.0 -2.0 57.0 OPM %
-862 bps +369 bps
2.4% -1.3% 11.0% Other income
+200.0% -10.0%
27.0 30.0 9.0 Net profit?
from loss +28.2%
13.9 10.8 -7.5 PAT margin %
+1231 bps +363 bps
10.9% 7.2% -1.4% EPS (₹)
from loss +20.0%
0.06 0.05 -0.03
Quality of profit
Pre-tax profit ₹15.3 Cr: core business −₹11.0 Cr, other income ₹27.0 Cr, exceptional & other items −₹0.7 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations −₹51.0 Cr:
-42% of FY25 net profit of ₹122 Cr.
Borrowings ₹372 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹278 ₹128
-54.1% below
M Cap ₹3,864 Cr
P/E 14.4
PEG 1.44
Profit -38% below its own trend Operating margin contracted 266 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-7.9% -31.5%
410 598 445 Operating profit
-22.4% -57.1%
58.7 137 75.6 OPM %
-266 bps -854 bps
14.3% 22.9% 17.0% Other income
+15.8% +28.6%
8.1 6.3 7.0 Net profit?
-27.3% -57.4%
40.0 94.0 55.0 PAT margin %
-261 bps -595 bps
9.8% 15.7% 12.4% EPS (₹)
-27.6% -57.5%
8.87 20.85 12.25
Quality of profit
Pre-tax profit ₹49.7 Cr: core business ₹41.6 Cr, other income ₹8.1 Cr.
Core profit YoY: -31.9%
· reported profit -27.3%
Cash & debt
FY25 cash from operations ₹263 Cr:
89% of FY25 net profit of ₹297 Cr.
Borrowings ₹74.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹484 ₹410
-15.3% below Net profit ₹64.6 ₹40.0
-38.1% below
Operating margin contracted 2263 bps YoY Exceptional items of ₹71.2 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-9.4% +11.8%
454 406 501 Operating profit
to loss loss narrowed -76.8 -106 28.6 OPM %
-2263 bps +926 bps
-16.9% -26.2% 5.7% Other income
+33.2% -69.3%
3.3 10.7 2.5 Net profit?
loss widened loss narrowed -52.9 -143 -12.4 PAT margin %
-916 bps +2358 bps
-11.6% -35.2% -2.5% EPS (₹)
loss widened loss narrowed -3.72 -10.08 -0.87
Quality of profit
Pre-tax profit −₹50.2 Cr: core business −₹125 Cr, other income ₹3.3 Cr, exceptional & other items ₹71.2 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations ₹292 Cr.
Borrowings ₹751 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹450 ₹454
+0.9% in line
M Cap ₹3,852 Cr
P/E 76.4
PEG —
Profit -98% below its own trend Operating margin contracted 235 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
+11.0% +5.0%
753 717 678 Operating profit
-1.2% -5.3%
144 152 146 OPM %
-235 bps -208 bps
19.1% 21.2% 21.5% Other income
-40.6% -40.6%
19.0 32.0 32.0 Net profit?
-97.2% -94.1%
1.0 17.0 35.4 PAT margin %
-509 bps -224 bps
0.1% 2.4% 5.2% EPS (₹)
-93.6% -87.5%
0.11 0.88 1.73
Quality of profit
Pre-tax profit ₹12.0 Cr: core business −₹7.0 Cr, other income ₹19.0 Cr.
Core profit YoY: to loss
· reported profit -97.2%
Cash & debt
FY25 cash from operations ₹621 Cr:
493% of FY25 net profit of ₹126 Cr.
Borrowings ₹3,130 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹725 ₹753
+3.8% in line Net profit ₹47.1 ₹1.0
-97.9% 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
