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.
See them → Q3 FY26 scoreboard
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
Page 33 of 144
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M Cap ₹3,194 Cr
P/E 8.1
PEG 4.05
Profit -23% below its own trend Operating margin contracted 771 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-12.4% +14.9%
743 647 848 Operating profit
-34.8% -13.3%
167 193 256 OPM %
-771 bps -731 bps
22.5% 29.8% 30.2% Other income
-88.5% +87.2%
14.0 7.5 122 Net profit?
-58.5% -1.6%
103 105 248 PAT margin %
-1538 bps -233 bps
13.9% 16.2% 29.2% EPS (₹)
-58.6% -1.6%
3.66 3.72 8.84
Quality of profit
Pre-tax profit ₹110 Cr: core business ₹97.0 Cr, other income ₹14.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: -49.5%
· reported profit -58.5%
Cash & debt
FY25 cash from operations −₹567 Cr:
-58% of FY25 net profit of ₹970 Cr.
Borrowings ₹1,849 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹588 ₹743
+26.5% above Net profit ₹135 ₹103
-23.5% below
M Cap ₹3,181 Cr
P/E 11.7
PEG —
Profit -86% below its own trend All of pre-tax profit came from other income or one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-2.3% -6.2%
1,682 1,794 1,721 Operating profit
-13.3% +2.5%
105 103 121 OPM %
-80 bps +53 bps
6.2% 5.7% 7.0% Other income
-74.6% +19.7%
27.3 22.8 107 Net profit?
-71.8% -11.6%
29.6 33.5 105 PAT margin %
-435 bps -11 bps
1.8% 1.9% 6.1% EPS (₹)
-74.5% -40.3%
4.70 7.87 18.40
Quality of profit
Pre-tax profit ₹25.0 Cr: core business −₹2.3 Cr, other income ₹27.3 Cr.
Core profit YoY: to loss
· reported profit -71.8%
Cash & debt
FY25 cash from operations ₹438 Cr:
122% of FY25 net profit of ₹358 Cr.
Borrowings ₹882 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,780 ₹1,682
-5.5% below Net profit ₹210 ₹29.6
-85.9% below
M Cap ₹3,177 Cr
P/E 17.6
PEG 1.76
Profit +12% above its own trend Operating margin expanded 181 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-12.9% -7.3%
301 325 346 Operating profit
-2.3% +2.9%
50.5 49.1 51.7 OPM %
+181 bps +166 bps
16.8% 15.1% 15.0% Other income
+47.9% +30.0%
10.0 7.7 6.7 Net profit?
+3.4% +4.4%
42.2 40.5 40.8 PAT margin %
+220 bps +157 bps
14.0% 12.4% 11.8% EPS (₹)
+3.7% +4.3%
1.70 1.63 1.64
Quality of profit
Pre-tax profit ₹58.4 Cr: core business ₹48.4 Cr, other income ₹10.0 Cr.
Core profit YoY: -2.3%
· reported profit +3.4%
Cash & debt
FY25 cash from operations ₹109 Cr:
61% of FY25 net profit of ₹180 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹342 ₹301
-11.9% below Net profit ₹37.8 ₹42.2
+11.7% above
Into loss: a profit a year ago Operating margin contracted 851 bps YoY Exceptional items of ₹-6.8 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+16.2% +11.3%
349 314 300 Operating profit
-35.3% +7.5%
37.4 34.8 57.7 OPM %
-851 bps -38 bps
10.7% 11.1% 19.2% Other income
to loss to loss -6.8 0.5 1.5 Net profit
to loss loss widened -17.4 -10.1 8.1 PAT margin %
-769 bps -178 bps
-5.0% -3.2% 2.7% EPS (₹)
to loss loss widened -4.82 -2.36 2.25
Quality of profit
Pre-tax profit −₹17.4 Cr: core business −₹10.7 Cr, other income −₹6.8 Cr.
Core profit YoY: to loss
Cash & debt
FY25 cash from operations ₹213 Cr.
Borrowings ₹796 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹273 ₹349
+28.0% above
M Cap ₹3,147 Cr
P/E 37.5
PEG —
Profit +500% above its own trend Operating margin expanded 342 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+1.8% +6.6%
401 376 394 Operating profit
+87.5% +25.0%
30.0 24.0 16.0 OPM %
+342 bps +110 bps
7.5% 6.4% 4.1% Other income
-100.0% -100.0%
0.0 22.0 1.0 Net profit
+200.0% -42.3%
15.0 26.0 5.0 PAT margin %
+247 bps -317 bps
3.7% 6.9% 1.3% EPS (₹)
+188.4% -39.8%
1.24 2.06 0.43
Quality of profit
Pre-tax profit ₹19.0 Cr: core business ₹19.0 Cr, other income ₹0.0 Cr.
Core profit YoY: +171.4%
· reported profit +200.0%
Cash & debt
FY25 cash from operations ₹68.0 Cr:
372% of FY25 net profit of ₹18.3 Cr.
Borrowings ₹67.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹363 ₹401
+10.5% above Net profit ₹2.5 ₹15.0
+500.0% above
M Cap ₹3,144 Cr
P/E 8.9
PEG 0.36
Operating margin contracted 525 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-5.7% -1.5%
605 614 642 Operating profit
-23.7% -2.1%
135 138 177 OPM %
-525 bps -15 bps
22.3% 22.5% 27.6% Other income
+85.7% +18.7%
24.0 20.2 12.9 Net profit?
-18.6% +3.0%
96.0 93.2 118 PAT margin %
-250 bps +69 bps
15.9% 15.2% 18.4% EPS (₹)
-19.0% +2.5%
5.36 5.23 6.62
Quality of profit
Pre-tax profit ₹129 Cr: core business ₹104 Cr, other income ₹24.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: -29.2%
· reported profit -18.6%
Cash & debt
FY25 cash from operations ₹414 Cr:
112% of FY25 net profit of ₹371 Cr.
Borrowings ₹283 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹624 ₹605
-3.0% in line Net profit ₹96.5 ₹96.0
-0.5% in line
M Cap ₹3,142 Cr
P/E 54.9
PEG —
Profit +311% above its own trend All of pre-tax profit came from other income or one-off items Exceptional items of ₹-5.9 Cr in the quarter Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
— -1.2%
151 153 1.4 Operating profit
from loss +183.1%
4.2 1.5 -8.8 OPM %
— +180 bps
2.8% 1.0% — Other income
+99.7% +54.4%
27.6 17.9 13.8 Net profit?
+105.7% +19.4%
9.5 8.0 4.6 PAT margin %
— +109 bps
6.3% 5.2% — EPS (₹)
+50.0% +17.0%
1.17 1.00 0.78
Quality of profit
Pre-tax profit ₹16.4 Cr: core business −₹5.3 Cr, other income ₹27.6 Cr, exceptional & other items −₹5.9 Cr.
Core profit YoY: loss narrowed
· reported profit +105.7%
Cash & debt
FY25 cash from operations −₹25.0 Cr:
-11% of FY25 net profit of ₹228 Cr.
Borrowings ₹41.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2.8 ₹151
+999.0% above Net profit ₹2.3 ₹9.5
+311.4% above
M Cap ₹3,140 Cr
P/E 16.3
PEG 2.33
Profit -19% below its own trend Operating margin expanded 113 bps YoY Exceptional items of ₹24.6 Cr in the quarter Core business grew faster than reported profit (core profit +27%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+23.6% +11.3%
555 499 449 Operating profit
+32.6% +29.8%
93.5 72.1 70.6 OPM %
+113 bps +239 bps
16.9% 14.5% 15.7% Other income
-15.6% +71.5%
3.0 1.7 3.5 Net profit?
-6.6% +3.0%
36.4 35.3 39.0 PAT margin %
-213 bps -53 bps
6.6% 7.1% 8.7% EPS (₹)
-6.7% +3.0%
3.08 2.99 3.30
Quality of profit
Pre-tax profit ₹45.8 Cr: core business ₹67.4 Cr, other income ₹3.0 Cr, exceptional & other items −₹24.6 Cr.
Core profit YoY: +26.9%
· reported profit -6.6%
Cash & debt
Borrowings ₹410 Cr at Dec 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹482 ₹555
+15.1% above Net profit ₹45.0 ₹36.4
-19.1% below
M Cap ₹3,136 Cr
P/E 44.0
PEG —
Profit +70% above its own trend Profit grew faster than the core business (core profit +5%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+14.9% +6.4%
680 639 592 Operating profit
+18.2% +13.0%
52.0 46.0 44.0 OPM %
+21 bps +45 bps
7.6% 7.2% 7.4% Other income
+150.0% +25.0%
5.0 4.0 2.0 Net profit
+25.0% +11.1%
20.0 18.0 16.0 PAT margin %
+24 bps +12 bps
2.9% 2.8% 2.7% EPS (₹)
+23.7% +10.6%
0.73 0.66 0.59
Quality of profit
Pre-tax profit ₹27.0 Cr: core business ₹22.0 Cr, other income ₹5.0 Cr.
Core profit YoY: +4.8%
· reported profit +25.0%
Cash & debt
FY25 cash from operations ₹194 Cr:
259% of FY25 net profit of ₹75.0 Cr.
Borrowings ₹156 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹617 ₹680
+10.3% above Net profit ₹11.7 ₹20.0
+70.2% above
M Cap ₹3,127 Cr
P/E 30.4
PEG 1.17
Operating margin expanded 1199 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-4.3% +2.6%
87.5 85.3 91.4 Operating profit
+32.3% +12.9%
37.9 33.6 28.7 OPM %
+1199 bps +395 bps
43.4% 39.4% 31.4% Other income
-23.4% +5.4%
1.9 1.8 2.5 Net profit?
+36.9% +18.4%
26.1 22.0 19.1 PAT margin %
+898 bps +399 bps
29.8% 25.8% 20.9% EPS (₹)
+37.2% +18.6%
2.14 adj. 1.80adj. 1.56
EPS restated for the ₹10 to ₹5 split of Feb 2025 and the ₹5 to ₹1 split of Oct 2025: Sep 2025 ₹9.02 to ₹1.80; Dec 2024 ₹15.60 to ₹1.56.
Quality of profit
Pre-tax profit ₹31.2 Cr: core business ₹29.2 Cr, other income ₹1.9 Cr.
Core profit YoY: +42.0%
· reported profit +36.9%
Cash & debt
FY25 cash from operations −₹20.0 Cr:
-30% of FY25 net profit of ₹66.2 Cr.
Borrowings ₹137 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹107 ₹87.5
-18.5% below Net profit ₹25.6 ₹26.1
+2.0% in line
Operating margin expanded 552 bps YoY Exceptional items of ₹-4.8 Cr in the quarter Core business grew faster than reported profit (core profit +147%)
₹ Cr YoY
Dec 2025 Dec 2024
Sales
-6.7%
331 355 Operating profit
+60.9%
43.5 27.1 OPM %
+552 bps
13.1% 7.6% Other income
-29.9%
3.3 4.7 Net profit?
+92.3%
22.2 11.6 PAT margin %
+345 bps
6.7% 3.3% EPS (₹)
+91.9%
4.28 2.23
Quality of profit
Pre-tax profit ₹27.5 Cr: core business ₹29.1 Cr, other income ₹3.3 Cr, exceptional & other items −₹4.8 Cr.
Core profit YoY: +147.3%
· reported profit +92.3%
M Cap ₹3,089 Cr
P/E 33.8
PEG 1.61
Profit +16% above its own trend Operating margin expanded 149 bps YoY Core business grew faster than reported profit (core profit +48%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+29.5% +17.2%
191 163 147 Operating profit
+40.3% +2.8%
37.0 36.0 26.4 OPM %
+149 bps -271 bps
19.4% 22.1% 17.9% Other income
to loss to loss -4.0 6.0 4.0 Net profit?
+17.3% -15.4%
22.0 26.0 18.8 PAT margin %
-120 bps -443 bps
11.5% 16.0% 12.7% EPS (₹)
+19.3% -15.0%
2.04 2.40 1.71
Quality of profit
Pre-tax profit ₹27.0 Cr: core business ₹31.0 Cr, other income −₹4.0 Cr.
Core profit YoY: +47.5%
· reported profit +17.3%
Cash & debt
FY25 cash from operations ₹37.0 Cr:
53% of FY25 net profit of ₹69.6 Cr.
Borrowings ₹59.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹157 ₹191
+21.7% above Net profit ₹19.0 ₹22.0
+15.6% above
M Cap ₹3,085 Cr
P/E 458.9
PEG —
Into loss: a profit a year ago Operating margin contracted 522 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+26.2% -0.6%
136 137 108 Operating profit
-54.7% -53.2%
4.0 8.5 8.8 OPM %
-522 bps -330 bps
2.9% 6.2% 8.2% Other income
-97.0% -99.2%
0.0 3.4 0.8 Net profit?
to loss to loss -3.9 4.3 41.7 PAT margin %
-4158 bps -601 bps
-2.9% 3.1% 38.7% EPS (₹)
to loss to loss -0.45 0.51 6.42
Quality of profit
Pre-tax profit −₹2.9 Cr: core business −₹2.9 Cr, other income ₹0.0 Cr.
Core profit YoY: to loss
Cash & debt
FY25 cash from operations −₹41.0 Cr.
Borrowings ₹35.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹142 ₹136
-4.4% in line
M Cap ₹3,072 Cr
P/E 8.4
PEG —
Profit +490% above its own trend Operating margin expanded 154 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
+17.0% +1.6%
6,887 6,778 5,884 Operating profit
+203.5% +67.5%
172 103 56.8 OPM %
+154 bps +99 bps
2.5% 1.5% 1.0% Other income
+25.5% +293.3%
59.0 15.0 47.0 Net profit?
+195.1% from loss 135 -35.8 45.8 PAT margin %
+118 bps +249 bps
2.0% -0.5% 0.8% EPS (₹)
+196.8% from loss 2.76 -0.73 0.93
Quality of profit
Pre-tax profit ₹172 Cr: core business −₹9.5 Cr, other income ₹59.0 Cr, exceptional & other items ₹123 Cr.
Core profit YoY: loss narrowed
· reported profit +195.1%
Cash & debt
FY25 cash from operations ₹2,590 Cr:
1408% of FY25 net profit of ₹184 Cr.
Borrowings ₹2,001 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹4,766 ₹6,887
+44.5% above Net profit ₹22.9 ₹135
+490.3% above
M Cap ₹3,055 Cr
P/E 79.9
PEG —
Profit +146% above its own trend Operating margin expanded 875 bps YoY 32% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+45.0% +23.3%
104 84.7 72.0 Operating profit
+541.6% +15.0%
11.8 10.3 1.8 OPM %
+875 bps -82 bps
11.3% 12.1% 2.6% Other income
-11.7% -7.6%
3.6 3.9 4.1 Net profit?
+206.0% -1.5%
11.2 11.4 3.7 PAT margin %
+564 bps -270 bps
10.7% 13.4% 5.1% EPS (₹)
+200.0% +0.0%
0.24 0.24 0.08
Quality of profit
Pre-tax profit ₹11.2 Cr: core business ₹7.6 Cr, other income ₹3.6 Cr.
Core profit YoY: from loss
· reported profit +206.0%
Against its own trend ?
Trend Actual Gap
Sales ₹96.2 ₹104
+8.6% above Net profit ₹4.6 ₹11.2
+146.1% above
M Cap ₹3,029 Cr
P/E 42.0
PEG —
Profit +606% above its own trend Operating margin expanded 107 bps YoY Profit grew faster than the core business (core profit +206%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+29.0% +15.6%
813 703 630 Operating profit
+53.5% +9.1%
54.5 50.0 35.5 OPM %
+107 bps -40 bps
6.7% 7.1% 5.6% Other income
+2.6% -3.1%
3.9 4.0 3.8 Net profit?
+253.1% +19.8%
17.8 14.9 5.0 PAT margin %
+139 bps +8 bps
2.2% 2.1% 0.8% EPS (₹)
+253.9% +11.0%
4.53 4.08 1.28
Quality of profit
Pre-tax profit ₹23.9 Cr: core business ₹20.0 Cr, other income ₹3.9 Cr.
Core profit YoY: +206.1%
· reported profit +253.1%
Cash & debt
FY25 cash from operations ₹53.0 Cr:
92% of FY25 net profit of ₹57.3 Cr.
Borrowings ₹272 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹599 ₹813
+35.6% above Net profit ₹2.5 ₹17.8
+606.3% above
M Cap ₹3,027 Cr
P/E 35.9
PEG 1.24
Profit -20% below its own trend Operating margin contracted 142 bps YoY Exceptional items of ₹-1.7 Cr in the quarter Core business grew faster than reported profit (core profit +3%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+20.3% -11.0%
207 233 172 Operating profit
+12.8% -13.7%
44.0 51.0 39.0 OPM %
-142 bps -67 bps
21.3% 21.9% 22.7% Other income
to loss —
-1.0 0.0 1.0 Net profit?
-17.6% -22.8%
24.7 32.0 30.0 PAT margin %
-550 bps -182 bps
11.9% 13.8% 17.4% EPS (₹)
-15.6% -20.4%
12.74 16.00 15.09
Quality of profit
Pre-tax profit ₹30.8 Cr: core business ₹33.0 Cr, other income −₹1.0 Cr, exceptional & other items −₹1.2 Cr.
Core profit YoY: +3.1%
· reported profit -17.6%
Cash & debt
FY25 cash from operations −₹7.0 Cr:
-6% of FY25 net profit of ₹119 Cr.
Borrowings ₹32.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹207 ₹207
+0.1% in line Net profit ₹30.8 ₹24.7
-19.7% below
M Cap ₹3,025 Cr
P/E 16.1
PEG 0.57
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+14.5% -2.4%
372 381 325 Operating profit
+19.2% -13.1%
62.0 71.3 52.0 OPM %
+67 bps -205 bps
16.7% 18.7% 16.0% Other income
+40.0% -5.0%
7.0 7.4 5.0 Net profit
+24.2% -17.1%
41.0 49.5 33.0 PAT margin %
+87 bps -196 bps
11.0% 13.0% 10.2% EPS (₹)
+24.9% -17.2%
4.47 5.40 3.58
Quality of profit
Pre-tax profit ₹56.0 Cr: core business ₹50.0 Cr, other income ₹7.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +28.2%
· reported profit +24.2%
Cash & debt
FY25 cash from operations ₹157 Cr:
97% of FY25 net profit of ₹161 Cr.
Borrowings ₹33.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹345 ₹372
+7.9% above Net profit ₹38.0 ₹41.0
+7.8% in line
M Cap ₹3,018 Cr
P/E 6.3
PEG —
Profit +170% above its own trend Operating margin expanded 231 bps YoY Core business grew faster than reported profit (core profit +133%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+58.4% +0.3%
775 773 489 Operating profit
+124.2% -11.6%
61.0 69.0 27.2 OPM %
+231 bps -106 bps
7.9% 8.9% 5.6% Other income
-38.5% +0.0%
3.0 3.0 4.9 Net profit?
+112.6% -13.2%
46.0 53.0 21.6 PAT margin %
+151 bps -92 bps
5.9% 6.9% 4.4% EPS (₹)
+111.5% -13.6%
7.57 8.76 3.58
Quality of profit
Pre-tax profit ₹58.0 Cr: core business ₹56.0 Cr, other income ₹3.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +133.2%
· reported profit +112.6%
Cash & debt
FY25 cash from operations ₹162 Cr:
101% of FY25 net profit of ₹160 Cr.
Borrowings ₹33.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹487 ₹775
+59.3% above Net profit ₹17.0 ₹46.0
+169.8% above
M Cap ₹3,015 Cr
P/E 47.7
PEG —
Profit +149% above its own trend Operating margin expanded 280 bps YoY 38% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +233%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+71.7% +9.6%
91.0 83.0 53.0 Operating profit
+100.0% +5.9%
18.0 17.0 9.0 OPM %
+280 bps -70 bps
19.8% 20.5% 17.0% Other income
+20.0% +20.0%
6.0 5.0 5.0 Net profit
+140.0% +9.1%
12.0 11.0 5.0 PAT margin %
+375 bps -7 bps
13.2% 13.3% 9.4% EPS (₹)
+125.1% +9.4%
3.85 3.52 1.71
Quality of profit
Pre-tax profit ₹16.0 Cr: core business ₹10.0 Cr, other income ₹6.0 Cr.
Core profit YoY: +233.3%
· reported profit +140.0%
Cash & debt
FY25 cash from operations ₹35.0 Cr:
146% of FY25 net profit of ₹24.0 Cr.
Borrowings ₹1.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹59.0 ₹91.0
+54.3% above Net profit ₹4.8 ₹12.0
+148.6% above
M Cap ₹3,001 Cr
P/E 242.6
PEG —
Operating margin expanded 1185 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+18.8% -30.4%
318 457 268 Operating profit
from loss -85.1%
6.7 44.7 -26.1 OPM %
+1185 bps -769 bps
2.1% 9.8% -9.8% Other income
-94.6% from loss 0.1 -17.5 1.3 Net profit?
loss narrowed to loss -10.2 2.5 -36.2 PAT margin %
+1034 bps -375 bps
-3.2% 0.6% -13.5% EPS (₹)
loss narrowed to loss -0.47 0.11 -1.82
Quality of profit
Pre-tax profit −₹13.6 Cr: core business −₹13.7 Cr, other income ₹0.1 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations ₹469 Cr.
Borrowings ₹399 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹237 ₹318
+34.2% above
M Cap ₹2,998 Cr
P/E 24.8
PEG —
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
+24.6%
659 529 Operating profit
+21.2%
40.0 33.0 OPM %
-17 bps
6.1% 6.2% Other income
+100.0%
2.0 1.0 Net profit
+30.4%
30.0 23.0 PAT margin %
+20 bps
4.6% 4.3% EPS (₹)
+31.6%
3.12 2.37
Quality of profit
Pre-tax profit ₹40.0 Cr: core business ₹38.0 Cr, other income ₹2.0 Cr.
M Cap ₹2,987 Cr
P/E 1.2
PEG 0.03
Profit +99% above its own trend Operating margin contracted 293 bps YoY 93% of pre-tax profit came from other income and one-off items Exceptional items of ₹2,376 Cr in the quarter Profit grew faster than the core business (core profit -28%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-23.5% -1.3%
1,827 1,851 2,388 Operating profit
-31.9% -25.6%
435 585 639 OPM %
-293 bps -778 bps
23.8% 31.6% 26.8% Other income
+2.0% -30.8%
39.2 56.7 38.5 Net profit?
+219.2% —
2,111 90.7 661 EPS (₹)
+222.5% —
75.21 2.78 23.32
Quality of profit
Pre-tax profit ₹2,609 Cr: core business ₹193 Cr, other income ₹39.2 Cr, exceptional & other items ₹2,376 Cr.
Core profit YoY: -27.8%
· reported profit +219.2%
Cash & debt
FY25 cash from operations ₹1,673 Cr:
97% of FY25 net profit of ₹1,734 Cr.
Borrowings ₹1,988 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,968 ₹1,827
-7.1% below Net profit ₹1,063 ₹2,111
+98.7% above
M Cap ₹2,962 Cr
P/E 17.2
PEG 1.23
Operating margin contracted 397 bps YoY 34% of pre-tax profit came from other income and one-off items Exceptional items of ₹-11.2 Cr in the quarter Profit grew faster than the core business (core profit -15%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+1.7% -6.8%
172 185 169 Operating profit
-10.7% -17.8%
49.4 60.1 55.3 OPM %
-397 bps -384 bps
28.7% 32.5% 32.7% Other income
+10.2% -17.6%
8.5 10.3 7.7 Net profit?
+11.1% -3.5%
43.2 44.7 38.9 PAT margin %
+213 bps +87 bps
25.1% 24.2% 23.0% EPS (₹)
+13.1% -1.8%
3.80 3.87 3.36
Quality of profit
Pre-tax profit ₹58.3 Cr: core business ₹38.6 Cr, other income ₹8.5 Cr, exceptional & other items ₹11.2 Cr.
Core profit YoY: -14.9%
· reported profit +11.1%
Cash & debt
FY25 cash from operations ₹142 Cr:
106% of FY25 net profit of ₹134 Cr.
Borrowings ₹39.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹191 ₹172
-10.1% below Net profit ₹40.3 ₹43.2
+7.3% in line
M Cap ₹2,961 Cr
P/E 8.8
PEG —
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
-7.2%
501 540 Operating profit
-0.7%
127 128 OPM %
+165 bps
25.4% 23.7% Other income
-5.0%
6.7 7.0 Net profit?
-6.6%
91.6 98.0 PAT margin %
+12 bps
18.3% 18.1% EPS (₹)
-3.4%
8.26 8.55
Quality of profit
Pre-tax profit ₹119 Cr: core business ₹114 Cr, other income ₹6.7 Cr, exceptional & other items −₹1.9 Cr.
M Cap ₹2,955 Cr
P/E 9.3
PEG —
Profit +84% above its own trend FY25 operating cash flow was only 18% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+16.1% +10.1%
1,167 1,060 1,005 Operating profit
+41.9% -10.4%
59.0 65.8 41.6 OPM %
+92 bps -116 bps
5.1% 6.2% 4.1% Other income
+86.7% +35.5%
4.0 3.0 2.1 Net profit?
+66.5% -14.5%
34.0 39.8 20.4 PAT margin %
+88 bps -84 bps
2.9% 3.8% 2.0% EPS (₹)
+67.2% -10.1%
3.31 3.68 1.98
Quality of profit
Pre-tax profit ₹45.0 Cr: core business ₹42.0 Cr, other income ₹4.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +69.8%
· reported profit +66.5%
Cash & debt
FY25 cash from operations ₹15.0 Cr:
18% of FY25 net profit of ₹83.5 Cr.
Borrowings ₹305 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹973 ₹1,167
+19.9% above Net profit ₹18.5 ₹34.0
+83.6% above
M Cap ₹2,939 Cr
P/E 24.2
PEG —
Profit +999% above its own trend Operating margin expanded 301 bps YoY Exceptional items of ₹-1.7 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+3.8% -1.4%
775 786 746 Operating profit
+43.4% +9.6%
84.4 77.0 58.8 OPM %
+301 bps +110 bps
10.9% 9.8% 7.9% Other income
from loss from loss 0.3 -3.0 -2.2 Net profit?
— +6.4%
24.5 23.0 0.5 PAT margin %
+309 bps +23 bps
3.2% 2.9% 0.1% EPS (₹)
— -5.1%
4.87 5.13 0.11
Quality of profit
Pre-tax profit ₹31.1 Cr: core business ₹32.5 Cr, other income ₹0.3 Cr, exceptional & other items −₹1.7 Cr.
Core profit YoY: +213.1%
Against its own trend ?
Trend Actual Gap
Sales ₹859 ₹775
-9.8% below Net profit ₹0.3 ₹24.5
+999.0% above
M Cap ₹2,930 Cr
P/E 33.3
PEG 0.39
Profit -39% below its own trend FY25 operating cash flow was only 30% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+97.2% +54.1%
72.6 47.1 36.8 Operating profit
+95.8% +17.7%
16.8 14.3 8.6 OPM %
-17 bps -715 bps
23.1% 30.3% 23.3% Other income
+44.7% -2.4%
0.5 0.5 0.3 Net profit?
-15.1% -7.1%
6.1 6.5 7.1 PAT margin %
-1104 bps -549 bps
8.3% 13.8% 19.4% EPS (₹)
-15.9% -6.7%
3.61 3.87 4.29
Quality of profit
Pre-tax profit ₹6.3 Cr: core business ₹5.8 Cr, other income ₹0.5 Cr.
Core profit YoY: -14.1%
· reported profit -15.1%
Cash & debt
FY25 cash from operations ₹15.0 Cr:
30% of FY25 net profit of ₹50.7 Cr.
Borrowings ₹40.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹73.6 ₹72.6
-1.4% in line Net profit ₹9.9 ₹6.1
-38.8% below
M Cap ₹2,906 Cr
P/E 27.0
PEG 1.12
Profit +24% above its own trend Operating margin expanded 467 bps YoY Core business grew faster than reported profit (core profit +99%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+9.6% -7.5%
223 241 203 Operating profit
+45.4% -8.5%
42.2 46.1 29.0 OPM %
+467 bps -21 bps
19.0% 19.2% 14.3% Other income
-34.8% -43.6%
2.6 4.6 4.0 Net profit?
+63.5% -22.5%
21.3 27.4 13.0 PAT margin %
+315 bps -184 bps
9.6% 11.4% 6.4% EPS (₹)
+68.4% -22.5%
7.41 9.56 4.40
Quality of profit
Pre-tax profit ₹29.4 Cr: core business ₹27.9 Cr, other income ₹2.6 Cr, exceptional & other items −₹1.1 Cr.
Core profit YoY: +99.4%
· reported profit +63.5%
Cash & debt
FY25 cash from operations ₹60.0 Cr:
93% of FY25 net profit of ₹64.8 Cr.
Borrowings ₹276 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹224 ₹223
-0.7% in line Net profit ₹17.2 ₹21.3
+24.0% above
M Cap ₹2,899 Cr
P/E 28.2
PEG —
Operating margin expanded 402 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-0.9% -3.7%
573 595 578 Operating profit
+460.0% -49.1%
28.0 55.0 5.0 OPM %
+402 bps -436 bps
4.9% 9.2% 0.9% Other income
-100.0% -100.0%
0.0 2.0 2.0 Net profit
loss narrowed to loss -2.0 15.0 -20.0 PAT margin %
+311 bps -287 bps
-0.3% 2.5% -3.5% EPS (₹)
loss narrowed to loss -0.22 1.32 -1.85
Quality of profit
Pre-tax profit −₹2.0 Cr: core business −₹2.0 Cr, other income ₹0.0 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations ₹119 Cr:
356% of FY25 net profit of ₹33.4 Cr.
Borrowings ₹277 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹558 ₹573
+2.8% 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 14 Oct 2026, 00:39 IST
