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 ₹2,689 Cr
P/E 23.3
PEG 0.86
Profit +21% above its own trend Operating margin contracted 120 bps YoY 26% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit +29%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+26.6% -0.3%
272 273 215 Operating profit
+13.9% -0.6%
29.4 29.5 25.8 OPM %
-120 bps -3 bps
10.8% 10.8% 12.0% Other income
+352.7% +23.3%
8.5 6.9 1.9 Net profit
+57.0% +7.5%
24.9 23.2 15.9 PAT margin %
+178 bps +66 bps
9.2% 8.5% 7.4% EPS (₹)
+57.0% +7.4%
11.02 10.26 7.02
Quality of profit
Pre-tax profit ₹33.3 Cr: core business ₹24.8 Cr, other income ₹8.5 Cr.
Core profit YoY: +28.8%
· reported profit +57.0%
Cash & debt
FY25 cash from operations ₹49.0 Cr:
60% of FY25 net profit of ₹82.0 Cr.
Borrowings ₹2.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹258 ₹272
+5.3% above Net profit ₹20.6 ₹24.9
+21.1% above
M Cap ₹2,683 Cr
P/E 193.1
PEG —
Into loss: a profit a year ago Profit -315% below its own trend Operating margin contracted 813 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+0.2% +120.3%
92.1 41.8 91.9 Operating profit
-25.0% from loss 22.2 -9.1 29.6 OPM %
-813 bps +4586 bps
24.1% -21.8% 32.2% Other income
-11.8% -69.9%
1.2 4.0 1.3 Net profit?
to loss loss narrowed -5.2 -38.9 3.2 PAT margin %
-912 bps +8745 bps
-5.6% -93.1% 3.5% EPS (₹)
to loss loss narrowed -0.09 -0.69 0.06
Quality of profit
Pre-tax profit −₹4.3 Cr: core business −₹5.9 Cr, other income ₹1.2 Cr.
Core profit YoY: to loss
Cash & debt
FY25 cash from operations ₹147 Cr:
187% of FY25 net profit of ₹78.5 Cr.
Borrowings ₹167 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹110 ₹92.1
-16.7% below Net profit ₹2.4 −₹5.2
-315.0% below
M Cap ₹2,679 Cr
P/E 15.9
PEG —
Turnaround: profit against a loss a year ago Gross NPA down 820 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
-12.2% -2.1%
424 433 483 Net interest income
+12.7% —
293 — 260 Other income
-11.1% —
8.0 — 9.0 Net profit
from loss from loss 14.0 -22.0 -719 EPS (₹)
from loss from loss 0.87 -1.37 -44.38 Gross NPA %
-820 bps -23 bps
4.4% 4.6% 12.6% Net NPA %
-108 bps +25 bps
0.6% 0.4% 1.7%
Against its own trend ?
Trend Actual Gap
NII ₹166 ₹293
+76.6% above
M Cap ₹2,673 Cr
P/E 14.3
PEG —
Profit +15% above its own trend Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+12.3% +57.1%
1,421 905 1,265 Operating profit
+7.7% +50.0%
309 206 287 OPM %
-94 bps -103 bps
21.7% 22.8% 22.7% Other income
-8.1% -72.7%
3.7 13.5 4.0 Net profit?
-18.3% +80.8%
94.0 52.0 115 PAT margin %
-248 bps +87 bps
6.6% 5.7% 9.1% EPS (₹)
-18.1% +80.6%
14.47 8.01 17.67
Quality of profit
Pre-tax profit ₹139 Cr: core business ₹136 Cr, other income ₹3.7 Cr, exceptional & other items −₹0.7 Cr.
Core profit YoY: -22.7%
· reported profit -18.3%
Cash & debt
FY25 cash from operations −₹878 Cr:
-174% of FY25 net profit of ₹506 Cr.
Borrowings ₹4,170 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,200 ₹1,421
+18.5% above Net profit ₹81.4 ₹94.0
+15.5% above
M Cap ₹2,673 Cr
P/E 47.5
PEG —
Profit -85% below its own trend Operating margin contracted 560 bps YoY 52% of pre-tax profit came from other income and one-off items FY25 operating cash flow was only 40% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-10.2% -1.7%
357 363 398 Operating profit
-45.6% +37.7%
30.7 22.3 56.5 OPM %
-560 bps +246 bps
8.6% 6.1% 14.2% Other income
-19.4% -20.5%
4.2 5.3 5.2 Net profit?
-84.0% from loss 4.7 -0.5 29.7 PAT margin %
-614 bps +147 bps
1.3% -0.1% 7.5% EPS (₹)
-84.9% from loss 1.77 -0.19 11.74
Quality of profit
Pre-tax profit ₹8.2 Cr: core business ₹3.9 Cr, other income ₹4.2 Cr.
Core profit YoY: -87.6%
· reported profit -84.0%
Cash & debt
FY25 cash from operations ₹41.0 Cr:
40% of FY25 net profit of ₹103 Cr.
Borrowings ₹556 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹423 ₹357
-15.6% below Net profit ₹32.7 ₹4.7
-85.5% below
M Cap ₹2,672 Cr
P/E 21.3
PEG —
Profit +29% above its own trend Operating margin expanded 193 bps YoY Exceptional items of ₹-15.4 Cr in the quarter Core business grew faster than reported profit (core profit +89%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+12.6% -0.6%
962 968 854 Operating profit
+42.2% +5.0%
89.6 85.3 63.0 OPM %
+193 bps +50 bps
9.3% 8.8% 7.4% Other income
-41.5% +6.0%
3.5 3.3 6.0 Net profit?
+15.4% -24.6%
25.4 33.7 22.0 PAT margin %
+6 bps -84 bps
2.6% 3.5% 2.6% EPS (₹)
+17.6% -24.8%
16.93 22.50 14.40
Quality of profit
Pre-tax profit ₹33.0 Cr: core business ₹41.7 Cr, other income ₹3.5 Cr, exceptional & other items −₹12.2 Cr.
Core profit YoY: +89.3%
· reported profit +15.4%
Cash & debt
FY25 cash from operations ₹247 Cr:
230% of FY25 net profit of ₹107 Cr.
Borrowings ₹531 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹961 ₹962
+0.2% in line Net profit ₹19.7 ₹25.4
+29.2% above
M Cap ₹2,668 Cr
P/E 16.5
PEG —
Profit +36% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+5.9% +2.9%
646 627 610 Operating profit
+15.1% +0.4%
65.6 65.4 57.0 OPM %
+81 bps -26 bps
10.2% 10.4% 9.4% Other income
-20.3% -68.5%
2.5 8.0 3.2 Net profit
+51.0% -13.0%
24.6 28.3 16.3 PAT margin %
+114 bps -70 bps
3.8% 4.5% 2.7% EPS (₹)
+51.6% -12.6%
1.94 2.22 1.28
Quality of profit
Pre-tax profit ₹32.9 Cr: core business ₹30.3 Cr, other income ₹2.5 Cr.
Core profit YoY: +57.4%
· reported profit +51.0%
Cash & debt
FY25 cash from operations ₹415 Cr:
363% of FY25 net profit of ₹114 Cr.
Borrowings ₹663 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹604 ₹646
+7.0% above Net profit ₹18.1 ₹24.6
+35.7% above
M Cap ₹2,666 Cr
P/E 32.3
PEG 1.62
Profit +33% above its own trend Operating margin expanded 896 bps YoY Core business grew faster than reported profit (core profit +240%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+1.6% -6.3%
184 196 181 Operating profit
+116.9% -7.1%
31.0 33.4 14.3 OPM %
+896 bps -15 bps
16.8% 17.0% 7.9% Other income
+19.2% +22.0%
6.0 4.9 5.0 Net profit?
+165.3% -4.9%
21.0 22.1 7.9 PAT margin %
+704 bps +16 bps
11.4% 11.3% 4.4% EPS (₹)
+150.7% -10.1%
5.19 5.77 2.07
Quality of profit
Pre-tax profit ₹26.0 Cr: core business ₹20.0 Cr, other income ₹6.0 Cr.
Core profit YoY: +239.5%
· reported profit +165.3%
Cash & debt
FY25 cash from operations ₹65.0 Cr:
305% of FY25 net profit of ₹21.3 Cr.
Borrowings ₹98.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹199 ₹184
-7.6% below Net profit ₹15.8 ₹21.0
+32.6% above
M Cap ₹2,661 Cr
P/E 23.5
PEG —
Operating margin expanded 376 bps YoY Exceptional items of ₹-5.9 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+5.2% +2.5%
288 281 274 Operating profit
+51.8% +1.6%
35.3 34.8 23.3 OPM %
+376 bps -11 bps
12.3% 12.4% 8.5% Other income
+221.0% +176.4%
11.9 4.3 3.7 Net profit?
+73.4% +6.8%
26.7 25.0 15.4 PAT margin %
+365 bps +38 bps
9.3% 8.9% 5.6% EPS (₹)
+73.3% +6.8%
15.35 14.37 8.86
Quality of profit
Pre-tax profit ₹36.0 Cr: core business ₹30.0 Cr, other income ₹11.9 Cr, exceptional & other items −₹5.9 Cr.
Core profit YoY: +70.9%
· reported profit +73.4%
Into loss: a profit a year ago
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+10.7% +26.0%
290 230 262 Net profit
to loss loss narrowed -8.8 -21.4 0.0 PAT margin %
-305 bps +627 bps
-3.0% -9.3% 0.0%
M Cap ₹2,640 Cr
P/E 7.5
PEG —
Profit +999% above its own trend Operating margin contracted 949 bps YoY All of pre-tax profit came from other income or one-off items Exceptional items of ₹241 Cr in the quarter FY25 operating cash flow was only 34% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-11.5% +1.2%
250 247 282 Operating profit
to loss to loss -8.0 1.0 17.8 OPM %
-949 bps -360 bps
-3.2% 0.4% 6.3% Other income
+194.1% +75.0%
7.0 4.0 2.4 Net profit?
— from loss 188 -15.0 15.8 PAT margin %
+6960 bps +8127 bps
75.2% -6.1% 5.6% EPS (₹)
— from loss 7.76 -0.67 0.65
Quality of profit
Pre-tax profit ₹215 Cr: core business −₹33.0 Cr, other income ₹7.0 Cr, exceptional & other items ₹241 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations ₹274 Cr:
34% of FY25 net profit of ₹804 Cr.
Borrowings ₹200 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹281 ₹250
-11.1% below Net profit ₹9.6 ₹188
+999.0% above
M Cap ₹2,635 Cr
P/E 23.6
PEG 1.82
Profit -52% below its own trend Operating margin contracted 433 bps YoY 27% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+10.5% +20.1%
568 473 514 Operating profit
-35.8% -2.9%
34.0 35.0 53.0 OPM %
-433 bps -141 bps
6.0% 7.4% 10.3% Other income
+0.0% -25.0%
9.0 12.0 9.0 Net profit
-39.0% -10.7%
25.0 28.0 41.0 PAT margin %
-358 bps -152 bps
4.4% 5.9% 8.0% EPS (₹)
-39.3% -12.6%
21.83 24.98 35.94
Quality of profit
Pre-tax profit ₹33.0 Cr: core business ₹24.0 Cr, other income ₹9.0 Cr.
Core profit YoY: -46.7%
· reported profit -39.0%
Cash & debt
FY25 cash from operations ₹175 Cr:
131% of FY25 net profit of ₹134 Cr.
Borrowings ₹80.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹620 ₹568
-8.4% below Net profit ₹51.9 ₹25.0
-51.9% below
Into loss: a profit a year ago Profit -127% below its own trend Exceptional items of ₹-38.0 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+10.4% +55.4%
494 318 448 Operating profit
+14.5% —
82.7 7.0 72.2 OPM %
+60 bps +1453 bps
16.7% 2.2% 16.1% Other income
-22.2% +40.0%
2.8 2.0 3.6 Net profit
to loss loss narrowed -5.9 -35.0 17.3 PAT margin %
-506 bps +981 bps
-1.2% -11.0% 3.9% EPS (₹)
to loss loss narrowed -0.48 -2.81 1.40
Quality of profit
Pre-tax profit −₹9.2 Cr: core business ₹26.0 Cr, other income ₹2.8 Cr, exceptional & other items −₹38.0 Cr.
Core profit YoY: +28.1%
Cash & debt
FY25 cash from operations ₹280 Cr:
308% of FY25 net profit of ₹90.9 Cr.
Borrowings ₹765 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹433 ₹494
+14.0% above Net profit ₹22.0 −₹5.9
-126.8% below
M Cap ₹2,624 Cr
P/E 45.6
PEG —
Profit +80% above its own trend Operating margin expanded 1219 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-11.9% -51.7%
11.9 24.7 13.6 Operating profit
+1.2% -47.2%
11.3 21.4 11.2 OPM %
+1219 bps +806 bps
94.6% 86.5% 82.4% Other income
— to loss -0.0 1.6 0.0 Net profit?
-8.1% -57.9%
7.5 17.9 8.2 PAT margin %
+261 bps -924 bps
63.0% 72.2% 60.4% EPS (₹)
-8.2% -52.4%
14.58 30.61 15.89
Quality of profit
Pre-tax profit ₹11.2 Cr: core business ₹11.3 Cr, other income −₹0.0 Cr.
Core profit YoY: +1.3%
· reported profit -8.1%
Cash & debt
FY25 cash from operations ₹62.0 Cr:
135% of FY25 net profit of ₹46.0 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹9.9 ₹11.9
+20.4% above Net profit ₹4.2 ₹7.5
+80.4% above
M Cap ₹2,619 Cr
P/E 5.9
PEG —
Operating margin expanded 569 bps YoY 63% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +170%) FY25 operating cash flow was only 8% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-7.7% -0.2%
490 491 531 Operating profit
+87.1% +71.2%
55.0 32.1 29.4 OPM %
+569 bps +468 bps
11.2% 6.5% 5.5% Other income
-21.7% from loss 76.0 -153 97.1 Net profit?
+3.0% from loss 93.0 -119 90.3 PAT margin %
+197 bps +4323 bps
19.0% -24.2% 17.0% EPS (₹)
-2.1% from loss 30.54 -41.55 31.20
Quality of profit
Pre-tax profit ₹122 Cr: core business ₹45.0 Cr, other income ₹76.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +169.9%
· reported profit +3.0%
Cash & debt
FY25 cash from operations ₹50.0 Cr:
8% of FY25 net profit of ₹631 Cr.
Borrowings ₹588 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹596 ₹490
-17.7% below Net profit ₹101 ₹93.0
-8.0% in line
M Cap ₹2,598 Cr
P/E 14.8
PEG 0.42
Profit -79% below its own trend Operating margin expanded 123 bps YoY Core business grew faster than reported profit (core profit +38%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+14.0% +7.4%
392 365 344 Operating profit
+27.0% -9.6%
47.0 52.0 37.0 OPM %
+123 bps -226 bps
12.0% 14.2% 10.8% Other income
-25.0% -25.0%
3.0 4.0 4.0 Net profit?
-75.6% +6.5%
21.7 20.4 89.0 PAT margin %
-2034 bps -4 bps
5.5% 5.6% 25.9% EPS (₹)
+26.4% +173.6%
12.94 4.73 10.24
Quality of profit
Pre-tax profit ₹36.0 Cr: core business ₹33.0 Cr, other income ₹3.0 Cr.
Core profit YoY: +37.5%
· reported profit -75.6%
Cash & debt
FY25 cash from operations ₹132 Cr:
76% of FY25 net profit of ₹174 Cr.
Borrowings ₹256 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹355 ₹392
+10.4% above Net profit ₹106 ₹21.7
-79.5% below
M Cap ₹2,597 Cr
P/E 662.0
PEG 22.07
Profit -92% below its own trend Operating margin contracted 5659 bps YoY All of pre-tax profit came from other income or one-off items FY25 operating cash flow was only 31% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-45.6% -8.5%
4.4 4.9 8.2 Operating profit
to loss to loss -0.7 0.5 3.4 OPM %
-5659 bps -2565 bps
-14.9% 10.8% 41.7% Other income
-98.8% -92.0%
0.0 0.6 3.7 Net profit
-96.0% +63.9%
0.2 0.1 3.9 PAT margin %
-4458 bps +156 bps
3.5% 2.0% 48.1% EPS (₹)
— —
0.01 0.01 0.07
No EPS growth against Sep 2025 and Dec 2024: 17:25 bonus in May 2025 and 2:1 bonus in Oct 2025.
Quality of profit
Pre-tax profit ₹0.2 Cr: core business −₹0.8 Cr, other income ₹0.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: to loss
· reported profit -96.0%
Cash & debt
FY25 cash from operations ₹2.8 Cr:
31% of FY25 net profit of ₹8.8 Cr.
Borrowings ₹24.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹8.9 ₹4.4
-49.8% below Net profit ₹2.0 ₹0.2
-92.0% below
M Cap ₹2,589 Cr
P/E 31.8
PEG —
Profit -17% below its own trend Operating margin expanded 605 bps YoY 34% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +90%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+13.4% -8.4%
229 250 202 Operating profit
+100.0% +10.3%
32.0 29.0 16.0 OPM %
+605 bps +237 bps
14.0% 11.6% 7.9% Other income
-47.4% -33.3%
10.0 15.0 19.0 Net profit?
-5.8% -9.7%
21.7 24.0 23.0 PAT margin %
-193 bps -14 bps
9.5% 9.6% 11.4% EPS (₹)
-2.1% -5.8%
5.54 5.88 5.66
Quality of profit
Pre-tax profit ₹28.7 Cr: core business ₹19.0 Cr, other income ₹10.0 Cr.
Core profit YoY: +90.0%
· reported profit -5.8%
Cash & debt
FY25 cash from operations ₹193 Cr:
203% of FY25 net profit of ₹95.2 Cr.
Borrowings ₹69.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹209 ₹229
+9.5% above Net profit ₹26.1 ₹21.7
-17.1% below
M Cap ₹2,588 Cr
P/E 5.1
PEG 0.18
Into loss: a profit a year ago Profit -109% below its own trend Operating margin expanded 529 bps YoY 59% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+14.9% +15.1%
370 321 322 Operating profit
+36.8% +13.5%
122 108 89.5 OPM %
+529 bps -46 bps
33.1% 33.5% 27.8% Other income
-14.8% -39.8%
12.6 20.9 14.8 Net profit
to loss to loss -3.2 21.3 39.2 PAT margin %
-1304 bps -749 bps
-0.9% 6.6% 12.2% EPS (₹)
to loss to loss -0.21 1.37 2.59
Quality of profit
Pre-tax profit ₹21.2 Cr: core business ₹8.6 Cr, other income ₹12.6 Cr.
Core profit YoY: -77.7%
Cash & debt
FY25 cash from operations ₹1,127 Cr:
580% of FY25 net profit of ₹194 Cr.
Borrowings ₹2,027 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹334 ₹370
+10.7% above Net profit ₹37.2 −₹3.2
-108.6% below
M Cap ₹2,582 Cr
P/E 10.3
PEG —
Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-5.4% +1.3%
501 495 529 Operating profit
-4.4% +142.8%
36.0 14.8 37.7 OPM %
+7 bps +419 bps
7.2% 3.0% 7.1% Other income
to loss to loss -3.0 3.9 3.7 Net profit?
loss widened loss narrowed -52.0 -64.3 -44.1 PAT margin %
-204 bps +263 bps
-10.4% -13.0% -8.3% EPS (₹)
loss widened loss narrowed -23.55 -29.19 -20.34
Quality of profit
Pre-tax profit −₹45.0 Cr: core business −₹42.0 Cr, other income −₹3.0 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations −₹10.0 Cr:
-16% of FY25 net profit of ₹62.3 Cr.
Borrowings ₹1,493 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹488 ₹501
+2.7% in line
M Cap ₹2,573 Cr
P/E 19.6
PEG 1.09
Profit +64% above its own trend Operating margin expanded 470 bps YoY Profit grew faster than the core business (core profit +38%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+8.4% +9.0%
151 139 140 Operating profit
+29.5% +26.6%
43.5 34.4 33.6 OPM %
+470 bps +400 bps
28.8% 24.8% 24.1% Other income
+89.8% +88.8%
9.0 4.8 4.8 Net profit?
+58.5% +49.8%
35.3 23.5 22.2 PAT margin %
+737 bps +636 bps
23.3% 17.0% 15.9% EPS (₹)
+58.5% +49.8%
25.88 17.28 16.33
Quality of profit
Pre-tax profit ₹45.9 Cr: core business ₹36.9 Cr, other income ₹9.0 Cr.
Core profit YoY: +38.2%
· reported profit +58.5%
Cash & debt
FY25 cash from operations ₹108 Cr:
96% of FY25 net profit of ₹113 Cr.
Borrowings ₹35.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹142 ₹151
+6.9% above Net profit ₹21.6 ₹35.3
+63.5% above
M Cap ₹2,558 Cr
P/E 10.3
PEG 3.43
Profit -88% below its own trend Operating margin contracted 224 bps YoY Core business grew faster than reported profit (core profit +13%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+39.1% -1.3%
560 567 403 Operating profit
+26.2% +1.4%
122 120 96.7 OPM %
-224 bps +58 bps
21.8% 21.2% 24.0% Other income
-33.7% -3.1%
3.0 3.1 4.5 Net profit?
-85.3% +1.1%
67.0 66.3 456 PAT margin %
— +28 bps
12.0% 11.7% — EPS (₹)
-85.1% +1.5%
1.36 1.34 9.11
Quality of profit
Pre-tax profit ₹72.0 Cr: core business ₹68.0 Cr, other income ₹3.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +13.5%
· reported profit -85.3%
Cash & debt
FY25 cash from operations ₹385 Cr:
103% of FY25 net profit of ₹374 Cr.
Borrowings ₹720 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹580 ₹560
-3.4% in line Net profit ₹577 ₹67.0
-88.4% below
M Cap ₹2,551 Cr
P/E 35.6
PEG 0.31
Profit -57% below its own trend Operating margin expanded 1978 bps YoY FY25 operating cash flow was only 25% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+5.3% +21.8%
30.0 24.6 28.5 Operating profit
+43.0% +2.1%
22.5 22.0 15.7 OPM %
+1978 bps -1448 bps
74.9% 89.4% 55.1% Other income
+51.7% -57.9%
1.7 4.0 1.1 Net profit?
-14.7% -15.0%
13.3 15.6 15.6 PAT margin %
-1036 bps -1916 bps
44.2% 63.4% 54.6% EPS (₹)
-14.7% -14.9%
3.32 3.90 3.89
Quality of profit
Pre-tax profit ₹16.0 Cr: core business ₹14.3 Cr, other income ₹1.7 Cr.
Core profit YoY: -7.1%
· reported profit -14.7%
Cash & debt
FY25 cash from operations ₹10.0 Cr:
25% of FY25 net profit of ₹40.1 Cr.
Borrowings ₹165 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹57.0 ₹30.0
-47.4% below Net profit ₹31.1 ₹13.3
-57.4% below
M Cap ₹2,551 Cr
P/E 4.2
PEG 0.08
Profit -13% below its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+5.3% —
1,329 17.6 1,262 Operating profit
-0.4% from loss 72.0 -9.1 72.3 OPM %
-31 bps +5692 bps
5.4% -51.5% 5.7% Other income
+159.7% +33.3%
4.0 3.0 1.5 Net profit?
-32.8% from loss 10.0 -9.1 14.9 PAT margin %
-43 bps +5226 bps
0.8% -51.5% 1.2% EPS (₹)
-31.1% +4.4%
0.71 0.68 1.03
Quality of profit
Pre-tax profit ₹21.0 Cr: core business ₹16.0 Cr, other income ₹4.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: -42.4%
· reported profit -32.8%
Cash & debt
FY25 cash from operations ₹180 Cr:
237% of FY25 net profit of ₹75.9 Cr.
Borrowings ₹1,559 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,130 ₹1,329
+17.6% above Net profit ₹11.4 ₹10.0
-12.6% below
M Cap ₹2,550 Cr
P/E 6.2
PEG 0.02
Profit +929% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+8.3% -6.1%
745 793 688 Net interest income
+8.4% +1.6%
451 444 416 Other income
+25.0% +0.0%
5.0 5.0 4.0 Net profit?
+414.3% +35.8%
72.0 53.0 14.0 EPS (₹)
+404.7% +35.3%
6.51 4.81 1.29
Against its own trend ?
Trend Actual Gap
NII ₹461 ₹451
-2.1% in line Net profit ₹7.0 ₹72.0
+928.6% above
M Cap ₹2,543 Cr
P/E 65.1
PEG 2.41
Into loss: a profit a year ago Operating margin contracted 416 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-14.9% +30.3%
276 212 324 Operating profit
-36.9% +32.3%
33.0 24.9 52.3 OPM %
-416 bps +18 bps
12.0% 11.8% 16.1% Other income
-94.2% -25.3%
1.0 1.3 17.3 Net profit
to loss loss narrowed -25.0 -34.2 16.1 PAT margin %
-1401 bps +708 bps
-9.1% -16.1% 4.9% EPS (₹)
to loss loss narrowed -8.80 -12.21 5.73
Quality of profit
Pre-tax profit −₹25.0 Cr: core business −₹26.0 Cr, other income ₹1.0 Cr.
Core profit YoY: to loss
Cash & debt
FY25 cash from operations ₹112 Cr.
Borrowings ₹923 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹459 ₹276
-39.9% below
M Cap ₹2,542 Cr
P/E 31.2
PEG —
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
+10.1%
325 295 Operating profit
+5.6%
32.6 30.9 OPM %
-44 bps
10.0% 10.5% Other income
+136.8%
5.9 2.5 Net profit?
+5.1%
16.9 16.0 PAT margin %
-25 bps
5.2% 5.4% EPS (₹)
-18.8%
1.68 2.07
Quality of profit
Pre-tax profit ₹24.1 Cr: core business ₹18.2 Cr, other income ₹5.9 Cr.
M Cap ₹2,531 Cr
P/E 32.1
PEG 0.19
Profit -21% below its own trend Operating margin expanded 102 bps YoY Core business grew faster than reported profit (core profit +85%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+71.6% +11.0%
151 136 88.0 Operating profit
+81.2% +31.8%
29.0 22.0 16.0 OPM %
+102 bps +303 bps
19.2% 16.2% 18.2% Other income
+100.0% +100.0%
2.0 1.0 1.0 Net profit?
+58.3% +5.6%
19.0 18.0 12.0 PAT margin %
-105 bps -65 bps
12.6% 13.2% 13.6% EPS (₹)
+29.7% +6.5%
1.31 1.23 1.01
Quality of profit
Pre-tax profit ₹25.0 Cr: core business ₹24.0 Cr, other income ₹2.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +84.6%
· reported profit +58.3%
Cash & debt
FY25 cash from operations −₹23.0 Cr:
-58% of FY25 net profit of ₹39.7 Cr.
Borrowings ₹82.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹176 ₹151
-14.2% below Net profit ₹24.0 ₹19.0
-20.8% below
M Cap ₹2,528 Cr
P/E 35.9
PEG 3.99
Profit +47% above its own trend Operating margin expanded 153 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+13.9% +25.8%
139 110 122 Operating profit
+20.0% +59.6%
42.0 26.3 35.0 OPM %
+153 bps +639 bps
30.2% 23.8% 28.7% Other income
+0.0% -79.2%
1.0 4.8 1.0 Net profit?
+40.0% +163.8%
21.0 8.0 15.0 PAT margin %
+281 bps +790 bps
15.1% 7.2% 12.3% EPS (₹)
+36.0% +160.0%
1.17 0.45 0.86
Quality of profit
Pre-tax profit ₹31.0 Cr: core business ₹29.0 Cr, other income ₹1.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +38.1%
· reported profit +40.0%
Cash & debt
FY25 cash from operations ₹100 Cr:
242% of FY25 net profit of ₹41.4 Cr.
Borrowings ₹183 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹149 ₹139
-6.6% below Net profit ₹14.2 ₹21.0
+47.4% above
M Cap ₹2,527 Cr
P/E 9.8
PEG —
Profit -15% below its own trend Operating margin contracted 1084 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+52.1% +5.9%
270 255 177 Operating profit
+20.6% +0.8%
112 111 92.7 OPM %
-1084 bps -209 bps
41.4% 43.5% 52.3% Other income
+61.7% +210.1%
6.9 2.2 4.3 Net profit?
+54.2% +10.1%
62.4 56.7 40.5 PAT margin %
+32 bps +88 bps
23.2% 22.3% 22.8% EPS (₹)
— -19.1%
4.61 5.70 8.13
No EPS growth against Dec 2024: 1:1 bonus in Feb 2025.
Quality of profit
Pre-tax profit ₹82.3 Cr: core business ₹75.4 Cr, other income ₹6.9 Cr.
Core profit YoY: +57.1%
· reported profit +54.2%
Against its own trend ?
Trend Actual Gap
Sales ₹326 ₹270
-17.4% below Net profit ₹73.5 ₹62.4
-15.1% 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 14 Oct 2026, 02:00 IST
