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: 36 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
1051 matching results 1051
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M Cap ₹8,982 Cr
P/E 59.8
PEG —
Profit -55% below its own trend Operating margin contracted 628 bps YoY 35% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-4.4% +0.1%
1,063 1,062 1,112 Operating profit
-44.8% -12.2%
91.0 104 165 OPM %
-628 bps -120 bps
8.6% 9.8% 14.8% Other income
-20.9% -43.4%
11.0 19.4 13.9 Net profit?
-77.5% -38.5%
24.0 39.0 107 PAT margin %
-735 bps -142 bps
2.3% 3.7% 9.6% EPS (₹)
-77.2% -37.6%
1.23 1.97 5.40
Quality of profit
Pre-tax profit ₹34.0 Cr: core business ₹22.0 Cr, other income ₹11.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: -83.4%
· reported profit -77.5%
Cash & debt
FY25 cash from operations ₹394 Cr:
143% of FY25 net profit of ₹276 Cr.
Borrowings ₹1,449 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,137 ₹1,063
-6.5% below Net profit ₹53.4 ₹24.0
-55.1% below
M Cap ₹8,728 Cr
P/E 8.4
PEG —
Profit -43% below its own trend Operating margin expanded 212 bps YoY 48% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +98%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+5.1% +1.4%
1,996 1,968 1,899 Operating profit
+37.1% -2.2%
181 185 132 OPM %
+212 bps -33 bps
9.1% 9.4% 7.0% Other income
-38.2% -23.6%
97.0 127 157 Net profit
-5.1% -15.3%
150 177 158 PAT margin %
-81 bps -148 bps
7.5% 9.0% 8.3% EPS (₹)
-5.0% -15.3%
10.21 12.05 10.75
Quality of profit
Pre-tax profit ₹204 Cr: core business ₹107 Cr, other income ₹97.0 Cr.
Core profit YoY: +98.1%
· reported profit -5.1%
Cash & debt
FY25 cash from operations ₹605 Cr:
103% of FY25 net profit of ₹585 Cr.
Borrowings ₹106 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,788 ₹1,996
+11.6% above Net profit ₹262 ₹150
-42.8% below
M Cap ₹8,696 Cr
P/E 717.9
PEG —
Operating margin contracted 2301 bps YoY All of pre-tax profit came from other income or one-off items FY25 operating cash flow was only 15% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-98.8% +2.0%
49.8 48.8 4,004 Operating profit
-99.7% -71.0%
2.9 10.1 1,157 OPM %
-2301 bps -1480 bps
5.9% 20.7% 28.9% Other income
-99.3% -16.2%
21.7 25.9 3,185 Net profit?
-100.0% -99.7%
0.0 7.8 1,581 PAT margin %
-3945 bps -1597 bps
0.1% 16.0% 39.5% EPS (₹)
-100.0% -100.0%
0.00 0.49 1.04
Quality of profit
Pre-tax profit ₹1.0 Cr: core business −₹20.7 Cr, other income ₹21.7 Cr.
Core profit YoY: loss narrowed
· reported profit -100.0%
Cash & debt
FY25 cash from operations ₹225 Cr:
15% of FY25 net profit of ₹1,455 Cr.
Borrowings ₹1,656 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹5,200 ₹49.8
-99.0% below
M Cap ₹8,290 Cr
P/E 32.3
PEG 1.24
Profit +41% above its own trend 31% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit +10%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+8.3% +0.7%
551 547 509 Operating profit
+14.3% +1.7%
93.6 92.0 81.9 OPM %
+89 bps +18 bps
17.0% 16.8% 16.1% Other income
+353.9% +378.6%
33.5 7.0 7.4 Net profit
+33.9% +29.4%
80.2 62.0 59.9 PAT margin %
+278 bps +323 bps
14.6% 11.3% 11.8% EPS (₹)
+33.8% +30.4%
3.95 3.03 adj. 2.95
EPS restated for the ₹10 to ₹1 split of Jun 2025: Dec 2024 ₹29.53 to ₹2.95.
Quality of profit
Pre-tax profit ₹109 Cr: core business ₹75.8 Cr, other income ₹33.5 Cr.
Core profit YoY: +10.0%
· reported profit +33.9%
Cash & debt
Borrowings ₹14.0 Cr at Dec 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹599 ₹551
-8.0% below Net profit ₹56.7 ₹80.2
+41.4% above
Profit +999% above its own trend Operating margin expanded 570 bps YoY 77% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+1.1% -5.1%
1,873 1,974 1,853 Operating profit
+22.8% -2.3%
604 618 492 OPM %
+570 bps +94 bps
32.2% 31.3% 26.6% Other income
-74.9% -17.2%
77.0 93.0 307 Net profit?
— -71.3%
25.0 87.0 0.3 PAT margin %
+132 bps -307 bps
1.3% 4.4% 0.0% EPS (₹)
-40.0% -71.4%
0.06 0.21 0.10
Quality of profit
Pre-tax profit ₹100 Cr: core business ₹23.0 Cr, other income ₹77.0 Cr.
Core profit YoY: from loss
Cash & debt
FY25 cash from operations ₹1,938 Cr:
70% of FY25 net profit of ₹2,779 Cr.
Borrowings ₹15,153 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,957 ₹1,873
-4.3% in line Net profit ₹0.3 ₹25.0
+999.0% above
M Cap ₹8,205 Cr
P/E 18.3
PEG —
Profit +999% above its own trend 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
— -66.0%
0.3 1.0 0.0 Operating profit
loss narrowed loss widened -23.0 -22.0 -31.0 Other income
+79.5% -84.5%
70.0 453 39.0 Net profit?
— -72.9%
46.3 171 4.0 EPS (₹)
— -72.8%
0.31 1.14 0.02
Quality of profit
Pre-tax profit ₹45.7 Cr: core business −₹24.0 Cr, other income ₹70.0 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations −₹363 Cr:
-417% of FY25 net profit of ₹87.0 Cr.
Borrowings ₹2.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Net profit ₹2.8 ₹46.3
+999.0% above
M Cap ₹8,130 Cr
P/E 11.0
PEG —
Profit +46% above its own trend Operating margin contracted 589 bps YoY 62% 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
-22.6% -5.9%
1,090 1,159 1,408 Operating profit
-45.5% +24.2%
152 123 280 OPM %
-589 bps +338 bps
14.0% 10.6% 19.9% Other income
— +159.7%
197 75.8 1.7 Net profit?
+30.4% +93.8%
243 125 186 PAT margin %
+904 bps +1145 bps
22.3% 10.8% 13.2% EPS (₹)
+30.5% +93.8%
18.12 9.35 13.89
Quality of profit
Pre-tax profit ₹319 Cr: core business ₹123 Cr, other income ₹197 Cr.
Core profit YoY: -51.6%
· reported profit +30.4%
Cash & debt
FY25 cash from operations ₹610 Cr:
79% of FY25 net profit of ₹777 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,393 ₹1,090
-21.7% below Net profit ₹166 ₹243
+46.3% above
M Cap ₹7,771 Cr
P/E 94.6
PEG 2.96
Operating margin expanded 276 bps YoY 29% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +33%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-31.7% -2.3%
303 311 444 Operating profit
-1.8% -11.9%
27.5 31.2 28.0 OPM %
+276 bps -98 bps
9.1% 10.0% 6.3% Other income
-38.7% -81.1%
4.3 22.7 7.0 Net profit?
+2.1% -65.1%
11.2 32.1 11.0 PAT margin %
+123 bps -665 bps
3.7% 10.3% 2.5% EPS (₹)
+2.2% -64.9%
1.42 4.05 1.39
Quality of profit
Pre-tax profit ₹14.9 Cr: core business ₹10.6 Cr, other income ₹4.3 Cr.
Core profit YoY: +32.7%
· reported profit +2.1%
Cash & debt
FY25 cash from operations −₹62.0 Cr:
-91% of FY25 net profit of ₹68.0 Cr.
Borrowings ₹301 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹502 ₹303
-39.6% below Net profit ₹11.2 ₹11.2
-0.0% in line
M Cap ₹7,706 Cr
P/E 120.9
PEG —
Profit -81% below its own trend Operating margin contracted 369 bps YoY 90% of pre-tax profit came from other income and one-off items FY25 operating cash flow was only 3% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-41.6% +5.6%
557 528 954 Operating profit
-56.5% +38.7%
60.0 43.2 138 OPM %
-369 bps +258 bps
10.8% 8.2% 14.5% Other income
-71.4% -75.0%
9.0 36.0 31.4 Net profit?
-90.3% -49.6%
7.0 13.9 72.3 PAT margin %
-632 bps -138 bps
1.3% 2.6% 7.6% EPS (₹)
-95.0% -68.4%
0.54 1.71 10.83
Quality of profit
Pre-tax profit ₹10.0 Cr: core business ₹1.0 Cr, other income ₹9.0 Cr.
Core profit YoY: -98.5%
· reported profit -90.3%
Cash & debt
FY25 cash from operations ₹233 Cr:
3% of FY25 net profit of ₹7,607 Cr.
Borrowings ₹740 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹912 ₹557
-38.9% below Net profit ₹36.1 ₹7.0
-80.6% below
M Cap ₹7,653 Cr
P/E 18.4
PEG —
Profit +48% above its own trend Operating margin contracted 417 bps YoY 31% of pre-tax profit came from other income and one-off items Exceptional items of ₹-4.7 Cr in the quarter Profit grew faster than the core business (core profit -31%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+31.2% -0.2%
1,484 1,487 1,131 Operating profit
-19.1% +30.9%
99.5 76.0 123 OPM %
-417 bps +159 bps
6.7% 5.1% 10.9% Other income
+259.7% +70.4%
32.4 19.0 9.0 Net profit?
-7.0% +73.8%
66.1 38.0 71.0 PAT margin %
-183 bps +189 bps
4.5% 2.6% 6.3% EPS (₹)
-7.7% +73.5%
1.44 0.83 1.56
Quality of profit
Pre-tax profit ₹88.3 Cr: core business ₹60.6 Cr, other income ₹32.4 Cr, exceptional & other items −₹4.7 Cr.
Core profit YoY: -31.2%
· reported profit -7.0%
Cash & debt
FY25 cash from operations ₹341 Cr:
137% of FY25 net profit of ₹249 Cr.
Borrowings ₹231 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,201 ₹1,484
+23.5% above Net profit ₹44.6 ₹66.1
+48.3% above
M Cap ₹7,614 Cr
P/E 214.1
PEG —
Profit -39% below its own trend Operating margin contracted 270 bps YoY 38% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+9.2% +5.4%
220 209 201 Operating profit
-7.9% +6.5%
31.9 30.0 34.6 OPM %
-270 bps +14 bps
14.5% 14.4% 17.2% Other income
+107.5% +16.4%
2.2 1.9 1.1 Net profit?
-63.1% +9.5%
3.7 3.4 10.0 PAT margin %
-329 bps +6 bps
1.7% 1.6% 5.0% EPS (₹)
-63.2% +9.4%
1.40 1.28 3.80
Quality of profit
Pre-tax profit ₹5.8 Cr: core business ₹3.6 Cr, other income ₹2.2 Cr.
Core profit YoY: -74.8%
· reported profit -63.1%
Cash & debt
FY25 cash from operations ₹196 Cr:
562% of FY25 net profit of ₹34.9 Cr.
Borrowings ₹597 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹213 ₹220
+3.2% in line Net profit ₹6.0 ₹3.7
-38.7% below
M Cap ₹7,584 Cr
P/E 7.5
PEG —
Profit +49% above its own trend Operating margin contracted 156 bps YoY 25% 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
+36.2% +44.1%
2,308 1,602 1,694 Operating profit
+26.5% +20.9%
468 387 370 OPM %
-156 bps -388 bps
20.3% 24.2% 21.8% Other income
-40.9% +82.0%
91.0 50.0 154 Net profit?
+53.6% +36.3%
259 190 169 PAT margin %
+127 bps -64 bps
11.2% 11.9% 10.0% EPS (₹)
+53.7% +34.6%
26.79 19.91 17.43
Quality of profit
Pre-tax profit ₹356 Cr: core business ₹266 Cr, other income ₹91.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +35.7%
· reported profit +53.6%
Cash & debt
FY25 cash from operations −₹2,032 Cr:
-221% of FY25 net profit of ₹918 Cr.
Borrowings ₹4,971 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,663 ₹2,308
+38.8% above Net profit ₹174 ₹259
+48.8% above
M Cap ₹7,401 Cr
P/E 92.4
PEG 0.87
Turnaround: profit against a loss a year ago Operating margin expanded 2151 bps YoY 83% of pre-tax profit came from other income and one-off items Exceptional items of ₹25.8 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+174.9% —
459 18.0 167 Operating profit
from loss from loss 30.0 -52.0 -25.0 OPM %
+2151 bps —
6.5% — -15.0% Other income
+282.1% -4.5%
107 112 28.0 Net profit?
from loss from loss 109 -24.5 -22.0 PAT margin %
+3689 bps —
23.7% — -13.2% EPS (₹)
from loss +141.3%
5.43 2.25 -1.05
Quality of profit
Pre-tax profit ₹129 Cr: core business ₹22.0 Cr, other income ₹107 Cr.
Core profit YoY: from loss
Cash & debt
FY25 cash from operations −₹542 Cr.
Borrowings ₹1,439 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹224 ₹459
+105.1% above
M Cap ₹7,331 Cr
P/E 23.6
PEG —
Operating margin contracted 7212 bps YoY 77% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+941.1% —
4,301 246 413 Operating profit
+44.7% -20.1%
501 627 346 OPM %
-7212 bps —
11.6% — 83.8% Other income
+36.6% +36.6%
50.5 37.0 37.0 Net profit?
-76.6% -66.6%
37.7 113 161 PAT margin %
-3818 bps -4499 bps
0.9% 45.9% 39.1% EPS (₹)
from loss -87.3%
0.40 3.15 -4.80
Quality of profit
Pre-tax profit ₹65.6 Cr: core business ₹15.1 Cr, other income ₹50.5 Cr.
Core profit YoY: from loss
· reported profit -76.6%
Cash & debt
Borrowings ₹9,824 Cr at Dec 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹410 ₹4,301
+948.1% above
M Cap ₹7,227 Cr
P/E 38.9
PEG 7.77
Profit -13% below its own trend Operating margin contracted 211 bps YoY 31% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+0.1% +6.2%
668 629 667 Operating profit
-16.9% -14.8%
69.0 81.0 83.0 OPM %
-211 bps -255 bps
10.3% 12.9% 12.4% Other income
+57.1% -8.3%
11.0 12.0 7.0 Net profit
-18.2% -25.0%
27.0 36.0 33.0 PAT margin %
-91 bps -168 bps
4.0% 5.7% 4.9% EPS (₹)
-19.5% -26.2%
1.07 1.45 1.33
Quality of profit
Pre-tax profit ₹36.0 Cr: core business ₹25.0 Cr, other income ₹11.0 Cr.
Core profit YoY: -34.2%
· reported profit -18.2%
Cash & debt
FY25 cash from operations ₹406 Cr:
239% of FY25 net profit of ₹170 Cr.
Borrowings ₹213 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹619 ₹668
+7.9% above Net profit ₹31.2 ₹27.0
-13.5% below
M Cap ₹7,121 Cr
P/E 50.1
PEG 2.18
Profit -14% below its own trend Operating margin expanded 178 bps YoY 39% of pre-tax profit came from other income and one-off items Exceptional items of ₹-2.5 Cr in the quarter Core business grew faster than reported profit (core profit +18%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+3.7% -10.6%
218 244 210 Operating profit
+16.8% -19.1%
34.8 43.0 29.8 OPM %
+178 bps -168 bps
15.9% 17.6% 14.2% Other income
+20.9% +130.7%
18.5 8.0 15.3 Net profit?
-4.0% -14.6%
24.8 29.0 25.8 PAT margin %
-91 bps -53 bps
11.4% 11.9% 12.3% EPS (₹)
-3.1% -14.7%
2.20 2.58 2.27
Quality of profit
Pre-tax profit ₹40.9 Cr: core business ₹25.0 Cr, other income ₹18.5 Cr, exceptional & other items −₹2.5 Cr.
Core profit YoY: +18.0%
· reported profit -4.0%
Cash & debt
FY25 cash from operations ₹106 Cr:
117% of FY25 net profit of ₹90.9 Cr.
Borrowings ₹88.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹228 ₹218
-4.2% in line Net profit ₹28.8 ₹24.8
-13.9% below
M Cap ₹6,824 Cr
P/E 64.1
PEG 3.77
Operating margin contracted 240 bps YoY 33% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -20%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+26.8% +22.5%
469 383 370 Operating profit
+7.0% +27.1%
61.0 48.0 57.0 OPM %
-240 bps +47 bps
13.0% 12.5% 15.4% Other income
+133.3% +16.7%
14.0 12.0 6.0 Net profit?
+6.9% +29.2%
31.0 24.0 29.0 PAT margin %
-123 bps +34 bps
6.6% 6.3% 7.8% EPS (₹)
+3.4% +27.9%
11.37 8.89 11.00
Quality of profit
Pre-tax profit ₹42.0 Cr: core business ₹28.0 Cr, other income ₹14.0 Cr.
Core profit YoY: -20.0%
· reported profit +6.9%
Cash & debt
FY25 cash from operations −₹20.0 Cr:
-21% of FY25 net profit of ₹96.0 Cr.
Borrowings ₹289 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹473 ₹469
-0.8% in line Net profit ₹32.1 ₹31.0
-3.5% in line
M Cap ₹6,503 Cr
P/E 99.3
PEG 1.91
Profit +101% above its own trend Operating margin expanded 360 bps YoY 25% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +234%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+8.4% -5.4%
210 222 194 Operating profit
+74.1% -23.1%
20.0 26.0 11.5 OPM %
+360 bps -219 bps
9.5% 11.7% 5.9% Other income
-10.1% +0.0%
4.0 4.0 4.4 Net profit?
+150.7% -29.4%
12.0 17.0 4.8 PAT margin %
+324 bps -194 bps
5.7% 7.7% 2.5% EPS (₹)
+117.9% -29.2%
0.85 1.20 0.39
Quality of profit
Pre-tax profit ₹16.0 Cr: core business ₹12.0 Cr, other income ₹4.0 Cr.
Core profit YoY: +234.2%
· reported profit +150.7%
Cash & debt
FY25 cash from operations ₹55.0 Cr:
143% of FY25 net profit of ₹38.6 Cr.
Borrowings ₹55.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹234 ₹210
-10.3% below Net profit ₹6.0 ₹12.0
+100.7% above
M Cap ₹6,483 Cr
P/E 14.1
PEG 1.17
28% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+8.9% +3.6%
1,249 1,205 1,147 Operating profit
+7.2% +0.2%
127 127 118 OPM %
-16 bps -35 bps
10.2% 10.5% 10.3% Other income
+408.8% +176.8%
34.6 12.5 6.8 Net profit?
+13.4% +2.0%
116 114 102 PAT margin %
+37 bps -15 bps
9.3% 9.4% 8.9% EPS (₹)
+14.7% +1.8%
14.96 14.69 13.04
Quality of profit
Pre-tax profit ₹124 Cr: core business ₹89.1 Cr, other income ₹34.6 Cr.
Core profit YoY: +8.5%
· reported profit +13.4%
Cash & debt
FY25 cash from operations ₹359 Cr:
86% of FY25 net profit of ₹416 Cr.
Borrowings ₹242 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,252 ₹1,249
-0.2% in line Net profit ₹117 ₹116
-0.8% in line
M Cap ₹6,378 Cr
P/E 5.1
PEG 0.08
Profit +199% above its own trend All of pre-tax profit came from other income or one-off items FY25 operating cash flow was only 16% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-17.5% +11.0%
2,138 1,926 2,590 Operating profit
-19.9% -18.9%
382 471 477 OPM %
-55 bps -659 bps
17.9% 24.5% 18.4% Other income
+447.1% +295.3%
755 191 138 Net profit?
+399.4% +268.7%
789 214 158 PAT margin %
+3080 bps +2579 bps
36.9% 11.1% 6.1% EPS (₹)
+373.9% +249.0%
51.09 14.64 10.78
Quality of profit
Pre-tax profit ₹713 Cr: core business −₹42.0 Cr, other income ₹755 Cr.
Core profit YoY: to loss
· reported profit +399.4%
Cash & debt
FY25 cash from operations ₹131 Cr:
16% of FY25 net profit of ₹840 Cr.
Borrowings ₹9,525 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,239 ₹2,138
-4.5% in line Net profit ₹264 ₹789
+199.1% above
M Cap ₹6,290 Cr
P/E 87.4
PEG 2.19
Profit +22% above its own trend Operating margin contracted 132 bps YoY 41% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit +5%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+32.4% +13.1%
320 283 242 Operating profit
+12.5% from loss 24.0 -5.0 21.3 OPM %
-132 bps +927 bps
7.5% -1.8% 8.8% Other income
+314.8% +180.0%
14.0 5.0 3.4 Net profit?
+54.4% from loss 24.0 -3.0 15.5 PAT margin %
+107 bps +856 bps
7.5% -1.1% 6.4% EPS (₹)
+37.5% from loss 0.55 -0.08 0.40
Quality of profit
Pre-tax profit ₹32.0 Cr: core business ₹19.0 Cr, other income ₹14.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +5.1%
· reported profit +54.4%
Cash & debt
FY25 cash from operations ₹122 Cr:
202% of FY25 net profit of ₹60.5 Cr.
Borrowings ₹40.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹379 ₹320
-15.6% below Net profit ₹19.6 ₹24.0
+22.3% above
M Cap ₹6,049 Cr
P/E 17.3
PEG 8.67
Profit +25% above its own trend 38% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -11%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+2.7% -12.0%
662 752 644 Operating profit
+0.6% -24.9%
93.0 124 92.5 OPM %
-30 bps -242 bps
14.0% 16.5% 14.3% Other income
+349.9% +31.5%
28.0 21.3 6.2 Net profit?
+30.3% -31.8%
54.0 79.2 41.4 PAT margin %
+173 bps -237 bps
8.2% 10.5% 6.4% EPS (₹)
+30.1% -30.6%
23.46 33.80 18.03
Quality of profit
Pre-tax profit ₹74.0 Cr: core business ₹46.0 Cr, other income ₹28.0 Cr.
Core profit YoY: -10.8%
· reported profit +30.3%
Cash & debt
FY25 cash from operations ₹276 Cr:
105% of FY25 net profit of ₹263 Cr.
Borrowings ₹846 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹767 ₹662
-13.7% below Net profit ₹43.4 ₹54.0
+24.5% above
M Cap ₹5,981 Cr
P/E 41.3
PEG —
Profit -81% below its own trend Operating margin contracted 868 bps YoY 53% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-10.6% -1.8%
1,329 1,353 1,486 Operating profit
-71.4% -24.4%
54.4 71.9 190 OPM %
-868 bps -122 bps
4.1% 5.3% 12.8% Other income
-55.7% -42.5%
7.8 13.5 17.5 Net profit?
-90.4% -56.4%
11.6 26.5 120 PAT margin %
-723 bps -109 bps
0.9% 2.0% 8.1% EPS (₹)
-90.2% -55.2%
0.13 0.29 1.32
Quality of profit
Pre-tax profit ₹14.7 Cr: core business ₹6.9 Cr, other income ₹7.8 Cr.
Core profit YoY: -95.5%
· reported profit -90.4%
Cash & debt
FY25 cash from operations ₹311 Cr:
56% of FY25 net profit of ₹557 Cr.
Borrowings ₹459 Cr at Sep 2025, against ₹559 Cr at Mar 2025 (-18% ).
Against its own trend ?
Trend Actual Gap
Sales ₹1,286 ₹1,329
+3.3% in line Net profit ₹60.2 ₹11.6
-80.8% below
M Cap ₹5,913 Cr
P/E 8.5
PEG —
Profit -13% below its own trend 31% of pre-tax profit came from other income and one-off items FY25 operating cash flow was only 14% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+4.5% -7.7%
2,941 3,187 2,814 Operating profit
+12.1% -47.2%
178 337 158 OPM %
+41 bps -452 bps
6.0% 10.6% 5.6% Other income
+0.5% -60.7%
56.2 143 55.9 Net profit?
+18.2% -51.2%
158 324 134 PAT margin %
+62 bps -479 bps
5.4% 10.2% 4.8% EPS (₹)
+18.2% -51.2%
3.97 8.13 3.36
Quality of profit
Pre-tax profit ₹183 Cr: core business ₹126 Cr, other income ₹56.2 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +17.1%
· reported profit +18.2%
Cash & debt
FY25 cash from operations ₹83.0 Cr:
14% of FY25 net profit of ₹591 Cr.
Borrowings ₹2.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,123 ₹2,941
-5.8% below Net profit ₹182 ₹158
-13.2% below
M Cap ₹5,752 Cr
P/E 13.4
PEG —
Profit -50% below its own trend Operating margin expanded 182 bps YoY 44% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-6.2% -20.0%
4,236 5,293 4,518 Operating profit
+36.8% +14.2%
245 214 179 OPM %
+182 bps +173 bps
5.8% 4.0% 4.0% Other income
+24.0% +2.2%
52.3 51.1 42.2 Net profit?
+0.9% -23.2%
81.0 105 80.2 PAT margin %
+14 bps -8 bps
1.9% 2.0% 1.8% EPS (₹)
+1.4% -23.0%
1.47 1.91 1.45
Quality of profit
Pre-tax profit ₹118 Cr: core business ₹66.0 Cr, other income ₹52.3 Cr.
Core profit YoY: +5.5%
· reported profit +0.9%
Cash & debt
FY25 cash from operations ₹2,364 Cr:
976% of FY25 net profit of ₹242 Cr.
Borrowings ₹2,762 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹4,254 ₹4,236
-0.4% in line Net profit ₹160 ₹81.0
-49.6% below
M Cap ₹5,570 Cr
P/E 11.1
PEG 0.09
Profit -28% below its own trend 44% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +14%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+6.6% +1.0%
306 303 287 Operating profit
+9.2% +9.2%
95.0 87.0 87.0 OPM %
+73 bps +233 bps
31.0% 28.7% 30.3% Other income
-16.9% -12.3%
64.0 73.0 77.0 Net profit
-9.9% -0.8%
118 119 131 PAT margin %
-708 bps -71 bps
38.6% 39.3% 45.6% EPS (₹)
-10.2% -1.2%
13.87 14.04 15.44
Quality of profit
Pre-tax profit ₹146 Cr: core business ₹82.0 Cr, other income ₹64.0 Cr.
Core profit YoY: +13.9%
· reported profit -9.9%
Cash & debt
FY25 cash from operations ₹311 Cr:
53% of FY25 net profit of ₹584 Cr.
Borrowings ₹100 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹306 ₹306
-0.1% in line Net profit ₹164 ₹118
-27.8% below
M Cap ₹5,398 Cr
P/E 192.7
PEG —
All of pre-tax profit came from other income or one-off items
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
+11.1%
472 425 Operating profit
+13.3%
306 270 OPM %
+124 bps
64.8% 63.6% Other income
-1.7%
16.0 16.3 Net profit?
from loss 1.0 -3.1 PAT margin %
+95 bps
0.2% -0.7% EPS (₹)
from loss 0.11 -0.27
Quality of profit
Pre-tax profit ₹2.0 Cr: core business −₹14.0 Cr, other income ₹16.0 Cr.
M Cap ₹5,382 Cr
P/E 26.9
PEG 2.45
Operating margin expanded 214 bps YoY 44% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+26.4% -5.7%
768 814 608 Operating profit
+74.0% -18.4%
60.2 73.7 34.6 OPM %
+214 bps -122 bps
7.8% 9.1% 5.7% Other income
+29.3% +48.6%
14.8 10.0 11.5 Net profit?
+71.8% -43.0%
27.2 47.7 15.8 PAT margin %
+94 bps -231 bps
3.5% 5.9% 2.6% EPS (₹)
+71.9% -42.9%
7.84 13.74 4.56
Quality of profit
Pre-tax profit ₹33.6 Cr: core business ₹18.7 Cr, other income ₹14.8 Cr.
Core profit YoY: —
· reported profit +71.8%
Cash & debt
FY25 cash from operations ₹176 Cr:
197% of FY25 net profit of ₹89.4 Cr.
Borrowings ₹849 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹761 ₹768
+0.9% in line Net profit ₹28.7 ₹27.2
-5.2% in line
M Cap ₹5,355 Cr
P/E 12.9
PEG —
Profit +133% above its own trend Operating margin expanded 145 bps YoY 40% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +234%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+13.6% -0.2%
1,074 1,076 945 Operating profit
+84.8% -21.3%
40.4 51.4 21.9 OPM %
+145 bps -101 bps
3.8% 4.8% 2.3% Other income
+204.7% +35.0%
19.5 14.5 6.4 Net profit?
+204.1% -6.5%
37.9 40.6 12.5 PAT margin %
+221 bps -24 bps
3.5% 3.8% 1.3% EPS (₹)
+203.8% -6.6%
5.53 5.92 1.82
Quality of profit
Pre-tax profit ₹48.6 Cr: core business ₹29.0 Cr, other income ₹19.5 Cr.
Core profit YoY: +234.2%
· reported profit +204.1%
Against its own trend ?
Trend Actual Gap
Sales ₹966 ₹1,074
+11.1% above Net profit ₹16.3 ₹37.9
+132.6% above
M Cap ₹5,032 Cr
P/E 20.6
PEG 0.64
Turnaround: profit against a loss a year ago Operating margin expanded 1027 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
-8.1% -3.7%
925 961 1,007 Operating profit
from loss -54.7%
67.0 148 -30.5 OPM %
+1027 bps -814 bps
7.2% 15.4% -3.0% Other income
+28.1% +274.8%
76.0 20.3 59.4 Net profit?
from loss +79.8%
85.9 47.8 -38.9 PAT margin %
+1315 bps +432 bps
9.3% 5.0% -3.9% EPS (₹)
from loss +57.7%
0.41 0.26 -0.23
Quality of profit
Pre-tax profit ₹15.0 Cr: core business −₹61.0 Cr, other income ₹76.0 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations ₹134 Cr:
51% of FY25 net profit of ₹262 Cr.
Borrowings ₹1,679 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹688 ₹925
+34.5% above
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, 15:50 IST
