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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.
Updated 14 Oct 2026, 06:44 IST
4316 declared
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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
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₹ Cr QoQ
Dec 2025 Sep 2025
Sales
-39.7%
33.6 55.7
Operating profit
-81.4%
3.8 20.6
OPM %
-2558 bps
11.4% 37.0%
Other income
to loss
-0.1 0.8
Net profit?
-95.2%
0.7 14.5
PAT margin %
-2395 bps
2.1% 26.0%
EPS (₹)
-95.3%
0.05 1.06
Quality of profit
Pre-tax profit ₹1.5 Cr: core business ₹1.5 Cr, other income −₹0.1 Cr.
M Cap ₹991 Cr
P/E 51.4
PEG 0.36
Operating margin contracted 690 bps YoY Core business grew faster than reported profit (core profit +135%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+257.8% +90.7%
74.5 39.1 20.8
Operating profit
+98.2% +154.3%
6.4 2.5 3.2
OPM %
-690 bps +214 bps
8.6% 6.4% 15.5%
Other income
+41.5% -35.2%
0.2 0.4 0.2
Net profit?
+115.3% +199.8%
4.3 1.4 2.0
PAT margin %
-378 bps +208 bps
5.7% 3.6% 9.5%
EPS (₹)
+97.9% +201.1%
2.80 0.93 1.42
Quality of profit
Core 96% Other income & one-offs 4%
Pre-tax profit ₹5.7 Cr: core business ₹5.4 Cr, other income ₹0.2 Cr.
Core profit YoY: +135.4%
· reported profit +115.3%
Cash & debt
FY25 cash from operations −₹15.0 Cr:
-227% of FY25 net profit of ₹6.6 Cr.
Borrowings ₹21.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹31.6 ₹74.5
+135.9% above
Net profit ₹4.0 ₹4.3
+7.7% in line
M Cap ₹991 Cr
P/E 24.6
PEG —
Operating margin expanded 178 bps YoY 57% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-3.9% +15.6%
90.1 78.0 93.8
Operating profit
+14.9% from loss
9.8 -3.1 8.5
OPM %
+178 bps +1483 bps
10.9% -4.0% 9.1%
Other income
+25.5% -60.4%
1.3 3.2 1.0
Net profit?
— from loss
10.1 -3.6 0.5
PAT margin %
+1064 bps +1583 bps
11.2% -4.6% 0.6%
EPS (₹)
— from loss
1.10 -0.39 0.06
Quality of profit
Core 43% Other income & one-offs 57%
Pre-tax profit ₹10.4 Cr: core business ₹4.5 Cr, other income ₹1.3 Cr, exceptional & other items ₹4.7 Cr.
Core profit YoY: +39.2%
Cash & debt
FY25 cash from operations ₹35.0 Cr:
117% of FY25 net profit of ₹29.8 Cr.
Borrowings ₹83.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹71.6 ₹90.1
+25.9% above
M Cap ₹989 Cr
P/E 224.0
PEG —
Turnaround: profit against a loss a year ago Operating margin expanded 1687 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-2.0% +0.6%
50.7 50.4 51.8
Operating profit
+871.4% -1.0%
9.5 9.6 1.0
OPM %
+1687 bps -30 bps
18.8% 19.1% 1.9%
Other income
-50.0% -22.3%
0.2 0.2 0.3
Net profit
from loss +0.6%
0.6 0.6 -4.1
PAT margin %
+916 bps +0 bps
1.2% 1.2% -7.9%
EPS (₹)
from loss +3.2%
0.32 0.31 -2.14
Quality of profit
Core 83% Other income & one-offs 17%
Pre-tax profit ₹0.9 Cr: core business ₹0.8 Cr, other income ₹0.2 Cr.
Core profit YoY: from loss
Cash & debt
FY25 cash from operations ₹21.0 Cr:
4118% of FY25 net profit of ₹0.5 Cr.
Borrowings ₹134 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹32.8 ₹50.7
+54.5% above
M Cap ₹988 Cr
P/E 42.2
PEG 0.88
Profit +999% above its own trend Operating margin expanded 673 bps YoY 29% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+36.0% +11.6%
74.4 66.7 54.7
Operating profit
+203.1% +11.4%
9.1 8.2 3.0
OPM %
+673 bps -2 bps
12.2% 12.2% 5.5%
Other income
— +9.6%
2.4 2.2 0.2
Net profit?
— +10.6%
6.4 5.8 0.1
PAT margin %
+853 bps -8 bps
8.6% 8.7% 0.1%
EPS (₹)
+540.0% +30.9%
2.88 2.20 0.45
Quality of profit
Core 70% Other income & one-offs 30%
Pre-tax profit ₹8.3 Cr: core business ₹5.8 Cr, other income ₹2.4 Cr.
Core profit YoY: +320.4%
Cash & debt
FY25 cash from operations ₹46.0 Cr:
340% of FY25 net profit of ₹13.5 Cr.
Borrowings ₹13.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹87.3 ₹74.4
-14.7% below
Net profit ₹0.1 ₹6.4
+999.0% above
Turnaround: profit against a loss a year ago
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+6.6% +10.6%
529 479 496
Net profit
from loss from loss
11.1 -3.4 -11.4
PAT margin %
+440 bps +281 bps
2.1% -0.7% -2.3%
Against its own trend ?
Trend Actual Gap
Sales ₹489 ₹529
+8.3% above
M Cap ₹987 Cr
P/E 26.9
PEG —
Profit +42% above its own trend Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+7.9% +8.8%
478 440 443
Operating profit
+2.2% +27.1%
23.9 18.8 23.4
OPM %
-28 bps +72 bps
5.0% 4.3% 5.3%
Other income
-45.9% -36.7%
2.8 4.4 5.1
Net profit
-18.0% +21.1%
10.8 8.9 13.2
PAT margin %
-71 bps +23 bps
2.3% 2.0% 3.0%
EPS (₹)
-17.8% +20.5%
1.06 0.88 1.29
Quality of profit
Core 81% Other income & one-offs 19%
Pre-tax profit ₹14.7 Cr: core business ₹11.9 Cr, other income ₹2.8 Cr.
Core profit YoY: -6.5%
· reported profit -18.0%
Cash & debt
FY25 cash from operations −₹3.0 Cr:
-5% of FY25 net profit of ₹65.1 Cr.
Borrowings ₹176 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹444 ₹478
+7.8% above
Net profit ₹7.6 ₹10.8
+42.4% above
M Cap ₹979 Cr
P/E 29.1
PEG —
Profit +14% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
-21.1% +21.0%
35.7 29.5 45.3
Net interest income
-24.7% —
29.2 — 38.8
Other income
-4.7% —
1.2 — 1.3
Net profit?
-32.2% +163.4%
9.8 3.7 14.5
EPS (₹)
-33.4% +157.3%
3.37 1.31 5.06
Against its own trend ?
Trend Actual Gap
Net profit ₹8.6 ₹9.8
+14.0% above
M Cap ₹974 Cr
P/E 10.6
PEG 0.26
Profit +26% above its own trend Operating margin expanded 279 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+6.0% +24.5%
180 145 170
Operating profit
+17.0% -17.2%
53.6 64.7 45.8
OPM %
+279 bps -1503 bps
29.8% 44.8% 27.0%
Other income
-27.5% +66.9%
1.4 0.9 2.0
Net profit?
+25.9% -24.0%
25.2 33.1 20.0
PAT margin %
+221 bps -892 bps
14.0% 22.9% 11.8%
EPS (₹)
+28.6% -23.9%
5.44 7.15 4.23
Quality of profit
Core 96% Other income & one-offs 4%
Pre-tax profit ₹34.2 Cr: core business ₹32.7 Cr, other income ₹1.4 Cr.
Core profit YoY: +36.1%
· reported profit +25.9%
Cash & debt
FY25 cash from operations −₹306 Cr:
-82% of FY25 net profit of ₹372 Cr.
Borrowings ₹461 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹229 ₹180
-21.2% below
Net profit ₹19.9 ₹25.2
+26.2% above
Turnaround: profit against a loss a year ago Operating margin expanded 648 bps YoY
₹ Cr YoY
Dec 2025 Dec 2024
Sales
+0.8%
1,146 1,137
Operating profit
+113.8%
141 65.8
OPM %
+648 bps
12.3% 5.8%
Net profit?
from loss
6.8 -42.9
PAT margin %
+436 bps
0.6% -3.8%
Quality of profit
Core 100% Other income & one-offs 0%
Pre-tax profit ₹11.8 Cr: core business ₹11.8 Cr.
Core profit YoY: from loss
Into loss: a profit a year ago Profit -188% below its own trend Operating margin contracted 433 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+51.4% -0.3%
55.8 56.0 36.9
Operating profit
+27.4% -5.8%
12.8 13.6 10.1
OPM %
-433 bps -136 bps
22.9% 24.3% 27.3%
Other income
+915.8% +97.8%
0.8 0.4 0.1
Net profit
to loss to loss
-0.7 1.2 0.4
PAT margin %
-225 bps -339 bps
-1.2% 2.2% 1.0%
EPS (₹)
to loss to loss
-0.59 1.06 0.33
Quality of profit
Pre-tax profit −₹0.9 Cr: core business −₹1.7 Cr, other income ₹0.8 Cr.
Core profit YoY: to loss
Cash & debt
FY25 cash from operations ₹18.0 Cr:
825% of FY25 net profit of ₹2.2 Cr.
Borrowings ₹67.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹51.4 ₹55.8
+8.7% above
Net profit ₹0.8 −₹0.7
-188.3% below
M Cap ₹970 Cr
P/E 28.6
PEG —
Profit -60% below its own trend Operating margin contracted 409 bps YoY 28% of pre-tax profit came from other income and one-off items FY25 operating cash flow was only 30% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+27.4% +9.6%
227 207 178
Operating profit
-15.0% +248.6%
18.6 5.3 21.9
OPM %
-409 bps +561 bps
8.2% 2.6% 12.3%
Other income
— +900.0%
2.4 0.2 0.1
Net profit?
-27.8% from loss
6.4 -5.2 8.9
PAT margin %
-216 bps +533 bps
2.8% -2.5% 5.0%
EPS (₹)
-27.7% from loss
2.64 -2.14 3.65
Quality of profit
Core 72% Other income & one-offs 28%
Pre-tax profit ₹8.4 Cr: core business ₹6.0 Cr, other income ₹2.4 Cr.
Core profit YoY: -47.7%
· reported profit -27.8%
Cash & debt
FY25 cash from operations ₹12.0 Cr:
30% of FY25 net profit of ₹40.4 Cr.
Borrowings ₹192 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹236 ₹227
-3.9% in line
Net profit ₹16.2 ₹6.4
-60.4% below
Into loss: a profit a year ago Operating margin contracted 1229 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-1.9% -4.3%
339 354 346
Operating profit
-71.9% +11.4%
16.7 15.0 59.5
OPM %
-1229 bps +69 bps
4.9% 4.2% 17.2%
Other income
-16.4% +48.4%
4.5 3.0 5.4
Net profit?
to loss loss narrowed
-12.4 -15.8 24.8
PAT margin %
-1084 bps +79 bps
-3.7% -4.5% 7.2%
EPS (₹)
to loss loss narrowed
-1.27 -1.62 2.64
Quality of profit
Pre-tax profit −₹12.7 Cr: core business −₹16.9 Cr, other income ₹4.5 Cr.
Core profit YoY: to loss
Cash & debt
FY25 cash from operations ₹112 Cr:
817% of FY25 net profit of ₹13.7 Cr.
Borrowings ₹660 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹404 ₹339
-16.0% below
M Cap ₹966 Cr
P/E 0.4
PEG 0.02
Turnaround: profit against a loss a year ago Operating margin contracted 1449 bps YoY All of pre-tax profit came from other income or one-off items Exceptional items of ₹2,129 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+455.9% +268.9%
506 137 91.0
Operating profit
to loss loss widened
-28.8 -24.7 8.0
OPM %
-1449 bps +1231 bps
-5.7% -18.0% 8.8%
Other income
— -55.3%
89.4 200 3.0
Net profit?
from loss —
2,157 159 -2.0
EPS (₹)
from loss —
115.23 8.65 -0.11
Quality of profit
Pre-tax profit ₹2,179 Cr: core business −₹40.3 Cr, other income ₹89.4 Cr, exceptional & other items ₹2,129 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations ₹277 Cr:
223% of FY25 net profit of ₹124 Cr.
Borrowings ₹3,628 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹69.9 ₹506
+624.1% above
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
+9.9%
71.0 64.6
Operating profit
—
19.7 —
OPM %
—
27.7% —
Other income
—
0.6 —
Net profit?
—
10.3 —
PAT margin %
—
14.5% —
EPS (₹)
—
0.89 —
Quality of profit
Core 96% Other income & one-offs 4%
Pre-tax profit ₹13.4 Cr: core business ₹12.8 Cr, other income ₹0.6 Cr.
M Cap ₹961 Cr
P/E 11.5
PEG —
Turnaround: profit against a loss a year ago Operating margin expanded 540 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
+4.7% -12.9%
486 558 464
Operating profit
+168.8% from loss
43.0 -8.0 16.0
OPM %
+540 bps +1028 bps
8.8% -1.4% 3.4%
Other income
from loss -30.8%
9.0 13.0 -1.0
Net profit?
from loss from loss
17.0 -16.0 -6.2
PAT margin %
+484 bps +637 bps
3.5% -2.9% -1.3%
EPS (₹)
from loss from loss
2.55 -2.41 -1.03
Quality of profit
Core 65% Other income & one-offs 35%
Pre-tax profit ₹26.0 Cr: core business ₹17.0 Cr, other income ₹9.0 Cr.
Core profit YoY: from loss
Cash & debt
FY25 cash from operations ₹130 Cr:
823% of FY25 net profit of ₹15.8 Cr.
Borrowings ₹1,162 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹515 ₹486
-5.6% below
M Cap ₹961 Cr
P/E 107.6
PEG —
Profit -24% below its own trend Operating margin contracted 477 bps YoY 26% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -39%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-8.5% +25.9%
67.2 53.4 73.4
Operating profit
-33.7% +27.2%
8.4 6.6 12.7
OPM %
-477 bps +13 bps
12.5% 12.4% 17.3%
Other income
+114.4% +211.6%
2.5 0.8 1.2
Net profit?
-10.3% +73.6%
7.9 4.5 8.8
PAT margin %
-24 bps +321 bps
11.7% 8.5% 11.9%
EPS (₹)
-10.1% +73.9%
3.20 1.84 3.56
Quality of profit
Core 74% Other income & one-offs 26%
Pre-tax profit ₹9.6 Cr: core business ₹7.1 Cr, other income ₹2.5 Cr.
Core profit YoY: -38.6%
· reported profit -10.3%
Cash & debt
FY25 cash from operations ₹72.0 Cr:
177% of FY25 net profit of ₹40.8 Cr.
Borrowings ₹5.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹91.9 ₹67.2
-26.9% below
Net profit ₹10.3 ₹7.9
-23.8% below
M Cap ₹959 Cr
P/E 15.6
PEG 0.14
Operating margin contracted 242 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+92.2% +30.2%
165 127 86.0
Operating profit
+65.5% -11.3%
24.8 28.0 15.0
OPM %
-242 bps -703 bps
15.0% 22.0% 17.4%
Other income
+47.9% +47.9%
1.5 1.0 1.0
Net profit?
+121.8% +23.2%
11.1 9.0 5.0
PAT margin %
+89 bps -38 bps
6.7% 7.1% 5.8%
EPS (₹)
+89.5% +23.8%
5.04 4.07 2.66
Quality of profit
Core 90% Other income & one-offs 10%
Pre-tax profit ₹15.0 Cr: core business ₹13.5 Cr, other income ₹1.5 Cr.
Core profit YoY: +93.5%
· reported profit +121.8%
Cash & debt
FY25 cash from operations ₹41.0 Cr.
Borrowings ₹268 Cr at Mar 2025.
M Cap ₹957 Cr
P/E 53.2
PEG —
Operating margin expanded 142 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-1.8% +13.6%
183 161 187
Operating profit
from loss -87.4%
2.4 19.4 -0.2
OPM %
+142 bps -1070 bps
1.3% 12.0% -0.1%
Other income
-11.7% +30.6%
1.4 1.1 1.6
Net profit?
loss widened to loss
-7.0 10.2 -4.8
PAT margin %
-122 bps -1015 bps
-3.8% 6.3% -2.6%
EPS (₹)
loss widened to loss
-0.47 0.69 -0.33
Quality of profit
Pre-tax profit −₹9.2 Cr: core business −₹10.6 Cr, other income ₹1.4 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations ₹135 Cr:
326% of FY25 net profit of ₹41.4 Cr.
Borrowings ₹111 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹195 ₹183
-5.8% below
M Cap ₹956 Cr
P/E 21.6
PEG 0.10
Turnaround: profit against a loss a year ago Operating margin expanded 432 bps YoY 48% of pre-tax profit came from other income and one-off items Exceptional items of ₹-1.8 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+52.3% -0.3%
139 139 91.0
Operating profit
+85.6% -18.5%
33.4 41.0 18.0
OPM %
+432 bps -539 bps
24.1% 29.5% 19.8%
Other income
-4.9% -4.9%
8.6 9.0 9.0
Net profit?
from loss -40.5%
9.5 16.0 -11.0
PAT margin %
+1896 bps -464 bps
6.9% 11.5% -12.1%
EPS (₹)
from loss -39.0%
6.11 10.01 -7.10
Quality of profit
Core 52% Other income & one-offs 48%
Pre-tax profit ₹14.0 Cr: core business ₹7.3 Cr, other income ₹8.6 Cr, exceptional & other items −₹1.8 Cr.
Core profit YoY: from loss
Cash & debt
FY25 cash from operations ₹130 Cr:
959% of FY25 net profit of ₹13.6 Cr.
Borrowings ₹628 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹136 ₹139
+1.9% in line
M Cap ₹956 Cr
P/E 168.5
PEG —
Profit -78% below its own trend Operating margin contracted 158 bps YoY Exceptional items of ₹-1.4 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+1.8% +1.8%
135 132 132
Operating profit
-15.0% +1.2%
10.7 10.6 12.6
OPM %
-158 bps -4 bps
8.0% 8.0% 9.6%
Other income
+20.1% -38.4%
0.5 0.8 0.4
Net profit?
-80.5% -56.5%
0.9 2.0 4.4
PAT margin %
-268 bps -85 bps
0.6% 1.5% 3.3%
EPS (₹)
-80.5% -56.4%
1.60 3.67 8.22
Quality of profit
Pre-tax profit ₹1.1 Cr: core business ₹2.0 Cr, other income ₹0.5 Cr, exceptional & other items −₹1.4 Cr.
Core profit YoY: -64.6%
· reported profit -80.5%
Cash & debt
FY25 cash from operations ₹45.0 Cr:
147% of FY25 net profit of ₹30.7 Cr.
Borrowings ₹147 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹143 ₹135
-6.0% below
Net profit ₹3.9 ₹0.9
-78.4% below
M Cap ₹955 Cr
P/E 24.0
PEG 8.00
Profit -26% below its own trend Operating margin contracted 546 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-16.6% +2.4%
126 123 151
Operating profit
-32.6% -3.3%
29.0 30.0 43.0
OPM %
-546 bps -137 bps
23.0% 24.4% 28.5%
Other income
+0.0% +0.0%
1.0 1.0 1.0
Net profit?
-43.5% -20.0%
8.0 10.0 14.2
PAT margin %
-302 bps -178 bps
6.3% 8.1% 9.4%
EPS (₹)
-69.1% -17.0%
1.91 2.30 6.18
Quality of profit
Core 91% Other income & one-offs 9%
Pre-tax profit ₹11.0 Cr: core business ₹10.0 Cr, other income ₹1.0 Cr.
Core profit YoY: -69.7%
· reported profit -43.5%
Cash & debt
FY25 cash from operations −₹178 Cr:
-565% of FY25 net profit of ₹31.5 Cr.
Borrowings ₹738 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹179 ₹126
-29.5% below
Net profit ₹10.8 ₹8.0
-26.2% below
M Cap ₹954 Cr
P/E 33.2
PEG 1.96
Profit -30% below its own trend Operating margin expanded 114 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-15.9% +300.3%
107 26.8 128
Operating profit
-3.6% +131.0%
9.6 4.1 9.9
OPM %
+114 bps -653 bps
8.9% 15.4% 7.8%
Other income
-43.4% +959.6%
0.4 0.0 0.7
Net profit
-14.1% +244.7%
7.7 2.2 9.0
PAT margin %
+16 bps -116 bps
7.2% 8.4% 7.0%
EPS (₹)
-12.9% +208.3%
0.74 0.24 0.85
Quality of profit
Core 95% Other income & one-offs 5%
Pre-tax profit ₹8.6 Cr: core business ₹8.2 Cr, other income ₹0.4 Cr.
Core profit YoY: -2.3%
· reported profit -14.1%
Cash & debt
FY25 cash from operations −₹31.0 Cr:
-117% of FY25 net profit of ₹26.4 Cr.
Borrowings ₹92.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹160 ₹107
-32.8% below
Net profit ₹11.0 ₹7.7
-29.8% below
M Cap ₹950 Cr
P/E 22.1
PEG —
Profit +226% above its own trend Operating margin expanded 427 bps YoY Exceptional items of ₹1.9 Cr in the quarter Core business grew faster than reported profit (core profit +143%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+20.1% +13.5%
121 107 101
Operating profit
+71.9% +114.1%
17.2 8.0 10.0
OPM %
+427 bps +666 bps
14.2% 7.5% 9.9%
Other income
+20.8% +12.4%
2.4 2.1 2.0
Net profit?
+117.4% +205.5%
8.7 2.8 4.0
PAT margin %
+321 bps +451 bps
7.2% 2.7% 4.0%
EPS (₹)
+104.2% +206.2%
0.98 0.32 0.48
Quality of profit
Core 96% Other income & one-offs 4%
Pre-tax profit ₹12.6 Cr: core business ₹12.1 Cr, other income ₹2.4 Cr, exceptional & other items −₹1.9 Cr.
Core profit YoY: +142.9%
· reported profit +117.4%
Cash & debt
FY25 cash from operations ₹120 Cr:
450% of FY25 net profit of ₹26.6 Cr.
Borrowings ₹14.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹103 ₹121
+17.3% above
Net profit ₹2.7 ₹8.7
+226.2% above
M Cap ₹947 Cr
P/E 13.5
PEG 4.51
Profit -27% below its own trend Operating margin contracted 499 bps YoY 46% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -63%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+7.8% +1.7%
262 258 243
Operating profit
-17.3% -13.9%
43.0 49.9 52.0
OPM %
-499 bps -297 bps
16.4% 19.4% 21.4%
Other income
+16.7% -2.6%
7.0 7.2 6.0
Net profit?
-16.7% -13.1%
15.0 17.3 18.0
PAT margin %
-168 bps -97 bps
5.7% 6.7% 7.4%
EPS (₹)
-27.0% -15.8%
4.05 4.81 5.55
Quality of profit
Core 54% Other income & one-offs 46%
Pre-tax profit ₹13.0 Cr: core business ₹7.0 Cr, other income ₹7.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: -63.2%
· reported profit -16.7%
Cash & debt
FY25 cash from operations ₹190 Cr:
189% of FY25 net profit of ₹101 Cr.
Borrowings ₹505 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹277 ₹262
-5.6% below
Net profit ₹20.5 ₹15.0
-26.9% below
M Cap ₹945 Cr
P/E 46.2
PEG —
Operating margin contracted 603 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+72.2% +9.8%
56.4 51.4 32.7
Operating profit
+31.4% +19.7%
10.9 9.1 8.3
OPM %
-603 bps +162 bps
19.4% 17.8% 25.4%
Other income
-18.5% +43.8%
1.2 0.8 1.5
Net profit?
+17.4% +27.8%
7.4 5.8 6.3
PAT margin %
-611 bps +185 bps
13.1% 11.2% 19.2%
EPS (₹)
+1.6% +21.2%
0.63 0.52 0.62
Quality of profit
Core 88% Other income & one-offs 12%
Pre-tax profit ₹9.9 Cr: core business ₹8.7 Cr, other income ₹1.2 Cr.
Core profit YoY: +23.3%
· reported profit +17.4%
Cash & debt
FY25 cash from operations ₹28.0 Cr:
159% of FY25 net profit of ₹17.6 Cr.
Borrowings ₹8.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹54.7 ₹56.4
+3.1% in line
Net profit ₹7.7 ₹7.4
-4.4% in line
M Cap ₹940 Cr
P/E 24.2
PEG —
Profit -40% below its own trend Operating margin contracted 173 bps YoY Core business grew faster than reported profit (core profit +5%) FY25 operating cash flow was only 50% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+15.0% +6.1%
119 112 103
Operating profit
+3.1% -31.2%
17.8 25.9 17.3
OPM %
-173 bps -815 bps
15.0% 23.2% 16.7%
Other income
+8.5% -81.0%
0.2 1.0 0.2
Net profit?
-36.4% -71.7%
5.3 18.6 8.3
PAT margin %
-358 bps -1218 bps
4.4% 16.6% 8.0%
EPS (₹)
-36.4% -71.7%
3.29 11.62 5.17
Quality of profit
Core 98% Other income & one-offs 2%
Pre-tax profit ₹12.8 Cr: core business ₹12.6 Cr, other income ₹0.2 Cr.
Core profit YoY: +4.6%
· reported profit -36.4%
Cash & debt
FY25 cash from operations ₹50.0 Cr:
50% of FY25 net profit of ₹100 Cr.
Borrowings ₹8.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹119 ₹119
-0.1% in line
Net profit ₹8.7 ₹5.3
-39.8% below
M Cap ₹939 Cr
P/E 29.0
PEG 0.71
Profit -88% below its own trend Operating margin contracted 4792 bps YoY FY25 operating cash flow was only 26% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-62.5% -66.7%
6.0 18.0 16.0
Operating profit
-84.6% -83.3%
2.0 12.0 13.0
OPM %
-4792 bps -3333 bps
33.3% 66.7% 81.2%
Other income
loss narrowed —
0.0 0.0 -1.0
Net profit
-88.9% -88.9%
1.0 9.0 9.0
PAT margin %
-3958 bps -3333 bps
16.7% 50.0% 56.2%
EPS (₹)
-84.6% -84.4%
1.30 8.36 8.43
Quality of profit
Core 100% Other income & one-offs 0%
Pre-tax profit ₹2.0 Cr: core business ₹2.0 Cr, other income ₹0.0 Cr.
Core profit YoY: -84.6%
· reported profit -88.9%
Cash & debt
FY25 cash from operations ₹9.0 Cr:
26% of FY25 net profit of ₹34.0 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹17.1 ₹6.0
-64.8% below
Net profit ₹8.1 ₹1.0
-87.7% below
Into loss: a profit a year ago Profit -122% below its own trend Operating margin contracted 534 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-5.5% +27.5%
91.8 72.0 97.1
Operating profit
-40.6% -11.3%
8.3 9.3 13.9
OPM %
-534 bps -394 bps
9.0% 12.9% 14.3%
Other income
-1.4% -70.2%
0.7 2.4 0.7
Net profit
to loss to loss
-1.5 2.4 6.0
PAT margin %
-775 bps -490 bps
-1.6% 3.3% 6.1%
EPS (₹)
to loss to loss
-0.96 1.52 3.83
Quality of profit
Pre-tax profit −₹1.2 Cr: core business −₹1.9 Cr, other income ₹0.7 Cr.
Core profit YoY: to loss
Cash & debt
FY25 cash from operations −₹16.0 Cr:
-95% of FY25 net profit of ₹16.9 Cr.
Borrowings ₹156 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹105 ₹91.8
-12.5% below
Net profit ₹6.9 −₹1.5
-121.5% below
M Cap ₹932 Cr
P/E 24.4
PEG 1.44
Profit -19% below its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-25.4% +7.0%
142 133 191
Operating profit
-26.2% +16.3%
12.5 10.8 17.0
OPM %
-10 bps +70 bps
8.8% 8.1% 8.9%
Other income
— +261.8%
0.3 0.1 0.0
Net profit?
-24.2% +23.0%
7.6 6.2 10.0
PAT margin %
+9 bps +69 bps
5.3% 4.6% 5.2%
EPS (₹)
-22.0% +23.2%
1.38 1.12 1.77
Quality of profit
Core 97% Other income & one-offs 3%
Pre-tax profit ₹10.5 Cr: core business ₹10.2 Cr, other income ₹0.3 Cr.
Core profit YoY: -21.2%
· reported profit -24.2%
Cash & debt
FY25 cash from operations ₹29.0 Cr:
70% of FY25 net profit of ₹41.7 Cr.
Borrowings ₹77.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹187 ₹142
-23.8% below
Net profit ₹9.3 ₹7.6
-18.6% 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, 06:44 IST