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
Results calendar
Q2 FY27 Q1 FY27 Q4 FY26 Q3 FY26 Q2 FY26
The next results season has started: 36 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
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M Cap ₹94,503 Cr
P/E 200.2
PEG 4.66
Operating margin expanded 520 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+50.5% +8.8%
3,994 3,670 2,653 Operating profit
+71.5% +17.6%
1,701 1,447 992 OPM %
+520 bps +316 bps
42.6% 39.4% 37.4% Other income
to loss to loss -73.0 130 562 Net profit?
-13.9% +397.1%
174 35.0 202 PAT margin %
-326 bps +340 bps
4.4% 1.0% 7.6% EPS (₹)
-52.0% from loss 0.12 -0.04 0.25
Quality of profit
Pre-tax profit ₹246 Cr: core business ₹319 Cr, other income −₹73.0 Cr.
Core profit YoY: from loss
· reported profit -13.9%
Cash & debt
FY25 cash from operations ₹3,443 Cr.
Borrowings ₹38,218 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,350 ₹3,994
+19.2% above
M Cap ₹90,411 Cr
P/E 47.0
PEG 1.68
Profit -12% below its own trend Operating margin expanded 184 bps YoY Exceptional items of ₹-89.0 Cr in the quarter Core business grew faster than reported profit (core profit +40%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+23.4% +5.5%
3,778 3,581 3,062 Operating profit
+36.3% +7.3%
733 683 538 OPM %
+184 bps +33 bps
19.4% 19.1% 17.6% Other income
-5.0% -21.8%
40.5 51.8 42.6 Net profit?
+17.8% -6.8%
439 471 373 PAT margin %
-55 bps -154 bps
11.6% 13.2% 12.2% EPS (₹)
+15.9% -7.1%
28.15 30.31 24.28
Quality of profit
Pre-tax profit ₹565 Cr: core business ₹614 Cr, other income ₹40.5 Cr, exceptional & other items −₹89.0 Cr.
Core profit YoY: +39.6%
· reported profit +17.8%
Cash & debt
FY25 cash from operations ₹1,157 Cr:
83% of FY25 net profit of ₹1,400 Cr.
Borrowings ₹311 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,769 ₹3,778
+0.2% in line Net profit ₹502 ₹439
-12.4% below
M Cap ₹90,218 Cr
P/E 26.4
PEG 2.03
Profit +13% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+14.6% +9.9%
1,966 1,789 1,715 Operating profit
+14.9% +8.6%
820 755 714 OPM %
+9 bps -51 bps
41.7% 42.2% 41.6% Other income
-8.5% -3.8%
63.8 66.3 69.7 Net profit?
+12.7% +11.7%
610 546 541 PAT margin %
-53 bps +50 bps
31.0% 30.5% 31.6% EPS (₹)
+12.3% +11.5%
70.06 62.84 62.37
Quality of profit
Pre-tax profit ₹857 Cr: core business ₹797 Cr, other income ₹63.8 Cr, exceptional & other items −₹3.8 Cr.
Core profit YoY: +13.8%
· reported profit +12.7%
Cash & debt
FY25 cash from operations ₹2,199 Cr:
92% of FY25 net profit of ₹2,380 Cr.
Borrowings ₹46.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,808 ₹1,966
+8.7% above Net profit ₹537 ₹610
+13.5% above
M Cap ₹89,148 Cr
P/E 9.6
PEG 0.27
Profit -20% below its own trend Gross NPA down 100 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
-3.2% -9.8%
8,352 9,264 8,629 Net interest income
-24.0% -2.3%
3,218 3,293 4,236 Other income
+57.0% -41.0%
1,271 2,155 810 Operating profit (pre-provision)
-31.1% -38.0%
1,950 3,147 2,830 Provisions
to loss loss narrowed -539 -650 166 Net profit?
+1.3% -39.5%
1,954 3,230 1,929 EPS (₹)
+0.6% -39.3%
1.82 3.00 1.81 Cost-to-income %
+1264 bps +1433 bps
56.6% 42.2% 43.9% Gross NPA %
-100 bps -8 bps
2.6% 2.6% 3.6% Net NPA %
+0 bps -3 bps
0.2% 0.2% 0.2%
Where profit came from
Pre-provision profit ₹1,950 Cr (-31.1% YoY); provisions −₹539 Cr.
Net profit +1.3% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹3,965 ₹3,218
-18.9% below Net profit ₹2,434 ₹1,954
-19.7% below
M Cap ₹88,481 Cr
P/E 16.5
PEG 0.12
Profit -15% below its own trend Operating margin expanded 805 bps YoY Exceptional items of ₹-427 Cr in the quarter Core business grew faster than reported profit (core profit +80%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+24.3% +1.7%
7,168 7,048 5,768 Operating profit
+66.8% -3.4%
2,262 2,341 1,356 OPM %
+805 bps -167 bps
31.6% 33.2% 23.5% Other income
+112.4% +27.4%
115 90.0 54.0 Net profit?
+37.4% -20.5%
1,181 1,485 859 PAT margin %
+158 bps -460 bps
16.5% 21.1% 14.9% EPS (₹)
+37.4% -20.5%
25.74 32.36 18.74
Quality of profit
Pre-tax profit ₹1,522 Cr: core business ₹1,834 Cr, other income ₹115 Cr, exceptional & other items −₹427 Cr.
Core profit YoY: +80.1%
· reported profit +37.4%
Cash & debt
FY25 cash from operations ₹3,000 Cr:
91% of FY25 net profit of ₹3,307 Cr.
Borrowings ₹5,448 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹6,523 ₹7,168
+9.9% above Net profit ₹1,393 ₹1,181
-15.2% below
M Cap ₹87,191 Cr
P/E 45.6
PEG 7.59
Operating margin expanded 142 bps YoY Exceptional items of ₹-91.0 Cr in the quarter Core business grew faster than reported profit (core profit +22%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+8.8% +7.2%
4,099 3,825 3,768 Operating profit
+16.5% +20.1%
880 733 756 OPM %
+142 bps +231 bps
21.5% 19.2% 20.1% Other income
-32.7% -11.1%
55.9 62.9 83.1 Net profit?
-0.1% +8.4%
498 459 498 PAT margin %
-108 bps +14 bps
12.1% 12.0% 13.2% EPS (₹)
+0.0% +8.5%
4.87 4.49 4.87
Quality of profit
Pre-tax profit ₹700 Cr: core business ₹735 Cr, other income ₹55.9 Cr, exceptional & other items −₹91.0 Cr.
Core profit YoY: +21.6%
· reported profit -0.1%
Cash & debt
FY25 cash from operations ₹2,577 Cr:
139% of FY25 net profit of ₹1,852 Cr.
Borrowings ₹4,009 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,968 ₹4,099
+3.3% in line Net profit ₹466 ₹498
+6.9% in line
M Cap ₹86,787 Cr
P/E 121.3
PEG 3.47
Exceptional items of ₹-55.7 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+25.0% +7.7%
4,343 4,032 3,476 Operating profit
+19.7% +2.8%
746 726 623 OPM %
-75 bps -82 bps
17.2% 18.0% 17.9% Other income
to loss to loss -13.0 53.5 38.0 Net profit?
+28.2% -8.8%
273 299 213 PAT margin %
+16 bps -114 bps
6.3% 7.4% 6.1% EPS (₹)
+24.3% -11.7%
5.53 6.26 4.45
Quality of profit
Pre-tax profit ₹407 Cr: core business ₹420 Cr, other income −₹13.0 Cr.
Core profit YoY: +36.0%
· reported profit +28.2%
Cash & debt
FY25 cash from operations ₹1,796 Cr:
196% of FY25 net profit of ₹914 Cr.
Borrowings ₹6,698 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,262 ₹4,343
+33.1% above Net profit ₹264 ₹273
+3.4% in line
M Cap ₹86,472 Cr
P/E 16.7
PEG 0.79
Profit -92% below its own trend Operating margin contracted 518 bps YoY FY25 operating cash flow was only 43% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+10.2% +12.0%
10,277 9,174 9,329 Operating profit
-21.0% -23.2%
1,353 1,761 1,712 OPM %
-518 bps -603 bps
13.2% 19.2% 18.4% Other income
-93.6% +123.9%
87.3 39.0 1,355 Net profit?
-86.0% -84.1%
367 2,302 2,620 PAT margin %
-2452 bps -2152 bps
3.6% 25.1% 28.1% EPS (₹)
-90.5% -88.5%
0.82 7.14 8.59
Quality of profit
Pre-tax profit ₹412 Cr: core business ₹335 Cr, other income ₹87.3 Cr, exceptional & other items −₹10.1 Cr.
Core profit YoY: -65.8%
· reported profit -86.0%
Cash & debt
FY25 cash from operations ₹2,237 Cr:
43% of FY25 net profit of ₹5,165 Cr.
Borrowings ₹788 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹11,046 ₹10,277
-7.0% below Net profit ₹4,838 ₹367
-92.4% below
M Cap ₹86,280 Cr
P/E 92.1
PEG 0.85
Profit +77% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+114.9% +73.9%
697 401 324 Operating profit (pre-provision)
+150.7% +101.6%
505 250 201 Provisions
— -2.7%
1.5 1.5 — Net profit?
+150.6% +103.1%
401 197 160 EPS (₹)
+150.6% +103.1%
15.73 adj. 7.74adj. 6.28
EPS restated for the ₹10 to ₹2 split of Jan 2026: Sep 2025 ₹38.72 to ₹7.74; Dec 2024 ₹31.38 to ₹6.28.
Where profit came from
Pre-provision profit ₹505 Cr (+150.7% YoY); provisions ₹1.5 Cr.
Net profit +150.6% YoY.
Against its own trend ?
Trend Actual Gap
Total income ₹503 ₹697
+38.7% above Net profit ₹226 ₹401
+77.3% above
M Cap ₹85,636 Cr
P/E 34.8
PEG 1.66
Profit +215% above its own trend Operating margin expanded 1225 bps YoY Exceptional items of ₹-65.2 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+67.4% -21.2%
4,082 5,177 2,439 Operating profit
+122.1% -32.3%
2,030 2,996 914 OPM %
+1225 bps -815 bps
49.7% 57.9% 37.5% Other income
-14.4% -4.0%
176 184 206 Net profit?
+236.8% -35.9%
529 824 157 PAT margin %
+652 bps -297 bps
13.0% 15.9% 6.4% EPS (₹)
+151.0% -40.3%
2.41 4.04 0.96
Quality of profit
Pre-tax profit −₹173 Cr: core business −₹284 Cr, other income ₹176 Cr, exceptional & other items −₹65.2 Cr.
Core profit YoY: loss widened
· reported profit +236.8%
Cash & debt
FY25 cash from operations ₹3,838 Cr:
194% of FY25 net profit of ₹1,983 Cr.
Borrowings ₹50,185 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹4,128 ₹4,082
-1.1% in line Net profit ₹168 ₹529
+214.6% above
M Cap ₹84,730 Cr
P/E 22.7
PEG 0.49
Profit -17% below its own trend Exceptional items of ₹-325 Cr in the quarter Core business grew faster than reported profit (core profit +27%) FY25 operating cash flow was only 4% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+23.6% +17.9%
14,830 12,577 11,995 Operating profit
+20.8% +15.6%
2,822 2,441 2,336 OPM %
-45 bps -38 bps
19.0% 19.4% 19.5% Other income
+177.8% +75.2%
180 103 64.9 Net profit?
+5.2% +5.2%
862 820 820 PAT margin %
-102 bps -71 bps
5.8% 6.5% 6.8% EPS (₹)
+6.6% +7.0%
1.38 1.29 adj. 1.29
EPS restated for the 1:1 bonus of Jul 2025: Dec 2024 ₹2.59 to ₹1.29.
Quality of profit
Pre-tax profit ₹1,200 Cr: core business ₹1,340 Cr, other income ₹180 Cr, exceptional & other items −₹321 Cr.
Core profit YoY: +26.7%
· reported profit +5.2%
Cash & debt
FY25 cash from operations ₹128 Cr:
4% of FY25 net profit of ₹3,383 Cr.
Borrowings ₹49,962 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹13,057 ₹14,830
+13.6% above Net profit ₹1,036 ₹862
-16.8% below
M Cap ₹84,284 Cr
P/E 57.8
PEG 5.78
Exceptional items of ₹48.2 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+10.7% -3.2%
2,068 2,135 1,868 Operating profit
+7.9% -6.4%
538 575 499 OPM %
-68 bps -90 bps
26.0% 26.9% 26.7% Other income
+36.3% +37.9%
45.4 32.9 33.3 Net profit?
+26.0% -38.8%
301 491 239 PAT margin %
+177 bps -845 bps
14.6% 23.0% 12.8% EPS (₹)
+26.0% -38.6%
3.10 5.05 2.46
Quality of profit
Pre-tax profit ₹365 Cr: core business ₹367 Cr, other income ₹45.4 Cr, exceptional & other items −₹48.2 Cr.
Core profit YoY: +5.2%
· reported profit +26.0%
Cash & debt
FY25 cash from operations ₹1,459 Cr:
136% of FY25 net profit of ₹1,076 Cr.
Borrowings ₹3,010 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,481 ₹2,068
-16.7% below Net profit ₹307 ₹301
-2.1% in line
M Cap ₹83,634 Cr
P/E 34.4
PEG 2.46
Profit -26% below its own trend Operating margin contracted 325 bps YoY FY25 operating cash flow was only 46% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+12.1% +0.5%
6,905 6,869 6,161 Operating profit
-11.2% -18.2%
854 1,044 962 OPM %
-325 bps -283 bps
12.4% 15.2% 15.6% Other income
from loss -51.5%
16.0 33.0 -2.0 Net profit
-9.0% -19.6%
659 820 724 PAT margin %
-221 bps -239 bps
9.5% 11.9% 11.8% EPS (₹)
-9.6% -19.7%
13.23 16.47 14.63
Quality of profit
Pre-tax profit ₹870 Cr: core business ₹854 Cr, other income ₹16.0 Cr.
Core profit YoY: -11.2%
· reported profit -9.0%
Cash & debt
FY25 cash from operations ₹1,147 Cr:
46% of FY25 net profit of ₹2,508 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹6,975 ₹6,905
-1.0% in line Net profit ₹894 ₹659
-26.3% below
M Cap ₹81,800 Cr
P/E 42.6
PEG 1.37
Profit -26% below its own trend Operating margin expanded 210 bps YoY Core business grew faster than reported profit (core profit +50%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+27.5% +6.2%
4,232 3,986 3,318 Operating profit
+45.2% -0.3%
730 732 503 OPM %
+210 bps -111 bps
17.2% 18.4% 15.2% Other income
loss widened to loss -127 38.0 -32.7 Net profit?
+16.1% -30.1%
297 425 256 PAT margin %
-69 bps -364 bps
7.0% 10.7% 7.7% EPS (₹)
+15.8% -33.5%
7.47 11.23 6.45
Quality of profit
Pre-tax profit ₹384 Cr: core business ₹517 Cr, other income −₹127 Cr, exceptional & other items −₹6.0 Cr.
Core profit YoY: +50.3%
· reported profit +16.1%
Cash & debt
FY25 cash from operations ₹1,237 Cr:
132% of FY25 net profit of ₹935 Cr.
Borrowings ₹1,070 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹4,768 ₹4,232
-11.2% below Net profit ₹404 ₹297
-26.4% below
M Cap ₹81,765 Cr
P/E 28.7
PEG 0.90
Profit +13% above its own trend Operating margin contracted 136 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+14.6% +22.9%
3,601 2,929 3,144 Operating profit
+8.6% +27.7%
887 695 817 OPM %
-136 bps +92 bps
24.6% 23.7% 26.0% Other income
-8.6% -3.3%
262 271 286 Net profit?
+9.0% +17.4%
880 749 807 PAT margin %
-124 bps -116 bps
24.4% 25.6% 25.7% EPS (₹)
+9.0% +17.4%
21.81 18.58 20.01
Quality of profit
Pre-tax profit ₹1,120 Cr: core business ₹858 Cr, other income ₹262 Cr.
Core profit YoY: +10.5%
· reported profit +9.0%
Cash & debt
FY25 cash from operations ₹2,078 Cr:
86% of FY25 net profit of ₹2,414 Cr.
Borrowings ₹20.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,421 ₹3,601
+5.3% above Net profit ₹779 ₹880
+12.9% above
M Cap ₹81,068 Cr
P/E 17.0
PEG 1.54
Profit +28% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+3.7% +2.2%
8,503 8,321 8,196 Net interest income
+9.8% +6.2%
2,960 2,787 2,695 Other income
+22.7% +3.4%
1,143 1,105 931 Operating profit (pre-provision)
+13.1% +6.3%
1,882 1,770 1,664 Provisions
-3.3% -5.8%
374 397 387 Net profit?
+15.9% +10.3%
1,094 992 944 EPS (₹)
+15.6% +10.1%
4.45 4.04 3.85 Cost-to-income %
+2 bps -40 bps
54.1% 54.5% 54.1% Gross NPA %
-23 bps -11 bps
1.7% 1.8% 1.9% Net NPA %
-7 bps -6 bps
0.4% 0.5% 0.5%
Where profit came from
Pre-provision profit ₹1,882 Cr (+13.1% YoY); provisions ₹374 Cr (-3.3% YoY).
Net profit +15.9% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹2,925 ₹2,960
+1.2% in line Net profit ₹858 ₹1,094
+27.6% above
M Cap ₹79,292 Cr
P/E 131.0
PEG 2.91
Profit -87% below its own trend Operating margin contracted 202 bps YoY 86% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+29.3% +6.6%
653 612 505 Operating profit
+26.2% +0.9%
535 530 424 OPM %
-202 bps -463 bps
81.9% 86.6% 83.9% Other income
-59.2% -48.3%
31.0 60.0 76.0 Net profit?
-74.1% -80.3%
17.0 86.4 65.6 PAT margin %
-1039 bps -1150 bps
2.6% 14.1% 13.0% EPS (₹)
-75.0% -80.0%
0.02 0.10 0.08
Quality of profit
Pre-tax profit ₹37.0 Cr: core business ₹5.0 Cr, other income ₹31.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: -78.3%
· reported profit -74.1%
Cash & debt
FY25 cash from operations ₹1,999 Cr:
421% of FY25 net profit of ₹475 Cr.
Borrowings ₹19,441 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹604 ₹653
+8.1% above Net profit ₹129 ₹17.0
-86.8% below
M Cap ₹79,260 Cr
P/E 4.9
PEG 0.38
Profit -15% below its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+5.4% -0.7%
15,059 15,162 14,287 Net interest income
+2.8% -3.2%
5,284 5,459 5,141 Other income
+72.0% -7.1%
532 572 309 Operating profit (pre-provision)
+3.4% -7.4%
5,268 5,689 5,098 Provisions
from loss -18.6%
114 140 -83.4 Net profit?
-0.6% -8.2%
4,052 4,415 4,076 EPS (₹)
-0.6% -8.2%
15.39 16.77 15.48 Cost-to-income %
+295 bps +373 bps
9.4% 5.7% 6.5% Gross NPA %
— -18 bps
0.9% 1.1% — Net NPA %
— -4 bps
0.2% 0.2% —
Where profit came from
Pre-provision profit ₹5,268 Cr (+3.4% YoY); provisions ₹114 Cr.
Net profit -0.6% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹5,885 ₹5,284
-10.2% below Net profit ₹4,740 ₹4,052
-14.5% below
M Cap ₹78,873 Cr
P/E 48.2
PEG 4.38
Profit -13% below its own trend Operating margin contracted 138 bps YoY 45% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+5.0% +0.8%
4,801 4,761 4,573 Operating profit
-1.9% -2.8%
947 974 965 OPM %
-138 bps -73 bps
19.7% 20.5% 21.1% Other income
+31.5% -18.4%
146 179 111 Net profit?
+38.1% -13.5%
268 310 194 PAT margin %
+134 bps -93 bps
5.6% 6.5% 4.2% EPS (₹)
+37.9% -13.6%
73.92 85.51 53.60
Quality of profit
Pre-tax profit ₹324 Cr: core business ₹178 Cr, other income ₹146 Cr.
Core profit YoY: +56.1%
· reported profit +38.1%
Cash & debt
FY25 cash from operations ₹4,920 Cr:
438% of FY25 net profit of ₹1,124 Cr.
Borrowings ₹1,046 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹4,685 ₹4,801
+2.5% in line Net profit ₹307 ₹268
-12.7% below
M Cap ₹78,565 Cr
P/E 51.8
PEG 1.79
Profit -18% below its own trend Operating margin contracted 190 bps YoY Core business grew faster than reported profit (core profit +101%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+14.2% +6.6%
1,350 1,266 1,182 Operating profit
+9.8% +5.5%
644 610 586 OPM %
-190 bps -49 bps
47.7% 48.2% 49.6% Other income
-28.5% -44.2%
59.7 107 83.5 Net profit?
+8.7% -1.1%
365 369 336 PAT margin %
-137 bps -211 bps
27.0% 29.1% 28.4% EPS (₹)
+8.2% +0.0%
1.72 1.72 1.59
Quality of profit
Pre-tax profit ₹439 Cr: core business ₹387 Cr, other income ₹59.7 Cr, exceptional & other items −₹7.2 Cr.
Core profit YoY: +101.0%
· reported profit +8.7%
Cash & debt
FY25 cash from operations ₹2,100 Cr:
138% of FY25 net profit of ₹1,522 Cr.
Borrowings ₹5,042 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,459 ₹1,350
-7.5% below Net profit ₹443 ₹365
-17.6% below
M Cap ₹77,981 Cr
P/E 40.8
PEG 0.45
Profit -45% below its own trend 34% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+13.9% +2.5%
765 746 672 Operating profit
+12.9% +11.1%
297 268 263 OPM %
-34 bps +303 bps
38.9% 35.9% 39.2% Other income
-3.5% -27.3%
136 187 141 Net profit?
+10.1% -8.9%
317 348 288 PAT margin %
-143 bps -519 bps
41.5% 46.6% 42.9% EPS (₹)
+12.0% -14.1%
4.19 4.88 3.74
Quality of profit
Pre-tax profit ₹393 Cr: core business ₹260 Cr, other income ₹136 Cr, exceptional & other items −₹3.3 Cr.
Core profit YoY: +14.5%
· reported profit +10.1%
Cash & debt
FY25 cash from operations ₹876 Cr:
67% of FY25 net profit of ₹1,310 Cr.
Borrowings ₹267 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹725 ₹765
+5.5% above Net profit ₹576 ₹317
-45.0% below
M Cap ₹76,975 Cr
P/E 37.0
PEG 0.48
Profit -26% below its own trend 34% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -1%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+2.1% -28.2%
10,672 14,855 10,454 Operating profit
+6.1% -26.2%
414 561 391 OPM %
+15 bps +10 bps
3.9% 3.8% 3.7% Other income
— -73.6%
131 497 10.1 Net profit?
+48.2% -57.0%
321 746 216 PAT margin %
+94 bps -202 bps
3.0% 5.0% 2.1% EPS (₹)
+46.9% -57.1%
53.06 123.60 36.12
Quality of profit
Pre-tax profit ₹412 Cr: core business ₹273 Cr, other income ₹131 Cr, exceptional & other items ₹7.8 Cr.
Core profit YoY: -0.9%
· reported profit +48.2%
Cash & debt
FY25 cash from operations ₹1,150 Cr:
93% of FY25 net profit of ₹1,233 Cr.
Borrowings ₹671 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹20,907 ₹10,672
-49.0% below Net profit ₹432 ₹321
-25.9% below
M Cap ₹76,065 Cr
P/E 41.7
PEG 0.89
Profit +26% above its own trend Operating margin expanded 199 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+4.8% +1.8%
2,360 2,317 2,251 Operating profit
+8.9% +3.8%
1,254 1,208 1,152 OPM %
+199 bps +102 bps
53.2% 52.1% 51.2% Other income
-16.7% -38.7%
37.5 61.2 45.0 Net profit
+81.6% +12.5%
474 421 261 PAT margin %
+848 bps +190 bps
20.1% 18.2% 11.6% EPS (₹)
+81.4% +12.5%
9.47 8.42 5.22
Quality of profit
Pre-tax profit ₹569 Cr: core business ₹541 Cr, other income ₹37.5 Cr, exceptional & other items −₹9.1 Cr.
Core profit YoY: +22.9%
· reported profit +81.6%
Cash & debt
FY25 cash from operations ₹4,583 Cr:
307% of FY25 net profit of ₹1,494 Cr.
Borrowings ₹7,353 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,712 ₹2,360
-13.0% below Net profit ₹377 ₹474
+25.7% above
M Cap ₹75,789 Cr
P/E 64.2
PEG 4.01
Exceptional items of ₹-25.0 Cr in the quarter Core business grew faster than reported profit (core profit +46%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+16.2% -4.1%
5,480 5,715 4,716 Operating profit
+24.8% -3.6%
444 461 356 OPM %
+56 bps +5 bps
8.1% 8.1% 7.6% Other income
-55.2% -44.2%
15.3 27.4 34.2 Net profit?
+19.4% -17.0%
209 252 175 PAT margin %
+10 bps -59 bps
3.8% 4.4% 3.7% EPS (₹)
+19.4% -17.0%
52.01 62.66 43.55
Quality of profit
Pre-tax profit ₹288 Cr: core business ₹298 Cr, other income ₹15.3 Cr, exceptional & other items −₹25.0 Cr.
Core profit YoY: +45.7%
· reported profit +19.4%
Cash & debt
FY25 cash from operations ₹1,291 Cr:
157% of FY25 net profit of ₹821 Cr.
Borrowings ₹585 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹5,673 ₹5,480
-3.4% in line Net profit ₹206 ₹209
+1.4% in line
M Cap ₹73,758 Cr
P/E 34.1
PEG —
Operating margin expanded 326 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+6.3% +2.0%
3,713 3,640 3,491 Operating profit
+25.9% +0.8%
780 774 620 OPM %
+326 bps -26 bps
21.0% 21.3% 17.7% Other income
to loss to loss -46.0 25.7 39.6 Net profit?
+59.7% +11.5%
433 388 271 PAT margin %
+390 bps +100 bps
11.7% 10.7% 7.8% EPS (₹)
+59.6% +11.5%
14.60 13.10 9.15
Quality of profit
Pre-tax profit ₹452 Cr: core business ₹497 Cr, other income −₹46.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +51.0%
· reported profit +59.7%
Cash & debt
FY25 cash from operations ₹2,487 Cr:
199% of FY25 net profit of ₹1,251 Cr.
Borrowings ₹4,726 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,921 ₹3,713
-5.3% below Net profit ₹401 ₹433
+7.9% in line
M Cap ₹73,731 Cr
P/E 17.3
PEG —
Profit -10% below its own trend Operating margin contracted 3514 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-2.9% -34.0%
2,221 3,365 2,287 Operating profit
-79.3% -89.6%
212 2,027 1,021 OPM %
-3514 bps -5070 bps
9.5% 60.2% 44.7% Other income
-17.6% +2.8%
272 265 330 Net profit?
-2.9% -73.7%
321 1,219 330 PAT margin %
+0 bps -2179 bps
14.4% 36.2% 14.4% EPS (₹)
-4.3% -78.4%
0.22 1.02 0.23
Quality of profit
Pre-tax profit −₹282 Cr: core business −₹555 Cr, other income ₹272 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: to loss
· reported profit -2.9%
Cash & debt
FY25 cash from operations ₹5,026 Cr:
147% of FY25 net profit of ₹3,428 Cr.
Borrowings ₹39,557 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,636 ₹2,221
-15.8% below Net profit ₹357 ₹321
-10.1% below
M Cap ₹73,676 Cr
P/E 31.8
PEG 0.27
Profit -65% below its own trend Operating margin expanded 158 bps YoY Core business grew faster than reported profit (core profit +80%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+25.4% +3.6%
4,532 4,374 3,614 Operating profit
+41.9% +4.2%
616 591 434 OPM %
+158 bps +8 bps
13.6% 13.5% 12.0% Other income
-75.4% -8.4%
120 131 487 Net profit?
-32.1% +2.7%
456 444 672 PAT margin %
-853 bps -9 bps
10.1% 10.2% 18.6% EPS (₹)
-33.3% +2.9%
17.16 16.68 25.72
Quality of profit
Pre-tax profit ₹593 Cr: core business ₹472 Cr, other income ₹120 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +80.2%
· reported profit -32.1%
Cash & debt
FY25 cash from operations ₹1,504 Cr:
79% of FY25 net profit of ₹1,902 Cr.
Borrowings ₹1,122 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,635 ₹4,532
+24.7% above Net profit ₹1,295 ₹456
-64.8% below
M Cap ₹73,233 Cr
P/E 25.6
PEG 1.11
Profit growth came mainly from lower provisions (pre-provision profit +1%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+15.2% +4.4%
5,451 5,224 4,732 Net interest income
+15.7% +9.2%
2,341 2,144 2,023 Other income
+17.0% +1.6%
724 713 618 Operating profit (pre-provision)
+0.9% +0.5%
1,215 1,210 1,205 Provisions
-34.0% -31.1%
331 481 502 Net profit
+26.3% +19.0%
668 561 528 EPS (₹)
+25.9% +18.9%
8.94 7.52 7.10 Cost-to-income %
+597 bps +269 bps
60.3% 57.7% 54.4% Gross NPA %
-1 bps -11 bps
2.3% 2.4% 2.3% Net NPA %
-3 bps +0 bps
0.9% 0.9% 0.9%
Where profit came from
Pre-provision profit ₹1,215 Cr (+0.9% YoY); provisions ₹331 Cr (-34.0% YoY).
Net profit +26.3% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹2,643 ₹2,341
-11.4% below Net profit ₹664 ₹668
+0.5% in line
M Cap ₹71,823 Cr
P/E 9.5
PEG —
Profit +37% above its own trend Operating margin contracted 192 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+0.2% -0.7%
9,111 9,175 9,089 Operating profit
-6.3% +9.0%
2,510 2,303 2,678 OPM %
-192 bps +244 bps
27.5% 25.1% 29.5% Other income
+117.3% +27.0%
657 517 302 Net profit?
-1.5% -12.6%
1,436 1,644 1,457 PAT margin %
-27 bps -216 bps
15.8% 17.9% 16.0% EPS (₹)
-10.7% -16.3%
7.35 8.78 8.23
Quality of profit
Pre-tax profit ₹1,910 Cr: core business ₹1,477 Cr, other income ₹657 Cr, exceptional & other items −₹224 Cr.
Core profit YoY: -15.6%
· reported profit -1.5%
Cash & debt
FY25 cash from operations ₹11,332 Cr:
161% of FY25 net profit of ₹7,040 Cr.
Borrowings ₹30,645 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹8,583 ₹9,111
+6.2% above Net profit ₹1,046 ₹1,436
+37.2% above
M Cap ₹70,697 Cr
P/E 42.3
PEG 0.64
Profit -34% below its own trend Operating margin expanded 106 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-3.2% +4.3%
1,15,153 1,10,397 1,18,936 Operating profit
+17.2% +2.1%
6,998 6,852 5,970 OPM %
+106 bps -13 bps
6.1% 6.2% 5.0% Other income
+51.7% +39.2%
727 522 479 Net profit?
+32.7% +3.9%
4,011 3,859 3,023 PAT margin %
+94 bps -1 bps
3.5% 3.5% 2.5% EPS (₹)
+32.7% +3.9%
18.85 18.14 14.20
Quality of profit
Pre-tax profit ₹5,317 Cr: core business ₹4,590 Cr, other income ₹727 Cr.
Core profit YoY: +30.0%
· reported profit +32.7%
Cash & debt
FY25 cash from operations ₹14,228 Cr:
185% of FY25 net profit of ₹7,703 Cr.
Borrowings ₹70,558 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,17,584 ₹1,15,153
-2.1% in line Net profit ₹6,046 ₹4,011
-33.7% below
How to read this page
The numbers. Each card is one company's Q3 FY26 results as filed with NSE or BSE, read from the
filing within hours of its release, in ₹ crore. We show the consolidated statement, or the standalone one when
the consolidated figures are a copy of it or have no year-ago quarter to compare with. YoY compares with the same
quarter a year earlier and QoQ with the quarter before (the previous half-year for companies that report every six months).
A swing between profit and loss is described in words: a percentage across it would mislead.
Net profit. On a consolidated statement, net profit is the profit of the whole group for the quarter,
before minority interest. A company's own headline, and the AI read of its filing, often quote the profit
attributable to its shareholders instead, which is lower when subsidiaries are partly owned: Larsen & Toubro's
Q1 FY27 group profit was ₹4,988 Cr, of which ₹4,123 Cr belonged to its shareholders. EPS is worked out on that
attributable profit, so EPS and net profit need not grow at the same rate. On a standalone statement the two
are the same.
Margins. Operating margin (OPM) is operating profit, before depreciation, interest and other income,
as a share of sales; PAT margin is net profit as a share of sales. Their changes are in basis points
(100 bps = 1 percentage point).
Quality of profit. Core profit is operating profit minus interest and depreciation: what the business
itself earned before tax. The rest of pre-tax profit is other income (interest on cash, dividends, gains on
investments) and exceptional or one-off items. We flag a quarter when that share is 25% or more,
and when reported profit grew much faster than core profit. For banks we compare pre-provision profit with net
profit, since a fall in provisions can lift profit without the business growing.
Against its own trend. We do not have analyst consensus estimates, and we do not make them up. Instead
each company is measured against the path it was on: the same quarter last year, grown at the median of its
last four year-on-year growth rates (held between −50% and +100%; at least two growth rates needed). Sales
5% or more above that, or net profit 10% or more above, is "above trend";
as far below is "below trend". It answers "was this quarter better or worse than the company's own recent
run?", which consensus does not.
Cash and debt. Profit is an accounting figure; cash is harder to dress up. For each company we show
its operating cash flow for the last financial year as a share of that year's net profit (flagged under
50%, or when it is negative despite a profit), and its borrowings at the latest balance sheet
against the one six months earlier (flagged at a 25% move). Balance sheets come with the
September and March results, cash-flow statements with the March results.
Price since results. The latest close against the last close before the filing (a filing after 3:30 pm
counts from the next session). It is a fact about the market's reaction, not advice.
Market cap groups. Large cap is the 100 largest companies by market value and mid cap the next 150
(SEBI's ranking); below that, small cap is ₹5,000 Cr or more, micro cap ₹500 Cr or more, nano cap below.
Data source Quarterly results filed by listed companies with NSE and BSE (Regulation 33 of SEBI LODR), read from each filing; share prices from the exchanges; market cap and P/E from our daily fundamentals snapshot.
Last updated 13 Oct 2026, 15:50 IST
