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 ₹659 Cr
P/E 3.5
PEG 0.14
Turnaround: profit against a loss a year ago Operating margin contracted 276 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
+2.1% +2.1%
286 280 280 Operating profit
-16.7% +9.4%
35.0 32.0 42.0 OPM %
-276 bps +81 bps
12.2% 11.4% 15.0% Other income
— —
80.0 3.0 5.0 Net profit?
from loss from loss 70.0 -16.0 -10.0 PAT margin %
+2805 bps +3019 bps
24.5% -5.7% -3.6% EPS (₹)
from loss from loss 2.62 -0.59 -0.49
Quality of profit
Pre-tax profit ₹51.0 Cr: core business −₹28.0 Cr, other income ₹80.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations ₹196 Cr.
Borrowings ₹1,373 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹295 ₹286
-3.1% in line
M Cap ₹659 Cr
P/E 22.3
PEG —
Profit +80% above its own trend Operating margin expanded 392 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+22.1% -23.0%
321 417 263 Operating profit
+85.0% from loss 37.0 -9.0 20.0 OPM %
+392 bps +1368 bps
11.5% -2.2% 7.6% Other income
-100.0% -100.0%
0.0 2.0 2.0 Net profit
+180.0% from loss 14.0 -32.0 5.0 PAT margin %
+246 bps +1204 bps
4.4% -7.7% 1.9% EPS (₹)
+205.0% from loss 1.22 -2.86 0.40
Quality of profit
Pre-tax profit ₹16.0 Cr: core business ₹16.0 Cr, other income ₹0.0 Cr.
Core profit YoY: —
· reported profit +180.0%
Cash & debt
FY25 cash from operations ₹21.0 Cr:
63% of FY25 net profit of ₹33.5 Cr.
Borrowings ₹611 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹330 ₹321
-2.7% in line Net profit ₹7.8 ₹14.0
+80.1% above
M Cap ₹659 Cr
P/E 23.0
PEG 0.44
Profit +120% above its own trend Core business grew faster than reported profit (core profit +167%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+26.3% +17.9%
250 212 198 Operating profit
+41.7% +30.8%
17.0 13.0 12.0 OPM %
+74 bps +67 bps
6.8% 6.1% 6.1% Other income
to loss to loss -1.0 1.0 1.0 Net profit
+75.0% +75.0%
7.0 4.0 4.0 PAT margin %
+78 bps +91 bps
2.8% 1.9% 2.0% EPS (₹)
+109.3% +70.0%
4.71 2.77 2.25
Quality of profit
Pre-tax profit ₹7.0 Cr: core business ₹8.0 Cr, other income −₹1.0 Cr.
Core profit YoY: +166.7%
· reported profit +75.0%
Cash & debt
FY25 cash from operations −₹7.0 Cr:
-41% of FY25 net profit of ₹17.0 Cr.
Borrowings ₹149 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹180 ₹250
+39.1% above Net profit ₹3.2 ₹7.0
+119.6% above
53% of pre-tax profit came from other income and one-off items
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
+16.0%
118 102 Operating profit
from loss 7.6 -2.3 OPM %
+870 bps
6.4% -2.3% Other income
-28.6%
2.9 4.0 Net profit?
from loss 3.9 -2.6 PAT margin %
+586 bps
3.3% -2.6% EPS (₹)
from loss 0.45 -526.00
Quality of profit
Pre-tax profit ₹5.3 Cr: core business ₹2.5 Cr, other income ₹2.9 Cr.
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-11.7% -42.2%
301 522 341 Operating profit
-0.8% -74.5%
12.4 48.8 12.5 OPM %
+45 bps -524 bps
4.1% 9.4% 3.7% Other income
— from loss 3.8 -3.1 0.3 Net profit?
loss widened loss widened -23.4 -2.1 -10.4 PAT margin %
-474 bps -737 bps
-7.8% -0.4% -3.0% EPS (₹)
loss widened loss widened -5.81 -0.36 -2.55
Quality of profit
Pre-tax profit −₹21.8 Cr: core business −₹25.6 Cr, other income ₹3.8 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations ₹101 Cr:
4509% of FY25 net profit of ₹2.2 Cr.
Borrowings ₹349 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹425 ₹301
-29.1% below
M Cap ₹654 Cr
P/E 56.8
PEG —
Profit -55% below its own trend 86% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-11.3% -23.8%
244 320 275 Operating profit
+0.8% +7.6%
3.8 3.5 3.7 OPM %
+19 bps +45 bps
1.5% 1.1% 1.4% Other income
-47.3% +32.6%
2.8 2.1 5.3 Net profit?
-67.9% +78.0%
1.8 1.0 5.5 PAT margin %
-129 bps +42 bps
0.7% 0.3% 2.0% EPS (₹)
-75.0% +0.0%
0.01 0.01 0.04
Quality of profit
Pre-tax profit ₹5.0 Cr: core business ₹0.7 Cr, other income ₹2.8 Cr, exceptional & other items ₹1.5 Cr.
Core profit YoY: from loss
· reported profit -67.9%
Cash & debt
FY25 cash from operations ₹51.0 Cr:
224% of FY25 net profit of ₹22.7 Cr.
Borrowings ₹89.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹318 ₹244
-23.3% below Net profit ₹3.9 ₹1.8
-54.8% below
Operating margin contracted 521 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+7.4% +3.6%
290 280 270 Operating profit
-22.6% +14.7%
39.0 34.0 50.4 OPM %
-521 bps +131 bps
13.4% 12.1% 18.7% Other income
-4.0% +0.0%
2.0 2.0 2.1 Net profit
-52.3% +66.7%
10.0 6.0 21.0 PAT margin %
-432 bps +131 bps
3.4% 2.1% 7.8% EPS (₹)
-53.3% +69.7%
1.12 0.66 2.40
Quality of profit
Pre-tax profit ₹13.0 Cr: core business ₹11.0 Cr, other income ₹2.0 Cr.
Core profit YoY: -57.8%
· reported profit -52.3%
Cash & debt
FY25 cash from operations ₹177 Cr:
154% of FY25 net profit of ₹115 Cr.
Borrowings ₹654 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹246 ₹290
+17.8% above Net profit ₹10.5 ₹10.0
-4.6% in line
M Cap ₹651 Cr
P/E 14.2
PEG —
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
-11.4%
212 239 Operating profit
-4.7%
22.9 24.0 OPM %
+76 bps
10.8% 10.0% Other income
-11.3%
0.9 1.0 Net profit
+10.9%
12.2 11.0 PAT margin %
+116 bps
5.8% 4.6% EPS (₹)
+9.8%
3.02 2.75
Quality of profit
Pre-tax profit ₹16.2 Cr: core business ₹15.3 Cr, other income ₹0.9 Cr.
M Cap ₹650 Cr
P/E 7.1
PEG 0.79
FY25 operating cash flow was only 8% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+10.4% +2.7%
308 300 279 Operating profit
+14.3% +6.1%
38.8 36.6 34.0 OPM %
+42 bps +40 bps
12.6% 12.2% 12.2% Other income
+101.7% -29.1%
0.9 1.2 0.4 Net profit?
+21.5% +5.5%
25.4 24.1 20.9 PAT margin %
+75 bps +22 bps
8.3% 8.0% 7.5% EPS (₹)
+10.6% +11.6%
0.48 0.43 adj. 0.43
EPS restated for the ₹5 to ₹1 split of Jul 2025: Dec 2024 ₹2.17 to ₹0.43.
Quality of profit
Pre-tax profit ₹30.3 Cr: core business ₹29.5 Cr, other income ₹0.9 Cr.
Core profit YoY: +19.5%
· reported profit +21.5%
Cash & debt
FY25 cash from operations ₹6.0 Cr:
8% of FY25 net profit of ₹79.7 Cr.
Borrowings ₹183 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹316 ₹308
-2.6% in line Net profit ₹24.7 ₹25.4
+2.9% in line
M Cap ₹649 Cr
P/E 19.9
PEG 2.84
Profit -25% below its own trend Operating margin contracted 403 bps YoY Exceptional items of ₹2.9 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+15.5% +6.6%
94.5 88.7 81.8 Operating profit
-8.1% +39.5%
14.8 10.6 16.1 OPM %
-403 bps +370 bps
15.7% 12.0% 19.7% Other income
to loss —
-3.0 0.0 0.0 Net profit
-39.2% +24.0%
6.7 5.4 11.0 PAT margin %
-635 bps +99 bps
7.1% 6.1% 13.4% EPS (₹)
-39.2% +26.3%
4.52 3.58 7.43
Quality of profit
Pre-tax profit ₹8.9 Cr: core business ₹11.8 Cr, other income −₹3.0 Cr.
Core profit YoY: -12.7%
· reported profit -39.2%
Cash & debt
FY25 cash from operations ₹30.0 Cr:
86% of FY25 net profit of ₹35.0 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹93.1 ₹94.5
+1.5% in line Net profit ₹8.9 ₹6.7
-25.0% below
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
— —
0.0 0.0 0.0 Operating profit
loss widened loss narrowed -0.2 -0.2 -0.1 Other income
— —
0.0 0.0 0.0 Net profit
loss widened loss narrowed -0.5 -0.5 -0.4 EPS (₹)
— loss narrowed -0.11 -0.13 -0.11
Quality of profit
Pre-tax profit −₹0.5 Cr: core business −₹0.5 Cr, other income ₹0.0 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations ₹0.9 Cr.
Borrowings nil at Mar 2025.
M Cap ₹643 Cr
P/E 11.0
PEG 0.92
Profit +14% above its own trend Operating margin contracted 176 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+22.7% -3.7%
206 214 168 Operating profit
+6.2% -6.6%
23.4 25.0 22.0 OPM %
-176 bps -35 bps
11.3% 11.7% 13.1% Other income
+43.1% +43.1%
2.9 2.0 2.0 Net profit?
+7.3% -7.0%
13.9 15.0 13.0 PAT margin %
-97 bps -24 bps
6.8% 7.0% 7.7% EPS (₹)
+8.9% -4.9%
2.32 2.44 2.13
Quality of profit
Pre-tax profit ₹18.7 Cr: core business ₹15.8 Cr, other income ₹2.9 Cr.
Core profit YoY: -1.2%
· reported profit +7.3%
Cash & debt
FY25 cash from operations ₹75.0 Cr:
123% of FY25 net profit of ₹61.0 Cr.
Borrowings ₹14.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹205 ₹206
+0.5% in line Net profit ₹12.3 ₹13.9
+13.7% above
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 Borrowings down 41% since Mar 2025
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
— —
0.0 0.0 0.0 Operating profit
loss narrowed loss widened -10.1 -10.0 -12.5 Other income
-8.8% -96.1%
24.9 632 27.2 Net profit?
+930.1% -97.3%
16.6 612 1.6 EPS (₹)
+922.2% -97.3%
2.76 102.01 0.27
Quality of profit
Pre-tax profit ₹14.2 Cr: core business −₹10.7 Cr, other income ₹24.9 Cr.
Core profit YoY: loss narrowed
· reported profit +930.1%
Cash & debt
FY25 cash from operations −₹171 Cr:
-696% of FY25 net profit of ₹24.6 Cr.
Borrowings ₹1,177 Cr at Sep 2025, against ₹1,981 Cr at Mar 2025 (-41% ).
Against its own trend ?
Trend Actual Gap
Net profit ₹0.8 ₹16.6
+999.0% above
M Cap ₹642 Cr
P/E 119.1
PEG 2.02
Profit -55% below its own trend Operating margin expanded 234 bps YoY 33% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -72%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-40.6% -12.6%
28.4 32.5 47.8 Operating profit
-23.2% +256.1%
2.9 0.8 3.8 OPM %
+234 bps +776 bps
10.3% 2.5% 8.0% Other income
from loss +900.0%
0.3 0.0 -0.0 Net profit
-48.6% from loss 0.9 -0.9 1.8 PAT margin %
-49 bps +594 bps
3.2% -2.8% 3.7% EPS (₹)
-49.3% from loss 0.36 -0.36 0.71
Quality of profit
Pre-tax profit ₹0.9 Cr: core business ₹0.6 Cr, other income ₹0.3 Cr.
Core profit YoY: -71.7%
· reported profit -48.6%
Cash & debt
FY25 cash from operations ₹9.0 Cr:
161% of FY25 net profit of ₹5.6 Cr.
Borrowings ₹42.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹58.1 ₹28.4
-51.1% below Net profit ₹2.0 ₹0.9
-55.2% below
M Cap ₹641 Cr
P/E 36.5
PEG —
Into loss: a profit a year ago Profit -253% below its own trend Operating margin contracted 179 bps YoY Exceptional items of ₹-2.0 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+18.0% -11.7%
145 164 123 Operating profit
-2.0% -35.8%
12.8 19.9 13.0 OPM %
-179 bps -331 bps
8.8% 12.1% 10.6% Other income
-51.1% -1.3%
0.5 0.5 1.0 Net profit?
to loss to loss -2.6 4.2 1.3 PAT margin %
-283 bps -434 bps
-1.8% 2.5% 1.0% EPS (₹)
to loss to loss -1.52 2.43 0.73
Quality of profit
Pre-tax profit −₹3.3 Cr: core business −₹1.8 Cr, other income ₹0.5 Cr, exceptional & other items −₹2.0 Cr.
Core profit YoY: to loss
Cash & debt
FY25 cash from operations ₹48.0 Cr:
537% of FY25 net profit of ₹8.9 Cr.
Borrowings ₹117 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹140 ₹145
+3.6% in line Net profit ₹1.7 −₹2.6
-252.9% below
M Cap ₹640 Cr
P/E 13.9
PEG 0.21
Operating margin expanded 10000 bps YoY 93% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+0.0% +0.0%
1.0 1.0 1.0 Operating profit
— +0.0%
1.0 1.0 0.0 OPM %
+10000 bps +0 bps
100.0% 100.0% 0.0% Other income
+200.0% -11.8%
15.0 17.0 5.0 Net profit?
+160.0% -13.3%
13.0 15.0 5.0 EPS (₹)
+181.0% -11.3%
1.18 1.33 0.42
Quality of profit
Pre-tax profit ₹15.0 Cr: core business ₹1.0 Cr, other income ₹15.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: —
· reported profit +160.0%
Cash & debt
FY25 cash from operations ₹0.0 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1.0 ₹1.0
+0.0% in line
M Cap ₹638 Cr
P/E 30.7
PEG —
Profit +148% above its own trend Operating margin expanded 320 bps YoY Core business grew faster than reported profit (core profit +142%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+25.2% +14.3%
63.9 55.9 51.0 Operating profit
+60.7% +49.1%
9.3 6.2 5.8 OPM %
+320 bps +339 bps
14.5% 11.1% 11.3% Other income
+850.4% +155.0%
0.2 0.1 0.0 Net profit
+87.2% +151.4%
4.0 1.6 2.1 PAT margin %
+208 bps +342 bps
6.3% 2.9% 4.2% EPS (₹)
+87.3% +151.3%
3.82 1.52 2.04
Quality of profit
Pre-tax profit ₹5.5 Cr: core business ₹5.3 Cr, other income ₹0.2 Cr.
Core profit YoY: +142.5%
· reported profit +87.2%
Cash & debt
FY25 cash from operations ₹38.0 Cr:
253% of FY25 net profit of ₹15.0 Cr.
Borrowings ₹75.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹55.1 ₹63.9
+16.0% above Net profit ₹1.6 ₹4.0
+147.7% above
M Cap ₹635 Cr
P/E 27.1
PEG —
Operating margin contracted 635 bps YoY 52% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -35%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+10.0% +1.6%
48.6 47.8 44.2 Operating profit
-31.1% -22.1%
5.2 6.7 7.5 OPM %
-635 bps -325 bps
10.7% 13.9% 17.0% Other income
+43.8% +69.7%
4.8 2.8 3.3 Net profit
-12.3% -7.5%
6.2 6.7 7.1 PAT margin %
-323 bps -126 bps
12.7% 14.0% 16.0%
Quality of profit
Pre-tax profit ₹8.3 Cr: core business ₹4.0 Cr, other income ₹4.8 Cr.
Core profit YoY: -35.2%
· reported profit -12.3%
M Cap ₹635 Cr
P/E 51.3
PEG 4.27
Profit -55% below its own trend Operating margin contracted 764 bps YoY FY25 operating cash flow was only 18% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+5.8% -3.2%
49.1 50.7 46.4 Operating profit
-52.8% -55.4%
3.0 6.8 6.4 OPM %
-764 bps -721 bps
6.2% 13.4% 13.8% Other income
-46.2% +350.2%
0.1 0.0 0.3 Net profit?
-55.1% -58.9%
1.8 4.4 4.0 PAT margin %
-495 bps -494 bps
3.6% 8.6% 8.6% EPS (₹)
-50.0% -55.6%
0.04 0.09 0.08
Quality of profit
Pre-tax profit ₹2.5 Cr: core business ₹2.3 Cr, other income ₹0.1 Cr.
Core profit YoY: -56.8%
· reported profit -55.1%
Cash & debt
FY25 cash from operations ₹2.0 Cr:
18% of FY25 net profit of ₹11.2 Cr.
Borrowings ₹10.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹48.3 ₹49.1
+1.6% in line Net profit ₹4.0 ₹1.8
-55.2% below
M Cap ₹633 Cr
P/E 21.8
PEG 1.21
Profit -37% below its own trend Operating margin contracted 2228 bps YoY 32% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -45%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+20.6% +6.6%
34.9 32.7 28.9 Operating profit
-26.2% -13.9%
12.2 14.2 16.6 OPM %
-2228 bps -837 bps
35.1% 43.5% 57.4% Other income
+227.6% -20.8%
3.5 4.4 1.1 Net profit?
-24.2% -29.2%
9.0 12.7 11.8 PAT margin %
-1521 bps -1300 bps
25.7% 38.7% 40.9% EPS (₹)
-19.8% -25.1%
4.63 6.18 5.77
Quality of profit
Pre-tax profit ₹10.9 Cr: core business ₹7.5 Cr, other income ₹3.5 Cr.
Core profit YoY: -44.5%
· reported profit -24.2%
Cash & debt
FY25 cash from operations ₹35.0 Cr:
78% of FY25 net profit of ₹44.7 Cr.
Borrowings ₹44.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹36.2 ₹34.9
-3.5% in line Net profit ₹14.3 ₹9.0
-37.3% below
M Cap ₹632 Cr
P/E 39.6
PEG —
Operating margin contracted 328 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
-2.6% +4.0%
140 135 144 Operating profit
-27.2% -11.3%
13.6 15.3 18.6 OPM %
-328 bps -167 bps
9.7% 11.4% 13.0% Other income
-6.8% -1.0%
4.4 4.5 4.7 Net profit?
-53.9% -74.6%
1.1 4.2 2.3 PAT margin %
-84 bps -233 bps
0.8% 3.1% 1.6% EPS (₹)
-55.6% -76.5%
0.04 0.17 0.09
Quality of profit
Pre-tax profit ₹0.2 Cr: core business −₹4.0 Cr, other income ₹4.4 Cr.
Core profit YoY: loss widened
· reported profit -53.9%
Against its own trend ?
Trend Actual Gap
Sales ₹193 ₹140
-27.3% below
M Cap ₹626 Cr
P/E 116.5
PEG 14.56
Profit -98% below its own trend Operating margin expanded 375 bps YoY Exceptional items of ₹-2.2 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-98.5% +21.2%
32.5 26.8 2,155 Operating profit
-98.3% +43.4%
10.0 7.0 583 OPM %
+375 bps +478 bps
30.8% 26.0% 27.1% Other income
-96.3% -22.9%
0.8 1.0 20.4 Net profit?
-96.2% +253.8%
1.2 0.3 30.9 PAT margin %
+216 bps +236 bps
3.6% 1.2% 1.4% EPS (₹)
+628.6% +684.6%
1.02 0.13 0.14
Quality of profit
Pre-tax profit ₹1.9 Cr: core business ₹3.3 Cr, other income ₹0.8 Cr, exceptional & other items −₹2.2 Cr.
Core profit YoY: -94.1%
· reported profit -96.2%
Cash & debt
FY25 cash from operations ₹28.0 Cr:
73% of FY25 net profit of ₹38.2 Cr.
Borrowings ₹42.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹4,310 ₹32.5
-99.2% below Net profit ₹61.9 ₹1.2
-98.1% below
M Cap ₹625 Cr
P/E 25.1
PEG 1.67
Profit -23% below its own trend Operating margin contracted 266 bps YoY Profit grew faster than the core business (core profit +10%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+10.1% +1.9%
106 104 96.2 Operating profit
-8.9% +5.9%
13.5 12.8 14.8 OPM %
-266 bps +48 bps
12.8% 12.3% 15.4% Other income
— -5.2%
1.8 1.9 0.1 Net profit?
+39.5% +11.5%
5.6 5.0 4.0 PAT margin %
+111 bps +45 bps
5.2% 4.8% 4.1% EPS (₹)
+14.9% +11.5%
1.16 1.04 1.01
Quality of profit
Pre-tax profit ₹7.9 Cr: core business ₹6.1 Cr, other income ₹1.8 Cr.
Core profit YoY: +9.7%
· reported profit +39.5%
Cash & debt
FY25 cash from operations ₹53.0 Cr:
225% of FY25 net profit of ₹23.5 Cr.
Borrowings ₹173 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹120 ₹106
-11.6% below Net profit ₹7.2 ₹5.6
-22.5% below
M Cap ₹625 Cr
P/E 15.2
PEG 7.62
Operating margin contracted 1590 bps YoY 58% of pre-tax profit came from other income and one-off items Exceptional items of ₹2.9 Cr in the quarter Profit grew faster than the core business (core profit -45%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-10.0% +4.6%
21.1 20.1 23.4 Operating profit
-32.0% +17.6%
10.3 8.8 15.2 OPM %
-1590 bps +545 bps
49.1% 43.6% 65.0% Other income
+61.3% -39.6%
4.8 7.9 3.0 Net profit?
+23.5% +23.4%
10.9 8.8 8.8 PAT margin %
+1400 bps +787 bps
51.6% 43.7% 37.6% EPS (₹)
+22.2% +22.2%
0.44 0.36 0.36
Quality of profit
Pre-tax profit ₹13.2 Cr: core business ₹5.5 Cr, other income ₹4.8 Cr, exceptional & other items ₹2.9 Cr.
Core profit YoY: -45.4%
· reported profit +23.5%
Cash & debt
FY25 cash from operations ₹85.0 Cr:
161% of FY25 net profit of ₹52.6 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹19.4 ₹21.1
+8.4% above Net profit ₹11.5 ₹10.9
-5.9% in line
M Cap ₹623 Cr
P/E 20.8
PEG 20.80
Profit +35% above its own trend FY25 operating cash flow was only 44% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+1.3% -6.8%
47.4 50.8 46.8 Operating profit
+1.0% +3.1%
10.8 10.5 10.7 OPM %
-7 bps +217 bps
22.8% 20.6% 22.8% Other income
+809.2% +126.1%
1.8 0.8 0.2 Net profit
+17.5% +15.0%
8.7 7.6 7.4 PAT margin %
+254 bps +349 bps
18.4% 14.9% 15.9% EPS (₹)
+17.5% +15.0%
4.36 3.79 3.71
Quality of profit
Pre-tax profit ₹11.3 Cr: core business ₹9.4 Cr, other income ₹1.8 Cr.
Core profit YoY: -0.5%
· reported profit +17.5%
Cash & debt
FY25 cash from operations ₹11.0 Cr:
44% of FY25 net profit of ₹24.9 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹42.7 ₹47.4
+11.0% above Net profit ₹6.5 ₹8.7
+34.9% above
M Cap ₹618 Cr
P/E 13.1
PEG 0.36
Operating margin expanded 144 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+18.9% +1.3%
202 200 170 Operating profit
+32.4% -15.2%
28.6 33.7 21.6 OPM %
+144 bps -275 bps
14.1% 16.9% 12.7% Other income
— -100.0%
0.0 4.5 0.0 Net profit?
+50.8% -13.1%
17.3 19.9 11.5 PAT margin %
+181 bps -142 bps
8.5% 10.0% 6.7% EPS (₹)
+48.8% -13.8%
13.26 15.39 8.91
Quality of profit
Pre-tax profit ₹23.8 Cr: core business ₹23.8 Cr, other income ₹0.0 Cr.
Core profit YoY: +62.5%
· reported profit +50.8%
Cash & debt
FY25 cash from operations ₹105 Cr:
314% of FY25 net profit of ₹33.5 Cr.
Borrowings ₹49.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹199 ₹202
+1.7% in line Net profit ₹15.9 ₹17.3
+8.7% in line
M Cap ₹617 Cr
P/E 15.7
PEG 0.29
Profit +75% above its own trend Operating margin expanded 862 bps YoY Core business grew faster than reported profit (core profit +200%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+28.6% +0.9%
63.0 62.4 49.0 Operating profit
+88.9% +21.4%
17.0 14.0 9.0 OPM %
+862 bps +456 bps
27.0% 22.4% 18.4% Other income
+0.0% -50.0%
1.0 2.0 1.0 Net profit?
+125.0% +12.5%
9.0 8.0 4.0 PAT margin %
+612 bps +147 bps
14.3% 12.8% 8.2% EPS (₹)
+107.4% +10.4%
3.09 2.80 1.49
Quality of profit
Pre-tax profit ₹13.0 Cr: core business ₹12.0 Cr, other income ₹1.0 Cr.
Core profit YoY: +200.0%
· reported profit +125.0%
Cash & debt
FY25 cash from operations ₹27.0 Cr:
180% of FY25 net profit of ₹15.0 Cr.
Borrowings ₹65.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹73.7 ₹63.0
-14.5% below Net profit ₹5.1 ₹9.0
+75.1% above
M Cap ₹617 Cr
P/E 35.9
PEG —
Into loss: a profit a year ago Profit -103% below its own trend Operating margin expanded 140 bps YoY Exceptional items of ₹12.2 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-10.3% +13.2%
212 188 237 Operating profit
+17.1% +263.9%
12.7 3.5 10.8 OPM %
+140 bps +412 bps
6.0% 1.9% 4.6% Other income
-36.7% -26.6%
7.2 9.8 11.3 Net profit?
to loss loss narrowed -0.1 -2.0 8.7 PAT margin %
-375 bps +99 bps
-0.1% -1.1% 3.7% EPS (₹)
to loss loss narrowed -0.01 -0.33 1.46
Quality of profit
Pre-tax profit ₹2.0 Cr: core business ₹4.9 Cr, other income ₹7.2 Cr, exceptional & other items −₹10.0 Cr.
Core profit YoY: +622.1%
Cash & debt
FY25 cash from operations ₹122 Cr:
164% of FY25 net profit of ₹74.5 Cr.
Borrowings ₹21.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹214 ₹212
-0.8% in line Net profit ₹4.4 −₹0.1
-103.2% below
M Cap ₹611 Cr
P/E 15.9
PEG —
Profit -46% below its own trend Core business grew faster than reported profit (core profit +2%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+12.2% +5.9%
247 234 221 Operating profit
+4.4% +22.7%
26.2 21.3 25.1 OPM %
-78 bps +145 bps
10.6% 9.1% 11.4% Other income
+47.6% -51.4%
3.4 7.0 2.3 Net profit?
-21.5% -9.8%
13.9 15.4 17.7 PAT margin %
-241 bps -98 bps
5.6% 6.6% 8.0% EPS (₹)
-21.9% -9.9%
2.46 2.73 3.15
Quality of profit
Pre-tax profit ₹21.4 Cr: core business ₹18.1 Cr, other income ₹3.4 Cr.
Core profit YoY: +1.6%
· reported profit -21.5%
Cash & debt
FY25 cash from operations ₹92.0 Cr:
129% of FY25 net profit of ₹71.5 Cr.
Borrowings ₹95.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹262 ₹247
-5.5% below Net profit ₹25.7 ₹13.9
-45.8% below
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
+18.2%
86.3 73.0 Operating profit
+15.7%
12.3 10.7 OPM %
-31 bps
14.3% 14.6% Other income
+157.7%
1.1 0.4 Net profit?
+35.0%
9.7 7.2 PAT margin %
+140 bps
11.2% 9.8% EPS (₹)
+34.6%
3.62 2.69
Quality of profit
Pre-tax profit ₹11.9 Cr: core business ₹10.9 Cr, other income ₹1.1 Cr.
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, 07:31 IST
