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
Latest Q3 FY26 results 4316
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M Cap ₹70,632 Cr
P/E 16.5
PEG 0.66
Profit +234% above its own trend 52% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+11.8% +2.5%
27,371 26,704 24,490 Operating profit
+13.0% -9.3%
2,294 2,528 2,030 OPM %
+9 bps -109 bps
8.4% 9.5% 8.3% Other income
-36.9% from loss 248 -34.0 393 Net profit?
+163.6% -10.7%
374 419 142 PAT margin %
+79 bps -20 bps
1.4% 1.6% 0.6% EPS (₹)
+167.6% -9.9%
0.91 1.01 0.34
Quality of profit
Pre-tax profit ₹480 Cr: core business ₹231 Cr, other income ₹248 Cr, exceptional & other items ₹0.8 Cr.
Core profit YoY: from loss
· reported profit +163.6%
Cash & debt
FY25 cash from operations ₹9,914 Cr:
418% of FY25 net profit of ₹2,372 Cr.
Borrowings ₹36,934 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹26,070 ₹27,371
+5.0% in line Net profit ₹112 ₹374
+234.1% above
M Cap ₹68,495 Cr
P/E 29.7
PEG —
Profit +140% above its own trend Gross NPA down 25 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+12.8% +6.0%
12,542 11,828 11,123 Net interest income
+12.0% +7.4%
5,493 5,113 4,902 Other income
+19.4% +12.3%
2,125 1,891 1,780 Operating profit (pre-provision)
+14.2% +7.1%
2,009 1,876 1,760 Provisions
+4.5% -3.7%
1,398 1,452 1,338 Net profit?
+40.7% +37.6%
479 348 340 EPS (₹)
+17.4% +54.3%
0.54 0.35 0.46 Cost-to-income %
-4 bps +40 bps
73.6% 73.2% 73.7% Gross NPA %
-25 bps -17 bps
1.7% 1.9% 1.9% Net NPA %
+1 bps +1 bps
0.5% 0.5% 0.5%
Where profit came from
Pre-provision profit ₹2,009 Cr (+14.2% YoY); provisions ₹1,398 Cr (+4.5% YoY).
Net profit +40.7% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹5,309 ₹5,493
+3.5% in line Net profit ₹199 ₹479
+140.5% above
M Cap ₹67,704 Cr
P/E 25.1
PEG 0.93
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+17.8% +4.8%
2,886 2,755 2,449 Net interest income
+19.6% +0.8%
964 956 806 Other income
+48.6% +34.3%
189 141 127 Operating profit (pre-provision)
+24.8% +5.9%
934 882 748 Provisions
+58.9% +13.5%
56.4 49.7 35.5 Net profit
+21.3% +3.4%
665 643 548 EPS (₹)
+21.2% +3.9%
0.80 0.77 0.66 Cost-to-income %
-82 bps -61 bps
19.0% 19.6% 19.8% Gross NPA %
-2 bps +1 bps
0.3% 0.3% 0.3% Net NPA %
-2 bps -1 bps
0.1% 0.1% 0.1%
Where profit came from
Pre-provision profit ₹934 Cr (+24.8% YoY); provisions ₹56.4 Cr (+58.9% YoY).
Net profit +21.3% YoY.
Against its own trend ?
Trend Actual Gap
Net profit ₹675 ₹665
-1.4% in line
M Cap ₹67,625 Cr
P/E —
PEG —
Profit +32% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+29.4% +12.4%
781 695 603 Operating profit (pre-provision)
+36.0% +17.0%
533 456 392 Net profit?
+36.7% +17.2%
404 345 295 EPS (₹)
+36.1% +17.0%
6.34 5.42 4.66
Where profit came from
Pre-provision profit ₹533 Cr (+36.0% YoY).
Net profit +36.7% YoY.
Against its own trend ?
Trend Actual Gap
Total income ₹686 ₹781
+13.7% above Net profit ₹307 ₹404
+31.6% above
M Cap ₹67,454 Cr
P/E 16.9
PEG 0.17
Operating margin expanded 460 bps YoY Core business grew faster than reported profit (core profit +160%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+118.8% +24.7%
7,565 6,066 3,457 Operating profit
+167.0% +37.1%
1,928 1,406 722 OPM %
+460 bps +230 bps
25.5% 23.2% 20.9% Other income
to loss to loss -99.0 161 88.0 Net profit?
+118.3% +26.1%
1,107 878 507 PAT margin %
-3 bps +15 bps
14.6% 14.5% 14.7% EPS (₹)
+115.4% +25.9%
36.94 29.33 17.15
Quality of profit
Pre-tax profit ₹1,469 Cr: core business ₹1,568 Cr, other income −₹99.0 Cr.
Core profit YoY: +160.5%
· reported profit +118.3%
Cash & debt
FY25 cash from operations ₹3,158 Cr:
164% of FY25 net profit of ₹1,928 Cr.
Borrowings ₹1,199 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹5,291 ₹7,565
+43.0% above Net profit ₹1,014 ₹1,107
+9.2% in line
M Cap ₹67,229 Cr
P/E 41.8
PEG 1.61
Profit -14% below its own trend Operating margin contracted 207 bps YoY Core business grew faster than reported profit (core profit +207%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+403.4% +91.3%
22,834 11,936 4,536 Operating profit
+207.5% from loss 741 -19.0 241 OPM %
-207 bps +340 bps
3.2% -0.2% 5.3% Other income
to loss to loss -243 408 169 Net profit?
+19.1% +30.7%
387 296 325 PAT margin %
-547 bps -79 bps
1.7% 2.5% 7.2% EPS (₹)
+18.7% +30.9%
2.67 2.04 2.25
Quality of profit
Pre-tax profit ₹498 Cr: core business ₹741 Cr, other income −₹243 Cr.
Core profit YoY: +207.5%
· reported profit +19.1%
Cash & debt
FY25 cash from operations −₹9,408 Cr:
-794% of FY25 net profit of ₹1,185 Cr.
Borrowings ₹2,600 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2,659 ₹22,834
+758.9% above Net profit ₹451 ₹387
-14.2% below
M Cap ₹66,461 Cr
P/E 50.3
PEG —
Profit -82% below its own trend Gross NPA up 131 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
-13.7% -1.4%
13,080 13,260 15,156 Net interest income
-12.7% +3.4%
4,562 4,410 5,228 Other income
-27.5% +3.4%
1,707 1,651 2,355 Operating profit (pre-provision)
-37.0% —
2,270 — 3,601 Provisions
+20.2% —
2,096 — 1,744 Net profit?
-90.9% from loss 128 -437 1,402 EPS (₹)
-90.9% from loss 1.64 -5.61 18.01 Cost-to-income %
+1128 bps —
63.8% — 52.5% Gross NPA %
+131 bps -4 bps
3.6% 3.6% 2.2% Net NPA %
+36 bps +0 bps
1.0% 1.0% 0.7%
Where profit came from
Pre-provision profit ₹2,270 Cr (-37.0% YoY); provisions ₹2,096 Cr (+20.2% YoY).
Net profit -90.9% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹4,486 ₹4,562
+1.7% in line Net profit ₹701 ₹128
-81.7% below
M Cap ₹66,417 Cr
P/E 34.1
PEG 8.53
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+6.1% +11.5%
3,559 3,191 3,355 Operating profit
+7.6% +24.8%
734 588 682 OPM %
+30 bps +220 bps
20.6% 18.4% 20.3% Other income
+9.0% +0.4%
141 140 129 Net profit?
+7.3% +24.5%
554 445 516 PAT margin %
+18 bps +162 bps
15.6% 13.9% 15.4% EPS (₹)
+7.1% +23.9%
3.16 2.55 2.95
Quality of profit
Pre-tax profit ₹711 Cr: core business ₹586 Cr, other income ₹141 Cr, exceptional & other items −₹15.3 Cr.
Core profit YoY: +10.7%
· reported profit +7.3%
Cash & debt
FY25 cash from operations ₹1,987 Cr:
114% of FY25 net profit of ₹1,741 Cr.
Borrowings ₹950 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,434 ₹3,559
+3.6% in line Net profit ₹529 ₹554
+4.7% in line
M Cap ₹66,019 Cr
P/E 40.4
PEG 2.53
Exceptional items of ₹45.0 Cr in the quarter Core business grew faster than reported profit (core profit +28%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+14.2% +16.9%
5,573 4,767 4,882 Operating profit
+21.4% +18.6%
524 442 432 OPM %
+56 bps +13 bps
9.4% 9.3% 8.8% Other income
-33.3% -50.5%
42.7 86.3 64.0 Net profit
+6.6% -5.1%
301 317 283 PAT margin %
-39 bps -125 bps
5.4% 6.7% 5.8% EPS (₹)
+6.4% -5.1%
4.80 5.06 4.51
Quality of profit
Pre-tax profit ₹405 Cr: core business ₹407 Cr, other income ₹42.7 Cr, exceptional & other items −₹45.0 Cr.
Core profit YoY: +28.0%
· reported profit +6.6%
Cash & debt
FY25 cash from operations ₹1,568 Cr:
105% of FY25 net profit of ₹1,489 Cr.
Borrowings ₹319 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹5,276 ₹5,573
+5.6% above Net profit ₹303 ₹301
-0.7% in line
M Cap ₹65,834 Cr
P/E 14.2
PEG 0.06
Profit +234% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+10.9% +5.0%
4,553 4,336 4,105 Net interest income
— —
2,875 — — Other income
— —
-25.0 — — Net profit?
+247.4% +195.8%
2,174 735 626 EPS (₹)
+246.6% +195.9%
8.70 2.94 2.51
Against its own trend ?
Trend Actual Gap
Net profit ₹650 ₹2,174
+234.5% above
M Cap ₹65,813 Cr
P/E 42.8
PEG 3.06
Profit -24% below its own trend Operating margin expanded 184 bps YoY Exceptional items of ₹-25.0 Cr in the quarter Core business grew faster than reported profit (core profit +27%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+15.0% +0.5%
1,121 1,115 975 Operating profit
+18.7% -1.6%
656 667 553 OPM %
+184 bps -126 bps
58.5% 59.8% 56.7% Other income
+55.5% +53.6%
47.3 30.8 30.4 Net profit?
-21.8% -28.0%
276 383 353 PAT margin %
-1158 bps -972 bps
24.6% 34.3% 36.2% EPS (₹)
+4.0% -9.3%
7.71 8.50 7.41
Quality of profit
Pre-tax profit ₹490 Cr: core business ₹468 Cr, other income ₹47.3 Cr, exceptional & other items −₹25.0 Cr.
Core profit YoY: +26.8%
· reported profit -21.8%
Cash & debt
FY25 cash from operations ₹2,084 Cr:
160% of FY25 net profit of ₹1,303 Cr.
Borrowings ₹4,687 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹996 ₹1,121
+12.6% above Net profit ₹361 ₹276
-23.7% below
M Cap ₹64,748 Cr
P/E 53.8
PEG —
Profit +863% above its own trend Profit growth came mainly from lower provisions (pre-provision profit -8%) Gross NPA down 104 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+2.3% +6.2%
4,718 4,442 4,610 Net interest income
+4.6% +6.8%
1,658 1,552 1,585 Other income
-2.1% +12.6%
1,052 934 1,074 Operating profit (pre-provision)
-8.2% +24.7%
928 745 1,011 Provisions
-46.2% +27.9%
639 500 1,189 Net profit?
+381.7% +18.4%
228 192 47.3 EPS (₹)
+375.6% +17.8%
3.71 3.15 0.78 Cost-to-income %
+377 bps -430 bps
65.7% 70.0% 62.0% Gross NPA %
-104 bps -44 bps
1.9% 2.3% 2.9% Net NPA %
+2 bps -2 bps
0.6% 0.6% 0.5%
Where profit came from
Pre-provision profit ₹928 Cr (-8.2% YoY); provisions ₹639 Cr (-46.2% YoY).
Net profit +381.7% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹1,536 ₹1,658
+7.9% above Net profit ₹23.7 ₹228
+863.4% above
M Cap ₹64,432 Cr
P/E 35.8
PEG 0.47
Profit -88% below its own trend Operating margin expanded 458 bps YoY Exceptional items of ₹184 Cr in the quarter Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-88.5% -35.5%
3,901 6,047 33,876 Operating profit
-85.5% -63.1%
870 2,360 6,002 OPM %
+458 bps -1672 bps
22.3% 39.0% 17.7% Other income
-85.7% -77.8%
44.5 201 311 Net profit?
-88.4% -33.9%
403 610 3,480 PAT margin %
+6 bps +24 bps
10.3% 10.1% 10.3% EPS (₹)
+15.9% -33.9%
14.29 21.63 12.33
Quality of profit
Pre-tax profit ₹534 Cr: core business ₹674 Cr, other income ₹44.5 Cr, exceptional & other items −₹184 Cr.
Core profit YoY: -84.2%
· reported profit -88.4%
Cash & debt
FY25 cash from operations −₹828 Cr:
-20% of FY25 net profit of ₹4,179 Cr.
Borrowings ₹2,473 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹47,830 ₹3,901
-91.8% below Net profit ₹3,241 ₹403
-87.6% below
M Cap ₹64,158 Cr
P/E 17.0
PEG 0.25
Profit growth came mainly from lower provisions (pre-provision profit +14%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
-1.5% +1.7%
9,272 9,113 9,416 Net interest income
+11.0% +7.1%
2,460 2,296 2,216 Other income
+8.6% -0.3%
1,720 1,724 1,583 Operating profit (pre-provision)
+13.9% -5.3%
1,240 1,310 1,089 Provisions
-91.5% -94.8%
21.9 419 259 Net profit?
+54.4% +44.0%
957 664 619 EPS (₹)
+50.0% +42.9%
0.30 0.21 0.20 Cost-to-income %
-100 bps +291 bps
70.3% 67.4% 71.3% Gross NPA %
-10 bps -10 bps
1.5% 1.6% 1.6% Net NPA %
-20 bps +0 bps
0.3% 0.3% 0.5%
Where profit came from
Pre-provision profit ₹1,240 Cr (+13.9% YoY); provisions ₹21.9 Cr (-91.5% YoY).
Net profit +54.4% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹2,343 ₹2,460
+5.0% in line Net profit ₹979 ₹957
-2.3% in line
M Cap ₹63,840 Cr
P/E 8.5
PEG 0.22
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+16.4% +3.8%
8,277 7,974 7,113 Net interest income
+16.3% +5.4%
3,423 3,248 2,944 Other income
+18.4% +10.3%
933 846 788 Operating profit (pre-provision)
+18.8% —
2,736 — 2,303 Provisions
-13.4% —
728 — 841 Net profit?
+27.4% +7.8%
1,799 1,669 1,412 EPS (₹)
+27.2% +7.8%
2.34 2.17 1.84 Cost-to-income %
-109 bps —
37.2% — 38.3% Gross NPA %
-20 bps -12 bps
1.6% 1.7% 1.8% Net NPA %
-5 bps -3 bps
0.1% 0.2% 0.2%
Where profit came from
Pre-provision profit ₹2,736 Cr (+18.8% YoY); provisions ₹728 Cr (-13.4% YoY).
Net profit +27.4% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹3,487 ₹3,423
-1.9% in line Net profit ₹1,746 ₹1,799
+3.0% in line
M Cap ₹63,775 Cr
P/E 49.7
PEG 2.16
Exceptional items of ₹-27.6 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+19.9% +4.2%
5,018 4,814 4,184 Operating profit
+21.1% +0.3%
554 552 457 OPM %
+11 bps -43 bps
11.0% 11.5% 10.9% Other income
-55.9% -71.2%
3.7 12.9 8.4 Net profit?
+18.1% -6.9%
300 323 254 PAT margin %
-9 bps -72 bps
6.0% 6.7% 6.1% EPS (₹)
+18.5% -9.1%
4.80 5.28 4.05
Quality of profit
Pre-tax profit ₹372 Cr: core business ₹322 Cr, other income ₹3.7 Cr, exceptional & other items ₹46.4 Cr.
Core profit YoY: +27.6%
· reported profit +18.1%
Cash & debt
FY25 cash from operations ₹1,071 Cr:
105% of FY25 net profit of ₹1,020 Cr.
Borrowings ₹2,473 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹4,945 ₹5,018
+1.5% in line Net profit ₹312 ₹300
-3.7% in line
M Cap ₹63,304 Cr
P/E —
PEG —
Profit +17% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+5.9% +14.0%
2,120 1,860 2,003 Net interest income
+16.7% +8.7%
353 324 302 Other income
+2.4% +17.5%
1,431 1,218 1,398 Operating profit (pre-provision)
+3.2% —
756 — 732 Provisions
from loss —
7.4 — -8.6 Net profit?
+0.0% +56.0%
566 363 566 EPS (₹)
-0.1% +56.0%
9.42 6.04 9.43 Cost-to-income %
+69 bps —
57.6% — 56.9%
Where profit came from
Pre-provision profit ₹756 Cr (+3.2% YoY); provisions ₹7.4 Cr.
Net profit +0.0% YoY.
Against its own trend ?
Trend Actual Gap
NII ₹309 ₹353
+14.3% above Net profit ₹484 ₹566
+16.9% above
M Cap ₹62,234 Cr
P/E 28.5
PEG 0.89
Exceptional items of ₹-52.8 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+10.7% +47.0%
3,737 2,542 3,374 Operating profit
+9.0% +7.4%
828 771 759 OPM %
-35 bps -816 bps
22.2% 30.3% 22.5% Other income
-56.9% -8.3%
93.0 101 216 Net profit
+1.6% -19.2%
636 787 626 PAT margin %
-153 bps -1393 bps
17.0% 30.9% 18.5% EPS (₹)
-14.0% -20.9%
52.03 65.80 60.48
Quality of profit
Pre-tax profit ₹781 Cr: core business ₹751 Cr, other income ₹93.0 Cr, exceptional & other items −₹62.8 Cr.
Core profit YoY: +12.0%
· reported profit +1.6%
Cash & debt
FY25 cash from operations ₹2,189 Cr:
99% of FY25 net profit of ₹2,203 Cr.
Borrowings ₹439 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹3,519 ₹3,737
+6.2% above Net profit ₹681 ₹636
-6.6% in line
M Cap ₹61,941 Cr
P/E 98.0
PEG 16.34
Profit +24% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+17.0% +4.0%
1,639 1,576 1,401 Operating profit
+15.3% +3.3%
305 295 265 OPM %
-28 bps -12 bps
18.6% 18.7% 18.9% Other income
+69.0% +34.8%
11.7 8.7 6.9 Net profit?
+11.4% -3.0%
159 163 142 PAT margin %
-49 bps -69 bps
9.7% 10.4% 10.2% EPS (₹)
+11.6% -3.4%
1.44 1.49 1.29
Quality of profit
Pre-tax profit ₹214 Cr: core business ₹202 Cr, other income ₹11.7 Cr.
Core profit YoY: +9.8%
· reported profit +11.4%
Cash & debt
FY25 cash from operations ₹964 Cr:
147% of FY25 net profit of ₹654 Cr.
Borrowings ₹1,834 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,647 ₹1,639
-0.4% in line Net profit ₹128 ₹159
+23.7% above
M Cap ₹61,842 Cr
P/E 8.3
PEG 0.49
Profit -19% below its own trend Operating margin contracted 795 bps YoY FY25 operating cash flow was only 29% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+15.9% +19.3%
7,611 6,378 6,568 Operating profit
-9.6% +7.6%
2,144 1,993 2,372 OPM %
-795 bps -308 bps
28.2% 31.2% 36.1% Other income
-0.8% -2.9%
372 383 375 Net profit?
-7.4% +3.5%
1,757 1,698 1,897 PAT margin %
-579 bps -354 bps
23.1% 26.6% 28.9% EPS (₹)
-6.5% +3.6%
2.00 1.93 2.14
Quality of profit
Pre-tax profit ₹2,375 Cr: core business ₹2,002 Cr, other income ₹372 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: -9.4%
· reported profit -7.4%
Cash & debt
FY25 cash from operations ₹1,894 Cr:
29% of FY25 net profit of ₹6,548 Cr.
Borrowings ₹4,276 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹8,074 ₹7,611
-5.7% below Net profit ₹2,182 ₹1,757
-19.5% below
M Cap ₹61,812 Cr
P/E —
PEG —
Operating margin contracted 384 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+5.8% -16.1%
1,493 1,779 1,411 Operating profit
-0.8% -15.7%
868 1,029 874 OPM %
-384 bps +29 bps
58.1% 57.8% 62.0% Other income
+240.6% -54.0%
35.4 77.0 10.4 Net profit?
+0.8% -18.0%
623 760 618 PAT margin %
-206 bps -98 bps
41.7% 42.7% 43.8% EPS (₹)
+0.6% -18.1%
17.12 20.91 17.01
Quality of profit
Pre-tax profit ₹836 Cr: core business ₹767 Cr, other income ₹35.4 Cr, exceptional & other items ₹33.0 Cr.
Core profit YoY: -1.2%
· reported profit +0.8%
Cash & debt
FY25 cash from operations ₹2,163 Cr:
97% of FY25 net profit of ₹2,224 Cr.
Borrowings ₹3,300 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,562 ₹1,493
-4.4% in line Net profit ₹621 ₹623
+0.3% in line
M Cap ₹61,573 Cr
P/E 48.7
PEG 2.70
Profit +999% above its own trend Operating margin contracted 1304 bps YoY FY25 operating cash flow was only 21% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+134.2% +59.3%
3,873 2,432 1,654 Operating profit
+47.5% -5.5%
860 910 583 OPM %
-1304 bps -1521 bps
22.2% 37.4% 35.2% Other income
-16.3% -87.1%
36.0 278 43.0 Net profit?
+665.6% -46.4%
245 457 32.0 PAT margin %
+439 bps -1247 bps
6.3% 18.8% 1.9% EPS (₹)
— -48.2%
5.17 9.99 0.41
Quality of profit
Pre-tax profit ₹278 Cr: core business ₹242 Cr, other income ₹36.0 Cr.
Core profit YoY: +633.3%
· reported profit +665.6%
Cash & debt
FY25 cash from operations ₹131 Cr:
21% of FY25 net profit of ₹617 Cr.
Borrowings ₹13,180 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,635 ₹3,873
+136.9% above Net profit ₹19.4 ₹245
+999.0% above
M Cap ₹61,029 Cr
P/E 86.8
PEG 2.12
Operating margin expanded 306 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+19.6% +3.5%
1,547 1,494 1,294 Operating profit
+45.3% +12.4%
267 238 184 OPM %
+306 bps +137 bps
17.3% 15.9% 14.2% Other income
+141.1% +10.2%
2.6 2.4 1.1 Net profit?
+62.3% +11.0%
155 140 95.5 PAT margin %
+264 bps +67 bps
10.0% 9.3% 7.4% EPS (₹)
+62.0% +10.9%
11.57 10.43 7.14
Quality of profit
Pre-tax profit ₹206 Cr: core business ₹214 Cr, other income ₹2.6 Cr, exceptional & other items −₹9.7 Cr.
Core profit YoY: +65.8%
· reported profit +62.3%
Cash & debt
FY25 cash from operations ₹363 Cr:
105% of FY25 net profit of ₹346 Cr.
Borrowings ₹750 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,074 ₹1,547
+44.1% above Net profit ₹162 ₹155
-4.4% in line
M Cap ₹60,733 Cr
P/E 5.2
PEG 0.12
Profit -12% below its own trend Gross NPA down 143 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+6.4% +3.1%
21,379 20,739 20,097 Net interest income
+6.5% +9.3%
6,548 5,991 6,151 Other income
+30.7% +4.9%
2,327 2,218 1,780 Net profit?
+6.7% +9.2%
2,814 2,576 2,638 EPS (₹)
+6.7% +9.2%
6.18 5.66 5.79 Gross NPA %
-143 bps -28 bps
2.3% 2.5% 3.7% Net NPA %
-25 bps -5 bps
0.6% 0.7% 0.8%
Against its own trend ?
Trend Actual Gap
NII ₹6,185 ₹6,548
+5.9% above Net profit ₹3,205 ₹2,814
-12.2% below
M Cap ₹60,260 Cr
P/E —
PEG —
Operating margin expanded 545 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+54.0% +10.6%
6,148 5,561 3,993 Operating profit
loss widened loss narrowed -783 -799 -726 OPM %
+545 bps +163 bps
-12.7% -14.4% -18.2% Other income
-18.9% +45.8%
86.0 59.0 106 Net profit?
loss widened loss narrowed -1,065 -1,092 -799 PAT margin %
+269 bps +231 bps
-17.3% -19.6% -20.0% EPS (₹)
loss widened loss narrowed -3.86 -4.38 -3.57
Quality of profit
Pre-tax profit −₹1,065 Cr: core business −₹1,151 Cr, other income ₹86.0 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations −₹2,169 Cr.
Borrowings ₹1,703 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹5,965 ₹6,148
+3.1% in line
M Cap ₹59,927 Cr
P/E —
PEG —
Operating margin expanded 1466 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+50.2% +6.1%
954 899 635 Operating profit
loss narrowed loss narrowed -72.0 -132 -141 OPM %
+1466 bps +714 bps
-7.5% -14.7% -22.2% Other income
+146.7% -11.9%
37.0 42.0 15.0 Net profit
loss narrowed loss narrowed -85.0 -154 -198 PAT margin %
+2227 bps +822 bps
-8.9% -17.1% -31.2% EPS (₹)
loss narrowed loss narrowed -2.22 -4.05 -64.21
Quality of profit
Pre-tax profit −₹85.0 Cr: core business −₹121 Cr, other income ₹37.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations −₹721 Cr.
Borrowings ₹619 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹978 ₹954
-2.4% in line
M Cap ₹59,902 Cr
P/E 48.8
PEG 2.12
Operating margin expanded 153 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+10.1% +14.9%
5,982 5,206 5,433 Operating profit
+36.6% +5.6%
472 447 346 OPM %
+153 bps -70 bps
7.9% 8.6% 6.4% Other income
+15.5% -0.3%
25.0 25.1 21.6 Net profit?
+42.9% +2.8%
310 302 217 PAT margin %
+119 bps -61 bps
5.2% 5.8% 4.0% EPS (₹)
+42.8% +2.9%
11.17 10.86 7.82
Quality of profit
Pre-tax profit ₹404 Cr: core business ₹380 Cr, other income ₹25.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +47.0%
· reported profit +42.9%
Cash & debt
FY25 cash from operations ₹1,213 Cr:
160% of FY25 net profit of ₹757 Cr.
Borrowings ₹634 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹6,102 ₹5,982
-2.0% in line Net profit ₹329 ₹310
-5.8% in line
M Cap ₹59,221 Cr
P/E 163.0
PEG —
Profit +26% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+13.0% -0.9%
1,186 1,197 1,050 Operating profit
+6.8% -14.4%
202 236 189 OPM %
-99 bps -268 bps
17.0% 19.7% 18.0% Other income
-100.0% -100.0%
0.0 28.0 33.0 Net profit?
-8.4% -51.2%
59.0 121 64.4 PAT margin %
-116 bps -513 bps
5.0% 10.1% 6.1% EPS (₹)
-11.4% -52.4%
1.01 2.12 1.14
Quality of profit
Pre-tax profit ₹103 Cr: core business ₹103 Cr, other income ₹0.0 Cr.
Core profit YoY: +7.1%
· reported profit -8.4%
Cash & debt
FY25 cash from operations ₹425 Cr:
237% of FY25 net profit of ₹179 Cr.
Borrowings ₹2,392 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹769 ₹1,186
+54.3% above Net profit ₹46.7 ₹59.0
+26.2% above
M Cap ₹59,178 Cr
P/E 24.5
PEG 4.09
Operating margin expanded 360 bps YoY Core business grew faster than reported profit (core profit +60%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+4.3% -13.9%
6,778 7,876 6,499 Operating profit
+26.2% -6.8%
1,403 1,506 1,112 OPM %
+360 bps +158 bps
20.7% 19.1% 17.1% Other income
-59.9% -11.4%
69.0 77.9 172 Net profit?
+33.9% -11.7%
655 742 489 PAT margin %
+213 bps +25 bps
9.7% 9.4% 7.5% EPS (₹)
+30.7% -11.1%
12.76 14.36 9.76
Quality of profit
Pre-tax profit ₹805 Cr: core business ₹735 Cr, other income ₹69.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +60.5%
· reported profit +33.9%
Cash & debt
FY25 cash from operations ₹4,805 Cr:
157% of FY25 net profit of ₹3,054 Cr.
Borrowings ₹8,840 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹6,531 ₹6,778
+3.8% in line Net profit ₹681 ₹655
-3.8% in line
M Cap ₹58,572 Cr
P/E 40.8
PEG 0.93
Profit +33% above its own trend Operating margin expanded 123 bps YoY Exceptional items of ₹-41.5 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+41.9% +31.7%
10,343 7,856 7,287 Operating profit
+70.9% +50.9%
750 497 439 OPM %
+123 bps +92 bps
7.3% 6.3% 6.0% Other income
-26.5% -55.3%
23.0 51.4 31.3 Net profit?
+90.2% +59.7%
416 261 219 PAT margin %
+102 bps +71 bps
4.0% 3.3% 3.0% EPS (₹)
+90.1% +59.9%
4.03 2.52 2.12
Quality of profit
Pre-tax profit ₹560 Cr: core business ₹537 Cr, other income ₹23.0 Cr.
Core profit YoY: +104.8%
· reported profit +90.2%
Cash & debt
FY25 cash from operations ₹1,209 Cr:
169% of FY25 net profit of ₹714 Cr.
Borrowings ₹4,959 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹9,750 ₹10,343
+6.1% above Net profit ₹312 ₹416
+33.4% 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
