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
Page 61 of 144
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Into loss: a profit a year ago Operating margin contracted 123 bps YoY Exceptional items of ₹-2.6 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-2.2% -6.0%
199 211 203 Operating profit
-26.6% -51.0%
7.3 15.0 10.0 OPM %
-123 bps -339 bps
3.7% 7.1% 4.9% Other income
-89.7% from loss 1.5 -0.2 15.0 Net profit?
to loss loss widened -9.7 -4.5 6.0 PAT margin %
-784 bps -277 bps
-4.9% -2.1% 3.0% EPS (₹)
to loss loss widened -4.38 -2.02 2.86
Quality of profit
Pre-tax profit −₹10.5 Cr: core business −₹9.5 Cr, other income ₹1.5 Cr, exceptional & other items −₹2.6 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations ₹15.0 Cr.
Borrowings ₹312 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹216 ₹199
-7.9% below
Profit +12% above its own trend All of pre-tax profit came from other income or one-off items Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-32.2% -10.3%
7.0 7.8 10.3 Operating profit
loss widened loss widened -8.0 -4.0 -6.0 Other income
+27.3% +40.0%
14.0 10.0 11.0 Net profit?
-19.2% +9.6%
5.0 4.6 6.2 PAT margin %
+1142 bps +1300 bps
71.4% 58.4% 60.0% EPS (₹)
-18.1% +11.5%
2.03 1.82 2.48
Quality of profit
Pre-tax profit ₹5.0 Cr: core business −₹9.0 Cr, other income ₹14.0 Cr.
Core profit YoY: loss widened
· reported profit -19.2%
Cash & debt
FY25 cash from operations −₹28.9 Cr:
-141% of FY25 net profit of ₹20.5 Cr.
Borrowings ₹20.5 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹13.6 ₹7.0
-48.4% below Net profit ₹4.5 ₹5.0
+12.1% above
M Cap ₹297 Cr
P/E 59.9
PEG —
Profit -94% below its own trend Operating margin contracted 161 bps YoY All of pre-tax profit came from other income or one-off items Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-70.7% +50.2%
420 280 1,437 Operating profit
-87.6% from loss 5.0 -0.6 40.2 OPM %
-161 bps +139 bps
1.2% -0.2% 2.8% Other income
+352.4% —
2.9 0.1 0.6 Net profit?
-93.0% from loss 1.2 -5.2 17.7 PAT margin %
-94 bps +214 bps
0.3% -1.8% 1.2% EPS (₹)
-93.0% from loss 0.51 -2.13 7.29
Quality of profit
Pre-tax profit ₹1.9 Cr: core business −₹0.6 Cr, other income ₹2.9 Cr.
Core profit YoY: to loss
· reported profit -93.0%
Cash & debt
FY25 cash from operations −₹25.0 Cr:
-32% of FY25 net profit of ₹77.4 Cr.
Borrowings ₹47.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1,733 ₹420
-75.7% below Net profit ₹20.8 ₹1.2
-94.1% below
M Cap ₹295 Cr
P/E 28.1
PEG 5.62
Profit -80% below its own trend Operating margin expanded 240 bps YoY Exceptional items of ₹-4.1 Cr in the quarter Core business grew faster than reported profit (core profit +391%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+14.5% +7.9%
161 150 141 Operating profit
+92.1% +46.3%
9.6 6.6 5.0 OPM %
+240 bps +156 bps
5.9% 4.4% 3.5% Other income
-36.5% -41.7%
1.5 2.6 2.4 Net profit?
-59.3% -75.5%
0.8 3.1 1.9 PAT margin %
-85 bps -160 bps
0.5% 2.1% 1.3% EPS (₹)
-59.3% -75.5%
2.91 11.88 7.15
Quality of profit
Pre-tax profit ₹1.2 Cr: core business ₹3.9 Cr, other income ₹1.5 Cr, exceptional & other items −₹4.1 Cr.
Core profit YoY: +390.6%
· reported profit -59.3%
Cash & debt
FY25 cash from operations ₹21.0 Cr:
128% of FY25 net profit of ₹16.5 Cr.
Borrowings ₹81.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹154 ₹161
+4.5% in line Net profit ₹3.7 ₹0.8
-79.7% below
Operating margin expanded 474 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-35.3% +58.4%
136 85.7 210 Operating profit
from loss from loss 5.6 -4.1 -1.4 OPM %
+474 bps +884 bps
4.1% -4.7% -0.7% Other income
-64.8% -77.6%
0.2 1.1 0.7 Net profit?
loss narrowed loss narrowed -0.5 -9.7 -10.9 PAT margin %
+485 bps +1094 bps
-0.3% -11.3% -5.2% EPS (₹)
loss narrowed loss narrowed -0.09 -1.84 -2.20
Quality of profit
Pre-tax profit −₹2.5 Cr: core business −₹2.0 Cr, other income ₹0.2 Cr, exceptional & other items −₹0.8 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations ₹34.0 Cr.
Borrowings ₹100 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹167 ₹136
-18.9% below
Operating margin contracted 1589 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-2.1% +12.3%
161 143 164 Operating profit
loss widened loss widened -67.0 -54.8 -42.3 OPM %
-1589 bps -342 bps
-41.6% -38.2% -25.7% Other income
-66.3% +126.4%
1.0 0.4 3.0 Net profit?
loss widened loss widened -55.0 -45.5 -36.5 PAT margin %
-1194 bps -240 bps
-34.2% -31.8% -22.2% EPS (₹)
loss widened loss widened -20.29 -16.57 -13.35
Quality of profit
Pre-tax profit −₹76.0 Cr: core business −₹76.0 Cr, other income ₹1.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations ₹75.0 Cr.
Borrowings ₹304 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹159 ₹161
+1.6% in line
Turnaround: profit against a loss a year ago Operating margin expanded 4023 bps YoY 95% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-23.2% -3.9%
64.6 67.2 84.1 Operating profit
from loss +5.5%
3.1 2.9 -29.8 OPM %
+4023 bps +42 bps
4.7% 4.3% -35.5% Other income
+71.1% +605.4%
8.6 1.2 5.0 Net profit?
from loss —
6.8 0.4 -37.8 PAT margin %
+5539 bps +983 bps
10.5% 0.6% -44.9% EPS (₹)
from loss —
0.60 0.04 -3.33
Quality of profit
Pre-tax profit ₹9.0 Cr: core business ₹0.4 Cr, other income ₹8.6 Cr.
Core profit YoY: from loss
Cash & debt
FY25 cash from operations ₹48.0 Cr:
334% of FY25 net profit of ₹14.4 Cr.
Borrowings ₹99.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹74.8 ₹64.6
-13.7% below
M Cap ₹292 Cr
P/E 10.4
PEG 0.45
Profit -55% below its own trend Operating margin contracted 1410 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+27.4% +269.3%
166 45.1 131 Operating profit
-50.4% +17.3%
14.9 12.7 30.1 OPM %
-1410 bps -1931 bps
9.0% 28.3% 23.1% Other income
+26.2% +6.3%
1.4 1.3 1.1 Net profit
-68.2% +3.7%
5.2 5.0 16.3 PAT margin %
-935 bps -795 bps
3.1% 11.1% 12.5% EPS (₹)
-70.3% +3.7%
1.11 1.07 3.74
Quality of profit
Pre-tax profit ₹7.2 Cr: core business ₹5.8 Cr, other income ₹1.4 Cr.
Core profit YoY: -71.6%
· reported profit -68.2%
Cash & debt
FY25 cash from operations −₹131 Cr:
-232% of FY25 net profit of ₹56.5 Cr.
Borrowings ₹135 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹144 ₹166
+15.7% above Net profit ₹11.4 ₹5.2
-54.6% below
M Cap ₹290 Cr
P/E 32.3
PEG 1.47
Operating margin contracted 545 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+50.8% +21.7%
38.1 31.3 25.3 Operating profit
-1.5% +74.2%
3.9 2.2 4.0 OPM %
-545 bps +309 bps
10.3% 7.2% 15.7% Other income
-26.0% +56.4%
0.2 0.1 0.3 Net profit
+3.9% +144.5%
2.2 0.9 2.1 PAT margin %
-260 bps +290 bps
5.8% 2.9% 8.4% EPS (₹)
+3.8% +139.1%
0.55 0.23 0.53
Quality of profit
Pre-tax profit ₹2.9 Cr: core business ₹2.7 Cr, other income ₹0.2 Cr.
Core profit YoY: +0.7%
· reported profit +3.9%
Cash & debt
FY25 cash from operations ₹10.0 Cr:
158% of FY25 net profit of ₹6.3 Cr.
Borrowings ₹18.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹34.2 ₹38.1
+11.5% above Net profit ₹2.3 ₹2.2
-2.6% in line
M Cap ₹290 Cr
P/E 14.3
PEG 0.13
Profit -27% below its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-5.1% +1.5%
90.7 89.3 95.5 Operating profit
-1.8% +3.1%
12.7 12.3 12.9 OPM %
+46 bps +21 bps
14.0% 13.8% 13.5% Other income
+95.1% +247.3%
0.1 0.0 0.1 Net profit?
+4.9% +3.8%
4.6 4.4 4.4 PAT margin %
+48 bps +11 bps
5.1% 5.0% 4.6% EPS (₹)
+1.6% +3.9%
3.71 3.57 3.65
Quality of profit
Pre-tax profit ₹6.2 Cr: core business ₹6.1 Cr, other income ₹0.1 Cr.
Core profit YoY: +4.0%
· reported profit +4.9%
Cash & debt
FY25 cash from operations ₹28.0 Cr:
187% of FY25 net profit of ₹15.0 Cr.
Borrowings ₹96.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹113 ₹90.7
-20.0% below Net profit ₹6.3 ₹4.6
-27.0% below
Into loss: a profit a year ago Profit -131% below its own trend Operating margin contracted 2875 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-12.7% -14.3%
41.4 48.4 47.4 Operating profit
to loss to loss -1.1 9.4 12.4 OPM %
-2875 bps -2209 bps
-2.6% 19.5% 26.2% Other income
-60.3% —
0.3 0.0 0.7 Net profit
to loss to loss -2.2 5.2 7.5 PAT margin %
-2107 bps -1605 bps
-5.3% 10.7% 15.7% EPS (₹)
to loss to loss -0.89 2.09 3.01
Quality of profit
Pre-tax profit −₹3.8 Cr: core business −₹3.3 Cr, other income ₹0.3 Cr, exceptional & other items −₹0.7 Cr.
Core profit YoY: to loss
Cash & debt
FY25 cash from operations −₹12.0 Cr:
-108% of FY25 net profit of ₹11.1 Cr.
Borrowings ₹17.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹54.7 ₹41.4
-24.2% below Net profit ₹7.1 −₹2.2
-131.2% below
M Cap ₹288 Cr
P/E 18.9
PEG —
Profit -29% below its own trend Operating margin contracted 104 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+1.5% +0.4%
91.7 91.4 90.4 Operating profit
-11.9% -3.4%
6.3 6.5 7.2 OPM %
-104 bps -27 bps
6.9% 7.1% 7.9% Other income
-84.1% -73.9%
0.2 0.9 1.5 Net profit
-54.5% -37.5%
2.2 3.6 5.0 PAT margin %
-302 bps -149 bps
2.5% 3.9% 5.5% EPS (₹)
-54.6% -37.5%
2.12 3.39 4.67
Quality of profit
Pre-tax profit ₹4.0 Cr: core business ₹3.8 Cr, other income ₹0.2 Cr.
Core profit YoY: -26.6%
· reported profit -54.5%
Cash & debt
FY25 cash from operations ₹12.0 Cr:
53% of FY25 net profit of ₹22.8 Cr.
Borrowings ₹12.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹86.6 ₹91.7
+5.9% above Net profit ₹3.2 ₹2.2
-29.0% below
Into loss: a profit a year ago Profit -104% below its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+949.5% +40.3%
17.0 12.1 1.6 Operating profit
from loss from loss 6.0 -16.4 -7.4 OPM %
— —
35.3% — — Other income
+72.6% +72.2%
7.0 4.1 4.1 Net profit?
to loss loss narrowed -0.8 -20.8 9.2 PAT margin %
— —
-4.7% — — EPS (₹)
to loss loss narrowed -0.10 -2.55 1.13
Quality of profit
Pre-tax profit −₹1.1 Cr: core business −₹8.0 Cr, other income ₹7.0 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations ₹54.7 Cr:
182% of FY25 net profit of ₹30.1 Cr.
Borrowings ₹314 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1.0 ₹17.0
+999.0% above Net profit ₹17.8 −₹0.8
-104.5% below
M Cap ₹284 Cr
P/E 16.4
PEG —
Operating margin expanded 727 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-28.9% +0.0%
45.1 45.1 63.4 Operating profit
+42.6% +0.0%
6.5 6.5 4.6 OPM %
+727 bps +0 bps
14.5% 14.5% 7.2% Other income
-2.5% +0.0%
0.5 0.5 0.5 Net profit?
+51.8% +0.0%
3.5 3.5 2.3 PAT margin %
+411 bps +0 bps
7.7% 7.7% 3.6% EPS (₹)
+50.6% +0.0%
2.41 2.41 1.60
Quality of profit
Pre-tax profit ₹4.7 Cr: core business ₹4.2 Cr, other income ₹0.5 Cr.
Core profit YoY: +68.6%
· reported profit +51.8%
Cash & debt
FY25 cash from operations −₹39.0 Cr.
Borrowings ₹75.0 Cr at Mar 2025.
M Cap ₹281 Cr
P/E 10.5
PEG —
Profit -20% below its own trend 51% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -29%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+21.3% +7.7%
38.8 36.0 31.9 Operating profit
+24.2% +13.2%
13.6 12.0 10.9 OPM %
+82 bps +171 bps
35.0% 33.3% 34.2% Other income
+800.0% +2.6%
4.7 4.6 0.5 Net profit
+59.1% +21.2%
7.1 5.8 4.5 PAT margin %
+434 bps +204 bps
18.3% 16.2% 13.9% EPS (₹)
+66.9% +21.0%
4.09 3.38 2.45
Quality of profit
Pre-tax profit ₹9.1 Cr: core business ₹4.4 Cr, other income ₹4.7 Cr.
Core profit YoY: -29.4%
· reported profit +59.1%
Cash & debt
FY25 cash from operations ₹54.0 Cr:
332% of FY25 net profit of ₹16.3 Cr.
Borrowings ₹154 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹34.6 ₹38.8
+12.1% above Net profit ₹8.9 ₹7.1
-20.4% below
M Cap ₹280 Cr
P/E 72.2
PEG —
Turnaround: profit against a loss a year ago Operating margin expanded 667 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-60.8% +41.3%
89.4 63.3 228 Operating profit
from loss —
4.9 0.4 -2.8 OPM %
+667 bps +476 bps
5.5% 0.7% -1.2% Other income
-76.1% -5.0%
0.2 0.2 1.0 Net profit
from loss —
2.6 0.0 -1.2 PAT margin %
+344 bps +285 bps
2.9% 0.1% -0.5% EPS (₹)
from loss —
adj. 0.060.00 -0.03
EPS restated for the 1:10 bonus of Feb 2026: Dec 2025 ₹0.07 to ₹0.06.
Quality of profit
Pre-tax profit ₹4.3 Cr: core business ₹4.0 Cr, other income ₹0.2 Cr.
Core profit YoY: from loss
Cash & debt
FY25 cash from operations ₹45.0 Cr:
4131% of FY25 net profit of ₹1.1 Cr.
Borrowings ₹1.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹170 ₹89.4
-47.4% below
M Cap ₹280 Cr
P/E 11.3
PEG 0.12
Profit +60% above its own trend Operating margin expanded 454 bps YoY Core business grew faster than reported profit (core profit +343%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+147.5% -17.2%
59.1 71.4 23.9 Operating profit
+240.7% +1.6%
9.8 9.7 2.9 OPM %
+454 bps +307 bps
16.6% 13.5% 12.1% Other income
-9.8% +2.3%
1.0 1.0 1.1 Net profit?
+192.2% -2.9%
6.4 6.6 2.2 PAT margin %
+165 bps +158 bps
10.8% 9.2% 9.1% EPS (₹)
+192.5% -3.0%
5.09 5.25 1.74
Quality of profit
Pre-tax profit ₹8.6 Cr: core business ₹7.7 Cr, other income ₹1.0 Cr.
Core profit YoY: +343.4%
· reported profit +192.2%
Cash & debt
FY25 cash from operations ₹7.0 Cr:
77% of FY25 net profit of ₹9.1 Cr.
Borrowings ₹20.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹33.1 ₹59.1
+78.9% above Net profit ₹4.0 ₹6.4
+59.7% above
M Cap ₹275 Cr
P/E 28.8
PEG 0.61
Profit -49% below its own trend Exceptional items of ₹2.0 Cr in the quarter Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+14.8% +88.5%
93.5 49.6 81.5 Operating profit
+8.3% +674.8%
10.5 1.4 9.7 OPM %
-67 bps +847 bps
11.2% 2.7% 11.9% Other income
— +113.4%
1.8 0.8 0.1 Net profit
+2.2% —
6.5 0.4 6.3 PAT margin %
-85 bps +608 bps
6.9% 0.9% 7.8% EPS (₹)
+2.2% —
2.32 0.15 2.27
Quality of profit
Pre-tax profit ₹8.7 Cr: core business ₹9.0 Cr, other income ₹1.8 Cr, exceptional & other items −₹2.0 Cr.
Core profit YoY: +7.3%
· reported profit +2.2%
Cash & debt
FY25 cash from operations −₹4.0 Cr:
-55% of FY25 net profit of ₹7.2 Cr.
Borrowings ₹25.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹96.2 ₹93.5
-2.8% in line Net profit ₹12.7 ₹6.5
-48.9% below
M Cap ₹275 Cr
P/E 10.2
PEG 0.31
Profit -30% below its own trend Operating margin expanded 535 bps YoY Core business grew faster than reported profit (core profit +9%) FY25 operating cash flow was only 31% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+13.9% +4.4%
75.4 72.3 66.2 Operating profit
+62.7% +29.0%
13.5 10.4 8.3 OPM %
+535 bps +341 bps
17.8% 14.4% 12.5% Other income
-50.5% -68.3%
0.8 2.5 1.6 Net profit?
-16.2% -14.9%
6.2 7.2 7.4 PAT margin %
-293 bps -185 bps
8.2% 10.0% 11.1% EPS (₹)
-20.0% -15.3%
0.72 0.85 adj. 0.90
EPS restated for the ₹1 to ₹10 consolidation of Jun 2025: Dec 2024 ₹0.09 to ₹0.90.
Quality of profit
Pre-tax profit ₹7.7 Cr: core business ₹6.9 Cr, other income ₹0.8 Cr.
Core profit YoY: +9.0%
· reported profit -16.2%
Cash & debt
FY25 cash from operations ₹8.0 Cr:
31% of FY25 net profit of ₹25.7 Cr.
Borrowings ₹21.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹78.4 ₹75.4
-3.9% in line Net profit ₹8.9 ₹6.2
-30.4% below
M Cap ₹275 Cr
P/E 33.1
PEG 4.14
Profit +15% above its own trend Operating margin expanded 299 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+26.5% +4.3%
23.2 22.2 18.3 Operating profit
+47.7% +17.2%
4.8 4.1 3.3 OPM %
+299 bps +229 bps
20.8% 18.5% 17.8% Other income
-4.5% -16.5%
0.0 0.1 0.0 Net profit
+12.4% +45.0%
2.0 1.4 1.8 PAT margin %
-110 bps +245 bps
8.7% 6.3% 9.8% EPS (₹)
+12.8% +44.8%
0.97 0.67 adj. 0.86
EPS restated for the 1:1 bonus of Aug 2025: Dec 2024 ₹1.72 to ₹0.86.
Quality of profit
Pre-tax profit ₹3.2 Cr: core business ₹3.2 Cr, other income ₹0.0 Cr.
Core profit YoY: +30.0%
· reported profit +12.4%
Cash & debt
FY25 cash from operations ₹8.6 Cr:
105% of FY25 net profit of ₹8.2 Cr.
Borrowings ₹31.9 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹22.6 ₹23.2
+2.5% in line Net profit ₹1.8 ₹2.0
+15.3% above
M Cap ₹274 Cr
P/E 465.0
PEG —
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
+38.8%
24.8 17.8 Operating profit
-69.0%
1.4 4.5 OPM %
-1968 bps
5.7% 25.3% Other income
-82.6%
0.4 2.4 Net profit?
to loss -1.5 3.0 PAT margin %
-2268 bps
-6.0% 16.7% EPS (₹)
to loss -0.89 1.80
Quality of profit
Pre-tax profit −₹0.1 Cr: core business −₹0.5 Cr, other income ₹0.4 Cr.
Cash & debt
FY25 cash from operations ₹6.0 Cr.
Borrowings ₹29.0 Cr at Mar 2025.
Into loss: a profit a year ago Profit -107% below its own trend Operating margin contracted 999 bps YoY FY25 operating cash flow was only 1% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-9.1% -16.2%
30.7 36.7 33.8 Operating profit
-68.2% from loss 1.6 -2.5 5.2 OPM %
-999 bps +1230 bps
5.4% -6.9% 15.4% Other income
+39.8% +6.1%
1.2 1.1 0.8 Net profit?
to loss loss narrowed -0.1 -3.2 2.7 PAT margin %
-848 bps +828 bps
-0.5% -8.8% 8.0% EPS (₹)
-100.0% loss narrowed 0.00 -0.94 0.76
Quality of profit
Pre-tax profit −₹0.2 Cr: core business −₹1.3 Cr, other income ₹1.2 Cr.
Core profit YoY: to loss
Cash & debt
FY25 cash from operations ₹2.0 Cr:
1% of FY25 net profit of ₹151 Cr.
Borrowings ₹39.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹32.6 ₹30.7
-5.7% below Net profit ₹2.1 −₹0.1
-107.3% below
M Cap ₹274 Cr
P/E 36.3
PEG 0.89
Profit -16% below its own trend Operating margin expanded 102 bps YoY 43% of pre-tax profit came from other income and one-off items Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+3.1% +1.8%
75.0 73.7 72.8 Operating profit
+30.1% +12.6%
3.7 3.3 2.8 OPM %
+102 bps +47 bps
4.9% 4.4% 3.9% Other income
+245.3% +315.9%
1.8 0.4 0.5 Net profit
+45.3% +78.7%
3.1 1.7 2.1 PAT margin %
+120 bps +178 bps
4.1% 2.4% 2.9% EPS (₹)
+45.6% +77.9%
2.17 1.22 1.49
Quality of profit
Pre-tax profit ₹4.2 Cr: core business ₹2.4 Cr, other income ₹1.8 Cr.
Core profit YoY: +31.3%
· reported profit +45.3%
Cash & debt
FY25 cash from operations −₹1.0 Cr:
-15% of FY25 net profit of ₹6.7 Cr.
Borrowings ₹33.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹95.1 ₹75.0
-21.1% below Net profit ₹3.7 ₹3.1
-16.3% below
M Cap ₹273 Cr
P/E 66.7
PEG —
Profit -75% below its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-10.5% +3.1%
71.1 69.0 79.4 Operating profit
-1.8% +6.4%
6.8 6.4 6.9 OPM %
+84 bps +29 bps
9.5% 9.2% 8.7% Other income
+31.2% -18.7%
0.2 0.2 0.1 Net profit?
-49.4% -47.7%
0.6 1.2 1.2 PAT margin %
-68 bps -86 bps
0.9% 1.7% 1.6% EPS (₹)
-66.7% -66.7%
0.01 0.03 0.03
Quality of profit
Pre-tax profit ₹0.9 Cr: core business ₹0.7 Cr, other income ₹0.2 Cr.
Core profit YoY: -51.8%
· reported profit -49.4%
Cash & debt
FY25 cash from operations ₹23.0 Cr.
Borrowings ₹92.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹90.3 ₹71.1
-21.3% below Net profit ₹2.5 ₹0.6
-74.7% below
All of pre-tax profit came from other income or one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-64.1% -80.5%
0.8 4.0 2.2 Operating profit
loss narrowed loss narrowed -2.0 -2.2 -3.9 Other income
from loss +354.5%
7.0 1.5 -5.8 Net profit?
loss narrowed loss narrowed -2.7 -8.1 -11.6 EPS (₹)
loss narrowed loss narrowed -0.14 -0.42 -0.60
Quality of profit
Pre-tax profit ₹2.5 Cr: core business −₹4.5 Cr, other income ₹7.0 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations −₹20.0 Cr.
Borrowings ₹122 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1.1 ₹0.8
-28.1% below
Operating margin contracted 3513 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+9.3% +6.4%
100 94.0 91.5 Operating profit
to loss to loss -24.0 2.0 10.2 OPM %
-3513 bps -2613 bps
-24.0% 2.1% 11.1% Other income
from loss +66.7%
5.0 3.0 -1.6 Net profit?
loss widened loss widened -29.0 -6.0 -3.5 PAT margin %
-2518 bps -2262 bps
-29.0% -6.4% -3.8% EPS (₹)
loss widened loss widened -18.94 -0.25 -0.70
Quality of profit
Pre-tax profit −₹35.0 Cr: core business −₹40.0 Cr, other income ₹5.0 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations −₹8.0 Cr.
Borrowings ₹270 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹87.7 ₹100
+14.0% above
M Cap ₹271 Cr
P/E 10.8
PEG 0.04
Profit -24% below its own trend Operating margin contracted 103 bps YoY 39% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +38%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+43.3% +1.3%
75.0 74.0 52.3 Operating profit
+29.0% -14.0%
7.0 8.1 5.4 OPM %
-103 bps -165 bps
9.3% 10.9% 10.3% Other income
-5.2% -6.3%
3.5 3.7 3.7 Net profit?
-5.3% -23.5%
4.7 6.1 4.9 PAT margin %
-319 bps -201 bps
6.2% 8.2% 9.4% EPS (₹)
-7.7% -20.0%
0.12 0.15 0.13
Quality of profit
Pre-tax profit ₹9.0 Cr: core business ₹5.5 Cr, other income ₹3.5 Cr.
Core profit YoY: +37.6%
· reported profit -5.3%
Cash & debt
FY25 cash from operations ₹60.0 Cr:
293% of FY25 net profit of ₹20.5 Cr.
Borrowings ₹26.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹88.6 ₹75.0
-15.3% below Net profit ₹6.2 ₹4.7
-24.4% below
M Cap ₹270 Cr
P/E 19.4
PEG 0.43
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+11.5% -2.9%
238 244 213 Operating profit
+6.9% -17.8%
18.3 22.2 17.1 OPM %
-33 bps -140 bps
7.7% 9.1% 8.0% Other income
-84.2% -70.0%
0.0 0.1 0.2 Net profit?
+433.3% -24.6%
2.9 3.8 0.5 PAT margin %
+96 bps -35 bps
1.2% 1.6% 0.3% EPS (₹)
+450.0% -26.7%
0.11 0.15 0.02
Quality of profit
Pre-tax profit ₹1.5 Cr: core business ₹1.4 Cr, other income ₹0.0 Cr.
Core profit YoY: —
· reported profit +433.3%
Cash & debt
FY25 cash from operations ₹41.0 Cr:
1399% of FY25 net profit of ₹2.9 Cr.
Borrowings ₹443 Cr at Sep 2025, against ₹426 Cr at Mar 2025 (+4% ).
Against its own trend ?
Trend Actual Gap
Sales ₹261 ₹238
-9.0% below
Turnaround: profit against a loss a year ago Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
from loss from loss 11.0 -1.0 -4.0 Operating profit
from loss from loss 8.0 -4.0 -7.0 OPM %
— —
72.7% — — Other income
— —
0.0 0.0 0.0 Net profit
from loss from loss 6.0 -3.0 -5.0 PAT margin %
— —
54.5% — — EPS (₹)
from loss from loss 2.50 -1.53 -2.36
Quality of profit
Pre-tax profit ₹7.0 Cr: core business ₹8.0 Cr, other income ₹0.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: from loss
Cash & debt
FY25 cash from operations −₹138 Cr:
-3450% of FY25 net profit of ₹4.0 Cr.
Borrowings ₹2.0 Cr at Mar 2025.
M Cap ₹267 Cr
P/E 22.6
PEG —
Profit -13% below its own trend Operating margin contracted 316 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+35.2% -14.3%
27.6 32.2 20.4 Operating profit
+15.1% -0.6%
5.0 5.0 4.3 OPM %
-316 bps +249 bps
18.1% 15.7% 21.3% Other income
+30.2% -67.5%
0.1 0.2 0.1 Net profit?
+6.8% -5.2%
1.9 2.0 1.8 PAT margin %
-186 bps +67 bps
7.0% 6.3% 8.9% EPS (₹)
+0.0% -9.7%
0.56 0.62 0.56
Quality of profit
Pre-tax profit ₹2.4 Cr: core business ₹2.4 Cr, other income ₹0.1 Cr.
Core profit YoY: +18.7%
· reported profit +6.8%
Cash & debt
FY25 cash from operations −₹13.0 Cr.
Borrowings ₹22.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹27.6 ₹27.6
+0.1% in line Net profit ₹2.2 ₹1.9
-12.9% 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, 10:56 IST
