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.
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 ₹266 Cr
P/E 11.2
PEG —
Operating margin contracted 376 bps YoY 28% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-20.7% -30.7%
144 208 182 Operating profit
-63.0% -81.2%
4.7 25.2 12.8 OPM %
-376 bps -882 bps
3.3% 12.1% 7.0% Other income
-19.7% +97.7%
1.2 0.6 1.5 Net profit
-59.3% -69.5%
3.2 10.5 7.9 PAT margin %
-210 bps -282 bps
2.2% 5.0% 4.3% EPS (₹)
-59.3% -69.4%
0.81 2.65 1.99
Quality of profit
Pre-tax profit ₹4.2 Cr: core business ₹3.0 Cr, other income ₹1.2 Cr.
Core profit YoY: -65.9%
· reported profit -59.3%
M Cap ₹266 Cr
P/E 74.2
PEG 2.06
Into loss: a profit a year ago Profit -209% below its own trend Operating margin contracted 198 bps YoY FY25 operating cash flow was only 0% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-4.7% +7.9%
84.2 78.0 88.3 Operating profit
-66.3% from loss 0.9 -2.1 2.7 OPM %
-198 bps +382 bps
1.1% -2.7% 3.1% Other income
-67.8% -78.6%
0.3 1.5 1.0 Net profit
to loss loss narrowed -1.2 -3.1 0.9 PAT margin %
-248 bps +253 bps
-1.5% -4.0% 1.0% EPS (₹)
to loss loss narrowed -3.16 -7.94 2.26
Quality of profit
Pre-tax profit −₹1.2 Cr: core business −₹1.2 Cr, other income ₹0.3 Cr.
Core profit YoY: to loss
Cash & debt
FY25 cash from operations ₹0.0 Cr:
0% of FY25 net profit of ₹5.2 Cr.
Borrowings ₹56.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹94.1 ₹84.2
-10.5% below Net profit ₹1.1 −₹1.2
-209.2% below
Operating margin expanded 218 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-23.9% -28.2%
80.1 112 105 Operating profit
loss narrowed to loss -1.4 8.9 -4.2 OPM %
+218 bps -975 bps
-1.8% 8.0% -4.0% Other income
-83.2% -79.8%
0.2 0.8 1.0 Net profit?
loss narrowed loss widened -19.6 -4.9 -20.7 PAT margin %
-489 bps -2013 bps
-24.5% -4.4% -19.6% EPS (₹)
loss narrowed loss widened -6.66 -1.67 -7.00
Quality of profit
Pre-tax profit −₹20.7 Cr: core business −₹20.9 Cr, other income ₹0.2 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations ₹10.0 Cr.
Borrowings ₹463 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹110 ₹80.1
-27.0% below
Turnaround: profit against a loss a year ago Operating margin expanded 4277 bps YoY 41% 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
+41.2% +66.2%
17.6 10.6 12.4 Operating profit
from loss from loss 3.7 -3.6 -2.7 OPM %
+4277 bps +5533 bps
20.8% -34.5% -21.9% Other income
+451.0% —
1.5 0.1 0.3 Net profit
from loss from loss 0.4 -5.1 -3.6 PAT margin %
+3149 bps +5075 bps
2.3% -48.4% -29.2% EPS (₹)
from loss from loss 1.32 -16.53 -11.72
Quality of profit
Pre-tax profit ₹3.6 Cr: core business ₹2.2 Cr, other income ₹1.5 Cr.
Core profit YoY: from loss
Cash & debt
FY25 cash from operations −₹4.6 Cr:
-1895% of FY25 net profit of ₹0.2 Cr.
Borrowings ₹46.3 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹9.7 ₹17.6
+81.2% above
M Cap ₹261 Cr
P/E 5.4
PEG 0.17
Profit -19% below its own trend Operating margin expanded 236 bps YoY 44% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+1.1% -3.4%
169 175 167 Operating profit
+23.6% +20.2%
22.0 18.3 17.8 OPM %
+236 bps +255 bps
13.0% 10.5% 10.6% Other income
+388.6% +84.4%
6.8 3.7 1.4 Net profit
+62.9% +96.8%
20.6 10.5 12.6 PAT margin %
+462 bps +620 bps
12.2% 6.0% 7.6% EPS (₹)
+63.5% +96.5%
2.24 1.14 1.37
Quality of profit
Pre-tax profit ₹27.8 Cr: core business ₹15.6 Cr, other income ₹6.8 Cr, exceptional & other items ₹5.3 Cr.
Core profit YoY: +58.0%
· reported profit +62.9%
Cash & debt
FY25 cash from operations ₹31.0 Cr:
87% of FY25 net profit of ₹35.5 Cr.
Borrowings ₹282 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹205 ₹169
-17.4% below Net profit ₹25.3 ₹20.6
-18.6% below
M Cap ₹261 Cr
P/E 43.1
PEG —
Profit +29% above its own trend Operating margin contracted 124 bps YoY Profit grew faster than the core business (core profit +27%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+42.8% -12.9%
16.7 19.2 11.7 Operating profit
+32.8% -29.6%
2.7 3.9 2.1 OPM %
-124 bps -387 bps
16.3% 20.2% 17.6% Other income
— —
0.6 0.0 0.0 Net profit
+60.3% -27.1%
2.1 2.9 1.3 PAT margin %
+136 bps -241 bps
12.4% 14.9% 11.1% EPS (₹)
— -23.7%
0.05 adj. 0.070.77
EPS restated for the ₹10 to ₹1 split of Nov 2025 and the 1:1 bonus of Dec 2025: Sep 2025 ₹1.31 to ₹0.07. No EPS growth against Dec 2024: ₹10 to ₹1 split in Nov 2025 and 1:1 bonus in Dec 2025.
Quality of profit
Pre-tax profit ₹2.9 Cr: core business ₹2.3 Cr, other income ₹0.6 Cr.
Core profit YoY: +26.6%
· reported profit +60.3%
Cash & debt
FY25 cash from operations −₹31.1 Cr:
-1277% of FY25 net profit of ₹2.4 Cr.
Borrowings ₹4.1 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹13.2 ₹16.7
+26.4% above Net profit ₹1.6 ₹2.1
+28.7% above
M Cap ₹260 Cr
P/E 12.8
PEG 0.09
Profit -47% below its own trend Operating margin contracted 1781 bps YoY Core business grew faster than reported profit (core profit +104%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+242.5% +54.1%
26.8 17.4 7.8 Operating profit
+107.4% -4.9%
7.3 7.7 3.5 OPM %
-1781 bps -1697 bps
27.3% 44.3% 45.1% Other income
-71.6% -35.8%
0.6 0.9 2.1 Net profit?
+5.8% -7.1%
5.0 5.3 4.7 PAT margin %
-4136 bps -1218 bps
18.5% 30.7% 59.8% EPS (₹)
+11.0% +16.5%
3.24 2.78 2.92
Quality of profit
Pre-tax profit ₹6.7 Cr: core business ₹6.1 Cr, other income ₹0.6 Cr.
Core profit YoY: +104.4%
· reported profit +5.8%
Cash & debt
FY25 cash from operations ₹30.0 Cr:
259% of FY25 net profit of ₹11.6 Cr.
Borrowings ₹18.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹15.6 ₹26.8
+71.2% above Net profit ₹9.4 ₹5.0
-47.1% below
M Cap ₹258 Cr
P/E 7.1
PEG 7.10
Profit -33% below its own trend Operating margin contracted 1494 bps YoY All of pre-tax profit came from other income or one-off items Exceptional items of ₹2.7 Cr in the quarter FY25 operating cash flow was only 47% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+78.9% +50.4%
66.0 43.8 36.9 Operating profit
-52.4% -41.4%
3.6 6.1 7.5 OPM %
-1494 bps -850 bps
5.4% 13.9% 20.4% Other income
+262.9% -10.3%
1.7 1.9 0.5 Net profit?
-39.6% -41.7%
1.6 2.8 2.7 PAT margin %
-477 bps -385 bps
2.4% 6.3% 7.2% EPS (₹)
-37.3% -40.0%
0.84 1.40 1.34
Quality of profit
Pre-tax profit ₹2.5 Cr: core business −₹1.9 Cr, other income ₹1.7 Cr, exceptional & other items ₹2.7 Cr.
Core profit YoY: to loss
· reported profit -39.6%
Cash & debt
FY25 cash from operations ₹18.0 Cr:
47% of FY25 net profit of ₹38.6 Cr.
Borrowings ₹123 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹43.7 ₹66.0
+50.9% above Net profit ₹2.4 ₹1.6
-33.3% below
M Cap ₹257 Cr
P/E 10.6
PEG 0.89
Core business grew faster than reported profit (core profit +58%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+40.6% -2.6%
113 116 80.7 Operating profit
+37.0% -1.5%
18.3 18.6 13.4 OPM %
-43 bps +18 bps
16.2% 16.0% 16.6% Other income
-50.7% -71.0%
0.2 0.7 0.4 Net profit?
+29.4% -13.3%
5.7 6.6 4.4 PAT margin %
-44 bps -63 bps
5.0% 5.7% 5.5% EPS (₹)
+63.2% -13.9%
0.31 0.36 0.19
Quality of profit
Pre-tax profit ₹8.0 Cr: core business ₹7.8 Cr, other income ₹0.2 Cr.
Core profit YoY: +58.2%
· reported profit +29.4%
Cash & debt
FY25 cash from operations ₹35.0 Cr:
146% of FY25 net profit of ₹23.9 Cr.
Borrowings ₹169 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹102 ₹113
+11.5% above Net profit ₹5.5 ₹5.7
+4.7% in line
M Cap ₹257 Cr
P/E 26.2
PEG 0.46
Turnaround: profit against a loss a year ago 87% 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
— —
28.0 0.0 0.6 Operating profit
from loss from loss 0.3 -3.1 -1.9 OPM %
— —
1.0% — — Other income
+61.0% -63.2%
0.9 2.6 0.6 Net profit
from loss from loss 1.9 -0.6 -0.3 PAT margin %
+6455 bps —
6.9% — -57.6% EPS (₹)
from loss from loss 0.59 -0.19 -0.10
Quality of profit
Pre-tax profit ₹1.9 Cr: core business ₹0.3 Cr, other income ₹0.9 Cr, exceptional & other items ₹0.7 Cr.
Core profit YoY: from loss
Cash & debt
FY25 cash from operations −₹6.0 Cr:
-9% of FY25 net profit of ₹69.3 Cr.
Borrowings ₹2.9 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹0.9 ₹28.0
+999.0% above
M Cap ₹257 Cr
P/E 17.5
PEG —
Turnaround: profit against a loss a year ago Operating margin contracted 2369 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+404.0% +3.9%
62.9 60.5 12.5 Operating profit
+9.8% +3.2%
4.2 4.0 3.8 OPM %
-2369 bps -4 bps
6.6% 6.6% 30.3% Other income
to loss to loss -0.2 0.1 0.2 Net profit?
from loss -58.5%
1.6 3.8 -0.9 PAT margin %
+961 bps -380 bps
2.5% 6.3% -7.1% EPS (₹)
-50.8% -58.4%
1.19 2.86 2.42
Quality of profit
Pre-tax profit ₹3.0 Cr: core business ₹3.2 Cr, other income −₹0.2 Cr.
Core profit YoY: +9.9%
Cash & debt
FY25 cash from operations ₹19.0 Cr:
113% of FY25 net profit of ₹16.7 Cr.
Borrowings ₹3.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹6.2 ₹62.9
+907.9% above
M Cap ₹257 Cr
P/E 13.5
PEG —
25% of pre-tax profit came from other income and one-off items
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
-17.6%
139 169 Operating profit
-32.0%
7.6 11.1 OPM %
-115 bps
5.4% 6.6% Other income
-3.1%
2.0 2.0 Net profit
-31.1%
5.9 8.6 PAT margin %
-84 bps
4.3% 5.1% EPS (₹)
-29.3%
0.58 0.82
Quality of profit
Pre-tax profit ₹7.8 Cr: core business ₹5.9 Cr, other income ₹2.0 Cr.
M Cap ₹256 Cr
P/E 57.5
PEG —
Profit -95% below its own trend Operating margin contracted 652 bps YoY All of pre-tax profit came from other income or one-off items FY25 operating cash flow was only 12% of profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+6.9% +19.8%
380 317 355 Operating profit
-85.8% -81.1%
3.8 20.0 26.7 OPM %
-652 bps -531 bps
1.0% 6.3% 7.5% Other income
-40.6% -15.7%
3.4 4.0 5.7 Net profit?
-96.4% -95.2%
0.7 14.0 18.9 PAT margin %
-514 bps -424 bps
0.2% 4.4% 5.3% EPS (₹)
-97.4% -95.3%
0.13 2.79 4.95
Quality of profit
Pre-tax profit ₹1.9 Cr: core business −₹1.5 Cr, other income ₹3.4 Cr.
Core profit YoY: to loss
· reported profit -96.4%
Cash & debt
FY25 cash from operations ₹8.0 Cr:
12% of FY25 net profit of ₹65.3 Cr.
Borrowings ₹44.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹330 ₹380
+15.1% above Net profit ₹14.8 ₹0.7
-95.5% below
M Cap ₹254 Cr
P/E 10.4
PEG 1.48
Profit +96% above its own trend Operating margin expanded 355 bps YoY Core business grew faster than reported profit (core profit +118%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+24.4% +6.1%
94.2 88.8 75.7 Operating profit
+89.0% +17.2%
9.8 8.4 5.2 OPM %
+355 bps +98 bps
10.4% 9.4% 6.9% Other income
-61.9% -35.0%
0.6 0.8 1.4 Net profit?
+72.6% +3.2%
6.3 6.1 3.6 PAT margin %
+186 bps -19 bps
6.7% 6.8% 4.8% EPS (₹)
+76.0% +8.5%
3.45 3.18 1.96
Quality of profit
Pre-tax profit ₹8.8 Cr: core business ₹8.2 Cr, other income ₹0.6 Cr.
Core profit YoY: +118.2%
· reported profit +72.6%
Cash & debt
FY25 cash from operations ₹15.0 Cr:
69% of FY25 net profit of ₹21.8 Cr.
Borrowings ₹23.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹82.6 ₹94.2
+14.0% above Net profit ₹3.2 ₹6.3
+96.0% above
M Cap ₹254 Cr
P/E 23.7
PEG —
Profit +333% above its own trend Operating margin expanded 248 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+33.9% -11.0%
66.5 74.7 49.6 Operating profit
+139.7% +70.0%
3.7 2.2 1.6 OPM %
+248 bps +268 bps
5.6% 2.9% 3.1% Other income
-78.3% -60.0%
0.0 0.1 0.1 Net profit
+765.4% +246.2%
1.8 0.5 0.2 PAT margin %
+229 bps +201 bps
2.7% 0.7% 0.4% EPS (₹)
+720.0% +241.7%
0.41 0.12 0.05
Quality of profit
Pre-tax profit ₹2.4 Cr: core business ₹2.4 Cr, other income ₹0.0 Cr.
Core profit YoY: +504.1%
· reported profit +765.4%
Cash & debt
FY25 cash from operations ₹11.0 Cr:
382% of FY25 net profit of ₹2.9 Cr.
Borrowings ₹25.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹69.0 ₹66.5
-3.7% in line Net profit ₹0.4 ₹1.8
+332.7% above
M Cap ₹254 Cr
P/E 36.9
PEG 0.95
91% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-23.1% -65.4%
73.5 213 95.5 Operating profit
+13.3% -84.8%
2.0 13.3 1.8 OPM %
+89 bps -351 bps
2.8% 6.3% 1.9% Other income
+135.2% +8.1%
2.4 2.3 1.0 Net profit?
+718.9% -76.0%
2.0 8.5 0.2 PAT margin %
+252 bps -123 bps
2.8% 4.0% 0.3% EPS (₹)
+720.0% -76.7%
adj. 0.16adj. 0.700.02
EPS restated for the ₹10 to ₹2 split of May 2026: Dec 2025 ₹0.82 to ₹0.16; Sep 2025 ₹3.52 to ₹0.70.
Quality of profit
Pre-tax profit ₹2.7 Cr: core business ₹0.2 Cr, other income ₹2.4 Cr.
Core profit YoY: from loss
· reported profit +718.9%
Cash & debt
FY25 cash from operations −₹12.0 Cr.
Borrowings ₹103 Cr at Mar 2025.
M Cap ₹254 Cr
P/E 10.4
PEG 0.37
Profit +23% above its own trend
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Total income
+65.0% -2.9%
15.7 16.1 9.5 Net interest income
— +13.9%
4.3 3.7 — Other income
— -18.0%
5.5 6.7 — Net profit?
+106.1% +1.6%
7.5 7.4 3.6 EPS (₹)
+106.3% +1.6%
7.55 7.43 3.66
Against its own trend ?
Trend Actual Gap
Net profit ₹6.1 ₹7.5
+23.0% above
M Cap ₹253 Cr
P/E 21.4
PEG 0.30
Profit +211% above its own trend Operating margin expanded 1445 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+23.5% +25.9%
47.3 37.6 38.3 Operating profit
+276.7% +186.5%
10.2 3.5 2.7 OPM %
+1445 bps +1205 bps
21.5% 9.4% 7.0% Other income
— from loss 0.2 -0.0 0.0 Net profit?
+352.3% +304.7%
6.9 1.7 1.5 PAT margin %
+1063 bps +1008 bps
14.6% 4.6% 4.0% EPS (₹)
+160.0% +143.8%
0.39 0.16 0.15
Quality of profit
Pre-tax profit ₹9.1 Cr: core business ₹8.9 Cr, other income ₹0.2 Cr.
Core profit YoY: +332.5%
· reported profit +352.3%
Cash & debt
FY25 cash from operations ₹10.0 Cr:
170% of FY25 net profit of ₹5.9 Cr.
Borrowings ₹25.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹32.3 ₹47.3
+46.4% above Net profit ₹2.2 ₹6.9
+211.2% above
M Cap ₹251 Cr
P/E 43.5
PEG —
Into loss: a profit a year ago Profit -140% below its own trend Operating margin contracted 6211 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-21.0% -6.1%
6.7 7.2 8.5 Operating profit
loss widened to loss -4.6 1.1 -0.6 OPM %
-6211 bps -8400 bps
-68.8% 15.2% -6.7% Other income
-64.8% -52.5%
1.8 3.9 5.2 Net profit?
to loss to loss -2.9 3.5 3.7 PAT margin %
-8696 bps -9277 bps
-43.5% 49.2% 43.4% EPS (₹)
to loss to loss -0.06 0.09 0.10
Quality of profit
Pre-tax profit −₹2.8 Cr: core business −₹4.7 Cr, other income ₹1.8 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations −₹8.9 Cr:
-62% of FY25 net profit of ₹14.2 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹5.3 ₹6.7
+28.0% above Net profit ₹7.4 −₹2.9
-139.6% below
M Cap ₹247 Cr
P/E 0.8
PEG 0.03
Profit -100% below its own trend Operating margin contracted 3520 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
-32.8% -18.0%
50.6 61.7 75.3 Operating profit
-99.6% -99.0%
0.1 10.8 26.7 OPM %
-3520 bps -1722 bps
0.2% 17.4% 35.4% Other income
-29.1% +30.2%
2.2 1.7 3.2 Net profit
-99.4% -97.7%
0.1 6.5 24.1 PAT margin %
-3163 bps -1017 bps
0.3% 10.5% 31.9% EPS (₹)
-100.0% -100.0%
0.00 0.14 0.55
Quality of profit
Pre-tax profit ₹0.1 Cr: core business −₹2.1 Cr, other income ₹2.2 Cr.
Core profit YoY: to loss
· reported profit -99.4%
Cash & debt
FY25 cash from operations −₹98.0 Cr:
-656% of FY25 net profit of ₹14.9 Cr.
Borrowings ₹50.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹77.6 ₹50.6
-34.8% below Net profit ₹48.1 ₹0.1
-99.7% below
Operating margin contracted 389 bps YoY Exceptional items of ₹-5.3 Cr in the quarter
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+70.8% -26.7%
120 164 70.5 Operating profit
loss widened to loss -6.7 23.7 -1.2 OPM %
-389 bps -1998 bps
-5.6% 14.4% -1.7% Other income
+183.9% +8.1%
5.3 4.9 1.9 Net profit?
loss widened to loss -17.2 5.2 -3.1 PAT margin %
-982 bps -1740 bps
-14.2% 3.2% -4.4% EPS (₹)
loss widened to loss -3.08 0.97 -0.58
Quality of profit
Pre-tax profit −₹20.2 Cr: core business −₹30.2 Cr, other income ₹5.3 Cr, exceptional & other items ₹4.7 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations ₹16.0 Cr.
Borrowings ₹264 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹102 ₹120
+18.4% above
M Cap ₹246 Cr
P/E 7.8
PEG 7.81
Profit +156% above its own trend Operating margin expanded 204 bps YoY Core business grew faster than reported profit (core profit +248%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+12.1% -1.3%
145 147 129 Operating profit
+70.3% +6.8%
8.7 8.1 5.1 OPM %
+204 bps +45 bps
6.0% 5.5% 3.9% Other income
-27.9% -15.7%
0.8 0.9 1.0 Net profit
+145.0% +15.7%
4.6 4.0 1.9 PAT margin %
+173 bps +47 bps
3.2% 2.7% 1.5% EPS (₹)
+144.8% +15.8%
4.48 3.87 1.83
Quality of profit
Pre-tax profit ₹6.2 Cr: core business ₹5.4 Cr, other income ₹0.8 Cr.
Core profit YoY: +248.1%
· reported profit +145.0%
Cash & debt
FY25 cash from operations −₹2.0 Cr:
-18% of FY25 net profit of ₹11.3 Cr.
Borrowings ₹104 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹136 ₹145
+6.3% above Net profit ₹1.8 ₹4.6
+156.1% above
M Cap ₹246 Cr
P/E 12.6
PEG —
Core business grew faster than reported profit (core profit +69%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+56.1% -3.1%
75.1 77.5 48.1 Operating profit
+69.9% -5.5%
8.2 8.7 4.8 OPM %
+89 bps -29 bps
10.9% 11.2% 10.0% Other income
-88.5% -85.2%
0.2 1.4 1.7 Net profit?
-1.1% -26.5%
4.1 5.5 4.1 PAT margin %
-314 bps -173 bps
5.4% 7.2% 8.6% EPS (₹)
-22.9% -30.3%
2.02 2.90 2.62
Quality of profit
Pre-tax profit ₹6.2 Cr: core business ₹6.0 Cr, other income ₹0.2 Cr.
Core profit YoY: +68.8%
· reported profit -1.1%
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-2.7% +13.0%
503 445 517 Operating profit
-40.7% from loss 7.0 -3.5 11.8 OPM %
-89 bps +218 bps
1.4% -0.8% 2.3% Other income
-67.4% -73.3%
1.0 3.7 3.1 Net profit?
loss widened loss narrowed -58.0 -63.8 -47.3 PAT margin %
-237 bps +280 bps
-11.5% -14.3% -9.2% EPS (₹)
loss widened loss narrowed -6.47 -7.08 -5.25
Quality of profit
Pre-tax profit −₹58.0 Cr: core business −₹59.0 Cr, other income ₹1.0 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations ₹37.0 Cr.
Borrowings ₹1,571 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹400 ₹503
+25.6% above
M Cap ₹245 Cr
P/E 52.6
PEG 1.95
Operating margin expanded 292 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
+28.9% +15.0%
109 94.7 84.6 Operating profit
loss narrowed to loss -0.5 5.6 -2.8 OPM %
+292 bps -631 bps
-0.4% 5.9% -3.4% Other income
-15.7% +720.4%
3.8 0.5 4.5 Net profit?
loss narrowed loss narrowed -0.6 -1.3 -0.9 PAT margin %
+51 bps +84 bps
-0.6% -1.4% -1.1% EPS (₹)
loss widened loss narrowed -0.04 -0.10 -0.03
Quality of profit
Pre-tax profit ₹0.2 Cr: core business −₹3.6 Cr, other income ₹3.8 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations ₹54.0 Cr:
3186% of FY25 net profit of ₹1.7 Cr.
Borrowings ₹91.0 Cr at Sep 2025, against ₹92.0 Cr at Mar 2025 (-1% ).
Against its own trend ?
Trend Actual Gap
Sales ₹85.4 ₹109
+27.6% above
Into loss: a profit a year ago Profit -999% below its own trend Operating margin contracted 4606 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-56.4% -17.8%
7.6 9.3 17.5 Operating profit
to loss loss narrowed -2.9 -3.9 1.5 OPM %
-4606 bps +439 bps
-37.4% -41.8% 8.6% Other income
-31.6% -13.1%
0.5 0.6 0.8 Net profit?
to loss loss narrowed -3.4 -4.2 0.8 PAT margin %
-4880 bps +12 bps
-44.5% -44.6% 4.3% EPS (₹)
to loss loss narrowed -3.48 -4.24 0.77
Quality of profit
Pre-tax profit −₹3.4 Cr: core business −₹4.0 Cr, other income ₹0.5 Cr.
Core profit YoY: to loss
Cash & debt
FY25 cash from operations −₹5.0 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹9.6 ₹7.6
-20.3% below Net profit ₹0.4 −₹3.4
-999.0% below
M Cap ₹244 Cr
P/E 11.7
PEG —
Profit -48% below its own trend Operating margin contracted 208 bps YoY 50% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +45%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+18.7% +0.4%
113 113 95.3 Operating profit
-2.2% -8.2%
11.0 12.0 11.2 OPM %
-208 bps -91 bps
9.7% 10.6% 11.8% Other income
-46.1% +82.6%
5.3 2.9 9.9 Net profit?
-17.9% +16.3%
8.3 7.1 10.1 PAT margin %
-327 bps +100 bps
7.3% 6.3% 10.6% EPS (₹)
-17.1% +17.7%
0.31 adj. 0.26adj. 0.37
EPS restated for the ₹2 to ₹1 split of Apr 2026 and the 1:2 bonus of Apr 2026: Sep 2025 ₹0.79 to ₹0.26; Dec 2024 ₹1.12 to ₹0.37.
Quality of profit
Pre-tax profit ₹10.7 Cr: core business ₹5.4 Cr, other income ₹5.3 Cr.
Core profit YoY: +45.1%
· reported profit -17.9%
Against its own trend ?
Trend Actual Gap
Sales ₹99.7 ₹113
+13.4% above Net profit ₹15.9 ₹8.3
-47.7% below
M Cap ₹244 Cr
P/E 7.6
PEG 0.13
Profit +92% above its own trend 74% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+64.9% +89.5%
303 160 184 Operating profit
+90.4% +53.7%
17.1 11.1 9.0 OPM %
+76 bps -132 bps
5.7% 7.0% 4.9% Other income
+86.7% -6.0%
5.5 5.8 2.9 Net profit?
+263.6% +93.2%
7.1 3.7 1.9 PAT margin %
+128 bps +4 bps
2.3% 2.3% 1.1% EPS (₹)
+265.5% +92.7%
1.06 0.55 0.29
Quality of profit
Pre-tax profit ₹7.4 Cr: core business ₹1.9 Cr, other income ₹5.5 Cr.
Core profit YoY: from loss
· reported profit +263.6%
Cash & debt
FY25 cash from operations ₹5.0 Cr:
112% of FY25 net profit of ₹4.5 Cr.
Borrowings ₹411 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹251 ₹303
+20.8% above Net profit ₹3.7 ₹7.1
+92.5% above
M Cap ₹243 Cr
P/E 17.9
PEG —
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+78.8% +9.3%
25.3 23.1 14.2 Operating profit
+87.7% +36.5%
4.1 3.0 2.2 OPM %
+77 bps +324 bps
16.2% 13.0% 15.5% Other income
+178.3% -12.3%
0.6 0.7 0.2 Net profit?
+84.4% +18.7%
3.3 2.8 1.8 PAT margin %
+39 bps +103 bps
13.0% 12.0% 12.7% EPS (₹)
+84.6% +18.8%
2.40 2.02 1.30
Quality of profit
Pre-tax profit ₹4.5 Cr: core business ₹3.9 Cr, other income ₹0.6 Cr.
Core profit YoY: +80.4%
· reported profit +84.4%
Cash & debt
FY25 cash from operations ₹9.0 Cr:
96% of FY25 net profit of ₹9.3 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹18.9 ₹25.3
+33.9% above Net profit ₹3.1 ₹3.3
+7.2% in line
M Cap ₹243 Cr
P/E 8.6
PEG 0.24
Operating margin contracted 1934 bps YoY 71% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -67%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+28.4% +52.6%
29.0 19.0 22.6 Operating profit
-46.5% +0.0%
4.0 4.0 7.5 OPM %
-1934 bps -726 bps
13.8% 21.1% 33.1% Other income
+214.2% -33.3%
4.0 6.0 1.3 Net profit?
+3.3% -28.6%
5.0 7.0 4.8 PAT margin %
-420 bps -1960 bps
17.2% 36.8% 21.4% EPS (₹)
-18.5% -16.5%
0.66 0.79 0.81
Quality of profit
Pre-tax profit ₹7.0 Cr: core business ₹2.0 Cr, other income ₹4.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: -67.1%
· reported profit +3.3%
Cash & debt
FY25 cash from operations −₹22.0 Cr:
-100% of FY25 net profit of ₹22.1 Cr.
Borrowings ₹170 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹26.0 ₹29.0
+11.3% above Net profit ₹4.8 ₹5.0
+4.3% in line
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
