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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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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Operating margin contracted 506 bps YoY Core business grew faster than reported profit (core profit +118%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+30.5% -50.6%
7.0 14.1 5.3 Operating profit
-7.5% -25.2%
0.9 1.1 0.9 OPM %
-506 bps +419 bps
12.3% 8.1% 17.4% Other income
to loss loss narrowed -0.3 -2.5 1.1 Net profit
-66.4% from loss 0.5 -1.7 1.5 PAT margin %
-2110 bps +1961 bps
7.3% -12.3% 28.4% EPS (₹)
-65.8% from loss 0.26 -0.87 0.76
Quality of profit
Pre-tax profit ₹0.5 Cr: core business ₹0.8 Cr, other income −₹0.3 Cr.
Core profit YoY: +117.9%
· reported profit -66.4%
Cash & debt
FY25 cash from operations −₹18.8 Cr.
Borrowings ₹59.1 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹10.7 ₹7.0
-34.8% below
M Cap ₹105 Cr
P/E 8.6
PEG 1.07
Operating margin contracted 571 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-27.4% +38.8%
54.8 39.4 75.4 Operating profit
-65.9% from loss 2.8 -3.5 8.1 OPM %
-571 bps +1396 bps
5.1% -8.9% 10.8% Other income
-72.4% +243.9%
0.0 0.0 0.1 Net profit?
-80.7% from loss 1.0 -3.2 5.4 PAT margin %
-523 bps +1000 bps
1.9% -8.1% 7.1% EPS (₹)
-81.4% from loss 0.11 -0.35 0.59
Quality of profit
Pre-tax profit ₹1.4 Cr: core business ₹1.4 Cr, other income ₹0.0 Cr.
Core profit YoY: -80.4%
· reported profit -80.7%
Cash & debt
FY25 cash from operations ₹24.0 Cr:
680% of FY25 net profit of ₹3.5 Cr.
Borrowings ₹42.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹59.5 ₹54.8
-8.0% below
Into loss: a profit a year ago
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-97.4% -88.4%
0.8 7.2 32.7 Operating profit
loss widened loss widened -9.8 -1.0 -0.2 Other income
+10.4% -38.6%
1.8 3.0 1.6 Net profit
to loss to loss -6.1 0.8 0.1 EPS (₹)
— to loss -0.29 0.04 0.00
Quality of profit
Pre-tax profit −₹9.2 Cr: core business −₹11.0 Cr, other income ₹1.8 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations −₹1.5 Cr.
Borrowings ₹4.5 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹17.6 ₹0.8
-95.2% below
M Cap ₹104 Cr
P/E 23.3
PEG —
Profit +32% above its own trend Operating margin expanded 146 bps YoY 49% 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
-11.7% -26.3%
24.6 33.5 27.9 Operating profit
+14.7% +12.2%
1.6 1.4 1.4 OPM %
+146 bps +217 bps
6.3% 4.2% 4.9% Other income
-16.8% +6.0%
0.9 0.8 1.1 Net profit
-9.7% +10.2%
1.3 1.2 1.4 PAT margin %
+11 bps +175 bps
5.3% 3.5% 5.2% EPS (₹)
-23.1% +11.1%
0.10 0.09 0.13
Quality of profit
Pre-tax profit ₹1.8 Cr: core business ₹0.9 Cr, other income ₹0.9 Cr.
Core profit YoY: +7.0%
· reported profit -9.7%
Cash & debt
FY25 cash from operations −₹18.0 Cr:
-2195% of FY25 net profit of ₹0.8 Cr.
Borrowings ₹12.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹32.3 ₹24.6
-23.7% below Net profit ₹1.0 ₹1.3
+32.3% above
Into loss: a profit a year ago Profit -130% below its own trend Operating margin contracted 2024 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-34.4% -4.5%
21.0 22.0 32.0 Operating profit
-87.5% -50.0%
1.0 2.0 8.0 OPM %
-2024 bps -433 bps
4.8% 9.1% 25.0% Other income
— -100.0%
0.0 1.0 0.0 Net profit?
to loss to loss -1.0 1.0 5.0 PAT margin %
-2039 bps -931 bps
-4.8% 4.5% 15.6% EPS (₹)
to loss to loss -0.76 0.52 2.92
Quality of profit
Pre-tax profit −₹1.0 Cr: core business ₹0.0 Cr, other income ₹0.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: -100.0%
Cash & debt
FY25 cash from operations −₹12.0 Cr:
-86% of FY25 net profit of ₹13.9 Cr.
Borrowings ₹16.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹34.2 ₹21.0
-38.7% below Net profit ₹3.3 −₹1.0
-130.0% below
M Cap ₹104 Cr
P/E 21.3
PEG —
27% of pre-tax profit came from other income and one-off items
₹ Cr QoQ
Dec 2025 Sep 2025
Sales
+31.5%
47.7 36.3 Operating profit
+28.0%
2.1 1.6 OPM %
-12 bps
4.4% 4.5% Other income
+188.2%
0.5 0.2 Net profit
+71.1%
1.3 0.8 PAT margin %
+63 bps
2.7% 2.1% EPS (₹)
+69.6%
0.95 0.56
Quality of profit
Pre-tax profit ₹1.8 Cr: core business ₹1.3 Cr, other income ₹0.5 Cr.
M Cap ₹102 Cr
P/E 35.2
PEG —
Into loss: a profit a year ago Profit -211% below its own trend Operating margin contracted 554 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+10.4% +5.7%
9.0 8.5 8.1 Operating profit
-22.1% -22.7%
1.2 1.5 1.5 OPM %
-554 bps -489 bps
13.3% 18.2% 18.8% Other income
-19.0% -29.4%
1.1 1.5 1.3 Net profit?
to loss to loss -0.2 0.7 0.3 PAT margin %
-679 bps -1079 bps
-2.7% 8.1% 4.1% EPS (₹)
to loss to loss -0.03 0.09 0.04
Quality of profit
Pre-tax profit −₹0.2 Cr: core business −₹1.3 Cr, other income ₹1.1 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations ₹36.8 Cr:
2481% of FY25 net profit of ₹1.5 Cr.
Borrowings ₹29.6 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹8.6 ₹9.0
+3.9% in line Net profit ₹0.2 −₹0.2
-211.0% below
M Cap ₹102 Cr
P/E 23.0
PEG 1.77
Profit +53% above its own trend Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+35.7% +90.0%
37.5 19.7 27.6 Operating profit
+36.8% +93.6%
3.8 2.0 2.8 OPM %
+8 bps +19 bps
10.2% 10.0% 10.1% Other income
-10.8% +10.3%
0.1 0.1 0.1 Net profit
+60.6% +176.5%
2.4 0.9 1.5 PAT margin %
+98 bps +198 bps
6.3% 4.4% 5.4% EPS (₹)
+60.3% +176.7%
2.02 0.73 1.26
Quality of profit
Pre-tax profit ₹3.2 Cr: core business ₹3.1 Cr, other income ₹0.1 Cr.
Core profit YoY: +63.8%
· reported profit +60.6%
Cash & debt
FY25 cash from operations −₹8.0 Cr:
-146% of FY25 net profit of ₹5.5 Cr.
Borrowings ₹21.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹29.1 ₹37.5
+28.9% above Net profit ₹1.6 ₹2.4
+53.3% above
M Cap ₹102 Cr
P/E 32.2
PEG 0.48
Turnaround: profit against a loss a year ago Operating margin expanded 3796 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
+26.3% +18.0%
10.5 8.9 8.3 Operating profit
from loss from loss 0.0 -1.3 -3.1 OPM %
+3796 bps +1432 bps
0.2% -14.1% -37.8% Other income
-48.6% from loss 0.5 -0.7 1.1 Net profit
from loss from loss 0.5 -3.8 -2.6 PAT margin %
+3690 bps +4773 bps
5.1% -42.6% -31.8% EPS (₹)
from loss from loss 0.36 -2.57 -1.79
Quality of profit
Pre-tax profit ₹0.4 Cr: core business −₹0.1 Cr, other income ₹0.5 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations ₹5.7 Cr:
466% of FY25 net profit of ₹1.2 Cr.
Borrowings ₹10.2 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹8.0 ₹10.5
+31.0% above
M Cap ₹101 Cr
P/E 0.2
PEG 0.02
Operating margin expanded 6516 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+7.8% +0.0%
55.0 55.0 51.0 Operating profit
from loss from loss 8.0 -23.0 -25.8 OPM %
+6516 bps +5636 bps
14.5% -41.8% -50.6% Other income
-100.0% loss narrowed 0.0 -10.0 0.2 Net profit
loss narrowed loss narrowed -3.0 -39.0 -41.8 PAT margin %
+7650 bps +6545 bps
-5.5% -70.9% -82.0% EPS (₹)
loss narrowed loss narrowed -0.17 -2.51 -2.66
Quality of profit
Pre-tax profit −₹3.0 Cr: core business −₹3.0 Cr, other income ₹0.0 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations ₹198 Cr.
Borrowings ₹5,639 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹49.7 ₹55.0
+10.6% above
Operating margin expanded 872 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-32.9% -2.8%
104 107 155 Operating profit
loss narrowed loss narrowed -1.0 -4.0 -15.0 OPM %
+872 bps +278 bps
-1.0% -3.7% -9.7% Other income
— +300.0%
12.0 3.0 0.0 Net profit?
loss narrowed loss widened -12.0 -11.0 -26.0 PAT margin %
+524 bps -126 bps
-11.5% -10.3% -16.8% EPS (₹)
loss narrowed loss widened -25.33 -23.54 -54.40
Quality of profit
Pre-tax profit −₹1.0 Cr: core business −₹14.0 Cr, other income ₹12.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations ₹148 Cr.
Borrowings ₹413 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹108 ₹104
-3.7% in line
M Cap ₹101 Cr
P/E 13.9
PEG 0.12
Profit +999% above its own trend Operating margin expanded 1088 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+77.8% +23.1%
48.0 39.0 27.0 Operating profit
+600.0% -56.2%
7.0 16.0 1.0 OPM %
+1088 bps -2644 bps
14.6% 41.0% 3.7% Other income
+0.0% +0.0%
1.0 1.0 1.0 Net profit
+600.0% -56.2%
7.0 16.0 1.0 PAT margin %
+1088 bps -2644 bps
14.6% 41.0% 3.7% EPS (₹)
+991.2% -56.6%
61.00 140.41 5.59
Quality of profit
Pre-tax profit ₹7.0 Cr: core business ₹6.0 Cr, other income ₹1.0 Cr.
Core profit YoY: —
· reported profit +600.0%
Cash & debt
FY25 cash from operations ₹16.0 Cr:
162% of FY25 net profit of ₹9.9 Cr.
Borrowings ₹18.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹20.8 ₹48.0
+130.3% above Net profit ₹0.5 ₹7.0
+999.0% above
Operating margin expanded 976 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+21.0% -16.2%
98.0 117 81.0 Operating profit
loss narrowed to loss -11.0 2.0 -17.0 OPM %
+976 bps -1293 bps
-11.2% 1.7% -21.0% Other income
-83.3% +0.0%
1.0 1.0 6.0 Net profit
loss narrowed loss widened -9.0 -7.0 -20.0 PAT margin %
+1551 bps -320 bps
-9.2% -6.0% -24.7% EPS (₹)
loss narrowed loss widened -2.77 -2.17 -6.17
Quality of profit
Pre-tax profit −₹19.0 Cr: core business −₹21.0 Cr, other income ₹1.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations ₹83.0 Cr:
922% of FY25 net profit of ₹9.0 Cr.
Borrowings ₹299 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹56.4 ₹98.0
+73.8% above
M Cap ₹100 Cr
P/E 0.7
PEG 0.03
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+0.0% +0.0%
2.0 2.0 2.0 Operating profit
— loss narrowed 0.0 -3.0 0.0 OPM %
+0 bps —
0.0% — 0.0% Other income
+0.0% +0.0%
1.0 1.0 1.0 Net profit
— loss narrowed 0.0 -2.0 0.0 PAT margin %
+0 bps +10000 bps
0.0% -100.0% 0.0% EPS (₹)
to loss loss narrowed -0.01 -0.53 0.04
Quality of profit
Pre-tax profit ₹0.0 Cr: core business ₹0.0 Cr, other income ₹1.0 Cr, exceptional & other items −₹1.0 Cr.
Cash & debt
FY25 cash from operations ₹1.0 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹2.0 ₹2.0
+0.0% in line
Into loss: a profit a year ago Operating margin contracted 1627 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-70.6% +37.8%
4.5 3.3 15.2 Operating profit
to loss loss widened -0.7 -0.5 0.1 OPM %
-1627 bps +91 bps
-15.6% -16.5% 0.7% Other income
-96.7% -48.2%
0.0 0.1 0.9 Net profit
to loss loss widened -0.7 -0.5 0.9 PAT margin %
-2213 bps +17 bps
-15.9% -16.1% 6.2% EPS (₹)
to loss loss widened -0.07 -0.05 0.09
Quality of profit
Pre-tax profit −₹0.7 Cr: core business −₹0.7 Cr, other income ₹0.0 Cr.
Core profit YoY: to loss
Cash & debt
FY25 cash from operations −₹59.2 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹28.0 ₹4.5
-84.0% below
Turnaround: profit against a loss a year ago Operating margin expanded 1771 bps YoY 36% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-21.6% -13.3%
91.0 105 116 Operating profit
+27.3% +133.3%
42.0 18.0 33.0 OPM %
+1771 bps +2901 bps
46.2% 17.1% 28.4% Other income
+100.0% +166.7%
8.0 3.0 4.0 Net profit?
from loss from loss 30.0 -307 -277 PAT margin %
— —
33.0% — — EPS (₹)
from loss from loss 5.06 -52.68 -47.38
Quality of profit
Pre-tax profit ₹22.0 Cr: core business ₹14.0 Cr, other income ₹8.0 Cr.
Core profit YoY: from loss
Cash & debt
FY25 cash from operations ₹139 Cr.
Borrowings ₹16,278 Cr at Sep 2025, against ₹15,697 Cr at Mar 2025 (+4% ).
Against its own trend ?
Trend Actual Gap
Sales ₹105 ₹91.0
-13.0% below
Operating margin contracted 2765 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+0.1% +21.2%
7.7 6.4 7.7 Operating profit
loss widened loss widened -4.1 -2.8 -2.0 OPM %
-2765 bps -866 bps
-53.2% -44.5% -25.5% Other income
from loss from loss 0.9 -2.3 -2.5 Net profit?
loss narrowed loss narrowed -4.6 -6.7 -5.6 PAT margin %
+1303 bps —
-59.8% — -72.8% EPS (₹)
loss narrowed loss narrowed -0.72 -1.03 -0.87
Quality of profit
Pre-tax profit −₹4.6 Cr: core business −₹5.5 Cr, other income ₹0.9 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations ₹1.0 Cr.
Borrowings ₹13.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹11.1 ₹7.7
-30.2% below
M Cap ₹97.0 Cr
P/E 335.7
PEG 7.46
Operating margin contracted 333 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
-23.7% -27.4%
14.2 19.5 18.6 Operating profit
to loss to loss -0.2 0.2 0.3 OPM %
-333 bps -258 bps
-1.6% 1.0% 1.8% Other income
-13.0% -27.5%
0.9 1.2 1.0 Net profit
-74.6% -79.8%
0.2 0.8 0.7 PAT margin %
-241 bps -311 bps
1.2% 4.3% 3.6% EPS (₹)
-74.2% -79.5%
0.32 1.56 1.24
Quality of profit
Pre-tax profit ₹0.3 Cr: core business −₹0.6 Cr, other income ₹0.9 Cr.
Core profit YoY: loss widened
· reported profit -74.6%
Cash & debt
FY25 cash from operations −₹3.0 Cr:
-177% of FY25 net profit of ₹1.7 Cr.
Borrowings ₹7.8 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹19.8 ₹14.2
-28.5% below
M Cap ₹97.0 Cr
P/E 14.0
PEG 0.13
Profit -63% below its own trend Operating margin expanded 1461 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+4.9% -21.1%
4.0 5.1 3.9 Operating profit
+38.0% -27.6%
2.5 3.4 1.8 OPM %
+1461 bps -548 bps
61.0% 66.5% 46.4% Other income
-46.4% -65.9%
0.1 0.4 0.3 Net profit?
-26.7% -53.0%
1.2 2.5 1.6 PAT margin %
-1257 bps -1979 bps
29.1% 48.9% 41.7% EPS (₹)
+0.0% -50.0%
0.01 0.02 0.01
Quality of profit
Pre-tax profit ₹1.2 Cr: core business ₹1.1 Cr, other income ₹0.1 Cr.
Core profit YoY: -22.9%
· reported profit -26.7%
Cash & debt
FY25 cash from operations −₹4.6 Cr:
-111% of FY25 net profit of ₹4.1 Cr.
Borrowings nil at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹7.7 ₹4.0
-47.5% below Net profit ₹3.2 ₹1.2
-63.4% below
M Cap ₹96.0 Cr
P/E 12.9
PEG 2.15
Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-6.3% -13.6%
59.0 68.3 63.0 Operating profit
+0.4% +4.8%
7.3 7.0 7.3 OPM %
+82 bps +217 bps
12.4% 10.2% 11.5% Other income
+58.7% +33.7%
0.0 0.0 0.0 Net profit
+8.6% +6.0%
2.2 2.1 2.0 PAT margin %
+51 bps +69 bps
3.7% 3.0% 3.2% EPS (₹)
+80.0% +0.0%
0.09 0.09 0.05
Quality of profit
Pre-tax profit ₹2.7 Cr: core business ₹2.6 Cr, other income ₹0.0 Cr.
Core profit YoY: -5.1%
· reported profit +8.6%
Cash & debt
FY25 cash from operations −₹25.0 Cr:
-322% of FY25 net profit of ₹7.8 Cr.
Borrowings ₹102 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹64.6 ₹59.0
-8.6% below Net profit ₹2.4 ₹2.2
-8.7% in line
Turnaround: profit against a loss a year ago Operating margin expanded 407 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+49.4% +26.3%
3.0 2.4 2.0 Operating profit
+100.6% -5.6%
0.5 0.5 0.2 OPM %
+407 bps -539 bps
16.0% 21.3% 11.9% Other income
-59.0% +192.9%
0.0 0.0 0.0 Net profit
from loss -15.4%
0.1 0.1 -0.1 PAT margin %
+1056 bps -155 bps
3.1% 4.7% -7.4% EPS (₹)
from loss -14.3%
0.06 0.07 -0.13
Quality of profit
Pre-tax profit ₹0.1 Cr: core business ₹0.1 Cr, other income ₹0.0 Cr.
Core profit YoY: from loss
Cash & debt
FY25 cash from operations ₹1.0 Cr.
Borrowings ₹9.3 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹1.9 ₹3.0
+59.3% above
M Cap ₹94.0 Cr
P/E 31.9
PEG 1.03
Profit +189% above its own trend Operating margin expanded 4017 bps YoY Core business grew faster than reported profit (core profit +236%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-38.5% +172.7%
5.3 1.9 8.6 Operating profit
+214.1% —
2.6 0.2 0.8 OPM %
+4017 bps +4221 bps
50.0% 7.7% 9.8% Other income
-94.9% -63.0%
0.0 0.0 0.1 Net profit
+187.5% —
2.6 0.2 0.9 PAT margin %
+3883 bps +4019 bps
49.4% 9.2% 10.6% EPS (₹)
+200.0% —
0.06 0.00 adj. 0.02
EPS restated for the ₹2 to ₹1 split of May 2025: Dec 2024 ₹0.04 to ₹0.02.
Quality of profit
Pre-tax profit ₹2.6 Cr: core business ₹2.6 Cr, other income ₹0.0 Cr.
Core profit YoY: +236.3%
· reported profit +187.5%
Cash & debt
FY25 cash from operations ₹1.0 Cr:
200% of FY25 net profit of ₹0.5 Cr.
Borrowings ₹6.2 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹12.8 ₹5.3
-58.5% below Net profit ₹0.9 ₹2.6
+189.1% above
Operating margin contracted 1155 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-15.4% -35.6%
38.0 59.0 44.9 Operating profit
to loss to loss -1.9 1.0 2.9 OPM %
-1155 bps -676 bps
-5.0% 1.7% 6.5% Other income
+752.2% +250.0%
2.0 0.6 0.2 Net profit
loss widened loss widened -4.0 -3.0 -1.7 PAT margin %
-666 bps -542 bps
-10.4% -5.0% -3.8% EPS (₹)
loss widened loss widened -2.07 -1.54 -0.88
Quality of profit
Pre-tax profit −₹5.3 Cr: core business −₹7.2 Cr, other income ₹2.0 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations ₹40.0 Cr:
4040% of FY25 net profit of ₹1.0 Cr.
Borrowings ₹83.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹49.1 ₹38.0
-22.6% below
M Cap ₹93.0 Cr
P/E 36.4
PEG —
Operating margin expanded 768 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+11.5% +32.7%
24.9 18.8 22.3 Operating profit
loss narrowed to loss -0.3 0.2 -1.9 OPM %
+768 bps -200 bps
-1.0% 1.0% -8.7% Other income
from loss +380.0%
0.2 0.1 -1.2 Net profit
loss narrowed loss widened -1.4 -0.9 -4.9 PAT margin %
+1649 bps -73 bps
-5.6% -4.8% -22.1% EPS (₹)
loss narrowed loss widened -1.37 -0.89 -4.84
Quality of profit
Pre-tax profit −₹1.4 Cr: core business −₹1.6 Cr, other income ₹0.2 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY25 cash from operations ₹5.4 Cr.
Borrowings ₹18.2 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹21.6 ₹24.9
+15.2% above
M Cap ₹92.0 Cr
P/E 8.6
PEG —
Profit -18% below its own trend Operating margin expanded 184 bps YoY Core business grew faster than reported profit (core profit +229%) Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+5.2% +1.9%
159 157 152 Operating profit
+55.1% +22.4%
9.1 7.5 5.9 OPM %
+184 bps +96 bps
5.7% 4.8% 3.9% Other income
-60.8% -46.5%
1.1 2.0 2.7 Net profit?
-30.8% -54.7%
2.0 4.5 2.9 PAT margin %
-66 bps -158 bps
1.3% 2.8% 1.9% EPS (₹)
-33.3% -60.0%
0.04 0.10 0.06
Quality of profit
Pre-tax profit ₹4.4 Cr: core business ₹3.3 Cr, other income ₹1.1 Cr.
Core profit YoY: +228.7%
· reported profit -30.8%
Cash & debt
FY25 cash from operations −₹18.0 Cr:
-189% of FY25 net profit of ₹9.5 Cr.
Borrowings ₹148 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹182 ₹159
-12.2% below Net profit ₹2.5 ₹2.0
-18.0% below
Operating margin contracted 5993 bps YoY Operating cash flow was negative in FY25 despite a profit
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
from loss —
8.5 0.0 -169 Operating profit
loss widened loss widened -4.9 -3.4 -2.9 OPM %
-5993 bps —
-58.2% — 1.7% Other income
— —
0.2 0.0 0.0 Net profit
loss widened loss widened -5.7 -5.0 -2.6 PAT margin %
-6950 bps —
-67.9% — 1.6% EPS (₹)
loss widened loss widened -0.10 -0.08 -0.04
Quality of profit
Pre-tax profit −₹5.7 Cr: core business −₹5.9 Cr, other income ₹0.2 Cr.
Core profit YoY: loss widened
Cash & debt
FY25 cash from operations −₹211 Cr:
-9% of FY25 net profit of ₹2,425 Cr.
Borrowings ₹19.0 Cr at Sep 2025, against ₹19.0 Cr at Mar 2025 (+0% ).
M Cap ₹91.0 Cr
P/E 8.4
PEG 0.77
Profit -37% below its own trend Core business grew faster than reported profit (core profit +9%)
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+2.8% -6.2%
66.6 71.0 64.8 Operating profit
+6.6% +4.2%
6.2 5.9 5.8 OPM %
+33 bps +93 bps
9.3% 8.4% 9.0% Other income
-25.8% -60.3%
0.2 0.6 0.3 Net profit?
-16.7% +2.4%
2.1 2.0 2.5 PAT margin %
-74 bps +27 bps
3.2% 2.9% 3.9% EPS (₹)
-17.2% +1.9%
0.53 0.52 0.64
Quality of profit
Pre-tax profit ₹3.5 Cr: core business ₹3.3 Cr, other income ₹0.2 Cr.
Core profit YoY: +8.9%
· reported profit -16.7%
Cash & debt
FY25 cash from operations ₹19.0 Cr:
193% of FY25 net profit of ₹9.8 Cr.
Borrowings ₹29.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹70.8 ₹66.6
-5.9% below Net profit ₹3.4 ₹2.1
-37.4% below
M Cap ₹89.0 Cr
P/E 11.8
PEG 0.07
Profit -35% below its own trend 32% 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
+19.8% +35.1%
113 83.8 94.5 Operating profit
-4.1% +43.7%
4.0 2.8 4.2 OPM %
-88 bps +21 bps
3.5% 3.3% 4.4% Other income
-7.4% +44.2%
0.8 0.5 0.8 Net profit?
-38.3% +24.1%
1.1 0.9 1.8 PAT margin %
-90 bps -8 bps
1.0% 1.0% 1.9% EPS (₹)
-39.5% +21.1%
0.23 0.19 0.38
Quality of profit
Pre-tax profit ₹2.3 Cr: core business ₹1.6 Cr, other income ₹0.8 Cr.
Core profit YoY: -16.1%
· reported profit -38.3%
Cash & debt
FY25 cash from operations −₹2.0 Cr:
-53% of FY25 net profit of ₹3.7 Cr.
Borrowings ₹65.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹92.4 ₹113
+22.5% above Net profit ₹1.7 ₹1.1
-34.8% below
Into loss: a profit a year ago Operating margin expanded 498 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
+18.5% +13.8%
206 181 174 Operating profit
+27.3% +13.0%
148 131 116 OPM %
+498 bps -53 bps
71.8% 72.4% 66.9% Other income
to loss to loss -113 25.0 30.4 Net profit?
to loss to loss -120 25.0 6.7 PAT margin %
-6211 bps -7205 bps
-58.2% 13.8% 3.9% EPS (₹)
loss widened to loss -3.10 0.30 -0.11
Quality of profit
Pre-tax profit −₹120 Cr: core business ₹41.0 Cr, other income −₹113 Cr, exceptional & other items −₹48.0 Cr.
Core profit YoY: from loss
Cash & debt
FY25 cash from operations ₹606 Cr.
Borrowings ₹3,208 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹193 ₹206
+6.6% above
M Cap ₹88.0 Cr
P/E 304.4
PEG —
Into loss: a profit a year ago Profit -440% below its own trend Operating margin contracted 925 bps YoY
₹ Cr YoY QoQ
Dec 2025 Sep 2025 Dec 2024
Sales
-12.9% +0.6%
47.6 47.4 54.7 Operating profit
-88.8% -73.0%
0.7 2.4 5.8 OPM %
-925 bps -373 bps
1.4% 5.1% 10.6% Other income
-23.1% +11.1%
0.2 0.2 0.3 Net profit?
to loss loss widened -2.3 -0.2 1.4 PAT margin %
-733 bps -447 bps
-4.8% -0.4% 2.5% EPS (₹)
to loss loss widened -1.04 -0.08 0.61
Quality of profit
Pre-tax profit −₹1.9 Cr: core business −₹2.1 Cr, other income ₹0.2 Cr.
Core profit YoY: to loss
Cash & debt
FY25 cash from operations ₹12.0 Cr:
232% of FY25 net profit of ₹5.2 Cr.
Borrowings ₹33.0 Cr at Mar 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹54.7 ₹47.6
-12.9% below Net profit ₹0.7 −₹2.3
-439.7% below
How to read this page
The numbers. Each card is one company's Q3 FY26 results as filed with NSE or BSE, read from the
filing within hours of its release, in ₹ crore. We show the consolidated statement, or the standalone one when
the consolidated figures are a copy of it or have no year-ago quarter to compare with. YoY compares with the same
quarter a year earlier and QoQ with the quarter before (the previous half-year for companies that report every six months).
A swing between profit and loss is described in words: a percentage across it would mislead.
Net profit. On a consolidated statement, net profit is the profit of the whole group for the quarter,
before minority interest. A company's own headline, and the AI read of its filing, often quote the profit
attributable to its shareholders instead, which is lower when subsidiaries are partly owned: Larsen & Toubro's
Q1 FY27 group profit was ₹4,988 Cr, of which ₹4,123 Cr belonged to its shareholders. EPS is worked out on that
attributable profit, so EPS and net profit need not grow at the same rate. On a standalone statement the two
are the same.
Margins. Operating margin (OPM) is operating profit, before depreciation, interest and other income,
as a share of sales; PAT margin is net profit as a share of sales. Their changes are in basis points
(100 bps = 1 percentage point).
Quality of profit. Core profit is operating profit minus interest and depreciation: what the business
itself earned before tax. The rest of pre-tax profit is other income (interest on cash, dividends, gains on
investments) and exceptional or one-off items. We flag a quarter when that share is 25% or more,
and when reported profit grew much faster than core profit. For banks we compare pre-provision profit with net
profit, since a fall in provisions can lift profit without the business growing.
Against its own trend. We do not have analyst consensus estimates, and we do not make them up. Instead
each company is measured against the path it was on: the same quarter last year, grown at the median of its
last four year-on-year growth rates (held between −50% and +100%; at least two growth rates needed). Sales
5% or more above that, or net profit 10% or more above, is "above trend";
as far below is "below trend". It answers "was this quarter better or worse than the company's own recent
run?", which consensus does not.
Cash and debt. Profit is an accounting figure; cash is harder to dress up. For each company we show
its operating cash flow for the last financial year as a share of that year's net profit (flagged under
50%, or when it is negative despite a profit), and its borrowings at the latest balance sheet
against the one six months earlier (flagged at a 25% move). Balance sheets come with the
September and March results, cash-flow statements with the March results.
Price since results. The latest close against the last close before the filing (a filing after 3:30 pm
counts from the next session). It is a fact about the market's reaction, not advice.
Market cap groups. Large cap is the 100 largest companies by market value and mid cap the next 150
(SEBI's ranking); below that, small cap is ₹5,000 Cr or more, micro cap ₹500 Cr or more, nano cap below.
Data source Quarterly results filed by listed companies with NSE and BSE (Regulation 33 of SEBI LODR), read from each filing; share prices from the exchanges; market cap and P/E from our daily fundamentals snapshot.
Last updated 14 Oct 2026, 14:15 IST
