Home › Quarterly results › Q4 FY26
Q4 FY26 quarterly results (January-March 2026)
5,115 companies have declared Q4 FY26 results so far, the latest on 12 Oct 2026.
Across the 4,645 non-financial companies with a year-ago quarter to compare, sales grew +12.4% and net profit +34.1% year on year, and the combined operating margin widened 10 bps to 14.3%.
For the 120 banks and lenders, net interest income grew +9.1% and net profit +11.1%.
55% of companies grew net profit; 472 turned a loss into a profit; 38% beat their own profit trend and 48% fell short of it.
Updated 13 Oct 2026, 21:03 IST
5115 declared
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Q4 FY26 scoreboard
Sales growth
+12.4%
YoY, 4645 companies combined; median +11.7%
Net profit growth
+34.1%
YoY combined; median +16.1%
Operating margin
14.3%
+10 bps YoY
Grew profit
55%
472 turnarounds, 495 into loss
Vs own profit trend
38% / 48%
above / below, 14% in line
Banks: NII growth
+9.1%
120 lenders; profit +11.1%
Price since results
-3.9%
median; 31% of 35 stocks up
Other-income heavy
1375
25%+ of pre-tax profit from other income & one-offs
Filters & sorting
Results by sector
Latest Q4 FY26 results 5115
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M Cap ₹12,235 Cr
P/E 29.5
PEG —
Profit -59% below its own trend Operating margin contracted 433 bps YoY Exceptional items of ₹-71.2 Cr in the quarter
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+0.9% +4.2%
1,927 1,848 1,909
Operating profit
-26.7% -6.4%
222 237 303
OPM %
-433 bps -131 bps
11.5% 12.8% 15.9%
Other income
-27.7% -13.9%
26.6 30.9 36.8
Net profit?
-64.9% -32.6%
65.5 97.2 186
PAT margin %
-636 bps -186 bps
3.4% 5.3% 9.8%
EPS (₹)
-67.9% -40.4%
4.96 8.32 15.47
Quality of profit
Pre-tax profit ₹95.0 Cr: core business ₹140 Cr, other income ₹26.6 Cr, exceptional & other items −₹71.2 Cr.
Core profit YoY: -35.3%
· reported profit -64.9%
Cash & debt
FY26 cash from operations ₹787 Cr:
170% of FY26 net profit of ₹463 Cr.
Borrowings ₹431 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹1,894 ₹1,927
+1.7% in line
Net profit ₹160 ₹65.5
-59.0% below
M Cap ₹12,232 Cr
P/E 120.0
PEG —
Turnaround: profit against a loss a year ago Operating margin expanded 1025 bps YoY 59% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+28.5% -1.7%
397 404 309
Operating profit
from loss -22.6%
24.0 31.0 -13.0
OPM %
+1025 bps -163 bps
6.0% 7.7% -4.2%
Other income
+20.0% +118.2%
24.0 11.0 20.0
Net profit?
from loss +9.7%
34.0 31.0 -11.0
PAT margin %
+1212 bps +89 bps
8.6% 7.7% -3.6%
EPS (₹)
from loss -1.3%
1.58 1.60 -3.10
Quality of profit
Core 42% Other income & one-offs 58%
Pre-tax profit ₹41.0 Cr: core business ₹17.0 Cr, other income ₹24.0 Cr.
Core profit YoY: from loss
M Cap ₹12,194 Cr
P/E 28.8
PEG 1.11
Profit +54% above its own trend 60% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -15%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+9.3% -14.2%
2,333 2,718 2,134
Operating profit
-5.2% -42.5%
139 242 147
OPM %
-92 bps -293 bps
6.0% 8.9% 6.9%
Other income
+502.3% +325.3%
78.0 18.3 12.9
Net profit?
+54.3% -7.0%
102 110 66.1
PAT margin %
+127 bps +34 bps
4.4% 4.0% 3.1%
EPS (₹)
+48.1% -8.7%
5.45 5.97 3.68
Quality of profit
Core 40% Other income & one-offs 60%
Pre-tax profit ₹130 Cr: core business ₹52.0 Cr, other income ₹78.0 Cr.
Core profit YoY: -15.2%
· reported profit +54.3%
Cash & debt
FY26 cash from operations ₹1,281 Cr:
288% of FY26 net profit of ₹445 Cr.
Borrowings ₹1,574 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹2,302 ₹2,333
+1.3% in line
Net profit ₹66.4 ₹102
+53.7% above
M Cap ₹12,087 Cr
P/E 28.9
PEG 0.76
Profit -61% below its own trend Operating margin contracted 384 bps YoY 42% of pre-tax profit came from other income and one-off items Operating cash flow was negative in FY26 despite a profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
-2.4% +3.1%
1,244 1,207 1,275
Operating profit
-21.3% -29.1%
200 282 254
OPM %
-384 bps -729 bps
16.1% 23.4% 19.9%
Other income
+69.4% +96.8%
61.0 31.0 36.0
Net profit?
-44.2% -16.5%
106 127 190
PAT margin %
-638 bps -200 bps
8.5% 10.5% 14.9%
EPS (₹)
-60.7% -22.1%
0.53 0.68 1.35
Quality of profit
Core 58% Other income & one-offs 42%
Pre-tax profit ₹144 Cr: core business ₹83.0 Cr, other income ₹61.0 Cr.
Core profit YoY: -51.5%
· reported profit -44.2%
Cash & debt
FY26 cash from operations −₹598 Cr:
-133% of FY26 net profit of ₹451 Cr.
Borrowings ₹1,587 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹1,818 ₹1,244
-31.6% below
Net profit ₹274 ₹106
-61.3% below
M Cap ₹11,904 Cr
P/E —
PEG —
₹ Cr
Mar 2026
Sales
2,588
Operating profit
882
OPM %
34.1%
Other income
-35.0
Net profit?
-479
PAT margin %
-18.5%
EPS (₹)
-203.28
Dec 2025 and Mar 2025 are not on record for this company, so there is nothing to compare with yet.
Quality of profit
Pre-tax profit −₹340 Cr: core business −₹305 Cr, other income −₹35.0 Cr.
M Cap ₹11,899 Cr
P/E 37.6
PEG 1.10
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+35.0% +5.8%
1,147 1,084 850
Operating profit
+27.1% -6.3%
132 141 104
OPM %
-71 bps -149 bps
11.5% 13.0% 12.2%
Other income
+131.8% +50.2%
7.0 4.7 3.0
Net profit?
+25.0% -9.9%
72.0 79.9 57.6
PAT margin %
-50 bps -109 bps
6.3% 7.4% 6.8%
EPS (₹)
+24.3% -10.4%
3.63 4.05 2.92
Quality of profit
Core 92% Other income & one-offs 8%
Pre-tax profit ₹95.0 Cr: core business ₹87.0 Cr, other income ₹7.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +23.9%
· reported profit +25.0%
Cash & debt
FY26 cash from operations ₹301 Cr:
101% of FY26 net profit of ₹298 Cr.
Borrowings ₹679 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹921 ₹1,147
+24.6% above
Net profit ₹68.7 ₹72.0
+4.7% in line
M Cap ₹11,894 Cr
P/E 39.2
PEG 1.51
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+6.9% +12.3%
1,314 1,170 1,229
Operating profit
+14.7% +40.2%
135 96.0 117
OPM %
+70 bps +204 bps
10.2% 8.2% 9.5%
Other income
+91.5% +35.8%
10.2 7.5 5.3
Net profit?
+24.6% +57.2%
81.0 51.5 65.0
PAT margin %
+88 bps +176 bps
6.2% 4.4% 5.3%
EPS (₹)
+19.5% +56.0%
18.05 11.57 15.10
Quality of profit
Core 90% Other income & one-offs 10%
Pre-tax profit ₹95.0 Cr: core business ₹85.4 Cr, other income ₹10.2 Cr, exceptional & other items −₹0.5 Cr.
Core profit YoY: +23.2%
· reported profit +24.6%
Cash & debt
FY26 cash from operations ₹398 Cr:
147% of FY26 net profit of ₹270 Cr.
Borrowings ₹943 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹1,420 ₹1,314
-7.5% below
Net profit ₹76.7 ₹81.0
+5.6% in line
M Cap ₹11,856 Cr
P/E 46.5
PEG 1.94
Profit +31% above its own trend
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+17.5% -8.7%
721 790 614
Operating profit
+18.4% -10.2%
88.0 98.0 74.3
OPM %
+10 bps -20 bps
12.2% 12.4% 12.1%
Other income
+80.7% +63.6%
18.0 11.0 10.0
Net profit?
+40.3% -9.7%
56.0 62.0 39.9
PAT margin %
+126 bps -8 bps
7.8% 7.8% 6.5%
EPS (₹)
+26.4% -9.3%
2.25 2.48 1.78
Quality of profit
Core 78% Other income & one-offs 22%
Pre-tax profit ₹77.0 Cr: core business ₹60.0 Cr, other income ₹18.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +33.9%
· reported profit +40.3%
Cash & debt
FY26 cash from operations ₹304 Cr:
120% of FY26 net profit of ₹254 Cr.
Borrowings ₹299 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹689 ₹721
+4.6% in line
Net profit ₹42.7 ₹56.0
+31.0% above
VEDPOWER
· Q4 FY26 · Consolidated
M Cap ₹11,818 Cr
P/E —
PEG —
₹ Cr
Mar 2026
Sales
2,684
Operating profit
594
OPM %
22.1%
Other income
-31.0
Net profit?
139
PAT margin %
5.2%
EPS (₹)
0.43
Dec 2025 and Mar 2025 are not on record for this company, so there is nothing to compare with yet.
Quality of profit
Pre-tax profit ₹150 Cr: core business ₹181 Cr, other income −₹31.0 Cr.
M Cap ₹11,791 Cr
P/E —
PEG —
Turnaround: profit against a loss a year ago
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
-79.1% -90.1%
82.6 838 395
Operating profit
loss widened loss widened
-166 -19.4 -25.0
Other income
— —
129 9.2 7.4
Net profit?
from loss from loss
5.4 -75.3 -127
PAT margin %
+3869 bps +1551 bps
6.5% -9.0% -32.2%
EPS (₹)
from loss from loss
0.97 -6.59 -11.49
Quality of profit
Pre-tax profit −₹75.9 Cr: core business −₹205 Cr, other income ₹129 Cr.
Core profit YoY: loss widened
Cash & debt
FY26 cash from operations ₹747 Cr.
Borrowings ₹5,636 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹197 ₹82.6
-58.1% below
M Cap ₹11,780 Cr
P/E 26.3
PEG 13.13
Profit -12% below its own trend
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
-6.9% +13.8%
604 531 648
Operating profit
-5.8% +8.6%
170 157 180
OPM %
+32 bps -135 bps
28.1% 29.5% 27.8%
Other income
+224.7% +125.7%
20.0 8.9 6.2
Net profit?
+0.8% +23.0%
124 101 123
PAT margin %
+156 bps +153 bps
20.5% 19.0% 19.0%
EPS (₹)
+0.7% +22.8%
11.95 9.73 11.87
Quality of profit
Core 88% Other income & one-offs 12%
Pre-tax profit ₹160 Cr: core business ₹140 Cr, other income ₹20.0 Cr.
Core profit YoY: -11.2%
· reported profit +0.8%
Cash & debt
FY26 cash from operations ₹558 Cr:
126% of FY26 net profit of ₹444 Cr.
Borrowings nil at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹665 ₹604
-9.1% below
Net profit ₹140 ₹124
-11.7% below
M Cap ₹11,778 Cr
P/E 40.2
PEG 1.39
Profit -47% below its own trend Operating margin expanded 421 bps YoY 28% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +78%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+9.7% -0.1%
1,158 1,160 1,056
Operating profit
+61.6% +3.3%
152 147 93.9
OPM %
+421 bps +44 bps
13.1% 12.7% 8.9%
Other income
+101.2% +2.8%
35.3 34.3 17.5
Net profit?
-45.6% +20.2%
81.3 67.7 150
PAT margin %
-715 bps +119 bps
7.0% 5.8% 14.2%
EPS (₹)
-42.6% +27.7%
5.53 4.33 9.64
Quality of profit
Core 72% Other income & one-offs 28%
Pre-tax profit ₹121 Cr: core business ₹87.7 Cr, other income ₹35.3 Cr, exceptional & other items −₹1.8 Cr.
Core profit YoY: +77.6%
· reported profit -45.6%
Cash & debt
FY26 cash from operations ₹1,181 Cr:
461% of FY26 net profit of ₹256 Cr.
Borrowings ₹157 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹1,120 ₹1,158
+3.3% in line
Net profit ₹153 ₹81.3
-46.7% below
M Cap ₹11,772 Cr
P/E 218.4
PEG —
Turnaround: profit against a loss a year ago Operating margin expanded 1301 bps YoY 44% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+47.7% -9.0%
681 749 461
Operating profit
+401.1% -23.6%
126 165 25.1
OPM %
+1301 bps -355 bps
18.5% 22.0% 5.4%
Other income
-34.4% +40.1%
15.1 10.8 23.0
Net profit?
from loss -54.7%
31.2 68.8 -51.3
PAT margin %
+1569 bps -462 bps
4.6% 9.2% -11.1%
EPS (₹)
from loss -55.1%
2.05 4.57 -14.51
Quality of profit
Core 56% Other income & one-offs 44%
Pre-tax profit ₹31.2 Cr: core business ₹17.5 Cr, other income ₹15.1 Cr, exceptional & other items −₹1.4 Cr.
Core profit YoY: from loss
M Cap ₹11,743 Cr
P/E 140.6
PEG —
Turnaround: profit against a loss a year ago Operating margin expanded 3101 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+36.7% +29.0%
3,879 3,008 2,838
Operating profit
from loss +722.4%
806 98.0 -291
OPM %
+3101 bps +1752 bps
20.8% 3.3% -10.2%
Other income
+35.2% +36.8%
26.0 19.0 19.2
Net profit
from loss from loss
392 -244 -473
PAT margin %
+2678 bps +1822 bps
10.1% -8.1% -16.7%
EPS (₹)
from loss from loss
1.34 -0.83 -1.62
Quality of profit
Core 95% Other income & one-offs 5%
Pre-tax profit ₹486 Cr: core business ₹461 Cr, other income ₹26.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: from loss
Cash & debt
FY26 cash from operations ₹1,796 Cr:
3044% of FY26 net profit of ₹59.0 Cr.
Borrowings ₹4,613 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹4,543 ₹3,879
-14.6% below
M Cap ₹11,708 Cr
P/E 60.0
PEG —
Operating margin contracted 424 bps YoY 54% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+159.2% -1.1%
281 284 108
Operating profit
+86.0% -61.7%
30.3 79.0 16.3
OPM %
-424 bps -1702 bps
10.8% 27.8% 15.0%
Other income
+34.3% —
29.0 0.3 21.6
Net profit?
+65.7% -19.5%
50.6 62.8 30.5
PAT margin %
-1016 bps -410 bps
18.0% 22.1% 28.2%
EPS (₹)
+64.0% -12.9%
4.38 5.03 2.67
Quality of profit
Core 46% Other income & one-offs 54%
Pre-tax profit ₹53.5 Cr: core business ₹24.5 Cr, other income ₹29.0 Cr.
Core profit YoY: +70.2%
· reported profit +65.7%
M Cap ₹11,438 Cr
P/E 19.7
PEG 0.60
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Total income
+20.9% +4.3%
504 483 417
Net interest income
+36.0% +6.2%
306 288 225
Other income
+50.0% +200.0%
3.0 1.0 2.0
Net profit
+41.9% +6.4%
149 140 105
EPS (₹)
+23.2% +6.2%
14.33 13.49 11.63
Gross NPA %
+10 bps -20 bps
1.8% 2.0% 1.7%
Net NPA %
+10 bps -20 bps
1.4% 1.6% 1.3%
Against its own trend ?
Trend Actual Gap
NII ₹309 ₹306
-0.8% in line
Net profit ₹146 ₹149
+1.8% in line
M Cap ₹11,433 Cr
P/E 62.0
PEG —
Operating margin contracted 273 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+15.2% +5.8%
182 172 158
Operating profit
+6.8% +5.0%
63.0 60.0 59.0
OPM %
-273 bps -27 bps
34.6% 34.9% 37.3%
Other income
+50.0% -14.3%
6.0 7.0 4.0
Net profit?
+11.4% +2.1%
49.0 48.0 44.0
PAT margin %
-93 bps -98 bps
26.9% 27.9% 27.8%
EPS (₹)
-4.6% +3.1%
4.33 4.20 4.54
Quality of profit
Core 90% Other income & one-offs 10%
Pre-tax profit ₹63.0 Cr: core business ₹57.0 Cr, other income ₹6.0 Cr.
Core profit YoY: +5.6%
· reported profit +11.4%
M Cap ₹11,393 Cr
P/E 29.5
PEG —
Profit -57% below its own trend Exceptional items of ₹-48.1 Cr in the quarter Core business grew faster than reported profit (core profit +27%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+8.7% +22.4%
3,307 2,701 3,042
Operating profit
+6.5% +53.1%
588 384 552
OPM %
-36 bps +356 bps
17.8% 14.2% 18.1%
Other income
-39.4% -5.1%
2.6 2.8 4.3
Net profit?
-14.9% +185.2%
141 49.4 166
PAT margin %
-118 bps +243 bps
4.3% 1.8% 5.4%
EPS (₹)
-14.9% +185.5%
3.94 1.38 4.63
Quality of profit
Pre-tax profit ₹233 Cr: core business ₹279 Cr, other income ₹2.6 Cr, exceptional & other items −₹48.1 Cr.
Core profit YoY: +27.0%
· reported profit -14.9%
Cash & debt
FY26 cash from operations ₹1,485 Cr:
413% of FY26 net profit of ₹360 Cr.
Borrowings ₹4,916 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹3,305 ₹3,307
+0.0% in line
Net profit ₹331 ₹141
-57.5% below
M Cap ₹11,292 Cr
P/E 28.6
PEG —
Profit -49% below its own trend
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
-12.4% +3.7%
1,633 1,574 1,864
Operating profit
-7.3% +66.9%
227 136 245
OPM %
+76 bps +526 bps
13.9% 8.6% 13.1%
Other income
+10.5% -8.7%
21.0 23.0 19.0
Net profit?
-23.3% +131.8%
102 44.0 133
PAT margin %
-89 bps +345 bps
6.2% 2.8% 7.1%
EPS (₹)
-23.1% +122.2%
0.20 0.09 0.26
Quality of profit
Core 86% Other income & one-offs 14%
Pre-tax profit ₹146 Cr: core business ₹125 Cr, other income ₹21.0 Cr.
Core profit YoY: -17.8%
· reported profit -23.3%
Cash & debt
FY26 cash from operations ₹760 Cr:
202% of FY26 net profit of ₹377 Cr.
Borrowings ₹1,829 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹1,885 ₹1,633
-13.4% below
Net profit ₹199 ₹102
-48.7% below
M Cap ₹11,276 Cr
P/E 42.9
PEG —
Operating margin contracted 1793 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+61.8% +37.3%
307 224 190
Operating profit
+11.3% +52.7%
121 79.4 109
OPM %
-1793 bps +398 bps
39.4% 35.5% 57.4%
Other income
+81.7% -7.7%
14.5 15.8 8.0
Net profit?
+17.4% +43.7%
101 70.2 86.0
PAT margin %
-1244 bps +147 bps
32.8% 31.3% 45.3%
EPS (₹)
-0.5% +37.1%
1.96 1.43 1.97
Quality of profit
Core 89% Other income & one-offs 11%
Pre-tax profit ₹135 Cr: core business ₹120 Cr, other income ₹14.5 Cr.
Core profit YoY: +10.4%
· reported profit +17.4%
M Cap ₹11,227 Cr
P/E —
PEG —
₹ Cr
Mar 2026
Sales
3,863
Operating profit
553
OPM %
14.3%
Other income
-1,289
Net profit?
-1,939
PAT margin %
-50.2%
EPS (₹)
-191300.00
Dec 2025 and Mar 2025 are not on record for this company, so there is nothing to compare with yet.
Quality of profit
Pre-tax profit −₹1,388 Cr: core business −₹99.0 Cr, other income −₹1,289 Cr.
M Cap ₹11,186 Cr
P/E 11.4
PEG 0.49
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Total income
+18.8% +4.3%
593 569 499
Net interest income
+23.6% —
413 — 334
Other income
+25.0% —
19.0 — 15.2
Net profit?
+26.1% +10.5%
261 236 207
EPS (₹)
+25.5% +10.4%
5.21 4.72 4.15
Gross NPA %
+33 bps -4 bps
1.5% 1.6% 1.2%
Net NPA %
+26 bps -3 bps
1.1% 1.2% 0.9%
Against its own trend ?
Trend Actual Gap
Net profit ₹260 ₹261
+0.6% in line
M Cap ₹11,094 Cr
P/E 54.7
PEG 4.97
Profit +50% above its own trend Operating margin expanded 739 bps YoY Core business grew faster than reported profit (core profit +112%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+23.0% +4.6%
425 406 345
Operating profit
+73.4% +13.9%
108 94.8 62.3
OPM %
+739 bps +207 bps
25.4% 23.4% 18.0%
Other income
+17.1% -9.5%
8.2 9.0 7.0
Net profit?
+74.3% +21.1%
51.0 42.1 29.2
PAT margin %
+353 bps +163 bps
12.0% 10.4% 8.5%
EPS (₹)
+72.9% +23.2%
2.46 adj. 2.00adj. 1.42
EPS restated for the 3:1 bonus of Mar 2026: Dec 2025 ₹7.99 to ₹2.00; Mar 2025 ₹5.69 to ₹1.42.
Quality of profit
Core 88% Other income & one-offs 12%
Pre-tax profit ₹69.8 Cr: core business ₹61.5 Cr, other income ₹8.2 Cr.
Core profit YoY: +111.5%
· reported profit +74.3%
Cash & debt
FY26 cash from operations ₹351 Cr:
184% of FY26 net profit of ₹191 Cr.
Borrowings ₹232 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹425 ₹425
+0.0% in line
Net profit ₹33.9 ₹51.0
+50.3% above
M Cap ₹10,978 Cr
P/E 25.4
PEG 0.75
Profit -35% below its own trend Operating margin contracted 249 bps YoY Operating cash flow was negative in FY26 despite a profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+23.8% +15.8%
1,010 872 816
Operating profit
+3.9% +4.7%
132 126 127
OPM %
-249 bps -139 bps
13.1% 14.5% 15.6%
Other income
-39.6% +1.0%
32.0 31.7 53.0
Net profit?
-14.8% -3.6%
115 119 135
PAT margin %
-516 bps -229 bps
11.4% 13.7% 16.5%
EPS (₹)
-14.9% -3.9%
9.85 10.25 11.58
Quality of profit
Core 79% Other income & one-offs 21%
Pre-tax profit ₹155 Cr: core business ₹123 Cr, other income ₹32.0 Cr.
Core profit YoY: +1.7%
· reported profit -14.8%
Cash & debt
FY26 cash from operations −₹590 Cr:
-124% of FY26 net profit of ₹474 Cr.
Borrowings ₹72.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹1,328 ₹1,010
-24.0% below
Net profit ₹177 ₹115
-35.2% below
M Cap ₹10,936 Cr
P/E 27.9
PEG 1.21
Profit -29% below its own trend Core business grew faster than reported profit (core profit +26%) FY26 operating cash flow was only 45% of profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+13.1% +15.3%
1,173 1,017 1,037
Operating profit
+22.8% -5.8%
113 120 92.0
OPM %
+76 bps -217 bps
9.6% 11.8% 8.9%
Other income
-75.0% -25.0%
9.0 12.0 36.0
Net profit?
-3.2% -5.2%
92.0 97.0 95.0
PAT margin %
-132 bps -169 bps
7.8% 9.5% 9.2%
EPS (₹)
-3.4% -5.9%
12.45 13.23 12.89
Quality of profit
Core 92% Other income & one-offs 8%
Pre-tax profit ₹106 Cr: core business ₹98.0 Cr, other income ₹9.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +25.6%
· reported profit -3.2%
Cash & debt
FY26 cash from operations ₹169 Cr:
45% of FY26 net profit of ₹378 Cr.
Borrowings ₹736 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹1,203 ₹1,173
-2.5% in line
Net profit ₹129 ₹92.0
-28.5% below
M Cap ₹10,861 Cr
P/E 14.0
PEG 0.39
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+6.7% +1.3%
1,450 1,431 1,359
Operating profit
+11.3% -5.6%
236 250 212
OPM %
+68 bps -119 bps
16.3% 17.5% 15.6%
Other income
+43.5% +73.7%
66.0 38.0 46.0
Net profit?
+19.9% +5.5%
211 200 176
PAT margin %
+160 bps +58 bps
14.6% 14.0% 13.0%
EPS (₹)
+19.2% +5.3%
9.26 8.79 7.77
Quality of profit
Core 76% Other income & one-offs 24%
Pre-tax profit ₹276 Cr: core business ₹211 Cr, other income ₹66.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +15.3%
· reported profit +19.9%
Cash & debt
FY26 cash from operations ₹771 Cr:
99% of FY26 net profit of ₹775 Cr.
Borrowings ₹79.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹1,472 ₹1,450
-1.5% in line
Net profit ₹204 ₹211
+3.4% in line
M Cap ₹10,834 Cr
P/E 38.8
PEG 0.50
Profit +124% above its own trend Operating margin expanded 150 bps YoY 76% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +322%) Operating cash flow was negative in FY26 despite a profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+36.8% +140.7%
720 299 526
Operating profit
+80.0% +83.4%
45.0 24.5 25.0
OPM %
+150 bps -195 bps
6.2% 8.2% 4.8%
Other income
+81.1% +94.6%
67.0 34.4 37.0
Net profit?
+176.0% +81.9%
69.0 37.9 25.0
PAT margin %
+483 bps -309 bps
9.6% 12.7% 4.8%
EPS (₹)
+333.3% -10.3%
0.26 0.29 0.06
Quality of profit
Core 24% Other income & one-offs 76%
Pre-tax profit ₹88.0 Cr: core business ₹21.0 Cr, other income ₹67.0 Cr.
Core profit YoY: +322.2%
· reported profit +176.0%
Cash & debt
FY26 cash from operations −₹361 Cr:
-86% of FY26 net profit of ₹418 Cr.
Borrowings ₹798 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹576 ₹720
+25.0% above
Net profit ₹30.8 ₹69.0
+123.9% above
M Cap ₹10,832 Cr
P/E —
PEG —
₹ Cr
Mar 2026
Sales
1,257
Operating profit
106
OPM %
8.4%
Other income
2.0
Net profit?
38.0
PAT margin %
3.0%
EPS (₹)
1.31
Dec 2025 and Mar 2025 are not on record for this company, so there is nothing to compare with yet.
Quality of profit
Core 98% Other income & one-offs 2%
Pre-tax profit ₹51.0 Cr: core business ₹50.0 Cr, other income ₹2.0 Cr, exceptional & other items −₹1.0 Cr.
M Cap ₹10,809 Cr
P/E 18.9
PEG 0.61
Core business grew faster than reported profit (core profit +13%) Operating cash flow was negative in FY26 despite a profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+19.9% +9.9%
644 586 537
Operating profit
+20.4% +17.9%
224 190 186
OPM %
+15 bps +236 bps
34.8% 32.4% 34.6%
Other income
-72.2% -92.5%
10.0 134 36.0
Net profit?
-10.2% -38.8%
115 188 128
PAT margin %
-598 bps -1422 bps
17.9% 32.1% 23.8%
EPS (₹)
-10.9% -38.8%
3.68 6.01 4.13
Quality of profit
Core 93% Other income & one-offs 7%
Pre-tax profit ₹155 Cr: core business ₹144 Cr, other income ₹10.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +13.4%
· reported profit -10.2%
Cash & debt
FY26 cash from operations −₹1,070 Cr:
-190% of FY26 net profit of ₹564 Cr.
Borrowings ₹1,821 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹497 ₹644
+29.6% above
Net profit ₹106 ₹115
+8.1% in line
M Cap ₹10,752 Cr
P/E 37.5
PEG —
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+8.2% -5.1%
1,533 1,616 1,417
Operating profit
+4.2% -21.0%
222 281 213
OPM %
-56 bps -291 bps
14.5% 17.4% 15.0%
Other income
-2.2% from loss
12.0 -33.0 12.3
Net profit?
-11.2% -27.9%
49.0 68.0 55.1
PAT margin %
-69 bps -101 bps
3.2% 4.2% 3.9%
EPS (₹)
-11.4% -28.5%
20.59 28.80 23.24
Quality of profit
Core 82% Other income & one-offs 18%
Pre-tax profit ₹73.0 Cr: core business ₹60.0 Cr, other income ₹12.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: -12.8%
· reported profit -11.2%
Cash & debt
FY26 cash from operations ₹810 Cr:
328% of FY26 net profit of ₹247 Cr.
Borrowings ₹1,142 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹1,517 ₹1,533
+1.0% in line
Net profit ₹48.4 ₹49.0
+1.3% in line
How to read this page
The numbers. Each card is one company's Q4 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, 21:03 IST