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.
5115 declared
Latest results
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The next results season has started: 44 companies have filed results for the quarter ended 30 Sep 2026.
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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
Page 21 of 171
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M Cap ₹10,535 Cr
P/E 62.2
PEG 1.68
Operating margin contracted 846 bps YoY 32% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+51.6% +7.6%
185 172 122 Operating profit
+12.5% +0.0%
45.0 45.0 40.0 OPM %
-846 bps -184 bps
24.3% 26.2% 32.8% Other income
+55.6% +7.7%
14.0 13.0 9.0 Net profit?
-76.4% +106.2%
66.0 32.0 280 PAT margin %
— +1707 bps
35.7% 18.6% — EPS (₹)
-77.1% +106.9%
3.62 1.75 15.79
Quality of profit
Pre-tax profit ₹40.0 Cr: core business ₹27.0 Cr, other income ₹14.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +0.0%
· reported profit -76.4%
Cash & debt
FY26 cash from operations ₹169 Cr:
105% of FY26 net profit of ₹161 Cr.
Borrowings ₹59.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹185 ₹185
-0.1% in line
M Cap ₹10,506 Cr
P/E 33.1
PEG 2.07
Profit -52% below its own trend Operating margin contracted 543 bps YoY FY26 operating cash flow was only 46% of profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
-1.3% -2.1%
617 630 625 Operating profit
-30.2% -25.0%
81.0 108 116 OPM %
-543 bps -401 bps
13.1% 17.1% 18.6% Other income
to loss to loss -10.0 26.0 17.0 Net profit
-50.5% -51.5%
48.0 99.0 97.0 PAT margin %
-774 bps -793 bps
7.8% 15.7% 15.5% EPS (₹)
-50.5% -51.6%
47.35 97.93 95.71
Quality of profit
Pre-tax profit ₹67.0 Cr: core business ₹77.0 Cr, other income −₹10.0 Cr.
Core profit YoY: -31.2%
· reported profit -50.5%
Cash & debt
FY26 cash from operations ₹140 Cr:
46% of FY26 net profit of ₹306 Cr.
Borrowings ₹1.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹767 ₹617
-19.5% below Net profit ₹100 ₹48.0
-52.2% below
M Cap ₹10,409 Cr
P/E 108.5
PEG 3.19
Profit +36% above its own trend Operating margin contracted 127 bps YoY Exceptional items of ₹2.9 Cr in the quarter Profit grew faster than the core business (core profit +61%) FY26 operating cash flow was only 28% of profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+58.3% +61.1%
171 106 108 Operating profit
+50.6% +62.5%
42.6 26.2 28.3 OPM %
-127 bps +21 bps
24.9% 24.7% 26.1% Other income
+123.5% +298.7%
9.1 2.3 4.0 Net profit?
+86.7% +130.7%
38.9 16.9 20.8 PAT margin %
+345 bps +685 bps
22.7% 15.8% 19.2% EPS (₹)
+74.6% +88.9%
4.27 2.26 adj. 2.44
EPS restated for the ₹10 to ₹5 split of Jul 2025: Mar 2025 ₹4.89 to ₹2.44.
Quality of profit
Pre-tax profit ₹48.4 Cr: core business ₹36.5 Cr, other income ₹9.1 Cr, exceptional & other items ₹2.9 Cr.
Core profit YoY: +61.5%
· reported profit +86.7%
Cash & debt
FY26 cash from operations ₹25.0 Cr:
28% of FY26 net profit of ₹89.5 Cr.
Borrowings ₹27.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹133 ₹171
+29.0% above Net profit ₹28.6 ₹38.9
+35.8% above
M Cap ₹10,361 Cr
P/E 42.8
PEG 0.87
Profit +27% above its own trend Operating margin contracted 271 bps YoY Core business grew faster than reported profit (core profit +81%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+174.7% +32.6%
716 540 261 Operating profit
+142.6% +68.7%
147 87.1 60.6 OPM %
-271 bps +440 bps
20.5% 16.1% 23.2% Other income
-85.3% -81.9%
3.0 16.6 20.5 Net profit?
+27.7% +164.6%
70.0 26.5 54.8 PAT margin %
-1125 bps +488 bps
9.8% 4.9% 21.0% EPS (₹)
+27.3% +164.3%
5.92 2.24 4.65
Quality of profit
Pre-tax profit ₹96.0 Cr: core business ₹94.0 Cr, other income ₹3.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +81.1%
· reported profit +27.7%
Cash & debt
FY26 cash from operations ₹234 Cr:
120% of FY26 net profit of ₹194 Cr.
Borrowings ₹949 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹276 ₹716
+159.8% above Net profit ₹55.2 ₹70.0
+26.8% above
M Cap ₹10,343 Cr
P/E 76.3
PEG 1.04
Profit +230% above its own trend Operating margin expanded 856 bps YoY Core business grew faster than reported profit (core profit +627%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+128.9% +7.2%
920 858 402 Operating profit
+300.0% +4.8%
184 176 46.0 OPM %
+856 bps -46 bps
20.0% 20.5% 11.4% Other income
— +14.4%
16.0 14.0 1.0 Net profit?
+560.0% +36.0%
66.0 48.5 10.0 PAT margin %
+469 bps +152 bps
7.2% 5.7% 2.5% EPS (₹)
+221.6% +33.7%
1.19 0.89 0.37
Quality of profit
Pre-tax profit ₹125 Cr: core business ₹109 Cr, other income ₹16.0 Cr.
Core profit YoY: +626.7%
· reported profit +560.0%
Cash & debt
FY26 cash from operations ₹323 Cr:
238% of FY26 net profit of ₹136 Cr.
Borrowings ₹490 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹451 ₹920
+103.9% above Net profit ₹20.0 ₹66.0
+230.0% above
M Cap ₹10,328 Cr
P/E 16.1
PEG 0.17
Into loss: a profit a year ago Profit -116% below its own trend Operating margin contracted 2024 bps YoY All of pre-tax profit came from other income or one-off items
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+3.4% +19.9%
1,386 1,156 1,341 Operating profit
-68.8% -30.3%
121 174 388 OPM %
-2024 bps -629 bps
8.7% 15.0% 29.0% Other income
+226.1% +50.3%
84.0 55.9 25.8 Net profit?
to loss to loss -13.0 3.8 156 PAT margin %
-1255 bps -126 bps
-0.9% 0.3% 11.6% EPS (₹)
to loss to loss -0.02 0.00 0.15
Quality of profit
Pre-tax profit ₹2.0 Cr: core business −₹83.0 Cr, other income ₹84.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: to loss
Cash & debt
FY26 cash from operations ₹1,301 Cr:
288% of FY26 net profit of ₹451 Cr.
Borrowings ₹3,391 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹1,284 ₹1,386
+7.9% above Net profit ₹82.7 −₹13.0
-115.7% below
M Cap ₹10,260 Cr
P/E 53.5
PEG 7.64
Profit +36% above its own trend
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
-13.0% +5.2%
875 832 1,006 Operating profit
-9.6% -0.0%
92.0 92.0 102 OPM %
+40 bps -55 bps
10.5% 11.1% 10.1% Other income
-33.4% +29.9%
14.0 10.8 21.0 Net profit?
-16.2% +12.1%
54.0 48.1 64.5 PAT margin %
-24 bps +38 bps
6.2% 5.8% 6.4% EPS (₹)
-16.3% +12.0%
4.01 3.58 4.79
Quality of profit
Pre-tax profit ₹75.0 Cr: core business ₹61.0 Cr, other income ₹14.0 Cr.
Core profit YoY: -14.4%
· reported profit -16.2%
Cash & debt
FY26 cash from operations ₹322 Cr:
189% of FY26 net profit of ₹170 Cr.
Borrowings ₹623 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹844 ₹875
+3.7% in line Net profit ₹39.6 ₹54.0
+36.4% above
M Cap ₹10,174 Cr
P/E 34.2
PEG —
Operating margin expanded 281 bps YoY Core business grew faster than reported profit (core profit +71%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+30.1% +12.3%
460 410 354 Operating profit
+44.7% +28.1%
127 99.4 88.0 OPM %
+281 bps +342 bps
27.7% 24.2% 24.9% Other income
-16.6% -17.6%
7.5 9.1 9.0 Net profit?
+47.7% +45.3%
76.8 52.8 52.0 PAT margin %
+199 bps +378 bps
16.7% 12.9% 14.7% EPS (₹)
+52.1% +31.9%
1.78 1.35 1.17
Quality of profit
Pre-tax profit ₹103 Cr: core business ₹95.9 Cr, other income ₹7.5 Cr.
Core profit YoY: +71.2%
· reported profit +47.7%
M Cap ₹10,149 Cr
P/E 40.3
PEG 3.10
Profit -25% below its own trend Operating margin contracted 358 bps YoY 49% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+8.8% +23.0%
2,181 1,774 2,005 Operating profit
-33.9% +33.1%
121 90.9 183 OPM %
-358 bps +42 bps
5.5% 5.1% 9.1% Other income
+12.8% +25.5%
53.0 42.2 47.0 Net profit?
-32.8% +197.2%
80.0 26.9 119 PAT margin %
-227 bps +215 bps
3.7% 1.5% 5.9% EPS (₹)
-32.8% +202.4%
6.32 2.09 9.40
Quality of profit
Pre-tax profit ₹110 Cr: core business ₹56.0 Cr, other income ₹53.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: -51.3%
· reported profit -32.8%
Cash & debt
FY26 cash from operations ₹298 Cr:
101% of FY26 net profit of ₹295 Cr.
Borrowings ₹71.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹2,020 ₹2,181
+8.0% above Net profit ₹106 ₹80.0
-24.6% below
M Cap ₹10,098 Cr
P/E 26.0
PEG 0.37
Profit -25% below its own trend
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+11.2% +101.4%
1,323 657 1,190 Operating profit
+10.1% +1.7%
240 236 218 OPM %
-18 bps -1779 bps
18.1% 35.9% 18.3% Other income
from loss -97.1%
3.0 104 -12.0 Net profit?
+50.0% +5.8%
129 122 86.0 PAT margin %
+252 bps -881 bps
9.8% 18.6% 7.2% EPS (₹)
+54.5% -37.2%
13.77 21.93 8.91
Quality of profit
Pre-tax profit ₹148 Cr: core business ₹145 Cr, other income ₹3.0 Cr.
Core profit YoY: +21.8%
· reported profit +50.0%
Cash & debt
FY26 cash from operations ₹703 Cr:
181% of FY26 net profit of ₹389 Cr.
Borrowings ₹1,758 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹971 ₹1,323
+36.3% above Net profit ₹172 ₹129
-25.0% below
M Cap ₹10,097 Cr
P/E 14.1
PEG 7.06
Profit -44% below its own trend Operating margin contracted 684 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+4.9% -0.4%
2,259 2,268 2,152 Operating profit
-34.2% -26.0%
260 351 395 OPM %
-684 bps -398 bps
11.5% 15.5% 18.4% Other income
-30.7% -1.7%
29.1 29.6 42.0 Net profit?
-47.5% -35.5%
130 201 247 PAT margin %
-574 bps -313 bps
5.7% 8.9% 11.5% EPS (₹)
-47.4% -35.4%
13.15 20.36 25.01
Quality of profit
Pre-tax profit ₹176 Cr: core business ₹149 Cr, other income ₹29.1 Cr, exceptional & other items −₹1.6 Cr.
Core profit YoY: -50.1%
· reported profit -47.5%
Cash & debt
FY26 cash from operations ₹1,162 Cr:
138% of FY26 net profit of ₹840 Cr.
Borrowings ₹223 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹2,545 ₹2,259
-11.2% below Net profit ₹233 ₹130
-44.4% below
M Cap ₹10,013 Cr
P/E 9.6
PEG 0.26
Profit +842% above its own trend Operating margin contracted 331 bps YoY 98% of pre-tax profit came from other income and one-off items FY26 operating cash flow was only 12% of profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+112.7% +289.8%
1,107 284 520 Operating profit
+28.6% from loss 56.0 -63.0 43.6 OPM %
-331 bps +2724 bps
5.1% -22.2% 8.4% Other income
— —
1,355 28.0 50.0 Net profit?
— from loss 1,152 -45.0 61.1 EPS (₹)
— from loss 82.02 -3.23 4.34
Quality of profit
Pre-tax profit ₹1,386 Cr: core business ₹30.0 Cr, other income ₹1,355 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +32.0%
Cash & debt
FY26 cash from operations ₹126 Cr:
12% of FY26 net profit of ₹1,094 Cr.
Borrowings ₹2,979 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹312 ₹1,107
+254.3% above Net profit ₹122 ₹1,152
+842.3% above
M Cap ₹9,989 Cr
P/E 28.7
PEG 2.21
Profit +36% above its own trend Operating margin expanded 498 bps YoY Core business grew faster than reported profit (core profit +83%) FY26 operating cash flow was only 28% of profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+17.4% +52.4%
1,199 787 1,021 Operating profit
+56.4% +55.2%
239 154 153 OPM %
+498 bps +37 bps
19.9% 19.6% 15.0% Other income
-41.3% from loss 32.0 -32.0 54.5 Net profit?
+54.5% +425.8%
163 31.0 105 PAT margin %
+327 bps +966 bps
13.6% 3.9% 10.3% EPS (₹)
+50.8% +500.6%
10.45 1.74 6.93
Quality of profit
Pre-tax profit ₹205 Cr: core business ₹173 Cr, other income ₹32.0 Cr.
Core profit YoY: +82.7%
· reported profit +54.5%
Cash & debt
FY26 cash from operations ₹112 Cr:
28% of FY26 net profit of ₹393 Cr.
Borrowings ₹1,987 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹983 ₹1,199
+21.9% above Net profit ₹120 ₹163
+35.6% above
M Cap ₹9,971 Cr
P/E 19.2
PEG —
Profit +13% above its own trend 49% 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
-6.5% +50.5%
3,189 2,119 3,412 Operating profit
+2.1% +69.0%
267 158 261 OPM %
+71 bps +92 bps
8.4% 7.5% 7.7% Other income
+27.1% +8.9%
122 112 96.0 Net profit?
-9.8% +91.3%
191 99.8 212 PAT margin %
-22 bps +128 bps
6.0% 4.7% 6.2% EPS (₹)
-8.9% +90.7%
2.04 1.07 2.24
Quality of profit
Pre-tax profit ₹248 Cr: core business ₹126 Cr, other income ₹122 Cr.
Core profit YoY: -24.6%
· reported profit -9.8%
Cash & debt
FY26 cash from operations −₹618 Cr:
-104% of FY26 net profit of ₹591 Cr.
Borrowings ₹5,726 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹2,761 ₹3,189
+15.5% above Net profit ₹168 ₹191
+13.4% above
M Cap ₹9,957 Cr
P/E 27.6
PEG —
Operating margin contracted 174 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+76.4% +11.9%
3,105 2,775 1,760 Operating profit
+18.3% -44.7%
110 199 93.0 OPM %
-174 bps -362 bps
3.5% 7.2% 5.3% Other income
+25.0% +84.5%
10.0 5.4 8.0 Net profit?
+24.5% -47.7%
66.0 126 53.0 PAT margin %
-89 bps -242 bps
2.1% 4.5% 3.0% EPS (₹)
+17.9% -47.8%
1.91 3.66 1.62
Quality of profit
Pre-tax profit ₹89.0 Cr: core business ₹80.0 Cr, other income ₹10.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +21.2%
· reported profit +24.5%
M Cap ₹9,897 Cr
P/E 32.2
PEG —
Profit -14% below its own trend
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+12.2% +12.2%
1,179 1,051 1,051 Operating profit
+11.1% +29.4%
163 126 147 OPM %
-13 bps +184 bps
13.8% 12.0% 14.0% Other income
+7.7% from loss 9.0 -4.0 8.4 Net profit?
+16.1% +83.0%
86.0 47.0 74.0 PAT margin %
+25 bps +282 bps
7.3% 4.5% 7.0% EPS (₹)
+15.8% +84.7%
5.43 2.94 4.69
Quality of profit
Pre-tax profit ₹112 Cr: core business ₹103 Cr, other income ₹9.0 Cr.
Core profit YoY: +10.3%
· reported profit +16.1%
Cash & debt
FY26 cash from operations ₹524 Cr:
189% of FY26 net profit of ₹277 Cr.
Borrowings ₹792 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹1,055 ₹1,179
+11.7% above Net profit ₹100 ₹86.0
-14.3% below
M Cap ₹9,874 Cr
P/E 41.8
PEG 2.99
Profit -97% below its own trend Operating margin contracted 330 bps YoY Exceptional items of ₹-102 Cr in the quarter
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
-6.5% +35.1%
746 552 798 Operating profit
-19.1% +44.7%
158 109 195 OPM %
-330 bps +141 bps
21.2% 19.8% 24.5% Other income
-16.6% -6.8%
17.6 18.9 21.1 Net profit?
-95.9% -91.7%
6.0 72.0 146 PAT margin %
-1756 bps -1224 bps
0.8% 13.0% 18.4% EPS (₹)
-95.9% -91.6%
0.27 3.21 6.53
Quality of profit
Pre-tax profit ₹40.4 Cr: core business ₹125 Cr, other income ₹17.6 Cr, exceptional & other items −₹102 Cr.
Core profit YoY: -27.1%
· reported profit -95.9%
Cash & debt
FY26 cash from operations ₹314 Cr:
92% of FY26 net profit of ₹341 Cr.
Borrowings ₹273 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹952 ₹746
-21.7% below Net profit ₹177 ₹6.0
-96.6% below
M Cap ₹9,852 Cr
P/E 20.5
PEG 0.47
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Total income
+25.4% +6.6%
454 426 362 Net interest income
+26.3% +5.9%
307 290 243 Other income
-100.0% —
0.0 0.0 1.0 Net profit
+30.9% +4.2%
123 118 94.0 EPS (₹)
+27.6% +2.8%
1.11 1.08 0.87 Gross NPA %
-13 bps -10 bps
2.6% 2.7% 2.7% Net NPA %
+3 bps +6 bps
1.5% 1.5% 1.5%
Against its own trend ?
Trend Actual Gap
NII ₹313 ₹307
-2.0% in line Net profit ₹122 ₹123
+1.2% in line
M Cap ₹9,837 Cr
P/E 81.8
PEG —
Profit +13% above its own trend
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+14.3% +29.6%
1,823 1,407 1,595 Operating profit
+51.4% +603.5%
56.0 8.0 37.0 OPM %
+75 bps +251 bps
3.1% 0.6% 2.3% Other income
-84.7% -33.1%
12.0 17.9 78.2 Net profit?
+24.2% +513.8%
41.0 6.7 33.0 PAT margin %
+18 bps +177 bps
2.2% 0.5% 2.1% EPS (₹)
+11.5% +520.8%
3.29 0.53 2.95
Quality of profit
Pre-tax profit ₹54.0 Cr: core business ₹42.0 Cr, other income ₹12.0 Cr.
Core profit YoY: from loss
· reported profit +24.2%
Against its own trend ?
Trend Actual Gap
Sales ₹1,645 ₹1,823
+10.8% above Net profit ₹36.3 ₹41.0
+12.9% above
M Cap ₹9,798 Cr
P/E 8.5
PEG 0.42
Profit +28% above its own trend
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Total income
+7.6% +0.3%
1,076 1,073 1,000 Net interest income
+20.5% +4.5%
440 421 365 Other income
+100.0% -80.0%
2.0 10.0 1.0 Net profit
+47.9% +30.7%
346 265 234 EPS (₹)
+47.8% +30.5%
25.96 19.89 17.57 Gross NPA %
-2 bps -7 bps
0.8% 0.9% 0.9% Net NPA %
-9 bps -12 bps
0.4% 0.5% 0.5%
Against its own trend ?
Trend Actual Gap
NII ₹423 ₹440
+3.9% in line Net profit ₹270 ₹346
+28.0% above
M Cap ₹9,715 Cr
P/E 16.5
PEG 0.52
Profit -35% below its own trend Operating margin contracted 153 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+6.0% +6.1%
1,468 1,384 1,385 Operating profit
-6.7% -6.3%
165 176 177 OPM %
-153 bps -149 bps
11.2% 12.7% 12.8% Other income
-29.8% -44.5%
35.0 63.1 49.9 Net profit?
-11.6% -15.0%
139 163 157 PAT margin %
-188 bps -235 bps
9.5% 11.8% 11.3% EPS (₹)
-17.6% -23.6%
9.18 12.01 11.14
Quality of profit
Pre-tax profit ₹184 Cr: core business ₹149 Cr, other income ₹35.0 Cr.
Core profit YoY: -7.8%
· reported profit -11.6%
Cash & debt
FY26 cash from operations ₹505 Cr:
77% of FY26 net profit of ₹657 Cr.
Borrowings ₹13.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹1,486 ₹1,468
-1.2% in line Net profit ₹215 ₹139
-35.4% below
M Cap ₹9,705 Cr
P/E 14.9
PEG 0.34
Profit +56% above its own trend Operating margin expanded 306 bps YoY Core business grew faster than reported profit (core profit +150%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+12.4% +0.0%
4,223 4,223 3,759 Operating profit
+47.9% -5.9%
537 571 363 OPM %
+306 bps -80 bps
12.7% 13.5% 9.7% Other income
to loss to loss -37.0 12.3 21.3 Net profit?
+80.4% -14.3%
178 208 98.7 PAT margin %
+159 bps -70 bps
4.2% 4.9% 2.6% EPS (₹)
+74.3% -15.4%
6.17 7.29 3.54
Quality of profit
Pre-tax profit ₹277 Cr: core business ₹313 Cr, other income −₹37.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +149.6%
· reported profit +80.4%
Cash & debt
FY26 cash from operations ₹1,444 Cr:
187% of FY26 net profit of ₹772 Cr.
Borrowings ₹4,882 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹4,080 ₹4,223
+3.5% in line Net profit ₹114 ₹178
+55.9% above
M Cap ₹9,683 Cr
P/E 14.1
PEG 0.94
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Total income
+12.2% +6.1%
715 674 637 Net interest income
+19.1% +10.5%
442 400 371 Other income
-100.0% —
0.0 0.0 1.0 Net profit
+18.2% +7.1%
182 170 154 EPS (₹)
+18.0% +6.7%
22.91 21.48 19.42 Gross NPA %
-3 bps -14 bps
1.1% 1.2% 1.1% Net NPA %
-5 bps -11 bps
0.7% 0.8% 0.7%
Against its own trend ?
Trend Actual Gap
NII ₹435 ₹442
+1.6% in line Net profit ₹170 ₹182
+6.9% in line
M Cap ₹9,620 Cr
P/E 43.5
PEG —
Profit +26% above its own trend Operating margin expanded 873 bps YoY Core business grew faster than reported profit (core profit +61%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+19.4% +10.4%
287 260 241 Operating profit
+50.6% +31.8%
121 91.7 80.3 OPM %
+873 bps +685 bps
42.1% 35.2% 33.4% Other income
-44.9% +31.1%
9.7 7.4 17.6 Net profit?
+23.9% +44.7%
74.1 51.2 59.9 PAT margin %
+94 bps +611 bps
25.8% 19.7% 24.9% EPS (₹)
+24.1% +44.6%
3.86 2.67 3.11
Quality of profit
Pre-tax profit ₹103 Cr: core business ₹95.2 Cr, other income ₹9.7 Cr, exceptional & other items −₹1.6 Cr.
Core profit YoY: +61.4%
· reported profit +23.9%
Against its own trend ?
Trend Actual Gap
Sales ₹225 ₹287
+27.9% above Net profit ₹58.8 ₹74.1
+26.1% above
M Cap ₹9,610 Cr
P/E 20.8
PEG —
Profit -17% below its own trend Operating margin contracted 835 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+24.8% +26.2%
768 609 615 Operating profit
-9.7% +31.5%
168 128 186 OPM %
-835 bps +88 bps
21.9% 21.0% 30.2% Other income
+48.8% +33.3%
35.0 26.3 23.5 Net profit?
-1.6% +20.8%
139 115 141 PAT margin %
-487 bps -81 bps
18.1% 18.9% 23.0% EPS (₹)
-2.2% +27.4%
2.70 2.12 2.76
Quality of profit
Pre-tax profit ₹186 Cr: core business ₹151 Cr, other income ₹35.0 Cr.
Core profit YoY: -10.1%
· reported profit -1.6%
Cash & debt
FY26 cash from operations ₹327 Cr:
72% of FY26 net profit of ₹454 Cr.
Borrowings ₹7.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹622 ₹768
+23.4% above Net profit ₹167 ₹139
-16.5% below
M Cap ₹9,574 Cr
P/E 15.8
PEG 0.29
Profit -55% below its own trend Operating cash flow was negative in FY26 despite a profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
-7.0% +6.5%
6,390 6,001 6,872 Operating profit
-16.9% +4.2%
448 430 539 OPM %
-83 bps -15 bps
7.0% 7.2% 7.8% Other income
+50.0% from loss 30.0 -49.0 20.0 Net profit?
-28.0% +52.0%
193 127 268 PAT margin %
-88 bps +90 bps
3.0% 2.1% 3.9% EPS (₹)
-28.2% +51.1%
7.24 4.79 10.08
Quality of profit
Pre-tax profit ₹258 Cr: core business ₹227 Cr, other income ₹30.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: -29.5%
· reported profit -28.0%
Cash & debt
FY26 cash from operations −₹414 Cr:
-68% of FY26 net profit of ₹606 Cr.
Borrowings ₹5,378 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹7,685 ₹6,390
-16.8% below Net profit ₹428 ₹193
-54.9% below
M Cap ₹9,527 Cr
P/E 55.6
PEG 1.43
Profit -15% below its own trend Operating margin contracted 121 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+47.6% +6.7%
342 320 232 Operating profit
+40.3% +7.7%
80.0 74.2 57.0 OPM %
-121 bps +22 bps
23.4% 23.2% 24.6% Other income
+31.1% -10.5%
7.0 7.8 5.3 Net profit?
+16.2% +4.4%
45.0 43.1 38.7 PAT margin %
-355 bps -29 bps
13.2% 13.4% 16.7% EPS (₹)
+12.8% +4.7%
4.93 4.71 4.37
Quality of profit
Pre-tax profit ₹52.0 Cr: core business ₹45.0 Cr, other income ₹7.0 Cr.
Core profit YoY: +4.2%
· reported profit +16.2%
Cash & debt
FY26 cash from operations ₹205 Cr:
120% of FY26 net profit of ₹171 Cr.
Borrowings ₹264 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹299 ₹342
+14.2% above Net profit ₹52.9 ₹45.0
-14.9% below
M Cap ₹9,498 Cr
P/E 222.0
PEG 36.99
Profit +29% above its own trend Operating margin expanded 133 bps YoY Core business grew faster than reported profit (core profit +128%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+13.7% +1.9%
433 425 381 Operating profit
+28.9% -2.0%
49.0 50.0 38.0 OPM %
+133 bps -45 bps
11.3% 11.8% 10.0% Other income
-100.0% loss narrowed 0.0 -8.0 12.6 Net profit?
-18.8% +116.7%
13.0 6.0 16.0 PAT margin %
-120 bps +159 bps
3.0% 1.4% 4.2% EPS (₹)
-21.9% +117.7%
19.81 9.10 25.37
Quality of profit
Pre-tax profit ₹15.0 Cr: core business ₹16.0 Cr, other income ₹0.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +127.9%
· reported profit -18.8%
Cash & debt
FY26 cash from operations ₹95.0 Cr:
290% of FY26 net profit of ₹32.8 Cr.
Borrowings ₹638 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹411 ₹433
+5.4% above Net profit ₹10.1 ₹13.0
+29.0% above
M Cap ₹9,443 Cr
P/E 26.7
PEG —
Profit -79% below its own trend Operating margin contracted 184 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+14.8% -1.1%
1,315 1,329 1,145 Operating profit
-4.2% +1.9%
122 119 127 OPM %
-184 bps +27 bps
9.3% 9.0% 11.1% Other income
-96.5% -94.2%
0.3 4.8 8.0 Net profit?
-79.5% +5.9%
62.4 59.0 305 PAT margin %
-2188 bps +31 bps
4.7% 4.4% 26.6% EPS (₹)
-17.8% +5.8%
17.60 16.63 21.40
Quality of profit
Pre-tax profit ₹80.2 Cr: core business ₹79.9 Cr, other income ₹0.3 Cr.
Core profit YoY: from loss
· reported profit -79.5%
Cash & debt
FY26 cash from operations ₹333 Cr:
125% of FY26 net profit of ₹267 Cr.
Borrowings ₹235 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹1,445 ₹1,315
-9.0% below Net profit ₹291 ₹62.4
-78.6% below
M Cap ₹9,409 Cr
P/E 111.7
PEG —
46% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+29.1% +10.1%
696 632 539 Operating profit
+31.0% —
450 — 344 OPM %
+98 bps —
64.7% — 63.7% Other income
+30.6% —
20.2 — 15.5 Net profit?
+79.3% +337.3%
65.9 15.1 36.7 PAT margin %
+265 bps +708 bps
9.5% 2.4% 6.8% EPS (₹)
+77.9% —
4.84 — 2.72
Quality of profit
Pre-tax profit ₹44.0 Cr: core business ₹23.8 Cr, other income ₹20.2 Cr.
Core profit YoY: from loss
· reported profit +79.3%
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
