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: 36 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
-4.8%
median; 37% 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 ₹15,68,278 Cr
P/E 17.8
PEG 3.56
Profit -18% below its own trend Operating margin contracted 156 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+11.1% +9.1%
2,94,059 2,69,496 2,64,573 Operating profit
+0.7% -4.1%
44,141 46,018 43,832 OPM %
-156 bps -206 bps
15.0% 17.1% 16.6% Other income
-9.3% -9.5%
4,447 4,914 4,905 Net profit?
-8.9% -7.6%
20,589 22,290 22,611 PAT margin %
-154 bps -127 bps
7.0% 8.3% 8.5% EPS (₹)
-12.6% -9.0%
12.54 13.78 14.34
Quality of profit
Pre-tax profit ₹27,195 Cr: core business ₹22,748 Cr, other income ₹4,447 Cr.
Core profit YoY: -6.0%
· reported profit -8.9%
Cash & debt
FY26 cash from operations ₹1,92,113 Cr:
201% of FY26 net profit of ₹95,808 Cr.
Borrowings ₹4,02,962 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹2,90,839 ₹2,94,059
+1.1% in line Net profit ₹25,141 ₹20,589
-18.1% below
M Cap ₹11,09,670 Cr
P/E 30.5
PEG 0.62
Profit -59% below its own trend Core business grew faster than reported profit (core profit +33%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+15.7% +2.6%
55,383 53,982 47,876 Operating profit
+16.6% +2.3%
31,492 30,783 27,009 OPM %
+45 bps -16 bps
56.9% 57.0% 56.4% Other income
to loss to loss -2,198 702 486 Net profit?
-25.9% +8.8%
9,247 8,503 12,476 PAT margin %
-936 bps +95 bps
16.7% 15.8% 26.1% EPS (₹)
-36.8% +5.1%
12.02 11.44 19.02
Quality of profit
Pre-tax profit ₹10,045 Cr: core business ₹12,242 Cr, other income −₹2,198 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +33.3%
· reported profit -25.9%
Cash & debt
FY26 cash from operations ₹1,22,230 Cr:
361% of FY26 net profit of ₹33,822 Cr.
Borrowings ₹1,95,412 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹60,579 ₹55,383
-8.6% below Net profit ₹22,806 ₹9,247
-59.5% below
M Cap ₹10,86,321 Cr
P/E 13.6
PEG 0.76
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Total income
-2.8% -7.9%
1,16,919 1,26,927 1,20,269 Net interest income
+5.5% +1.7%
41,962 41,246 39,793 Other income
-11.2% -25.4%
29,737 39,860 33,489 Net profit?
+11.9% +6.4%
21,074 19,807 18,835 EPS (₹)
+7.4% +2.6%
13.22 12.88 adj. 12.31Gross NPA %
-18 bps -9 bps
1.1% 1.2% 1.3% Net NPA %
-5 bps -4 bps
0.4% 0.4% 0.4%
EPS restated for the 1:1 bonus of Aug 2025: Mar 2025 ₹24.62 to ₹12.31.
Against its own trend ?
Trend Actual Gap
NII ₹42,873 ₹41,962
-2.1% in line Net profit ₹20,426 ₹21,074
+3.2% in line
M Cap ₹9,61,812 Cr
P/E 16.9
PEG 0.99
Gross NPA down 33 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Total income
+6.1% +10.2%
84,614 76,782 79,748 Net interest income
+8.7% +4.0%
27,547 26,490 25,340 Other income
+11.7% +23.2%
35,020 28,418 31,361 Net profit?
+16.1% +25.1%
15,681 12,538 13,502 EPS (₹)
+7.8% +17.5%
20.61 17.54 19.11 Gross NPA %
-33 bps -13 bps
1.4% 1.5% 1.7% Net NPA %
-9 bps -4 bps
0.3% 0.4% 0.4%
Against its own trend ?
Trend Actual Gap
NII ₹27,790 ₹27,547
-0.9% in line Net profit ₹14,775 ₹15,681
+6.1% in line
M Cap ₹8,68,601 Cr
P/E 9.8
PEG 0.70
Gross NPA down 33 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Total income
+0.8% -2.5%
1,81,079 1,85,648 1,79,562 Net interest income
+4.8% -1.3%
51,127 51,807 48,770 Other income
-4.9% -9.2%
49,999 55,059 52,565 Net profit?
+4.6% -6.3%
20,508 21,876 19,600 EPS (₹)
-3.1% -7.8%
21.28 23.09 21.96 Gross NPA %
-33 bps -8 bps
1.5% 1.6% 1.8% Net NPA %
-8 bps +0 bps
0.4% 0.4% 0.5%
Against its own trend ?
Trend Actual Gap
NII ₹51,126 ₹51,127
+0.0% in line Net profit ₹21,212 ₹20,508
-3.3% in line
M Cap ₹7,68,844 Cr
P/E 14.8
PEG 1.85
Profit +12% above its own trend
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+9.6% +5.4%
70,698 67,087 64,479 Operating profit
+13.5% +5.5%
19,276 18,269 16,980 OPM %
+93 bps +3 bps
27.3% 27.2% 26.3% Other income
-26.4% -32.3%
757 1,118 1,028 Net profit?
+12.1% +28.6%
13,784 10,720 12,293 PAT margin %
+43 bps +352 bps
19.5% 16.0% 19.1% EPS (₹)
+12.2% +28.8%
37.92 29.45 33.79
Quality of profit
Pre-tax profit ₹18,362 Cr: core business ₹17,605 Cr, other income ₹757 Cr.
Core profit YoY: +14.5%
· reported profit +12.1%
Cash & debt
FY26 cash from operations ₹52,094 Cr:
105% of FY26 net profit of ₹49,454 Cr.
Borrowings ₹11,283 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹66,821 ₹70,698
+5.8% above Net profit ₹12,281 ₹13,784
+12.2% above
M Cap ₹5,95,497 Cr
P/E 28.8
PEG 1.52
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Total income
+17.0% +1.9%
21,617 21,215 18,469 Net interest income
— —
14,208 — — Other income
— —
11.0 — — Net profit?
+22.2% +36.6%
5,553 4,066 4,546 EPS (₹)
+21.4% +37.2%
8.78 6.40 adj. 7.23Gross NPA %
+5 bps -20 bps
1.0% 1.2% 1.0% Net NPA %
-3 bps -6 bps
0.4% 0.5% 0.4%
EPS restated for the 4:1 bonus of Jun 2025 and the ₹2 to ₹1 split of Jun 2025: Mar 2025 ₹72.35 to ₹7.23.
Against its own trend ?
Trend Actual Gap
Net profit ₹5,470 ₹5,553
+1.5% in line
M Cap ₹4,99,095 Cr
P/E 25.4
PEG 1.50
Profit -16% below its own trend Operating margin expanded 156 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+11.3% +15.8%
82,762 71,450 74,392 Operating profit
+27.0% +40.5%
10,419 7,417 8,203 OPM %
+156 bps +221 bps
12.6% 10.4% 11.0% Other income
+45.1% +14.3%
1,647 1,441 1,135 Net profit?
-0.4% +60.4%
6,133 3,825 6,156 PAT margin %
-86 bps +206 bps
7.4% 5.4% 8.3% EPS (₹)
-3.2% +65.6%
38.71 23.37 39.98
Quality of profit
Pre-tax profit ₹8,410 Cr: core business ₹6,763 Cr, other income ₹1,647 Cr.
Core profit YoY: +5.6%
· reported profit -0.4%
Cash & debt
FY26 cash from operations ₹16,741 Cr:
88% of FY26 net profit of ₹18,954 Cr.
Borrowings ₹1,25,497 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹82,349 ₹82,762
+0.5% in line Net profit ₹7,280 ₹6,133
-15.8% below
M Cap ₹4,95,247 Cr
P/E 8.2
PEG 0.49
Operating margin contracted 479 bps YoY Profit grew faster than the core business (core profit -48%) Operating cash flow was negative in FY26 despite a profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+13.8% +17.3%
2,76,744 2,35,954 2,43,134 Operating profit
-47.8% -9.3%
11,222 12,366 21,514 OPM %
-479 bps -119 bps
4.1% 5.2% 8.8% Other income
+231.9% +285.2%
3,166 822 954 Net profit?
+23.3% +81.8%
23,467 12,908 19,039 PAT margin %
+65 bps +301 bps
8.5% 5.5% 7.8% EPS (₹)
+23.3% +81.5%
18.55 10.22 15.05
Quality of profit
Pre-tax profit ₹14,388 Cr: core business ₹11,222 Cr, other income ₹3,166 Cr.
Core profit YoY: -47.8%
· reported profit +23.3%
Cash & debt
FY26 cash from operations −₹26,211 Cr:
-46% of FY26 net profit of ₹57,426 Cr.
Borrowings ₹1.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹2,55,895 ₹2,76,744
+8.1% above Net profit ₹23,606 ₹23,467
-0.6% in line
M Cap ₹4,41,079 Cr
P/E 21.7
PEG 2.72
Profit +21% above its own trend Gross NPA down 25 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Total income
+4.8% +2.2%
28,475 27,851 27,174 Net interest income
+8.7% +3.2%
10,451 10,122 9,615 Other income
+2.4% +2.9%
10,648 10,344 10,402 Net profit?
+9.9% +10.1%
5,423 4,924 4,933 EPS (₹)
+9.9% +10.1%
5.45 4.95 4.96 Gross NPA %
-25 bps -10 bps
1.2% 1.3% 1.4% Net NPA %
-11 bps -6 bps
0.2% 0.3% 0.4%
Against its own trend ?
Trend Actual Gap
NII ₹10,311 ₹10,451
+1.4% in line Net profit ₹4,465 ₹5,423
+21.5% above
M Cap ₹4,27,790 Cr
P/E 28.6
PEG 2.04
Profit +15% above its own trend
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+4.3% -0.5%
16,351 16,441 15,670 Operating profit
+6.0% +1.3%
3,837 3,788 3,619 OPM %
+37 bps +43 bps
23.5% 23.0% 23.1% Other income
+62.8% +261.9%
503 139 309 Net profit?
+21.0% -54.7%
2,994 6,603 2,475 PAT margin %
+252 bps -2185 bps
18.3% 40.2% 15.8% EPS (₹)
+21.5% -54.7%
12.73 28.12 10.48
Quality of profit
Pre-tax profit ₹3,916 Cr: core business ₹3,413 Cr, other income ₹503 Cr.
Core profit YoY: +6.9%
· reported profit +21.0%
Cash & debt
FY26 cash from operations ₹10,999 Cr:
73% of FY26 net profit of ₹15,059 Cr.
Borrowings ₹1,478 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹16,216 ₹16,351
+0.8% in line Net profit ₹2,596 ₹2,994
+15.3% above
M Cap ₹4,22,283 Cr
P/E 34.9
PEG 2.68
Profit +37% above its own trend Operating margin contracted 162 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+12.8% -5.9%
14,612 15,521 12,959 Operating profit
+6.4% -20.1%
3,954 4,948 3,716 OPM %
-162 bps -482 bps
27.1% 31.9% 28.7% Other income
-25.3% -20.9%
458 579 613 Net profit?
+26.1% -19.9%
2,710 3,381 2,150 PAT margin %
+196 bps -324 bps
18.5% 21.8% 16.6% EPS (₹)
+25.7% -19.2%
11.31 14.00 9.00
Quality of profit
Pre-tax profit ₹3,551 Cr: core business ₹3,093 Cr, other income ₹458 Cr.
Core profit YoY: +3.0%
· reported profit +26.1%
Cash & debt
FY26 cash from operations ₹12,419 Cr:
108% of FY26 net profit of ₹11,488 Cr.
Borrowings ₹4,627 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹14,151 ₹14,612
+3.3% in line Net profit ₹1,973 ₹2,710
+37.4% above
M Cap ₹4,13,113 Cr
P/E 14.0
PEG 1.75
Profit +17% above its own trend Operating margin expanded 311 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+13.4% +2.0%
46,402 45,479 40,925 Operating profit
+30.2% +33.7%
11,167 8,355 8,575 OPM %
+311 bps +569 bps
24.1% 18.4% 21.0% Other income
+6.5% +32.6%
1,159 874 1,088 Net profit?
+21.0% +27.9%
8,509 6,654 7,033 PAT margin %
+115 bps +371 bps
18.3% 14.6% 17.2% EPS (₹)
+23.4% +29.6%
20.96 16.17 16.98
Quality of profit
Pre-tax profit ₹10,797 Cr: core business ₹9,638 Cr, other income ₹1,159 Cr.
Core profit YoY: +34.3%
· reported profit +21.0%
Cash & debt
FY26 cash from operations ₹33,986 Cr:
115% of FY26 net profit of ₹29,448 Cr.
Borrowings ₹9,176 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹44,294 ₹46,402
+4.8% in line Net profit ₹7,260 ₹8,509
+17.2% above
M Cap ₹4,04,114 Cr
P/E 30.8
PEG 1.14
Profit -13% below its own trend Operating margin contracted 291 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+26.5% +10.6%
10,738 9,705 8,488 Operating profit
+20.3% +4.0%
6,020 5,786 5,006 OPM %
-291 bps -356 bps
56.1% 59.6% 59.0% Other income
+220.1% +376.2%
900 189 281 Net profit?
+9.4% +8.7%
3,308 3,043 3,023 PAT margin %
-481 bps -55 bps
30.8% 31.4% 35.6% EPS (₹)
+3.6% +9.1%
14.45 13.25 13.95
Quality of profit
Pre-tax profit ₹3,700 Cr: core business ₹2,800 Cr, other income ₹900 Cr.
Core profit YoY: -9.9%
· reported profit +9.4%
Cash & debt
FY26 cash from operations ₹20,356 Cr:
159% of FY26 net profit of ₹12,782 Cr.
Borrowings ₹63,566 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹10,396 ₹10,738
+3.3% in line Net profit ₹3,781 ₹3,308
-12.5% below
M Cap ₹3,90,417 Cr
P/E 67.8
PEG 3.99
Profit -13% below its own trend Operating margin contracted 326 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+91.6% +9.5%
26,920 24,592 14,049 Operating profit
+31.8% -27.1%
1,938 2,657 1,470 OPM %
-326 bps -361 bps
7.2% 10.8% 10.5% Other income
+102.6% from loss 235 -1.0 116 Net profit?
+35.4% -30.0%
1,179 1,684 871 PAT margin %
-182 bps -247 bps
4.4% 6.8% 6.2% EPS (₹)
+35.4% -30.0%
13.28 18.97 9.81
Quality of profit
Pre-tax profit ₹1,577 Cr: core business ₹1,342 Cr, other income ₹235 Cr.
Core profit YoY: +29.7%
· reported profit +35.4%
Cash & debt
FY26 cash from operations ₹5,590 Cr:
110% of FY26 net profit of ₹5,074 Cr.
Borrowings ₹14,551 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹17,164 ₹26,920
+56.8% above Net profit ₹1,357 ₹1,179
-13.1% below
M Cap ₹3,90,112 Cr
P/E 14.0
PEG 0.40
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Total income
+3.0% +0.6%
41,143 40,898 39,958 Net interest income
+5.3% +1.1%
15,091 14,924 14,332 Other income
-7.1% -3.0%
6,972 7,189 7,506 Net profit?
+2.2% +9.0%
7,642 7,011 7,475 EPS (₹)
+1.3% +8.3%
24.46 22.59 24.14 Gross NPA %
-5 bps -17 bps
1.2% 1.4% 1.3% Net NPA %
+4 bps -5 bps
0.4% 0.4% 0.3%
Against its own trend ?
Trend Actual Gap
NII ₹14,919 ₹15,091
+1.2% in line Net profit ₹7,302 ₹7,642
+4.7% in line
M Cap ₹3,58,502 Cr
P/E 24.7
PEG 4.11
Profit +90% above its own trend 40% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -12%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
-0.1% +14.2%
14,223 12,451 14,237 Operating profit
-1.7% +11.7%
4,732 4,238 4,813 OPM %
-53 bps -77 bps
33.3% 34.0% 33.8% Other income
+492.2% +225.1%
1,766 543 298 Net profit?
+64.3% +71.7%
4,271 2,488 2,599 PAT margin %
+1177 bps +1005 bps
30.0% 20.0% 18.3% EPS (₹)
+57.1% +61.2%
2.08 1.29 adj. 1.32
EPS restated for the ₹10 to ₹2 split of Sep 2025: Mar 2025 ₹6.62 to ₹1.32.
Quality of profit
Pre-tax profit ₹4,384 Cr: core business ₹2,618 Cr, other income ₹1,766 Cr.
Core profit YoY: -11.6%
· reported profit +64.3%
Cash & debt
FY26 cash from operations ₹20,514 Cr:
158% of FY26 net profit of ₹12,971 Cr.
Borrowings ₹54,670 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹13,897 ₹14,223
+2.3% in line Net profit ₹2,245 ₹4,271
+90.2% above
M Cap ₹3,56,029 Cr
P/E 44.1
PEG —
Into loss: a profit a year ago Profit -102% below its own trend Operating margin contracted 226 bps YoY All of pre-tax profit came from other income or one-off items FY26 operating cash flow was only 22% of profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+20.3% +30.7%
32,439 24,820 26,966 Operating profit
+0.6% +2.4%
3,731 3,642 3,710 OPM %
-226 bps -317 bps
11.5% 14.7% 13.8% Other income
+17.7% -88.1%
748 6,288 636 Net profit?
to loss to loss -167 6,296 4,015 PAT margin %
-1540 bps -2588 bps
-0.5% 25.4% 14.9% EPS (₹)
to loss to loss -1.71 52.63 32.98
Quality of profit
Pre-tax profit ₹729 Cr: core business −₹18.0 Cr, other income ₹748 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: to loss
Cash & debt
FY26 cash from operations ₹2,357 Cr:
22% of FY26 net profit of ₹10,520 Cr.
Borrowings ₹1,06,622 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹25,132 ₹32,439
+29.1% above Net profit ₹8,030 −₹167
-102.1% below
M Cap ₹3,55,746 Cr
P/E 24.2
PEG 0.81
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+28.2% +5.1%
52,462 49,904 40,920 Operating profit
+27.1% +10.5%
6,158 5,573 4,844 OPM %
-10 bps +57 bps
11.7% 11.2% 11.8% Other income
-63.3% -49.0%
581 1,140 1,583 Net profit?
-6.4% -5.7%
3,659 3,879 3,911 PAT margin %
-258 bps -80 bps
7.0% 7.8% 9.6% EPS (₹)
-6.4% -5.7%
116.38 123.38 124.40
Quality of profit
Pre-tax profit ₹4,918 Cr: core business ₹4,337 Cr, other income ₹581 Cr.
Core profit YoY: from loss
· reported profit -6.4%
Cash & debt
FY26 cash from operations ₹19,100 Cr:
130% of FY26 net profit of ₹14,679 Cr.
Borrowings ₹102 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹45,210 ₹52,462
+16.0% above Net profit ₹4,008 ₹3,659
-8.7% in line
M Cap ₹3,37,774 Cr
P/E 16.7
PEG 0.70
Profit +23% above its own trend
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+29.1% +5.5%
54,982 52,100 42,599 Operating profit
+28.0% +0.2%
10,127 10,107 7,911 OPM %
-15 bps -98 bps
18.4% 19.4% 18.6% Other income
+62.0% -14.1%
1,137 1,323 702 Net profit?
+48.5% +4.8%
5,260 5,021 3,542 PAT margin %
+125 bps -7 bps
9.6% 9.6% 8.3% EPS (₹)
+27.1% -10.3%
37.53 41.85 29.52
Quality of profit
Pre-tax profit ₹6,914 Cr: core business ₹5,777 Cr, other income ₹1,137 Cr.
Core profit YoY: +65.7%
· reported profit +48.5%
Cash & debt
FY26 cash from operations ₹11,657 Cr:
63% of FY26 net profit of ₹18,622 Cr.
Borrowings ₹1,33,963 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹52,059 ₹54,982
+5.6% above Net profit ₹4,274 ₹5,260
+23.1% above
M Cap ₹3,30,915 Cr
P/E 18.1
PEG 3.01
Operating margin contracted 168 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+12.3% +0.3%
33,981 33,872 30,246 Operating profit
+3.5% -9.4%
6,712 7,412 6,482 OPM %
-168 bps -213 bps
19.8% 21.9% 21.4% Other income
-28.3% -16.4%
322 385 449 Net profit?
+4.2% +10.0%
4,490 4,082 4,309 PAT margin %
-103 bps +116 bps
13.2% 12.1% 14.2% EPS (₹)
+4.0% +9.8%
16.54 15.06 15.90
Quality of profit
Pre-tax profit ₹5,702 Cr: core business ₹5,380 Cr, other income ₹322 Cr.
Core profit YoY: +1.8%
· reported profit +4.2%
Cash & debt
FY26 cash from operations ₹19,975 Cr:
120% of FY26 net profit of ₹16,652 Cr.
Borrowings ₹5,215 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹33,095 ₹33,981
+2.7% in line Net profit ₹4,099 ₹4,490
+9.6% in line
M Cap ₹3,23,143 Cr
P/E 16.0
PEG 5.34
Profit -73% below its own trend Operating margin expanded 783 bps YoY Core business grew faster than reported profit (core profit +6%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
-15.2% -20.0%
17,825 22,281 21,017 Operating profit
+6.2% +0.6%
6,924 6,883 6,519 OPM %
+783 bps +795 bps
38.8% 30.9% 31.0% Other income
-95.5% +117.4%
700 322 15,391 Net profit?
-72.4% +9.0%
5,470 5,018 19,808 PAT margin %
-6356 bps +816 bps
30.7% 22.5% 94.2% EPS (₹)
-72.7% +9.1%
4.30 3.94 15.77
Quality of profit
Pre-tax profit ₹7,173 Cr: core business ₹6,473 Cr, other income ₹700 Cr.
Core profit YoY: +6.2%
· reported profit -72.4%
Cash & debt
FY26 cash from operations ₹18,464 Cr:
88% of FY26 net profit of ₹21,018 Cr.
Borrowings ₹2,399 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹21,870 ₹17,825
-18.5% below Net profit ₹20,385 ₹5,470
-73.2% below
M Cap ₹3,18,337 Cr
P/E 34.2
PEG 2.13
Operating margin expanded 295 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+1.8% +81.1%
13,942 7,699 13,700 Operating profit
+10.8% +170.4%
5,059 1,871 4,567 OPM %
+295 bps +1198 bps
36.3% 24.3% 33.3% Other income
+78.7% +27.4%
1,164 914 652 Net profit?
+5.5% +124.8%
4,196 1,867 3,977 PAT margin %
+107 bps +585 bps
30.1% 24.2% 29.0% EPS (₹)
+5.5% +124.8%
62.74 27.91 59.46
Quality of profit
Pre-tax profit ₹5,584 Cr: core business ₹4,421 Cr, other income ₹1,164 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +15.6%
· reported profit +5.5%
Cash & debt
FY26 cash from operations ₹10,906 Cr:
120% of FY26 net profit of ₹9,115 Cr.
Borrowings ₹11.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹15,173 ₹13,942
-8.1% below Net profit ₹4,112 ₹4,196
+2.1% in line
M Cap ₹3,09,466 Cr
P/E 36.1
PEG 2.01
Operating margin expanded 168 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+11.9% +18.2%
25,799 21,830 23,063 Operating profit
+21.2% +43.0%
5,599 3,915 4,618 OPM %
+168 bps +377 bps
21.7% 17.9% 20.0% Other income
-24.6% -43.2%
77.0 136 102 Net profit?
+21.2% +73.5%
3,000 1,729 2,475 PAT margin %
+90 bps +371 bps
11.6% 7.9% 10.7% EPS (₹)
+20.0% +72.6%
101.22 58.66 84.38
Quality of profit
Pre-tax profit ₹3,981 Cr: core business ₹3,904 Cr, other income ₹77.0 Cr.
Core profit YoY: +29.3%
· reported profit +21.2%
Cash & debt
FY26 cash from operations ₹15,316 Cr:
187% of FY26 net profit of ₹8,188 Cr.
Borrowings ₹23,755 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹28,039 ₹25,799
-8.0% below Net profit ₹3,073 ₹3,000
-2.4% in line
M Cap ₹3,00,597 Cr
P/E 10.6
PEG 0.62
Profit +23% above its own trend Operating margin contracted 1249 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
-0.3% +8.4%
49,688 45,846 49,834 Operating profit
-42.3% -41.6%
8,507 14,570 14,754 OPM %
-1249 bps -1466 bps
17.1% 31.8% 29.6% Other income
-54.1% +10.3%
1,917 1,738 4,180 Net profit?
+34.4% +89.7%
10,615 5,597 7,897 PAT margin %
+552 bps +916 bps
21.4% 12.2% 15.8% EPS (₹)
+37.7% +91.0%
10.81 5.66 7.85
Quality of profit
Pre-tax profit ₹1,553 Cr: core business −₹364 Cr, other income ₹1,917 Cr.
Core profit YoY: to loss
· reported profit +34.4%
Cash & debt
FY26 cash from operations ₹50,902 Cr:
185% of FY26 net profit of ₹27,545 Cr.
Borrowings ₹2,71,005 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹50,317 ₹49,688
-1.3% in line Net profit ₹8,655 ₹10,615
+22.6% above
M Cap ₹2,97,334 Cr
P/E 686.7
PEG —
Profit +325% above its own trend Operating margin expanded 158 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
+196.5% +6.0%
17,292 16,315 5,833 Operating profit
+575.0% +32.1%
486 368 72.0 OPM %
+158 bps +55 bps
2.8% 2.3% 1.2% Other income
-7.1% -1.7%
342 348 368 Net profit?
+346.2% +70.6%
174 102 39.0 PAT margin %
+34 bps +38 bps
1.0% 0.6% 0.7% EPS (₹)
+350.0% +63.6%
0.18 0.11 0.04
Quality of profit
Pre-tax profit ₹228 Cr: core business −₹114 Cr, other income ₹342 Cr.
Core profit YoY: loss narrowed
· reported profit +346.2%
Against its own trend ?
Trend Actual Gap
Sales ₹11,666 ₹17,292
+48.2% above Net profit ₹40.9 ₹174
+325.3% above
M Cap ₹2,86,309 Cr
P/E 10.2
PEG 0.30
Profit +541% above its own trend Operating margin expanded 285 bps YoY 81% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+14.2% +11.3%
51,180 45,991 44,819 Operating profit
+38.0% +30.3%
8,464 6,496 6,135 OPM %
+285 bps +241 bps
16.5% 14.1% 13.7% Other income
— —
18,229 273 186 Net profit?
— +698.5%
19,243 2,410 1,501 PAT margin %
+3425 bps +3236 bps
37.6% 5.2% 3.3% EPS (₹)
+988.5% +664.2%
66.94 8.76 6.15
Quality of profit
Pre-tax profit ₹22,377 Cr: core business ₹4,148 Cr, other income ₹18,229 Cr.
Core profit YoY: +168.7%
Cash & debt
FY26 cash from operations ₹25,152 Cr:
99% of FY26 net profit of ₹25,508 Cr.
Borrowings ₹99,310 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹47,424 ₹51,180
+7.9% above Net profit ₹3,002 ₹19,243
+541.0% above
M Cap ₹2,76,766 Cr
P/E 6.2
PEG 6.18
Profit +29% above its own trend Operating margin expanded 166 bps YoY 31% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+1.8% +3.8%
1,73,805 1,67,423 1,70,812 Operating profit
+14.8% +0.1%
25,356 25,335 22,085 OPM %
+166 bps -54 bps
14.6% 15.1% 12.9% Other income
+57.6% +72.3%
5,699 3,308 3,616 Net profit?
+54.4% +14.5%
13,678 11,946 8,856 PAT margin %
+268 bps +73 bps
7.9% 7.1% 5.2% EPS (₹)
+47.8% +8.0%
8.60 7.96 5.82
Quality of profit
Pre-tax profit ₹18,640 Cr: core business ₹12,941 Cr, other income ₹5,699 Cr.
Core profit YoY: +35.6%
· reported profit +54.4%
Cash & debt
FY26 cash from operations ₹1,12,719 Cr:
226% of FY26 net profit of ₹49,793 Cr.
Borrowings ₹1,74,316 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹1,71,268 ₹1,73,805
+1.5% in line Net profit ₹10,641 ₹13,678
+28.5% above
M Cap ₹2,75,738 Cr
P/E 23.8
PEG 1.13
Profit +62% above its own trend Operating margin contracted 140 bps YoY 44% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit +17%) FY26 operating cash flow was only 25% of profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+41.0% +10.0%
17,832 16,204 12,646 Operating profit
+30.4% -17.6%
3,075 3,730 2,358 OPM %
-140 bps -577 bps
17.2% 23.0% 18.6% Other income
+383.2% +427.6%
1,894 359 392 Net profit?
+93.8% +27.0%
3,492 2,750 1,802 PAT margin %
+533 bps +261 bps
19.6% 17.0% 14.2% EPS (₹)
+103.1% +33.2%
131.02 98.38 64.52
Quality of profit
Pre-tax profit ₹4,336 Cr: core business ₹2,442 Cr, other income ₹1,894 Cr.
Core profit YoY: +16.7%
· reported profit +93.8%
Cash & debt
FY26 cash from operations ₹2,597 Cr:
25% of FY26 net profit of ₹10,574 Cr.
Borrowings ₹22,713 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹14,470 ₹17,832
+23.2% above Net profit ₹2,154 ₹3,492
+62.1% above
M Cap ₹2,75,226 Cr
P/E —
PEG —
Profit +999% above its own trend Operating margin expanded 3162 bps YoY Operating cash flow was negative in FY26 despite a profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
— —
38,494 71.0 64.6 Operating profit
— +4.7%
14,511 13,866 3.9 OPM %
+3162 bps —
37.7% — 6.1% Other income
+169.4% from loss 25.0 -378 9.3 Net profit?
— —
5,226 0.6 7.6 PAT margin %
+187 bps +1270 bps
13.6% 0.9% 11.7% EPS (₹)
— +13.7%
15.86 13.95 0.00
Quality of profit
Pre-tax profit ₹6,928 Cr: core business ₹6,903 Cr, other income ₹25.0 Cr.
Core profit YoY: from loss
Cash & debt
FY26 cash from operations −₹55,301 Cr:
-537% of FY26 net profit of ₹10,303 Cr.
Borrowings ₹4,29,914 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹32.3 ₹38,494
+999.0% above Net profit ₹3.8 ₹5,226
+999.0% above
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, 15:08 IST
