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: 45 companies have filed results for the quarter ended 30 Sep 2026.
See them → 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 ₹3,194 Cr
P/E 8.1
PEG 4.05
Profit +999% above its own trend Operating margin expanded 161 bps YoY Operating cash flow was negative in FY26 despite a profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
-28.6% -6.3%
696 743 975 Operating profit
-23.5% +1.2%
169 167 221 OPM %
+161 bps +181 bps
24.3% 22.5% 22.7% Other income
from loss +35.7%
19.0 14.0 -100 Net profit?
— +2.9%
106 103 8.0 PAT margin %
+1441 bps +137 bps
15.2% 13.9% 0.8% EPS (₹)
-23.6% +3.3%
3.78 3.66 4.95
Quality of profit
Pre-tax profit ₹118 Cr: core business ₹99.0 Cr, other income ₹19.0 Cr.
Core profit YoY: -36.9%
Cash & debt
FY26 cash from operations −₹149 Cr:
-34% of FY26 net profit of ₹435 Cr.
Borrowings ₹2,444 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹676 ₹696
+3.0% in line Net profit ₹4.0 ₹106
+999.0% above
M Cap ₹3,181 Cr
P/E 11.7
PEG —
Turnaround: profit against a loss a year ago Operating margin expanded 103 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
+7.6% +11.2%
1,871 1,682 1,740 Operating profit
+37.7% -16.3%
88.0 105 63.9 OPM %
+103 bps -154 bps
4.7% 6.2% 3.7% Other income
+249.7% +127.4%
62.0 27.3 17.7 Net profit?
from loss +28.3%
38.0 29.6 -8.7 PAT margin %
+253 bps +27 bps
2.0% 1.8% -0.5% EPS (₹)
+145.3% +68.1%
7.90 4.70 3.22
Quality of profit
Pre-tax profit ₹43.0 Cr: core business −₹19.0 Cr, other income ₹62.0 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY26 cash from operations ₹537 Cr:
1300% of FY26 net profit of ₹41.3 Cr.
Borrowings ₹935 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹1,795 ₹1,871
+4.3% in line
M Cap ₹3,177 Cr
P/E 17.6
PEG 1.76
Profit +41% above its own trend Operating margin expanded 480 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
-1.0% +13.3%
342 301 345 Operating profit
+33.1% +26.9%
64.1 50.5 48.2 OPM %
+480 bps +200 bps
18.8% 16.8% 14.0% Other income
+33.4% +2.7%
10.2 10.0 7.7 Net profit?
+30.6% +22.2%
51.6 42.2 39.5 PAT margin %
+365 bps +110 bps
15.1% 14.0% 11.5% EPS (₹)
+30.2% +21.8%
2.07 1.70 1.59
Quality of profit
Pre-tax profit ₹72.2 Cr: core business ₹62.0 Cr, other income ₹10.2 Cr.
Core profit YoY: +35.1%
· reported profit +30.6%
Cash & debt
FY26 cash from operations ₹168 Cr:
93% of FY26 net profit of ₹180 Cr.
Borrowings nil at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹309 ₹342
+10.6% above Net profit ₹36.5 ₹51.6
+41.2% above
Turnaround: profit against a loss a year ago Operating margin contracted 173 bps YoY 58% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+41.9% +11.0%
387 349 273 Operating profit
+27.1% +54.4%
57.7 37.3 45.4 OPM %
-173 bps +419 bps
14.9% 10.7% 16.6% Other income
-6.7% from loss 5.5 -6.8 6.0 Net profit?
from loss from loss 9.6 -17.4 -2.1 PAT margin %
+325 bps +747 bps
2.5% -5.0% -0.8% EPS (₹)
from loss from loss 2.65 -4.82 -0.58
Quality of profit
Pre-tax profit ₹9.6 Cr: core business ₹4.0 Cr, other income ₹5.5 Cr.
Core profit YoY: from loss
Cash & debt
FY26 cash from operations ₹153 Cr.
Borrowings ₹687 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹248 ₹387
+56.3% above
M Cap ₹3,147 Cr
P/E 37.5
PEG —
Turnaround: profit against a loss a year ago Operating margin expanded 717 bps YoY 52% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+29.3% +2.2%
410 401 317 Operating profit
— +6.7%
32.0 30.0 2.0 OPM %
+717 bps +32 bps
7.8% 7.5% 0.6% Other income
from loss —
21.0 0.0 -45.0 Net profit
from loss +100.0%
30.0 15.0 -40.0 PAT margin %
+1994 bps +358 bps
7.3% 3.7% -12.6% EPS (₹)
from loss +93.5%
2.40 1.24 -3.17
Quality of profit
Pre-tax profit ₹40.0 Cr: core business ₹19.0 Cr, other income ₹21.0 Cr.
Core profit YoY: from loss
Cash & debt
FY26 cash from operations ₹46.0 Cr:
62% of FY26 net profit of ₹74.0 Cr.
Borrowings ₹154 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹292 ₹410
+40.4% above
M Cap ₹3,144 Cr
P/E 8.9
PEG 0.36
Profit +60% above its own trend Operating margin expanded 298 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+5.2% -4.8%
576 605 548 Operating profit
+25.9% -22.7%
104 135 83.0 OPM %
+298 bps -419 bps
18.1% 22.3% 15.1% Other income
-30.9% -45.3%
13.1 24.0 19.0 Net profit
+19.7% -34.7%
62.2 95.4 52.0 PAT margin %
+131 bps -496 bps
10.8% 15.8% 9.5% EPS (₹)
+18.7% -34.8%
3.49 5.35 2.94
Quality of profit
Pre-tax profit ₹85.2 Cr: core business ₹72.1 Cr, other income ₹13.1 Cr.
Core profit YoY: +38.7%
· reported profit +19.7%
Cash & debt
FY26 cash from operations ₹365 Cr:
110% of FY26 net profit of ₹332 Cr.
Borrowings ₹262 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹518 ₹576
+11.3% above Net profit ₹38.9 ₹62.2
+60.0% above
M Cap ₹3,142 Cr
P/E 54.9
PEG —
Profit -97% below its own trend Operating margin expanded 1887 bps YoY Core business grew faster than reported profit (core profit +36%) Operating cash flow was negative in FY26 despite a profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+23.2% +12.7%
170 151 138 Operating profit
from loss +402.7%
21.0 4.2 -9.0 OPM %
+1887 bps +958 bps
12.4% 2.8% -6.5% Other income
to loss to loss -3.0 27.6 220 Net profit?
-93.2% +57.3%
15.0 9.5 222 PAT margin %
— +250 bps
8.8% 6.3% — EPS (₹)
-95.3% +48.7%
1.74 1.17 36.67
Quality of profit
Pre-tax profit ₹12.0 Cr: core business ₹15.0 Cr, other income −₹3.0 Cr.
Core profit YoY: +36.4%
· reported profit -93.2%
Cash & debt
FY26 cash from operations −₹70.0 Cr:
-28% of FY26 net profit of ₹251 Cr.
Borrowings ₹18.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹276 ₹170
-38.4% below Net profit ₹444 ₹15.0
-96.6% below
M Cap ₹3,140 Cr
P/E 16.3
PEG 2.33
Profit +43% above its own trend Operating margin expanded 144 bps YoY Profit grew faster than the core business (core profit +26%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+30.0% +3.5%
575 555 442 Operating profit
+41.7% +7.5%
101 93.5 71.0 OPM %
+144 bps +65 bps
17.5% 16.9% 16.1% Other income
+907.5% +575.3%
20.2 3.0 2.0 Net profit?
+67.7% +79.7%
65.4 36.4 39.0 PAT margin %
+256 bps +482 bps
11.4% 6.6% 8.8% EPS (₹)
+69.3% +79.2%
5.52 3.08 3.26
Quality of profit
Pre-tax profit ₹89.6 Cr: core business ₹69.5 Cr, other income ₹20.2 Cr.
Core profit YoY: +26.3%
· reported profit +67.7%
Cash & debt
Borrowings ₹410 Cr at Dec 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹484 ₹575
+18.6% above Net profit ₹45.9 ₹65.4
+42.6% above
M Cap ₹3,136 Cr
P/E 44.0
PEG —
Profit +28% above its own trend
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+20.2% +14.7%
780 680 649 Operating profit
+24.6% +36.5%
71.0 52.0 57.0 OPM %
+32 bps +146 bps
9.1% 7.6% 8.8% Other income
+0.0% -60.0%
2.0 5.0 2.0 Net profit
+8.0% +35.0%
27.0 20.0 25.0 PAT margin %
-39 bps +52 bps
3.5% 2.9% 3.9% EPS (₹)
+11.2% +35.6%
0.99 0.73 0.89
Quality of profit
Pre-tax profit ₹38.0 Cr: core business ₹37.0 Cr, other income ₹2.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +15.6%
· reported profit +8.0%
Cash & debt
FY26 cash from operations ₹99.0 Cr:
130% of FY26 net profit of ₹76.0 Cr.
Borrowings ₹340 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹676 ₹780
+15.4% above Net profit ₹21.0 ₹27.0
+28.4% above
M Cap ₹3,127 Cr
P/E 30.4
PEG 1.17
Profit +24% above its own trend Operating margin expanded 502 bps YoY 29% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit +47%) FY26 operating cash flow was only 28% of profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+5.7% +0.6%
88.0 87.5 83.3 Operating profit
+33.9% -44.7%
21.0 37.9 15.7 OPM %
+502 bps -1950 bps
23.9% 43.4% 18.8% Other income
-29.0% +106.9%
4.0 1.9 5.6 Net profit
+71.6% +3.4%
27.0 26.1 15.7 PAT margin %
+1179 bps +85 bps
30.7% 29.8% 18.9% EPS (₹)
+65.4% -0.5%
2.13 2.14 adj. 1.29
EPS restated for the ₹5 to ₹1 split of Oct 2025: Mar 2025 ₹6.44 to ₹1.29.
Quality of profit
Pre-tax profit ₹14.0 Cr: core business ₹10.0 Cr, other income ₹4.0 Cr.
Core profit YoY: +47.2%
· reported profit +71.6%
Cash & debt
FY26 cash from operations ₹27.0 Cr:
28% of FY26 net profit of ₹95.2 Cr.
Borrowings ₹167 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹89.0 ₹88.0
-1.1% in line Net profit ₹21.7 ₹27.0
+24.4% above
Profit +33% above its own trend Operating margin expanded 293 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+14.0% +20.2%
398 331 349 Operating profit
+44.7% +25.0%
55.0 44.0 38.0 OPM %
+293 bps +53 bps
13.8% 13.3% 10.9% Other income
+600.0% from loss 7.0 -2.0 1.0 Net profit
+105.9% +59.1%
35.0 22.0 17.0 PAT margin %
+392 bps +215 bps
8.8% 6.6% 4.9% EPS (₹)
+107.4% +56.2%
6.70 4.29 3.23
Quality of profit
Pre-tax profit ₹45.0 Cr: core business ₹39.0 Cr, other income ₹7.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +69.6%
· reported profit +105.9%
Cash & debt
FY26 cash from operations ₹203 Cr:
201% of FY26 net profit of ₹101 Cr.
Borrowings ₹96.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹362 ₹398
+9.9% above Net profit ₹26.3 ₹35.0
+32.8% above
M Cap ₹3,089 Cr
P/E 33.8
PEG 1.61
Profit +42% above its own trend Operating margin expanded 174 bps YoY 25% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+23.8% +3.1%
197 191 159 Operating profit
+37.7% -8.1%
34.0 37.0 24.7 OPM %
+174 bps -211 bps
17.3% 19.4% 15.5% Other income
+466.6% from loss 9.0 -4.0 1.6 Net profit?
+58.1% +18.2%
26.0 22.0 16.4 PAT margin %
+286 bps +168 bps
13.2% 11.5% 10.3% EPS (₹)
+57.3% +15.7%
2.36 2.04 1.50
Quality of profit
Pre-tax profit ₹36.0 Cr: core business ₹27.0 Cr, other income ₹9.0 Cr.
Core profit YoY: +39.5%
· reported profit +58.1%
Cash & debt
FY26 cash from operations ₹58.0 Cr:
65% of FY26 net profit of ₹89.2 Cr.
Borrowings ₹12.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹169 ₹197
+16.4% above Net profit ₹18.4 ₹26.0
+41.7% above
M Cap ₹3,085 Cr
P/E 458.9
PEG —
Turnaround: profit against a loss a year ago Operating margin contracted 317 bps YoY 70% of pre-tax profit came from other income and one-off items Exceptional items of ₹4.7 Cr in the quarter
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+52.8% +35.9%
185 136 121 Operating profit
-0.4% +175.6%
11.0 4.0 11.0 OPM %
-317 bps +301 bps
5.9% 2.9% 9.1% Other income
— —
3.0 0.0 0.1 Net profit?
from loss from loss 7.2 -3.9 -4.1 PAT margin %
+735 bps +679 bps
3.9% -2.9% -3.4% EPS (₹)
from loss from loss 0.83 -0.45 -0.52
Quality of profit
Pre-tax profit ₹11.0 Cr: core business ₹3.3 Cr, other income ₹3.0 Cr, exceptional & other items ₹4.7 Cr.
Core profit YoY: -20.0%
Cash & debt
FY26 cash from operations −₹51.0 Cr.
Borrowings ₹86.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹161 ₹185
+14.7% above
M Cap ₹3,072 Cr
P/E 8.4
PEG —
Profit -37% below its own trend Operating margin expanded 216 bps YoY Core business grew faster than reported profit (core profit +38%) Operating cash flow was negative in FY26 despite a profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
-3.0% -36.9%
4,347 6,887 4,481 Operating profit
+37.2% +86.1%
321 172 234 OPM %
+216 bps +488 bps
7.4% 2.5% 5.2% Other income
-25.8% -22.0%
46.0 59.0 62.0 Net profit?
+12.8% +12.4%
152 135 135 PAT margin %
+49 bps +153 bps
3.5% 2.0% 3.0% EPS (₹)
+12.4% +12.0%
3.09 2.76 2.75
Quality of profit
Pre-tax profit ₹190 Cr: core business ₹144 Cr, other income ₹46.0 Cr.
Core profit YoY: +38.5%
· reported profit +12.8%
Cash & debt
FY26 cash from operations −₹1,342 Cr:
-633% of FY26 net profit of ₹212 Cr.
Borrowings ₹3,964 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹4,514 ₹4,347
-3.7% in line Net profit ₹243 ₹152
-37.4% below
M Cap ₹3,055 Cr
P/E 79.9
PEG —
71% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -6%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+47.0% +35.6%
142 104 96.3 Operating profit
+29.8% -49.9%
5.9 11.8 4.6 OPM %
-55 bps -712 bps
4.2% 11.3% 4.7% Other income
+295.3% +62.0%
5.8 3.6 1.5 Net profit?
+51.6% -45.7%
6.1 11.2 4.0 PAT margin %
+13 bps -643 bps
4.3% 10.7% 4.2% EPS (₹)
+62.5% -45.8%
0.13 0.24 0.08
Quality of profit
Pre-tax profit ₹8.2 Cr: core business ₹2.4 Cr, other income ₹5.8 Cr.
Core profit YoY: -6.3%
· reported profit +51.6%
Against its own trend ?
Trend Actual Gap
Sales ₹129 ₹142
+10.1% above Net profit ₹6.7 ₹6.1
-8.9% in line
M Cap ₹3,029 Cr
P/E 42.0
PEG —
Profit +271% above its own trend Core business grew faster than reported profit (core profit +702%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+65.7% +37.2%
1,115 813 673 Operating profit
+85.5% +10.0%
60.0 54.5 32.3 OPM %
+57 bps -133 bps
5.4% 6.7% 4.8% Other income
-3.5% +28.9%
5.0 3.9 5.2 Net profit?
+224.9% +17.8%
21.0 17.8 6.5 PAT margin %
+92 bps -31 bps
1.9% 2.2% 1.0% EPS (₹)
+224.4% +17.4%
5.32 4.53 1.64
Quality of profit
Pre-tax profit ₹27.0 Cr: core business ₹23.0 Cr, other income ₹5.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +702.4%
· reported profit +224.9%
Cash & debt
FY26 cash from operations ₹323 Cr:
599% of FY26 net profit of ₹53.9 Cr.
Borrowings ₹330 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹743 ₹1,115
+50.1% above Net profit ₹5.7 ₹21.0
+271.0% above
M Cap ₹3,027 Cr
P/E 35.9
PEG 1.24
Profit -13% below its own trend Operating margin contracted 425 bps YoY FY26 operating cash flow was only 2% of profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
-6.3% +0.5%
208 207 222 Operating profit
-24.0% -13.6%
38.0 44.0 50.0 OPM %
-425 bps -299 bps
18.3% 21.3% 22.5% Other income
-100.0% loss narrowed 0.0 -1.0 1.0 Net profit?
-15.6% +9.2%
27.0 24.7 32.0 PAT margin %
-143 bps +104 bps
13.0% 11.9% 14.4% EPS (₹)
-15.9% +4.0%
13.25 12.74 15.75
Quality of profit
Pre-tax profit ₹29.0 Cr: core business ₹28.0 Cr, other income ₹0.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: -34.9%
· reported profit -15.6%
Cash & debt
FY26 cash from operations ₹2.0 Cr:
2% of FY26 net profit of ₹110 Cr.
Borrowings ₹110 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹267 ₹208
-22.1% below Net profit ₹31.1 ₹27.0
-13.1% below
M Cap ₹3,025 Cr
P/E 16.1
PEG 0.57
Profit -15% below its own trend Operating margin contracted 155 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+9.3% -1.9%
365 372 334 Operating profit
+0.0% -1.6%
61.0 62.0 61.0 OPM %
-155 bps +5 bps
16.7% 16.7% 18.3% Other income
+16.7% +0.0%
7.0 7.0 6.0 Net profit
+2.4% +2.4%
42.0 41.0 41.0 PAT margin %
-77 bps +49 bps
11.5% 11.0% 12.3% EPS (₹)
+1.8% +1.8%
4.55 4.47 4.47
Quality of profit
Pre-tax profit ₹55.0 Cr: core business ₹49.0 Cr, other income ₹7.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +0.0%
· reported profit +2.4%
Cash & debt
FY26 cash from operations ₹167 Cr:
91% of FY26 net profit of ₹183 Cr.
Borrowings ₹37.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹359 ₹365
+1.7% in line Net profit ₹49.4 ₹42.0
-15.0% below
M Cap ₹3,018 Cr
P/E 6.3
PEG —
Profit +56% above its own trend Operating margin expanded 251 bps YoY Operating cash flow was negative in FY26 despite a profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+18.4% +6.2%
823 775 695 Operating profit
+53.1% +49.2%
91.0 61.0 59.5 OPM %
+251 bps +319 bps
11.1% 7.9% 8.6% Other income
-20.8% +0.0%
3.0 3.0 3.8 Net profit?
+60.4% +54.3%
71.0 46.0 44.3 PAT margin %
+226 bps +269 bps
8.6% 5.9% 6.4% EPS (₹)
+60.5% +55.2%
11.75 7.57 7.32
Quality of profit
Pre-tax profit ₹88.0 Cr: core business ₹84.0 Cr, other income ₹3.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +62.7%
· reported profit +60.4%
Cash & debt
FY26 cash from operations −₹69.0 Cr:
-32% of FY26 net profit of ₹213 Cr.
Borrowings ₹111 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹744 ₹823
+10.7% above Net profit ₹45.4 ₹71.0
+56.3% above
M Cap ₹3,015 Cr
P/E 47.7
PEG —
Profit +109% above its own trend Operating margin expanded 485 bps YoY 30% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +600%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+86.2% +18.7%
108 91.0 58.0 Operating profit
+144.4% +22.2%
22.0 18.0 9.0 OPM %
+485 bps +59 bps
20.4% 19.8% 15.5% Other income
+0.0% +0.0%
6.0 6.0 6.0 Net profit
+200.0% +25.0%
15.0 12.0 5.0 PAT margin %
+527 bps +70 bps
13.9% 13.2% 8.6% EPS (₹)
+189.1% +31.4%
5.06 3.85 1.75
Quality of profit
Pre-tax profit ₹20.0 Cr: core business ₹14.0 Cr, other income ₹6.0 Cr.
Core profit YoY: +600.0%
· reported profit +200.0%
Cash & debt
FY26 cash from operations ₹41.0 Cr:
87% of FY26 net profit of ₹47.0 Cr.
Borrowings ₹2.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹83.2 ₹108
+29.7% above Net profit ₹7.2 ₹15.0
+108.7% above
M Cap ₹3,001 Cr
P/E 242.6
PEG —
Operating margin expanded 4034 bps YoY Operating cash flow was negative in FY26 despite a profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+79.2% +13.4%
361 318 201 Operating profit
from loss +98.7%
13.3 6.7 -73.9 OPM %
+4034 bps +158 bps
3.7% 2.1% -36.7% Other income
-94.7% —
1.6 0.1 30.1 Net profit?
loss narrowed loss narrowed -0.9 -10.2 -50.0 PAT margin %
+2458 bps +295 bps
-0.2% -3.2% -24.8% EPS (₹)
loss narrowed loss narrowed -0.04 -0.47 -2.14
Quality of profit
Pre-tax profit −₹1.2 Cr: core business −₹2.8 Cr, other income ₹1.6 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY26 cash from operations −₹104 Cr:
-2276% of FY26 net profit of ₹4.6 Cr.
Borrowings ₹312 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹224 ₹361
+61.0% above
M Cap ₹2,998 Cr
P/E 24.8
PEG —
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+106.8% +10.2%
726 659 351 Operating profit
+95.7% +12.5%
45.0 40.0 23.0 OPM %
-35 bps +13 bps
6.2% 6.1% 6.6% Other income
— +0.0%
2.0 2.0 0.0 Net profit
+126.7% +13.3%
34.0 30.0 15.0 PAT margin %
+41 bps +13 bps
4.7% 4.6% 4.3% EPS (₹)
+67.3% +13.1%
3.53 3.12 2.11
Quality of profit
Pre-tax profit ₹44.0 Cr: core business ₹42.0 Cr, other income ₹2.0 Cr.
Core profit YoY: +110.0%
· reported profit +126.7%
M Cap ₹2,987 Cr
P/E 1.2
PEG 0.03
Profit -80% below its own trend Operating margin contracted 1564 bps YoY FY26 operating cash flow was only 25% of profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
-27.5% +6.9%
1,954 1,827 2,694 Operating profit
-66.8% -40.7%
258 435 777 OPM %
-1564 bps -1062 bps
13.2% 23.8% 28.8% Other income
-59.0% -36.3%
25.0 39.2 61.0 Net profit?
-67.5% -93.0%
147 2,111 452 PAT margin %
-924 bps —
7.5% — 16.8% EPS (₹)
-66.9% -93.2%
5.10 75.21 15.40
Quality of profit
Pre-tax profit ₹160 Cr: core business ₹135 Cr, other income ₹25.0 Cr.
Core profit YoY: -67.8%
· reported profit -67.5%
Cash & debt
FY26 cash from operations ₹655 Cr:
25% of FY26 net profit of ₹2,576 Cr.
Borrowings ₹1,608 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹2,062 ₹1,954
-5.2% below Net profit ₹726 ₹147
-79.7% below
M Cap ₹2,962 Cr
P/E 17.2
PEG 1.23
Profit +49% above its own trend Operating margin expanded 381 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+21.6% +18.3%
203 172 167 Operating profit
+38.7% +28.1%
63.2 49.4 45.6 OPM %
+381 bps +239 bps
31.1% 28.7% 27.3% Other income
-17.3% -14.7%
7.2 8.5 8.7 Net profit?
+69.3% +4.8%
45.3 43.2 26.7 PAT margin %
+626 bps -286 bps
22.3% 25.1% 16.0% EPS (₹)
+62.0% +1.1%
3.84 3.80 2.37
Quality of profit
Pre-tax profit ₹59.8 Cr: core business ₹52.5 Cr, other income ₹7.2 Cr.
Core profit YoY: +51.1%
· reported profit +69.3%
Cash & debt
FY26 cash from operations ₹157 Cr:
90% of FY26 net profit of ₹174 Cr.
Borrowings ₹32.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹189 ₹203
+7.5% above Net profit ₹30.3 ₹45.3
+49.4% above
M Cap ₹2,961 Cr
P/E 8.8
PEG —
Operating margin contracted 396 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+39.7% +1.7%
510 501 365 Operating profit
+19.3% -7.1%
118 127 99.0 OPM %
-396 bps -219 bps
23.2% 25.4% 27.1% Other income
+593.5% +4.3%
6.9 6.7 1.0 Net profit?
+44.6% +1.1%
92.5 91.6 64.0 PAT margin %
+62 bps -12 bps
18.2% 18.3% 17.5% EPS (₹)
+33.2% +3.5%
8.55 8.26 6.42
Quality of profit
Pre-tax profit ₹112 Cr: core business ₹104 Cr, other income ₹6.9 Cr, exceptional & other items ₹0.7 Cr.
Core profit YoY: +27.0%
· reported profit +44.6%
M Cap ₹2,955 Cr
P/E 9.3
PEG —
Profit +125% above its own trend Operating margin expanded 236 bps YoY Core business grew faster than reported profit (core profit +263%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+13.6% -6.3%
1,093 1,167 962 Operating profit
+90.6% +8.5%
64.0 59.0 33.6 OPM %
+236 bps +80 bps
5.9% 5.1% 3.5% Other income
+13.0% +0.0%
4.0 4.0 3.5 Net profit?
+201.2% +8.8%
37.0 34.0 12.3 PAT margin %
+211 bps +47 bps
3.4% 2.9% 1.3% EPS (₹)
+249.6% +25.7%
4.16 3.31 1.19
Quality of profit
Pre-tax profit ₹52.0 Cr: core business ₹48.0 Cr, other income ₹4.0 Cr.
Core profit YoY: +262.9%
· reported profit +201.2%
Cash & debt
FY26 cash from operations ₹128 Cr:
94% of FY26 net profit of ₹137 Cr.
Borrowings ₹315 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹1,037 ₹1,093
+5.4% above Net profit ₹16.5 ₹37.0
+124.8% above
M Cap ₹2,939 Cr
P/E 24.2
PEG —
Profit +64% above its own trend Operating margin expanded 361 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+20.4% +14.1%
884 775 734 Operating profit
+75.5% +20.6%
102 84.4 58.0 OPM %
+361 bps +62 bps
11.5% 10.9% 7.9% Other income
to loss to loss -3.6 0.3 10.0 Net profit?
+228.7% +34.3%
32.9 24.5 10.0 PAT margin %
+236 bps +56 bps
3.7% 3.2% 1.4% EPS (₹)
+210.0% +34.3%
6.54 4.87 2.11
Quality of profit
Pre-tax profit ₹45.1 Cr: core business ₹50.4 Cr, other income −₹3.6 Cr, exceptional & other items −₹1.7 Cr.
Core profit YoY: —
· reported profit +228.7%
Against its own trend ?
Trend Actual Gap
Sales ₹800 ₹884
+10.5% above Net profit ₹20.0 ₹32.9
+64.3% above
M Cap ₹2,938 Cr
P/E 11.7
PEG 0.06
Profit -41% below its own trend Operating margin contracted 419 bps YoY
₹ Cr YoY vs prev. half
Mar 2026 Sep 2025 Mar 2025
Sales
+64.3% +32.1%
1,032 781 628 Operating profit
+37.1% +20.8%
218 180 159 OPM %
-419 bps -198 bps
21.1% 23.1% 25.3% Other income
+150.0% +162.9%
20.0 7.6 8.0 Net profit?
+18.2% +6.9%
130 122 110 PAT margin %
-492 bps -297 bps
12.6% 15.6% 17.5% EPS (₹)
+19.0% +7.8%
64.42 59.77 54.12
Quality of profit
Pre-tax profit ₹185 Cr: core business ₹165 Cr, other income ₹20.0 Cr.
Core profit YoY: +20.4%
· reported profit +18.2%
Cash & debt
FY26 cash from operations ₹337 Cr.
Borrowings ₹509 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹1,256 ₹1,032
-17.8% below Net profit ₹220 ₹130
-40.9% below
M Cap ₹2,930 Cr
P/E 33.3
PEG 0.39
Profit +124% above its own trend Operating margin expanded 2057 bps YoY Core business grew faster than reported profit (core profit +524%) Operating cash flow was negative in FY26 despite a profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+207.0% +251.3%
255 72.6 83.1 Operating profit
+513.3% +525.1%
105 16.8 17.1 OPM %
+2057 bps +1804 bps
41.2% 23.1% 20.6% Other income
+60.6% +109.8%
1.0 0.5 0.6 Net profit?
+109.0% —
68.0 6.1 32.5 PAT margin %
-1249 bps +1832 bps
26.7% 8.3% 39.2% EPS (₹)
+109.0% —
40.63 3.61 19.44
Quality of profit
Pre-tax profit ₹92.0 Cr: core business ₹91.0 Cr, other income ₹1.0 Cr.
Core profit YoY: +524.2%
· reported profit +109.0%
Cash & debt
FY26 cash from operations −₹100 Cr:
-114% of FY26 net profit of ₹88.0 Cr.
Borrowings ₹162 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹163 ₹255
+56.5% above Net profit ₹30.3 ₹68.0
+124.4% above
M Cap ₹2,906 Cr
P/E 27.0
PEG 1.12
Operating margin expanded 212 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+14.6% +5.1%
234 223 204 Operating profit
+28.8% +6.7%
45.0 42.2 34.9 OPM %
+212 bps +28 bps
19.2% 19.0% 17.1% Other income
+118.3% +91.6%
5.0 2.6 2.3 Net profit?
+43.5% +27.0%
27.0 21.3 18.8 PAT margin %
+232 bps +199 bps
11.5% 9.6% 9.2% EPS (₹)
+45.5% +28.6%
9.53 7.41 6.55
Quality of profit
Pre-tax profit ₹34.0 Cr: core business ₹29.0 Cr, other income ₹5.0 Cr.
Core profit YoY: +36.2%
· reported profit +43.5%
Cash & debt
FY26 cash from operations ₹109 Cr:
111% of FY26 net profit of ₹98.6 Cr.
Borrowings ₹274 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹227 ₹234
+3.0% in line Net profit ₹28.7 ₹27.0
-5.8% 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 14 Oct 2026, 01:16 IST
