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 ₹2,73,313 Cr
P/E 44.5
PEG 1.65
Profit -12% below its own trend Operating margin contracted 161 bps YoY FY26 operating cash flow was only 25% of profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+11.7% +42.9%
10,224 7,154 9,150 Operating profit
+5.9% +40.2%
2,982 2,127 2,816 OPM %
-161 bps -56 bps
29.2% 29.7% 30.8% Other income
-43.5% -20.9%
110 139 195 Net profit?
+4.7% +40.9%
2,226 1,580 2,127 PAT margin %
-147 bps -31 bps
21.8% 22.1% 23.2% EPS (₹)
+4.5% +40.7%
3.04 2.16 2.91
Quality of profit
Pre-tax profit ₹2,917 Cr: core business ₹2,807 Cr, other income ₹110 Cr.
Core profit YoY: +5.0%
· reported profit +4.7%
Cash & debt
FY26 cash from operations ₹1,541 Cr:
25% of FY26 net profit of ₹6,061 Cr.
Borrowings ₹65.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹10,559 ₹10,224
-3.2% in line Net profit ₹2,539 ₹2,226
-12.3% below
M Cap ₹2,55,444 Cr
P/E 67.0
PEG —
Profit +47% above its own trend Operating margin expanded 118 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+22.6% +19.1%
6,748 5,667 5,504 Operating profit
+28.4% +47.1%
1,768 1,202 1,377 OPM %
+118 bps +499 bps
26.2% 21.2% 25.0% Other income
to loss to loss -18.0 11.7 8.0 Net profit?
+27.3% +11.3%
1,111 998 873 PAT margin %
+60 bps -115 bps
16.5% 17.6% 15.9% EPS (₹)
+27.2% +11.4%
5.76 5.17 4.53
Quality of profit
Pre-tax profit ₹1,509 Cr: core business ₹1,526 Cr, other income −₹18.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +28.9%
· reported profit +27.3%
Cash & debt
FY26 cash from operations ₹5,048 Cr:
144% of FY26 net profit of ₹3,499 Cr.
Borrowings ₹444 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹6,086 ₹6,748
+10.9% above Net profit ₹756 ₹1,111
+46.9% above
M Cap ₹2,50,231 Cr
P/E 85.5
PEG 6.58
Profit -10% below its own trend Operating margin contracted 128 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+9.5% +8.7%
2,831 2,604 2,585 Operating profit
+5.4% +4.9%
934 890 886 OPM %
-128 bps -119 bps
33.0% 34.2% 34.3% Other income
+80.2% —
155 14.0 86.0 Net profit?
+12.6% +28.8%
751 583 667 PAT margin %
+73 bps +414 bps
26.5% 22.4% 25.8% EPS (₹)
+13.4% +28.8%
28.29 21.96 24.94
Quality of profit
Pre-tax profit ₹963 Cr: core business ₹808 Cr, other income ₹155 Cr.
Core profit YoY: +3.9%
· reported profit +12.6%
Cash & debt
FY26 cash from operations ₹2,738 Cr:
107% of FY26 net profit of ₹2,568 Cr.
Borrowings ₹7.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹2,922 ₹2,831
-3.1% in line Net profit ₹836 ₹751
-10.2% below
M Cap ₹2,49,467 Cr
P/E 8.0
PEG —
Profit +21% above its own trend Operating margin contracted 391 bps YoY 36% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+22.9% +33.1%
46,490 34,924 37,825 Operating profit
+7.5% +35.8%
12,673 9,331 11,790 OPM %
-391 bps +54 bps
27.3% 26.7% 31.2% Other income
+33.2% +95.7%
5,244 2,680 3,937 Net profit?
+13.7% +52.2%
10,908 7,166 9,593 PAT margin %
-190 bps +294 bps
23.5% 20.5% 25.4% EPS (₹)
+12.9% +51.5%
17.59 11.61 15.58
Quality of profit
Pre-tax profit ₹14,627 Cr: core business ₹9,382 Cr, other income ₹5,244 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +7.0%
· reported profit +13.7%
Cash & debt
FY26 cash from operations ₹43,215 Cr:
139% of FY26 net profit of ₹31,071 Cr.
Borrowings ₹14,072 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹37,309 ₹46,490
+24.6% above Net profit ₹8,994 ₹10,908
+21.3% above
M Cap ₹2,31,585 Cr
P/E 14.6
PEG 14.57
Profit +11% above its own trend Operating margin contracted 3759 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
-5.0% -5.9%
11,666 12,395 12,275 Operating profit
-48.0% -50.0%
5,303 10,607 10,194 OPM %
-3759 bps -4012 bps
45.5% 85.6% 83.0% Other income
-12.0% -30.5%
322 463 366 Net profit?
+9.7% +8.6%
4,546 4,185 4,143 PAT margin %
+522 bps +520 bps
39.0% 33.8% 33.8% EPS (₹)
+9.9% +8.7%
4.89 4.50 4.45
Quality of profit
Pre-tax profit ₹155 Cr: core business −₹167 Cr, other income ₹322 Cr.
Core profit YoY: to loss
· reported profit +9.7%
Cash & debt
FY26 cash from operations ₹40,931 Cr:
257% of FY26 net profit of ₹15,928 Cr.
Borrowings ₹1,48,071 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹12,535 ₹11,666
-6.9% below Net profit ₹4,080 ₹4,546
+11.4% above
M Cap ₹2,31,083 Cr
P/E 13.5
PEG 1.35
Profit +29% above its own trend Operating margin expanded 385 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+49.0% +23.4%
13,544 10,980 9,087 Operating profit
+59.9% +27.3%
7,706 6,054 4,820 OPM %
+385 bps +176 bps
56.9% 55.1% 53.0% Other income
+23.3% -4.4%
280 293 227 Net profit?
+67.6% +28.5%
5,033 3,916 3,003 PAT margin %
+411 bps +150 bps
37.2% 35.7% 33.0% EPS (₹)
+67.5% +28.5%
11.91 9.27 7.11
Quality of profit
Pre-tax profit ₹6,751 Cr: core business ₹6,471 Cr, other income ₹280 Cr.
Core profit YoY: +82.0%
· reported profit +67.6%
Cash & debt
FY26 cash from operations ₹17,008 Cr:
123% of FY26 net profit of ₹13,832 Cr.
Borrowings ₹8,728 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹10,176 ₹13,544
+33.1% above Net profit ₹3,905 ₹5,033
+28.9% above
M Cap ₹2,23,460 Cr
P/E 46.6
PEG 23.29
Profit +79% above its own trend Operating margin expanded 214 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+10.6% +4.5%
9,247 8,850 8,359 Operating profit
+24.4% +0.3%
1,787 1,781 1,436 OPM %
+214 bps -80 bps
19.3% 20.1% 17.2% Other income
+97.3% +185.5%
197 69.0 99.8 Net profit?
+69.1% +11.8%
1,185 1,060 701 PAT margin %
+443 bps +84 bps
12.8% 12.0% 8.4% EPS (₹)
+69.3% +10.6%
12.22 11.05 7.22
Quality of profit
Pre-tax profit ₹1,614 Cr: core business ₹1,418 Cr, other income ₹197 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +31.0%
· reported profit +69.1%
Cash & debt
FY26 cash from operations ₹7,088 Cr:
163% of FY26 net profit of ₹4,338 Cr.
Borrowings ₹3,929 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹8,511 ₹9,247
+8.6% above Net profit ₹664 ₹1,185
+78.5% above
M Cap ₹2,19,474 Cr
P/E 70.5
PEG 8.81
Profit +17% above its own trend
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+18.9% -2.3%
17,684 18,101 14,872 Operating profit
+26.8% -17.2%
1,211 1,463 955 OPM %
+43 bps -124 bps
6.8% 8.1% 6.4% Other income
-28.1% +6.3%
18.0 16.9 25.1 Net profit?
+19.1% -23.3%
656 856 551 PAT margin %
+1 bps -102 bps
3.7% 4.7% 3.7% EPS (₹)
+18.9% -23.4%
10.07 13.15 8.47
Quality of profit
Pre-tax profit ₹904 Cr: core business ₹886 Cr, other income ₹18.0 Cr.
Core profit YoY: +27.4%
· reported profit +19.1%
Cash & debt
FY26 cash from operations ₹3,467 Cr:
117% of FY26 net profit of ₹2,969 Cr.
Borrowings ₹2,425 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹17,231 ₹17,684
+2.6% in line Net profit ₹561 ₹656
+16.9% above
M Cap ₹2,18,692 Cr
P/E 19.3
PEG 1.02
Profit +33% above its own trend
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Total income
+9.3% +2.7%
12,531 12,197 11,460 Net interest income
— —
7,177 — — Other income
— —
18.0 — — Net profit?
+40.9% +19.4%
3,021 2,530 2,144 EPS (₹)
+40.9% +19.4%
16.06 13.45 11.40 Gross NPA %
+3 bps +4 bps
4.6% 4.5% 4.5% Net NPA %
-31 bps -5 bps
2.3% 2.4% 2.6%
Against its own trend ?
Trend Actual Gap
Net profit ₹2,277 ₹3,021
+32.7% above
M Cap ₹2,14,858 Cr
P/E 19.1
PEG 1.91
Profit +23% above its own trend Operating margin expanded 387 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+12.5% +11.0%
63,270 57,002 56,218 Operating profit
+49.9% +19.9%
9,829 8,200 6,559 OPM %
+387 bps +115 bps
15.5% 14.4% 11.7% Other income
-90.9% -91.6%
42.0 501 461 Net profit?
+146.9% +8.6%
2,965 2,730 1,201 PAT margin %
+255 bps -10 bps
4.7% 4.8% 2.1% EPS (₹)
+125.0% +8.3%
2.34 2.16 1.04
Quality of profit
Pre-tax profit ₹4,810 Cr: core business ₹4,769 Cr, other income ₹42.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +132.6%
· reported profit +146.9%
Cash & debt
FY26 cash from operations ₹35,064 Cr:
322% of FY26 net profit of ₹10,886 Cr.
Borrowings ₹92,382 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹57,158 ₹63,270
+10.7% above Net profit ₹2,402 ₹2,965
+23.5% above
M Cap ₹2,09,850 Cr
P/E 97.8
PEG 5.75
Operating margin expanded 413 bps YoY Profit grew faster than the core business (core profit +0%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+14.0% +33.8%
3,502 2,618 3,073 Operating profit
+20.0% +28.6%
2,882 2,241 2,402 OPM %
+413 bps -330 bps
82.3% 85.6% 78.2% Other income
+200.0% -46.6%
117 219 39.0 Net profit?
+34.2% —
514 5.0 383 PAT margin %
+221 bps +1449 bps
14.7% 0.2% 12.5% EPS (₹)
+66.2% from loss 2.41 -0.38 1.45
Quality of profit
Pre-tax profit ₹488 Cr: core business ₹371 Cr, other income ₹117 Cr.
Core profit YoY: +0.0%
· reported profit +34.2%
Cash & debt
FY26 cash from operations ₹10,135 Cr:
510% of FY26 net profit of ₹1,987 Cr.
Borrowings ₹1,03,545 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹3,569 ₹3,502
-1.9% in line Net profit ₹476 ₹514
+8.0% in line
M Cap ₹1,95,901 Cr
P/E 11.9
PEG 0.60
Profit -61% below its own trend Core business grew faster than reported profit (core profit +13%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+20.4% +17.5%
78,133 66,521 64,890 Operating profit
+13.3% +25.3%
10,014 7,994 8,836 OPM %
-80 bps +80 bps
12.8% 12.0% 13.6% Other income
to loss to loss -3,146 549 700 Net profit?
-50.9% +26.7%
2,597 2,049 5,284 PAT margin %
-482 bps +24 bps
3.3% 3.1% 8.1% EPS (₹)
-51.4% +25.2%
11.56 9.23 23.80
Quality of profit
Pre-tax profit ₹3,451 Cr: core business ₹6,597 Cr, other income −₹3,146 Cr.
Core profit YoY: +12.9%
· reported profit -50.9%
Cash & debt
FY26 cash from operations ₹10,250 Cr:
77% of FY26 net profit of ₹13,391 Cr.
Borrowings ₹99,161 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹73,787 ₹78,133
+5.9% above Net profit ₹6,646 ₹2,597
-60.9% below
M Cap ₹1,95,432 Cr
P/E 33.9
PEG 1.41
35% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+16.0% -0.6%
6,080 6,114 5,241 Operating profit
+20.4% -2.7%
1,514 1,557 1,258 OPM %
+90 bps -56 bps
24.9% 25.5% 24.0% Other income
+77.4% +100.1%
675 337 380 Net profit?
+11.6% +7.0%
1,520 1,421 1,362 PAT margin %
-99 bps +176 bps
25.0% 23.2% 26.0% EPS (₹)
+11.5% +7.0%
55.41 51.79 49.69
Quality of profit
Pre-tax profit ₹1,937 Cr: core business ₹1,262 Cr, other income ₹675 Cr.
Core profit YoY: +21.3%
· reported profit +11.6%
Cash & debt
FY26 cash from operations ₹4,805 Cr:
87% of FY26 net profit of ₹5,515 Cr.
Borrowings ₹514 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹6,449 ₹6,080
-5.7% below Net profit ₹1,674 ₹1,520
-9.2% in line
M Cap ₹1,93,845 Cr
P/E 17.0
PEG —
Operating margin expanded 337 bps YoY Operating cash flow was negative in FY26 despite a profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+15.4% +15.3%
51,101 44,312 44,267 Operating profit
+37.2% +75.9%
10,876 6,184 7,929 OPM %
+337 bps +733 bps
21.3% 14.0% 17.9% Other income
-32.4% +749.7%
259 30.5 383 Net profit?
+27.9% +70.3%
3,802 2,233 2,973 PAT margin %
+72 bps +240 bps
7.4% 5.0% 6.7% EPS (₹)
+29.5% +88.3%
28.77 15.28 22.22
Quality of profit
Pre-tax profit ₹5,078 Cr: core business ₹4,819 Cr, other income ₹259 Cr.
Core profit YoY: +37.2%
· reported profit +27.9%
Cash & debt
FY26 cash from operations −₹17,810 Cr:
-173% of FY26 net profit of ₹10,300 Cr.
Borrowings ₹2,27,853 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹52,536 ₹51,101
-2.7% in line Net profit ₹3,614 ₹3,802
+5.2% in line
M Cap ₹1,87,253 Cr
P/E 52.0
PEG 1.58
Profit -18% below its own trend Operating margin contracted 207 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+30.4% +2.0%
15,053 14,756 11,542 Operating profit
+14.1% -4.3%
2,172 2,270 1,904 OPM %
-207 bps -96 bps
14.4% 15.4% 16.5% Other income
from loss from loss 7.0 -13.1 -57.0 Net profit?
+17.5% -8.0%
820 891 698 PAT margin %
-60 bps -59 bps
5.4% 6.0% 6.0% EPS (₹)
+19.1% -8.3%
16.24 17.71 13.64
Quality of profit
Pre-tax profit ₹1,298 Cr: core business ₹1,291 Cr, other income ₹7.0 Cr.
Core profit YoY: +21.7%
· reported profit +17.5%
Cash & debt
FY26 cash from operations ₹1,867 Cr:
59% of FY26 net profit of ₹3,187 Cr.
Borrowings ₹32,791 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹13,946 ₹15,053
+7.9% above Net profit ₹1,005 ₹820
-18.4% below
M Cap ₹1,85,407 Cr
P/E —
PEG —
Into loss: a profit a year ago Profit -204% below its own trend Operating margin contracted 2388 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+1.3% -4.4%
22,438 23,472 22,152 Operating profit
-86.7% -84.9%
810 5,367 6,089 OPM %
-2388 bps -1926 bps
3.6% 22.9% 27.5% Other income
+20.8% +6.9%
1,142 1,069 946 Net profit?
to loss to loss -2,537 549 3,068 PAT margin %
-2515 bps -1365 bps
-11.3% 2.3% 13.8% EPS (₹)
to loss to loss -65.60 14.22 79.38
Quality of profit
Pre-tax profit −₹2,352 Cr: core business −₹3,495 Cr, other income ₹1,142 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: to loss
Cash & debt
FY26 cash from operations ₹23,470 Cr.
Borrowings ₹77,749 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹23,869 ₹22,438
-6.0% below Net profit ₹2,446 −₹2,537
-203.7% below
M Cap ₹1,84,002 Cr
P/E 89.7
PEG 3.09
Profit +25% above its own trend Operating margin expanded 215 bps YoY FY26 operating cash flow was only 36% of profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+40.9% +19.8%
3,053 2,548 2,167 Operating profit
+53.1% +16.7%
826 708 540 OPM %
+215 bps -73 bps
27.1% 27.8% 24.9% Other income
+602.3% +84.0%
46.0 25.0 6.5 Net profit?
+60.6% +19.1%
556 467 346 PAT margin %
+224 bps -12 bps
18.2% 18.3% 16.0% EPS (₹)
+70.0% +22.7%
60.52 49.31 35.61
Quality of profit
Pre-tax profit ₹759 Cr: core business ₹714 Cr, other income ₹46.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +55.1%
· reported profit +60.6%
Cash & debt
FY26 cash from operations ₹621 Cr:
36% of FY26 net profit of ₹1,737 Cr.
Borrowings ₹1,524 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹2,776 ₹3,053
+10.0% above Net profit ₹445 ₹556
+24.8% above
M Cap ₹1,78,088 Cr
P/E 82.6
PEG 3.75
Profit -41% below its own trend
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+41.8% +27.1%
4,197 3,303 2,959 Operating profit
+40.7% +24.6%
1,356 1,088 964 OPM %
-27 bps -63 bps
32.3% 32.9% 32.6% Other income
loss widened loss widened -83.0 -13.0 -18.0 Net profit?
-26.9% -42.7%
364 635 498 PAT margin %
-816 bps -1055 bps
8.7% 19.2% 16.8% EPS (₹)
-26.9% -42.7%
10.76 18.77 14.71
Quality of profit
Pre-tax profit ₹529 Cr: core business ₹612 Cr, other income −₹83.0 Cr.
Core profit YoY: -13.4%
· reported profit -26.9%
Cash & debt
FY26 cash from operations ₹3,023 Cr:
141% of FY26 net profit of ₹2,138 Cr.
Borrowings ₹15,026 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹3,336 ₹4,197
+25.8% above Net profit ₹613 ₹364
-40.6% below
M Cap ₹1,77,010 Cr
P/E 5.0
PEG 0.08
Operating margin expanded 512 bps YoY Core business grew faster than reported profit (core profit +104%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
-5.9% -11.8%
2,08,289 2,36,257 2,21,360 Operating profit
+65.0% +9.1%
24,804 22,745 15,029 OPM %
+512 bps +228 bps
11.9% 9.6% 6.8% Other income
+59.7% +108.9%
2,424 1,160 1,517 Net profit?
+81.4% +12.4%
15,176 13,502 8,368 PAT margin %
+351 bps +157 bps
7.3% 5.7% 3.8% EPS (₹)
+73.6% +8.5%
10.24 9.44 5.90
Quality of profit
Pre-tax profit ₹19,791 Cr: core business ₹17,367 Cr, other income ₹2,424 Cr.
Core profit YoY: +103.7%
· reported profit +81.4%
Cash & debt
FY26 cash from operations ₹76,142 Cr:
174% of FY26 net profit of ₹43,677 Cr.
Borrowings ₹1,31,822 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹2,26,723 ₹2,08,289
-8.1% below Net profit ₹15,303 ₹15,176
-0.8% in line
M Cap ₹1,68,653 Cr
P/E 68.3
PEG 5.25
Operating margin contracted 2375 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
-82.4% -91.2%
4,071 46,133 23,071 Operating profit
loss widened to loss -1,046 615 -449 OPM %
-2375 bps -2703 bps
-25.7% 1.3% -1.9% Other income
+41.7% —
1,913 27.0 1,350 Net profit
-1.1% +39.5%
805 577 814 PAT margin %
+1625 bps +1852 bps
19.8% 1.3% 3.5% EPS (₹)
-1.2% +39.5%
8.02 5.75 8.12
Quality of profit
Pre-tax profit ₹867 Cr: core business −₹1,046 Cr, other income ₹1,913 Cr.
Core profit YoY: loss widened
· reported profit -1.1%
Cash & debt
FY26 cash from operations ₹34,523 Cr:
1397% of FY26 net profit of ₹2,471 Cr.
Borrowings nil at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹20,322 ₹4,071
-80.0% below Net profit ₹835 ₹805
-3.6% in line
M Cap ₹1,65,330 Cr
P/E 36.3
PEG —
Profit +68% above its own trend Operating margin expanded 203 bps YoY Core business grew faster than reported profit (core profit +95%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+17.0% +9.2%
34,309 31,409 29,317 Operating profit
+43.4% +24.6%
3,791 3,043 2,643 OPM %
+203 bps +136 bps
11.0% 9.7% 9.0% Other income
-85.5% -75.2%
36.0 145 248 Net profit?
+40.0% +45.7%
1,562 1,072 1,115 PAT margin %
+75 bps +114 bps
4.6% 3.4% 3.8% EPS (₹)
+43.0% +46.4%
1.42 0.97 adj. 0.99
EPS restated for the 1:2 bonus of Jul 2025: Mar 2025 ₹1.49 to ₹0.99.
Quality of profit
Pre-tax profit ₹1,989 Cr: core business ₹1,954 Cr, other income ₹36.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: +94.8%
· reported profit +40.0%
Against its own trend ?
Trend Actual Gap
Sales ₹31,785 ₹34,309
+7.9% above Net profit ₹928 ₹1,562
+68.3% above
M Cap ₹1,60,895 Cr
P/E 48.2
PEG 1.72
Profit -59% below its own trend Operating margin contracted 861 bps YoY 47% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -59%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
-42.0% -10.2%
1,814 2,020 3,128 Operating profit
-58.0% +5.4%
411 390 978 OPM %
-861 bps +335 bps
22.7% 19.3% 31.3% Other income
+40.0% -22.8%
308 399 220 Net profit?
-18.1% +328.3%
1,269 296 1,550 PAT margin %
+2041 bps +5529 bps
70.0% 14.7% 49.6% EPS (₹)
-1.2% +5.3%
5.12 4.86 5.18
Quality of profit
Pre-tax profit ₹649 Cr: core business ₹342 Cr, other income ₹308 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: -58.9%
· reported profit -18.1%
Cash & debt
FY26 cash from operations ₹6,347 Cr:
190% of FY26 net profit of ₹3,341 Cr.
Borrowings ₹306 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹4,358 ₹1,814
-58.4% below Net profit ₹3,100 ₹1,269
-59.1% below
M Cap ₹1,60,069 Cr
P/E 12.0
PEG 2.41
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+7.7% +2.9%
24,236 23,556 22,504 Operating profit
+6.2% +14.3%
4,909 4,296 4,624 OPM %
-29 bps +202 bps
20.3% 18.2% 20.5% Other income
-29.6% -15.0%
857 1,008 1,217 Net profit?
-1.8% +12.0%
3,522 3,145 3,588 PAT margin %
-141 bps +118 bps
14.5% 13.4% 15.9% EPS (₹)
-2.1% +12.1%
3.34 2.98 3.41
Quality of profit
Pre-tax profit ₹4,668 Cr: core business ₹3,811 Cr, other income ₹857 Cr.
Core profit YoY: +8.1%
· reported profit -1.8%
Cash & debt
FY26 cash from operations ₹14,932 Cr:
113% of FY26 net profit of ₹13,266 Cr.
Borrowings ₹20,291 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹22,854 ₹24,236
+6.0% above Net profit ₹3,785 ₹3,522
-7.0% in line
M Cap ₹1,57,722 Cr
P/E 31.9
PEG 6.37
Profit -23% below its own trend Operating margin contracted 372 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+5.4% +5.2%
18,916 17,973 17,940 Operating profit
-22.4% -2.6%
1,966 2,018 2,533 OPM %
-372 bps -84 bps
10.4% 11.2% 14.1% Other income
+23.6% +6.3%
259 244 210 Net profit?
-22.2% +1.7%
1,256 1,234 1,614 PAT margin %
-236 bps -23 bps
6.6% 6.9% 9.0% EPS (₹)
-22.2% +1.7%
15.45 15.19 19.87
Quality of profit
Pre-tax profit ₹1,604 Cr: core business ₹1,344 Cr, other income ₹259 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: -31.6%
· reported profit -22.2%
Cash & debt
FY26 cash from operations ₹7,321 Cr:
135% of FY26 net profit of ₹5,432 Cr.
Borrowings ₹1,098 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹18,181 ₹18,916
+4.0% in line Net profit ₹1,635 ₹1,256
-23.2% below
M Cap ₹1,56,538 Cr
P/E 50.6
PEG 2.41
Profit -46% below its own trend Operating margin contracted 318 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+16.8% +10.6%
7,443 6,730 6,375 Operating profit
+5.1% +7.5%
2,145 1,995 2,040 OPM %
-318 bps -83 bps
28.8% 29.7% 32.0% Other income
+2.3% +5.7%
227 215 222 Net profit?
+1.3% +25.9%
723 574 714 PAT margin %
-149 bps +118 bps
9.7% 8.5% 11.2% EPS (₹)
+5.6% +23.7%
5.69 4.60 5.39
Quality of profit
Pre-tax profit ₹910 Cr: core business ₹683 Cr, other income ₹227 Cr.
Core profit YoY: -9.2%
· reported profit +1.3%
Cash & debt
FY26 cash from operations ₹10,997 Cr:
460% of FY26 net profit of ₹2,393 Cr.
Borrowings ₹49,176 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹8,358 ₹7,443
-10.9% below Net profit ₹1,338 ₹723
-46.0% below
M Cap ₹1,55,331 Cr
P/E 85.6
PEG 1.21
Profit +25% above its own trend Operating margin expanded 268 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+19.2% -5.9%
5,028 5,345 4,217 Operating profit
+39.9% -15.7%
911 1,081 651 OPM %
+268 bps -211 bps
18.1% 20.2% 15.4% Other income
-62.2% +49.0%
28.0 18.8 74.0 Net profit?
+32.4% -19.0%
413 510 312 PAT margin %
+82 bps -133 bps
8.2% 9.5% 7.4% EPS (₹)
+25.9% -21.9%
7.51 adj. 9.61adj. 5.97
EPS restated for the 1:2 bonus of Jun 2026: Dec 2025 ₹14.42 to ₹9.61; Mar 2025 ₹8.95 to ₹5.97.
Quality of profit
Pre-tax profit ₹519 Cr: core business ₹490 Cr, other income ₹28.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +43.7%
· reported profit +32.4%
Cash & debt
FY26 cash from operations ₹2,668 Cr:
155% of FY26 net profit of ₹1,722 Cr.
Borrowings ₹2,561 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹4,952 ₹5,028
+1.5% in line Net profit ₹330 ₹413
+25.3% above
M Cap ₹1,53,176 Cr
P/E 63.0
PEG 1.70
Profit +28% above its own trend Operating margin expanded 499 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+36.9% +45.3%
12,310 8,473 8,993 Operating profit
+110.8% +221.7%
1,753 545 832 OPM %
+499 bps +781 bps
14.2% 6.4% 9.2% Other income
+74.2% +10.6%
260 235 149 Net profit?
+155.7% +230.8%
1,290 390 504 PAT margin %
+487 bps +588 bps
10.5% 4.6% 5.6% EPS (₹)
+155.9% +231.2%
3.71 1.12 1.45
Quality of profit
Pre-tax profit ₹1,728 Cr: core business ₹1,467 Cr, other income ₹260 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +169.1%
· reported profit +155.7%
Cash & debt
FY26 cash from operations ₹5,837 Cr:
365% of FY26 net profit of ₹1,599 Cr.
Borrowings ₹8,187 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹10,026 ₹12,310
+22.8% above Net profit ₹1,009 ₹1,290
+27.9% above
M Cap ₹1,50,412 Cr
P/E 56.2
PEG 2.25
Profit +18% above its own trend Operating margin expanded 305 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+14.1% -3.4%
3,583 3,710 3,141 Operating profit
+31.4% -7.0%
831 894 633 OPM %
+305 bps -90 bps
23.2% 24.1% 20.1% Other income
-29.1% -5.0%
57.0 60.0 80.4 Net profit?
+36.6% -6.4%
584 624 428 PAT margin %
+269 bps -52 bps
16.3% 16.8% 13.6% EPS (₹)
+37.1% -6.3%
5.69 6.07 adj. 4.15
EPS restated for the 1:1 bonus of Sep 2025: Mar 2025 ₹8.30 to ₹4.15.
Quality of profit
Pre-tax profit ₹777 Cr: core business ₹720 Cr, other income ₹57.0 Cr.
Core profit YoY: +38.1%
· reported profit +36.6%
Cash & debt
FY26 cash from operations ₹2,828 Cr:
114% of FY26 net profit of ₹2,471 Cr.
Borrowings ₹417 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹3,455 ₹3,583
+3.7% in line Net profit ₹493 ₹584
+18.4% above
M Cap ₹1,48,969 Cr
P/E 35.9
PEG —
Operating margin expanded 163 bps YoY Core business grew faster than reported profit (core profit +74%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+19.4% +19.7%
26,098 21,800 21,863 Operating profit
+36.9% +22.1%
3,327 2,725 2,431 OPM %
+163 bps +25 bps
12.7% 12.5% 11.1% Other income
to loss to loss -28.0 531 72.0 Net profit?
+33.8% +156.1%
1,793 700 1,340 PAT margin %
+74 bps +366 bps
6.9% 3.2% 6.1% EPS (₹)
— +155.0%
4.87 1.91 —
Quality of profit
Pre-tax profit ₹2,623 Cr: core business ₹2,651 Cr, other income −₹28.0 Cr.
Core profit YoY: +74.4%
· reported profit +33.8%
M Cap ₹1,46,564 Cr
P/E 43.0
PEG 1.79
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+15.7% +51.7%
6,574 4,335 5,680 Operating profit
+20.7% +138.6%
1,525 639 1,264 OPM %
+94 bps +845 bps
23.2% 14.7% 22.3% Other income
+56.8% -54.4%
44.0 96.5 28.1 Net profit?
+20.2% +238.1%
879 260 731 PAT margin %
+49 bps +737 bps
13.4% 6.0% 12.9% EPS (₹)
+20.0% +248.6%
2.58 0.74 2.15
Quality of profit
Pre-tax profit ₹1,163 Cr: core business ₹1,119 Cr, other income ₹44.0 Cr.
Core profit YoY: +17.7%
· reported profit +20.2%
Cash & debt
Borrowings ₹2,508 Cr at Dec 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹6,244 ₹6,574
+5.3% above Net profit ₹918 ₹879
-4.3% 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, 15:08 IST
