Home › Quarterly results › Q4 FY26
Q4 FY26 quarterly results (January-March 2026)
5,115 companies have declared Q4 FY26 results so far, the latest on 12 Oct 2026.
Across the 4,645 non-financial companies with a year-ago quarter to compare, sales grew +12.4% and net profit +34.1% year on year, and the combined operating margin widened 10 bps to 14.3%.
For the 120 banks and lenders, net interest income grew +9.1% and net profit +11.1%.
55% of companies grew net profit; 472 turned a loss into a profit; 38% beat their own profit trend and 48% fell short of it.
Updated 13 Oct 2026, 15:48 IST
5115 declared
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Q4 FY26 scoreboard
Sales growth
+12.4%
YoY, 4645 companies combined; median +11.7%
Net profit growth
+34.1%
YoY combined; median +16.1%
Operating margin
14.3%
+10 bps YoY
Grew profit
55%
472 turnarounds, 495 into loss
Vs own profit trend
38% / 48%
above / below, 14% in line
Banks: NII growth
+9.1%
120 lenders; profit +11.1%
Price since results
-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
1375 matching results 1375
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M Cap ₹16,662 Cr
P/E 21.2
PEG 0.82
Profit -57% below its own trend Operating margin contracted 1338 bps YoY 42% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -51%) FY26 operating cash flow was only 46% of profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
-8.3% -23.5%
926 1,210 1,010
Operating profit
-49.5% -56.8%
152 352 301
OPM %
-1338 bps -1269 bps
16.4% 29.1% 29.8%
Other income
+177.8% +70.6%
101 59.2 36.4
Net profit?
-30.0% -43.5%
196 347 280
PAT margin %
-653 bps -752 bps
21.2% 28.7% 27.7%
EPS (₹)
-30.1% -43.7%
3.48 6.18 4.98
Quality of profit
Core 58% Other income & one-offs 42%
Pre-tax profit ₹242 Cr: core business ₹141 Cr, other income ₹101 Cr.
Core profit YoY: -51.3%
· reported profit -30.0%
Cash & debt
FY26 cash from operations ₹319 Cr:
46% of FY26 net profit of ₹692 Cr.
Borrowings ₹17.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹1,380 ₹926
-32.9% below
Net profit ₹456 ₹196
-57.0% below
M Cap ₹16,029 Cr
P/E 40.2
PEG —
Profit +39% above its own trend Operating margin contracted 4155 bps YoY 29% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +120%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+156.3% +159.9%
2,240 862 874
Operating profit
+25.2% +16.5%
889 763 710
OPM %
-4155 bps -4883 bps
39.7% 88.5% 81.2%
Other income
+45.7% +45.7%
67.0 46.0 46.0
Net profit?
+58.1% +85.0%
185 100 117
PAT margin %
-513 bps -334 bps
8.3% 11.6% 13.4%
EPS (₹)
+40.4% +70.5%
1.91 1.12 1.36
Quality of profit
Core 71% Other income & one-offs 29%
Pre-tax profit ₹230 Cr: core business ₹163 Cr, other income ₹67.0 Cr.
Core profit YoY: +120.3%
· reported profit +58.1%
Cash & debt
FY26 cash from operations ₹3,377 Cr:
846% of FY26 net profit of ₹399 Cr.
Borrowings ₹21,359 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹910 ₹2,240
+146.2% above
Net profit ₹133 ₹185
+39.2% above
M Cap ₹15,976 Cr
P/E 32.8
PEG —
Operating margin expanded 356 bps YoY 33% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+25.6% +1.1%
461 456 367
Operating profit
+37.8% +2.8%
186 181 135
OPM %
+356 bps +65 bps
40.3% 39.7% 36.8%
Other income
+23.3% +20.5%
53.0 44.0 43.0
Net profit?
+15.0% -10.2%
123 137 107
PAT margin %
-247 bps -336 bps
26.7% 30.0% 29.2%
EPS (₹)
+17.4% -9.0%
9.17 10.08 7.81
Quality of profit
Core 67% Other income & one-offs 33%
Pre-tax profit ₹162 Cr: core business ₹109 Cr, other income ₹53.0 Cr.
Core profit YoY: +18.5%
· reported profit +15.0%
M Cap ₹15,569 Cr
P/E —
PEG —
Profit +596% above its own trend Operating margin expanded 1304 bps YoY 48% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
-23.5% -2.0%
398 406 520
Operating profit
+155.3% +8.9%
74.0 68.0 29.0
OPM %
+1304 bps +186 bps
18.6% 16.7% 5.6%
Other income
+463.2% +406.9%
50.7 10.0 9.0
Net profit?
— +518.9%
55.7 9.0 4.0
PAT margin %
+1323 bps +1179 bps
14.0% 2.2% 0.8%
EPS (₹)
— +370.4%
1.27 0.27 adj. 0.09
EPS restated for the 1:1 bonus of Sep 2025: Mar 2025 ₹0.18 to ₹0.09.
Quality of profit
Core 52% Other income & one-offs 48%
Pre-tax profit ₹42.5 Cr: core business ₹22.3 Cr, other income ₹50.7 Cr, exceptional & other items −₹30.5 Cr.
Core profit YoY: from loss
Cash & debt
FY26 cash from operations ₹149 Cr:
182% of FY26 net profit of ₹82.0 Cr.
Borrowings ₹215 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹937 ₹398
-57.5% below
Net profit ₹8.0 ₹55.7
+596.2% above
JNPR
· Q4 FY26 · Consolidated
M Cap ₹15,485 Cr
P/E —
PEG —
All of pre-tax profit came from other income or one-off items
₹ Cr
Mar 2026
Sales
213
Operating profit
183
OPM %
85.9%
Other income
31.0
Net profit?
22.0
PAT margin %
10.3%
EPS (₹)
0.44
Dec 2025 and Mar 2025 are not on record for this company, so there is nothing to compare with yet.
Quality of profit
Pre-tax profit ₹28.0 Cr: core business −₹3.0 Cr, other income ₹31.0 Cr.
M Cap ₹15,286 Cr
P/E 17.8
PEG —
Profit -13% below its own trend 32% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
-0.4% -0.3%
2,498 2,505 2,509
Operating profit
+2.5% +3.4%
294 284 287
OPM %
+33 bps +42 bps
11.8% 11.3% 11.4%
Other income
-43.3% +16.3%
68.0 58.5 120
Net profit?
-20.5% +12.2%
189 168 238
PAT margin %
-192 bps +84 bps
7.6% 6.7% 9.5%
EPS (₹)
-23.5% +9.2%
6.39 5.85 8.35
Quality of profit
Core 68% Other income & one-offs 32%
Pre-tax profit ₹217 Cr: core business ₹148 Cr, other income ₹68.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: -7.8%
· reported profit -20.5%
Cash & debt
FY26 cash from operations ₹1,108 Cr:
147% of FY26 net profit of ₹753 Cr.
Borrowings ₹1,855 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹2,554 ₹2,498
-2.2% in line
Net profit ₹216 ₹189
-12.6% below
M Cap ₹15,200 Cr
P/E 96.6
PEG —
Operating margin contracted 951 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
+24.9% +31.8%
557 422 446
Operating profit
+4.3% +1.8%
268 263 257
OPM %
-951 bps -1417 bps
48.1% 62.3% 57.6%
Other income
+55.6% +91.7%
84.0 43.8 54.0
Net profit?
+164.7% +112.5%
45.0 21.2 17.0
PAT margin %
+427 bps +307 bps
8.1% 5.0% 3.8%
EPS (₹)
-89.1% +75.2%
4.73 2.70 43.39
Quality of profit
Pre-tax profit ₹75.0 Cr: core business −₹9.0 Cr, other income ₹84.0 Cr.
Core profit YoY: loss narrowed
· reported profit +164.7%
M Cap ₹15,112 Cr
P/E —
PEG —
Operating margin expanded 2090 bps YoY 64% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+185.7% +36.6%
95.6 70.0 33.5
Operating profit
+335.5% +46.5%
58.1 39.6 13.3
OPM %
+2090 bps +412 bps
60.7% 56.6% 39.8%
Other income
-78.5% +5.0%
5.5 5.2 25.4
Net profit
-52.7% from loss
6.4 -5.7 13.6
PAT margin %
-3392 bps +1487 bps
6.7% -8.1% 40.7%
EPS (₹)
-54.4% from loss
0.31 -0.28 0.68
Quality of profit
Core 36% Other income & one-offs 64%
Pre-tax profit ₹8.6 Cr: core business ₹3.1 Cr, other income ₹5.5 Cr.
Core profit YoY: from loss
· reported profit -52.7%
Cash & debt
FY26 cash from operations ₹122 Cr.
Borrowings ₹159 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹34.5 ₹95.6
+177.4% above
M Cap ₹14,894 Cr
P/E 15.6
PEG —
Profit -14% below its own trend Operating margin contracted 1190 bps YoY 79% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -70%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+3.5% +40.6%
814 579 786
Operating profit
-46.4% -42.0%
104 179 194
OPM %
-1190 bps -1819 bps
12.8% 31.0% 24.7%
Other income
+56.8% +83.2%
185 101 118
Net profit?
-14.2% +45.8%
194 133 226
PAT margin %
-494 bps +86 bps
23.8% 23.0% 28.8%
EPS (₹)
-14.3% +45.9%
6.10 4.18 7.12
Quality of profit
Core 21% Other income & one-offs 79%
Pre-tax profit ₹235 Cr: core business ₹50.0 Cr, other income ₹185 Cr.
Core profit YoY: -70.1%
· reported profit -14.2%
Cash & debt
FY26 cash from operations ₹744 Cr:
78% of FY26 net profit of ₹957 Cr.
Borrowings ₹317 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹702 ₹814
+16.0% above
Net profit ₹225 ₹194
-13.7% below
M Cap ₹14,775 Cr
P/E 10.3
PEG —
Profit +56% above its own trend Operating margin contracted 237 bps YoY 31% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -30%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+5.8% -16.2%
3,193 3,811 3,019
Operating profit
-12.9% -33.6%
353 532 405
OPM %
-237 bps -290 bps
11.1% 14.0% 13.4%
Other income
+266.5% from loss
78.0 -26.0 21.3
Net profit?
+107.4% +74.2%
371 213 179
PAT margin %
+569 bps +603 bps
11.6% 5.6% 5.9%
EPS (₹)
+106.8% +74.4%
23.72 13.60 11.47
Quality of profit
Core 69% Other income & one-offs 31%
Pre-tax profit ₹254 Cr: core business ₹175 Cr, other income ₹78.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: -29.6%
· reported profit +107.4%
Cash & debt
FY26 cash from operations ₹1,234 Cr:
144% of FY26 net profit of ₹857 Cr.
Borrowings ₹2,923 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹3,237 ₹3,193
-1.4% in line
Net profit ₹238 ₹371
+56.2% above
M Cap ₹14,600 Cr
P/E 13.5
PEG 0.52
Profit -22% below its own trend Operating margin contracted 2756 bps YoY 53% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -85%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
-39.5% +14.2%
739 647 1,221
Operating profit
-76.6% -19.5%
128 159 548
OPM %
-2756 bps -725 bps
17.3% 24.6% 44.9%
Other income
+18.2% +34.5%
78.0 58.0 66.0
Net profit?
-37.2% +151.6%
269 107 428
PAT margin %
+134 bps +1988 bps
36.4% 16.5% 35.1%
EPS (₹)
-34.1% +76.8%
14.96 8.46 22.70
Quality of profit
Core 46% Other income & one-offs 54%
Pre-tax profit ₹144 Cr: core business ₹67.0 Cr, other income ₹78.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: -84.8%
· reported profit -37.2%
Cash & debt
FY26 cash from operations ₹1,768 Cr:
132% of FY26 net profit of ₹1,341 Cr.
Borrowings ₹714 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹1,305 ₹739
-43.4% below
Net profit ₹345 ₹269
-22.1% below
M Cap ₹14,481 Cr
P/E 58.0
PEG 0.87
Profit -90% below its own trend Operating margin contracted 1027 bps YoY 34% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
-81.7% +0.0%
178 178 974
Operating profit
-86.6% -25.4%
50.0 67.0 374
OPM %
-1027 bps -955 bps
28.1% 37.6% 38.4%
Other income
-60.6% +43.8%
23.0 16.0 58.3
Net profit?
-84.3% -16.1%
47.0 56.0 299
PAT margin %
-434 bps -506 bps
26.4% 31.5% 30.7%
EPS (₹)
-89.1% -42.5%
3.49 6.07 32.07
Quality of profit
Core 66% Other income & one-offs 34%
Pre-tax profit ₹64.0 Cr: core business ₹42.0 Cr, other income ₹23.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: -87.9%
· reported profit -84.3%
Cash & debt
FY26 cash from operations ₹245 Cr:
90% of FY26 net profit of ₹271 Cr.
Borrowings ₹19.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹1,237 ₹178
-85.6% below
Net profit ₹468 ₹47.0
-90.0% below
M Cap ₹14,289 Cr
P/E —
PEG —
Profit -60% below its own trend Operating margin contracted 1658 bps YoY 55% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
-1.7% +30.5%
527 404 536
Operating profit
-60.0% +29.9%
60.0 46.2 150
OPM %
-1658 bps -5 bps
11.4% 11.4% 28.0%
Other income
+454.3% +143.6%
37.0 15.2 6.7
Net profit?
-57.8% +118.2%
43.0 19.7 102
PAT margin %
-1085 bps +328 bps
8.2% 4.9% 19.0%
EPS (₹)
-62.9% +100.7%
5.68 2.83 15.32
Quality of profit
Core 45% Other income & one-offs 55%
Pre-tax profit ₹67.0 Cr: core business ₹30.0 Cr, other income ₹37.0 Cr.
Core profit YoY: -74.3%
· reported profit -57.8%
Cash & debt
FY26 cash from operations ₹350 Cr:
245% of FY26 net profit of ₹143 Cr.
Borrowings ₹398 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹564 ₹527
-6.6% below
Net profit ₹107 ₹43.0
-59.8% below
M Cap ₹13,949 Cr
P/E —
PEG —
Operating margin contracted 1181 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
-15.1% -5.4%
3,283 3,469 3,866
Operating profit
to loss to loss
-335 34.0 62.0
OPM %
-1181 bps -1118 bps
-10.2% 1.0% 1.6%
Other income
+94.8% +695.7%
557 70.0 286
Net profit
-59.1% from loss
27.0 -23.0 66.0
PAT margin %
-88 bps +149 bps
0.8% -0.7% 1.7%
EPS (₹)
-99.6% from loss
0.06 -0.05 14.28
Quality of profit
Pre-tax profit ₹19.0 Cr: core business −₹537 Cr, other income ₹557 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: loss widened
· reported profit -59.1%
M Cap ₹13,894 Cr
P/E 7.1
PEG —
Operating margin contracted 130 bps YoY 39% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -24%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
-12.9% -1.2%
883 894 1,014
Operating profit
-20.1% -6.6%
127 136 159
OPM %
-130 bps -83 bps
14.4% 15.2% 15.7%
Other income
— from loss
67.0 -14.0 3.0
Net profit?
+16.7% +70.3%
126 74.0 108
PAT margin %
+362 bps +599 bps
14.3% 8.3% 10.7%
EPS (₹)
+16.0% +69.1%
27.60 16.32 23.80
Quality of profit
Core 61% Other income & one-offs 39%
Pre-tax profit ₹170 Cr: core business ₹103 Cr, other income ₹67.0 Cr.
Core profit YoY: -23.7%
· reported profit +16.7%
M Cap ₹13,512 Cr
P/E 54.9
PEG 3.23
Profit -30% below its own trend Operating margin contracted 294 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
+1.0% -23.3%
601 784 595
Operating profit
-25.0% -60.8%
51.0 130 68.0
OPM %
-294 bps -810 bps
8.5% 16.6% 11.4%
Other income
+12.5% from loss
18.0 -5.0 16.0
Net profit?
-23.1% -50.6%
40.0 81.0 52.0
PAT margin %
-208 bps -368 bps
6.7% 10.3% 8.7%
EPS (₹)
-22.6% -50.8%
2.29 4.65 2.96
Quality of profit
Core 68% Other income & one-offs 32%
Pre-tax profit ₹53.0 Cr: core business ₹36.0 Cr, other income ₹18.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: -32.1%
· reported profit -23.1%
Cash & debt
Borrowings ₹5.0 Cr at Dec 2025.
Against its own trend ?
Trend Actual Gap
Sales ₹635 ₹601
-5.4% below
Net profit ₹57.4 ₹40.0
-30.3% below
M Cap ₹13,416 Cr
P/E 84.1
PEG —
Operating margin contracted 2467 bps YoY 35% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -54%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+20.5% -5.0%
188 198 156
Operating profit
-41.3% -22.0%
44.0 56.4 75.0
OPM %
-2467 bps -508 bps
23.4% 28.5% 48.1%
Other income
— +72.3%
15.0 8.7 1.0
Net profit?
-18.4% +23.2%
40.0 32.5 49.0
PAT margin %
-1013 bps +487 bps
21.3% 16.4% 31.4%
EPS (₹)
-26.5% +24.1%
2.47 1.99 3.36
Quality of profit
Core 65% Other income & one-offs 35%
Pre-tax profit ₹46.0 Cr: core business ₹30.0 Cr, other income ₹15.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: -53.8%
· reported profit -18.4%
M Cap ₹13,409 Cr
P/E 14.6
PEG —
Profit +185% above its own trend 49% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit +14%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+15.6% +3.7%
3,536 3,410 3,060
Operating profit
+13.2% +3.3%
386 374 341
OPM %
-22 bps -4 bps
10.9% 11.0% 11.1%
Other income
+705.3% +534.1%
208 32.8 25.8
Net profit?
+94.3% +124.0%
314 140 162
PAT margin %
+360 bps +477 bps
8.9% 4.1% 5.3%
EPS (₹)
+94.5% +124.2%
17.17 7.66 8.83
Quality of profit
Core 51% Other income & one-offs 49%
Pre-tax profit ₹421 Cr: core business ₹213 Cr, other income ₹208 Cr.
Core profit YoY: +14.0%
· reported profit +94.3%
Cash & debt
FY26 cash from operations ₹1,118 Cr:
125% of FY26 net profit of ₹895 Cr.
Borrowings ₹406 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹3,205 ₹3,536
+10.3% above
Net profit ₹110 ₹314
+184.9% above
M Cap ₹13,181 Cr
P/E 29.7
PEG 0.76
Turnaround: profit against a loss a year ago Operating margin expanded 655 bps YoY All of pre-tax profit came from other income or one-off items Exceptional items of ₹187 Cr in the quarter
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+23.8% -17.7%
1,547 1,880 1,250
Operating profit
+59.6% -27.4%
452 622 283
OPM %
+655 bps -391 bps
29.2% 33.1% 22.7%
Other income
+24.8% +92.5%
76.6 39.8 61.4
Net profit?
from loss +95.4%
186 95.4 -125
PAT margin %
+2207 bps +697 bps
12.0% 5.1% -10.0%
EPS (₹)
from loss +95.0%
19.01 9.75 -12.73
Quality of profit
Pre-tax profit ₹212 Cr: core business −₹51.7 Cr, other income ₹76.6 Cr, exceptional & other items ₹187 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY26 cash from operations ₹2,160 Cr:
648% of FY26 net profit of ₹333 Cr.
Borrowings ₹6,779 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹1,386 ₹1,547
+11.6% above
M Cap ₹13,115 Cr
P/E 9.7
PEG 0.61
Profit +134% above its own trend Operating margin expanded 1234 bps YoY 35% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +224%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+14.2% -6.1%
1,513 1,612 1,325
Operating profit
+65.4% -11.1%
603 678 365
OPM %
+1234 bps -222 bps
39.9% 42.1% 27.5%
Other income
+66.7% +114.5%
147 68.5 88.2
Net profit?
+118.8% +0.0%
405 405 185
PAT margin %
+1280 bps +164 bps
26.8% 25.1% 14.0%
EPS (₹)
+118.9% +0.0%
8.69 8.69 3.97
Quality of profit
Core 65% Other income & one-offs 35%
Pre-tax profit ₹416 Cr: core business ₹269 Cr, other income ₹147 Cr.
Core profit YoY: +223.6%
· reported profit +118.8%
Cash & debt
FY26 cash from operations ₹1,343 Cr:
99% of FY26 net profit of ₹1,353 Cr.
Borrowings ₹2,679 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹1,233 ₹1,513
+22.7% above
Net profit ₹173 ₹405
+134.4% above
M Cap ₹13,015 Cr
P/E 22.2
PEG —
Profit -14% below its own trend Operating margin contracted 101 bps YoY 26% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit +43%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+11.6% +13.6%
779 686 698
Operating profit
+9.4% +23.8%
385 311 352
OPM %
-101 bps +409 bps
49.4% 45.3% 50.4%
Other income
+352.6% +152.9%
86.0 34.0 19.0
Net profit?
+71.5% +85.0%
259 140 151
PAT margin %
+1161 bps +1284 bps
33.2% 20.4% 21.6%
EPS (₹)
+79.4% +97.0%
9.83 4.99 5.48
Quality of profit
Core 74% Other income & one-offs 26%
Pre-tax profit ₹334 Cr: core business ₹248 Cr, other income ₹86.0 Cr.
Core profit YoY: +42.5%
· reported profit +71.5%
Cash & debt
FY26 cash from operations ₹950 Cr:
190% of FY26 net profit of ₹501 Cr.
Borrowings ₹2,574 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹1,396 ₹779
-44.2% below
Net profit ₹302 ₹259
-14.2% below
M Cap ₹12,700 Cr
P/E 52.2
PEG 2.37
Operating margin expanded 113 bps YoY 28% 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
+12.5% +14.7%
1,852 1,614 1,646
Operating profit
+23.8% +32.3%
229 173 185
OPM %
+113 bps +164 bps
12.4% 10.7% 11.2%
Other income
+76.5% +0.7%
30.0 29.8 17.0
Net profit?
+16.7% +40.0%
84.0 60.0 72.0
PAT margin %
+16 bps +82 bps
4.5% 3.7% 4.4%
EPS (₹)
+11.7% +34.8%
3.14 2.33 2.81
Quality of profit
Core 72% Other income & one-offs 28%
Pre-tax profit ₹108 Cr: core business ₹78.0 Cr, other income ₹30.0 Cr.
Core profit YoY: +5.4%
· reported profit +16.7%
Cash & debt
FY26 cash from operations −₹60.0 Cr:
-25% of FY26 net profit of ₹238 Cr.
Borrowings ₹3,029 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹1,813 ₹1,852
+2.1% in line
Net profit ₹80.0 ₹84.0
+5.0% in line
M Cap ₹12,675 Cr
P/E 47.4
PEG 3.65
Operating margin contracted 278 bps YoY 26% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
-6.8% -34.1%
300 455 322
Operating profit
-16.9% -39.5%
69.0 114 83.0
OPM %
-278 bps -205 bps
23.0% 25.1% 25.8%
Other income
+91.7% from loss
23.0 -15.0 12.0
Net profit
-4.4% -9.7%
65.0 72.0 68.0
PAT margin %
+55 bps +584 bps
21.7% 15.8% 21.1%
EPS (₹)
-4.2% -9.8%
20.53 22.77 21.43
Quality of profit
Core 74% Other income & one-offs 26%
Pre-tax profit ₹88.0 Cr: core business ₹65.0 Cr, other income ₹23.0 Cr.
Core profit YoY: -16.7%
· reported profit -4.4%
Cash & debt
FY26 cash from operations ₹274 Cr:
107% of FY26 net profit of ₹256 Cr.
Borrowings ₹9.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹334 ₹300
-10.3% below
Net profit ₹66.4 ₹65.0
-2.0% in line
M Cap ₹12,368 Cr
P/E 53.6
PEG 2.33
Profit +12% above its own trend 34% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +597%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+60.2% +110.8%
1,988 943 1,241
Operating profit
+44.1% +289.7%
152 39.0 105
OPM %
-85 bps +351 bps
7.6% 4.1% 8.5%
Other income
-6.1% +5.0%
42.0 40.0 44.7
Net profit?
+124.4% +513.3%
92.0 15.0 41.0
PAT margin %
+132 bps +304 bps
4.6% 1.6% 3.3%
EPS (₹)
+124.9% +496.5%
8.59 1.44 3.82
Quality of profit
Core 66% Other income & one-offs 34%
Pre-tax profit ₹122 Cr: core business ₹80.0 Cr, other income ₹42.0 Cr.
Core profit YoY: +596.8%
· reported profit +124.4%
Cash & debt
FY26 cash from operations ₹430 Cr:
222% of FY26 net profit of ₹194 Cr.
Borrowings ₹1,057 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹1,760 ₹1,988
+13.0% above
Net profit ₹82.0 ₹92.0
+12.2% above
M Cap ₹12,283 Cr
P/E 120.5
PEG —
Turnaround: profit against a loss a year ago Operating margin expanded 1025 bps YoY 59% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+28.5% -1.7%
397 404 309
Operating profit
from loss -22.6%
24.0 31.0 -13.0
OPM %
+1025 bps -163 bps
6.0% 7.7% -4.2%
Other income
+20.0% +118.2%
24.0 11.0 20.0
Net profit?
from loss +9.7%
34.0 31.0 -11.0
PAT margin %
+1212 bps +89 bps
8.6% 7.7% -3.6%
EPS (₹)
from loss -1.3%
1.58 1.60 -3.10
Quality of profit
Core 42% Other income & one-offs 58%
Pre-tax profit ₹41.0 Cr: core business ₹17.0 Cr, other income ₹24.0 Cr.
Core profit YoY: from loss
M Cap ₹12,134 Cr
P/E 225.2
PEG —
Turnaround: profit against a loss a year ago Operating margin expanded 1301 bps YoY 44% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+47.7% -9.0%
681 749 461
Operating profit
+401.1% -23.6%
126 165 25.1
OPM %
+1301 bps -355 bps
18.5% 22.0% 5.4%
Other income
-34.4% +40.1%
15.1 10.8 23.0
Net profit?
from loss -54.7%
31.2 68.8 -51.3
PAT margin %
+1569 bps -462 bps
4.6% 9.2% -11.1%
EPS (₹)
from loss -55.1%
2.05 4.57 -14.51
Quality of profit
Core 56% Other income & one-offs 44%
Pre-tax profit ₹31.2 Cr: core business ₹17.5 Cr, other income ₹15.1 Cr, exceptional & other items −₹1.4 Cr.
Core profit YoY: from loss
M Cap ₹12,122 Cr
P/E 28.6
PEG 1.10
Profit +54% above its own trend 60% of pre-tax profit came from other income and one-off items Profit grew faster than the core business (core profit -15%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+9.3% -14.2%
2,333 2,718 2,134
Operating profit
-5.2% -42.5%
139 242 147
OPM %
-92 bps -293 bps
6.0% 8.9% 6.9%
Other income
+502.3% +325.3%
78.0 18.3 12.9
Net profit?
+54.3% -7.0%
102 110 66.1
PAT margin %
+127 bps +34 bps
4.4% 4.0% 3.1%
EPS (₹)
+48.1% -8.7%
5.45 5.97 3.68
Quality of profit
Core 40% Other income & one-offs 60%
Pre-tax profit ₹130 Cr: core business ₹52.0 Cr, other income ₹78.0 Cr.
Core profit YoY: -15.2%
· reported profit +54.3%
Cash & debt
FY26 cash from operations ₹1,281 Cr:
288% of FY26 net profit of ₹445 Cr.
Borrowings ₹1,574 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹2,302 ₹2,333
+1.3% in line
Net profit ₹66.4 ₹102
+53.7% above
M Cap ₹11,710 Cr
P/E 60.0
PEG —
Operating margin contracted 424 bps YoY 54% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+159.2% -1.1%
281 284 108
Operating profit
+86.0% -61.7%
30.3 79.0 16.3
OPM %
-424 bps -1702 bps
10.8% 27.8% 15.0%
Other income
+34.3% —
29.0 0.3 21.6
Net profit?
+65.7% -19.5%
50.6 62.8 30.5
PAT margin %
-1016 bps -410 bps
18.0% 22.1% 28.2%
EPS (₹)
+64.0% -12.9%
4.38 5.03 2.67
Quality of profit
Core 46% Other income & one-offs 54%
Pre-tax profit ₹53.5 Cr: core business ₹24.5 Cr, other income ₹29.0 Cr.
Core profit YoY: +70.2%
· reported profit +65.7%
M Cap ₹11,609 Cr
P/E 27.8
PEG 0.73
Profit -61% below its own trend Operating margin contracted 384 bps YoY 42% of pre-tax profit came from other income and one-off items Operating cash flow was negative in FY26 despite a profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
-2.4% +3.1%
1,244 1,207 1,275
Operating profit
-21.3% -29.1%
200 282 254
OPM %
-384 bps -729 bps
16.1% 23.4% 19.9%
Other income
+69.4% +96.8%
61.0 31.0 36.0
Net profit?
-44.2% -16.5%
106 127 190
PAT margin %
-638 bps -200 bps
8.5% 10.5% 14.9%
EPS (₹)
-60.7% -22.1%
0.53 0.68 1.35
Quality of profit
Core 58% Other income & one-offs 42%
Pre-tax profit ₹144 Cr: core business ₹83.0 Cr, other income ₹61.0 Cr.
Core profit YoY: -51.5%
· reported profit -44.2%
Cash & debt
FY26 cash from operations −₹598 Cr:
-133% of FY26 net profit of ₹451 Cr.
Borrowings ₹1,587 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹1,818 ₹1,244
-31.6% below
Net profit ₹274 ₹106
-61.3% below
M Cap ₹11,505 Cr
P/E 39.3
PEG 1.36
Profit -47% below its own trend Operating margin expanded 421 bps YoY 28% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +78%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+9.7% -0.1%
1,158 1,160 1,056
Operating profit
+61.6% +3.3%
152 147 93.9
OPM %
+421 bps +44 bps
13.1% 12.7% 8.9%
Other income
+101.2% +2.8%
35.3 34.3 17.5
Net profit?
-45.6% +20.2%
81.3 67.7 150
PAT margin %
-715 bps +119 bps
7.0% 5.8% 14.2%
EPS (₹)
-42.6% +27.7%
5.53 4.33 9.64
Quality of profit
Core 72% Other income & one-offs 28%
Pre-tax profit ₹121 Cr: core business ₹87.7 Cr, other income ₹35.3 Cr, exceptional & other items −₹1.8 Cr.
Core profit YoY: +77.6%
· reported profit -45.6%
Cash & debt
FY26 cash from operations ₹1,181 Cr:
461% of FY26 net profit of ₹256 Cr.
Borrowings ₹157 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹1,120 ₹1,158
+3.3% in line
Net profit ₹153 ₹81.3
-46.7% below
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, 15:48 IST