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
Results calendar
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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 ₹959 Cr
P/E 15.6
PEG 0.14
Operating margin contracted 369 bps YoY Profit grew faster than the core business (core profit -8%) Operating cash flow was negative in FY26 despite a profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+22.5% +25.2%
207 165 169 Operating profit
+0.0% +36.9%
34.0 24.8 34.0 OPM %
-369 bps +141 bps
16.4% 15.0% 20.1% Other income
from loss +305.7%
6.0 1.5 -1.0 Net profit?
+38.9% +125.4%
25.0 11.1 18.0 PAT margin %
+143 bps +537 bps
12.1% 6.7% 10.7% EPS (₹)
+12.6% +86.1%
9.38 5.04 8.33
Quality of profit
Pre-tax profit ₹28.0 Cr: core business ₹23.0 Cr, other income ₹6.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: -8.0%
· reported profit +38.9%
Cash & debt
FY26 cash from operations −₹17.0 Cr:
-31% of FY26 net profit of ₹54.1 Cr.
Borrowings ₹327 Cr at Mar 2026.
M Cap ₹957 Cr
P/E 53.2
PEG —
Profit -81% below its own trend Operating cash flow was negative in FY26 despite a profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
-3.7% +13.7%
208 183 216 Operating profit
-10.1% +919.2%
24.9 2.4 27.7 OPM %
-86 bps +1061 bps
11.9% 1.3% 12.8% Other income
-95.5% -84.8%
0.2 1.4 4.7 Net profit?
-77.0% from loss 7.9 -7.0 34.5 PAT margin %
-1215 bps +762 bps
3.8% -3.8% 16.0% EPS (₹)
-56.5% from loss 0.54 -0.47 1.24
Quality of profit
Pre-tax profit ₹10.8 Cr: core business ₹10.6 Cr, other income ₹0.2 Cr.
Core profit YoY: from loss
· reported profit -77.0%
Cash & debt
FY26 cash from operations −₹411 Cr:
-1646% of FY26 net profit of ₹25.0 Cr.
Borrowings ₹514 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹226 ₹208
-7.8% below Net profit ₹42.2 ₹7.9
-81.2% below
M Cap ₹956 Cr
P/E 21.6
PEG 0.10
Profit -31% below its own trend Operating margin expanded 423 bps YoY 62% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +192%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
-7.7% +45.7%
202 139 219 Operating profit
+22.2% +4.7%
35.0 33.4 28.6 OPM %
+423 bps -678 bps
17.3% 24.1% 13.1% Other income
-50.2% -18.2%
7.0 8.6 14.1 Net profit?
+22.5% +15.5%
11.0 9.5 9.0 PAT margin %
+134 bps -142 bps
5.4% 6.9% 4.1% EPS (₹)
+13.5% +10.1%
6.73 6.11 5.93
Quality of profit
Pre-tax profit ₹13.0 Cr: core business ₹5.0 Cr, other income ₹7.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +192.4%
· reported profit +22.5%
Cash & debt
FY26 cash from operations ₹95.0 Cr:
165% of FY26 net profit of ₹57.7 Cr.
Borrowings ₹798 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹337 ₹202
-40.1% below Net profit ₹16.0 ₹11.0
-31.2% below
M Cap ₹956 Cr
P/E 168.5
PEG —
Into loss: a profit a year ago Profit -112% below its own trend Operating margin contracted 1430 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
-9.9% +7.3%
145 135 160 Operating profit
-72.8% -16.8%
8.9 10.7 32.9 OPM %
-1430 bps -179 bps
6.2% 8.0% 20.5% Other income
+100.4% +3.5%
0.5 0.5 0.2 Net profit?
to loss to loss -1.3 0.9 19.4 PAT margin %
-1305 bps -156 bps
-0.9% 0.6% 12.1% EPS (₹)
to loss to loss -2.51 1.60 36.46
Quality of profit
Pre-tax profit ₹0.5 Cr: core business −₹0.0 Cr, other income ₹0.5 Cr.
Core profit YoY: to loss
Cash & debt
FY26 cash from operations ₹30.0 Cr:
931% of FY26 net profit of ₹3.2 Cr.
Borrowings ₹208 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹162 ₹145
-10.9% below Net profit ₹11.5 −₹1.3
-111.6% below
M Cap ₹955 Cr
P/E 24.0
PEG 8.00
Profit +80% above its own trend Operating margin expanded 220 bps YoY Core business grew faster than reported profit (core profit +100%) Operating cash flow was negative in FY26 despite a profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+18.3% +43.7%
181 126 153 Operating profit
+36.4% +3.4%
30.0 29.0 22.0 OPM %
+220 bps -644 bps
16.6% 23.0% 14.4% Other income
-50.0% +0.0%
1.0 1.0 2.0 Net profit?
+9.1% +50.0%
12.0 8.0 11.0 PAT margin %
-56 bps +28 bps
6.6% 6.3% 7.2% EPS (₹)
+0.4% +44.0%
2.75 1.91 2.74
Quality of profit
Pre-tax profit ₹15.0 Cr: core business ₹14.0 Cr, other income ₹1.0 Cr.
Core profit YoY: +100.0%
· reported profit +9.1%
Cash & debt
FY26 cash from operations −₹71.0 Cr:
-236% of FY26 net profit of ₹30.1 Cr.
Borrowings ₹874 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹160 ₹181
+13.5% above Net profit ₹6.7 ₹12.0
+80.0% above
M Cap ₹954 Cr
P/E 33.2
PEG 1.96
Operating margin contracted 351 bps YoY Operating cash flow was negative in FY26 despite a profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+44.7% -38.2%
66.4 107 45.9 Operating profit
+6.7% -31.7%
6.5 9.6 6.1 OPM %
-351 bps +93 bps
9.8% 8.9% 13.4% Other income
-62.8% -37.2%
0.3 0.4 0.7 Net profit
+4.6% -43.0%
4.4 7.7 4.2 PAT margin %
-255 bps -56 bps
6.6% 7.2% 9.2% EPS (₹)
+2.4% -43.2%
0.42 0.74 0.41
Quality of profit
Pre-tax profit ₹4.2 Cr: core business ₹3.9 Cr, other income ₹0.3 Cr.
Core profit YoY: +1.3%
· reported profit +4.6%
Cash & debt
FY26 cash from operations −₹16.0 Cr:
-60% of FY26 net profit of ₹26.7 Cr.
Borrowings ₹108 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹44.2 ₹66.4
+50.2% above Net profit ₹4.6 ₹4.4
-4.4% in line
M Cap ₹950 Cr
P/E 22.1
PEG —
Profit +227% above its own trend Operating margin expanded 959 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+10.4% +17.9%
143 121 129 Operating profit
+93.2% +86.2%
32.0 17.2 16.6 OPM %
+959 bps +821 bps
22.4% 14.2% 12.8% Other income
-22.8% -17.2%
2.0 2.4 2.6 Net profit?
+213.2% +210.4%
27.0 8.7 8.6 PAT margin %
+1222 bps +1171 bps
18.9% 7.2% 6.7% EPS (₹)
+212.2% +212.2%
3.06 0.98 0.98
Quality of profit
Pre-tax profit ₹29.0 Cr: core business ₹27.0 Cr, other income ₹2.0 Cr.
Core profit YoY: +136.4%
· reported profit +213.2%
Cash & debt
FY26 cash from operations ₹43.0 Cr:
125% of FY26 net profit of ₹34.3 Cr.
Borrowings ₹9.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹139 ₹143
+2.5% in line Net profit ₹8.3 ₹27.0
+227.0% above
M Cap ₹947 Cr
P/E 13.5
PEG 4.51
Profit -27% below its own trend Operating margin contracted 109 bps YoY 35% of pre-tax profit came from other income and one-off items Core business grew faster than reported profit (core profit +13%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+17.9% +9.2%
286 262 243 Operating profit
+11.7% +32.6%
57.0 43.0 51.0 OPM %
-109 bps +352 bps
19.9% 16.4% 21.0% Other income
+59.6% +57.1%
11.0 7.0 6.9 Net profit?
-19.6% +146.7%
37.0 15.0 46.0 PAT margin %
-602 bps +721 bps
12.9% 5.7% 19.0% EPS (₹)
-18.7% +183.0%
11.46 4.05 14.10
Quality of profit
Pre-tax profit ₹31.0 Cr: core business ₹20.0 Cr, other income ₹11.0 Cr.
Core profit YoY: +13.4%
· reported profit -19.6%
Cash & debt
FY26 cash from operations ₹139 Cr:
151% of FY26 net profit of ₹92.2 Cr.
Borrowings ₹459 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹274 ₹286
+4.6% in line Net profit ₹50.7 ₹37.0
-27.0% below
M Cap ₹945 Cr
P/E 46.2
PEG —
Profit -13% below its own trend Operating margin contracted 478 bps YoY Core business grew faster than reported profit (core profit +26%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+14.0% -8.5%
51.6 56.4 45.3 Operating profit
-15.9% -36.6%
6.9 10.9 8.2 OPM %
-478 bps -597 bps
13.4% 19.4% 18.2% Other income
+11.4% -3.4%
1.2 1.2 1.1 Net profit?
+1.5% -54.0%
3.4 7.4 3.4 PAT margin %
-81 bps -651 bps
6.6% 13.1% 7.4% EPS (₹)
-12.1% -54.0%
0.29 0.63 0.33
Quality of profit
Pre-tax profit ₹5.9 Cr: core business ₹4.7 Cr, other income ₹1.2 Cr.
Core profit YoY: +26.3%
· reported profit +1.5%
Cash & debt
FY26 cash from operations ₹47.0 Cr:
230% of FY26 net profit of ₹20.5 Cr.
Borrowings ₹9.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹77.6 ₹51.6
-33.5% below Net profit ₹3.9 ₹3.4
-13.2% below
M Cap ₹940 Cr
P/E 24.2
PEG —
Profit -84% below its own trend Core business grew faster than reported profit (core profit +8%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+14.7% +17.8%
140 119 122 Operating profit
+17.6% +45.8%
26.0 17.8 22.1 OPM %
+46 bps +357 bps
18.6% 15.0% 18.1% Other income
-73.1% +426.3%
1.0 0.2 3.7 Net profit?
-83.5% +109.1%
11.0 5.3 66.6 PAT margin %
-4673 bps +343 bps
7.9% 4.4% 54.6% EPS (₹)
-83.2% +112.8%
7.00 3.29 41.66
Quality of profit
Pre-tax profit ₹20.0 Cr: core business ₹19.0 Cr, other income ₹1.0 Cr.
Core profit YoY: +8.2%
· reported profit -83.5%
Cash & debt
FY26 cash from operations ₹50.0 Cr:
115% of FY26 net profit of ₹43.4 Cr.
Borrowings ₹7.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹140 ₹140
+0.3% in line Net profit ₹70.4 ₹11.0
-84.4% below
M Cap ₹939 Cr
P/E 29.0
PEG 0.71
Turnaround: profit against a loss a year ago
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
from loss +183.3%
17.0 6.0 -3.0 Operating profit
from loss —
12.0 1.0 -6.0 OPM %
— +5392 bps
70.6% 16.7% — Other income
+100.0% —
2.0 0.0 1.0 Net profit?
from loss +900.0%
10.0 1.0 -4.0 PAT margin %
— +4216 bps
58.8% 16.7% — EPS (₹)
from loss +840.0%
9.87 1.05 -4.03
Quality of profit
Pre-tax profit ₹14.0 Cr: core business ₹12.0 Cr, other income ₹2.0 Cr.
Core profit YoY: from loss
Cash & debt
FY26 cash from operations ₹75.0 Cr:
197% of FY26 net profit of ₹38.0 Cr.
Borrowings nil at Mar 2026.
M Cap ₹936 Cr
P/E 12.5
PEG 0.10
Operating margin contracted 273 bps YoY
₹ Cr YoY vs prev. half
Mar 2026 Sep 2025 Mar 2025
Sales
+88.7% +90.1%
217 114 115 Operating profit
+72.2% +63.8%
62.0 37.9 36.0 OPM %
-273 bps -458 bps
28.6% 33.2% 31.3% Other income
+50.0% -12.1%
3.0 3.4 2.0 Net profit?
+88.0% +69.9%
47.0 27.7 25.0 PAT margin %
-8 bps -258 bps
21.7% 24.2% 21.7% EPS (₹)
— +55.9%
48.81 31.31 40.14
No EPS growth against Mar 2025: 1:5 bonus in Jul 2026.
Quality of profit
Pre-tax profit ₹61.0 Cr: core business ₹57.0 Cr, other income ₹3.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +67.6%
· reported profit +88.0%
Cash & debt
FY26 cash from operations ₹41.0 Cr.
Borrowings ₹18.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹230 ₹217
-5.7% below Net profit ₹47.3 ₹47.0
-0.5% in line
Operating margin contracted 650 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
+22.1% +29.6%
119 91.8 97.5 Operating profit
-29.9% +26.1%
10.4 8.3 14.9 OPM %
-650 bps -25 bps
8.8% 9.0% 15.3% Other income
+903.0% +521.6%
4.4 0.7 0.4 Net profit?
-89.4% from loss 0.4 -1.5 3.8 PAT margin %
-360 bps +196 bps
0.3% -1.6% 3.9% EPS (₹)
-89.5% from loss 0.26 -0.96 2.47
Quality of profit
Pre-tax profit ₹0.3 Cr: core business −₹4.1 Cr, other income ₹4.4 Cr.
Core profit YoY: to loss
· reported profit -89.4%
Cash & debt
FY26 cash from operations ₹19.0 Cr.
Borrowings ₹250 Cr at Mar 2026.
M Cap ₹932 Cr
P/E 24.4
PEG 1.44
Profit +34% above its own trend Operating margin expanded 203 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
-5.5% +8.8%
155 142 164 Operating profit
+9.5% +83.3%
23.0 12.6 21.0 OPM %
+203 bps +603 bps
14.8% 8.8% 12.8% Other income
— -100.0%
0.0 0.3 0.0 Net profit
+15.4% +97.5%
15.0 7.6 13.0 PAT margin %
+175 bps +435 bps
9.7% 5.3% 7.9% EPS (₹)
+18.2% +102.2%
2.79 1.38 2.36
Quality of profit
Pre-tax profit ₹21.0 Cr: core business ₹20.0 Cr, other income ₹0.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +17.6%
· reported profit +15.4%
Cash & debt
FY26 cash from operations ₹64.0 Cr:
177% of FY26 net profit of ₹36.1 Cr.
Borrowings ₹27.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹142 ₹155
+9.1% above Net profit ₹11.2 ₹15.0
+34.2% above
M Cap ₹930 Cr
P/E 15.4
PEG —
Operating margin expanded 304 bps YoY Core business grew faster than reported profit (core profit +77%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
-5.4% -24.1%
245 323 259 Operating profit
+22.2% -5.7%
33.0 35.0 27.0 OPM %
+304 bps +263 bps
13.5% 10.8% 10.4% Other income
-100.0% loss narrowed 0.0 -6.0 1.0 Net profit
+54.5% +30.8%
17.0 13.0 11.0 PAT margin %
+269 bps +291 bps
6.9% 4.0% 4.2% EPS (₹)
+18.4% +24.8%
1.61 1.29 1.36
Quality of profit
Pre-tax profit ₹23.0 Cr: core business ₹23.0 Cr, other income ₹0.0 Cr.
Core profit YoY: +76.9%
· reported profit +54.5%
Profit -17% below its own trend Operating margin contracted 301 bps YoY 52% of pre-tax profit came from other income and one-off items FY26 operating cash flow was only 43% of profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+1.6% +15.6%
163 141 160 Operating profit
-26.2% -23.5%
13.0 17.0 17.6 OPM %
-301 bps -408 bps
8.0% 12.1% 11.0% Other income
-21.7% -36.8%
12.0 19.0 15.3 Net profit?
-9.1% -16.7%
20.0 24.0 22.0 PAT margin %
-144 bps -475 bps
12.3% 17.0% 13.7% EPS (₹)
-8.7% -15.5%
11.69 13.84 12.81
Quality of profit
Pre-tax profit ₹23.0 Cr: core business ₹11.0 Cr, other income ₹12.0 Cr.
Core profit YoY: -26.8%
· reported profit -9.1%
Cash & debt
FY26 cash from operations ₹39.0 Cr:
43% of FY26 net profit of ₹90.8 Cr.
Borrowings ₹12.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹168 ₹163
-2.7% in line Net profit ₹24.1 ₹20.0
-17.0% below
Into loss: a profit a year ago
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
to loss to loss -3.5 10.2 7.2 Operating profit
to loss to loss -6.3 7.0 5.2 Other income
+161.4% +19.0%
3.3 2.8 1.3 Net profit
to loss to loss -5.6 5.1 3.8 EPS (₹)
to loss to loss -9.35 8.47 6.33
Quality of profit
Pre-tax profit −₹5.9 Cr: core business −₹9.3 Cr, other income ₹3.3 Cr.
Core profit YoY: to loss
Cash & debt
FY26 cash from operations ₹20.7 Cr.
Borrowings ₹0.4 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹8.7 −₹3.5
-140.0% below
M Cap ₹926 Cr
P/E 23.6
PEG 0.91
Profit -58% below its own trend Operating margin contracted 536 bps YoY
₹ Cr YoY vs prev. half
Mar 2026 Sep 2025 Mar 2025
Sales
+21.4% +1.3%
232 229 191 Operating profit
-24.6% -34.3%
20.4 31.0 27.0 OPM %
-536 bps -476 bps
8.8% 13.5% 14.1% Other income
-26.4% -26.4%
2.9 4.0 4.0 Net profit
-27.7% -36.7%
15.2 24.0 21.0 PAT margin %
-445 bps -393 bps
6.5% 10.5% 11.0% EPS (₹)
-26.3% -37.8%
6.20 9.96 8.41
Quality of profit
Pre-tax profit ₹19.5 Cr: core business ₹16.5 Cr, other income ₹2.9 Cr.
Core profit YoY: -31.1%
· reported profit -27.7%
Cash & debt
FY26 cash from operations −₹2.0 Cr.
Borrowings ₹39.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹257 ₹232
-9.6% below Net profit ₹36.4 ₹15.2
-58.3% below
M Cap ₹926 Cr
P/E 18.9
PEG —
Operating margin expanded 413 bps YoY Profit grew faster than the core business (core profit +299%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+37.6% -6.9%
124 133 90.0 Operating profit
+123.0% +91.1%
13.4 7.0 6.0 OPM %
+413 bps +554 bps
10.8% 5.3% 6.7% Other income
— +102.8%
2.0 1.0 0.0 Net profit
+646.1% +148.7%
7.5 3.0 1.0 PAT margin %
+491 bps +377 bps
6.0% 2.3% 1.1% EPS (₹)
+228.1% +123.4%
1.05 0.47 0.32
Quality of profit
Pre-tax profit ₹10.0 Cr: core business ₹8.0 Cr, other income ₹2.0 Cr.
Core profit YoY: +299.0%
· reported profit +646.1%
M Cap ₹924 Cr
P/E 7.8
PEG 0.10
Profit +12% above its own trend Operating margin expanded 167 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+96.0% +92.9%
446 231 228 Operating profit
+118.0% +67.8%
74.0 44.1 34.0 OPM %
+167 bps -248 bps
16.6% 19.1% 14.9% Other income
-25.3% +935.0%
5.0 0.5 6.7 Net profit?
+124.3% +124.1%
54.0 24.1 24.1 PAT margin %
+153 bps +168 bps
12.1% 10.4% 10.6% EPS (₹)
+124.8% +124.6%
23.58 10.50 10.49
Quality of profit
Pre-tax profit ₹70.0 Cr: core business ₹64.0 Cr, other income ₹5.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: +143.1%
· reported profit +124.3%
Cash & debt
FY26 cash from operations ₹92.0 Cr:
83% of FY26 net profit of ₹111 Cr.
Borrowings ₹135 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹455 ₹446
-2.0% in line Net profit ₹48.2 ₹54.0
+12.1% above
M Cap ₹922 Cr
P/E 12.9
PEG —
Turnaround: profit against a loss a year ago Operating margin expanded 1614 bps YoY 26% of pre-tax profit came from other income and one-off items FY26 operating cash flow was only 6% of profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+25.9% +66.8%
699 419 555 Operating profit
from loss from loss 36.0 -3.0 -61.0 OPM %
+1614 bps +587 bps
5.2% -0.7% -11.0% Other income
-68.8% -79.2%
5.0 24.0 16.0 Net profit
from loss +600.0%
21.0 3.0 -52.0 PAT margin %
+1237 bps +229 bps
3.0% 0.7% -9.4% EPS (₹)
from loss +712.5%
1.30 0.16 -3.26
Quality of profit
Pre-tax profit ₹23.0 Cr: core business ₹17.0 Cr, other income ₹5.0 Cr, exceptional & other items ₹1.0 Cr.
Core profit YoY: from loss
Cash & debt
FY26 cash from operations ₹5.0 Cr:
6% of FY26 net profit of ₹81.0 Cr.
Borrowings ₹634 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹469 ₹699
+49.0% above
M Cap ₹921 Cr
P/E 14.5
PEG —
94% of pre-tax profit came from other income and one-off items
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
-9.1% +4.7%
1,142 1,091 1,256 Operating profit
-1.8% +2.6%
70.0 68.2 71.3 OPM %
+46 bps -12 bps
6.1% 6.3% 5.7% Other income
+87.8% +24.4%
17.0 13.7 9.1 Net profit?
— —
34.0 2.4 1.5 PAT margin %
+286 bps +276 bps
3.0% 0.2% 0.1% EPS (₹)
— —
7.18 0.50 0.31
Quality of profit
Pre-tax profit ₹17.0 Cr: core business ₹1.0 Cr, other income ₹17.0 Cr, exceptional & other items −₹1.0 Cr.
Core profit YoY: from loss
Cash & debt
FY26 cash from operations ₹435 Cr:
834% of FY26 net profit of ₹52.2 Cr.
Borrowings ₹1,688 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹1,229 ₹1,142
-7.0% below
Operating margin expanded 7489 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+57.1% +53.5%
66.0 43.0 42.0 Operating profit
loss narrowed loss narrowed -15.0 -36.0 -41.0 OPM %
+7489 bps +6099 bps
-22.7% -83.7% -97.6% Other income
+50.0% +50.0%
6.0 4.0 4.0 Net profit?
loss narrowed loss narrowed -19.0 -43.0 -46.0 PAT margin %
— +7121 bps
-28.8% -100.0% — EPS (₹)
loss narrowed loss narrowed -3.67 -8.17 -8.88
Quality of profit
Pre-tax profit −₹19.0 Cr: core business −₹25.0 Cr, other income ₹6.0 Cr.
Core profit YoY: loss narrowed
Cash & debt
FY26 cash from operations −₹95.0 Cr.
Borrowings ₹97.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹47.8 ₹66.0
+38.1% above
M Cap ₹915 Cr
P/E 16.6
PEG —
Profit -11% below its own trend
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Total income
-36.4% +7.7%
14.0 13.0 22.0 Net profit
-39.1% +16.7%
14.0 12.0 23.0 EPS (₹)
-40.0% +14.9%
4.25 3.70 7.08
Against its own trend ?
Trend Actual Gap
Total income ₹22.0 ₹14.0
-36.4% below Net profit ₹15.7 ₹14.0
-10.8% below
Into loss: a profit a year ago Operating margin contracted 1271 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
-7.7% +17.3%
1,030 878 1,116 Operating profit
-37.2% +10.3%
278 252 443 OPM %
-1271 bps -171 bps
27.0% 28.7% 39.7% Other income
+287.9% +309.1%
225 55.0 58.0 Net profit?
to loss loss narrowed -31.0 -135 24.0 PAT margin %
-516 bps +1237 bps
-3.0% -15.4% 2.2% EPS (₹)
from loss from loss 0.28 -2.12 -0.49
Quality of profit
Pre-tax profit ₹23.0 Cr: core business −₹202 Cr, other income ₹225 Cr.
Core profit YoY: loss widened
Cash & debt
FY26 cash from operations −₹1,814 Cr.
Borrowings ₹16,058 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹1,245 ₹1,030
-17.3% below
M Cap ₹901 Cr
P/E 9.8
PEG 0.58
Profit +28% above its own trend Operating margin expanded 428 bps YoY Core business grew faster than reported profit (core profit +40%)
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+5.8% -1.5%
201 204 190 Operating profit
+41.7% +21.4%
34.0 28.0 24.0 OPM %
+428 bps +319 bps
16.9% 13.7% 12.6% Other income
to loss to loss -1.0 4.0 5.0 Net profit
+5.3% -4.8%
20.0 21.0 19.0 PAT margin %
-5 bps -34 bps
10.0% 10.3% 10.0% EPS (₹)
+4.5% -4.6%
2.08 2.18 1.99
Quality of profit
Pre-tax profit ₹27.0 Cr: core business ₹28.0 Cr, other income −₹1.0 Cr.
Core profit YoY: +40.0%
· reported profit +5.3%
Cash & debt
FY26 cash from operations ₹121 Cr:
128% of FY26 net profit of ₹94.2 Cr.
Borrowings ₹43.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹180 ₹201
+11.4% above Net profit ₹15.6 ₹20.0
+28.1% above
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
-10.0% +0.0%
0.1 0.1 0.1 Operating profit
loss narrowed loss narrowed -0.2 -0.4 -0.2 Other income
-50.0% +900.0%
0.1 0.0 0.2 Net profit
loss widened loss narrowed -0.1 -0.4 -0.1 EPS (₹)
loss widened loss narrowed -0.05 -0.13 -0.02
Quality of profit
Pre-tax profit −₹0.1 Cr: core business −₹0.2 Cr, other income ₹0.1 Cr.
Core profit YoY: loss narrowed
M Cap ₹896 Cr
P/E 20.2
PEG 1.83
Operating margin contracted 122 bps YoY
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+26.2% +11.7%
474 424 376 Operating profit
+6.4% -17.3%
31.0 37.5 29.1 OPM %
-122 bps -229 bps
6.5% 8.8% 7.8% Other income
-100.0% -100.0%
0.0 0.2 2.5 Net profit?
-8.7% -21.2%
10.0 12.7 10.9 PAT margin %
-80 bps -88 bps
2.1% 3.0% 2.9% EPS (₹)
-6.1% -17.1%
5.81 7.01 6.19
Quality of profit
Pre-tax profit ₹12.0 Cr: core business ₹12.0 Cr, other income ₹0.0 Cr.
Core profit YoY: -4.0%
· reported profit -8.7%
Cash & debt
FY26 cash from operations ₹46.0 Cr:
86% of FY26 net profit of ₹53.3 Cr.
Borrowings ₹535 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹461 ₹474
+2.9% in line Net profit ₹9.4 ₹10.0
+5.9% in line
M Cap ₹894 Cr
P/E 41.8
PEG —
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+4.7% +30.5%
917 703 876 Operating profit
-9.1% +305.0%
59.0 14.6 64.9 OPM %
-98 bps +436 bps
6.4% 2.1% 7.4% Other income
-55.6% +22.0%
5.0 4.1 11.3 Net profit
+2.6% from loss 23.0 -12.9 22.4 PAT margin %
-5 bps +435 bps
2.5% -1.8% 2.6% EPS (₹)
+10.4% from loss 6.49 -2.67 5.88
Quality of profit
Pre-tax profit ₹29.0 Cr: core business ₹24.0 Cr, other income ₹5.0 Cr.
Core profit YoY: +13.8%
· reported profit +2.6%
Cash & debt
FY26 cash from operations ₹190 Cr:
888% of FY26 net profit of ₹21.4 Cr.
Borrowings ₹983 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹877 ₹917
+4.6% in line
M Cap ₹887 Cr
P/E 25.3
PEG —
Profit -41% below its own trend Operating margin contracted 1014 bps YoY Operating cash flow was negative in FY26 despite a profit
₹ Cr YoY QoQ
Mar 2026 Dec 2025 Mar 2025
Sales
+26.7% -18.2%
61.1 74.6 48.2 Operating profit
-14.6% -43.3%
12.8 22.6 15.0 OPM %
-1014 bps -930 bps
21.0% 30.3% 31.1% Other income
-95.8% -86.9%
0.0 0.1 0.2 Net profit?
-2.8% -28.9%
10.0 14.1 10.3 PAT margin %
-497 bps -248 bps
16.4% 18.8% 21.3% EPS (₹)
-4.2% -29.6%
0.23 adj. 0.330.24
EPS restated for the 5:7 bonus of Apr 2026: Dec 2025 ₹0.56 to ₹0.33.
Quality of profit
Pre-tax profit ₹11.4 Cr: core business ₹11.4 Cr, other income ₹0.0 Cr.
Core profit YoY: -15.4%
· reported profit -2.8%
Cash & debt
FY26 cash from operations −₹13.0 Cr:
-37% of FY26 net profit of ₹35.1 Cr.
Borrowings ₹54.0 Cr at Mar 2026.
Against its own trend ?
Trend Actual Gap
Sales ₹74.7 ₹61.1
-18.3% below Net profit ₹17.0 ₹10.0
-41.3% 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 14 Oct 2026, 06:14 IST
