Cyient – Dec 2025 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,848 Cr | ▼ 4% | ₹1,926 Cr | ▲ 4% | ₹1,781 Cr |
| EBITDA | ₹235 Cr | ▼ 16% | ₹278 Cr | ▲ 10% | ₹214 Cr |
| Net Profit | ₹97.2 Cr | ▼ 4% | ₹128 Cr | ▼ 32% | ₹143 Cr |
| EPS | ₹8.26 | ▼ 25% | ₹11.02 | ▼ 28% | ₹11.48 |
| Exceptional Items | -₹42.3 Cr | Ignored for YoY % comparison (as provided) | |||
Verdict
Cyient reported weak year-on-year performance with declines across sales, EBITDA, net profit, and EPS, indicating margin pressure and softer profitability. However, quarter-on-quarter improvement in revenue and EBITDA signals early signs of operational recovery. Despite this, profit and EPS remain under pressure due to higher costs and exceptional impact. Overall outlook remains cautiously neutral with focus on margin stabilization in upcoming quarters.
Mphasis – Q3 Earnings Highlights
| Metric | Actual | Estimate | Miss / Beat | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Net Profit | ₹442 Cr | ₹477 Cr | ▼ Miss | ▼ 5.7% | ₹469 Cr |
| Revenue | ₹4,002 Cr | ₹4,016 Cr | ▼ Miss | ▲ 2.6% | ₹3,901 Cr |
| EBIT | ₹608.7 Cr | ₹607 Cr | ▲ Beat | ▲ 2.1% | ₹596 Cr |
| EBIT Margin | 15.2% | 15.0% | ▲ Beat | ▼ from 15.3% | 15.3% |
Verdict
Mphasis delivered a mixed Q3 performance. Revenue growth remained steady, while EBIT and margins marginally beat street expectations. However, net profit missed estimates and declined sequentially, indicating near-term profit pressure. Stable operating margins reflect cost control, but overall sentiment may stay cautious with moderate growth momentum.
Bandhan Bank – Q3 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base | Estimate (Miss/Beat) |
|---|---|---|---|---|---|---|
| Net Profit (PAT) | ₹205.6 Cr | ▼ 51.6% | ₹425 Cr | ▲ 84% | ₹111.7 Cr | Miss (₹217 Cr) |
| Net Interest Income (NII) | ₹2,689 Cr | ▼ 4.5% | ₹2,815 Cr | ▲ 3.8% | ₹2,590 Cr | Miss (₹2,720 Cr) |
| Total Deposits | ₹1.57 Lakh Cr | ▲ 11% | — | Stable | — | — |
| Total Advances | ₹1.45 Lakh Cr | ▲ 10% | — | ▲ 3.7% | — | — |
| Gross NPA | 3.33% | — | — | ▲ Improvement | 5.02% | Beat (~4%+ Est) |
| Total Business | ₹3+ Lakh Cr | — | — | Milestone Achieved | — | — |
| CASA Ratio | 27% | ▼ from 31.7% | 31.7% | — | — | — |
| Capital Adequacy | 17.8% | Healthy | — | — | — | — |
| Secured Loan Share | 57% | ▲ 27% Growth | — | — | — | — |
Verdict
Bandhan Bank’s Q3 FY26 performance reflects a structural recovery phase rather than headline weakness. While YoY profit and NII missed estimates due to base effects and margin pressure, the strong QoQ rebound, sharp GNPA improvement, rising secured loan mix, and ₹3 lakh crore business milestone indicate improving fundamentals. Near-term stock movement may remain sensitive to CASA trends and margin stability, but asset quality normalization and balance sheet strengthening remain key positives for the medium-term outlook.
DLF – Q3 FY26 Earnings Highlights
Price: ₹613 | Market Cap: ₹1,51,774 Cr | P/E: 35.2
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹2,020 Cr | ▲ 32% | ₹1,529 Cr | ▲ 23% | ₹1,643 Cr |
| EBITDA | ₹390 Cr | ▼ 3% | ₹400 Cr | ▲ 37% | ₹284 Cr |
| Net Profit | ₹1,203 Cr | ▲ 56% | ₹1,059 Cr | ▲ 2% | ₹1,180 Cr |
| EPS | ₹4.86 | ▲ 14% | ₹4.28 | ▲ 2% | ₹4.77 |
Note: Exceptional items (Dec’25: -₹60.2 Cr | Dec’24: -₹302 Cr) have been excluded from YoY calculations.
Verdict
DLF delivered strong revenue and profit growth on a year-on-year basis, driven by healthy sales momentum and improved operational performance. While EBITDA saw a marginal YoY decline, the sharp QoQ improvement indicates margin recovery. Overall, the company continues to show robust earnings traction with a stable profitability outlook.
TANLA PLATFORMS – Q3 Earnings Highlights
| Metric | Value | YoY Change | QoQ Change |
|---|---|---|---|
| Revenue | ₹1,121 Cr | ▲ 12% | ▲ 4% |
| EBITDA | ₹190.58 Cr | ▲ 14% | ▲ 7% |
| Net Profit | ₹131.3 Cr | ▲ 11% | ▲ 5% |
| EBITDA Margin | 17.0% | ▲ from 16.6% | ▲ from 16.5% |
Verdict
TANLA Platforms delivered steady Q3 performance with healthy growth in revenue, EBITDA, and net profit on both quarterly and yearly basis. Improvement in EBITDA margin indicates better operational efficiency and profitability momentum, supporting a positive business outlook.
APL Apollo Tubes – Q3 FY26 Earnings Highlights (Dec 2025)
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹5,815 Cr | ▲ 7% | ₹5,433 Cr | ▲ 12% | ₹5,206 Cr |
| EBITDA | ₹472 Cr | ▲ 37% | ₹346 Cr | ▲ 6% | ₹447 Cr |
| Net Profit | ₹310 Cr | ▲ 43% | ₹217 Cr | ▲ 3% | ₹302 Cr |
| EPS | ₹11.17 | ▲ 43% | ₹7.82 | ▲ 3% | ₹10.86 |
Verdict
APL Apollo Tubes delivered strong profitability growth in Q3 FY26 with robust year-on-year expansion across EBITDA, net profit, and EPS, highlighting improved operating leverage and margin strength. Sequential performance remained steady, reflecting stable demand momentum. However, the elevated valuation (P/E 48.1) indicates that much of the growth optimism is already priced in, making sustained earnings consistency crucial for further upside.
Aditya AMC – Q3 FY26 Earnings Highlights
Price: ₹774 | Market Cap: ₹22,326 Cr | P/E: 21.9
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹478 Cr | ▲ 7% | ₹445 Cr | ▲ 4% | ₹461 Cr |
| EBITDA | ₹290 Cr | ▲ 6% | ₹274 Cr | ▲ 2% | ₹283 Cr |
| Net Profit | ₹270 Cr | ▲ 21% | ₹224 Cr | ▲ 12% | ₹241 Cr |
| EPS | ₹9.33 | ▲ 20% | ₹7.78 | ▲ 12% | ₹8.36 |
Verdict
Aditya AMC delivered steady revenue and EBITDA growth with strong profitability momentum. The sharp YoY and QoQ rise in net profit and EPS reflects improved operating efficiency and margin expansion. Overall performance indicates healthy business traction and a stable earnings outlook.
Orient Electric – Q3 FY26 Earnings Highlights
Price: ₹170 | Market Cap: ₹3,635 Cr | P/E: 39.3
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹906 Cr | ▲ 11% | ₹817 Cr | ▲ 29% | ₹703 Cr |
| EBITDA | ₹67.7 Cr | ▲ 11% | ₹61.2 Cr | ▲ 79% | ₹37.9 Cr |
| Net Profit | ₹26.0 Cr | ▲ 16% | ₹27.2 Cr* | ▲ 115% | ₹12.1 Cr |
| EPS | ₹1.22 | ▼ 4% | ₹1.27 | ▲ 114% | ₹0.57 |
*Exceptional item of -₹8.65 Cr in Dec 2025 excluded from YoY calculation as mentioned.
Verdict
Orient Electric delivered double-digit YoY growth in revenue and EBITDA, reflecting steady operational performance. Strong QoQ recovery in profit and margins indicates improved efficiency and seasonal demand pickup. However, YoY EPS softness and a rich valuation at ~39x P/E suggest limited near-term upside unless growth momentum sustains. Overall, the quarter shows an improving profitability trend with cautious valuation comfort.
V-Mart Retail – Q3 FY26 Earnings Highlights
Price: ₹578 | Market Cap: ₹4,605 Cr | P/E: 38.8
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,126 Cr | ▲ 10% | ₹1,027 Cr | ▲ 40% | ₹807 Cr |
| EBITDA | ₹210 Cr | ▲ 22% | ₹171 Cr | ▲ 194% | ₹71.5 Cr |
| Net Profit | ₹88.0 Cr | ▲ 25% | ₹71.6 Cr | ▲ Turnaround | ▼ ₹-8.87 Cr |
| EPS | ₹11.08 | ▲ 23% | ₹9.04 | ▲ Turnaround | ▼ ₹-1.12 |
Note: Exceptional item of ₹-2.11 Cr in Dec 2025 has been excluded from YoY growth calculation.
Verdict
V-Mart Retail delivered a strong Q3 FY26 performance with double-digit growth in sales and healthy expansion in profitability. The sharp QoQ recovery in EBITDA and net profit highlights improved operational efficiency and strong festive-season demand momentum. Sustained margin improvement and consistent revenue growth indicate positive business traction going forward.
Radico Khaitan – Q3 FY26 Earnings Highlights (Dec 2025)
Price: ₹2,987 | Market Cap: ₹39,958 Cr | P/E: 75.3
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,547 Cr | ▲ 20% | ₹1,294 Cr | ▲ 4% | ₹1,494 Cr |
| EBITDA | ₹267 Cr | ▲ 45% | ₹184 Cr | ▲ 12% | ₹238 Cr |
| Net Profit | ₹155 Cr | ▲ 69% | ₹96 Cr | ▲ 12% | ₹139 Cr |
| EPS | ₹11.58 | ▲ 62% | ₹7.17 | ▲ 12% | ₹10.38 |
Exceptional Items (Dec 2025): ₹ -9.56 Cr (ignored for YoY comparison)
Verdict
Radico Khaitan delivered a strong Q3 FY26 performance with robust year-on-year growth across sales, EBITDA, net profit, and EPS. Margin expansion and healthy volume-led growth supported profitability, while steady quarter-on-quarter improvement reflects sustained operating momentum. However, the elevated valuation (P/E above 75) indicates that the stock may already be factoring in strong future growth, warranting cautious optimism for investors.
Adani Energy Solutions – Q3 FY26 Earnings Highlights
Price: ₹925 | Market Cap: ₹1,11,175 Cr | P/E: 49.5
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹6,730 Cr | ▲ 15% | ₹5,830 Cr | ▲ 2% | ₹6,596 Cr |
| EBITDA | ₹1,995 Cr | ▲ 20% | ₹1,661 Cr | ▲ 2% | ₹1,955 Cr |
| Net Profit | ₹574 Cr | ▼ 2% | ₹625 Cr | ▲ 3% | ₹557 Cr |
| EPS | ₹4.60 | ▼ 2% | ₹4.68 | ▲ 4% | ₹4.44 |
Verdict
Adani Energy Solutions delivered strong revenue and EBITDA growth driven by operational expansion and improved efficiency. However, net profit and EPS saw a marginal year-on-year decline, indicating higher costs or margin pressure. Sequential improvement in profitability reflects gradual recovery momentum, but elevated valuation (P/E 49.5) suggests expectations are already priced in.
Adani Total Gas – Q3 FY26 Earnings Highlights (Dec 2025)
Price: ₹548 | Market Cap: ₹60,281 Cr | P/E: 93.9
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,507 Cr | ▲ 16% | ₹1,294 Cr | ▲ 4% | ₹1,451 Cr |
| EBITDA | ₹305 Cr | ▲ 15% | ₹265 Cr | ▲ 3% | ₹295 Cr |
| Net Profit | ₹159 Cr | ▲ 11% | ₹142 Cr | ▼ 2% | ₹163 Cr |
| EPS | ₹1.44 | ▲ 12% | ₹1.29 | ▼ 3% | ₹1.49 |
Verdict
Adani Total Gas delivered healthy year-on-year growth across revenue, EBITDA, and profits, reflecting steady business expansion. However, marginal quarter-on-quarter softness in net profit and EPS indicates near-term margin pressure. With a premium valuation multiple (P/E ~94), sustained earnings momentum will be crucial to justify current price levels.
Gujarat State Petronet – Q3 FY26 Earnings Highlights (Dec 2025)
Price: ₹302 | Market Cap: ₹17,071 Cr | P/E: 16.2
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹3,885 Cr | ▼ 11% | ₹4,360 Cr | ▼ 3% | ₹4,008 Cr |
| EBITDA | ₹612 Cr | ▲ 11% | ₹553 Cr | ▲ 1% | ₹609 Cr |
| Net Profit | ₹379 Cr | ▲ 10% | ₹335 Cr | ▼ 3% | ₹389 Cr |
| EPS | ₹4.55 | ▲ 10% | ₹4.15 | ▼ 2% | ₹4.62 |
Verdict
Gujarat State Petronet delivered steady profit and EBITDA growth on a year-on-year basis despite a decline in topline. Margins remain resilient, but slight quarter-on-quarter softness in net profit and EPS indicates near-term pressure. Overall performance reflects stable operational efficiency with moderate growth momentum.
Go Digit General – Q3 FY26 Earnings Highlights (Dec 2025)
Price: ₹324 | Market Cap: ₹29,989 Cr | P/E: 58.7
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹2,570 Cr | ▲ 6% | ₹2,436 Cr | ▲ 3% | ₹2,488 Cr |
| EBITDA | ₹162 Cr | ▲ 37% | ₹118 Cr | ▲ 20% | ₹135 Cr |
| Net Profit | ₹140 Cr | ▲ 18% | ₹119 Cr | ▲ 20% | ₹117 Cr |
| EPS | ₹1.52 | ▲ 18% | ₹1.29 | ▲ 21% | ₹1.26 |
Verdict
Go Digit General delivered steady revenue growth with strong improvement in EBITDA and profitability on both YoY and QoQ basis. Margin expansion and consistent earnings momentum are positive indicators. However, the rich valuation reflected by a high P/E ratio suggests limited near-term upside unless growth accelerates further.
Kopran – Q3 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹194 Cr | ▲ 17% | ₹166 Cr | ▲ 64% | ₹118 Cr |
| EBITDA | ₹17.8 Cr | ▼ 11% | ₹19.8 Cr | ▲ Turnaround | ₹-5.28 Cr |
| Net Profit | ₹9.34 Cr | ▼ 10% | ₹10.4 Cr | ▲ Turnaround | ₹-9.92 Cr |
| EPS | ₹1.94 | ▼ 10% | ₹2.16 | ▲ Turnaround | ₹-2.06 |
Verdict
Kopran delivered a strong quarter-on-quarter recovery with sharp improvement in sales and a return to profitability after losses in the previous quarter. However, year-on-year margins and profitability remain under pressure, reflected in lower EBITDA, net profit, and EPS. Sustained revenue growth along with margin stabilization will be key triggers for further upside, especially given the relatively high valuation (P/E ~39.7).
Zee Entertainment – Q3 FY26 (Dec 2025) Earnings Highlights
Price: ₹85.1 | Market Cap: ₹8,134 Cr | P/E: 14.2
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹2,280 Cr | ▲ 15% | ₹1,979 Cr | ▲ 16% | ₹1,969 Cr |
| EBITDA | ₹256 Cr | ▼ 20% | ₹321 Cr | ▲ 61% | ₹159 Cr |
| Net Profit | ₹155 Cr | ▼ 30% | ₹164 Cr | ▲ 103% | ₹76.5 Cr |
| EPS | ₹1.62 | ▼ 5% | ₹1.70 | ▲ 103% | ₹0.80 |
Verdict
Zee Entertainment reported strong revenue growth on both YoY and QoQ basis in Q3 FY26, reflecting recovery in top-line performance. However, profitability remains under pressure on a YoY basis with declines in EBITDA, net profit, and EPS. The sharp QoQ improvement in margins and earnings indicates improving operational efficiency, but sustained profitability growth will be critical for a stronger long-term outlook.
Muthoot Capital Services – Q3 FY26 (Dec 2025) Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹155 Cr | ▲ 23% | ₹126 Cr | ▲ 1% | ₹154 Cr |
| EBITDA | ₹86.9 Cr | ▲ 9% | ₹79.4 Cr | ▲ 3% | ₹84.4 Cr |
| Net Profit | ₹7.65 Cr | ▼ 39% | ₹12.6 Cr | ▲ 170% | ₹2.83 Cr |
| EPS | ₹4.65 | ▼ 39% | ₹7.64 | ▲ 170% | ₹1.72 |
Verdict
Muthoot Capital Services delivered strong topline growth with steady EBITDA expansion in Q3 FY26. However, the sharp year-on-year decline in net profit and EPS reflects margin pressure and elevated costs. On a sequential basis, profitability showed a strong recovery, indicating operational improvement. Sustained margin stability will remain crucial to justify its premium valuation (PE 30.8).
Syngene International – Q3 FY26 Earnings Highlights (Consolidated)
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Revenue | ₹917 Cr | ▼ 2.8% | ₹944 Cr | ▲ 0.7% | — |
| EBITDA | ₹209.2 Cr | ▼ 26.2% | ₹283.6 Cr | ▲ 4.9% | — |
| EBITDA Margin | 22.8% | ▼ 724 bps | 30.1% | ▲ 90 bps | — |
| Net Profit (PAT) | ₹15 Cr | ▼ 88.6% | ₹131.1 Cr | ▼ 77.6% | — |
| EPS | ₹0.37 | ▼ 88.7% | — | ▼ 77.8% | — |
Verdict
Syngene delivered a weak Q3 FY26 performance with declines across revenue, EBITDA, and profitability on a year-on-year basis. While there is a modest sequential improvement in revenue and operating margins, the sharp contraction in net profit indicates continued pressure on earnings. Overall outlook remains cautious in the near term until margin stability and profit recovery improve.
