Axis Bank Ltd – Q3 FY26 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Miss / Beat |
|---|---|---|---|---|---|
| Net Profit (PAT) | ₹6,489.6 Cr | ▲ 3% | ₹6,304 Cr | ₹6,046 Cr | Beat |
| Net Interest Income (NII) | ₹14,286.4 Cr | ▲ 5% | ₹13,606 Cr | ₹14,089 Cr | Beat |
| Gross NPA (Value) | ₹17,166.8 Cr | ▼ from ₹17,307.7 Cr | ₹17,307.7 Cr | – | – |
| Net NPA (%) | 0.42% | ▼ from 0.44% | 0.44% | – | – |
Verdict
Axis Bank delivered a better-than-expected Q3 FY26 performance, with PAT and NII beating street estimates. Steady year-on-year growth in profitability and improving asset quality ratios indicate operational stability. Lower Gross and Net NPA percentages reflect strengthening balance sheet health, supporting a moderately positive outlook going ahead.
Kotak Mahindra Bank – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | QoQ Change | QoQ Base | Estimate | Miss / Beat |
|---|---|---|---|---|---|---|---|
| Net Profit (PAT) | ₹3,446 Cr | ▲ 4.3% | ₹3,305 Cr | – | – | ₹3,547 Cr | Miss |
| Net Interest Income (NII) | ₹7,564 Cr | ▲ 5.1% | ₹7,196 Cr | – | – | ₹7,589 Cr | Miss |
| Gross NPA | 1.30% | – | – | ▼ | 1.39% | – | Positive |
| Net NPA | 0.31% | – | – | ▼ | 0.32% | – | Positive |
Verdict
Kotak Mahindra Bank delivered moderate year-on-year growth in profit and NII, but both key metrics missed street expectations. Asset quality improved sequentially with a decline in Gross and Net NPA levels, reflecting better credit discipline. Overall performance indicates stable fundamentals with a slight earnings disappointment versus estimates.
UltraTech Cement – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate (CNBC-TV18) | Miss / Beat |
|---|---|---|---|---|---|
| Net Profit (PAT) | ₹1,729.4 Cr | ▲ 27% | ₹1,363 Cr | ₹1,540 Cr | BEAT |
| Revenue | ₹21,830 Cr | ▲ 23% | ₹17,778.8 Cr | ₹21,235 Cr | BEAT |
| EBITDA | ₹3,915 Cr | ▲ 35.2% | ₹2,895.2 Cr | ₹3,532 Cr | BEAT |
| EBITDA Margin | 17.94% | ▲ 1.66% | 16.28% | 16.63% | ABOVE ESTIMATE |
| Cement Sales Volume Growth | 15% YoY | ▲ 15% | – | 19% – 21% YoY | MISS |
| Exceptional Items | ₹88.5 Cr | – | – | NA | NA |
Verdict
UltraTech Cement delivered a strong Q3 performance with healthy YoY growth in profit, revenue, and EBITDA, alongside sharp margin expansion, comfortably beating street estimates on profitability metrics. Although volume growth lagged expectations, strong pricing discipline, operating leverage, and cost optimization supported earnings momentum. Overall, the results highlight solid operational strength and margin resilience, keeping the outlook positive despite moderate volume growth.
Bharat Petroleum – Q3 Earnings Highlights
| Metric | Actual | QoQ Change | QoQ Base | Estimate | Beat / Miss |
|---|---|---|---|---|---|
| Net Profit (PAT) | ₹7,545 Cr | ▲ 17.1% | ₹6,442 Cr | ₹6,847 Cr | Beat |
| Revenue | ₹1.19 Lakh Cr | ▲ 13.4% | ₹1.04 Lakh Cr | ₹1.07 Lakh Cr | Beat |
| EBITDA | ₹11,677 Cr | ▲ 19.4% | ₹9,778 Cr | ₹10,645 Cr | Beat |
| EBITDA Margin | 9.8% | ▲ from 9.3% | 9.3% | 10% | Miss |
Verdict
Bharat Petroleum delivered a strong Q3 performance, beating street estimates on profit, revenue, and EBITDA with healthy quarter-on-quarter growth. While margins came in marginally below expectations, the overall operational performance remains robust, supported by improved profitability and volume traction. This keeps the near-term outlook positive from an earnings momentum perspective. 📈
Multi Commodity Exchange (MCX) – Q3 FY26 Earnings Highlights
Price: ₹2,282 | Market Cap: ₹58,189 Cr | P/E: 62.1
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Revenue (Sales) | ₹666 Cr | ▲ 121% | ₹301 Cr | ▲ 78% | ₹374 Cr |
| EBITDA | ₹494 Cr | ▲ 156% | ₹193 Cr | ▲ 104% | ₹242 Cr |
| Net Profit (PAT) | ₹401 Cr | ▲ 151% | ₹160 Cr | ▲ 104% | ₹197 Cr |
| EPS | ₹15.73 | ▲ 150% | ₹6.28 | ▲ 103% | ₹7.74 |
Verdict
MCX delivered a blockbuster Q3 FY26 performance with strong volume-led growth and sharp margin expansion. Triple-digit YoY and QoQ growth across revenue, EBITDA, and profits highlight robust operating leverage and improving market activity. While valuations remain rich at a P/E of 62x, sustained earnings momentum and rising participation in commodity markets keep the medium-term outlook positive.
Piramal Finance – Q3 FY26 Earnings Highlights
Stock Snapshot: Price: ₹1,794 | Market Cap: ₹40,664 Cr | PE: 35.0
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹2,918 Cr | ▲ 3% | ₹2,825 Cr | ▲ 2% | ₹2,872 Cr |
| EBITDA | ₹1,935 Cr | ▲ 33% | ₹1,451 Cr | ▼ 1% | ₹1,949 Cr |
| Net Profit | ₹401 Cr | ▲ 938% | ₹38.6 Cr | ▲ 23% | ₹327 Cr |
| EPS | ₹17.65 | ▲ 88,150% | ₹0.02 | ▲ 22% | ₹14.42 |
Verdict
Piramal Finance delivered an exceptional YoY performance in Q3 FY26, driven by a sharp turnaround in profitability and strong operating leverage. While EBITDA remained largely stable on a QoQ basis, the massive jump in net profit and EPS highlights improving asset quality and margin expansion. Overall, the results signal strong earnings momentum, though valuations at 35x PE suggest the market has already priced in part of this growth.
IndusInd Bank – Q3 FY26 Earnings Highlights
CMP: ₹892 | Market Cap: ₹69,529 Cr
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales (Total Income) | ₹11,373 Cr | ▼ 11% | ₹12,801 Cr | ▼ 2% | ₹11,609 Cr |
| EBITDA | ₹5,278 Cr | ▼ 25% | ₹7,075 Cr | ▲ 6% | ₹4,964 Cr |
| Net Profit (PAT) | ₹128 Cr | ▼ 91% | ₹1,402 Cr | ▲ Turnaround | Loss of ₹437 Cr |
| EPS | ₹1.64 | ▼ 91% | ₹18.00 | ▲ Improved | ₹-5.61 |
| Gross NPA Ratio | 3.56% | – | – | ▲ Improvement | 3.60% |
| Net NPA Ratio | 1.04% | – | – | ▲ Stable | 1.04% |
| Provisions | ₹2,095.8 Cr | ▲ 20.2% | ₹1,743.6 Cr | – | – |
Verdict
IndusInd Bank delivered weak year-on-year performance with sharp declines in profit and EPS due to elevated provisions and margin pressure. However, the return to profitability on a quarter-on-quarter basis, stable asset quality, and controlled NPA levels indicate early signs of operational stabilization. Near-term performance will remain dependent on credit cost normalization and sustained improvement in core income growth.
Godrej Consumer – Q3 FY26 Earnings Highlights
Price: ₹1,240 | Market Cap: ₹1,26,923 Cr | P/E: 65.3
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹4,099 Cr | ▲ 9% | ₹3,768 Cr | ▲ 7% | ₹3,825 Cr |
| EBITDA | ₹880 Cr | ▲ 16% | ₹756 Cr | ▲ 20% | ₹733 Cr |
| Net Profit | ₹498 Cr | ▲ 12% | ₹498 Cr* | ▲ 8% | ₹459 Cr |
| EPS | ₹4.87 | ▲ 0% | ₹4.87 | ▲ 8% | ₹4.49 |
Exceptional Items
- Dec 2025: -₹91.0 Cr
- Dec 2024: -₹5.74 Cr
Note: Exceptional items ignored for YoY comparison as per available data.
Verdict
Godrej Consumer delivered steady revenue growth with strong margin expansion, reflected in double-digit EBITDA growth. Profitability remained stable on a year-on-year basis despite higher exceptional charges, while sequential improvement in net profit and EPS indicates improving operational efficiency. However, the elevated P/E multiple suggests the stock is priced for continued strong earnings momentum going forward.
Sona BLW Precision – Q3 FY26 Earnings Highlights
Price: ₹456 | M.Cap: ₹28,357 Cr | P/E: 43.5
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Revenue (Sales) | ₹1,200 Cr | ▲ 38% | ₹868 Cr | ▲ 5% | ₹1,138 Cr |
| EBITDA | ₹296 Cr | ▲ 26% | ₹234 Cr | ▲ 4% | ₹284 Cr |
| Net Profit (PAT) | ₹150 Cr | ▲ 16% | ₹151 Cr | ▼ 12% | ₹170 Cr |
| EPS | ₹2.43 | ▲ 0% | ₹2.43 | ▼ 13% | ₹2.78 |
Exceptional Items (Ignored for YoY % Calculation)
| Period | Exceptional Item Value |
|---|---|
| Dec 2025 | -₹40.1 Cr |
| Dec 2024 | -₹5.7 Cr |
Verdict
Sona BLW delivered strong revenue growth with healthy EBITDA expansion, reflecting robust demand momentum and operational scalability. However, quarter-on-quarter pressure on net profit and EPS indicates margin impact from exceptional items and cost factors. While the long-term growth outlook remains positive given strong topline traction, the rich valuation (P/E 43.5) suggests near-term upside may remain capped unless profitability improves consistently.
JSW Steel – Q3 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹45,991 Cr | ▲ 11% | ₹41,378 Cr | ▲ 2% | ₹45,152 Cr |
| EBITDA | ₹6,379 Cr | ▲ 14% | ₹5,579 Cr | ▼ 9% | ₹7,027 Cr |
| Net Profit | ₹2,410 Cr | ▲ 218% | ₹719 Cr | ▲ 46% | ₹1,646 Cr |
| EPS | ₹8.75 | ▲ 199% | ₹2.93 | ▲ 32% | ₹6.64 |
Exceptional Items
| Period | Exceptional Impact |
|---|---|
| Dec 2025 | -₹529 Cr |
| Dec 2024 | -₹103 Cr |
Note: Exceptional items have been ignored for YoY comparison.
Verdict
JSW Steel delivered a strong Q3 FY26 performance with double-digit year-on-year growth in sales and EBITDA. Net profit and EPS recorded sharp growth, supported by improved operating leverage and better realizations. However, the sequential decline in EBITDA reflects margin pressure on a quarter-on-quarter basis. Overall, earnings momentum remains positive, driven by a strong profitability recovery despite exceptional cost impacts.
Atul Ltd – Earnings Highlights
Price: ₹5,826 | Market Cap: ₹17,154 Cr | P/E: 28.9
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,574 Cr | ▲ 11% | ₹1,417 Cr | ▲ 1% | ₹1,552 Cr |
| EBITDA | ₹247 Cr | ▲ 10% | ₹224 Cr | ▼ 8% | ₹267 Cr |
| Net Profit | ₹164 Cr | ▲ 48% | ₹117 Cr | ▼ 10% | ₹182 Cr |
| EPS | ₹54.60 | ▲ 48% | ₹36.93 | ▼ 10% | ₹60.88 |
Verdict
Atul Ltd delivered healthy year-on-year growth across revenue and profitability, supported by strong improvement in net profit and EPS. However, the quarter witnessed sequential softness in EBITDA and bottom-line performance, reflecting near-term margin pressure. Overall, the company maintains a positive long-term outlook with steady operational performance, though short-term profitability momentum appears moderated.
JSW Energy – Q3 FY26 Earnings Highlights
Price: ₹478 | Market Cap: ₹83,937 Cr | P/E: 36.3
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹4,082 Cr | ▲ 67% | ₹2,439 Cr | ▼ 21% | ₹5,177 Cr |
| EBITDA | ₹2,030 Cr | ▲ 122% | ₹914 Cr | ▼ 32% | ₹2,996 Cr |
| Net Profit | ₹529 Cr | ▲ 173% | ₹157 Cr | ▼ 36% | ₹824 Cr |
| EPS | ₹2.40 | ▲ 150% | ₹0.96 | ▼ 40% | ₹4.03 |
Exceptional Items (Dec 2025): ₹(65.2) Cr
Note: Exceptional items have been ignored for YoY % calculation.
Verdict
JSW Energy delivered strong year-on-year growth across revenue and profitability, supported by healthy operational performance and capacity additions. However, sequential performance moderated due to normalization in margins and profits. Overall, the company continues to showcase robust long-term growth potential, backed by its expanding renewable energy portfolio and strengthening power generation capabilities.
Kirloskar Pneumatic – Q3 FY26 Earnings Highlights
Price: ₹1,068 | Market Cap: ₹6,936 Cr | P/E: 33.0
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹404 Cr | ▲ 19% | ₹340 Cr | ▲ 7% | ₹378 Cr |
| EBITDA | ₹80.7 Cr | ▲ 66% | ₹48.5 Cr | ▲ 39% | ₹58.1 Cr |
| Net Profit | ₹43.1 Cr | ▲ 53% | ₹36.0 Cr | ▼ 0.2% | ₹43.2 Cr |
| EPS | ₹6.64 | ▲ 20% | ₹5.55 | ▼ 0.2% | ₹6.65 |
Verdict
Kirloskar Pneumatic delivered strong year-on-year growth driven by healthy revenue expansion and sharp improvement in operating profitability. EBITDA growth significantly outpaced sales, indicating margin expansion and better cost efficiency. However, flat quarter-on-quarter net profit and EPS suggest near-term earnings stabilization. Overall performance remains robust with a positive medium-term outlook supported by strong operating momentum.
Urban Company – Dec 2025 Earnings Highlights
Price: ₹125 | Market Cap: ₹18,055 Cr
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹383 Cr | ▲ 33% | ₹288 Cr | ▲ 1% | ₹380 Cr |
| EBITDA | ₹-42.3 Cr | ▼ 2127% | ₹-1.90 Cr | ▲ 46% | ₹-78.6 Cr |
| Net Profit | ₹-21.3 Cr | ▼ 109% | ₹232 Cr | ▲ 64% | ₹-59.3 Cr |
| EPS | ₹-0.15 | ▼ 100% | ₹11,870.97 | ▲ 63% | ₹-0.41 |
Verdict
Urban Company reported strong YoY revenue growth, reflecting healthy demand and continued scale-up in operations. However, profitability remains under pressure, with EBITDA and net profit still negative on a year-on-year basis. The sequential QoQ improvement in losses indicates early signs of cost control and operating efficiency gains. Going ahead, the key focus remains on balancing growth with a clear path toward sustainable profitability.
IFB Industries – Q3 FY26 Earnings Highlights
Price: ₹1,351 | Market Cap: ₹5,475 Cr | P/E: 41.6
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,375 Cr | ▲ 12% | ₹1,228 Cr | ▲ 4% | ₹1,320 Cr |
| EBITDA | ₹73.9 Cr | ▼ 14% | ₹85.8 Cr | ▼ 23% | ₹95.8 Cr |
| Net Profit | ₹24.5 Cr | ▼ 0% | ₹34.4 Cr | ▼ 51% | ₹49.8 Cr |
| EPS | ₹6.05 | ▼ 29% | ₹8.48 | ▼ 51% | ₹12.28 |
Exceptional Item
December 2025: -₹13.4 Cr
Verdict
IFB Industries delivered healthy double-digit sales growth on a year-on-year basis, indicating steady demand momentum. However, profitability remained under pressure with EBITDA and EPS declining due to margin compression and higher costs. Sequential performance also weakened sharply, reflecting near-term operational challenges. Overall, revenue growth is positive, but margin recovery will be the key driver for improved earnings performance going forward.
20 Microns – Q3 FY26 Earnings Highlights
Price: ₹179 | Market Cap: ₹632 Cr | P/E: 9.7
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹215 Cr | ⇡ 0% | ₹215 Cr | ▼ 7% | ₹231 Cr |
| EBITDA | ₹27.6 Cr | ▲ 5% | ₹26.2 Cr | ▼ 13% | ₹31.8 Cr |
| Net Profit | ₹14.9 Cr | ▲ 11% | ₹12.9 Cr | ▼ 14% | ₹17.4 Cr |
| EPS | ₹4.24 | ▲ 16% | ₹3.65 | ▼ 14% | ₹4.93 |
Exceptional Items (Ignored for YoY %)
- Dec 2025: -₹0.23 Cr
- Dec 2024: -₹0.92 Cr
Verdict
20 Microns delivered stable year-on-year revenue with steady improvement in profitability, supported by margin resilience and better operational efficiency. However, sequential moderation in sales and earnings indicates near-term demand or cost pressures. Overall valuation remains attractive at sub-10x P/E, making the stock suitable for long-term accumulation with a cautious near-term outlook.
Vakrangee – Q3 FY26 Earnings Highlights
Price: ₹6.63 | Market Cap: ₹718 Cr | P/E: 61.5
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹60.1 Cr | ▼ 11% | ₹67.9 Cr | ▼ 13% | ₹69.1 Cr |
| EBITDA | ₹7.79 Cr | ▲ 42% | ₹5.48 Cr | ▲ 7% | ₹7.27 Cr |
| Net Profit | ₹3.15 Cr | ▲ 168% | ₹1.04 Cr | ▲ 4% | ₹3.03 Cr |
| EPS | ₹0.03 | ▲ 200% | ₹0.01 | Flat | ₹0.03 |
Verdict
Vakrangee delivered strong profitability growth despite a decline in revenues. The sharp YoY improvement in EBITDA and net profit indicates better cost control and margin expansion. However, continued sales contraction remains a key concern, and sustainability of earnings growth will depend on revenue recovery and business scalability going forward.
Shyam Metalics – Earnings Highlights
Price: ₹779 | Market Cap: ₹21,747 Cr | P/E: 22.4
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹4,421 Cr | ▲ 18% | ₹3,756 Cr | ▼ 1% | ₹4,467 Cr |
| EBITDA | ₹487 Cr | ▲ 7% | ₹456 Cr | ▼ 10% | ₹539 Cr |
| Net Profit | ₹198 Cr | ▼ 0% | ₹197 Cr | ▼ 24% | ₹260 Cr |
| EPS | ₹7.07 | ▼ 0% | ₹7.08 | ▼ 25% | ₹9.38 |
Verdict
Shyam Metalics delivered healthy year-on-year revenue growth, supported by steady demand momentum. However, profitability remained largely flat on a YoY basis and declined sharply on a quarter-on-quarter basis due to margin pressure. With the stock trading at a valuation of 22.4x P/E, sustained margin improvement and earnings recovery will be key triggers for further upside.
Gandhar Oil Refinery – Q3 FY26 Earnings Highlights
Price: ₹163 | Market Cap: ₹1,597 Cr | P/E: 15.0
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,167 Cr | ▲ 16% | ₹1,005 Cr | ▲ 10% | ₹1,060 Cr |
| EBITDA | ₹59.1 Cr | ▲ 42% | ₹41.6 Cr | ▼ 10% | ₹65.8 Cr |
| Net Profit | ₹34.3 Cr | ▲ 68% | ₹20.4 Cr | ▼ 14% | ₹39.8 Cr |
| EPS | ₹3.31 | ▲ 67% | ₹1.98 | ▼ 10% | ₹3.68 |
Verdict
Gandhar Oil delivered strong year-on-year growth across revenue and profitability, supported by improved operational performance. However, sequential pressure on EBITDA and net profit indicates margin softness in the quarter. Overall, the company shows healthy YoY momentum, but near-term performance will depend on margin stability and volume growth sustainability.
Sterlite Technologies – Earnings Highlights (Dec 2025)
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,257 Cr | ▲ 26% | ₹998 Cr | ▲ 22% | ₹1,034 Cr |
| EBITDA | ₹120 Cr | ▲ 13% | ₹106 Cr | ▼ 7% | ₹129 Cr |
| Net Profit (PAT) | ₹ -17 Cr | ▲ 53% | ₹ -24 Cr | ▼ 525% | ₹4 Cr |
| EPS | ₹ -0.35 | ▲ 29% | ₹ -0.49 | ▼ from ₹0.08 | ₹0.08 |
Exceptional Items
- Dec 2025: ₹ -15 Cr
- Dec 2024: ₹ -9 Cr (Ignored for YoY calculation)
Verdict
Sterlite Tech delivered strong top-line growth with ▲ 26% YoY and ▲ 22% QoQ rise in sales, indicating improving demand momentum. However, profitability remains under pressure, with EBITDA declining sequentially and net loss widening QoQ due to operational and exceptional impacts. While YoY loss reduction reflects gradual improvement, sustained margin recovery and consistent profitability will remain key triggers for re-rating going forward.
