GAIL (India) Limited – Q3 FY26 (Dec 2025) Earnings Highlights
CMP: ₹167 | Market Cap: ₹1,09,995 Cr | P/E: 12.8
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹35,173 Cr | ▼ 5% | ₹36,835 Cr | ▼ 1% | ₹35,537 Cr |
| EBITDA | ₹2,927 Cr | ▼ 8% | ₹3,169 Cr | ▼ 15% | ₹3,460 Cr |
| Net Profit | ₹1,729 Cr | ▼ 20% | ₹4,084 Cr* | ▼ 13% | ₹1,989 Cr |
| EPS | ₹2.67 | ▼ 57% | ₹6.21 | ▼ 11% | ₹3.00 |
Note: Dec 2024 included Exceptional Items of ₹2,440 Cr, which have been ignored for YoY comparison as per provided data.
Verdict
GAIL posted a weak Q3 FY26 performance, with decline across sales, EBITDA, net profit, and EPS on both YoY and QoQ basis. Profitability remained under pressure, reflecting lower operational margins and muted earnings momentum. The near-term outlook appears cautious, and recovery will depend on improvement in gas transmission volumes, margins, and overall energy demand trends.
Mamata Machinery – Q3 FY26 Earnings Highlights
CMP: ₹398 | Market Cap: ₹979 Cr | P/E: 23.2
| Metric | Q3 FY26 Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹67.2 Cr | ▼ 8% | ₹73.4 Cr | ▲ 26% | ₹53.4 Cr |
| EBITDA | ₹8.43 Cr | ▼ 34% | ₹12.7 Cr | ▲ 27% | ₹6.62 Cr |
| Net Profit | ₹7.87 Cr | ▼ 10% | ₹8.77 Cr | ▲ 74% | ₹4.53 Cr |
| EPS | ₹3.20 | ▼ 10% | ₹3.56 | ▲ 74% | ₹1.84 |
Verdict
Mamata Machinery reported weak year-on-year performance across revenue and profitability, reflecting margin pressure and slower execution. However, the company delivered a strong quarter-on-quarter recovery, especially in net profit and EPS, indicating improving operational momentum. Sustainability of this rebound will be key to watch in the coming quarters. 📊
Zen Technologies – Q3 FY26 Earnings Highlights (Dec 2025)
CMP: ₹1,416 | Market Cap: ₹12,782 Cr | P/E: 48.7
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹178 Cr | ▲ 17% | ₹152 Cr | ▲ 2% | ₹174 Cr |
| EBITDA | ₹66.5 Cr | ▲ 50% | ₹44.2 Cr | ▲ 3% | ₹64.6 Cr |
| Net Profit | ₹55.7 Cr | ▲ 38% | ₹42.7 Cr | ▼ 10% | ₹61.9 Cr |
| EPS | ₹6.07 | ▲ 38% | ₹4.40 | ▼ 8% | ₹6.58 |
Verdict
Zen Technologies delivered strong year-on-year growth across revenue, EBITDA, net profit, and EPS, supported by robust operational performance and margin expansion. However, the sequential dip in net profit and EPS indicates some near-term pressure. Overall, the company maintains a positive growth trajectory, though valuations remain on the higher side, suggesting the stock may stay sensitive to future earnings momentum and order inflow updates.
Vinati Organics – Q3 FY26 (Dec 2025) Earnings Highlights
CMP: ₹1,527 | Market Cap: ₹15,826 Cr | P/E: 33.1
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹529 Cr | ▲ 1% | ₹522 Cr | ▼ 3% | ₹546 Cr |
| EBITDA | ₹161 Cr | ▲ 13% | ₹143 Cr | ▼ 10% | ₹179 Cr |
| Net Profit | ₹108 Cr | ▲ 14% | ₹95.6 Cr | ▼ 16% | ₹129 Cr |
| EPS | ₹10.46 | ▲ 13% | ₹9.22 | ▼ 16% | ₹12.45 |
Verdict
Vinati Organics delivered strong year-on-year earnings growth, reflecting improved operational efficiency and stable demand conditions. However, the quarter-on-quarter decline in sales, EBITDA, net profit, and EPS highlights near-term margin and volume pressures. Overall fundamentals remain positive, but short-term performance may stay range-bound until growth momentum revives.
ASM Technologies – Dec 2025 Quarter Earnings Highlights
CMP: ₹2,987 | Market Cap: ₹4,357 Cr | P/E: 71.4
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹116 Cr | ▲ 79% | ₹64.7 Cr | ▼ 25% | ₹154 Cr |
| EBITDA | ₹19.5 Cr | ▲ 64% | ₹11.9 Cr | ▼ 36% | ₹30.4 Cr |
| Net Profit | ₹9.31 Cr | ▲ 105% | ₹5.19 Cr | ▼ 51% | ₹19.1 Cr |
| EPS | ₹6.38 | ▲ 45% | ₹4.41 | ▼ 51% | ₹13.11 |
| Exceptional Items (Ignored for YoY Growth) | Amount |
|---|---|
| Dec 2025 | -₹2.51 Cr |
| Dec 2024 | -₹0.25 Cr |
Verdict
ASM Technologies reported strong year-on-year growth across revenue, EBITDA, net profit, and EPS, highlighting solid operational performance and improving business momentum. However, the sharp quarter-on-quarter decline in sales and profitability suggests moderation after a strong previous quarter. While long-term growth trends remain positive, investors should closely track margin stability and revenue consistency in upcoming quarters.
Birla Corporation – Q3 FY26 Earnings Highlights
Price: ₹1,056 | M.Cap: ₹8,131 Cr | P/E: 14.2
Exceptional item of ₹34.1 Cr (Dec 2025) ignored for YoY comparison.
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹2,159 Cr | ▼ 4% | ₹2,257 Cr | ▼ 2.2% | ₹2,207 Cr |
| EBITDA | ₹293 Cr | ▲ 18% | ₹248 Cr | ▼ 3.9% | ₹305 Cr |
| Net Profit | ₹52.8 Cr | ▲ 142% | ₹31.2 Cr | ▼ 41.7% | ₹90.5 Cr |
| EPS | ₹6.85 | ▲ 69% | ₹4.05 | ▼ 41.7% | ₹11.75 |
Verdict
Birla Corporation delivered strong year-on-year profit growth driven by improved operational performance and margin expansion, despite a decline in revenue. However, on a quarter-on-quarter basis, profitability and EPS witnessed a sharp drop, reflecting short-term pressure on earnings momentum. Overall, the company shows structural improvement on a YoY basis, but near-term performance remains soft, which traders and investors should monitor closely.
Moschip Technologies – Earnings Highlights (Dec 2025)
CMP: ₹210 | Market Cap: ₹4,060 Cr | P/E: 98.8x
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Revenue (Sales) | ₹149 Cr | ▲ 18% | ₹126 Cr | ▲ 1% | ₹147 Cr |
| EBITDA | ₹15.1 Cr | ▼ 11% | ₹17.1 Cr | ▼ 10% | ₹16.8 Cr |
| Net Profit | ₹4.34 Cr | ▼ 15% | ₹11.1 Cr | ▼ 64% | ₹12.2 Cr |
| Exceptional Items | Loss ₹5.82 Cr | – | – | – | – |
| EPS | ₹0.22 | ▼ 62% | ₹0.58 | ▼ 65% | ₹0.63 |
Verdict
Moschip Technologies delivered healthy year-on-year revenue growth; however, profitability remained under pressure due to declining EBITDA margins and exceptional losses. The sharp quarter-on-quarter drop in net profit and EPS highlights short-term operational stress. With a high valuation multiple of 98.8x P/E, the stock is factoring in strong future growth expectations. Investors should closely track margin recovery, cost control measures, and execution performance in upcoming quarters before taking aggressive positions.
Bharat Dynamics– Q3 FY26 (Dec 2025) Earnings Highlights
CMP: ₹1,538 | Market Cap: ₹56,385 Cr | P/E: 97.2
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹567 Cr | ▼ 32% | ₹832 Cr | ▼ 51% | ₹1,147 Cr |
| EBITDA | ₹26 Cr | ▼ 80% | ₹127 Cr | ▼ 86% | ₹188 Cr |
| Net Profit | ₹72.9 Cr | ▼ 50% | ₹147 Cr | ▼ 66% | ₹216 Cr |
| EPS | ₹1.99 | ▼ 50% | ₹4.01 | ▼ 66% | ₹5.89 |
Verdict
Bharat Dynamics delivered a weak Q3 FY26 performance with sharp declines across revenue, EBITDA, net profit, and EPS on both YoY and QoQ basis. The results indicate a significant operational slowdown and pressure on execution and order inflows. While long-term defence sector prospects remain strong, the current valuation appears stretched with a P/E of 97.2, suggesting earnings recovery is required to support further upside.
Affle (India) Limited – Q3 FY26 Earnings Highlights
Price: ₹1,547 | Market Cap: ₹21,766 Cr | P/E: 49.7
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹717 Cr | ▲ 19% | ₹602 Cr | ▲ 11% | ₹647 Cr |
| EBITDA | ₹163 Cr | ▲ 24% | ₹131 Cr | ▲ 12% | ₹146 Cr |
| Net Profit | ₹119 Cr | ▲ 19% | ₹100 Cr | ▲ 7% | ₹111 Cr |
| EPS | ₹8.48 | ▲ 19% | ₹7.13 | ▲ 8% | ₹7.86 |
Verdict
Affle delivered strong double-digit growth across revenue and profitability on both YoY and QoQ basis. Higher EBITDA growth compared to sales highlights margin expansion and operating leverage benefits, while steady EPS growth reflects consistent earnings momentum. Overall, the performance indicates healthy business traction and improving operational efficiency going into the upcoming quarters. 📈
Clean Science – Q3 FY26 Earnings Highlights
CMP: ₹861 | Market Cap: ₹9,150 Cr | P/E: 33.7
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹185 Cr | ▼ 20% | ₹232 Cr | ▼ 13% | ₹213 Cr |
| EBITDA | ₹72.3 Cr | ▼ 29% | ₹102 Cr | ▼ 21% | ₹91.5 Cr |
| Net Profit | ₹51.9 Cr | ▼ 30% | ₹74.1 Cr | ▼ 20% | ₹64.6 Cr |
| EPS | ₹4.88 | ▼ 30% | ₹6.97 | ▼ 20% | ₹6.08 |
Verdict
Clean Science reported a weak Q3 FY26 performance, with double-digit declines in sales, EBITDA, and net profit on both YoY and QoQ basis. Margin pressure and softer demand trends impacted overall profitability. The stock may remain range-bound in the near term until earnings visibility and volume growth improve.
Meghmani Organics – Q3 FY26 (Dec 2025) Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹509 Cr | ▼ 11% | ₹569 Cr | ▼ 12% | ₹577 Cr |
| EBITDA | ₹37.7 Cr | ▼ 8% | ₹40.8 Cr | ▼ 28% | ₹52.1 Cr |
| Net Profit | Loss ₹3.53 Cr | ▲ 20% Improvement | Loss ₹4.39 Cr | ▼ Sharp Deterioration | Profit ₹11.6 Cr |
| EPS | ₹-0.14 | ▲ 18% Improvement | ₹-0.17 | ▼ Decline | ₹0.45 |
Verdict
Meghmani Organics reported a weak Q3 FY26 performance with double-digit YoY and QoQ decline in sales and continued margin pressure. Although net losses narrowed on a year-on-year basis, the company slipped back into losses sequentially due to a sharp drop in operating performance. The near-term outlook remains cautious, with recovery dependent on volume growth and improvement in margins over the coming quarters.
CDSL – Q3 FY26 Earnings Highlights
Price: ₹1,320 | Market Cap: ₹27,592 Cr | P/E: 57.9
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹304 Cr | ▲ 9% | ₹278 Cr | ▼ 5% | ₹319 Cr |
| EBITDA | ₹160 Cr | ▼ 1% | ₹161 Cr | ▼ 9% | ₹176 Cr |
| Net Profit | ₹133 Cr | ▲ 2% | ₹130 Cr | ▼ 5% | ₹140 Cr |
| EPS | ₹6.38 | ▲ 3% | ₹6.22 | ▼ 5% | ₹6.71 |
Verdict
CDSL reported modest year-on-year growth in sales, net profit, and EPS, reflecting steady business momentum. However, quarter-on-quarter pressure on revenue and margins impacted EBITDA and overall profitability. While performance remains stable, near-term growth appears muted due to the sequential slowdown.
Eco Recycling – Q3 FY26 (Dec 2025) Earnings Highlights
CMP: ₹442 | Market Cap: ₹853 Cr | P/E: 48.5x
| Metric | Q3 FY26 | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹5.91 Cr | ▼ 40% | ₹9.92 Cr | ▼ 59% | ₹14.4 Cr |
| EBITDA | ₹3.52 Cr | ▼ 47% | ₹6.62 Cr | ▼ 51% | ₹7.19 Cr |
| Net Profit | ₹2.05 Cr | ▼ 60% | ₹4.74 Cr | ▼ 63% | ₹5.60 Cr |
| EPS | ₹1.02 | ▼ 60% | ₹2.53 | ▼ 66% | ₹2.97 |
Verdict
Eco Recycling reported sharp year-on-year and quarter-on-quarter declines across all key financial parameters in Q3 FY26. The steep sequential drop in sales and profitability highlights operational slowdown and margin pressure. With the stock trading at a high valuation multiple of 48.5x P/E, near-term earnings recovery will be crucial to justify current levels. Caution is advised until business performance and earnings visibility improve.
Sun Pharmaceutical Industries Ltd – Q3 FY26 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Beat / Miss |
|---|---|---|---|---|---|
| Net Profit | ₹3,368.8 Cr | ▲ 16% | ₹2,903 Cr | ₹3,138 Cr | Beat |
| Revenue | ₹15,520.5 Cr | ▲ 13.5% | ₹13,675.4 Cr | ₹14,874.7 Cr | Beat |
| EBITDA | ₹4,948.4 Cr | ▲ 23.4% | ₹4,009 Cr | ₹4,285 Cr | Strong Beat |
| EBITDA Margin | 31.9% | ▲ From 29.3% | 29.3% | 28.8% | Beat |
| Exceptional Items | ₹489.4 Cr | — | — | — | Reported |
Verdict
Sun Pharma delivered a strong Q3 FY26 performance, beating street estimates across net profit, revenue, and EBITDA. Robust margin expansion and improved operational efficiency supported earnings growth. Despite the impact of exceptional items, the company demonstrated solid core business momentum, indicating sustained strength in profitability and execution going forward. 📈
IDFC First Bank – Q3 FY26 Earnings Highlights (Dec Quarter)
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Net Total Income | ₹7,617 Cr | ▲ 14.0% | ₹6,682 Cr | ▲ 8.8% | ₹7,004 Cr |
| Net Interest Income (NII) | ₹5,492 Cr | ▲ 12.0% | ₹4,902 Cr | ▲ 7.4% | ₹5,113 Cr |
| Operating Profit | ₹2,033 Cr | ▲ 15.6% | ₹1,759 Cr | ▲ 8.1% | ₹1,880 Cr |
| Provisions | ₹1,398 Cr | ▲ 4.5% | ₹1,338 Cr | ▼ 3.7% | ₹1,452 Cr |
| Net Profit | ₹503 Cr | ▲ 48.4% | ₹339 Cr | ▲ 42.9% | ₹352 Cr |
| EPS | ₹0.58 | ▲ 26.1% | ₹0.46 | ▲ 20.8% | ₹0.48 |
Asset Quality Update
| Parameter | Q3 FY26 | QoQ Comparison | Status |
|---|---|---|---|
| Gross NPA | 1.69% | Improved vs 1.86% | ✅ Positive |
| Net NPA | 0.53% | Marginally higher vs 0.52% | ⚖️ Stable |
Verdict
IDFC First Bank delivered a strong Q3 FY26 performance, supported by healthy growth in Net Interest Income and Operating Profit. Net Profit surged sharply on both a year-on-year and quarter-on-quarter basis, highlighting improving profitability momentum. Asset quality showed improvement in Gross NPA, while provisions declined sequentially, indicating better credit cost control. Overall, the results reflect strengthening fundamentals with stable asset quality and a positive near-term outlook.
Jindal Steel & Power Ltd – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate (CNBC-TV18) | Beat / Miss |
|---|---|---|---|---|---|
| Net Profit | ₹188.5 Cr | ▼ 80% | ₹951 Cr | ₹430 Cr | Miss |
| Revenue | ₹13,026 Cr | ▲ 10.9% | ₹11,750 Cr | ₹12,999 Cr | Beat |
| EBITDA | ₹1,632 Cr | ▼ 25.2% | ₹2,184 Cr | ₹1,669 Cr | Miss |
| EBITDA Margin | 12.5% | ▼ from 18.6% | 18.6% | 12.8% | Miss |
Verdict
Jindal Steel delivered better-than-expected revenue growth, but profitability remained under pressure. Sharp declines in net profit and EBITDA margins indicate margin compression and higher cost pressures. While topline momentum is positive, earnings performance fell short of market expectations, keeping near-term sentiment cautious.
NTPC – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Beat / Miss |
|---|---|---|---|---|---|
| Net Profit | ₹4,987 Cr | ▲ 5.8% | ₹4,711 Cr | ₹4,976.7 Cr | Beat |
| Revenue | ₹40,643 Cr | ▼ 1.8% | ₹41,368 Cr | ₹43,100.6 Cr | Miss |
| EBITDA | ₹11,991 Cr | ▲ 0.2% | ₹11,975 Cr | ₹12,630 Cr | Miss |
| EBITDA Margin | 29.5% | ▲ | 28.9% | 29% | Beat |
Verdict
NTPC delivered a stable Q3 performance with net profit beating street expectations and EBITDA margin showing healthy YoY expansion. However, revenue and EBITDA missed estimates, highlighting pressure on topline growth. Overall, margin improvement and profitability resilience remain key positives, while revenue recovery will be the main trigger to track in upcoming quarters.
Bajaj Auto – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Miss / Beat | Remarks |
|---|---|---|---|---|---|---|
| Revenue | ₹15,220 Cr | ▲ 18.8% | ₹12,807 Cr | ₹15,330 Cr | Miss | Slightly below street expectations |
| EBITDA | ₹3,161 Cr | ▲ 22.5% | ₹2,581 Cr | ₹3,149 Cr | Beat | Strong operating performance |
| EBITDA Margin | 20.8% | ▲ YoY | 20.2% | 20.5% | Beat | Better cost control and leverage |
| Net Profit | ₹2,502 Cr | ▲ 18.6% | ₹2,109 Cr | ₹2,562 Cr | Miss | Marginally below estimates |
| Labour Code Impact | ₹61.3 Cr | ▼ Impact | — | — | Neutral | One-time impact on profitability |
Verdict
Bajaj Auto delivered a strong operational performance in Q3 with robust YoY growth in revenue, EBITDA, and margins. While revenue and net profit slightly missed estimates, EBITDA and margin performance beat expectations, highlighting effective cost control and operating leverage. The one-time labour code impact remained manageable, keeping overall profitability momentum intact and reflecting healthy demand with resilient margins.
KEC International – Q3 FY26 Earnings Highlights
Price: ₹667 | Market Cap: ₹17,760 Cr | P/E: 24.4
| Metric | Q3 FY26 (Dec’25) | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales (Revenue) | ₹6,001 Cr | ▲ 12% | ₹5,349 Cr | ▼ 1.5% | ₹6,092 Cr |
| EBITDA | ₹430 Cr | ▲ 15% | ₹374 Cr | ➖ Flat | ₹430 Cr |
| Net Profit* | ₹127 Cr | ▲ 35% | ₹130 Cr | ▼ 21% | ₹161 Cr |
| EPS | ₹4.79 | ▼ 2% | ₹4.87 | ▼ 21% | ₹6.04 |
*Note: Exceptional items excluded from YoY growth calculations.
| Exceptional Items (Dec’25) | Impact |
|---|---|
| One-time Adjustments | -₹58.8 Cr |
Verdict
KEC International delivered healthy year-on-year growth across revenue and operating profit, reflecting strong execution and project momentum. However, quarter-on-quarter pressure on net profit and EPS highlights near-term margin stress and the impact of exceptional items. Overall fundamentals remain stable with long-term growth visibility, though short-term performance may remain range-bound until margin recovery improves.
Epigral – Q3 FY26 Earnings Highlights (Dec 2025)
CMP: ₹1,043 | Market Cap: ₹4,500 Cr | P/E: 13.3
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹597 Cr | ▼ 7% | ₹645 Cr | ▲ 2% | ₹587 Cr |
| EBITDA | ₹103 Cr | ▼ 44% | ₹183 Cr | ▼ 22% | ₹132 Cr |
| Net Profit | ₹39.2 Cr | ▼ 62% | ₹104 Cr | ▼ 24% | ₹51.5 Cr |
| EPS | ₹9.07 | ▼ 62% | ₹24.00 | ▼ 24% | ₹11.94 |
Verdict
Epigral reported a weak Q3 FY26 performance with sharp year-on-year declines across sales, EBITDA, net profit, and EPS, highlighting margin pressure and softer operational performance. On a sequential basis, quarter-on-quarter numbers also remained under pressure, reflecting continued challenges in earnings momentum. Investors may closely track margin recovery trends and demand improvement signals in upcoming quarters.
Brigade Enterprises Ltd – Q3 FY26 Earnings Highlights
Price: ₹752 | Market Cap: ₹18,392 Cr | P/E: 24.3
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,575 Cr | ▲ 8% | ₹1,464 Cr | ▲ 14% | ₹1,383 Cr |
| EBITDA | ₹411 Cr | ▼ 1% | ₹414 Cr | ▲ 25% | ₹328 Cr |
| Net Profit | ₹206 Cr | ▼ 16% | ₹236 Cr | ▲ 21% | ₹170 Cr |
| EPS | ₹7.63 | ▼ 21% | ₹9.67 | ▲ 15% | ₹6.65 |
Verdict
Brigade Enterprises delivered moderate year-on-year growth in revenue, while profitability remained under pressure with declines in EBITDA, net profit, and EPS on a YoY basis. However, the strong quarter-on-quarter rebound across sales, EBITDA, and profits reflects improving operational momentum and better cost efficiency in Q3 FY26. Overall, near-term recovery signals are encouraging, though sustained margin improvement will remain a key factor for long-term performance.
Exide Industries – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Miss / Beat |
|---|---|---|---|---|---|
| Revenue | ₹4,029 Cr | ▲ 4.7% | ₹3,848 Cr | — | NA |
| EBITDA | ₹469 Cr | ▲ 4.6% | ₹448.4 Cr | ₹466 Cr | Beat |
| EBITDA Margin | 11.60% | Flat | 11.60% | 10.90% | Beat |
| Net Profit | ₹257 Cr | ▲ 4.9% | ₹245 Cr | — | NA |
Verdict
Exide Industries delivered a steady Q3 performance with moderate YoY growth in revenue, EBITDA, and net profit. The company beat EBITDA and margin estimates, highlighting operational efficiency and pricing strength. Strong Auto OEM demand growth (25%+ YoY), market share gains, and stable margins around ~11.7% reflect healthy volume-led momentum and disciplined cost control, supporting a positive near-term outlook.
Nestlé India – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Beat / Miss |
|---|---|---|---|---|---|
| Net Profit | ₹1,018 Cr | ▲ 46.3% | ₹696 Cr | ₹745 Cr | Beat |
| Revenue | ₹5,667 Cr | ▲ 18.5% | ₹4,779.7 Cr | ₹5,260 Cr | Beat |
| EBITDA | ₹1,201 Cr | ▲ 9% | ₹1,102.6 Cr | ₹1,202 Cr | In-line |
| EBITDA Margin | 21.1% | ▼ YoY | 23.1% | 23% | Miss |
Verdict
Nestlé delivered a strong Q3 performance with sharp growth in net profit and revenue, comfortably beating street expectations. However, margin pressure remains a concern, with EBITDA margin declining both YoY and versus estimates. Overall, earnings reflect healthy demand momentum, but cost pressures continue to limit profitability expansion.
NALCO – Q3 Earnings Highlights (YoY + Estimates)
| Metric | Actual | YoY Change | YoY Base | Estimate | Beat / Miss |
|---|---|---|---|---|---|
| Revenue | ₹4,731 Cr | ▲ 1.5% | ₹4,662 Cr | ₹4,499 Cr | Beat |
| EBITDA | ₹2,182.3 Cr | ▼ 1.8% | ₹2,222.8 Cr | ₹2,149 Cr | Beat |
| EBITDA Margin | 46.1% | ▼ YoY | 47.7% | 47.8% | Miss |
| Net Profit | ₹1,595 Cr | ▲ 1.8% | ₹1,566 Cr | ₹1,555 Cr | Beat |
Verdict
NALCO posted a mixed Q3 performance. Revenue and net profit exceeded street estimates with modest YoY growth, reflecting stable demand and operational resilience. However, EBITDA and margins declined YoY, indicating margin pressure. Overall, earnings remain steady with mild profitability moderation, keeping the outlook neutral-to-positive.
JBM Auto – Q3 FY26 Earnings Highlights
Price: ₹564 | Market Cap: ₹13,339 Cr | P/E: 61.6
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,614 Cr | ▲ 16% | ₹1,396 Cr | ▲ 18% | ₹1,368 Cr |
| EBITDA | ₹173 Cr | ▲ 3% | ₹168 Cr | ▲ 15% | ₹150 Cr |
| Net Profit | ₹60.0 Cr | ▲ 6% | ₹56.4 Cr | ▲ 9% | ₹55.2 Cr |
| EPS | ₹2.33 | ▲ 4% | ₹2.23 | ▲ 4% | ₹2.23 |
Exceptional Items (Dec 2025): -₹9.64 Cr (Ignored for YoY comparison)
Verdict
JBM Auto delivered strong revenue growth on both YoY and QoQ basis, reflecting healthy demand momentum. While EBITDA growth remained modest on a yearly basis, sequential margin improvement supported better profitability. Net profit and EPS posted steady growth, indicating operational stability. Overall, the company reported a balanced performance with improving quarterly trends, though valuation remains on the higher side at the current P/E level.
