Pidilite Industries – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Street Estimate | Miss / Beat |
|---|---|---|---|---|---|
| Revenue | ₹3,709.9 Cr | ▲ 10.1% | ₹3,369 Cr | ₹3,705 Cr | Beat |
| EBITDA | ₹894.4 Cr | ▲ 12% | ₹798 Cr | ₹890 Cr | Beat |
| Net Profit | ₹623.8 Cr | ▲ 11.9% | ₹557 Cr | ₹608 Cr | Beat |
| EBITDA Margin | 24.1% | ▲ 40 bps | 23.7% | 24% | Above Estimate |
Verdict
Pidilite delivered a strong Q3 performance, beating street estimates across revenue, EBITDA, and net profit. Double-digit YoY growth along with margin expansion highlights improved operating efficiency and stable demand momentum. Overall, the results reflect healthy profitability and consistent execution going into the next quarter.
Bajaj Finance – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Miss / Beat | Remarks |
|---|---|---|---|---|---|---|
| Net Profit | ₹4,066 Cr | ▼ 5.6% | ₹4,308 Cr | ₹5,201 Cr | Miss | Lower profitability due to higher provisioning |
| Net Interest Income (NII) | ₹11,318 Cr | ▲ 20.6% | ₹9,383 Cr | ₹11,280 Cr | Beat | Healthy lending momentum and yield improvement |
| Accelerated ECL Provisioning | ₹1,406 Cr | – | – | – | NA | Added as precautionary buffer 🛡️ |
| FY26 AUM Growth Guidance | ~20–21% | ▼ Cut | 22–23% (Earlier) | – | Negative | MSME slowdown + captive book runoff impacting growth |
Verdict
Bajaj Finance delivered strong NII growth, reflecting healthy lending momentum and yield improvement. However, profit missed street estimates due to higher provisioning and conservative risk management. The cut in FY26 AUM growth guidance signals near-term moderation, especially from MSME stress and portfolio churn. Overall, fundamentals remain strong, but growth expectations are now tempered, keeping sentiment cautious in the short term.
Aarti Drugs – Q3 FY26 Earnings Highlights (Dec 2025)
Stock Price: ₹391 | Market Cap: ₹3,566 Cr | P/E: 19.2
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹529 Cr | ▲ 3% | ₹515 Cr | ▼ 9% | ₹579 Cr |
| EBITDA | ₹42.3 Cr | ▼ 30% | ₹60.2 Cr | ▼ 44% | ₹75.2 Cr |
| Net Profit | ₹33.8 Cr | ▼ 12% | ₹38.5 Cr | ▼ 19% | ₹41.8 Cr |
| EPS | ₹3.71 | ▼ 12% | ₹4.22 | ▼ 19% | ₹4.58 |
Verdict
Aarti Drugs delivered marginal year-on-year revenue growth in Q3 FY26, but profitability remained under pressure. EBITDA witnessed a sharp decline on both YoY and QoQ basis, which impacted net profit and EPS performance. The quarter-on-quarter slowdown in sales and earnings highlights near-term operational challenges. Going forward, margin recovery and stabilization in operating performance will be key triggers to watch.
V2 Retail – Q3 FY26 Earnings Highlights
CMP: ₹2,120 | Market Cap: ₹7,797 Cr | P/E: 60.0
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Revenue (Sales) | ₹929 Cr | ▲ 57% | ₹591 Cr | ▲ 31% | ₹709 Cr |
| EBITDA | ₹174 Cr | ▲ 56% | ₹111 Cr | ▲ 104% | ₹85.4 Cr |
| Net Profit | ₹102 Cr | ▲ 59% | ₹51.2 Cr | ▲ 493% | ₹17.2 Cr |
| EPS | ₹27.99 | ▲ 89% | ₹14.80 | ▲ 462% | ₹4.98 |
| Exceptional Items (Dec 2025) | ₹27.7 Cr (Excluded from YoY growth calculations) | ||||
Verdict
V2 Retail delivered a stellar Q3 FY26 performance with strong year-on-year growth across all key metrics and an even sharper quarter-on-quarter turnaround, especially in profitability. Robust revenue traction, operating leverage, and margin expansion drove a massive jump in EBITDA and net profit, indicating strong festive season demand and improved cost efficiency. Overall, the quarter reflects accelerating growth momentum and strengthening business fundamentals.
JK Lakshmi Cement – Q3 FY26 Earnings Highlights (Dec 2025)
Price: ₹762 | Market Cap: ₹9,470 Cr | P/E: 19.8
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Revenue | ₹1,588 Cr | ▲ 6% | ₹1,497 Cr | ▲ 4% | ₹1,532 Cr |
| EBITDA | ₹205 Cr | ▲ 3% | ₹199 Cr | ▼ 1% | ₹208 Cr |
| Net Profit | ₹57.0 Cr | ▼ 5% | ₹74.7 Cr* | ▼ 29% | ₹80.6 Cr |
| EPS | ₹4.58 | ▼ 28% | ₹6.37 | ▼ 30% | ₹6.52 |
*Exceptional Item (Dec 2025): -₹19.1 Cr (Ignored for YoY calculation)
Verdict
JK Lakshmi Cement delivered steady topline growth with 6% YoY revenue expansion, supported by stable demand. However, profitability remained under pressure due to margin compression and exceptional losses, resulting in a sharp QoQ decline in net profit and EPS. Near-term performance will depend on cost control, volume growth, and margin recovery. Overall outlook remains cautiously neutral with a focus on operational efficiency.
Godrej Agrovet – Q3 FY26 (Dec 2025) Earnings Highlights
Price: ₹548 | Market Cap: ₹10,551 Cr | P/E: 22.9
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹2,718 Cr | ▲ 11% | ₹2,450 Cr | ▲ 6% | ₹2,567 Cr |
| EBITDA | ₹242 Cr | ▲ 10% | ₹220 Cr | ▲ 14% | ₹213 Cr |
| Net Profit | ₹110 Cr | ▲ 23%* | Adjusted | ▲ 31% | ₹84.3 Cr |
| EPS | ₹5.97 | ▲ 3% | ₹5.80 | ▲ 24% | ₹4.81 |
Exceptional Items (Dec 2025): -₹30.4 Cr
*Exceptional items ignored for YoY growth calculation as provided.
Verdict
Godrej Agrovet delivered steady Q3 FY26 performance with double-digit year-on-year revenue growth and strong sequential recovery in profitability. EBITDA expansion reflects improving operating efficiency, while the sharp quarter-on-quarter rise in net profit indicates margin normalization after the previous quarter. Despite exceptional losses, the core business remains operationally stable with improving momentum heading into the next quarter.
The Anup Engineering – Q3 FY26 Earnings Highlights
Price: ₹2,072 | Market Cap: ₹4,139 Cr | P/E: 35.5
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹207 Cr | ▲ 20% | ₹172 Cr | ▼ 11% | ₹232 Cr |
| EBITDA | ₹44.1 Cr | ▲ 13% | ₹39.0 Cr | ▼ 14% | ₹51.5 Cr |
| Net Profit | ₹25.5 Cr | ▼ 12% | ₹30.2 Cr | ▼ 20% | ₹32.0 Cr |
| EPS | ₹12.74 | ▼ 16% | ₹15.09 | ▼ 20% | ₹16.00 |
| Exceptional Items (Q3 FY26) | ₹(-1.45) Cr | Exceptional items excluded from YoY comparison | |||
Verdict
The Anup Engineering delivered strong year-on-year revenue growth, indicating healthy order execution and sustained demand momentum. However, sequential performance weakened, with declines in EBITDA, net profit, and EPS, reflecting margin compression and cost pressures during Q3 FY26. While topline strength remains supportive for long-term growth, near-term profitability moderation remains a key factor to monitor for investors and traders.
Mankind Pharma – Q3 FY26 Earnings Highlights
Price: ₹2,163 | M.Cap: ₹89,131 Cr | P/E: 48.0
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹3,567 Cr | ▲ 12% | ₹3,199 Cr | ▼ 4% | ₹3,697 Cr |
| EBITDA | ₹919 Cr | ▲ 13% | ₹816 Cr | ▼ 0.2% | ₹921 Cr |
| Net Profit | ₹414 Cr | ▲ 29% | ₹385 Cr | ▼ 20% | ₹520 Cr |
| EPS | ₹9.90 | ▲ 7% | ₹9.22 | ▼ 20% | ₹12.39 |
Exceptional Items (Ignored for YoY % Calculation)
- Dec 2025: -₹107 Cr
- Dec 2024: ₹6.65 Cr
Verdict
Mankind Pharma delivered healthy year-on-year growth across revenue, EBITDA, and profit, reflecting steady operational performance and margin stability. However, the quarter-on-quarter decline in profit and EPS indicates short-term pressure, likely due to higher costs or one-off impacts. Overall, the company maintains a strong growth trajectory on a YoY basis, but near-term performance needs monitoring for margin recovery and profit normalization.
Rubicon Research – Q3 FY26 Earnings Highlights (Dec 2025)
CMP: ₹722 | Market Cap: ₹11,907 Cr | P/E: 70.7
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹476 Cr | ▲ 52% | ₹313 Cr | ▲ 16% | ₹412 Cr |
| EBITDA | ₹108 Cr | ▲ 55% | ₹69.9 Cr | ▲ 15% | ₹94.3 Cr |
| Net Profit | ₹72.8 Cr | ▲ 91% | ₹38.1 Cr | ▲ 35% | ₹53.8 Cr |
| EPS | ₹4.42 | ▲ 77% | ₹2.50 | ▲ 27% | ₹3.49 |
Verdict
Rubicon Research delivered a strong growth quarter with sharp year-on-year expansion across sales, EBITDA, net profit, and EPS, supported by robust revenue momentum and operating leverage. The healthy quarter-on-quarter improvement in profitability highlights margin expansion and sustained demand strength. Overall performance reflects strong earnings visibility with a positive near-term outlook.
Solar Industries India Ltd – Q3 FY26 (Dec 2025) Earnings Highlights
CMP: ₹13,793 | Market Cap: ₹1,24,829 Cr | P/E: 86.0
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹2,548 Cr | ▲ 29% | ₹1,973 Cr | ▲ 22% | ₹2,082 Cr |
| EBITDA | ₹708 Cr | ▲ 34% | ₹527 Cr | ▲ 28% | ₹552 Cr |
| Net Profit | ₹467 Cr | ▲ 42% | ₹338 Cr | ▲ 29% | ₹361 Cr |
| EPS | ₹49.31 | ▲ 42% | ₹34.80 | ▲ 29% | ₹38.12 |
Verdict
Solar Industries delivered strong double-digit growth across all key metrics in Q3 FY26. Robust YoY and QoQ performance reflects healthy demand momentum, improved operational efficiency, and margin expansion. However, with a premium valuation multiple (P/E 86x), further upside will depend on sustained earnings growth and strong order execution. Overall outlook remains positive, but valuation risk remains a key factor to monitor.
Aditya Birla Capital – Q3 FY26 Earnings Highlights
CMP: ₹345 | Market Cap: ₹90,412 Cr | P/E: 25.5
| Metric | Q3 FY26 | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales (Revenue) | ₹11,952 Cr | ▲ 27% | ₹9,381 Cr | ▲ 13% | ₹10,595 Cr |
| EBITDA | ₹4,307 Cr | ▲ 23% | ₹3,505 Cr | ▲ 8% | ₹4,001 Cr |
| Net Profit | ₹966 Cr | ▲ 40% | ₹724 Cr | ▲ 10% | ₹882 Cr |
| EPS | ₹3.61 | ▲ 33% | ₹2.72 | ▲ 10% | ₹3.27 |
| Exceptional Items (Dec 2025) | -₹67.6 Cr | Excluded from YoY growth calculations | |||
Verdict
Aditya Birla Capital delivered a strong Q3 FY26 performance with robust double-digit YoY and QoQ growth across revenue, EBITDA, net profit, and EPS. The sharp 40% YoY rise in net profit reflects improving operational efficiency and strong business momentum. Despite exceptional losses in the quarter, core earnings remain resilient, indicating healthy earnings traction and a stable financial growth outlook.
Adani Enterprises – Q3 FY26 Earnings Highlights
Price: ₹2,203 | M.Cap: ₹2.54 Lakh Cr | PE: 69.0
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹24,820 Cr | ▲ 9% | ₹22,848 Cr | ▲ 17% | ₹21,249 Cr |
| EBITDA | ₹3,642 Cr | ▲ 19% | ₹3,070 Cr | ▲ 10% | ₹3,307 Cr |
| Net Profit | ₹5,727 Cr | ▲ 2044% | ₹229 Cr | ▲ 68% | ₹3,414 Cr |
| EPS | ₹43.53 | ▲ 9573% | ₹0.45 | ▲ 76% | ₹24.74 |
| Exceptional Items | Amount |
|---|---|
| Dec 2025 | ₹5,632 Cr |
| Dec 2024 | ▼ ₹3.66 Cr |
Note: Exceptional items are excluded from YoY growth calculations.
Verdict
Adani Enterprises delivered strong topline and EBITDA growth with exceptional profit expansion, supported by operational improvement and one-time gains. Quarter-on-quarter momentum remains healthy, while the sharp year-on-year jump in profit and EPS reflects a low base effect last year. Overall, results indicate improving business performance with strong earnings visibility, though investors should track sustainability beyond exceptional income.
NMDC Limited – Q3 FY26 Earnings Highlights (Dec 2025)
Price: ₹81.6 | Market Cap: ₹71,644 Cr | P/E: 10.4
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹7,611 Cr | ▲ 16% | ₹6,568 Cr | ▲ 19% | ₹6,378 Cr |
| EBITDA | ₹2,144 Cr | ▼ 10% | ₹2,372 Cr | ▲ 8% | ₹1,993 Cr |
| Net Profit | ₹1,757 Cr | ▼ 7% | ₹1,880 Cr | ▲ 3% | ₹1,698 Cr |
| EPS | ₹2.00 | ▼ 7% | ₹2.14 | ▲ 4% | ₹1.93 |
Verdict
NMDC delivered strong revenue growth on both YoY and QoQ basis, highlighting healthy volume and offtake momentum. However, profitability remained under pressure on a YoY basis with lower EBITDA, net profit, and EPS, indicating margin compression. Sequential improvement in EBITDA, profit, and EPS reflects gradual operational recovery, but sustained margin expansion will be crucial for re-rating going forward.
PCBL Chemical – Q3 FY26 (Dec 2025) Earnings Highlights
CMP: ₹300 | Market Cap: ₹11,787 Cr | P/E: 45.3
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,846 Cr | ▼ 8% | ₹2,010 Cr | ▼ 15% | ₹2,164 Cr |
| EBITDA | ₹215 Cr | ▼ 32% | ₹317 Cr | ▼ 19% | ₹266 Cr |
| Net Profit | ₹2.02 Cr | ▼ 95% | ₹93.1 Cr | ▼ 97% | ₹61.7 Cr |
| EPS | ₹0.05 | ▼ 98% | ₹2.47 | ▼ 97% | ₹1.63 |
Exceptional Items
| Period | Exceptional Item |
|---|---|
| Dec 2025 | -₹20.8 Cr |
| Dec 2024 | -₹0.52 Cr |
Note: Exceptional items are excluded from YoY comparison.
Verdict
PCBL Chemical delivered a weak Q3 FY26 performance with sharp declines across profitability metrics. While revenue saw a moderate contraction, EBITDA and net profit were hit hard, highlighting margin pressure and operational challenges. The steep fall in EPS reflects subdued earnings momentum. Near-term outlook remains cautious, and recovery in margins will be the key trigger for any potential re-rating.
Adani Ports – Q3 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Revenue | ₹9,705 Cr | ▲ 22% | ₹7,964 Cr | ▲ 6% | ₹9,167 Cr |
| EBITDA | ₹5,786 Cr | ▲ 20% | ₹4,802 Cr | ▲ 8% | ₹5,340 Cr |
| Net Profit | ₹3,043 Cr | ▲ 25% | ₹2,518 Cr | ▼ 2% | ₹3,120 Cr |
| EPS | ₹13.25 | ▲ 14% | ₹11.67 | ▼ 8% | ₹14.39 |
Note
Exceptional items (Dec’25: -₹146 Cr, Dec’24: -₹27.8 Cr) have been excluded from YoY comparison, as mentioned by the company.
Verdict
Adani Ports delivered a solid YoY performance with strong growth in revenue, EBITDA, and net profit, highlighting sustained cargo momentum and operational strength. However, QoQ profit softness indicates short-term margin normalization. Overall, the long-term growth trend remains positive, supported by expanding port capacity, logistics integration, and steady trade demand.
AWL Agri Business – Q3 FY26 Earnings Highlights (Dec 2025)
Price: ₹215 | M.Cap: ₹27,978 Cr | P/E: 29.2
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹18,603 Cr | ▲ 10% | ₹16,839 Cr | ▲ ~6% | ₹17,605 Cr |
| EBITDA | ₹553 Cr | ▼ 30% | ₹792 Cr | ▼ ~20% | ₹688 Cr |
| Net Profit | ₹269 Cr | ▼ 30% | ₹411 Cr | ▲ ~10% | ₹245 Cr |
| EPS | ₹2.07 | ▼ 34% | ₹3.16 | ▲ ~10% | ₹1.88 |
Verdict
AWL Agri Business delivered healthy top-line growth on both YoY and QoQ basis, reflecting steady volume momentum and demand traction. However, profitability remains under pressure with a sharp YoY decline in EBITDA and net profit due to margin compression. Sequential improvement in profit and EPS indicates early signs of recovery, but sustained margin expansion will be crucial for earnings re-rating going forward.
