Hero MotoCorp – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Miss / Beat |
|---|---|---|---|---|---|
| Revenue | ₹12,328.3 Cr | ▲ 20.7% | ₹10,211 Cr | ₹12,199 Cr | Beat ▲ 1.1% |
| EBITDA | ₹1,809.9 Cr | ▲ 22.6% | ₹1,477 Cr | ₹1,793 Cr | Beat ▲ 0.9% |
| EBITDA Margin | 14.7% | ▲ Expansion | 14.5% | 14.7% | In-line 0% |
| Net Profit | ₹1,348.5 Cr | ▲ 12.1% | ₹1,203 Cr | ₹1,385 Cr | Miss ▼ 2.6% |
Verdict
Hero MotoCorp reported a strong operational performance in Q3 with healthy double-digit YoY growth in revenue and EBITDA, supported by stable margins and operating efficiency. Revenue and EBITDA exceeded street expectations, indicating sustained demand momentum. However, net profit missed estimates by ~2.6%, pointing to some pressure below the operating line. Overall, the quarter reflects solid growth with stable profitability.
Tata Motors PV – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Vs Estimate | Miss / Beat |
|---|---|---|---|---|---|---|
| Revenue | ₹15,268 Cr | ▲ 25.8% | ₹12,616 Cr | ₹16,107 Cr | ▼ 5.2% | Miss |
| EBITDA | ₹689 Cr | ▲ 7% | ₹644 Cr | ₹1,092 Cr | ▼ 36.9% | Miss |
| EBITDA Margin | 4.5% | ▼ 0.8% | 5.3% | 6.8% | ▼ ~33.8% | Miss |
Verdict
Tata Motors PV reported strong year-on-year revenue growth, reflecting healthy demand momentum. However, EBITDA and margin performance fell sharply below estimates, highlighting cost pressures and weaker operating leverage. The significant miss on profitability metrics could keep near-term market sentiment cautious despite robust top-line expansion.
Kaynes Technology – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Vs Estimate | Miss / Beat |
|---|---|---|---|---|---|---|
| Net Profit | ₹76.6 Cr | ▲ 15.36% | ₹66.5 Cr | ₹106 Cr | ▼ 27.7% | Miss |
| Revenue | ₹804 Cr | ▲ 21.6% | ₹661 Cr | ₹990 Cr | ▼ 18.8% | Miss |
| EBITDA | ₹119.3 Cr | ▲ 27.1% | ₹93.9 Cr | ₹157 Cr | ▼ 24.0% | Miss |
| EBITDA Margin | 14.8% | ▲ 0.6% | 14.2% | 15.8% | ▼ ~6.3% | Miss |
Verdict
Kaynes Technology posted healthy year-on-year growth across revenue, EBITDA, margins, and net profit, highlighting strong operational momentum. However, the company missed street estimates across all key parameters, which may lead to near-term pressure on stock sentiment despite the solid underlying YoY performance.
Physicswallah – Earnings Highlights (Dec 2025)
Price: ₹122 | M.Cap: ₹34,745 Cr
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,082 Cr | ▲ 34% | ₹810 Cr | ▲ 3% | ₹1,051 Cr |
| EBITDA | ₹236 Cr | ▲ 29% | ₹184 Cr | ▲ 30% | ₹181 Cr |
| Net Profit | ₹102 Cr | ▲ 28% | ₹76.7 Cr | ▲ 46% | ₹69.7 Cr |
| EPS | ₹0.35 | ▼ 98% | ₹15.11 | ▲ 6% | ₹0.33 |
| Exceptional Items | -₹23.6 Cr | Ignored for YoY comparison | — | — | — |
Verdict
Physicswallah delivered strong operational performance with healthy year-on-year growth across sales, EBITDA, and net profit, along with solid quarter-on-quarter momentum. Margin expansion and profitability improvement indicate improving business efficiency. However, EPS remains sharply lower on a YoY basis, likely due to equity dilution or structural changes, which investors should monitor despite strong core growth.
Krsnaa Diagnostics – Q3 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹159 Cr | ▼ 3% | ₹165 Cr | ▼ 13% | ₹183 Cr |
| EBITDA | ₹47.7 Cr | ▼ 0% | ₹47.9 Cr | ▼ 18% | ₹58.0 Cr |
| Net Profit | ₹16.5 Cr | ▼ 24% | ₹21.6 Cr | ▼ 29% | ₹23.2 Cr |
| EPS | ₹5.08 | ▼ 24% | ₹6.69 | ▼ 29% | ₹7.16 |
Verdict
Krsnaa Diagnostics reported a weak quarter with decline in revenue and sharp pressure on profitability. While EBITDA remained largely flat YoY, margins softened sequentially, leading to a significant drop in net profit and EPS both YoY and QoQ. Overall performance indicates margin pressure and muted growth, keeping near-term outlook cautious unless revenue momentum improves.
Mazagon Dock Shipbuilders Limited – Q3 FY26 Earnings Highlights
Price: ₹2,398 | Market Cap: ₹96,711 Cr | P/E: 40.2
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹3,601 Cr | ▲ 15% | ₹3,144 Cr | ▲ 23% | ₹2,929 Cr |
| EBITDA | ₹887 Cr | ▲ 9% | ₹817 Cr | ▲ 28% | ₹695 Cr |
| Net Profit | ₹880 Cr | ▲ 9% | ₹807 Cr | ▲ 17% | ₹749 Cr |
| EPS | ₹21.81 | ▲ 9% | ₹20.01 | ▲ 17% | ₹18.58 |
Verdict
Mazagon Dock delivered steady year-on-year growth across all key metrics, while quarter-on-quarter performance remained strong—especially in EBITDA and net profit, highlighting margin improvement and solid execution. Strong order book visibility and defence capex tailwinds continue to support the medium-term outlook, though valuations remain on the higher side.
Pitti Engineering – Earnings Highlights (Dec 2025)
Price: ₹900 | M.Cap: ₹3,397 Cr | PE: 26.7
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹477 Cr | ▲ 15% | ₹415 Cr | ▼ 0% | ₹478 Cr |
| EBITDA | ₹80.9 Cr | ▲ 21% | ₹67.0 Cr | ▲ 4% | ₹77.7 Cr |
| Net Profit | ₹28.2 Cr | ▼ 2% | ₹28.8 Cr | ▼ 30% | ₹40.1 Cr |
| EPS | ₹7.49 | ▼ 2% | ₹7.64 | ▼ 30% | ₹10.65 |
Verdict
Pitti Engineering delivered healthy revenue and EBITDA growth on a year-on-year basis, indicating stable demand and improved operating performance. However, profitability remained under pressure with a slight YoY decline and a sharp QoQ drop in net profit and EPS, suggesting margin pressure or higher costs during the quarter. Overall trend remains operationally positive but earnings momentum weakened sequentially.
BLS E-Services – Q3 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹281 Cr | ▲ 120% | ₹128 Cr | ▲ 4% | ₹270 Cr |
| EBITDA | ₹16.7 Cr | ▲ 6% | ₹15.8 Cr | ▼ 17% | ₹20.0 Cr |
| Net Profit | ₹15.2 Cr | ▼ 3% | ₹14.0 Cr | ▼ 17% | ₹18.3 Cr |
| EPS | ₹1.39 | ▼ 3% | ₹1.44 | ▼ 18% | ₹1.70 |
Verdict
BLS E-Services delivered strong revenue growth with a sharp YoY jump in sales, reflecting business expansion and higher transaction volumes. However, profitability remained under pressure with margins compressing on a sequential basis, leading to declines in EBITDA, net profit, and EPS QoQ. Overall, topline momentum remains strong but margin stability will be key for sustained re-rating.
JM Financial – Q3 FY26 Earnings Highlights (Dec 2025)
Price: ₹125 | M.Cap: ₹11,950 Cr | P/E: 9.5
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹999 Cr | ▼ 10% | ₹1,106 Cr | ▼ 3% | ₹1,031 Cr |
| EBITDA | ₹563 Cr | ▼ 7% | ₹607 Cr | ▼ 7% | ₹605 Cr |
| Net Profit | ₹318 Cr | ▲ 57% | ₹207 Cr | ▲ 21% | ₹262 Cr |
| EPS | ₹3.27 | ▲ 49% | ₹2.19 | ▲ 16% | ₹2.82 |
Verdict
JM Financial delivered a mixed Q3 FY26 performance. Revenue and EBITDA declined on both year-on-year and quarter-on-quarter basis, indicating pressure on the core operating performance. However, strong growth in net profit and EPS points towards improved margins, treasury gains, or better cost efficiency. Overall profitability remains healthy despite top-line softness.
Kolte Patil Developers – Q3 FY26 Earnings Highlights (Dec 2025)
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹265 Cr | ▼ 24% | ₹350 Cr | ▲ 91% | ₹139 Cr |
| EBITDA | ₹8.08 Cr | ▼ 68% | ₹25.6 Cr | ▲ Turnaround | ₹-37.2 Cr |
| Net Profit | ₹4.23 Cr | ▼ 82% | ₹26.3 Cr | ▲ Turnaround | ₹-11.1 Cr |
| EPS | ₹0.51 | ▼ 85% | ₹3.33 | ▲ Improved | ₹-1.18 |
Verdict
Kolte Patil Developers delivered a weak year-on-year performance in Q3 FY26, with sharp declines in sales, EBITDA, net profit, and EPS, highlighting continued pressure on margins and profitability. However, on a quarter-on-quarter basis, the company reported a strong operational recovery, moving from losses in Sep 2025 to positive EBITDA and net profit in Dec 2025. This turnaround indicates early signs of business stabilization. Sustained sales execution and further margin improvement will be key triggers to watch going forward.
Goodyear India – Q3 FY26 Earnings Highlights
Price: ₹793 | M.Cap: ₹1,830 Cr | P/E: 32.3
| Metric | Q3 FY26 | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹607 Cr | ▼ 4% | ₹632 Cr | ▲ ~2% | ₹596 Cr |
| EBITDA | ₹42.2 Cr | ▲ 77% | ₹23.8 Cr | ▲ ~57% | ₹26.8 Cr |
| Net Profit | ₹24.6 Cr | ▲ 160% | ₹9.48 Cr | ▲ ~88% | ₹13.1 Cr |
| EPS | ₹10.68 | ▲ 160% | ₹4.11 | ▲ ~88% | ₹5.67 |
Verdict
Goodyear India delivered a strong profitability-led Q3 FY26 despite a marginal year-on-year decline in sales. Sharp expansion in EBITDA and net profit on both YoY and QoQ basis highlights significant margin improvement and better operational efficiency. While top-line growth remains muted, the strong earnings momentum and improving profitability profile emerge as clear positives for investors.
Hitachi Energy India Ltd – Q3 FY26 Earnings Highlights
Price: ₹19,199 | M.Cap: ₹85,619 Cr | P/E: 97.1
| Metric | Q3 FY26 | YoY Change | YoY Base (Q3 FY25) | QoQ Change | QoQ Base (Q2 FY26) |
|---|---|---|---|---|---|
| Sales | ₹2,082 Cr | ▲ 29% | ₹1,620 Cr | ▲ 14% | ₹1,833 Cr |
| EBITDA | ₹345 Cr | ▲ 107% | ₹167 Cr | ▲ 15% | ₹299 Cr |
| Net Profit | ₹261 Cr | ▲ 120% | ₹137 Cr | ▼ 1% | ₹264 Cr |
| EPS | ₹58.65 | ▲ 81% | ₹32.41 | ▼ 1% | ₹59.31 |
Verdict
Hitachi Energy India delivered an outstanding year-on-year performance in Q3 FY26, driven by strong execution and operating leverage, reflected in sharp growth across sales, EBITDA, and net profit. Sequentially, operating momentum remains healthy, though a marginal dip in net profit and EPS suggests cost or timing-related pressures. With a rich valuation (high P/E), the stock appears to be pricing in strong future growth—making it attractive for long-term believers, while traders may watch for near-term consolidation.
Data Pattern – Q3 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹173 Cr | ▲ 48% | ₹117 Cr | ▼ 44% | ₹307 Cr |
| EBITDA | ₹80.6 Cr | ▲ 49% | ₹54.0 Cr | ▲ 18% | ₹68.5 Cr |
| Net Profit | ₹58.3 Cr | ▲ 36% | ₹44.7 Cr | ▲ 19% | ₹49.2 Cr |
| EPS | ₹10.41 | ▲ 30% | ₹7.98 | ▲ 18% | ₹8.79 |
Verdict
Data Pattern delivered strong year-on-year growth across revenue, EBITDA, and profitability, reflecting solid execution and margin strength. Despite a sharp sequential drop in sales due to a high base in the previous quarter, profitability improved QoQ, indicating better operational efficiency and stable demand outlook.
Bharti Hexacom – Q3 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹2,360 Cr | ▲ 5% | ₹2,251 Cr | ▲ 2% | ₹2,317 Cr |
| EBITDA | ₹1,254 Cr | ▲ 9% | ₹1,152 Cr | ▲ 4% | ₹1,208 Cr |
| Net Profit | ₹474 Cr | ▲ 82% | ₹261 Cr | ▲ 13% | ₹421 Cr |
| EPS | ₹9.47 | ▲ 81% | ₹5.22 | ▲ 12% | ₹8.42 |
Verdict
Bharti Hexacom delivered a steady Q3 FY26 with moderate revenue growth and strong profitability expansion. EBITDA growth remained healthy, while net profit and EPS posted sharp year-on-year improvement driven by margin expansion and operating leverage. Sequential performance stayed positive, reflecting stable telecom demand and improving earnings momentum. Overall outlook remains structurally strong with profitability-led growth.
Vidya Wires – Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹448 Cr | ▲ 29% | ₹346 Cr | ▲ 18% | ₹381 Cr |
| EBITDA | ₹23.6 Cr | ▲ 45% | ₹16.2 Cr | ▲ 51% | ₹15.6 Cr |
| Net Profit | ₹15.6 Cr | ▲ 48% | ₹10.5 Cr | ▲ 49% | ₹10.5 Cr |
| EPS | ₹0.73 | ▲ 11% | ₹0.66 | ▲ 12% | ₹0.65 |
Price: ₹48.9 | M.Cap: ₹1,039 Cr | P/E: 22.6
Verdict
Vidya Wires delivered a strong quarter with healthy YoY growth across all parameters and a sharp QoQ improvement, especially in EBITDA and net profit. Margin expansion and consistent earnings momentum indicate improving operational efficiency. Overall performance reflects steady business traction with a positive near-term outlook.
Kirloskar Brothers – Q3 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,116 Cr | ▼ 2% | ₹1,144 Cr | ▲ 9% | ₹1,028 Cr |
| EBITDA | ₹142 Cr | ▼ 15% | ₹166 Cr | ▲ 31% | ₹108 Cr |
| Net Profit | ₹125 Cr | ▲ 14% | ₹118 Cr | ▲ 73% | ₹72.2 Cr |
| EPS | ₹15.65 | ▲ 6% | ₹14.76 | ▲ 75% | ₹8.94 |
Note: Exceptional loss of ₹15.6 Cr in Dec 2025 vs ₹6.2 Cr in Dec 2024 (ignored for YoY comparison).
Verdict
Kirloskar Brothers delivered a mixed quarter with slight YoY decline in sales and EBITDA due to margin pressure. However, strong QoQ recovery in profitability and steady YoY growth in net profit and EPS indicate improving operational momentum. Margins and order execution will remain key monitorables for next quarters.
KNR Constructions – Q3 FY26 Earnings Highlights
Price: ₹149 | M.Cap: ₹4,184 Cr | P/E: 7.7
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹743 Cr | ▼ 12% | ₹848 Cr | ▲ 15% | ₹646 Cr |
| EBITDA | ₹167 Cr | ▼ 35% | ₹256 Cr | ▼ 13% | ₹193 Cr |
| Net Profit | ₹103 Cr | ▼ 59% | ₹248 Cr | ▼ 2% | ₹105 Cr |
| EPS | ₹3.66 | ▼ 59% | ₹8.84 | ▼ 2% | ₹3.72 |
Verdict
KNR Constructions reported a weak Q3 FY26 with sharp year-on-year pressure across revenue, EBITDA, and profitability, indicating margin stress and slower execution. While sales showed sequential recovery on a quarter-on-quarter basis, profitability remained subdued with EBITDA and net profit declining QoQ. Valuations look inexpensive on P/E, but earnings visibility and margin improvement will be key triggers for re-rating going ahead.
VA Tech Wabag – Earnings Highlights (Dec 2025)
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹961 Cr | ▲ 19% | ₹811 Cr | ▲ 15% | ₹834 Cr |
| EBIDT | ₹122 Cr | ▲ 24% | ₹97.7 Cr | ▲ 37% | ₹89.3 Cr |
| Net Profit | ₹91.3 Cr | ▲ 36% | ₹70.2 Cr | ▲ 8% | ₹84.8 Cr |
| EPS | ₹14.72 | ▲ 30% | ₹11.29 | ▲ 8% | ₹13.62 |
Verdict
VA Tech Wabag delivered strong performance with healthy YoY growth across sales, EBITDA, net profit, and EPS. Margins improved meaningfully, reflected in sharp EBITDA growth. QoQ numbers also remain positive, indicating steady execution, improving profitability, and sustained order-book momentum. Overall trend remains fundamentally strong with consistent earnings visibility.
HPL Electric – Q3 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹474 Cr | ▲ 21% | ₹392 Cr | ▲ 9% | ₹434 Cr |
| EBITDA | ₹71.7 Cr | ▲ 29% | ₹55.7 Cr | ▲ 9% | ₹65.9 Cr |
| Net Profit | ₹19.5 Cr | ▲ 8% | ₹18.1 Cr | ▼ 13% | ₹22.4 Cr |
| EPS | ₹3.02 | ▲ 7% | ₹2.81 | ▼ 13% | ₹3.46 |
| Exceptional Item | ₹-5.45 Cr | Dec 2025 — ignored for YoY comparison | |||
Verdict
HPL Electric delivered a strong operational quarter with healthy year-on-year growth in sales and EBITDA, reflecting improving demand and margin expansion. However, profit and EPS saw a quarter-on-quarter decline due to a higher base and exceptional impact. Overall, core business momentum remains positive with stable growth visibility ahead.
Life Insurance – Earnings Highlights (Dec 2025)
Price: ₹840 | M.Cap: ₹5,31,333 Cr | PE: 10.0
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹2,35,954 Cr | ▲ 16% | ₹2,03,751 Cr | ▼ 2% | ₹2,41,524 Cr |
| EBITDA | ₹12,366 Cr | ▲ 4% | ₹11,934 Cr | ▲ 30% | ₹9,492 Cr |
| Net Profit | ₹12,908 Cr | ▲ 17% | ₹11,009 Cr | ▲ 28% | ₹10,096 Cr |
| EPS | ₹20.44 | ▲ 17% | ₹17.40 | ▲ 28% | ₹15.97 |
Verdict
Life Insurance delivered steady growth with strong improvement in profitability. Net profit and EPS showed healthy double-digit YoY and sharp QoQ growth, indicating margin expansion and operational strength. Sales growth remains stable YoY, though slight QoQ moderation suggests normalization after the previous quarter. Overall, fundamentals remain strong with improving earnings momentum.
AAVAS Financiers – Earnings Highlights (Dec 2025)
AAVAS Financiers reported steady growth in the December 2025 quarter with improvement across all key metrics on both year-on-year and sequential basis, reflecting stable demand in the affordable housing finance segment and healthy asset quality.
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹674 Cr | ▲ 13% | ₹597 Cr | ▲ 1% | ₹667 Cr |
| EBITDA | ₹504 Cr | ▲ 11% | ₹455 Cr | ▲ 1% | ₹497 Cr |
| Net Profit | ₹170 Cr | ▲ 16% | ₹146 Cr | ▲ 4% | ₹164 Cr |
| EPS | ₹21.48 | ▲ 16% | ₹18.50 | ▲ 4% | ₹20.71 |
Verdict
AAVAS Financiers delivered a stable and consistent quarter with double-digit YoY growth in sales and profit. Sequential growth remains steady, indicating improving loan disbursement momentum and strong operating performance. Valuation at ~17 PE looks reasonable for long-term housing finance growth, with focus now on AUM expansion and asset quality trends.
Berger Paints – Q3 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹2,984 Cr | ▲ 0% | ₹2,975 Cr | ▲ 6% | ₹2,827 Cr |
| EBITDA | ₹471 Cr | ▼ 0% | ₹472 Cr | ▲ 34% | ₹352 Cr |
| Net Profit | ₹271 Cr | ▲ 5% | ₹296 Cr* | ▲ 32% | ₹206 Cr |
| EPS | ₹2.33 | ▼ 8% | ₹2.53 | ▲ 32% | ₹1.77 |
*Exceptional item of ₹-53.3 Cr in Dec 2025; ignored for YoY comparison.
Verdict
Berger Paints delivered a flat year-on-year performance with stable sales and EBITDA, while profitability remained mixed due to margin pressures. However, strong quarter-on-quarter recovery across EBITDA, net profit, and EPS indicates improving demand and operational momentum. Overall trend remains stable with gradual improvement visible on a sequential basis.
Rail Vikas Nigam – Dec 2025 Earnings Highlights
Price: ₹317 | M.Cap: ₹65,960 Cr | PE: 57.5
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹4,684 Cr | ▲ 3% | ₹4,567 Cr | ▼ 9% | ₹5,123 Cr |
| EBITDA | ₹221 Cr | ▼ 8% | ₹239 Cr | ▲ 2% | ₹217 Cr |
| Net Profit | ₹324 Cr | ▲ 4% | ₹312 Cr | ▲ 40% | ₹231 Cr |
| EPS | ₹1.55 | ▲ 4% | ₹1.49 | ▲ 41% | ₹1.10 |
Verdict
Rail Vikas Nigam delivered modest revenue growth on a YoY basis but saw a sequential decline in sales. EBITDA margins remained under pressure YoY, though QoQ improvement indicates operational stabilization. Net profit and EPS showed steady YoY growth and strong QoQ recovery, reflecting improved execution and cost control in the latest quarter. Overall, results are stable with profitability momentum improving sequentially.
Hindustan Copper – Q3 FY26 Earnings Highlights
| Metric | Q3 FY26 | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹687 Cr | ▲ 110% | ₹328 Cr | ▼ 4% | ₹718 Cr |
| EBITDA | ₹245 Cr | ▲ 127% | ₹108 Cr | ▼ 13% | ₹282 Cr |
| Net Profit | ₹156 Cr | ▲ 149% | ₹62.9 Cr | ▼ 16% | ₹186 Cr |
| EPS | ₹1.62 | ▲ 149% | ₹0.65 | ▼ 16% | ₹1.92 |
Verdict
Hindustan Copper delivered exceptional year-on-year growth across sales, EBITDA, net profit, and EPS, supported by a low base and strong operational performance. However, quarter-on-quarter softness in revenues and profitability highlights near-term margin and volume pressure. While the structural YoY trend remains strong, elevated valuations (P/E 88+) suggest possible consolidation in the short term before the next leg of growth.
Voltamp Transformers – Earnings Highlights (Dec 2025)
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹630 Cr | ▲ 30% | ₹484 Cr | ▲ 30% | ₹483 Cr |
| EBITDA | ₹108 Cr | ▲ 9% | ₹99.0 Cr | ▲ 15% | ₹93.6 Cr |
| Net Profit | ₹99.1 Cr | ▲ 35% | ₹73.4 Cr | ▲ 26% | ₹78.8 Cr |
| EPS | ₹97.93 | ▲ 35% | ₹72.55 | ▲ 26% | ₹77.94 |
Verdict
Voltamp Transformers delivered a strong quarter with robust growth across sales and profitability. Net profit and EPS showed sharp YoY and QoQ expansion, indicating margin improvement and healthy execution. Overall performance reflects strong demand momentum and operational efficiency.
VRL Logistics – Q3 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹827 Cr | ▲ 0% | ₹825 Cr | ▲ 4% | ₹797 Cr |
| EBITDA | ₹170 Cr | ▲ 2% | ₹166 Cr | ▲ 13% | ₹151 Cr |
| Net Profit | ₹64.8 Cr | ▲ 9% | ₹59.4 Cr | ▲ 30% | ₹49.9 Cr |
| EPS | ₹3.70 | ▲ 9% | ₹3.40 | ▲ 30% | ₹2.85 |
Verdict
VRL Logistics delivered a steady quarter with flat year-on-year revenue but improvement in profitability. EBITDA and net profit growth, along with strong QoQ recovery in margins and earnings, indicate operational efficiency and better cost control. Overall, results reflect stable business performance with improving profitability momentum.
Minda Corp – Q3 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,560 Cr | ▲ 25% | ₹1,253 Cr | ▲ 2% | ₹1,535 Cr |
| EBITDA | ₹184 Cr | ▲ 28% | ₹144 Cr | ▲ 3% | ₹178 Cr |
| Net Profit | ₹84.3 Cr | ▲ 36% | ₹64.8 Cr | ▼ 0% | ₹84.6 Cr |
| EPS | ₹3.58 | ▲ 32% | ₹2.71 | ▲ 1% | ₹3.54 |
| Exceptional Item | ₹-4.1 Cr | Ignored for YoY comparison | |||
Verdict
Minda Corp delivered a strong YoY performance with healthy growth across sales, EBITDA, and profit, reflecting solid demand and margin expansion. QoQ performance remained stable with marginal growth in revenue and EBITDA, while profit stayed flat. Overall trend remains positive with consistent operational strength and improving earnings trajectory.
Poly Medicure – Q3 FY26 Earnings Highlights (Dec 2025)
Price: ₹1,502 | M.Cap: ₹15,222 Cr | PE: 43.2
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹494 Cr | ▲ 16% | ₹424 Cr | ▲ 11% | ₹444 Cr |
| EBITDA | ₹111 Cr | ▼ 3% | ₹114 Cr | ▼ 3% | ₹115 Cr |
| Net Profit | ₹70.8 Cr | ▼ 11% | ₹85.2 Cr | ▼ 23% | ₹91.8 Cr |
| EPS | ₹7.00 | ▼ 17% | ₹8.41 | ▼ 23% | ₹9.06 |
Verdict
Poly Medicure reported healthy revenue growth on a year-on-year basis, supported by steady demand momentum. However, profitability remained under pressure, with EBITDA declining marginally and net profit witnessing a sharp fall both YoY and QoQ, reflecting margin compression and elevated costs. The decline in EPS highlights earnings softness despite topline expansion. Going ahead, margin recovery and cost control will be key triggers to watch in the coming quarters.
Power Finance Corporation – Q3 FY26 Earnings Highlights (Dec 2025)
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹29,095 Cr | ▲ 9% | ₹26,798 Cr | ▲ 1% | ₹28,890 Cr |
| EBITDA | ₹28,064 Cr | ▲ 6% | ₹26,369 Cr | ▲ 3% | ₹27,376 Cr |
| Net Profit | ₹8,212 Cr | ▲ 8% | ₹7,760 Cr | ▲ 5% | ₹7,834 Cr |
| EPS | ₹19.07 | ▲ 8% | ₹17.66 | ▲ 10% | ₹17.40 |
Verdict
Power Finance Corporation delivered a steady Q3 FY26 performance with consistent growth across key metrics. Sales and EBITDA recorded stable year-on-year improvement, while net profit and EPS posted healthy gains on both YoY and QoQ basis. Strong profitability and an attractive valuation (low PE) continue to support a positive long-term outlook for the stock.
Suzlon Energy – Q3 FY26 Earnings Highlights (Dec 2025)
Price: ₹47.8 | Market Cap: ₹65,076 Cr | P/E: 20.1
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹4,236 Cr | ▲ 42% | ₹2,975 Cr | ▲ ~9% | ₹3,871 Cr |
| EBITDA | ₹738 Cr | ▲ 48% | ₹500 Cr | ▲ ~2% | ₹721 Cr |
| Net Profit | ₹445 Cr | ▲ 15% | ₹388 Cr | ▼ ~65% | ₹1,279 Cr |
| EPS | ₹0.33 | ▲ 14% | ₹0.29 | ▼ ~65% | ₹0.94 |
Verdict
Suzlon Energy delivered strong year-on-year growth across sales and EBITDA, highlighting solid operational momentum and improved execution. However, quarter-on-quarter profitability witnessed a sharp decline, largely due to a high base or one-off gains in the previous quarter. Overall, the operational trend remains positive, but consistency in quarterly earnings will be a key monitor from an investor’s perspective.
