PI Industries – Q3 Earnings Highlights (YoY vs Estimate)
| Metric | Actual | YoY Change | YoY Base | Estimate | Miss/Beat |
|---|---|---|---|---|---|
| Net Profit | ₹311 Cr | ▼ 16.6% | ₹373 Cr | ₹309 Cr | ▲ Beat |
| Revenue | ₹1,376 Cr | ▼ 27.6% | ₹1,901 Cr | ₹1,623 Cr | ▼ Miss |
| EBITDA | ₹302 Cr | ▼ 41% | ₹512 Cr | ₹414 Cr | ▼ Miss |
| EBITDA Margin | 22% | ▼ | 26.9% | 25.5% | ▼ Miss |
Verdict
Operational performance remained weak with sharp YoY decline in revenue and EBITDA. Profit marginally beat estimates, but core earnings and margins came significantly below expectations, indicating pressure on demand and profitability during the quarter. Overall results are operationally negative, and stock sentiment may remain cautious unless growth visibility improves in upcoming quarters.
Biocon – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Miss / Beat |
|---|---|---|---|---|---|
| Net Profit | ₹143.8 Cr | ▲ vs ₹25.1 Cr | ₹25.1 Cr | ₹167.5 Cr | ▼ Miss |
| Revenue | ₹4,173 Cr | ▲ 9.2% | ₹3,821 Cr | ₹4,556.2 Cr | ▼ Miss |
| EBITDA | ₹833.6 Cr | ▲ 11% | ₹751 Cr | ₹923.7 Cr | ▼ Miss |
| EBITDA Margin | 20% | ▲ vs 19.7% | 19.7% | 20.3% | Slight Miss |
| Exceptional Item | ₹293.4 Cr Loss | ▼ Impact | – | – | Negative |
Verdict
Biocon delivered healthy year-on-year growth across revenue, EBITDA, and margins, with a sharp improvement in net profit base. However, performance came below street estimates on all key parameters, and the one-time exceptional loss of ₹293.4 Cr weighed on profitability. Overall, operational momentum remains stable, but earnings disappointment vs expectations may keep near-term sentiment cautious.
Coal India – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Miss/Beat |
|---|---|---|---|---|---|
| Sales (Revenue) | ₹34,924 Cr | ▼ 5.2% | ₹36,858 Cr | ₹33,288 Cr | Beat |
| EBITDA | ₹9,331 Cr | ▼ 24.2% | ₹12,317 Cr | ₹9,997 Cr | Miss |
| EBITDA Margin | 26.7% | ▼ YoY | 33.4% | 30% | Miss |
| Net Profit | ₹7,166 Cr | ▼ 15.6% | ₹8,491 Cr | ₹6,825 Cr | Beat |
Verdict
Coal India delivered a mixed Q3 performance. While revenue and net profit came in better than street estimates, operational performance remained weak with sharp YoY decline in EBITDA and margins. Cost pressures and lower realizations impacted profitability, indicating near-term margin stress despite demand stability. Overall sentiment remains neutral to cautious with earnings quality slightly below expectations on the operating front.
Bharat Forge – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Miss / Beat |
|---|---|---|---|---|---|
| Net Profit | ₹272.8 Cr | ▲ 28% | ₹213 Cr | ₹338 Cr | ▼ Miss |
| Revenue | ₹4,343 Cr | ▲ 25% | ₹3,476 Cr | ₹4,045 Cr | ▲ Beat |
| EBITDA | ₹750.3 Cr | ▲ 20.3% | ₹624 Cr | ₹714 Cr | ▲ Beat |
| EBITDA Margin | 17.3% | ▼ | 18% | 17.7% | ▼ Miss |
Verdict
Bharat Forge delivered strong year-on-year growth in revenue, EBITDA, and net profit, indicating solid operational momentum. However, profitability came below street expectations with a miss in net profit and slight margin contraction both YoY and versus estimates. Revenue and EBITDA beat estimates, suggesting demand strength, but margin pressure remains a key monitorable going ahead.
Hindustan Aeronautics (HAL) – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Miss/Beat |
|---|---|---|---|---|---|
| Net Profit | ₹1,867 Cr | ▲ 30.3% | ₹1,433 Cr | ₹1,758 Cr | Beat |
| Revenue | ₹7,699 Cr | ▲ 10.7% | ₹6,957 Cr | ₹7,589 Cr | Beat |
| EBITDA | ₹1,871 Cr | ▲ 11.2% | ₹1,683 Cr | ₹1,861 Cr | Beat |
| EBITDA Margin | 24.3% | ▲ vs 24.2% | 24.2% | 24.5% | Miss |
Verdict
Hindustan Aeronautics Limited delivered a strong Q3 performance with profit, revenue and EBITDA all beating street estimates, supported by steady execution and defence order visibility. Margins remained stable year-on-year, though slightly below expectations. Overall, results indicate continued earnings momentum and operational strength backed by a robust defence pipeline.
Tuticorin Alkali – Dec 2025 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹98.2 Cr | ▲ 20% | ₹81.9 Cr | ▲ 23% | ₹80.0 Cr |
| EBITDA | ₹14.6 Cr | ▼ 26% | ₹19.7 Cr | ▼ 10% | ₹16.2 Cr |
| Net Profit | ₹9.15 Cr | ▲ 87% | ₹4.89 Cr | ▼ 4% | ₹9.56 Cr |
| EPS | ₹0.75 | ▲ 88% | ₹0.40 | ▼ 4% | ₹0.78 |
Verdict
Tuticorin Alkali delivered strong year-on-year growth in net profit and EPS, supported by improved realizations and operational efficiency. However, EBITDA declined both YoY and QoQ, indicating margin pressure. Sequentially, profit remained largely stable despite softer operating performance. Overall, the company shows earnings improvement on an annual basis, but near-term margins remain a key monitorable.
Shaily Engineering – Q3 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹236 Cr | ▲ 27% | ₹186 Cr | ➝ 0% | ₹236 Cr |
| EBITDA | ₹63.6 Cr | ▲ 67% | ₹38.0 Cr | ▼ 6% | ₹67.7 Cr |
| Net Profit | ₹35.6 Cr | ▲ 96% | ₹18.1 Cr | ▼ 13% | ₹41.0 Cr |
| EPS | ₹7.76 | ▲ 96% | ₹3.95 | ▼ 13% | ₹8.93 |
Verdict
Shaily Engineering delivered strong year-on-year growth across sales, EBITDA, and profitability, indicating solid business momentum and margin expansion. However, quarter-on-quarter performance was slightly soft with flat revenue and moderation in profit and EPS, suggesting near-term consolidation after a strong previous quarter. Overall trend remains positive with earnings growth intact.
Hindustan Construction – Earnings Highlights (Dec 2025 Quarter)
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹925 Cr | ▼ 8% | ₹1,007 Cr | ▼ 4% | ₹961 Cr |
| EBITDA | ₹67.2 Cr | ▲ 181% | -₹82.7 Cr | ▼ 54% | ₹146 Cr |
| Net Profit | ₹8.07 Cr | ▲ 91% | -₹38.9 Cr | ▼ 83% | ₹47.8 Cr |
| EPS | ₹0.03 | ▲ 120% | -₹0.15 | ▼ 83% | ₹0.18 |
Note: Exceptional items ignored for YoY comparison (Dec 2025: ₹37.8 Cr vs Dec 2024: ₹530 Cr).
Verdict
Hindustan Construction reported a turnaround on a year-on-year basis with EBITDA and net profit moving into positive territory from losses last year. However, quarter-on-quarter performance weakened significantly, with sharp declines in profitability and margins despite only a modest drop in revenue. The results indicate improving structural stability but near-term execution and margin pressure remain key concerns.
Puravankara – Earnings Highlights (Dec 2025)
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,069 Cr | ▲ 236% | ₹318 Cr | ▲ 66% | ₹644 Cr |
| EBIDTA | ₹219 Cr | ▲ 1267% | ₹16 Cr | ▲ 111% | ₹104 Cr |
| Net Profit | ₹58.3 Cr | ▲ 164% | ▼ ₹92.6 Cr (loss) | Turnaround | ▼ ₹43.0 Cr (loss) |
| EPS | ₹2.53 | ▲ 165% | ▼ ₹3.90 | Strong recovery | ▼ ₹1.76 |
Note: Exceptional items (Dec 2024: ₹0.75 Cr) ignored for YoY comparison.
Verdict
Puravankara delivered a sharp operational turnaround in Dec 2025 with sales more than tripling YoY and EBITDA expanding significantly, reflecting strong project execution and improved realizations. The company moved from losses to profitability both YoY and QoQ, signaling balance sheet stabilization and demand traction in the real estate cycle. Momentum remains positive if sales velocity and margin expansion sustain in coming quarters.
Simplex Infra – Earnings Highlights (Dec 2025 Quarter)
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹248 Cr | ▲ 8% | ₹230 Cr | ➝ 0% | ₹248 Cr |
| EBITDA | ₹10.1 Cr | ▲ 171% | ₹3.71 Cr | ▼ 37% | ₹16.0 Cr |
| Net Profit | ₹8.09 Cr | ▲ 170% | Loss ₹-11.1 Cr | ▼ 6% | ₹8.62 Cr |
| EPS | ₹1.00 | ▲ 151% | ₹-1.96 | ▼ 7% | ₹1.08 |
Verdict
Simplex Infra delivered a sharp year-on-year turnaround with strong improvement in profitability and a return to positive earnings versus last year’s losses. However, quarter-on-quarter performance was slightly softer with decline in EBITDA, profit and EPS, indicating margin pressure in the current quarter. Overall, the trend suggests early recovery momentum, but consistency in execution and order inflow will be key for sustained growth.
Zaggle Prepaid – Q3 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹498 Cr | ▲ 48% | ₹336 Cr | ▲ 16% | ₹431 Cr |
| EBITDA | ₹50.9 Cr | ▲ 73% | ₹29.4 Cr | ▲ 16% | ₹44.0 Cr |
| Net Profit | ₹36.0 Cr | ▲ 78% | ₹20.2 Cr | ▲ 8% | ₹33.2 Cr |
| EPS | ₹2.68 | ▲ 77% | ₹1.51 | ▲ 8% | ₹2.48 |
Verdict
Zaggle Prepaid delivered a strong quarter with robust year-on-year growth across revenue, EBITDA, net profit, and EPS, reflecting improving scale and operating leverage. Quarter-on-quarter performance remained healthy with steady growth in sales and profitability, indicating consistent business momentum and stable margins. Overall, the results signal a positive earnings trajectory supported by strong demand and execution.
Honasa Consumer – Q3 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹587 Cr | ▲ 16% | ₹505 Cr | ▲ 11% | ₹527 Cr |
| EBITDA | ₹60.6 Cr | ▲ 180% | ₹21.6 Cr | ▲ 39% | ₹43.5 Cr |
| Net Profit | ₹48.1 Cr | ▲ 109% | ₹24.7 Cr | ▲ 25% | ₹38.4 Cr |
| EPS | ₹1.48 | ▲ 95% | ₹0.76 | ▲ 25% | ₹1.18 |
| Exceptional Items | ₹-4.80 Cr | – | Ignored in YoY | – | – |
Verdict
Honasa Consumer delivered a strong quarter with healthy double-digit revenue growth and sharp improvement in profitability. EBITDA growth was exceptional due to operating leverage and margin expansion, while net profit and EPS also showed robust YoY and QoQ momentum. Overall performance indicates improving efficiency and a positive earnings trajectory, though valuations remain premium at ~63 PE.
Alembic – Q3 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹74.3 Cr | ▲ 28% | ₹57.9 Cr | ▲ 33% | ₹55.9 Cr |
| EBITDA | ₹27.4 Cr | ▲ 4% | ₹26.4 Cr | ▲ 18% | ₹23.2 Cr |
| Net Profit | ₹60.1 Cr | ▼ 8% | ₹65.4 Cr | ▼ 53% | ₹128 Cr |
| EPS | ₹2.34 | ▼ 8% | ₹2.55 | ▼ 53% | ₹5.00 |
Verdict
Alembic delivered strong revenue growth both year-on-year and sequentially, indicating demand momentum. EBITDA remained stable with modest improvement, showing operational resilience. However, net profit and EPS declined sharply—especially on a QoQ basis—suggesting margin pressure or one-off impact in the previous quarter. Overall, topline trend is positive but profitability consistency remains a key monitorable.
Banco Products – Q3 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹789 Cr | ▲ 24% | ₹639 Cr | ▼ 24% | ₹1,038 Cr |
| EBITDA | ₹125 Cr | ▲ 114% | ₹58.3 Cr | ▼ 16% | ₹149 Cr |
| Net Profit | ₹85.8 Cr | ▲ 145% | ₹30.9 Cr | ▼ 38% | ₹139 Cr |
| EPS | ₹6.00 | ▲ 178% | ₹2.16 | ▼ 38% | ₹9.71 |
| Exceptional Items | ₹18.2 Cr | Ignored for YoY comparison | |||
Verdict
Banco Products delivered a strong year-on-year performance with sharp growth across sales, EBITDA, and profitability, indicating improved operating leverage and margin expansion. However, on a sequential basis, the quarter saw moderation across revenue and earnings compared to the strong September quarter, suggesting normalization after a high base. Overall, the trend remains structurally positive with robust YoY earnings momentum.
Engineers India – Q3 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,210 Cr | ▲ 58% | ₹765 Cr | ▲ 31% | ₹921 Cr |
| EBITDA | ₹352 Cr | ▲ 260% | ₹97.9 Cr | ▲ 193% | ₹120 Cr |
| Net Profit | ₹347 Cr | ▲ 219% | ₹109 Cr | ▲ 315% | ₹83.5 Cr |
| EPS | ₹6.18 | ▲ 220% | ₹1.93 | ▲ 315% | ₹1.49 |
Verdict
Engineers India delivered a sharp earnings rebound with strong growth across all key metrics. Revenue momentum remained robust, while EBITDA and net profit saw significant expansion both year-on-year and sequentially, indicating improved execution and operating leverage. The sharp jump in EPS reflects strong profitability and margin improvement, signaling positive near-term business traction.
Indian Hotels Co – Earnings Highlights (Dec 2025)
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹2,842 Cr | ▲ 12% | ₹2,533 Cr | ▲ 39% | ₹2,041 Cr |
| EBITDA | ₹1,076 Cr | ▲ 12% | ₹962 Cr | ▲ 89% | ₹570 Cr |
| Net Profit | ₹954 Cr | ▲ 25% | ₹633 Cr | ▲ 200% | ₹318 Cr |
| EPS | ₹6.35 | ▲ 55% | ₹4.09 | ▲ 218% | ₹2.00 |
Verdict
Indian Hotels delivered a strong quarter with healthy year-on-year growth across revenue and profitability, while quarter-on-quarter numbers surged sharply driven by operating leverage and improved margins. The sharp jump in net profit and EPS reflects strong demand momentum in the hospitality cycle and better cost efficiency, keeping the overall outlook positive.
