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Q3 Earnings Snapshot 2025 – Winners, Surprises & Misses Revealed!

Q4 FY25 Earnings Highlights

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.



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Daily Market Pulse: Key Stock Highlights



🗞️ Daily Business Brief – FEB 12 2025

 
  • FIIs & DIIs Activity FIIs net bought ₹108.42 Cr while DIIs net bought ₹276.85 Cr in equities today (provisional).
  • RBI Securities Switch RBI announced conversion/switch of Government of India dated securities worth ₹75,504.43 Cr.
  • RBI Debt Strategy RBI buys back government securities maturing in FY26–27; government to issue long-dated papers.
  • IT Sector Pressure AI-led selloff pushes IT sector to third position in Nifty as Oil & Gas moves ahead.
  • Inflation Commentary – MoSPI Jan 2026 inflation rose due to higher gold and silver prices; linking factor is global norm for inflation back series.
  • CPI Base Revision Next CPI series likely around 2030–31; frequent base year revisions not feasible as exercise takes at least 2 years.
  • CEA on CPI Series New CPI sets stage for upcoming trends, improves budget predictability and reinforces institutional capability.
  • January Inflation Data CPI inflation stands at 2.75%; base year revised to 2024 from 2012.
  • Defence Acquisition India clears purchase of 114 Rafale fighter jets and 6 P8I Poseidon aircraft.
  • Indigenisation Push 90 out of 114 Rafale jets to be made in India with 50% indigenous content requirement.
  • DAC Approval Defence Acquisition Council approves Rafale proposal under government-to-government framework.
  • Weapons Integration Government seeks full integration of Indian weapons systems with Rafale aircraft.
  • Strategic Timing DAC approval comes ahead of French President’s visit to India next week.
  • P8I Aircraft Clearance DAC also clears proposal to acquire six Boeing P8I maritime surveillance aircraft.
  • Trade Policy Update Commerce Minister Piyush Goyal says final trade agreements may include clauses similar to US-Bangladesh deal.
  • Agri Export Opportunity Indian agricultural goods expected to benefit from upcoming US, EU and UK trade deals.
  • Bharat Forge Outlook Baba Kalyani expects FY27 growth to exceed 25%.

🔔 Stay tuned for daily insights into India Inc, markets & macro stories!

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Q3 Earnings Snapshot 2025 – Winners, Surprises & Misses Revealed!

Q4 FY25 Earnings Highlights

Ashok Leyland – Q3 Earnings Highlights

Metric Actual YoY Change YoY Base Estimate Miss / Beat
Net Profit ₹796 Cr ▲ 4.5% ₹762 Cr ₹978 Cr ▼ Miss
Revenue ₹11,533 Cr ▲ 21.7% ₹9,479 Cr ₹11,317 Cr ▲ Beat
EBITDA ₹1,535 Cr ▲ 26.7% ₹1,211 Cr ₹1,471 Cr ▲ Beat
EBITDA Margin 13.3% ▲ YoY 12.8% 13% ▲ Beat
Labour Code Impact ₹308 Cr Provision impact during the quarter

Verdict

Ashok Leyland delivered strong operational performance in Q3 with robust YoY growth in revenue and EBITDA along with margin expansion. However, net profit came below street estimates, likely impacted by higher costs including labour code provisions. Overall, the core business momentum remains healthy with improving profitability and demand visibility.



Mahindra & Mahindra (M&M) – Q3 Earnings Highlights

Metric Actual YoY Change YoY Base Estimate Miss/Beat
Net Profit ₹3,931 Cr ▲ 32.6% ₹2,964 Cr ₹3,904 Cr Beat
Revenue ₹38,517 Cr ▲ 26% ₹30,538 Cr ₹38,843 Cr Miss
EBITDA ₹5,668 Cr ▲ 27% ₹4,468 Cr ₹5,715 Cr Miss
EBITDA Margin 14.7% ▲ 10 bps 14.6% 14.7% In-line
Auto Segment Volume Strong Growth ▲ ~27% – – Positive
Farm Segment Volume Strong Growth ▲ ~27% – – Positive
Mahindra Finance PAT Strong Performance ▲ 97% – – Positive
LifeSpaces & Logistics Robust Growth ▲ Strong – – Positive
#1 SUVs Market Share 24.1% ▲ 90 bps – – Leadership
#1 LCV (<3.5T) 51.9% ▲ 10 bps – – Leadership
#1 Tractors 44% ▼ 20 bps – – Stable
#1 Electric 3-Wheelers 38.6% ▲ Leadership – – Leadership

Verdict

M&M delivered a strong Q3 with healthy YoY growth in profit, revenue, and EBITDA, driven by robust demand in auto and farm segments and strong subsidiary performance. Profit beat estimates while revenue and EBITDA were marginally below expectations, with margins staying stable. Overall, operational momentum remains strong and leadership across core segments supports a positive outlook.



Amara Raja Ener. – Q3 FY26 Earnings Highlights

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹3,351 Cr ▲ 6% ₹3,164 Cr ▼ 1% ₹3,388 Cr
EBITDA ₹374 Cr ▼ 10% ₹416 Cr ▼ 8% ₹406 Cr
Net Profit ₹152 Cr ▼ 22% ₹312 Cr ▼ 50% ₹302 Cr
EPS ₹8.29 ▼ 51% ₹17.04 ▼ 50% ₹16.52
Exceptional Items ₹-43.8 Cr – ₹111 Cr – –

Verdict

Amara Raja delivered modest sales growth on a YoY basis, but profitability remained under pressure. EBITDA and net profit declined both YoY and QoQ due to margin compression and weaker operating performance. The sharp drop in EPS reflects earnings stress during the quarter. Overall, results indicate stable demand but profitability challenges in the near term.



Concord Biotech – Q3 FY26 Earnings Highlights

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹278 Cr ▲ 14% ₹244 Cr ▲ 13% ₹247 Cr
EBITDA ₹102 Cr ▲ 4% ₹98 Cr ▲ 13% ₹90.5 Cr
Net Profit ₹67.8 Cr ▼ 5% ₹74.1 Cr ▲ 8% ₹62.9 Cr
EPS ₹6.48 ▼ 8% ₹7.08 ▲ 8% ₹6.01
Exceptional Item ₹-3.28 Cr Ignored for YoY comparison

Verdict

Concord Biotech delivered steady operational growth with healthy improvement in sales and EBITDA on both YoY and QoQ basis. However, profitability remained under pressure on a yearly basis, reflected in lower net profit and EPS. Sequential recovery in profit indicates improving margins, but overall earnings growth remains moderate compared to revenue momentum.



LG Electronics – Earnings Highlights (Dec 2025)

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹4,114 Cr ▼ 6% ₹4,396 Cr ▼ 33% ₹6,174 Cr
EBIDT ₹196 Cr ▼ 42% ₹340 Cr ▼ 64% ₹548 Cr
Net Profit ₹89.7 Cr ▼ 62% ₹233 Cr ▼ 77% ₹389 Cr
EPS ₹1.32 ▼ 62% ₹3.44 ▼ 77% ₹5.74

Verdict

LG Electronics reported a weak quarter with decline across all key metrics. Sales dipped both YoY and QoQ, while profitability saw sharp pressure due to significant fall in EBITDA and net profit. The steep drop in EPS reflects margin contraction and lower earnings momentum, indicating near-term operational challenges.



Divi’s Laboratories – Q3 Earnings Highlights

Metric Actual YoY Change YoY Base Estimate Miss / Beat
Net Profit ₹583 Cr ▼ 1% ₹589 Cr ₹640 Cr Miss
Revenue ₹2,604 Cr ▲ 12.3% ₹2,319 Cr ₹2,680 Cr Slight Miss
EBITDA ₹890 Cr ▲ 19.8% ₹743 Cr ₹855 Cr Beat
EBITDA Margin 34.2% ▲ vs 32% 32% 31.9% Beat

Verdict

Divi’s Lab delivered mixed Q3 results. Revenue growth remained strong and EBITDA outperformed estimates with margin expansion, indicating improved operational efficiency. However, net profit slightly declined YoY and missed street expectations. Overall, performance reflects stable demand with better cost control, but earnings growth remains modest in the near term.



LG Electronics – Earnings Highlights (Dec 2025)

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹4,114 Cr ▼ 6% ₹4,396 Cr ▼ 33% ₹6,174 Cr
EBIDT ₹196 Cr ▼ 42% ₹340 Cr ▼ 64% ₹548 Cr
Net Profit ₹89.7 Cr ▼ 62% ₹233 Cr ▼ 77% ₹389 Cr
EPS ₹1.32 ▼ 62% ₹3.44 ▼ 77% ₹5.74

Verdict

LG Electronics reported a weak quarter with decline across all key metrics. Sales dipped both YoY and QoQ, while profitability saw sharp pressure due to significant fall in EBITDA and net profit. The steep drop in EPS reflects margin contraction and lower earnings momentum, indicating near-term operational challenges.



Protean eGov – Earnings Highlights (Dec 2025)

Price: ₹644 | M.Cap: ₹2,617 Cr | PE: 28.0

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹229 Cr ▲ 13% ₹202 Cr ▼ 8% ₹250 Cr
EBITDA ₹31.8 Cr ▲ 101% ₹15.8 Cr ▲ 9% ₹29.3 Cr
Net Profit ₹22.5 Cr ▲ 11% ₹22.9 Cr ▼ 6% ₹23.9 Cr
EPS ₹5.54 ▼ 2% ₹5.66 ▼ 6% ₹5.88
Exceptional Item ₹-3.95 Cr Ignored for YoY comparison

Verdict

Protean eGov delivered steady year-on-year growth in sales and a sharp improvement in EBITDA, indicating stronger operating efficiency. However, quarter-on-quarter revenue and profit softened, and EPS saw a slight decline, suggesting near-term margin pressure. Overall, fundamentals remain stable with profitability supported by operational improvements, but short-term momentum appears mixed.



Jupiter Wagons – Earnings Highlights (Dec 2025)

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹776 Cr ▼ 22% ₹1,000 Cr ▲ 10% ₹707 Cr
EBITDA ₹93.6 Cr ▼ 34% ₹141 Cr ▲ 6% ₹88.0 Cr
Net Profit ₹58.3 Cr ▼ 40% ₹97.9 Cr ▲ 11% ₹52.7 Cr
EPS ₹1.36 ▼ 41% ₹2.31 ▲ 10% ₹1.24

Verdict

Jupiter Wagons reported a weak year-on-year performance with declines across sales, EBITDA, profit, and EPS, indicating pressure on margins and demand compared to last year. However, quarter-on-quarter improvement in all key metrics suggests gradual operational recovery and stabilizing business momentum going forward.



Elgi Equipments – Q3 FY26 Earnings Highlights

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹1,003 Cr ▲ 18% ₹848 Cr ▲ ~4% ₹968 Cr
EBIDT ₹144 Cr ▲ 20% ₹119 Cr ▲ ~3% ₹140 Cr
Net Profit ₹95.2 Cr ▲ 31% ₹80.6 Cr ▼ ~21% ₹121 Cr
EPS ₹3.00 ▲ 18% ₹2.54 ▼ ~22% ₹3.83

Note: Exceptional item of ₹-15 Cr in Dec 2025; ignored for YoY comparison.

Verdict

Elgi Equipments delivered steady year-on-year growth across sales, EBITDA, net profit, and EPS, indicating healthy demand and operational strength. However, quarter-on-quarter profitability softened due to margin pressure and exceptional impact, reflected in the decline in net profit and EPS. Overall trend remains positive on a YoY basis with stable business momentum.



Godrej Industries – Q3 FY26 Earnings Highlights

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹5,051 Cr ▲ 5% ₹4,825 Cr ▲ 0.4% ₹5,032 Cr
EBITDA ₹544 Cr ▼ 9% ₹597 Cr ▲ 306% ₹134 Cr
Net Profit ₹353 Cr ▲ 23% ₹312 Cr ▼ 28% ₹493 Cr
EPS ₹6.07 ▲ 9% ₹5.59 ▼ 16% ₹7.20
Exceptional Items ₹-63.8 Cr Ignored in YoY comparison

Verdict

Godrej Industries delivered steady revenue growth on a year-on-year basis, while profitability remained mixed. EBITDA declined YoY but showed a sharp sequential recovery, indicating operational normalization after a weak previous quarter. Net profit improved YoY but moderated QoQ, suggesting near-term margin pressure. Overall performance remains stable with gradual improvement, though sustained EBITDA expansion will be key for stronger earnings momentum ahead.



Hikal – Q3 FY26 Earnings Highlights

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹494 Cr ▲ 10% ₹448 Cr ▲ 55% ₹318 Cr
EBITDA ₹82.7 Cr ▲ 15% ₹72.1 Cr ▲ 1,049% ₹7.20 Cr
Net Profit ₹-5.9 Cr ▲ 87% ₹-34.9 Cr ▼ vs ₹17.2 Cr ₹17.2 Cr
EPS ₹-0.48 ▼ 135% ₹1.39 ▲ Improvement ₹-2.83

Exceptional Items

Dec 2025: ₹-38 Cr impact (ignored in YoY comparison)

Verdict

Hikal reported steady revenue growth with strong sequential recovery in EBITDA, indicating operational improvement after a weak previous quarter. However, the company remained in loss at the net level due to exceptional items and margin pressure. YoY profitability improved sharply from last year’s weak base, but QoQ decline versus the previous profitable quarter reflects volatility in earnings. Overall, operating performance is improving, but bottom-line consistency remains a key monitorable.



Ircon Intl. – Q3 FY26 Earnings Highlights

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹2,119 Cr ▼ 19% ₹2,613 Cr ▲ 7% ₹1,977 Cr
EBITDA ₹158 Cr ▲ 20% ₹132 Cr ▲ 12% ₹141 Cr
Net Profit ₹99.8 Cr ▲ 16% ₹86.1 Cr ▼ 27% ₹137 Cr
EPS ₹1.07 ▲ 16% ₹0.92 ▼ 27% ₹1.47

Verdict

Ircon Intl reported a mixed Q3 FY26 performance. Revenue declined year-on-year, indicating continued top-line pressure. However, profitability improved with strong growth in EBITDA and net profit. On a quarter-on-quarter basis, sales and operating performance showed recovery, while net profit and EPS moderated due to a higher base in the previous quarter. Overall, margins remain stable but revenue momentum remains a key monitorable going ahead.



Kirloskar Oil – Q3 FY26 Earnings Highlights

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹1,873 Cr ▲ 29% ₹1,454 Cr ▼ 4% ₹1,948 Cr
EBITDA ₹331 Cr ▲ 30% ₹255 Cr ▼ 13% ₹382 Cr
Net Profit ₹109 Cr ▲ 80% ₹67.9 Cr ▼ 31% ₹159 Cr
EPS ₹7.66 ▲ 56% ₹4.91 ▼ 31% ₹11.18
Exceptional Items ₹-23 Cr Ignored — Dec 2025 —

Verdict

Kirloskar Oil delivered strong year-on-year performance with robust growth across sales, EBITDA, and net profit, reflecting improved operational efficiency and demand momentum. However, on a sequential basis, the quarter saw moderation in revenue and profitability, indicating margin pressure and normalization after a stronger previous quarter. Overall trend remains positive with solid YoY earnings expansion.



IOL Chemicals – Q3 FY26 Earnings Highlights

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹580 Cr ▲ 11% ₹523 Cr ▲ 2% ₹568 Cr
EBITDA ₹57.3 Cr ▲ 22% ₹46.9 Cr ▲ 0% ₹57.1 Cr
Net Profit ₹20.6 Cr ▲ 41%* ₹20.6 Cr ▼ 31% ₹30.0 Cr
EPS ₹0.70 ▲ 0% ₹0.70 ▼ 31% ₹1.02

*YoY growth calculated after ignoring exceptional item of ₹11.2 Cr in Dec 2025.

Verdict

IOL Chemicals delivered steady year-on-year improvement in sales and EBITDA, indicating operational strength and better margins. However, profitability declined sequentially due to lower QoQ net profit and EPS. Overall performance remains stable with modest revenue momentum but limited quarter-on-quarter earnings traction.



Surya Roshni – Q3 FY26 Earnings Highlights

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹1,927 Cr ▲ 3% ₹1,868 Cr ▲ 4% ₹1,845 Cr
EBITDA ₹145 Cr ▼ 3% ₹150 Cr ▲ 23% ₹118 Cr
Net Profit ₹79.6 Cr ▼ 11% ₹89.9 Cr ▲ 7% ₹74.1 Cr
EPS ₹3.66 ▼ 11% ₹4.13 ▲ 7% ₹3.41

Verdict

Surya Roshni delivered modest revenue growth on a YoY basis, but profitability remained under pressure with declines in EBITDA and net profit. However, QoQ improvement across EBITDA, net profit, and EPS indicates sequential operational recovery. Overall performance reflects stable demand but margin pressure on a yearly basis, with gradual improvement seen quarter-on-quarter.



Sandhar Tech – Earnings Highlights

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹1,185 Cr ▲ 22% ₹974 Cr ▼ 7% ₹1,270 Cr
EBITDA ₹108 Cr ▲ 14% ₹95.0 Cr ▼ 8% ₹118 Cr
Net Profit ₹33.4 Cr ▲ 17% ₹30.0 Cr ▼ 55% ₹73.4 Cr
EPS ₹5.56 ▲ 12% ₹4.98 ▼ 54% ₹12.19

Verdict

Sandhar Tech delivered steady year-on-year growth across sales, EBITDA, and profitability, indicating healthy demand and operational stability. However, quarter-on-quarter performance saw a sharp decline in net profit and EPS, suggesting margin pressure or a one-off impact in the previous quarter. Overall trend remains positive YoY, but near-term momentum appears slightly weak on a sequential basis.





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Daily Market Pulse: Key Stock Highlights



🗞️ Daily Business Brief – FEB 11 2025

 
  • Airtel unveils AI-powered solution to combat OTP-related bank frauds.
  • RBI proposes Responsible Business Conduct Directions 2026 to curb mis-selling; bans dark patterns, third-party bundling, and mandates explicit customer consent.
  • Delhi Court & Godfrey Phillips issues summons to Chairman & MD Bina Modi; court sees prima facie involvement in alleged assault case of Samir Modi.
  • RBI nod allows ICICI Prudential & ICICI Bank group to acquire up to 9.95% stake in Federal Bank.
  • Netweb Technologies promoters likely to sell up to 3% stake via block deals.
  • Samvardhana Motherson targets $108 billion revenue in 5 years, driven by electronics, aerospace, acquisitions, and expansion.
  • GR Infraprojects emerges as L-1 bidder for ₹1,898 crore project in Madhya Pradesh.
  • Supreme Court refuses to halt Zydus Life from selling biosimilar version of Nivolumab.
  • Mahindra & Mahindra leads SUV market with 24.1% revenue share; tops LCVs & tractors segments, strong position in electric 3-wheelers.
  • Avantel bags ₹122.6 crore order from NewSpace India.
  • U.S. Nonfarm Payrolls January data at 130K vs 65K estimate; previous reading 50K.
  • LTIMindtree board approves name change to LTM Limited.
  • Hind Rectifiers approves bonus issue in the ratio of 1:1.
  • MCX sees ~40% drop in February trading volumes vs January; gold, silver, and natural gas volumes fall sharply amid margin hike.
  • Ashok Leyland remains confident about medium to long-term growth prospects of the CV industry.
  • Global Nickel Market world’s biggest nickel mine in Indonesia asked to slash output.
  • Grasim sees strong demand for Birla Opus in Q4 as per concall update.
  • Mastek expands Leeds office, strengthening AI-led innovation and UK presence.
  • Motherson highlights weak US & EU CV markets; North America CV market down 27%.

🔔 Stay tuned for daily insights into India Inc, markets & macro stories!

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Q3 Earnings Snapshot 2025 – Winners, Surprises & Misses Revealed!

Q4 FY25 Earnings Highlights

Ashok Leyland – Q3 Earnings Highlights

Metric Actual YoY Change YoY Base Estimate Miss / Beat
Net Profit ₹796 Cr ▲ 4.5% ₹762 Cr ₹978 Cr ▼ Miss
Revenue ₹11,533 Cr ▲ 21.7% ₹9,479 Cr ₹11,317 Cr ▲ Beat
EBITDA ₹1,535 Cr ▲ 26.7% ₹1,211 Cr ₹1,471 Cr ▲ Beat
EBITDA Margin 13.3% ▲ YoY 12.8% 13% ▲ Beat
Labour Code Impact ₹308 Cr Provision impact during the quarter

Verdict

Ashok Leyland delivered strong operational performance in Q3 with robust YoY growth in revenue and EBITDA along with margin expansion. However, net profit came below street estimates, likely impacted by higher costs including labour code provisions. Overall, the core business momentum remains healthy with improving profitability and demand visibility.



Mahindra & Mahindra (M&M) – Q3 Earnings Highlights

Metric Actual YoY Change YoY Base Estimate Miss/Beat
Net Profit ₹3,931 Cr ▲ 32.6% ₹2,964 Cr ₹3,904 Cr Beat
Revenue ₹38,517 Cr ▲ 26% ₹30,538 Cr ₹38,843 Cr Miss
EBITDA ₹5,668 Cr ▲ 27% ₹4,468 Cr ₹5,715 Cr Miss
EBITDA Margin 14.7% ▲ 10 bps 14.6% 14.7% In-line
Auto Segment Volume Strong Growth ▲ ~27% – – Positive
Farm Segment Volume Strong Growth ▲ ~27% – – Positive
Mahindra Finance PAT Strong Performance ▲ 97% – – Positive
LifeSpaces & Logistics Robust Growth ▲ Strong – – Positive
#1 SUVs Market Share 24.1% ▲ 90 bps – – Leadership
#1 LCV (<3.5T) 51.9% ▲ 10 bps – – Leadership
#1 Tractors 44% ▼ 20 bps – – Stable
#1 Electric 3-Wheelers 38.6% ▲ Leadership – – Leadership

Verdict

M&M delivered a strong Q3 with healthy YoY growth in profit, revenue, and EBITDA, driven by robust demand in auto and farm segments and strong subsidiary performance. Profit beat estimates while revenue and EBITDA were marginally below expectations, with margins staying stable. Overall, operational momentum remains strong and leadership across core segments supports a positive outlook.



Amara Raja Ener. – Q3 FY26 Earnings Highlights

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹3,351 Cr ▲ 6% ₹3,164 Cr ▼ 1% ₹3,388 Cr
EBITDA ₹374 Cr ▼ 10% ₹416 Cr ▼ 8% ₹406 Cr
Net Profit ₹152 Cr ▼ 22% ₹312 Cr ▼ 50% ₹302 Cr
EPS ₹8.29 ▼ 51% ₹17.04 ▼ 50% ₹16.52
Exceptional Items ₹-43.8 Cr – ₹111 Cr – –

Verdict

Amara Raja delivered modest sales growth on a YoY basis, but profitability remained under pressure. EBITDA and net profit declined both YoY and QoQ due to margin compression and weaker operating performance. The sharp drop in EPS reflects earnings stress during the quarter. Overall, results indicate stable demand but profitability challenges in the near term.



Concord Biotech – Q3 FY26 Earnings Highlights

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹278 Cr ▲ 14% ₹244 Cr ▲ 13% ₹247 Cr
EBITDA ₹102 Cr ▲ 4% ₹98 Cr ▲ 13% ₹90.5 Cr
Net Profit ₹67.8 Cr ▼ 5% ₹74.1 Cr ▲ 8% ₹62.9 Cr
EPS ₹6.48 ▼ 8% ₹7.08 ▲ 8% ₹6.01
Exceptional Item ₹-3.28 Cr Ignored for YoY comparison

Verdict

Concord Biotech delivered steady operational growth with healthy improvement in sales and EBITDA on both YoY and QoQ basis. However, profitability remained under pressure on a yearly basis, reflected in lower net profit and EPS. Sequential recovery in profit indicates improving margins, but overall earnings growth remains moderate compared to revenue momentum.



LG Electronics – Earnings Highlights (Dec 2025)

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹4,114 Cr ▼ 6% ₹4,396 Cr ▼ 33% ₹6,174 Cr
EBIDT ₹196 Cr ▼ 42% ₹340 Cr ▼ 64% ₹548 Cr
Net Profit ₹89.7 Cr ▼ 62% ₹233 Cr ▼ 77% ₹389 Cr
EPS ₹1.32 ▼ 62% ₹3.44 ▼ 77% ₹5.74

Verdict

LG Electronics reported a weak quarter with decline across all key metrics. Sales dipped both YoY and QoQ, while profitability saw sharp pressure due to significant fall in EBITDA and net profit. The steep drop in EPS reflects margin contraction and lower earnings momentum, indicating near-term operational challenges.



Divi’s Laboratories – Q3 Earnings Highlights

Metric Actual YoY Change YoY Base Estimate Miss / Beat
Net Profit ₹583 Cr ▼ 1% ₹589 Cr ₹640 Cr Miss
Revenue ₹2,604 Cr ▲ 12.3% ₹2,319 Cr ₹2,680 Cr Slight Miss
EBITDA ₹890 Cr ▲ 19.8% ₹743 Cr ₹855 Cr Beat
EBITDA Margin 34.2% ▲ vs 32% 32% 31.9% Beat

Verdict

Divi’s Lab delivered mixed Q3 results. Revenue growth remained strong and EBITDA outperformed estimates with margin expansion, indicating improved operational efficiency. However, net profit slightly declined YoY and missed street expectations. Overall, performance reflects stable demand with better cost control, but earnings growth remains modest in the near term.



LG Electronics – Earnings Highlights (Dec 2025)

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹4,114 Cr ▼ 6% ₹4,396 Cr ▼ 33% ₹6,174 Cr
EBIDT ₹196 Cr ▼ 42% ₹340 Cr ▼ 64% ₹548 Cr
Net Profit ₹89.7 Cr ▼ 62% ₹233 Cr ▼ 77% ₹389 Cr
EPS ₹1.32 ▼ 62% ₹3.44 ▼ 77% ₹5.74

Verdict

LG Electronics reported a weak quarter with decline across all key metrics. Sales dipped both YoY and QoQ, while profitability saw sharp pressure due to significant fall in EBITDA and net profit. The steep drop in EPS reflects margin contraction and lower earnings momentum, indicating near-term operational challenges.



Protean eGov – Earnings Highlights (Dec 2025)

Price: ₹644 | M.Cap: ₹2,617 Cr | PE: 28.0

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹229 Cr ▲ 13% ₹202 Cr ▼ 8% ₹250 Cr
EBITDA ₹31.8 Cr ▲ 101% ₹15.8 Cr ▲ 9% ₹29.3 Cr
Net Profit ₹22.5 Cr ▲ 11% ₹22.9 Cr ▼ 6% ₹23.9 Cr
EPS ₹5.54 ▼ 2% ₹5.66 ▼ 6% ₹5.88
Exceptional Item ₹-3.95 Cr Ignored for YoY comparison

Verdict

Protean eGov delivered steady year-on-year growth in sales and a sharp improvement in EBITDA, indicating stronger operating efficiency. However, quarter-on-quarter revenue and profit softened, and EPS saw a slight decline, suggesting near-term margin pressure. Overall, fundamentals remain stable with profitability supported by operational improvements, but short-term momentum appears mixed.



Jupiter Wagons – Earnings Highlights (Dec 2025)

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹776 Cr ▼ 22% ₹1,000 Cr ▲ 10% ₹707 Cr
EBITDA ₹93.6 Cr ▼ 34% ₹141 Cr ▲ 6% ₹88.0 Cr
Net Profit ₹58.3 Cr ▼ 40% ₹97.9 Cr ▲ 11% ₹52.7 Cr
EPS ₹1.36 ▼ 41% ₹2.31 ▲ 10% ₹1.24

Verdict

Jupiter Wagons reported a weak year-on-year performance with declines across sales, EBITDA, profit, and EPS, indicating pressure on margins and demand compared to last year. However, quarter-on-quarter improvement in all key metrics suggests gradual operational recovery and stabilizing business momentum going forward.



Elgi Equipments – Q3 FY26 Earnings Highlights

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹1,003 Cr ▲ 18% ₹848 Cr ▲ ~4% ₹968 Cr
EBIDT ₹144 Cr ▲ 20% ₹119 Cr ▲ ~3% ₹140 Cr
Net Profit ₹95.2 Cr ▲ 31% ₹80.6 Cr ▼ ~21% ₹121 Cr
EPS ₹3.00 ▲ 18% ₹2.54 ▼ ~22% ₹3.83

Note: Exceptional item of ₹-15 Cr in Dec 2025; ignored for YoY comparison.

Verdict

Elgi Equipments delivered steady year-on-year growth across sales, EBITDA, net profit, and EPS, indicating healthy demand and operational strength. However, quarter-on-quarter profitability softened due to margin pressure and exceptional impact, reflected in the decline in net profit and EPS. Overall trend remains positive on a YoY basis with stable business momentum.



Godrej Industries – Q3 FY26 Earnings Highlights

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹5,051 Cr ▲ 5% ₹4,825 Cr ▲ 0.4% ₹5,032 Cr
EBITDA ₹544 Cr ▼ 9% ₹597 Cr ▲ 306% ₹134 Cr
Net Profit ₹353 Cr ▲ 23% ₹312 Cr ▼ 28% ₹493 Cr
EPS ₹6.07 ▲ 9% ₹5.59 ▼ 16% ₹7.20
Exceptional Items ₹-63.8 Cr Ignored in YoY comparison

Verdict

Godrej Industries delivered steady revenue growth on a year-on-year basis, while profitability remained mixed. EBITDA declined YoY but showed a sharp sequential recovery, indicating operational normalization after a weak previous quarter. Net profit improved YoY but moderated QoQ, suggesting near-term margin pressure. Overall performance remains stable with gradual improvement, though sustained EBITDA expansion will be key for stronger earnings momentum ahead.



Hikal – Q3 FY26 Earnings Highlights

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹494 Cr ▲ 10% ₹448 Cr ▲ 55% ₹318 Cr
EBITDA ₹82.7 Cr ▲ 15% ₹72.1 Cr ▲ 1,049% ₹7.20 Cr
Net Profit ₹-5.9 Cr ▲ 87% ₹-34.9 Cr ▼ vs ₹17.2 Cr ₹17.2 Cr
EPS ₹-0.48 ▼ 135% ₹1.39 ▲ Improvement ₹-2.83

Exceptional Items

Dec 2025: ₹-38 Cr impact (ignored in YoY comparison)

Verdict

Hikal reported steady revenue growth with strong sequential recovery in EBITDA, indicating operational improvement after a weak previous quarter. However, the company remained in loss at the net level due to exceptional items and margin pressure. YoY profitability improved sharply from last year’s weak base, but QoQ decline versus the previous profitable quarter reflects volatility in earnings. Overall, operating performance is improving, but bottom-line consistency remains a key monitorable.



Ircon Intl. – Q3 FY26 Earnings Highlights

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹2,119 Cr ▼ 19% ₹2,613 Cr ▲ 7% ₹1,977 Cr
EBITDA ₹158 Cr ▲ 20% ₹132 Cr ▲ 12% ₹141 Cr
Net Profit ₹99.8 Cr ▲ 16% ₹86.1 Cr ▼ 27% ₹137 Cr
EPS ₹1.07 ▲ 16% ₹0.92 ▼ 27% ₹1.47

Verdict

Ircon Intl reported a mixed Q3 FY26 performance. Revenue declined year-on-year, indicating continued top-line pressure. However, profitability improved with strong growth in EBITDA and net profit. On a quarter-on-quarter basis, sales and operating performance showed recovery, while net profit and EPS moderated due to a higher base in the previous quarter. Overall, margins remain stable but revenue momentum remains a key monitorable going ahead.



Kirloskar Oil – Q3 FY26 Earnings Highlights

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹1,873 Cr ▲ 29% ₹1,454 Cr ▼ 4% ₹1,948 Cr
EBITDA ₹331 Cr ▲ 30% ₹255 Cr ▼ 13% ₹382 Cr
Net Profit ₹109 Cr ▲ 80% ₹67.9 Cr ▼ 31% ₹159 Cr
EPS ₹7.66 ▲ 56% ₹4.91 ▼ 31% ₹11.18
Exceptional Items ₹-23 Cr Ignored — Dec 2025 —

Verdict

Kirloskar Oil delivered strong year-on-year performance with robust growth across sales, EBITDA, and net profit, reflecting improved operational efficiency and demand momentum. However, on a sequential basis, the quarter saw moderation in revenue and profitability, indicating margin pressure and normalization after a stronger previous quarter. Overall trend remains positive with solid YoY earnings expansion.



IOL Chemicals – Q3 FY26 Earnings Highlights

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹580 Cr ▲ 11% ₹523 Cr ▲ 2% ₹568 Cr
EBITDA ₹57.3 Cr ▲ 22% ₹46.9 Cr ▲ 0% ₹57.1 Cr
Net Profit ₹20.6 Cr ▲ 41%* ₹20.6 Cr ▼ 31% ₹30.0 Cr
EPS ₹0.70 ▲ 0% ₹0.70 ▼ 31% ₹1.02

*YoY growth calculated after ignoring exceptional item of ₹11.2 Cr in Dec 2025.

Verdict

IOL Chemicals delivered steady year-on-year improvement in sales and EBITDA, indicating operational strength and better margins. However, profitability declined sequentially due to lower QoQ net profit and EPS. Overall performance remains stable with modest revenue momentum but limited quarter-on-quarter earnings traction.



Surya Roshni – Q3 FY26 Earnings Highlights

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹1,927 Cr ▲ 3% ₹1,868 Cr ▲ 4% ₹1,845 Cr
EBITDA ₹145 Cr ▼ 3% ₹150 Cr ▲ 23% ₹118 Cr
Net Profit ₹79.6 Cr ▼ 11% ₹89.9 Cr ▲ 7% ₹74.1 Cr
EPS ₹3.66 ▼ 11% ₹4.13 ▲ 7% ₹3.41

Verdict

Surya Roshni delivered modest revenue growth on a YoY basis, but profitability remained under pressure with declines in EBITDA and net profit. However, QoQ improvement across EBITDA, net profit, and EPS indicates sequential operational recovery. Overall performance reflects stable demand but margin pressure on a yearly basis, with gradual improvement seen quarter-on-quarter.



Sandhar Tech – Earnings Highlights

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹1,185 Cr ▲ 22% ₹974 Cr ▼ 7% ₹1,270 Cr
EBITDA ₹108 Cr ▲ 14% ₹95.0 Cr ▼ 8% ₹118 Cr
Net Profit ₹33.4 Cr ▲ 17% ₹30.0 Cr ▼ 55% ₹73.4 Cr
EPS ₹5.56 ▲ 12% ₹4.98 ▼ 54% ₹12.19

Verdict

Sandhar Tech delivered steady year-on-year growth across sales, EBITDA, and profitability, indicating healthy demand and operational stability. However, quarter-on-quarter performance saw a sharp decline in net profit and EPS, suggesting margin pressure or a one-off impact in the previous quarter. Overall trend remains positive YoY, but near-term momentum appears slightly weak on a sequential basis.





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Daily Market Pulse: Key Stock Highlights



🗞️ Daily Business Brief – JAN 27 2025

 
  • NIIF likely to sell up to 1.92% stake in Ather Energy via block deal.
  • FIIs & DIIs Flow FIIs net bought ₹69.45 Cr, while DIIs net bought ₹1,174.21 Cr in equities today (provisional).
  • US–Bangladesh Trade Move USA cuts tariffs on Bangladesh to 19% and allows duty-free textile imports using US cotton; implications for Indian textile industry and cotton exporters under discussion.
  • IndiGo Compliance Airline now fully compliant with Flight Duty Time Limitation norms; new FDTL rules integrated into crew planning after temporary aviation ministry relief.
  • AI Adoption India ranks second globally after the US in enterprise AI/ML transactions, per Zscaler report.
  • FII Strategy Outlook Nuvama expects FIIs to return; IT, BFSI, and pharma sectors may see traction with shift toward stock-specific investing.
  • L&T Wins road development contract in Dubai worth ₹1,000–2,500 crore.
  • Adani Enterprises Receives RFI from US OFAC over Iran-linked transactions; no financial impact reported; LPG imports stopped since June 2025.
  • BHEL Secures ₹2,800 crore LoA for syngas purification plant from Bharat Coal Gasification & Chemicals; execution over 42 months plus O&M.
  • Arihant Superstructures Board decides not to proceed with subdivision/stock split.
  • KPI Green Energy Receives international order for solar + battery storage system for data centre project.
  • PB Fintech No plans to raise funds; capital raise dropped after investor opposition.
  • Kiri Industries Management decides to withhold dividends following DyStar proceeds.
  • New Exchanges MSE and India INX likely to strengthen equity volumes before launching options as per SEBI direction.
  • STT Review NSE hopeful of review after broker body ANMI urges government to reconsider STT hike.
  • Critical Minerals India in talks with France, Netherlands, Brazil, and Canada for strategic mineral partnerships.
  • Sky Gold & Diamonds Raises guidance; projects FY26 revenue at ₹6,100 Cr and FY27 at ₹8,100 Cr.
  • Zydus Lifesciences Expects over 23% EBITDA margins in Q4 and 20%+ growth in international business.
  • Mutual Fund Flows – January Net inflows rise to ₹1.56 lakh Cr; equity inflows moderate; AUM increases to ₹81.01 lakh Cr with varied segment trends.
  • Tata Technologies Showcases WattSync readiness aligned with global battery passport standards.
  • Ajanta Pharma Denies involvement in acquisition of Restaurant Brands Asia; clarifies media reports.
  • Vodafone Idea KM Birla purchases additional ~45 lakh shares.
  • SEPC Wins ₹314 crore smart prepaid metering project in Punjab under RDSS.
  • Godawari Power & Ispat Receives environmental clearance for expansion of Ari Dongri iron ore mines in Chhattisgarh.

🔔 Stay tuned for daily insights into India Inc, markets & macro stories!

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Q3 Earnings Snapshot 2025 – Winners, Surprises & Misses Revealed!

Q4 FY25 Earnings Highlights

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.



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Daily Market Pulse: Key Stock Highlights



🗞️ Daily Business Brief – JAN 27 2025

 
  • FII–DII Data FIIs net sold ₹2,150.51 crore, while DIIs net bought ₹1,129.82 crore in equities (provisional).
  • PFC in focus: Q3 loan book growth at 13% YoY vs REC’s 7% growth, aided by lower repayments.
  • PFC Credit Cost remains almost negligible at ₹5 crore vs ₹242 crore QoQ.
  • PB Fintech puts acquisition plans in abeyance; company may undertake wider deliberations before proceeding, sources tell CNBC-TV18.
  • PB Fintech Alert CNBC-TV18 has written to the company; response awaited.
  • India–US Trade Deal Commerce Minister Piyush Goyal says India will soon announce the first tranche of the deal agreed with the US.
  • India–US Trade Deal Aircraft demand and orders worth $70–80 billion to be part of US purchases.
  • Hindustan Copper – SEPC arbitration dispute resolved on Dec 11, 2025; SEPC received ₹30.45 crore as full settlement, closing all cases.
  • Hindustan Copper – SEPC HCL awarded SEPC a new supplementary contract worth ₹72.55 crore, reducing project risk and supporting operations.
  • Firstsource Solutions partners with Prosper AI to advance healthcare revenue cycle management using next-level voice AI capabilities.
  • Subex announces deal win with a North American AI specialist.
  • Cipla says the tax department initiated inspection at company facilities; inspection has no financial impact.
  • Som Distilleries & Breweries addresses reports on regulatory action by MP Excise Department; says action is arbitrary in a 2012 case where company was not a party.
  • Gujarat Kidney & Super Speciality board approves 51% acquisition in Patel Pharmacy for ₹37 million.
  • Gujarat Kidney & Super Speciality board approves 51% acquisition in Patel Hospital for ₹88 million.
  • IRB Infrastructure Developers to consider issue of bonus equity shares.
  • IDBI Bank government to complete privatisation in FY27, reports Informist Media.
  • India–US Trade Deal India did not make any investment commitment to the US, says Trade Minister.
  • India–US Trade Deal First tranche is almost ready; joint statement expected in 4–5 days.
  • India–US Trade Deal Formal agreement to take 30–45 days and likely to be signed in March.
  • NBCC Supreme Court upholds NCLAT order asking NBCC to take over 16 projects of Supertech.

🔔 Stay tuned for daily insights into India Inc, markets & macro stories!

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Q3 Earnings Snapshot 2025 – Winners, Surprises & Misses Revealed!

Q4 FY25 Earnings Highlights

Cummins India Limited – Q3 Earnings Highlights

Metric Actual YoY Change YoY Base Estimate Vs Estimate Miss / Beat
Revenue ₹3,055 Cr ▼ 1% ₹3,086 Cr ₹3,210.5 Cr ▼ 5% Miss
EBITDA ₹635.4 Cr ▲ 5.7% ₹601 Cr ₹670.4 Cr ▼ 5% Miss
Net Profit ₹453 Cr ▼ 11.9% ₹514 Cr ₹594 Cr ▼ 24% Miss
EBITDA Margin 20.8% ▲ from 19.5% 19.5% 21% ▼ Slightly Miss

Verdict

Cummins delivered margin improvement and EBITDA growth YoY, indicating better operational efficiency. However, revenue softness and a sharp miss on profit estimates weighed on overall performance. Near-term sentiment may remain cautious, while investors will closely track demand recovery and order inflows in upcoming quarters.



Tata Power – Q3 FY26 Earnings Highlights

Metric Actual YoY Change YoY Base Estimate Vs Estimate Miss / Beat
Net Profit ₹1,194 Cr ▲ 0.6% ₹1,187 Cr ₹971 Cr ▲ 23% BEAT
Revenue ₹13,948 Cr ▼ 9.4% ₹15,391 Cr ₹16,041 Cr ▼ 13% MISS
EBITDA ₹3,055 Cr ▼ 9% ₹3,353 Cr ₹3,345 Cr ▼ 9% MISS
EBITDA Margin 21.9% ▲ 0.1% 21.8% 21.8% ▲ In-line IN-LINE

Verdict

Tata Power delivered a profit beat despite weaker revenue and EBITDA performance. While margins remained stable, the YoY decline in topline and operating earnings reflects demand and cost-side pressures. However, the better-than-expected net profit provides short-term relief, keeping sentiment neutral-to-positive from a results perspective.



Butterfly Gandhimathi Appliances – Q3 FY26 Earnings Highlights

Price: ₹616 | Market Cap: ₹1,082 Cr | P/E: 24.4

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹245 Cr ▲ 3% ₹238 Cr ▼ 16% ₹293 Cr
EBITDA ₹20.2 Cr ▲ 17% ₹17.2 Cr ▼ 27% ₹27.8 Cr
Net Profit ₹10.8 Cr ▲ 44% ₹8.31 Cr ▼ 36% ₹17.0 Cr
EPS ₹6.02 ▲ 29% ₹4.65 ▼ 37% ₹9.51
Exceptional Items (Q3 FY26) ₹-1.59 Cr Exceptional items ignored for YoY comparison

Verdict

Butterfly Gandhimathi Appliances delivered steady year-on-year growth in revenue with strong improvement in profitability, supported by margin expansion and operational efficiency. However, quarter-on-quarter performance remained weak, reflecting demand softness and seasonal pressure. Overall, the company shows improving long-term fundamentals, but near-term momentum remains cautious.



Apollo Tyres – Q3 FY26 Earnings Highlights

Price: ₹513 | Market Cap: ₹32,555 Cr | PE: 22.3

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹7,743 Cr ▲ 12% ₹6,928 Cr ▲ 13% ₹6,831 Cr
EBITDA ₹1,186 Cr ▲ 25% ₹947 Cr ▲ 16% ₹1,021 Cr
Net Profit ₹471 Cr ▲ 43% ₹337 Cr ▲ 83% ₹258 Cr
EPS ₹7.41 ▲ 40% ₹5.31 ▲ 83% ₹4.06

Note: Exceptional items (Dec’25: -₹27.1 Cr, Dec’24: -₹4.24 Cr) have been ignored for YoY comparison.

Verdict

Apollo Tyres delivered a strong Q3 FY26 performance with double-digit growth in revenue and a sharp improvement in profitability. The robust QoQ jump in net profit and EPS highlights margin expansion and better operational efficiency. Overall performance reflects healthy demand momentum and improved cost control, keeping the near-term outlook positive.



Tube Investments of India Ltd – Q3 FY26 Earnings Highlights

Price: ₹2,637 | Market Cap: ₹51,011 Cr | P/E: 82.5

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹5,801 Cr ▲ 21% ₹4,812 Cr ▲ 5% ₹5,523 Cr
EBITDA ₹585 Cr ▲ 19% ₹491 Cr ▲ 8% ₹544 Cr
Net Profit ₹279 Cr ▼ 4% ₹280 Cr ▼ 8% ₹302 Cr
EPS ₹8.57 ▼ 14% ₹10.01 ▼ 11% ₹9.65

Exceptional Items (Dec 2025): ₹(-57 Cr)

Note: Exceptional items excluded while calculating YoY growth.

Verdict

Tube Investments delivered strong revenue and EBITDA growth, reflecting healthy demand across core segments and stable operational performance. However, the decline in net profit and EPS indicates margin pressure and the impact of exceptional items. With valuations remaining rich at a P/E of 82.5, sustained earnings growth will be crucial to justify current price levels.



Jubilant Ingrevia – Q3 FY26 Earnings Highlights

Price: ₹652 | M.Cap: ₹10,388 Cr | P/E: 37 профессион: 37.8

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹1,051 Cr ▼ 1% ₹1,057 Cr ▼ 6% ₹1,121 Cr
EBITDA ₹127 Cr ▼ 9% ₹138 Cr ▼ 6% ₹135 Cr
Net Profit ₹46.9 Cr ▼ 19% ₹69.4 Cr ▼ 33% ₹69.5 Cr
EPS ₹2.94 ▼ 33% ₹4.36 ▼ 33% ₹4.36

Note: Exceptional item of ₹13 Cr in Dec’25 ignored for YoY comparison.

Verdict

Jubilant Ingrevia reported a weak Q3 FY26 performance with decline in revenue and profitability on both YoY and QoQ basis. Margin pressure and lower operational performance impacted EBITDA and net profit. Despite excluding exceptional items for YoY comparison, earnings momentum remains soft. Recovery will depend on volume growth and margin stabilization in the coming quarters.



Avalon Technologies – Q3 FY26 Earnings Highlights

Price: ₹1,030 | Market Cap: ₹6,835 Cr | P/E: 71.2

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹418 Cr ▲ 49% ₹281 Cr ▲ 9% ₹382 Cr
EBITDA ₹48.0 Cr ▲ 39% ₹34.6 Cr ▲ 24% ₹38.6 Cr
Net Profit ₹32.6 Cr ▲ 36% ₹24.0 Cr ▲ 30% ₹25.0 Cr
EPS ₹4.88 ▲ 34% ₹3.63 ▲ 30% ₹3.74

Verdict

Avalon Technologies delivered a strong quarterly performance with robust year-on-year growth across revenue and profitability. Sequential improvement in sales, EBITDA, and net profit indicates improving operating leverage and margin expansion. While valuations remain rich, the consistent growth momentum supports a positive medium-term outlook, provided execution and demand visibility remain strong.



Kalpataru Projects – Q3 FY26 Earnings Highlights

Price: ₹1,126 | M.Cap: ₹19,188 Cr | P/E: 22.6

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹6,665 Cr ▲ 16% ₹5,732 Cr ▲ 2% ₹6,529 Cr
EBITDA ₹513 Cr ▲ 7% ₹479 Cr ▼ 9% ₹561 Cr
Net Profit ₹149 Cr ▲ 20% ₹140 Cr ▼ 37% ₹237 Cr
EPS ₹8.91 ▲ 7% ₹8.31 ▼ 37% ₹14.06

Note: Exceptional item of -₹29.5 Cr (Dec 2025) ignored for YoY comparison.

Verdict

Kalpataru Projects delivered strong YoY growth in revenue and profitability, reflecting steady execution and healthy order inflows. However, QoQ margin pressure and sharp profit decline indicate short-term cost and execution challenges. The overall outlook remains positive for long-term growth, but near-term performance may stay volatile until margins stabilize.



NHPC Ltd – Q3 FY26 Earnings Highlights

Price: ₹78.5 | Market Cap: ₹78,843 Cr | P/E: 25.0

Metric Q3 FY26 YoY Change YoY Base (Q3 FY25) QoQ Change QoQ Base (Q2 FY26)
Sales ₹2,221 Cr ▼ 3% ₹2,287 Cr ▼ 34% ₹3,365 Cr
EBITDA ₹212 Cr ▼ 79% ₹1,015 Cr ▼ 89% ₹2,027 Cr
Net Profit ₹321 Cr ▼ 5% ₹330 Cr ▼ 74% ₹1,219 Cr
EPS ₹0.22 ▼ 4% ₹0.23 ▼ 78% ₹1.02

Verdict

NHPC posted a weak Q3 FY26 performance with sharp quarter-on-quarter declines across all key parameters, especially EBITDA and net profit, indicating margin pressure and operational softness. While the year-on-year decline in net profit remained moderate, the steep QoQ fall highlights near-term earnings volatility. Investors should closely monitor recovery in power generation, tariff realizations, and cost control measures in the coming quarters for performance stabilization.



Pokarna – Q3 FY26 Earnings Highlights (Standalone)

Stock Price: ₹955 | Market Cap: ₹2,972 Cr | P/E: 26.1

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales (Revenue) ₹135 Cr ▼ 40% ₹224 Cr ▲ 14% ₹118 Cr
EBITDA ₹40.7 Cr ▼ 48% ₹77.6 Cr ▲ 71% ₹23.8 Cr
Net Profit ₹20.4 Cr ▼ 60% ₹50.6 Cr ▲ 222% ₹6.33 Cr
EPS ₹6.57 ▼ 60% ₹16.32 ▲ 222% ₹2.04

Note: Exceptional item of ₹0.10 Cr in Dec 2024 has been ignored for YoY comparison as per management disclosure.

Verdict

Pokarna reported weak year-on-year performance due to a sharp decline in sales and margins, reflecting challenging demand conditions. However, the company delivered a strong quarter-on-quarter recovery, with significant improvement in EBITDA and net profit, indicating operational stabilization and margin improvement in Q3 FY26.



Trent – Q3 FY26 Earnings Highlights

Price: ₹4,013 | Market Cap: ₹1,42,648 Cr | PE: 86.1

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹5,345 Cr ▲ 15% ₹4,657 Cr ▲ 11% ₹4,818 Cr
EBITDA ₹1,081 Cr ▲ 28% ₹847 Cr ▲ 33% ₹816 Cr
Net Profit ₹510 Cr ▲ 7% ₹497 Cr ▲ 37% ₹373 Cr
EPS ₹14.42 ▲ 3% ₹13.99 ▲ 36% ₹10.60
Exceptional Items (Dec 2025) -₹26.1 Cr Exceptional items excluded from YoY growth calculations

Verdict

Trent delivered strong operational performance in Q3 FY26, with robust double-digit growth in sales and EBITDA on both YoY and QoQ basis. While net profit YoY growth remained modest, the sharp QoQ jump in profitability and EPS highlights improving margins and operating leverage. Overall performance indicates healthy business momentum with sustained expansion and efficiency gains.



Welspun Enterprises – Q3 FY26 Earnings Highlights

Price: ₹474 | Market Cap: ₹6,539 Cr | P/E: 19.5

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹787 Cr ▼ 12% ₹896 Cr ▲ 0.4% ₹784 Cr
EBITDA ₹154 Cr ▼ 2% ₹157 Cr ▼ 10% ₹172 Cr
Net Profit ₹30.7 Cr ▼ 40% ₹77.0 Cr ▼ 69% ₹98.1 Cr
EPS ₹1.74 ▼ 66% ₹5.16 ▼ 73% ₹6.53

Exceptional Items

  • Exceptional Loss (Dec 2025): ₹51.6 Cr
  • Exceptional Loss (Dec 2024): ₹6.01 Cr
  • Note: Exceptional items have been excluded from YoY calculations.

Verdict

Welspun Enterprises delivered a weak Q3 FY26 performance, with double-digit YoY decline in sales and sharp contraction in profitability. While revenue remained largely flat on a QoQ basis, margin pressure and higher costs impacted EBITDA. The steep fall in net profit and EPS reflects operational stress along with the impact of exceptional items. Near-term performance may remain cautious until execution momentum improves and margin stability returns.



Sammaan Capital – Q3 FY26 Earnings Highlights (Dec 2025)

Price: ₹150 | Market Cap: ₹12,451 Cr | P/E: 9.7

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹2,158 Cr ▲ 7% ₹2,017 Cr ▼ 4% ₹2,251 Cr
EBITDA ₹1,898 Cr ▲ 17% ₹1,628 Cr ▲ 10% ₹1,722 Cr
Net Profit ₹314 Cr ▲ 4% ₹302 Cr ▲ 2% ₹308 Cr
EPS ₹3.79 ▼ 7% ₹4.08 ▲ 2% ₹3.72

Verdict

Sammaan Capital delivered steady year-on-year growth in revenue, EBITDA, and net profit, reflecting operational stability and margin improvement. However, quarter-on-quarter sales softness and a decline in YoY EPS indicate pressure on per-share earnings. Overall performance remains moderately positive, supported by strong EBITDA growth and improving quarterly profitability momentum.



Global Health – Q3 FY26 Earnings Highlights (Dec 2025)

Price: ₹1,123 | Market Cap: ₹30,158 Cr | P/E: 53.3

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Revenue (Sales) ₹1,121 Cr ▲ 19% ₹943 Cr ▲ 2% ₹1,099 Cr
EBITDA ₹217 Cr ▼ 9% ₹238 Cr ▼ 6% ₹231 Cr
Net Profit ₹95 Cr ▼ 13% ₹143 Cr ▼ 40% ₹158 Cr
EPS ₹3.54 ▼ 33% ₹5.32 ▼ 40% ₹5.89
Exceptional Items -₹36.6 Cr One-time impact (YoY calculations exclude this adjustment)

Verdict

Global Health delivered strong revenue growth on a year-on-year basis, but profitability remained under pressure with declines in EBITDA, net profit, and EPS on both YoY and QoQ fronts. While topline momentum remains healthy, investors should closely monitor margin recovery and cost control measures going forward. Near-term performance may remain muted unless operational efficiency improves and exceptional impacts normalize.



Bajaj Holdings – Q3 FY26 Earnings Highlights

Price: ₹10,889 | Market Cap: ₹1,21,060 Cr | PE: 16.5

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹288 Cr ▲ 128% ₹126 Cr ▼ 27% ₹397 Cr
EBITDA ₹247 Cr ▲ 158% ₹95.7 Cr ▼ 30% ₹353 Cr
Net Profit ₹2,018 Cr ▲ 15% ₹1,750 Cr ▲ 19% ₹1,690 Cr
EPS ₹181.16 ▲ 15% ₹157.09 ▲ 29% ₹140.08

Verdict

Bajaj Holdings delivered strong year-on-year growth in revenue and operating profit, reflecting improved investment income and portfolio performance. However, the quarter-on-quarter dip in Sales and EBITDA indicates short-term volatility in operating income. On the positive side, Net Profit and EPS showed healthy QoQ growth, highlighting stable bottom-line strength and improved earnings efficiency. Overall, the company maintains a solid long-term financial position with consistent profitability momentum.



Asian Granito – Q3 FY26 Earnings Highlights

Price: ₹74.4 | Market Cap: ₹1,716 Cr | P/E: 33.2

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹424 Cr ▲ 16% ₹366 Cr ▲ 4% ₹407 Cr
EBITDA ₹40.8 Cr ▲ 210% ₹13.2 Cr ▲ 11% ₹36.6 Cr
Net Profit ₹18.5 Cr ▲ 543% ₹-4.09 Cr ▲ 11% ₹16.7 Cr
EPS ₹0.87 ▲ 381% ₹-0.31 ▲ 24% ₹0.70

Verdict

Asian Granito delivered a strong turnaround quarter with a sharp improvement in profitability. Robust EBITDA expansion and return to profitability highlight better cost control and operating leverage. Sequential growth remains steady, indicating sustained business momentum and an improving margin profile going forward.



Emami Ltd – Q3 FY26 Earnings Highlights (Dec 2025)

Price: ₹489 | Market Cap: ₹21,360 Cr | P/E: 26.6

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹1,152 Cr ▲ 10% ₹1,049 Cr ▲ 44% ₹799 Cr
EBITDA ₹384 Cr ▲ 15% ₹334 Cr ▲ 117% ₹177 Cr
Net Profit ₹319 Cr ▲ 18% ₹279 Cr ▲ 115% ₹148 Cr
EPS ₹7.32 ▲ 15% ₹6.30 ▲ 115% ₹3.40
Exceptional Items ₹(-10.2 Cr) Exceptional items ignored for YoY comparison (as mentioned)

Verdict

Emami delivered a strong operational performance in Q3 FY26 with double-digit YoY growth across revenue, EBITDA, net profit, and EPS. The sharp QoQ rebound reflects improved demand momentum and significant margin expansion. Overall, the results indicate healthy business traction and profitability recovery, supporting a positive medium-term outlook.



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Daily Market Pulse: Key Stock Highlights



🗞️ Daily Business Brief – JAN 27 2025

 
  • Marico to acquire 60% stake in functional wellness brand Cosmix at ₹375 crore valuation.
  • FIIs & DIIs Flow – FIIs Net Buy ₹29.79 Cr while DIIs Net Buy ₹249.54 Cr in equities today (Provisional).
  • Mukesh Ambani (Reliance Industries) speaks at Jio-BlackRock event: Targets Viksit Bharat by 2047, sees India becoming $20–30 trillion economy in next 30 years, highlights long-term opportunities in energy & physical infrastructure, says India will outgrow global peers and young India will benefit directly.
  • Larry Fink (BlackRock) at Jio-BlackRock event: Encourages global investors to participate in India growth story, highlights impact of smartphones & 5G rollout, calls India leader in digitisation.
  • Data Centre Tax Holiday – Finance Ministry sources say Budget 2026 exempts notified foreign cloud companies using Indian data centres; ensures same tax treatment for Indian-owned and subsidiary DCs, boosting sector confidence.
  • BHEL shares gain after bagging order worth up to ₹1,500 crore from Hindalco.
  • Lupin launches Topiramate Extended-Release Capsules in the US; product has estimated annual sales of USD 164 million.
  • Himadri Speciality Chemical board approves acquisition of 100% stake in Himadri Power Limited for ₹2.5 lakh; to become wholly owned subsidiary engaged in mineral mining and processing.
  • NHPC and GEDCOL propose cancellation of MoU and promoters’ agreement for JV on floating solar projects in Odisha.
  • Berger Paints India starts commercial production at Hindupur facility; plant expected to reduce overall production costs.
  • IndiGo faces CCI probe after mass flight cancellations in December.
  • US ADP Employment Data – January nonfarm employment change at 22K vs 41K previous; estimate was 45K.
  • eMudhra – 3i Infotech alleges financial fraud against company; eMudhra denies allegations and plans legal recourse.
  • Russia on Indian Oil Imports – Russian Foreign Ministry says Indian purchases of Russian oil benefit both nations and help maintain global energy market stability.
  • Tata Steel – India court reserves judgement on two writ petitions related to Sukinda Chromite Block; interim protection extended till verdict.
  • NVIDIA CEO Jensen Huang dismisses fears of AI replacing software tools, calling such concerns illogical amid global tech stock selloff.
  • Zydus Lifesciences receives tentative USFDA approval for Dapagliflozin Tablets (5 mg & 10 mg) for Type-2 Diabetes; US annual sales market size at USD 10.49 billion.
  • Pidilite MD expects double-digit growth to sustain; tariff cuts likely to support export business.

🔔 Stay tuned for daily insights into India Inc, markets & macro stories!

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Q3 Earnings Snapshot 2025 – Winners, Surprises & Misses Revealed!

Q4 FY25 Earnings Highlights

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.



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Daily Market Pulse: Key Stock Highlights



🗞️ Daily Business Brief – JAN 27 2025

 
  • India–US Trade Deal (Phase 1) – $30bn exports under 18% tariff, $44bn exports exempt; no change for auto & steel under Sec 232; India to buy oil, LNG, aircraft & chips; joint statement in progress.
  • USTR Update (NBC Exclusive) – India’s industrial goods tariffs to drop to zero from 13.5%; selective protection on agriculture; non-tariff barrier removal is key part of the agreement.
  • India–US Bilateral Agreement – Agriculture & dairy red lines respected; no tariff change for Sec 232 sectors; India plans $500bn purchases of US products vital for economic security.
  • NTPC Green Energy – Second part of 125 MW Bhadla Solar PV project declared on commercial operation.
  • DLF – Signs business transfer agreement with Makalu & Srijan; sells 17.75 acres land to Gangapurna Projects; IT/ITES SEZ undertaking sale for ₹4.1 bn; land sale deal worth ₹2.60 bn.
  • IRFC – Signs strategic MoU for Tuticorin port development.
  • Cupid – Independent Director Mr. Santosh Desai resigns from the board.
  • JK Lakshmi Cement – Board approves higher investment for Durg plant expansion; project cost raised to ₹3,000 crore; completion by March 2028; clinker capacity at 12.3 MTPA and cement capacity at 22.6 MTPA.
  • V2 Retail – Announces equity share split in 1:10 ratio.
  • Power Grid Corp – Acquires SR and ER Power Transmission Limited.
  • NLC India – NLC India Renewables receives award for 600 MW project.
  • Vakrangee – RBI renews authorization for Vakrangee White Label ATMs.
  • Excellent Wires and Packaging – Granted TRQ authorization by DGFT; license allows gold bar imports from UAE.
  • JSW Infra – TNPPA files appeal against subsidiary ECTPL; NCLT order does not impact company’s financials or operations.
  • JSW Energy – Company clarifies no plans for nuclear power investment.
  • Infosys – Collaborates with Citizens to set up AI-first innovation hub for future banking solutions.
  • Container Corp – Signs MoU to form JV BCSL for container vessel operations.
  • Solar Industries – 9MFY26 defence revenue at ₹1,626 crore versus full-year guidance of ₹3,000 crore.
  • Varun Beverages – Management maintains margin guidance of 22%; aims to sustain current 26% margin into CY26.
  • MCX – January data shows strong operating leverage; ~₹300 crore transaction fees earned driven by high F&O volumes.
  • Bajaj Electricals – Enters into wire business segment.
  • NMDC – Company to enter critical minerals production.

🔔 Stay tuned for daily insights into India Inc, markets & macro stories!

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Q3 Earnings Snapshot 2025 – Winners, Surprises & Misses Revealed!

Q4 FY25 Earnings Highlights

Aarti Industries – Q3 FY26 Earnings Highlights (Dec 2025)

Price: ₹373 | Market Cap: ₹13,523 Cr | P/E: 36.5

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹2,318 Cr ▲ 26% ₹1,843 Cr ▲ 10% ₹2,100 Cr
EBITDA ₹321 Cr ▲ 39% ₹231 Cr ▲ 10% ₹291 Cr
Net Profit ₹133 Cr ▲ 222% ₹46 Cr ▲ 26% ₹106 Cr
EPS ₹3.67 ▲ 189% ₹1.27 ▲ 26% ₹2.92

Note: Exceptional item of -₹15 Cr (Dec 2025) has been excluded while calculating YoY growth.

Verdict

Aarti Industries delivered a strong turnaround quarter with robust growth across all key financial metrics. Sharp improvement in net profit and EPS highlights margin recovery and better operating leverage. Sequential growth in sales and EBITDA signals improving demand momentum and operational stability. Overall performance reflects a positive earnings trajectory with strengthening fundamentals.



Olectra Greentech – Q3 FY26 (Dec 2025) Earnings Highlights

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹664 Cr ▲ 29% ₹515 Cr ▲ 1% ₹657 Cr
EBITDA ₹93.2 Cr ▲ 18% ₹78.9 Cr ▲ 5% ₹88.7 Cr
Net Profit ₹46.7 Cr ▲ 0% ₹46.6 Cr ▼ 5% ₹49.4 Cr
EPS ₹5.65 ▲ 0% ₹5.64 ▼ 6% ₹6.04

Verdict

Olectra Greentech delivered strong year-on-year revenue growth supported by steady operational performance, with EBITDA improving on both YoY and QoQ basis. However, net profit and EPS remained flat on a yearly basis and declined sequentially, indicating margin pressure or higher cost impact. Overall, topline momentum remains positive, but earnings traction needs improvement to justify current valuation comfort.



PG Electroplast – Q3 FY26 Earnings Highlights

Price: ₹563 | Market Cap: ₹16,053 Cr | P/E: 58.0

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹1,412 Cr ▲ 46% ₹968 Cr ▲ 115% ₹655 Cr
EBITDA ₹117 Cr ▲ 37% ₹85.2 Cr ▲ 289% ₹30.1 Cr
Net Profit ₹62.0 Cr ▲ 57% ₹39.5 Cr ▲ 2,146% ₹2.76 Cr
EPS ₹2.17 ▲ 55% ₹1.40 ▲ 2,070% ₹0.10

Verdict

PG Electroplast delivered strong YoY growth across revenue and profitability, supported by healthy operational performance. The sharp QoQ surge in EBITDA and net profit highlights margin expansion and improved cost efficiency. Overall, Q3 FY26 reflects robust business momentum with accelerating earnings growth. 🚀



Bharat Wire – Q3 FY26 Earnings Highlights

Price: ₹159 | Market Cap: ₹1,092 Cr | P/E: 14.2

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹143 Cr ▼ 12% ₹162 Cr ▼ 13% ₹165 Cr
EBITDA ₹32.6 Cr ▲ 12% ₹29.0 Cr ▼ 15% ₹38.4 Cr
Net Profit ₹18.2 Cr ▲ 23% ₹14.9 Cr ▼ 18% ₹22.1 Cr
EPS ₹2.66 ▲ 23% ₹2.17 ▼ 18% ₹3.23

Verdict

Bharat Wire delivered strong year-on-year profitability growth despite a decline in topline. EBITDA, net profit, and EPS improved on a YoY basis, reflecting better operational efficiency and margin control. However, the quarter-on-quarter slowdown across revenue and profitability indicates near-term pressure on business momentum. Sustainability of margins and volume recovery will be key triggers to watch going forward.



Shriram Pistons & Rings – Q3 FY26 Earnings Highlights (Dec 2025)

Price: ₹2,675 | Market Cap: ₹11,785 Cr | P/E: 21.0

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹1,023 Cr ▲ 21% ₹848 Cr ▲ 1% ₹1,016 Cr
EBITDA ₹206 Cr ▲ 21% ₹170 Cr ▼ 0.5% ₹207 Cr
Net Profit ₹126 Cr ▲ 18% ₹121 Cr ▼ 11% ₹142 Cr
EPS ₹27.92 ▲ 3% ₹27.20 ▼ 12% ₹31.76

Note: Exceptional loss of ₹25.2 Cr in Dec 2025 quarter has been excluded from YoY growth calculations.

Verdict

Shriram Pistons delivered strong year-on-year growth across revenue and operating profit, confirming robust core business performance. However, quarter-on-quarter profitability weakened due to exceptional losses and mild margin pressure. Overall, the company maintains healthy long-term fundamentals, but short-term earnings momentum remains moderate.



eMudhra – Q3 FY26 Earnings Highlights (Dec 2025)

CMP: ₹525 | Market Cap: ₹4,343 Cr | P/E: 42.3

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹188 Cr ▲ 35% ₹139 Cr ▲ 9% ₹173 Cr
EBITDA ₹41.1 Cr ▲ 37% ₹29.9 Cr Flat ₹41.2 Cr
Net Profit ₹29.0 Cr ▲ 37% ₹22.4 Cr ▲ 10% ₹26.4 Cr
EPS ₹3.46 ▲ 37% ₹2.53 ▲ 13% ₹3.05

Verdict

eMudhra delivered strong double-digit YoY growth across revenue, profitability, and EPS, driven by robust demand for digital trust and cybersecurity solutions. The company maintained stable operational performance on a quarter-on-quarter basis, with flat EBITDA and improving net profit margins. Overall, eMudhra continues to demonstrate healthy earnings momentum and consistent business execution going forward.



Interarch Build – Q3 FY26 Earnings Highlights

Price: ₹2,095 | Market Cap: ₹3,515 Cr | P/E: 25.3

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹523 Cr ▲ 44% ₹364 Cr ▲ 7% ₹491 Cr
EBITDA ₹50.3 Cr ▲ 43% ₹35.1 Cr ▲ 21% ₹41.6 Cr
Net Profit ₹37.3 Cr ▲ 41% ₹28.2 Cr ▲ 16% ₹32.3 Cr
EPS ₹22.22 ▲ 31% ₹16.95 ▲ 15% ₹19.25

Exceptional Items (Dec 2025): -₹3.24 Cr

Note: Exceptional items ignored for YoY calculations.

Verdict

Interarch Build delivered strong double-digit growth across all key metrics, driven by robust revenue momentum and improving operating leverage. Healthy quarter-on-quarter expansion in EBITDA and net profit highlights margin improvement and better operational efficiency. With consistent earnings growth and stable valuation multiples, the company remains fundamentally strong with positive near-term business momentum.



Transrail Lighting – Q3 FY26 Earnings Highlights

Price: ₹497 | M.Cap: ₹6,662 Cr | P/E: 15.0

Metric Q3 FY26 YoY Change YoY Base QoQ Change QoQ Base
Sales ₹1,796 Cr ▲ 32% ₹1,358 Cr ▲ 15% ₹1,561 Cr
EBITDA ₹227 Cr ▲ 27% ₹179 Cr ▲ 23% ₹184 Cr
Net Profit ₹110 Cr ▲ 31% ₹93.2 Cr ▲ 21% ₹91.0 Cr
EPS ₹8.17 ▲ 18% ₹6.94 ▲ 21% ₹6.78
Exceptional Items (Dec 2025) -₹17.4 Cr Exceptional items ignored for YoY comparison as provided

Verdict

Transrail Lighting delivered a strong Q3 FY26 performance with robust double-digit growth across sales, EBITDA, and net profit on both YoY and QoQ basis. Margin improvement and healthy profit growth indicate better operational efficiency. Despite the impact of exceptional items, the core business momentum remains positive, supporting a constructive medium-term outlook.



Corona Remedies – Q3 FY26 Earnings Highlights (Dec 2025)

Price: ₹1,460 | Market Cap: ₹8,933 Cr | P/E: 56.1

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹342 Cr ▲ 15% ₹298 Cr ▼ 5% ₹361 Cr
EBITDA ₹83.2 Cr ▲ 20% ₹69.4 Cr ▲ 6% ₹78.5 Cr
Net Profit ₹41.2 Cr ▲ 22% ₹44.8 Cr ▼ 21% ₹52.2 Cr
EPS ₹6.74 ▼ 8% ₹7.32 ▼ 21% ₹8.53

Verdict

Corona Remedies reported healthy year-on-year growth in sales, EBITDA, and net profit, highlighting strong operational performance on an annual basis. However, the quarter-on-quarter decline in revenue, profit, and EPS signals near-term pressure on margins or demand. Overall, the company maintains solid long-term growth momentum, but short-term performance remains mixed and warrants close monitoring.



Honeywell Automation India Ltd – Q3 FY26 Earnings Highlights

CMP: ₹33,610 | Market Cap: ₹29,694 Cr | P/E: 57.9

Metric Q3 FY26 YoY Change YoY Base (Q3 FY25) QoQ Change QoQ Base (Q2 FY26)
Sales ₹1,169 Cr ▲ 7% ₹1,091 Cr ▲ 2% ₹1,149 Cr
EBITDA ₹148 Cr ▲ 4% ₹142 Cr ▲ 12% ₹132 Cr
Net Profit ₹121 Cr ▼ 3% ₹132 Cr ▲ 1% ₹120 Cr
EPS ₹137.08 ▼ 8% ₹149.41 ▲ 1% ₹135.16

Note

Exceptional Item of -₹11.4 Cr (Dec 2025) adjusted. YoY growth is calculated excluding exceptional items.

Verdict

Honeywell Automation delivered steady revenue growth with moderate EBITDA improvement, supported by operational recovery on a quarter-on-quarter basis. However, year-on-year pressure on net profit and EPS indicates margin normalization and higher cost impact. Overall performance reflects stable demand momentum with a cautious profitability outlook.



RailTel Corporation of India Ltd – Q3 FY26 Earnings Highlights

Stock Price: ₹337 | Market Cap: ₹10,806 Cr | P/E: 33.2

Metric Q3 FY26 YoY Change YoY Base QoQ Change QoQ Base
Sales (Revenue) ₹913 Cr ▲ 19% ₹768 Cr ▼ 4% ₹951 Cr
EBITDA ₹133 Cr ▲ 10% ₹121 Cr ▼ 14% ₹154 Cr
Net Profit ₹62.4 Cr ▲ 3% ₹65.0 Cr ▼ 18% ₹76.1 Cr
EPS ₹1.94 ▼ 4% ₹2.03 ▼ 18% ₹2.37

Performance Insight: YoY profit growth remained marginal despite strong revenue growth due to margin pressure.

Verdict

Revenue Momentum: RailTel delivered strong YoY revenue growth, indicating healthy order execution and demand traction.

Margin Pressure: Sequential decline in EBITDA, Net Profit, and EPS highlights cost pressure and margin compression during Q3.

Positive: PSU order inflows, digital infrastructure theme intact, steady revenue traction.

Concern: Falling QoQ profitability, EPS decline, moderation in operating margins.

Overall View: Structurally strong business with mixed near-term performance. Stock may require earnings stability for fresh upside momentum.



Indiabulls – Dec 2025 Quarter Earnings Highlights

Price: ₹10.8 | Market Cap: ₹2,496 Cr | P/E: 87.0

Metric Value YoY Change YoY Base (Dec 2024) QoQ Change QoQ Base (Sep 2025)
Sales ₹97.0 Cr ▼ 9% ₹106 Cr ▼ 59% ₹236 Cr
EBITDA -₹14.2 Cr ▼ 159% ₹24.3 Cr ▼ 113% ₹107 Cr
Net Profit ₹78.4 Cr ▲ 2251% -₹3.15 Cr ▲ 4% ₹75.3 Cr
EPS ₹0.34 ▲ 192% -₹0.37 ▲ 386% ₹0.07

Verdict

Indiabulls reported a sharp turnaround in profitability with strong YoY and QoQ growth in net profit and EPS, despite a significant decline in revenue and negative EBITDA. While bottom-line recovery is encouraging, operational weakness and margin pressure remain a concern, indicating that the current performance is driven more by non-operational factors than core business strength.



PB Fintech – Q3 FY26 Earnings Highlights (Dec 2025)

Price: ₹1,563 | Market Cap: ₹72,379 Cr | P/E: 124.9

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹1,771 Cr ▲ 37% ₹1,292 Cr ▲ 10% ₹1,614 Cr
EBITDA ₹159 Cr ▲ 476% ₹27.6 Cr ▲ 63% ₹97.8 Cr
Net Profit ₹189 Cr ▲ 165% ₹71.5 Cr ▲ 40% ₹135 Cr
EPS ₹4.09 ▲ 162% ₹1.56 ▲ 39% ₹2.94

Verdict

PB Fintech delivered exceptionally strong earnings growth in Q3 FY26 with sharp improvement in profitability and operating leverage. The massive year-on-year EBITDA jump highlights margin expansion, while healthy quarter-on-quarter growth across revenue, profit, and EPS signals sustained business momentum. Despite rich valuations, operational performance remains robust with improving scalability and profitability trends.



Patel Retail – Earnings Highlights (Dec 2025)

CMP: ₹196 | Market Cap: ₹650 Cr | P/E: 17.9

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹309 Cr ▲ 35% ₹228 Cr ▲ 39% ₹222 Cr
EBITDA ₹23.1 Cr ▲ 65% ₹14.0 Cr ▲ 39% ₹16.6 Cr
Net Profit ₹12.0 Cr ▲ 96% ₹6.13 Cr ▲ 19% ₹10.1 Cr
EPS ₹3.59 ▲ 46% ₹2.46 ▲ 18% ₹3.04

Verdict

Patel Retail delivered a strong quarterly performance with robust YoY growth across revenue and profitability. Healthy QoQ expansion in sales and EBITDA highlights improving operational momentum, while sharp YoY growth in net profit reflects better margins and cost efficiency. Overall, the company continues to show positive growth traction with stable valuation comfort.



Campus Activewear – Q3 FY26 Earnings Highlights (Dec 2025)

CMP: ₹272 | Market Cap: ₹8,333 Cr | P/E: 59.1

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹589 Cr ▲ 14% ₹515 Cr ▲ 52% ₹387 Cr
EBITDA ₹110 Cr ▲ 34% ₹82.2 Cr ▲ 120% ₹49.9 Cr
Net Profit ₹63.7 Cr ▲ 37% ₹46.5 Cr ▲ 217% ₹20.1 Cr
EPS ₹2.08 ▲ 37% ₹1.52 ▲ 215% ₹0.66

Verdict

Campus Activewear delivered a strong operational rebound in Q3 FY26, supported by sharp quarter-on-quarter acceleration in sales, EBITDA, and profitability. The robust QoQ margin expansion highlights improved operating leverage and demand recovery. While year-on-year growth remains healthy, the premium valuation (high P/E) suggests that the market is already factoring in sustained growth momentum. Overall outlook remains positive with improving profitability trends.



UPL Limited – Q3 FY26 Earnings Highlights (Dec 2025)

Price: ₹699 | Market Cap: ₹58,927 Cr | P/E: 31.0

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹12,269 Cr ▲ 12% ₹10,907 Cr ▲ 2% ₹12,019 Cr
EBITDA ₹2,236 Cr ▲ 33% ₹1,678 Cr ▲ 15% ₹1,947 Cr
Net Profit ₹490 Cr ▼ 52% ₹853 Cr ▼ 20% ₹612 Cr
EPS ₹4.70 ▼ 52% ₹9.81 ▼ 28% ₹6.56

Note: Exceptional items (Dec 2025: -₹56 Cr | Dec 2024: -₹76 Cr) have been excluded from YoY calculations.

Verdict

UPL delivered strong top-line and EBITDA growth in Q3 FY26, supported by healthy operational performance and margin improvement. However, net profit and EPS declined sharply on both YoY and QoQ basis, indicating pressure from higher costs, interest burden, or other below-EBITDA factors. Overall, the quarter reflects operational strength but weak bottom-line conversion, which investors should track closely going ahead.



Latent View Analytics – Q3 FY26 Earnings Highlights (Dec 2025)

CMP: ₹457 | Market Cap: ₹9,459 Cr | P/E: 47.6

Metric Value YoY Change YoY Base QoQ Change QoQ Base
Sales ₹278 Cr ▲ 22% ₹228 Cr ▲ 8% ₹258 Cr
EBITDA ₹62.2 Cr ▲ 23% ₹50.3 Cr ▲ 11% ₹56.1 Cr
Net Profit ₹50.8 Cr ▲ 20% ₹42.6 Cr ▲ 11% ₹45.7 Cr
EPS ₹2.42 ▲ 19% ₹2.03 ▲ 13% ₹2.15

Verdict

Latent View Analytics delivered strong double-digit growth across revenue and profitability on both YoY and QoQ basis. Sequential improvement in EBITDA and net profit reflects better operational efficiency and stable margins. However, with a premium valuation (P/E ~48), the stock will require sustained high growth momentum to justify current levels. Overall, the performance remains fundamentally positive with consistent execution.







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