Tata Elxsi – Q3 FY26 Earnings Highlights
| Metric | Value | YoY Change | QoQ Change |
|---|---|---|---|
| Revenue | ₹953.47 Cr | ▲ 1.5% | ▲ 3.9% |
| EBITDA | ₹222.25 Cr | ▼ 9.9% | ▲ 15.0% |
| EBITDA Margin | 23.3% | ▼ 295 bps | ▲ 225 bps |
| Net Profit (PAT) | ₹108.89 Cr | ▼ 45.3% | ▼ 29.7% |
| EPS | ₹17.5 | Flat | Flat |
Segment Performance
Software Development & Services
| Metric | Value | YoY Change | QoQ Change |
|---|---|---|---|
| Revenue | ₹930.34 Cr | ▲ 1.3% | ▲ 4.1% |
| EBIT | ₹307.74 Cr | ▼ 3.7% | ▲ 15.2% |
| EBIT Margin | 33.1% | ▼ 170 bps | ▲ 318 bps |
System Integration & Support Services
| Metric | Value | YoY Change | QoQ Change |
|---|---|---|---|
| Revenue | ₹23.14 Cr | ▲ 12.9% | ▼ 4.7% |
| EBIT | ₹-1.96 Cr | ▼ Turned Loss | ▼ Turned Loss |
| EBIT Margin | -8.5% | Loss-making | |
Verdict
Tata Elxsi delivered modest revenue growth in Q3 FY26, with sequential recovery in EBITDA and margins, reflecting improved execution and cost control in the core software business. However, the sharp YoY and QoQ decline in net profit and continued losses in the System Integration segment remain key concerns. A sustainable earnings turnaround will depend on maintaining margin recovery and improving performance in non-core segments.
Bank of Maharashtra – Q3 FY26 Earnings Highlights
Price: ₹65.0 | Market Cap: ₹49,987 Cr | P/E: 7.7
| Metric | Q3 FY26 (Dec 2025) | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Net Interest Income | ₹7,344 Cr | ▲ 16% | ₹6,325 Cr | ▲ 3% | ₹7,128 Cr |
| EBITDA | ₹4,996 Cr | ▲ 23% | ₹4,056 Cr | ▲ 3% | ₹4,854 Cr |
| Net Profit | ₹1,799 Cr | ▲ 27% | ₹1,412 Cr | ▲ 8% | ₹1,669 Cr |
| EPS | ₹2.34 | ▲ 27% | ₹1.84 | ▲ 8% | ₹2.17 |
Asset Quality Snapshot
| Metric | Q3 FY26 | Previous Quarter | Trend |
|---|---|---|---|
| Gross NPA | 1.60% | 1.72% | ▲ Improving |
| Net NPA | 0.15% | 0.18% | ▲ Improving |
Verdict
Bank of Maharashtra delivered a strong Q3 FY26 with double-digit growth across Sales, EBITDA, Net Profit and EPS on both a year-on-year and quarter-on-quarter basis. The continued decline in Gross and Net NPAs reflects improving asset quality and stronger recovery performance, while rising profitability indicates better margins and operating efficiency.
At a low P/E of 7.7, the stock remains attractively valued relative to its improving fundamentals, making Bank of Maharashtra a compelling PSU banking play for medium- to long-term investors.
ICICI Prudential Life Insurance – Q3 FY26 Earnings Highlights (Dec 2025)
Price: ₹681 | Market Cap: ₹98,790 Cr | P/E: 72.2
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Total Income (Sales) | ₹22,834 Cr | ▲ 403% | ₹4,536 Cr | ▲ 91% | ₹11,936 Cr |
| EBITDA | ₹741 Cr | ▲ 207% | ₹241 Cr | ▲ Turned Positive | ▼ ₹-19 Cr |
| Net Profit | ₹387 Cr | ▲ 19% | ₹325 Cr | ▲ 31% | ₹296 Cr |
| EPS | ₹2.67 | ▲ 19% | ₹2.25 | ▲ 31% | ₹2.04 |
| Total APE | ₹2,525 Cr | ▲ 4% | ₹2,438 Cr | – | – |
| Value of New Business (VNB) | ₹615 Cr | ▲ 19% | ₹517 Cr | – | – |
| VNB Margin | 24.4% | ▲ 320 bps | 21.2% | – | – |
Verdict
ICICI Prudential Life delivered a strong Q3 FY26 with massive year-on-year sales growth and a sharp recovery in operating profitability. EBITDA turning positive and rising 207% YoY highlights margin normalization, while net profit and EPS grew steadily by 19% YoY and 31% QoQ. The 19% rise in VNB and expansion in VNB margin to 24.4% reflects a healthier product mix driven by protection and non-par products. Although the stock trades at a rich valuation of 72x earnings, improving embedded value, premium growth, and profitability trends support a positive long-term outlook.
ICICI Lombard – Q3 FY26 Earnings Highlights (Dec 2025)
Stock Snapshot: Price: ₹1,886 | Market Cap: ₹93,966 Cr | P/E: 34.4
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales (Total Income) | ₹6,905 Cr | ▲ 12% | ₹6,161 Cr | ▲ 0.5% | ₹6,869 Cr |
| EBITDA | ₹854 Cr | ▼ 11% | ₹962 Cr | ▼ 18% | ₹1,044 Cr |
| Net Profit | ₹659 Cr | ▼ 9% | ₹724 Cr | ▼ 20% | ₹820 Cr |
| EPS | ₹13.23 | ▼ 10% | ₹14.63 | ▼ 20% | ₹16.47 |
Verdict
ICICI Lombard delivered steady top-line growth in Q3 FY26 with strong year-on-year premium traction. However, profitability took a hit as EBITDA, net profit and EPS declined on both YoY and QoQ basis due to rising claims and cost pressures. While revenue momentum remains healthy, margin compression makes the near-term outlook cautious.
Navkar Corporation – Q3 FY26 (Dec 2025) Earnings Highlights
Price: ₹110 | Market Cap: ₹1,665 Cr
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹186 Cr | ▲ 44% | ₹129 Cr | ▲ 14.8% | ₹162 Cr |
| EBITDA | ₹33.5 Cr | ▲ 358% | ₹7.31 Cr | ▲ 37.3% | ₹24.4 Cr |
| Net Profit | ₹9.36 Cr | ▲ Turned Positive | ▼ ₹ -11.4 Cr | ▲ 115% | ₹4.35 Cr |
| EPS | ₹0.62 | ▲ Turned Positive | ▼ ₹ -0.76 | ▲ 114% | ₹0.29 |
Verdict
Navkar Corporation delivered a strong turnaround quarter in Q3 FY26. Revenue growth remained robust, but the real highlight was the explosive jump in EBITDA and profits, driven by better capacity utilisation and operating leverage. The shift from losses to profitability on a YoY basis signals that the business cycle has turned favourable. If volumes remain stable, margin-led earnings growth could continue in coming quarters.
