HCL Technologies – Q3 FY26 Earnings Highlights
| Metric | Actual | Estimates | Miss / Beat | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|---|---|
| Net Profit | ₹4,076 Cr | ₹4,747 Cr | Miss 14.1% | ▼ 11.2% | ₹4,594 Cr | ▼ 3.8% | ₹4,236 Cr |
| Revenue | ₹33,872 Cr | ₹33,360 Cr | Beat 1.5% | ▲ 13.3% | ₹29,890 Cr | ▲ 6.0% | ₹31,942 Cr |
| EBIT | ₹6,285 Cr | ₹6,090 Cr | Beat 3.2% | – | – | – | – |
| EBIT Margin | 18.6% | 18.3% | +30 bps Beat | – | – | – | – |
| EBITDA | ₹7,412 Cr | – | – | ▲ 8.0% | ₹6,860 Cr | ▲ 13.2% | ₹6,545 Cr |
| EPS | ₹15.02 | – | – | ▼ 11.2% | ₹16.92 | ▼ 3.8% | ₹15.61 |
Stock Snapshot
| Price | Market Cap | P/E |
|---|---|---|
| ₹1,668 | ₹4.52 Lakh Cr | 26.3 |
FY26 Guidance
| Metric | Updated Guidance | Earlier Guidance |
|---|---|---|
| Revenue Growth (CC) | 4% – 4.5% | 3% – 5% |
| EBIT Margin | 17% – 18% | 17% – 18% |
Verdict
HCLTech delivered a mixed Q3 FY26. Revenue, EBIT and margins beat estimates, indicating strong deal execution and operating efficiency. However, Net Profit and EPS missed expectations with YoY and QoQ declines, reflecting margin and cost pressures.
The revised revenue growth guidance of 4%–4.5% signals a slightly cautious demand outlook, while stable margin guidance of 17%–18% shows confidence in cost control.
Overall: Topline momentum remains healthy, but profitability pressure keeps near-term sentiment neutral to mildly cautious.
Tata Consultancy Services (TCS) – Q3 FY26 Earnings Highlights
| Metric | Actual | Estimate | Miss / Beat | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|---|---|
| Net Profit | ₹10,657 Cr | ₹12,771 Cr | Miss by 16.6% | ▲ 7% | ₹9,966 Cr* | ▼ 11.7% | ₹12,131 Cr |
| Revenue | ₹67,087 Cr | ₹66,728 Cr | Beat by 0.5% | ▲ 5% | ₹63,973 Cr | ▲ 2.0% | ₹65,799 Cr |
| EBIT | ₹16,889 Cr | ₹16,800 Cr | Beat by 0.5% | — | — | — | — |
| EBIT Margin | 25.2% | 25.2% | In line | — | — | — | — |
| EBITDA | ₹18,269 Cr | — | — | ▲ 7% | ₹17,034 Cr | ▲ 1.6% | ₹17,978 Cr |
| EPS | ₹29.45 | — | — | ▼ 14% | ₹34.22 | ▼ 11.8% | ₹33.37 |
| Dividend | 3rd Interim Dividend: ₹11 | Special Dividend: ₹46 | Total Dividend: ₹57 per share | ||||||
| Stock Snapshot | Price: ₹3,240 | Market Cap: ₹11.72 lakh Cr | P/E: 22.9 | ||||||
Verdict
TCS delivered a steady Q3 FY26 with revenue and EBIT beating estimates and margins holding firm at 25.2%. While the reported net profit missed expectations, this was largely due to a one-time exceptional item. On an adjusted basis, profit performance was stronger than both the Street’s estimate and the previous quarter, reflecting healthy underlying business momentum. Strong cash returns via a ₹57 dividend further reinforce TCS’s shareholder-friendly stance.
Anand Rathi Wealth – Q3 FY26 Earnings Highlights (Dec 2025)
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹290 Cr | ▲ 22% | ₹237 Cr | ▼ 2.4% | ₹297 Cr |
| EBITDA | ₹131 Cr | ▲ 23% | ₹107 Cr | ▼ 4.4% | ₹137 Cr |
| Net Profit | ₹100 Cr | ▲ 30% | ₹77.3 Cr | ▲ 0.1% | ₹99.9 Cr |
| EPS | ₹12.03 | ▲ 30% | ₹9.28 | ▲ 0.5% | ₹11.97 |
Verdict
Anand Rathi Wealth delivered strong double-digit YoY growth across revenue, EBITDA, net profit and EPS, reflecting robust client activity and steady wealth management traction. While QoQ numbers were slightly soft in revenue and EBITDA, profit and EPS remained stable, highlighting high earnings quality and operating leverage in the business.
GTPL Hathway – Q3 FY26 (Dec 2025) Earnings Highlights
Price: ₹96.6 | Market Cap: ₹1,083 Cr | P/E: 26.1
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹933 Cr | ▲ 5% | ₹887 Cr | ▼ 2.7% | ₹959 Cr |
| EBITDA | ₹113 Cr | ▲ 8% | ₹105 Cr | ▲ 8.7% | ₹104 Cr |
| Net Profit | ₹11.6 Cr | ▲ 20% | ₹9.63 Cr | ▲ 56.8% | ₹7.40 Cr |
| EPS | ₹0.98 | ▲ 9% | ₹0.90 | ▲ 19.5% | ₹0.82 |
Verdict
GTPL Hathway delivered a strong profitability-led quarter in Q3 FY26. While revenue saw a slight QoQ dip, EBITDA, net profit, and EPS recorded healthy sequential growth, indicating improving margins and operating efficiency. The sharp QoQ jump in profit suggests the company is extracting more value from its existing revenue base, which is positive for medium-term earnings stability.
