Larsen & Toubro (L&T) – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Miss / Beat |
|---|---|---|---|---|---|
| Net Profit (PAT) | ₹3,215 Cr | ▼ 4.3% | ₹3,359 Cr | ₹4,380 Cr | Miss |
| Revenue | ₹71,449 Cr | ▲ 10.5% | ₹64,668 Cr | ₹73,691 Cr | Miss |
| EBITDA | ₹7,416 Cr | ▲ 18.6% | ₹6,255 Cr | ₹7,329 Cr | Beat |
| EBITDA Margin | 10.4% | ▲ | 9.67% | 9.95% | Above Estimate |
Verdict
L&T delivered strong operational performance in Q3 with healthy growth in revenue and EBITDA, supporting margin expansion. However, net profit missed market expectations, indicating pressure on bottom-line profitability despite solid execution momentum. Overall, operational strength remains positive, but the PAT miss may keep near-term sentiment cautious.
Gland Pharma – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Miss / Beat |
|---|---|---|---|---|---|
| Net Profit (PAT) | ₹261.4 Cr | ▲ 27.5% | ₹205 Cr | ₹253.2 Cr | Beat |
| Revenue | ₹1,695 Cr | ▲ 22.5% | ₹1,384 Cr | ₹1,594.4 Cr | Beat |
| EBITDA | ₹434.9 Cr | ▲ 20.8% | ₹360 Cr | ₹404.4 Cr | Beat |
| EBITDA Margin | 25.6% | ▼ 0.4% | 26.0% | 25.4% | Above Est. |
Verdict
Gland Pharma delivered a strong Q3 performance with revenue, EBITDA, and net profit beating street estimates. Healthy topline growth supported profitability, while margins remained stable despite a slight YoY dip, indicating resilient operational performance and improving demand momentum.
SBI Life – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Beat / Miss |
|---|---|---|---|---|---|
| Total APE | ₹8,600 Cr | ▲ 24% | ₹6,940 Cr | ₹8,431 Cr | Beat |
| Value of New Business (VNB) | ₹2,290 Cr | ▲ 22.5% | ₹1,870 Cr | ₹2,237 Cr | Beat |
| VNB Margin | 26.6% | ▼ 30 bps | 26.9% | 26.53% | In-line |
| New Business Premium (NBP) | ₹12,980 Cr | ▲ 23.3% | ₹10,530 Cr | ₹12,983 Cr | In-line |
Verdict
SBI Life delivered a strong Q3 performance with healthy double-digit growth in APE, VNB, and new business premium, beating street estimates on key volume metrics. While the VNB margin saw a slight YoY moderation, it remained largely in line with expectations, indicating stable profitability. Overall, the results reflect robust business momentum and sustained growth traction.
Maruti Suzuki – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Miss/Beat |
|---|---|---|---|---|---|
| Net Profit (PAT) | ₹3,794 Cr | ▲ 3.7% | ₹3,659 Cr | ₹4,424 Cr | Miss |
| Revenue | ₹49,892 Cr | ▲ 28.7% | ₹38,752 Cr | ₹50,996 Cr | Miss |
| EBITDA | ₹5,572 Cr | ▲ 10% | ₹5,064 Cr | ₹6,012 Cr | Miss |
| EBITDA Margin | 11.2% | ▼ from 13.0% | 13.0% | 11.8% | Below Est. |
| Labour Code Impact | ₹594 Cr | ▼ One-time Cost | – | – | Negative Impact |
Verdict
Maruti Suzuki reported strong year-on-year revenue and profit growth driven by healthy sales momentum. However, EBITDA margins declined and profitability remained under pressure due to the one-time labour code impact of ₹594 Cr. The overall performance missed Street estimates, indicating near-term margin challenges despite robust topline growth.
BEL – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Miss / Beat |
|---|---|---|---|---|---|
| Net Profit (PAT) | ₹1,590 Cr | ▲ 20.8% | ₹1,316 Cr | ₹1,474 Cr | Beat |
| Revenue | ₹7,122 Cr | ▲ 23.7% | ₹5,756 Cr | ₹6,710 Cr | Beat |
| EBITDA | ₹2,117 Cr | ▲ 28% | ₹1,653 Cr | ₹1,884 Cr | Beat |
| EBITDA Margin | 29.7% | ▲ 100 bps | 28.7% | 28.1% | Above Est. |
Verdict
BEL delivered a strong Q3 performance with a clear beat on revenue, profitability, and margins. Robust execution, healthy order inflows, and operating leverage supported margin expansion and higher EBITDA growth than revenue. The results indicate sustained operational strength and positive earnings momentum going ahead.
TVS Motors – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate (CNBC-TV18) | Beat / Miss |
|---|---|---|---|---|---|
| Net Profit (PAT) | ₹940.4 Cr | ▲ 52% | ₹619 Cr | ₹982 Cr | Miss |
| Revenue | ₹12,476.3 Cr | ▲ 37% | ₹9,097Cr | ₹12,323 Cr | Beat |
| EBITDA | ₹1,634.2 Cr | ▲ 51.1% | ₹1,081.4Cr | ₹1,569 Cr | Beat |
| EBITDA Margin | 13.1% | ▲ YoY | 11.9% | 12.7% | Above Est. |
| Labour Code Impact | ₹41.4 Cr | ▼ Onetime | – | – | Negative |
Verdict
TVS Motors delivered a strong Q3 performance with robust year-on-year growth across revenue, EBITDA, and net profit. Operating margins improved significantly and remained above street expectations, highlighting better cost control and operational efficiency. However, net profit slightly missed estimates due to the one-time labour code impact. Overall, the quarter reflects healthy demand momentum and improving profitability trends.
M&M Finance – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Miss / Beat |
|---|---|---|---|---|---|
| Net Profit (PAT) | ₹810.4 Cr | ▼ 9.9% | ₹899.5 Cr | ₹728 Cr | Beat |
| Net Interest Income (NII) | ₹2,304 Cr | ▲ 20.6% | ₹1,911 Cr | ₹2,425 Cr | Miss |
Verdict
M&M Finance delivered a strong profit beat despite a year-on-year decline in net profit. Healthy growth in NII reflects improved lending activity and core business momentum, though lower-than-expected NII indicates some margin or cost pressures. Overall performance remains mixed with stable operational strength but near-term profitability challenges.
GE Vernova T&D – Q3 FY26 Earnings Highlights
CMP: ₹2,905 | Market Cap: ₹74,377 Cr | P/E: 66.6
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Revenue (Sales) | ₹1,701 Cr | ▲ 58% | ₹1,074 Cr | ▲ 11% | ₹1,538 Cr |
| EBITDA | ₹455 Cr | ▲ 153% | ₹180 Cr | ▲ 15% | ₹396 Cr |
| Net Profit | ₹291 Cr | ▲ 139% | ₹143 Cr | ▼ 3% | ₹299 Cr |
| EPS | ₹11.36 | ▲ 104% | ₹5.57 | ▼ 3% | ₹11.70 |
Exceptional Items (Dec 2025): -₹69.3 Cr (Ignored for YoY comparison)
Verdict
GE Vernova T&D delivered strong year-on-year performance with sharp growth in revenue, EBITDA, net profit, and EPS, highlighting improved operational efficiency and margin expansion. However, slight quarter-on-quarter softness in net profit and EPS indicates near-term cost pressure or one-time impact. Overall, the company continues to demonstrate robust structural growth momentum, supported by strong demand in the power transmission segment.
Balkrishna Industries – Q3 FY26 Earnings Highlights
CMP: ₹2,410 | Market Cap: ₹46,545 Cr | P/E: 35.5
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹2,737 Cr | ▲ 7% | ₹2,560 Cr | ▲ 14% | ₹2,393 Cr |
| EBITDA | ₹643 Cr | ▲ 7% | ₹601 Cr | ▲ 26% | ₹511 Cr |
| Net Profit | ₹382 Cr | ▼ 15% | ₹449 Cr | ▲ 40% | ₹273 Cr |
| EPS | ₹19.77 | ▼ 15% | ₹23.25 | ▲ 40% | ₹14.13 |
Verdict
Balkrishna Industries delivered steady year-on-year growth in sales and EBITDA, supported by improved operational performance. However, net profit and EPS declined on a YoY basis, indicating margin or cost-related pressure. The strong quarter-on-quarter recovery in profitability highlights improving business momentum, though valuations remain elevated at the current P/E level.
Phoenix Mills – Earnings Highlights (Dec 2025)
CMP: ₹1,726 | Market Cap: ₹62,550 Cr | P/E: 56.6
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,121 Cr | ▲ 15% | ₹975 Cr | ▲ 1% | ₹1,115 Cr |
| EBITDA | ₹656 Cr | ▲ 19% | ₹553 Cr | ▼ 2% | ₹667 Cr |
| Net Profit | ₹366 Cr | ▲ 14% | ₹353 Cr | ▼ 5% | ₹384 Cr |
| EPS | ₹7.71 | ▲ 4% | ₹7.41 | ▼ 9% | ₹8.50 |
Verdict
Phoenix Mills delivered healthy year-on-year growth across sales, EBITDA, net profit, and EPS, reflecting strong operational performance and steady demand. However, the slight quarter-on-quarter decline in EBITDA, net profit, and EPS indicates margin pressure or higher cost impact in the latest quarter. With valuations trading at a rich P/E of 56.6, near-term performance will largely depend on sustained mall footfall growth, rental income momentum, and margin stability.
Symphony – Q3 FY26 Earnings Highlights
CMP: ₹840 | Market Cap: ₹5,750 Cr | P/E: 35.2
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Revenue (Sales) | ₹179 Cr | ▼ 26% | ₹242 Cr | ▲ 10% | ₹163 Cr |
| EBITDA | ₹29 Cr | ▲ 0% | ₹29 Cr | ▲ 21% | ₹24 Cr |
| Net Profit | ₹20 Cr | ▼ 24% | ₹26.3 Cr* | ▲ 5% | ₹19 Cr |
| EPS | ₹2.91 | ▲ 299% | ₹-1.46 | ▲ 5% | ₹2.77 |
Verdict
Symphony reported weak year-on-year performance in Q3 FY26, with a sharp decline in revenue and net profit due to lower topline growth. However, quarter-on-quarter improvement in sales, EBITDA, net profit, and EPS reflects a gradual recovery in operational performance. Despite improving sequential momentum, the stock continues to trade at a premium valuation (P/E: 35.2), indicating limited near-term upside unless demand revival strengthens further.
SBI Cards – Q3 FY26 Earnings Highlights
CMP: ₹782 | Market Cap: ₹74,447 Cr | P/E: 35.6
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹5,127 Cr | ▲ 11% | ₹4,619 Cr | ▲ 3% | ₹4,961 Cr |
| EBITDA | ₹1,342 Cr | ▲ 8% | ₹1,247 Cr | ▲ 10% | ₹1,219 Cr |
| Net Profit | ₹557 Cr | ▲ 45% | ₹383 Cr | ▲ 25% | ₹445 Cr |
| EPS | ₹5.85 | ▲ 45% | ₹4.03 | ▲ 25% | ₹4.67 |
Verdict
SBI Cards delivered strong profitability growth in Q3 FY26 with a sharp improvement in net profit and EPS, supported by better operating leverage and stable revenue momentum. While sales growth remained moderate, margin expansion and earnings acceleration highlight improving asset quality and operational efficiency. However, valuations remain premium at a P/E of 35.6, indicating the stock is already factoring in sustained growth expectations.
Lodha Developers – Earnings Highlights (Dec 2025)
Price: ₹929 | Market Cap: ₹92,780 Cr | P/E: 27.8
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹4,672 Cr | ▲ 14% | ₹4,083 Cr | ▲ 23% | ₹3,798 Cr |
| EBITDA | ₹1,415 Cr | ▲ 8% | ₹1,306 Cr | ▲ 28% | ₹1,108 Cr |
| Net Profit | ₹958 Cr | ▲ 1% | ₹945 Cr | ▲ 21% | ₹790 Cr |
| EPS | ₹9.58 | ▲ 1% | ₹9.47 | ▲ 21% | ₹7.90 |
Verdict
Lodha Developers delivered strong top-line growth with healthy quarter-on-quarter improvement across all key metrics. However, year-on-year profitability growth remains muted, indicating margin pressure despite robust sales momentum. Overall performance reflects stable operational execution with scope for margin expansion ahead.
Star Health Insurance – Q3 FY26 Earnings Highlights
Stock Snapshot: CMP: ₹441 | Market Cap: ₹25,861 Cr | P/E: 58.0
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹4,566 Cr | ▲ 10% | ₹4,146 Cr | ▲ 4% | ₹4,378 Cr |
| EBITDA | ₹172 Cr | ▼ 40% | ₹285 Cr | ▲ 131% | ₹74.6 Cr |
| Net Profit | ₹128 Cr | ▼ 40% | ₹215 Cr | ▲ 133% | ₹54.9 Cr |
| EPS | ₹2.18 | ▼ 40% | ₹3.66 | ▲ 134% | ₹0.93 |
Verdict
Star Health Insurance reported steady topline growth with double-digit year-on-year sales expansion. However, profitability remained under pressure on a YoY basis, as EBITDA and net profit declined sharply. On a positive note, strong quarter-on-quarter recovery in margins and earnings highlights improving operational performance. At a premium valuation of 58x P/E, sustained profit growth and margin stability will remain key triggers for further upside.
ASK Automotive – Dec 2025 Earnings Highlights
CMP: ₹427 | Market Cap: ₹8,425 Cr | P/E: 29.7
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,084 Cr | ▲ 18% | ₹915 Cr | ▲ 3% | ₹1,054 Cr |
| EBITDA | ₹141 Cr | ▲ 27% | ₹111 Cr | ▲ 3% | ₹137 Cr |
| Net Profit | ₹79.9 Cr | ▲ 21% | ₹65.9 Cr | Flat | ₹79.8 Cr |
| EPS | ₹4.05 | ▲ 21% | ₹3.34 | Flat | ₹4.05 |
Verdict
ASK Automotive delivered strong year-on-year growth across revenue and profitability, supported by improved operating performance and margin expansion. Quarter-on-quarter performance remained stable, reflecting consistent business momentum. While earnings growth remains healthy, the relatively premium valuation (P/E 29.7) suggests near-term upside may depend on further margin improvement and volume-led growth, making the stock more suitable for long-term growth-focused investors.
NSDL – Q3 FY26 Earnings Highlights
Price: ₹1,012 | Market Cap: ₹20,237 Cr | P/E: 54.3
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹360 Cr | ▼ 1% | ₹363 Cr | ▼ 10% | ₹400 Cr |
| EBITDA | ₹106 Cr | ▲ 17% | ₹90.9 Cr | ▼ 17% | ₹127 Cr |
| Net Profit | ₹89.7 Cr | ▲ 4% | ₹85.8 Cr | ▼ 18% | ₹110 Cr |
| EPS | ₹4.48 | ▲ 4% | ₹4.29 | ▼ 19% | ₹5.52 |
Verdict
NSDL reported modest year-on-year growth in profitability despite a marginal decline in revenue. However, quarter-on-quarter performance weakened across sales, EBITDA, net profit, and EPS, reflecting near-term margin and volume pressure. With a premium valuation at a P/E of 54.3, sustained earnings growth and operational stability will be crucial triggers for further upside.
Pondy Oxides – Q3 FY26 Earnings Highlights
CMP: ₹1,267 | Market Cap: ₹3,881 Cr | P/E: 32.7
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹776 Cr | ▲ 55% | ₹502 Cr | ▲ 22% | ₹635 Cr |
| EBITDA | ₹57.6 Cr | ▲ 128% | ₹25.2 Cr | ▲ 8% | ₹53.5 Cr |
| Net Profit | ₹37.6 Cr | ▲ 148% | ₹15.1 Cr | ▲ 6% | ₹35.6 Cr |
| EPS | ₹12.31 | ▲ 128% | ₹5.39 | ▲ 6% | ₹11.66 |
Verdict
Pondy Oxides delivered a strong Q3 FY26 performance with sharp year-on-year growth across revenue and profitability. The triple-digit YoY expansion in EBITDA and net profit highlights significant margin improvement and strong operational leverage. Sequential growth remains steady, indicating consistent demand momentum and stable earnings visibility going forward.
ICRA – Earnings Highlights (Dec 2025)
CMP: ₹5,936 | Market Cap: ₹5,742 Cr | P/E: 30.4
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹164 Cr | ▲ 35% | ₹121 Cr | ▲ 20% | ₹137 Cr |
| EBITDA | ₹57.2 Cr | ▲ 36% | ₹42.2 Cr | ▲ 18% | ₹48.5 Cr |
| Net Profit | ₹39.1 Cr | ▲ 3% | ₹42.2 Cr | ▼ 19% | ₹48.0 Cr |
| EPS | ₹40.22 | ▼ 8% | ₹43.55 | ▼ 19% | ₹49.54 |
Verdict
ICRA delivered strong revenue and EBITDA growth on both year-on-year and quarter-on-quarter basis, reflecting healthy business momentum and operational strength. However, sequential pressure on net profit and EPS indicates margin normalization and rising costs. Overall, topline performance remains robust, but near-term profitability trends need close monitoring.
Satin Creditcare – Q3 FY26 Earnings Highlights
Price: ₹159 | Market Cap: ₹1,751 Cr | P/E: 9.1
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹747 Cr | ▲ 9% | ₹684 Cr | ▼ 5% | ₹788 Cr |
| EBITDA | ₹385 Cr | ▲ 34% | ₹287 Cr | ▼ 7% | ₹415 Cr |
| Net Profit | ₹71.9 Cr | ▲ 404% | ₹14.3 Cr | ▲ 35% | ₹53.2 Cr |
| EPS | ₹6.51 | ▲ 405% | ₹1.29 | ▲ 35% | ₹4.81 |
Verdict
Satin Creditcare delivered a strong earnings recovery in Q3 FY26 with sharp year-on-year growth in profitability driven by improved margins and operating leverage. Despite a slight quarter-on-quarter dip in revenue and EBITDA, the company reported robust sequential growth in net profit and EPS, highlighting improving asset quality and operational efficiency. With a valuation P/E of 9.1, the stock remains attractively priced and fundamentally appealing from a turnaround perspective.
Garden Reach Shipbuilders – Q3 FY26 Earnings Highlights
CMP: ₹2,519 | Market Cap: ₹28,870 Cr | P/E: 41.9
| Metric | Q3 FY26 Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,896 Cr | ▲ 49% | ₹1,271 Cr | ▲ 13% | ₹1,677 Cr |
| EBITDA | ₹172 Cr | ▲ 128% | ₹75.3 Cr | ▲ 10% | ₹156 Cr |
| Net Profit | ₹171 Cr | ▲ 74% | ₹98.2 Cr | ▲ 11% | ₹154 Cr |
| EPS | ₹14.91 | ▲ 74% | ₹8.57 | ▲ 11% | ₹13.43 |
Verdict
Garden Reach Shipbuilders delivered a strong Q3 FY26 performance with sharp year-on-year growth across all key parameters. Robust revenue growth, significant margin expansion, and steady sequential improvement highlight strong execution and healthy order momentum. Despite premium valuation levels, operational performance remains solid with a positive medium-term outlook supported by sustained defence shipbuilding demand.
Rainbow Children’s Medicare – Q3 FY26 Earnings Highlights
CMP: ₹1,188 | Market Cap: ₹12,084 Cr | P/E: 46.9
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Revenue (Sales) | ₹445 Cr | ▲ 12% | ₹398 Cr | ➖ Flat | ₹445 Cr |
| EBITDA | ₹147 Cr | ▲ 9% | ₹134 Cr | ▼ 1% | ₹149 Cr |
| Net Profit (PAT) | ₹73.9 Cr | ▲ 6% | ₹68.9 Cr | ▼ 2% | ₹75.6 Cr |
| EPS | ₹7.14 | ▲ 6% | ₹6.76 | ▼ 4% | ₹7.41 |
Verdict
Rainbow Children’s Medicare delivered steady year-on-year growth in revenue and profitability, reflecting consistent demand and operational stability. However, flat sales and marginal sequential softness in EBITDA, PAT, and EPS indicate near-term margin pressure. With a premium valuation (P/E ~47x), further upside will depend on sustained growth momentum and improvement in operating efficiency.
Acutaas Chemical – Q3 FY26 Earnings Highlights
CMP: ₹1,862 | Market Cap: ₹15,239 Cr | P/E: 53.1
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Revenue (Sales) | ₹393 Cr | ▲ 43% | ₹275 Cr | ▲ 28% | ₹306 Cr |
| EBITDA | ₹151 Cr | ▲ 119% | ₹68.7 Cr | ▲ 58% | ₹95.3 Cr |
| Net Profit (PAT) | ₹106 Cr | ▲ 140% | ₹45.4 Cr | ▲ 47% | ₹71.9 Cr |
| EPS | ₹13.19 | ▲ 140% | ₹5.49 | ▲ 50% | ₹8.82 |
Verdict
Acutaas Chemical delivered a blockbuster Q3 FY26 performance with strong double-digit growth across all key financial metrics. EBITDA and PAT growth significantly outpaced revenue growth, highlighting sharp margin expansion and improved operational efficiency. Despite trading at a premium valuation (P/E 53.1), the robust earnings momentum and improving profitability support a positive medium-to-long-term outlook.
Pine Labs – Earnings Highlights (Dec 2025)
Price: ₹230 | Market Cap: ₹26,430 Cr
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹744 Cr | ▲ 24% | ₹602 Cr | ▲ 14% | ₹650 Cr |
| EBITDA | ₹132 Cr | ▲ 72% | ₹76.9 Cr | ▲ 75% | ₹75.3 Cr |
| Net Profit | ₹42.4 Cr | ▲ 311% | ₹-56.7 Cr | ▲ 610% | ₹5.97 Cr |
| EPS | ₹0.37 | ▲ 155% | ₹-0.67 | ▲ 185% | ₹0.13 |
Verdict
Pine Labs delivered a strong turnaround quarter with robust revenue growth and a sharp improvement in profitability. Significant YoY and QoQ expansion in EBITDA and net profit highlights improved operating leverage and margin recovery. The shift from losses to healthy profitability strengthens the company’s earnings outlook and enhances overall investor confidence.
