Colgate – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate (Poll) | Beat / Miss |
|---|---|---|---|---|---|
| Net Profit | ₹323.8 Cr | ▲ 0.3% | ₹322.8 Cr | ₹318 Cr | Beat |
| Revenue | ₹1,492 Cr | ▲ 2.1% | ₹1,461.8 Cr | ₹1,465 Cr | Beat |
| EBITDA | ₹448.2 Cr | ▼ 1.3% | ₹454.4 Cr | ₹445 Cr | Slight Beat |
| EBITDA Margin | 30.0% | ▼ 110 bps | 31.1% | 30.4% | Miss |
Verdict
Colgate delivered in-line to marginally better-than-expected revenue and profit, supported by steady topline growth. However, margin pressure and EBITDA decline YoY indicate cost or input headwinds, keeping overall profitability growth muted. Near-term outlook remains stable with cautious margin recovery expectations.
ITC – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Miss / Beat |
|---|---|---|---|---|---|
| Net Profit | ₹5,088 Cr | ▼ 6.1% | ₹5,421.3 Cr | ₹5,150 Cr | Miss |
| Revenue | ₹18,017 Cr | ▲ 5.7% | ₹17,052.8 Cr | ₹18,175 Cr | Miss |
| EBITDA | ₹6,271 Cr | ▲ 7.6% | ₹5,828.4 Cr | ₹6,180 Cr | Beat |
| EBITDA Margin | 34.8% | ▲ YoY | 34.2% | 34.0% | Beat |
Verdict
ITC delivered a mixed Q3 performance. While revenue and EBITDA growth remained healthy with margin expansion beating estimates, net profit declined year-on-year and came slightly below street expectations. Operational performance was strong, but profitability pressure kept overall earnings growth moderate.
Voltas – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Vs Estimate |
|---|---|---|---|---|---|
| Net Profit | ₹84.9 Cr | ▼ 35.7% | ₹132 Cr | ₹86 Cr | Miss |
| Revenue | ₹3,070 Cr | ▼ 1.1% | ₹3,105 Cr | ₹3,152 Cr | Miss |
| EBITDA | ₹176.6 Cr | ▼ 10.7% | ₹197 Cr | ₹142 Cr | Beat |
| EBITDA Margin | 5.7% | ▼ from 6.4% | 6.4% | 4.5% | Beat |
Verdict
Voltas delivered a mixed Q3 performance. Revenue and net profit declined on a year-on-year basis and missed street estimates, reflecting pressure on overall profitability. However, EBITDA and margins exceeded expectations, indicating better operational efficiency. Sustained margin improvement and demand recovery will remain key triggers for a positive outlook going ahead.
Dabur – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate (CNBC-TV18) | Beat / Miss |
|---|---|---|---|---|---|
| Net Profit | ₹553.6 Cr | ▲ 7.3% | ₹515.8 Cr | ₹562 Cr | Miss |
| Revenue | ₹3,558.6 Cr | ▲ 6% | ₹3,355.3 Cr | ₹3,560 Cr | In-line |
| EBITDA | ₹734 Cr | ▲ 7.7% | ₹682 Cr | ₹733 Cr | Beat |
| EBITDA Margin | 20.6% | ▲ from 20.3% | 20.3% | 20.6% | In-line |
Verdict
Dabur delivered steady Q3 performance with healthy YoY growth across revenue, EBITDA, and net profit. Margins improved marginally, reflecting operational efficiency. While net profit came slightly below street expectations, overall results remained largely in-line with estimates, indicating stable business momentum.
Dixon Technologies – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Beat / Miss |
|---|---|---|---|---|---|
| Net Profit | ₹287.2 Cr | ▲ 68% | ₹171.2 Cr | ₹150 Cr | BEAT |
| Revenue | ₹10,671 Cr | ▲ 2.1% | ₹10,454 Cr | ₹10,783 Cr | MISS |
| EBITDA | ₹414 Cr | ▲ 6% | ₹390 Cr | ₹411 Cr | BEAT |
| EBITDA Margin | 3.9% | ▲ from 3.7% | 3.7% | 3.8% | BEAT |
Verdict
Dixon Technologies delivered a strong profit performance with a sharp 68% YoY jump in net profit, driven by margin improvement and operational efficiency. While revenue growth remained modest and slightly below estimates, EBITDA and margins exceeded expectations, reflecting better cost control and improving profitability traction. Overall, the quarter signals positive earnings momentum and improving business quality. 📈
Bluestar – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Miss / Beat |
|---|---|---|---|---|---|
| Net Profit | ₹80.5 Cr | ▼ 39% | ₹132 Cr | ₹123 Cr | Miss |
| Revenue | ₹2,925 Cr | ▲ 4.2% | ₹2,807 Cr | ₹3,057 Cr | Miss |
| EBITDA | ₹220.8 Cr | ▲ 5.1% | ₹209 Cr | ₹213 Cr | Beat |
| EBITDA Margin | 7.5% | ➖ Flat | 7.5% | 7% | Beat |
Verdict
Bluestar delivered moderate revenue and EBITDA growth, but net profit declined sharply YoY, indicating margin pressure at the bottom line despite stable operating margins. While EBITDA beat street estimates, revenue and profit missed expectations, suggesting near-term earnings softness. Overall performance remains mixed with operational stability but weak profitability momentum.
Coromandel – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | CNBC-TV18 Estimate | Miss / Beat |
|---|---|---|---|---|---|
| Net Profit | ₹506 Cr | ▼ 1.17% | ₹512 Cr | ₹529 Cr | Miss |
| Revenue | ₹8,779.5 Cr | ▲ 26.6% | ₹6,935 Cr | ₹8,089 Cr | Beat |
| EBITDA | ₹799.8 Cr | ▲ 10.8% | ₹722 Cr | ₹793 Cr | In-line |
| EBITDA Margin | 9.10% | ▼ YoY | 10.4% | 9.80% | Miss |
Verdict
Coromandel delivered strong revenue growth driven by volume and demand momentum, while EBITDA growth remained moderate due to margin pressure. Net profit saw a marginal YoY decline, indicating cost and margin challenges. Overall, the quarter reflects top-line strength with profitability under pressure, and management’s labour code clarity provides near-term operational comfort.
Canara Bank – Q3 Earnings Highlights
| Metric | Actual | YoY / QoQ Change | Base / Previous | Estimate | Miss / Beat |
|---|---|---|---|---|---|
| Net Profit | ₹5,155 Cr | ▲ 25.6% YoY | ₹4,104 Cr | ₹4,932 Cr | BEAT |
| NII | ₹9,252 Cr | ▲ 1.1% YoY | ₹9,148 Cr | ₹9,453 Cr | MISS |
| Gross NPA | 2.08% | ▼ QoQ | 2.35% | — | POSITIVE |
| Net NPA | 0.45% | ▼ QoQ | 0.54% | — | POSITIVE |
Verdict
Canara Bank delivered a strong Q3 performance with robust profit growth beating street estimates, supported by improving asset quality. While NII growth remained modest and slightly below expectations, the continued decline in Gross and Net NPAs reflects strengthening balance sheet health, keeping the overall outlook positive.
Cupid – Earnings Highlights (Dec 2025)
CMP: ₹390 | Market Cap: ₹10,494 Cr | P/E: 125.6
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹104 Cr | ▲ 106% | ₹50.8 Cr | ▼ 13% | ₹90.2 Cr |
| EBITDA | ₹45.2 Cr | ▲ 186% | ₹15.8 Cr | ▲ 32% | ₹34.2 Cr |
| Net Profit | ₹32.9 Cr | ▲ 197% | ₹11.1 Cr | ▲ 36% | ₹24.1 Cr |
| EPS | ₹1.22 | ▲ 198% | ₹0.41 | ▲ 36% | ₹0.90 |
Verdict
Cupid delivered a blockbuster quarter with strong triple-digit YoY growth across sales, EBITDA, net profit, and EPS, highlighting robust demand and margin expansion. Sequential improvement in profitability indicates improving operational efficiency, although minor QoQ softness in revenue suggests near-term consolidation. At elevated valuation levels, sustained earnings momentum will be key to justify the premium pricing.
Birla Cable – Q3 FY26 Earnings Highlights
Price: ₹136 | Market Cap: ₹408 Cr | P/E: 54.4
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹205 Cr | ▲ 30% | ₹158 Cr | ▲ 16% | ₹176 Cr |
| EBITDA | ₹10.9 Cr | ▲ 18% | ₹9.22 Cr | ▲ 51% | ₹7.22 Cr |
| Net Profit | ₹4.02 Cr | ▲ 159% | ₹1.55 Cr | ▲ 483% | ₹0.69 Cr |
| EPS | ₹1.34 | ▲ 158% | ₹0.52 | ▲ 483% | ₹0.23 |
Verdict
Birla Cable delivered strong Q3 FY26 performance with healthy revenue growth and a sharp improvement in profitability. The massive quarter-on-quarter jump in net profit and EPS reflects margin recovery and better operational efficiency. However, the high valuation (P/E 54.4) indicates that sustained earnings momentum will be crucial to justify current price levels going forward.
Orient Cement – Q3 FY26 Earnings Highlights (Dec 2025)
CMP: ₹165 | Market Cap: ₹3,394 Cr | P/E: 10.4
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹636 Cr | ▼ 1% | ₹643 Cr | Flat | ₹643 Cr |
| EBITDA | ₹89.6 Cr | ▲ 54% | ₹58.1 Cr | ▼ 46% | ₹165 Cr |
| Net Profit | ₹27.8 Cr | ▲ 208% | ₹10.1 Cr | ▼ 43% | ₹49.1 Cr |
| EPS | ₹1.35 | ▲ 176% | ₹0.49 | ▼ 43% | ₹2.39 |
Verdict
Orient Cement delivered strong year-on-year profitability growth, driven by a sharp improvement in EBITDA and net profit despite muted revenue growth. However, the sequential decline in margins and profits indicates normalization after a strong previous quarter. Overall, the company shows operational recovery on a YoY basis, while near-term performance will depend on demand traction and margin sustainability.
Carborundum Universal – Q3 FY26 Earnings Highlights
Price: ₹804 | Market Cap: ₹15,303 Cr | P/E: 63.4
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,291 Cr | ▲ 3% | ₹1,255 Cr | ▼ Marginal | ₹1,298 Cr |
| EBITDA | ₹157 Cr | ▼ 11% | ₹177 Cr | ▲ Flat | ₹156 Cr |
| Net Profit | ₹73.2 Cr | ▼ 10% | ₹81.3 Cr* | ▼ Slight | ₹74.3 Cr |
| EPS | ₹3.99 | ▲ 118% | ₹1.83 | ▲ Marginal | ₹3.91 |
Exceptional Items
Dec 2024: -₹104 Cr (Excluded from YoY comparison)
*YoY net profit adjusted by ignoring exceptional item of -₹104 Cr, as mentioned.
Verdict
Carborundum Universal delivered modest revenue growth in Q3 FY26, but profitability remained under pressure with a year-on-year decline in EBITDA and net profit, indicating margin stress. However, strong EPS growth reflects the base effect and operational normalization after exceptional impacts. Overall performance suggests a stable topline but a cautious near-term margin outlook, with valuation remaining on the higher side.
One 97 Communications (Paytm) – Earnings Highlights (Dec 2025)
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹2,194 Cr | ▲ 20% | ₹1,828 Cr | ▲ 6% | ₹2,061 Cr |
| EBITDA | ₹155 Cr | ▲ 170% | -₹223 Cr | ▲ 11% | ₹140 Cr |
| Net Profit | ₹225 Cr | ▲ 208% | -₹208 Cr | ▲ 971% | ₹21 Cr |
| EPS | ₹3.52 | ▲ 208% | ₹-3.26 | ▲ 967% | ₹0.33 |
Stock Snapshot
| Price | Market Cap | P/E Ratio |
|---|---|---|
| ₹1,168 | ₹74,708 Cr | 137.9 |
Verdict
One 97 Communications (Paytm) delivered a strong turnaround quarter with sharp improvement in profitability. Robust year-on-year growth in EBITDA and net profit highlights operational efficiency gains, while steady sales growth supports business momentum. However, the elevated valuation multiple indicates that market expectations are already priced in, making consistent earnings performance critical for sustaining further upside.
MTAR Technologies – Q3 FY26 Earnings Highlights
CMP: ₹2,742 | Market Cap: ₹8,437 Cr | P/E: 124.3
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹278 Cr | ▲ 59% | ₹174 Cr | ▲ 104% | ₹136 Cr |
| EBITDA | ₹64.0 Cr | ▲ 92% | ₹33.4 Cr | ▲ 276% | ₹17.0 Cr |
| Net Profit | ₹35.2 Cr | ▲ 132% | ₹16.3 Cr | ▲ 667% | ₹4.59 Cr |
| EPS | ₹11.43 | ▲ 115% | ₹5.31 | ▲ 667% | ₹1.49 |
Exceptional Items (Dec 2025): -₹3.77 Cr (Ignored for YoY growth calculation)
Verdict
MTAR Technologies delivered a strong turnaround quarter with sharp year-on-year and quarter-on-quarter growth across revenue, EBITDA, net profit, and EPS. The robust improvement in margins and earnings reflects better execution and operating leverage. However, the elevated valuation multiple (P/E 124+) indicates that the stock is already pricing in aggressive future growth. Overall, operational performance remains fundamentally strong with positive momentum.
Websol Energy – Q3 FY26 Earnings Highlights (Dec 2025)
CMP: ₹86.6 | Market Cap: ₹3,654 Cr | P/E: 20.2
| Metric | Q3 FY26 | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹261 Cr | ▲ 77% | ₹147 Cr | ▲ 55% | ₹168 Cr |
| EBITDA | ₹106 Cr | ▲ 58% | ₹67.5 Cr | ▲ 47% | ₹72.3 Cr |
| Net Profit | ₹65.0 Cr | ▲ 64% | ₹41.6 Cr | ▲ 40% | ₹46.3 Cr |
| EPS | ₹1.54 | ▲ 57% | ₹0.98 | ▲ 40% | ₹1.10 |
| Exceptional Items | -₹4.11 Cr | Ignored for YoY Growth Calculation | |||
Verdict
Websol Energy delivered a strong Q3 FY26 performance with robust year-on-year and sequential growth across revenue, EBITDA, and profitability. The sharp improvement in margins and earnings reflects improving operational efficiency and strong demand momentum. Overall, the company’s financial performance indicates healthy business traction and a positive near-term outlook.
CONCOR – Q3 FY26 Earnings Highlights
CMP: ₹501 | Market Cap: ₹38,107 Cr | P/E: 29.8
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹2,308 Cr | ▲ 4% | ₹2,208 Cr | ▼ 2% | ₹2,355 Cr |
| EBITDA | ₹514 Cr | ▲ 11% | ₹465 Cr | ▼ 11% | ₹576 Cr |
| Net Profit | ₹335 Cr | ▼ 9% | ₹367 Cr | ▼ 12% | ₹380 Cr |
| EPS | ₹4.38 | ▼ 9% | ₹4.81 | ▼ 12% | ₹4.97 |
Verdict
CONCOR reported modest year-on-year revenue growth supported by better operating performance. However, profitability remained under pressure with a decline in net profit and EPS on both a YoY and QoQ basis. The numbers reflect margin stress and rising cost pressures, indicating near-term consolidation. Selective upside may emerge only with volume recovery and further improvements in operational efficiency.
Syrma SGS Technology – Q3 FY26 Earnings Highlights
Price: ₹724 | Market Cap: ₹13,963 Cr | P/E: 49.1
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,264 Cr | ▲ 45% | ₹870 Cr | ▲ 10.3% | ₹1,146 Cr |
| EBITDA | ₹159 Cr | ▲ 100% | ₹79.6 Cr | ▲ 38.3% | ₹115 Cr |
| Net Profit | ₹110 Cr | ▲ 109% | ₹53.0 Cr | ▲ 65.9% | ₹66.3 Cr |
| EPS | ₹5.33 | ▲ 95% | ₹2.74 | ▲ 60.1% | ₹3.33 |
Exceptional Items
- Dec 2025: -₹3.38 Cr
- Dec 2024: -₹2.14 Cr
(Exceptional items ignored for YoY comparison)
Verdict
Syrma SGS Technology delivered a strong Q3 FY26 performance with sharp growth across revenue and profitability. EBITDA and Net Profit doubling on a YoY basis highlights improved operating leverage and margin expansion. The healthy QoQ growth across all key metrics reflects strong execution and sustained demand momentum. However, the premium valuation (P/E 49.1) suggests the market is already factoring in robust future growth. Overall, the company’s fundamentals remain strong with a positive medium-term outlook.
REC Ltd – Q3 FY26 Earnings Highlights (Dec 2025)
CMP: ₹375 | Market Cap: ₹98,825 Cr | P/E: 5.7
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹15,018 Cr | ▲ 5% | ₹14,272 Cr | ▼ Marginal | ₹15,153 Cr |
| EBITDA | ₹14,345 Cr | ▲ 2% | ₹14,009 Cr | ▼ Slight | ₹14,677 Cr |
| Net Profit | ₹4,052 Cr | ▼ 1% | ₹4,076 Cr | ▼ | ₹4,415 Cr |
| EPS | ₹15.39 | ▼ 1% | ₹15.48 | ▼ | ₹16.77 |
Verdict
REC Ltd reported steady revenue growth in Q3 FY26, supported by a 5% YoY rise in sales. However, profitability remained under pressure with marginal YoY and QoQ decline in net profit and EPS. EBITDA growth stayed modest, reflecting stable but slowing operational momentum. The low valuation multiple of 5.7x P/E keeps the stock attractive from a long-term perspective, though near-term performance may remain range-bound unless earnings traction improves.
TD Power Systems – Q3 FY26 Earnings Highlights
CMP: ₹677 | Market Cap: ₹10,577 Cr | P/E: 48.2
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹443 Cr | ▲ 26% | ₹350 Cr | ▼ 2% | ₹452 Cr |
| EBITDA | ₹80.4 Cr | ▲ 31% | ₹61.3 Cr | ▼ 3% | ₹82.6 Cr |
| Net Profit | ₹56.3 Cr | ▲ 25% | ₹44.9 Cr | ▼ 6% | ₹60.2 Cr |
| EPS | ₹3.61 | ▲ 25% | ₹2.88 | ▼ 6% | ₹3.85 |
Verdict
TD Power Systems delivered strong year-on-year growth across revenue and profitability, reflecting healthy business momentum and improved operating performance. However, marginal quarter-on-quarter softness in sales and earnings indicates near-term consolidation. Overall, the company maintains a positive growth trajectory, supported by robust demand and operational efficiency.
Tata Motors – Q3 FY26 Earnings Highlights (Dec 2025)
Price: ₹470 | Market Cap: ₹1,73,088 Cr | P/E: 380.1
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹20,404 Cr | ▲ 20% | ₹17,040 Cr | ▲ 21% | ₹16,861 Cr |
| EBITDA | ₹2,606 Cr | ▲ 30% | ₹2,005 Cr | ▲ 25% | ₹2,077 Cr |
| Net Profit | ₹561 Cr | ▲ 32% | ₹1,417 Cr | ▲ Turnaround | ▼ Loss ₹1,021 Cr |
| EPS | ₹1.52 | N/A | N/A | N/A | N/A |
Verdict
Tata Motors delivered strong top-line and EBITDA growth on both year-on-year and quarter-on-quarter basis, reflecting improving operational performance. The return to profitability on a quarterly basis after the previous quarter loss is a positive sign, indicating improving earnings momentum. However, the elevated valuation (P/E: 380.1) suggests that the stock is pricing in aggressive future growth. Overall, operational performance remains strong with a positive earnings trajectory.
Nippon Life India – Earnings Highlights (Dec 2025)
Price: ₹862 | Market Cap: ₹55,004 Cr | P/E: 38.1
| Metric | Current Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹705 Cr | ▲ 20% | ₹588 Cr | ▲ 7% | ₹658 Cr |
| EBITDA | ₹470 Cr | ▲ 22% | ₹386 Cr | ▲ 9% | ₹430 Cr |
| Net Profit | ₹404 Cr | ▲ 37% | ₹295 Cr | ▲ 17% | ₹345 Cr |
| EPS | ₹6.34 | ▲ 36% | ₹4.66 | ▲ 17% | ₹5.41 |
Verdict
Nippon Life India delivered strong earnings growth in Dec 2025, with robust improvement across revenue, profitability, and EPS. The sharp rise in net profit and healthy quarter-on-quarter momentum indicate improving operating leverage and margin strength. At a P/E of 38.1, the stock is priced for growth, making sustained performance critical to justify current valuations.
Vedanta – Q3 FY26 Earnings Highlights
CMP: ₹766 | Market Cap: ₹2,99,673 Cr | P/E: 27.3
| Metric | Q3 FY26 | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹23,369 Cr | ▲ 37% | ₹17,063 Cr | ▲ 25% | ₹18,747 Cr |
| EBITDA | ₹6,866 Cr | ▲ 37% | ₹5,013 Cr | ▲ 40% | ₹4,915 Cr |
| Net Profit | ₹7,807 Cr | ▲ 96% | ₹4,876 Cr | ▲ 124% | ₹3,479 Cr |
| EPS | ₹14.60 | ▲ 61% | ₹9.07 | ▲ 217% | ₹4.60 |
Verdict
Vedanta delivered a strong Q3 FY26 performance with robust growth across revenue, EBITDA, and profitability. The sharp jump in net profit and EPS highlights improved operational efficiency and favorable commodity pricing. Sequential growth momentum remains strong, indicating sustained earnings strength and a positive outlook going forward.
Swiggy – Earnings Highlights (Dec 2025)
CMP: ₹328 | Market Cap: ₹90,414 Cr
| Metric | Dec 2025 | YoY Change | YoY Base (Dec 2024) | QoQ Change | QoQ Base (Sep 2025) |
|---|---|---|---|---|---|
| Sales | ₹6,148 Cr | ▲ 54% | ₹3,992 Cr | ▲ 11% | ₹5,561 Cr |
| EBITDA | -₹783 Cr | ▼ 8% | -₹726 Cr | ▲ Improvement | -₹799 Cr |
| Net Profit | -₹1,065 Cr | ▼ 31% | -₹799 Cr | ▲ Improvement | -₹1,092 Cr |
| EPS | ₹-3.86 | ▼ 8% | ₹-3.57 | ▲ Improvement | ₹-4.38 |
Exceptional Items
| Period | Exceptional Items |
|---|---|
| Dec 2025 | -₹10 Cr |
| Dec 2024 | ₹4 Cr |
Note: Exceptional items excluded from YoY comparison.
Verdict
Swiggy delivered strong top-line growth of ▲ 54% YoY, reflecting robust demand momentum and business expansion. However, profitability remains under pressure with higher net losses on a YoY basis, despite QoQ operational improvement across EBITDA, Net Profit, and EPS. Going forward, the focus will remain on cost optimization, margin improvement, and achieving a sustainable path to profitability while maintaining strong revenue growth.
Deepak Fertilisers – Q3 FY26 Earnings Highlights (Dec 2025)
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹2,830 Cr | ▲ 10% | ₹2,579 Cr | ▼ 6% | ₹3,006 Cr |
| EBITDA | ₹353 Cr | ▼ 27% | ₹486 Cr | ▼ 24% | ₹464 Cr |
| Net Profit | ₹141 Cr | ▼ 44% | ₹253 Cr | ▼ 34% | ₹214 Cr |
| EPS | ₹11.21 | ▼ 44% | ₹19.86 | ▼ 34% | ₹16.89 |
Verdict
Deepak Fertilisers delivered moderate year-on-year revenue growth in Q3 FY26, supported by steady topline performance. However, profitability remained under pressure, with sharp declines in EBITDA and net profit on both YoY and QoQ basis, indicating margin compression and rising cost pressures. Sequential performance also weakened, reflecting near-term operational challenges. While the stock valuation remains reasonable at 16.1x P/E, the outlook may stay range-bound unless margin recovery and volume growth improve in coming quarters.
Sharda Cropchem – Q3 FY26 Earnings Highlights
CMP: ₹985 | Market Cap: ₹8,884 Cr | P/E: 15.7
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,289 Cr | ▲ 39% | ₹929 Cr | ▲ 39% | ₹929 Cr |
| EBITDA | ₹241 Cr | ▲ 110% | ₹115 Cr | ▲ 81% | ₹133 Cr |
| Net Profit | ₹145 Cr | ▲ 366% | ₹31.2 Cr | ▲ 95% | ₹74.4 Cr |
| EPS | ₹16.09 | ▲ 366% | ₹3.45 | ▲ 95% | ₹8.24 |
Verdict
Sharda Cropchem delivered a strong Q3 FY26 performance with sharp improvement across revenue and profitability. Triple-digit growth in EBITDA and net profit reflects margin expansion and better operating leverage. With healthy earnings momentum and a reasonable valuation (P/E 15.7), the company shows a positive near-term outlook supported by improving business conditions and demand recovery.
VST Industries – Earnings Highlights (Dec 2025)
Price: ₹236 | Market Cap: ₹4,010 Cr | P/E: 17.5
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹373 Cr | ▲ 2% | ₹367 Cr | ▲ QoQ | ₹336 Cr |
| EBITDA | ₹85.9 Cr | ▲ 26% | ₹68.4 Cr | ▲ QoQ | ₹78.6 Cr |
| Net Profit | ₹60.2 Cr | ▲ 12% | ₹53.7 Cr | ▲ Flat-to-Positive | ₹59.2 Cr |
| EPS | ₹3.55 | ▼ 56% | ₹8.02 | ▲ Slight | ₹3.49 |
Verdict
VST Industries delivered steady revenue growth with strong EBITDA expansion, indicating margin improvement during the quarter. However, the sharp year-on-year decline in EPS highlights pressure on bottom-line quality, possibly due to higher costs or exceptional adjustments. Overall performance reflects operational strength but muted earnings traction, keeping the near-term outlook neutral to cautiously positive.
Skipper – Q3 FY26 Earnings Highlights
CMP: ₹365 | Market Cap: ₹4,117 Cr | P/E: 22.4
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,371 Cr | ▲ 21% | ₹1,135 Cr | ▲ 9% | ₹1,262 Cr |
| EBITDA | ₹141 Cr | ▲ 27% | ₹111 Cr | ▲ 8% | ₹131 Cr |
| Net Profit | ₹50.2 Cr | ▲ 40% | ₹35.9 Cr | ▲ 36% | ₹36.9 Cr |
| EPS | ₹4.44 | ▲ 39% | ₹3.19 | ▲ 36% | ₹3.27 |
Verdict
Skipper delivered a strong Q3 FY26 performance with healthy growth across revenue, EBITDA, net profit, and EPS. The sharp improvement in profitability highlights better operational efficiency and margin expansion. Consistent quarter-on-quarter momentum further strengthens the near-term outlook and supports a positive earnings trajectory.
Ajmera Realty – Earnings Highlights (Dec 2025)
Price: ₹150 | Market Cap: ₹2,932 Cr | P/E: 24.5
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹182 Cr | ▼ 6% | ₹193 Cr | ▼ 17% | ₹219 Cr |
| EBITDA | ₹54.9 Cr | ▼ 12% | ₹62.6 Cr | ▼ 5% | ₹58.0 Cr |
| Net Profit | ₹27.9 Cr | ▼ 25% | ₹33.2 Cr | ▼ 11% | ₹31.2 Cr |
| EPS | ₹1.30 | ▼ 24% | ₹1.72 | ▼ 16% | ₹1.54 |
Verdict
Ajmera Realty reported a weak performance in Dec 2025 with declines across revenue, profitability, and earnings on both year-on-year and quarter-on-quarter basis. The sharp drop in net profit and EPS indicates margin pressure and slower business momentum. Near-term outlook remains cautious unless there is improvement in sales traction and cost efficiency.
Apar Industries – Earnings Highlights (Dec 2025)
CMP: ₹7,695 | Market Cap: ₹30,910 Cr | P/E: 31.2
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹5,480 Cr | ▲ 16% | ₹4,716 Cr | ▼ 4% | ₹5,715 Cr |
| EBITDA | ₹444 Cr | ▲ 25% | ₹356 Cr | ▼ 5% | ₹465 Cr |
| Net Profit | ₹209 Cr | ▲ 30% | ₹175 Cr | ▼ 17% | ₹252 Cr |
| EPS | ₹52.01 | ▲ 19% | ₹43.55 | ▼ 17% | ₹62.66 |
Exceptional Items (Dec 2025): -₹25 Cr (Ignored for YoY comparison)
Verdict
Apar Industries delivered strong year-on-year growth across sales, EBITDA, net profit, and EPS, reflecting healthy operational performance and margin improvement. However, quarter-on-quarter moderation in revenue and profitability indicates short-term pressure, likely due to cost or demand normalization. Overall, the company maintains a solid growth trajectory with stable long-term fundamentals despite near-term volatility.
Balaji Amines – Q3 FY26 Earnings Highlights
Price: ₹1,147 | Market Cap: ₹3,725 Cr | P/E: 25.9
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹331 Cr | ▲ 6% | ₹313 Cr | ▼ 3% | ₹341 Cr |
| EBITDA | ₹56.7 Cr | ▲ 24% | ₹45.7 Cr | ▼ 5% | ₹59.8 Cr |
| Net Profit | ₹30.8 Cr | ▼ 5% | ₹31.1 Cr | ▼ 17% | ₹37.1 Cr |
| EPS | ₹9.70 | ▼ 5% | ₹10.24 | ▼ 9% | ₹10.67 |
Verdict
Balaji Amines delivered moderate revenue growth with strong year-on-year EBITDA expansion, reflecting improved operational efficiency. However, net profit and EPS declined on both YoY and QoQ basis, indicating margin pressure and near-term earnings softness. Overall performance remains mixed, with operating strength offset by profitability challenges.
