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.
