Ashok Leyland – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Miss / Beat |
|---|---|---|---|---|---|
| Net Profit | ₹796 Cr | ▲ 4.5% | ₹762 Cr | ₹978 Cr | ▼ Miss |
| Revenue | ₹11,533 Cr | ▲ 21.7% | ₹9,479 Cr | ₹11,317 Cr | ▲ Beat |
| EBITDA | ₹1,535 Cr | ▲ 26.7% | ₹1,211 Cr | ₹1,471 Cr | ▲ Beat |
| EBITDA Margin | 13.3% | ▲ YoY | 12.8% | 13% | ▲ Beat |
| Labour Code Impact | ₹308 Cr | Provision impact during the quarter | |||
Verdict
Ashok Leyland delivered strong operational performance in Q3 with robust YoY growth in revenue and EBITDA along with margin expansion. However, net profit came below street estimates, likely impacted by higher costs including labour code provisions. Overall, the core business momentum remains healthy with improving profitability and demand visibility.
Mahindra & Mahindra (M&M) – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Miss/Beat |
|---|---|---|---|---|---|
| Net Profit | ₹3,931 Cr | ▲ 32.6% | ₹2,964 Cr | ₹3,904 Cr | Beat |
| Revenue | ₹38,517 Cr | ▲ 26% | ₹30,538 Cr | ₹38,843 Cr | Miss |
| EBITDA | ₹5,668 Cr | ▲ 27% | ₹4,468 Cr | ₹5,715 Cr | Miss |
| EBITDA Margin | 14.7% | ▲ 10 bps | 14.6% | 14.7% | In-line |
| Auto Segment Volume | Strong Growth | ▲ ~27% | – | – | Positive |
| Farm Segment Volume | Strong Growth | ▲ ~27% | – | – | Positive |
| Mahindra Finance PAT | Strong Performance | ▲ 97% | – | – | Positive |
| LifeSpaces & Logistics | Robust Growth | ▲ Strong | – | – | Positive |
| #1 SUVs Market Share | 24.1% | ▲ 90 bps | – | – | Leadership |
| #1 LCV (<3.5T) | 51.9% | ▲ 10 bps | – | – | Leadership |
| #1 Tractors | 44% | ▼ 20 bps | – | – | Stable |
| #1 Electric 3-Wheelers | 38.6% | ▲ Leadership | – | – | Leadership |
Verdict
M&M delivered a strong Q3 with healthy YoY growth in profit, revenue, and EBITDA, driven by robust demand in auto and farm segments and strong subsidiary performance. Profit beat estimates while revenue and EBITDA were marginally below expectations, with margins staying stable. Overall, operational momentum remains strong and leadership across core segments supports a positive outlook.
Amara Raja Ener. – Q3 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹3,351 Cr | ▲ 6% | ₹3,164 Cr | ▼ 1% | ₹3,388 Cr |
| EBITDA | ₹374 Cr | ▼ 10% | ₹416 Cr | ▼ 8% | ₹406 Cr |
| Net Profit | ₹152 Cr | ▼ 22% | ₹312 Cr | ▼ 50% | ₹302 Cr |
| EPS | ₹8.29 | ▼ 51% | ₹17.04 | ▼ 50% | ₹16.52 |
| Exceptional Items | ₹-43.8 Cr | – | ₹111 Cr | – | – |
Verdict
Amara Raja delivered modest sales growth on a YoY basis, but profitability remained under pressure. EBITDA and net profit declined both YoY and QoQ due to margin compression and weaker operating performance. The sharp drop in EPS reflects earnings stress during the quarter. Overall, results indicate stable demand but profitability challenges in the near term.
Concord Biotech – Q3 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹278 Cr | ▲ 14% | ₹244 Cr | ▲ 13% | ₹247 Cr |
| EBITDA | ₹102 Cr | ▲ 4% | ₹98 Cr | ▲ 13% | ₹90.5 Cr |
| Net Profit | ₹67.8 Cr | ▼ 5% | ₹74.1 Cr | ▲ 8% | ₹62.9 Cr |
| EPS | ₹6.48 | ▼ 8% | ₹7.08 | ▲ 8% | ₹6.01 |
| Exceptional Item | ₹-3.28 Cr | Ignored for YoY comparison | |||
Verdict
Concord Biotech delivered steady operational growth with healthy improvement in sales and EBITDA on both YoY and QoQ basis. However, profitability remained under pressure on a yearly basis, reflected in lower net profit and EPS. Sequential recovery in profit indicates improving margins, but overall earnings growth remains moderate compared to revenue momentum.
LG Electronics – Earnings Highlights (Dec 2025)
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹4,114 Cr | ▼ 6% | ₹4,396 Cr | ▼ 33% | ₹6,174 Cr |
| EBIDT | ₹196 Cr | ▼ 42% | ₹340 Cr | ▼ 64% | ₹548 Cr |
| Net Profit | ₹89.7 Cr | ▼ 62% | ₹233 Cr | ▼ 77% | ₹389 Cr |
| EPS | ₹1.32 | ▼ 62% | ₹3.44 | ▼ 77% | ₹5.74 |
Verdict
LG Electronics reported a weak quarter with decline across all key metrics. Sales dipped both YoY and QoQ, while profitability saw sharp pressure due to significant fall in EBITDA and net profit. The steep drop in EPS reflects margin contraction and lower earnings momentum, indicating near-term operational challenges.
Divi’s Laboratories – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Miss / Beat |
|---|---|---|---|---|---|
| Net Profit | ₹583 Cr | ▼ 1% | ₹589 Cr | ₹640 Cr | Miss |
| Revenue | ₹2,604 Cr | ▲ 12.3% | ₹2,319 Cr | ₹2,680 Cr | Slight Miss |
| EBITDA | ₹890 Cr | ▲ 19.8% | ₹743 Cr | ₹855 Cr | Beat |
| EBITDA Margin | 34.2% | ▲ vs 32% | 32% | 31.9% | Beat |
Verdict
Divi’s Lab delivered mixed Q3 results. Revenue growth remained strong and EBITDA outperformed estimates with margin expansion, indicating improved operational efficiency. However, net profit slightly declined YoY and missed street expectations. Overall, performance reflects stable demand with better cost control, but earnings growth remains modest in the near term.
LG Electronics – Earnings Highlights (Dec 2025)
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹4,114 Cr | ▼ 6% | ₹4,396 Cr | ▼ 33% | ₹6,174 Cr |
| EBIDT | ₹196 Cr | ▼ 42% | ₹340 Cr | ▼ 64% | ₹548 Cr |
| Net Profit | ₹89.7 Cr | ▼ 62% | ₹233 Cr | ▼ 77% | ₹389 Cr |
| EPS | ₹1.32 | ▼ 62% | ₹3.44 | ▼ 77% | ₹5.74 |
Verdict
LG Electronics reported a weak quarter with decline across all key metrics. Sales dipped both YoY and QoQ, while profitability saw sharp pressure due to significant fall in EBITDA and net profit. The steep drop in EPS reflects margin contraction and lower earnings momentum, indicating near-term operational challenges.
Protean eGov – Earnings Highlights (Dec 2025)
Price: ₹644 | M.Cap: ₹2,617 Cr | PE: 28.0
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹229 Cr | ▲ 13% | ₹202 Cr | ▼ 8% | ₹250 Cr |
| EBITDA | ₹31.8 Cr | ▲ 101% | ₹15.8 Cr | ▲ 9% | ₹29.3 Cr |
| Net Profit | ₹22.5 Cr | ▲ 11% | ₹22.9 Cr | ▼ 6% | ₹23.9 Cr |
| EPS | ₹5.54 | ▼ 2% | ₹5.66 | ▼ 6% | ₹5.88 |
| Exceptional Item | ₹-3.95 Cr | Ignored for YoY comparison | |||
Verdict
Protean eGov delivered steady year-on-year growth in sales and a sharp improvement in EBITDA, indicating stronger operating efficiency. However, quarter-on-quarter revenue and profit softened, and EPS saw a slight decline, suggesting near-term margin pressure. Overall, fundamentals remain stable with profitability supported by operational improvements, but short-term momentum appears mixed.
Jupiter Wagons – Earnings Highlights (Dec 2025)
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹776 Cr | ▼ 22% | ₹1,000 Cr | ▲ 10% | ₹707 Cr |
| EBITDA | ₹93.6 Cr | ▼ 34% | ₹141 Cr | ▲ 6% | ₹88.0 Cr |
| Net Profit | ₹58.3 Cr | ▼ 40% | ₹97.9 Cr | ▲ 11% | ₹52.7 Cr |
| EPS | ₹1.36 | ▼ 41% | ₹2.31 | ▲ 10% | ₹1.24 |
Verdict
Jupiter Wagons reported a weak year-on-year performance with declines across sales, EBITDA, profit, and EPS, indicating pressure on margins and demand compared to last year. However, quarter-on-quarter improvement in all key metrics suggests gradual operational recovery and stabilizing business momentum going forward.
Elgi Equipments – Q3 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,003 Cr | ▲ 18% | ₹848 Cr | ▲ ~4% | ₹968 Cr |
| EBIDT | ₹144 Cr | ▲ 20% | ₹119 Cr | ▲ ~3% | ₹140 Cr |
| Net Profit | ₹95.2 Cr | ▲ 31% | ₹80.6 Cr | ▼ ~21% | ₹121 Cr |
| EPS | ₹3.00 | ▲ 18% | ₹2.54 | ▼ ~22% | ₹3.83 |
Note: Exceptional item of ₹-15 Cr in Dec 2025; ignored for YoY comparison.
Verdict
Elgi Equipments delivered steady year-on-year growth across sales, EBITDA, net profit, and EPS, indicating healthy demand and operational strength. However, quarter-on-quarter profitability softened due to margin pressure and exceptional impact, reflected in the decline in net profit and EPS. Overall trend remains positive on a YoY basis with stable business momentum.
Godrej Industries – Q3 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹5,051 Cr | ▲ 5% | ₹4,825 Cr | ▲ 0.4% | ₹5,032 Cr |
| EBITDA | ₹544 Cr | ▼ 9% | ₹597 Cr | ▲ 306% | ₹134 Cr |
| Net Profit | ₹353 Cr | ▲ 23% | ₹312 Cr | ▼ 28% | ₹493 Cr |
| EPS | ₹6.07 | ▲ 9% | ₹5.59 | ▼ 16% | ₹7.20 |
| Exceptional Items | ₹-63.8 Cr | Ignored in YoY comparison | |||
Verdict
Godrej Industries delivered steady revenue growth on a year-on-year basis, while profitability remained mixed. EBITDA declined YoY but showed a sharp sequential recovery, indicating operational normalization after a weak previous quarter. Net profit improved YoY but moderated QoQ, suggesting near-term margin pressure. Overall performance remains stable with gradual improvement, though sustained EBITDA expansion will be key for stronger earnings momentum ahead.
Hikal – Q3 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹494 Cr | ▲ 10% | ₹448 Cr | ▲ 55% | ₹318 Cr |
| EBITDA | ₹82.7 Cr | ▲ 15% | ₹72.1 Cr | ▲ 1,049% | ₹7.20 Cr |
| Net Profit | ₹-5.9 Cr | ▲ 87% | ₹-34.9 Cr | ▼ vs ₹17.2 Cr | ₹17.2 Cr |
| EPS | ₹-0.48 | ▼ 135% | ₹1.39 | ▲ Improvement | ₹-2.83 |
Exceptional Items
Dec 2025: ₹-38 Cr impact (ignored in YoY comparison)
Verdict
Hikal reported steady revenue growth with strong sequential recovery in EBITDA, indicating operational improvement after a weak previous quarter. However, the company remained in loss at the net level due to exceptional items and margin pressure. YoY profitability improved sharply from last year’s weak base, but QoQ decline versus the previous profitable quarter reflects volatility in earnings. Overall, operating performance is improving, but bottom-line consistency remains a key monitorable.
Ircon Intl. – Q3 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹2,119 Cr | ▼ 19% | ₹2,613 Cr | ▲ 7% | ₹1,977 Cr |
| EBITDA | ₹158 Cr | ▲ 20% | ₹132 Cr | ▲ 12% | ₹141 Cr |
| Net Profit | ₹99.8 Cr | ▲ 16% | ₹86.1 Cr | ▼ 27% | ₹137 Cr |
| EPS | ₹1.07 | ▲ 16% | ₹0.92 | ▼ 27% | ₹1.47 |
Verdict
Ircon Intl reported a mixed Q3 FY26 performance. Revenue declined year-on-year, indicating continued top-line pressure. However, profitability improved with strong growth in EBITDA and net profit. On a quarter-on-quarter basis, sales and operating performance showed recovery, while net profit and EPS moderated due to a higher base in the previous quarter. Overall, margins remain stable but revenue momentum remains a key monitorable going ahead.
Kirloskar Oil – Q3 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,873 Cr | ▲ 29% | ₹1,454 Cr | ▼ 4% | ₹1,948 Cr |
| EBITDA | ₹331 Cr | ▲ 30% | ₹255 Cr | ▼ 13% | ₹382 Cr |
| Net Profit | ₹109 Cr | ▲ 80% | ₹67.9 Cr | ▼ 31% | ₹159 Cr |
| EPS | ₹7.66 | ▲ 56% | ₹4.91 | ▼ 31% | ₹11.18 |
| Exceptional Items | ₹-23 Cr | Ignored | — | Dec 2025 | — |
Verdict
Kirloskar Oil delivered strong year-on-year performance with robust growth across sales, EBITDA, and net profit, reflecting improved operational efficiency and demand momentum. However, on a sequential basis, the quarter saw moderation in revenue and profitability, indicating margin pressure and normalization after a stronger previous quarter. Overall trend remains positive with solid YoY earnings expansion.
IOL Chemicals – Q3 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹580 Cr | ▲ 11% | ₹523 Cr | ▲ 2% | ₹568 Cr |
| EBITDA | ₹57.3 Cr | ▲ 22% | ₹46.9 Cr | ▲ 0% | ₹57.1 Cr |
| Net Profit | ₹20.6 Cr | ▲ 41%* | ₹20.6 Cr | ▼ 31% | ₹30.0 Cr |
| EPS | ₹0.70 | ▲ 0% | ₹0.70 | ▼ 31% | ₹1.02 |
*YoY growth calculated after ignoring exceptional item of ₹11.2 Cr in Dec 2025.
Verdict
IOL Chemicals delivered steady year-on-year improvement in sales and EBITDA, indicating operational strength and better margins. However, profitability declined sequentially due to lower QoQ net profit and EPS. Overall performance remains stable with modest revenue momentum but limited quarter-on-quarter earnings traction.
Surya Roshni – Q3 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,927 Cr | ▲ 3% | ₹1,868 Cr | ▲ 4% | ₹1,845 Cr |
| EBITDA | ₹145 Cr | ▼ 3% | ₹150 Cr | ▲ 23% | ₹118 Cr |
| Net Profit | ₹79.6 Cr | ▼ 11% | ₹89.9 Cr | ▲ 7% | ₹74.1 Cr |
| EPS | ₹3.66 | ▼ 11% | ₹4.13 | ▲ 7% | ₹3.41 |
Verdict
Surya Roshni delivered modest revenue growth on a YoY basis, but profitability remained under pressure with declines in EBITDA and net profit. However, QoQ improvement across EBITDA, net profit, and EPS indicates sequential operational recovery. Overall performance reflects stable demand but margin pressure on a yearly basis, with gradual improvement seen quarter-on-quarter.
Sandhar Tech – Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,185 Cr | ▲ 22% | ₹974 Cr | ▼ 7% | ₹1,270 Cr |
| EBITDA | ₹108 Cr | ▲ 14% | ₹95.0 Cr | ▼ 8% | ₹118 Cr |
| Net Profit | ₹33.4 Cr | ▲ 17% | ₹30.0 Cr | ▼ 55% | ₹73.4 Cr |
| EPS | ₹5.56 | ▲ 12% | ₹4.98 | ▼ 54% | ₹12.19 |
Verdict
Sandhar Tech delivered steady year-on-year growth across sales, EBITDA, and profitability, indicating healthy demand and operational stability. However, quarter-on-quarter performance saw a sharp decline in net profit and EPS, suggesting margin pressure or a one-off impact in the previous quarter. Overall trend remains positive YoY, but near-term momentum appears slightly weak on a sequential basis.
