Indian Renewable – Earnings Highlights (Dec 2025)
Price: ₹137 | Market Cap: ₹38,377 Cr | P/E: 20.4
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹2,130 Cr | ▲ 25% | ₹1,698 Cr | ▲ 4% | ₹2,057 Cr |
| EBITDA | ₹1,951 Cr | ▲ 23% | ₹1,580 Cr | ▲ 2% | ₹1,919 Cr |
| Net Profit | ₹585 Cr | ▲ 38% | ₹425 Cr | ▲ 7% | ₹549 Cr |
| EPS | ₹2.08 | ▲ 32% | ₹1.58 | ▲ 7% | ₹1.95 |
Verdict
Indian Renewable Energy Development Agency reported a strong earnings performance for Dec 2025, with healthy year-on-year growth across sales, EBITDA, net profit, and EPS. The quarter-on-quarter improvement, while moderate, reflects stable operational momentum. Notably, profit growth outpaced revenue growth, indicating improving efficiency and margins, which keeps the medium-term outlook positive.
Tejas Networks – Earnings Highlights
Price: ₹417 | Market Cap: ₹7,406 Cr
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹307 Cr | ▼ 88% | ₹2,642 Cr | ▲ 17% | ₹262 Cr |
| EBITDA | ₹ -134 Cr | ▼ 136% | ₹372 Cr | ▲ 54% | ₹ -294 Cr |
| Net Profit | ₹ -197 Cr | ▼ 219% | ₹166 Cr | ▲ 36% | ₹ -307 Cr |
| EPS | ₹ -11.07 | ▼ 217% | ₹9.43 | ▲ 36% | ₹ -17.36 |
Verdict
Tejas Networks reported a weak year-on-year performance with sharp declines in revenue and profitability, reflecting a challenging business environment compared to last year. However, quarter-on-quarter numbers show early signs of recovery, with sequential improvement in sales, narrowing EBITDA losses, and reduced net loss. Sustained revenue visibility and margin improvement will be key triggers to monitor going ahead.
Globus Spirits – Earnings Highlights (Dec 2025)
Price: ₹1,058 | Market Cap: ₹3,065 Cr | P/E: 38.5
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹716 Cr | ▲ 19% | ₹602 Cr | ▲ 8% | ₹661 Cr |
| EBITDA | ₹75.4 Cr | ▲ 118% | ₹34.6 Cr | ▲ 26% | ₹59.7 Cr |
| Net Profit | ₹31.4 Cr | ▲ 4264% | ₹0.72 Cr | ▲ 34% | ₹23.4 Cr |
| EPS | ₹10.84 | ▲ 4236% | ₹0.25 | ▲ 35% | ₹8.06 |
Verdict
Globus Spirits delivered an exceptional performance in the Dec 2025 quarter, driven by strong operational leverage and margin expansion. While revenue growth remained steady, EBITDA and net profit surged sharply on both a year-on-year and quarter-on-quarter basis, reflecting improved cost efficiency and profitability. The sharp jump in EPS signals a clear turnaround phase; however, the elevated P/E multiple indicates that valuations already factor in continued growth momentum.
Avenue Supermarts (DMart) – Q3 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base | Remarks |
|---|---|---|---|---|---|---|
| Revenue | ₹17,612 Cr | ▲ 13% | ₹15,585 Cr | — | — | Below estimates of ₹18,403 Cr due to GST cuts on staples and moderated demand. |
| EBITDA | ₹1,481.7 Cr | ▲ 20% | ₹1,235 Cr (approx) | ▲ 20% | — | Beat estimates of ₹1,320 Cr, driven by operating efficiencies. |
| EBITDA Margin | 8.41% | ▲ 48 bps | 7.93% | ▲ vs 7.17% est. | — | Strong cost control despite pricing and GST pressure. |
| Net Profit | ₹923 Cr | ▲ 18% | ₹782 Cr | ▲ 24% | — | Sharp beat versus estimates of ₹662 Cr. |
| LFL Growth (SSSG) | 5.6% | — | — | — | — | Mid-single digit growth; stable but below historical averages. |
| Revenue / Sq. Ft. | ₹9,290 | — | — | — | — | Reflects steady store productivity. |
| Billing Volume | 18.3 Cr bills | — | — | — | — | Healthy customer traction despite pricing impact. |
| Store Count | 442 Stores | ▲ Expansion | 432 Stores | ▲ 10 Stores | 432 Stores | 10 new stores added during Q3. |
| DMart Ready (Online) | 19 Cities | ▲ Expansion | — | — | — | Planned expansion to 25 cities. |
| Online Revenue Potential | ₹250–300 Cr / Quarter | — | — | — | — | Growth driver, though margins remain a watchpoint. |
Key Concerns / Watchpoints
- Revenue miss despite healthy volume growth.
- GST rate cuts (18% → 12% / 5%) lowered realizations in key categories.
- Competitive intensity and online mix may cap near-term margin upside.
- LFL growth remains modest versus historical averages.
Verdict
Overall Positive. : delivered a strong Q3 FY26 with EBITDA, net profit, and margins comfortably beating expectations, underlining solid execution and operating discipline. While revenue trailed estimates due to GST-related pricing cuts and moderated demand, earnings quality remains robust. Near-term stock performance will hinge on SSSG recovery, margin sustainability, and management commentary on expansion and pricing amid rising competition.
