United Spirits – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Beat / Miss |
|---|---|---|---|---|---|
| Revenue | ₹3,683 Cr | ▲ 7.3% | ₹3,432 Cr | ₹3,650 Cr | Beat |
| EBITDA | ₹618 Cr | ▲ 5.1% | ₹588 Cr | ₹640 Cr | Miss |
| Net Profit | ₹529 Cr | ▲ 11.8% | ₹473 Cr | ₹497 Cr | Beat |
| EBITDA Margin | 16.8% | ▼ from 17.1% | 17.1% | 17.5% | Below Estimate |
Verdict
United Spirits delivered healthy revenue and profit growth with net profit beating street expectations. However, EBITDA and margins came in below estimates, indicating margin pressure despite steady topline momentum. Overall performance remains stable with mixed operational signals in Q3.
AU Small Finance Bank – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Miss / Beat |
|---|---|---|---|---|---|
| Net Profit | ₹667.6 Cr | ▲ 26.3% | ₹528 Cr | ₹654 Cr | Beat |
| NII | ₹2,341.3 Cr | ▲ 15.8% | ₹2,023 Cr | ₹2,284 Cr | Beat |
| Gross NPA | 2.30% | ▼ QoQ | 2.41% | – | – |
| Net NPA | 0.88% | → QoQ | 0.88% | – | – |
Verdict
AU Small Finance Bank delivered a strong Q3 performance with profit and NII beating street expectations. Healthy YoY growth, stable asset quality, and controlled NPAs indicate improving operating efficiency and sustained business momentum going forward.
Persistent Systems – Q3 Earnings Highlights
| Metric | Actual | QoQ Change | QoQ Base | Estimate (CNBC-TV18) | Beat / Miss |
|---|---|---|---|---|---|
| Net Profit | ₹439.4 Cr | ▼ 6.7% | ₹471 Cr | ₹454 Cr | Miss |
| Revenue (₹) | ₹3,778.2 Cr | ▲ 5.5% | ₹3,580 Cr | ₹3,751 Cr | Beat |
| EBIT | ₹542.7 Cr | ▼ 7% | ₹583 Cr | ₹583 Cr | Miss |
| EBIT Margin | 14.4% | ▼ QoQ | 16.3% | 15.5% | Miss |
| Revenue ($) | $422.5 Mn | ▲ 4% | $406.2 Mn | $421 Mn | Beat |
| One-time Impact | Labour Code impact of ₹89 Cr affected profitability | ||||
Verdict
Persistent Systems delivered healthy revenue growth in both rupee and dollar terms, beating street estimates on topline. However, profitability remained under pressure with EBIT and margins missing expectations due to cost headwinds and the one-time labour code impact. Near-term focus will remain on margin recovery while sustaining growth momentum.
SRF – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Miss / Beat |
|---|---|---|---|---|---|
| Revenue | ₹3,712.5 Cr | ▲ 6.3% | ₹3,491 Cr | ₹3,653 Cr | Beat |
| EBITDA | ₹780 Cr | ▲ 26% | ₹620 Cr | ₹767.5 Cr | Beat |
| Net Profit | ₹432.7 Cr | ▲ 59.7% | ₹271 Cr | ₹382 Cr | Beat |
| EBITDA Margin | 21% | vs 20.9% | 20.9% | 20.9% | In-line |
| Labour Code Impact | ₹73.24 Cr | ▼ Impact Cost | – | – | Negative Impact |
Verdict
SRF delivered a strong Q3 performance with clear beats on revenue, EBITDA, and net profit estimates. Margin expansion supported profitability despite the one-time labour code impact of ₹73.24 Cr. Overall performance highlights strong operational efficiency, improving earnings quality, and a positive near-term outlook.
Rallis India – Earnings Highlights (Dec 2025)
Price: ₹230 | Market Cap: ₹4,478 Cr | P/E: 24.4
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹623 Cr | ▲ 19% | ₹522 Cr | ▼ 28% | ₹861 Cr |
| EBITDA | ₹58.0 Cr | ▲ 32% | ₹44.0 Cr | ▼ 62% | ₹154 Cr |
| Net Profit | ₹2.0 Cr | ▼ 82% | ₹11.0 Cr | ▼ 98% | ₹102 Cr |
| EPS | ₹0.10 | ▼ 82% | ₹0.57 | ▼ 98% | ₹5.25 |
| Exceptional Items | -₹35.0 Cr (Ignored for YoY comparison as provided) | ||||
Verdict
Rallis India reported strong year-on-year growth in revenue and EBITDA, indicating operational recovery on an annual basis. However, sharp quarter-on-quarter contraction across all parameters, especially net profit and EPS, highlights near-term margin pressure and the impact of exceptional items. Overall performance remains mixed, with top-line strength but weak quarterly profitability momentum.
Shoppers Stop – Dec 2025 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,416 Cr | ▲ 3% | ₹1,379 Cr | ▲ 13% | ₹1,257 Cr |
| EBITDA | ₹218 Cr | ▼ 11% | ₹246 Cr | ▲ 28% | ₹170 Cr |
| Net Profit | ₹16.1 Cr | ▼ 41% | ₹52.2 Cr | ▲ Turnaround | ₹-20.1 Cr |
| EPS | ₹1.46 | ▼ 69% | ₹4.75 | ▲ Turnaround | ₹-1.83 |
| Exceptional Items | ₹-17.7 Cr | Exceptional items ignored for YoY comparison | |||
Verdict
Shoppers Stop delivered modest year-on-year revenue growth, supported by strong quarter-on-quarter sales momentum. However, profitability remained under pressure on a YoY basis due to margin compression and exceptional charges. The sharp QoQ recovery in EBITDA, net profit, and EPS reflects improving operational performance, indicating better cost control and improving demand traction going forward.
CreditAccess – Earnings Highlights (Dec 2025)
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,490 Cr | ▲ 8% | ₹1,380 Cr | ▼ 1% | ₹1,508 Cr |
| EBITDA | ₹813 Cr | ▲ 126% | ₹360 Cr | ▲ 22% | ₹664 Cr |
| Net Profit | ₹252 Cr | ▲ 353% | ₹-99.5 Cr | ▲ 100% | ₹126 Cr |
| EPS | ₹15.75 | ▲ 352% | ₹-6.24 | ▲ 100% | ₹7.87 |
Verdict
CreditAccess delivered a strong turnaround performance with sharp year-on-year growth in profitability and margins. While revenue remained largely stable on a quarter-on-quarter basis, EBITDA and net profit showed solid sequential improvement, indicating better operational efficiency and improved asset quality. The high valuation reflects strong growth expectations, but sustainability of profit momentum will remain a key factor to track going forward.
Canara Robeco – Earnings Highlights (Dec 2025)
Price: ₹283 | Market Cap: ₹5,656 Cr | P/E: 28.9
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹121 Cr | ▲ 26% | ₹96.6 Cr | ▲ 12% | ₹108 Cr |
| EBITDA | ₹72.8 Cr | ▲ 10% | ₹66.0 Cr | ▲ 7% | ₹68.0 Cr |
| Net Profit | ₹52.8 Cr | ▲ 10% | ₹47.9 Cr | ▲ 8% | ₹48.7 Cr |
| EPS | ₹2.65 | ▲ 10% | ₹2.40 | ▲ 9% | ₹2.44 |
Verdict
Canara Robeco delivered strong revenue growth with healthy double-digit YoY expansion. Profitability remained stable with steady margin performance, while QoQ improvement across all key metrics indicates consistent business momentum and improving operational efficiency.
DCM Shriram – Q3 FY26 Earnings Highlights
Price: ₹1,110 | Market Cap: ₹17,256 Cr | P/E: 24.7
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹3,811 Cr | ▲ 13% | ₹3,367 Cr | ▲ 17% | ₹3,272 Cr |
| EBITDA | ₹532 Cr | ▲ 7% | ₹496 Cr | ▲ 72% | ₹309 Cr |
| Net Profit | ₹213 Cr | ▼ 5% | ₹262 Cr | ▲ 34% | ₹159 Cr |
| EPS | ₹13.60 | ▼ 19% | ₹16.81 | ▲ 34% | ₹10.13 |
Exceptional Items (Dec 2025): -₹55 Cr (Ignored for YoY comparison)
Verdict
DCM Shriram delivered healthy revenue growth with a sharp sequential recovery in EBITDA and profit, indicating operational improvement on a QoQ basis. However, YoY profit and EPS remained under pressure, partly impacted by exceptional losses. Overall performance shows improving momentum quarter-on-quarter, but sustained margin expansion will be key for stronger earnings visibility.
IndiaMART InterMesh – Dec 2025 Earnings Highlights
Price: ₹2,142 | Market Cap: ₹12,866 Cr | P/E: 21.3
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹402 Cr | ▲ 13% | ₹354 Cr | ▲ 3% | ₹391 Cr |
| EBITDA | ₹120 Cr | ▼ 4% | ₹124 Cr | ▲ 3% | ₹116 Cr |
| Net Profit | ₹188 Cr | ▲ 56% | ₹121 Cr | ▲ 127% | ₹82.7 Cr |
| EPS | ₹31.34 | ▲ 55% | ₹20.16 | ▲ 127% | ₹13.78 |
Verdict
IndiaMART InterMesh delivered strong profit growth in Dec 2025, driven by a sharp quarter-on-quarter recovery in net profit and EPS. Revenue growth remained steady on a year-on-year basis, while EBITDA witnessed marginal YoY pressure but showed sequential improvement. Overall performance reflects improving profitability momentum supported by stable top-line expansion.
Cyient DLM – Earnings Highlights (Dec 2025)
Price: ₹366 | Market Cap: ₹2,904 Cr | P/E: 35.5
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹303 Cr | ▼ 32% | ₹444 Cr | ▼ 3% | ₹311 Cr |
| EBITDA | ₹27.5 Cr | ▼ 2% | ₹28.1 Cr | ▼ 12% | ₹31.2 Cr |
| Net Profit | ₹11.2 Cr | ▲ 2% | ₹11.0 Cr | ▼ 65% | ₹32.2 Cr |
| EPS | ₹1.41 | ▲ 1% | ₹1.39 | ▼ 65% | ₹4.05 |
Verdict
Cyient DLM reported weak revenue performance on a YoY basis with a sharp contraction in sales, while profitability remained largely flat YoY. However, QoQ performance shows significant pressure on margins and net profit, indicating short-term operational challenges. The stock may remain range-bound unless revenue growth and margin recovery improve in the coming quarters.
Vikram Solar – Earnings Highlights (Dec 2025)
Price: ₹215 | Market Cap: ₹7,784 Cr | P/E: 17.1
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,106 Cr | ▲ 8% | ₹1,026 Cr | ▼ 0% | ₹1,110 Cr |
| EBITDA | ₹205 Cr | ▲ 142% | ₹84.7 Cr | ▼ 13% | ₹235 Cr |
| Net Profit | ₹98.2 Cr | ▲ 436% | ₹19.0 Cr | ▼ 23% | ₹128 Cr |
| EPS | ₹2.71 | ▲ 352% | ₹0.60 | ▼ 24% | ₹3.55 |
Note: Exceptional item of ₹-5.62 Cr (Dec 2025) ignored for YoY comparison.
Verdict
Vikram Solar delivered strong year-on-year growth across all key parameters, driven by sharp improvement in profitability and operating performance. However, the quarter-on-quarter decline in EBITDA, net profit, and EPS indicates short-term margin pressure. Overall, the company maintains a strong growth trajectory on a YoY basis, while near-term performance remains moderately soft on a sequential basis.
Newgen Software – Earnings Highlights (Dec 2025)
Price: ₹628 | Market Cap: ₹8,939 Cr | P/E: 27.4
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹400 Cr | ▲ 5% | ₹381 Cr | ▼ 0.3% | ₹401 Cr |
| EBITDA | ₹106 Cr | ▼ 2% | ₹108 Cr | ▲ 4% | ₹102 Cr |
| Net Profit | ₹62.8 Cr | ▼ 29% | ₹89.0 Cr | ▼ 23% | ₹81.7 Cr |
| EPS | ₹4.41 | ▼ 30% | ₹6.34 | ▼ 24% | ₹5.77 |
Verdict
Newgen Software delivered modest revenue growth on a year-on-year basis, but profitability remained under pressure. EBITDA showed a mild sequential recovery, indicating some operational improvement. However, sharp declines in net profit and EPS on both YoY and QoQ basis reflect margin stress and higher cost impact. Near-term performance may remain range-bound unless earnings momentum improves.
Ksolves India – Earnings Highlights (Dec 2025)
Stock Snapshot: Price: ₹288 | Market Cap: ₹683 Cr | P/E: 22.4
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹42.3 Cr | ▲ 12% | ₹37.7 Cr | ▲ 7% | ₹39.7 Cr |
| EBITDA | ₹13.7 Cr | ▼ 3% | ₹14.1 Cr | ▲ 13% | ₹12.1 Cr |
| Net Profit | ₹9.80 Cr | ▼ 5% | ₹10.3 Cr | ▲ 17% | ₹8.41 Cr |
| EPS | ₹4.13 | ▼ 5% | ₹4.35 | ▲ 16% | ₹3.55 |
Verdict
Ksolves India delivered healthy revenue growth with a strong QoQ rebound in profitability and EPS. While YoY margins remain slightly under pressure, improving quarterly performance indicates operational stability and recovery trend. Overall outlook remains moderately positive with focus on margin expansion ahead.
