Motilal Oswal Financial Services – Q3 FY26 Earnings Highlights
Price: ₹732 | Market Cap: ₹44,162 Cr | P/E: 21.8
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹2,112 Cr | ▲ 6% | ₹1,993 Cr | ▲ 14% | ₹1,849 Cr |
| EBITDA | ₹1,105 Cr | ▲ 4% | ₹1,061 Cr | ▲ 32% | ₹840 Cr |
| Net Profit | ₹566 Cr | ▲ 0% | ₹566 Cr | ▲ 56% | ₹363 Cr |
| EPS | ₹9.42 | ▲ 0% | ₹9.42 | ▲ 56% | ₹6.04 |
Verdict
Motilal Oswal Financial Services posted steady year-on-year performance with moderate growth in revenue and EBITDA, while net profit and EPS remained flat on a YoY basis. However, strong sequential improvement across EBITDA, net profit, and EPS highlights a sharp operational recovery in Q3 FY26, indicating improving margins an
Tata Consumer Products – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Vs Estimate |
|---|---|---|---|---|---|
| Net Profit (PAT) | ₹384.5 Cr | ▲ 36.3% | ₹282 Cr | ₹408 Cr | Miss |
| Revenue | ₹5,112 Cr | ▲ 15% | ₹4,443.5 Cr | ₹4,980 Cr | Beat |
| EBITDA | ₹721.3 Cr | ▲ 27.7% | ₹564.7 Cr | ₹699 Cr | Beat |
| EBITDA Margin | 14.1% | ▲ 140 bps | 12.7% | 14% | Above Estimate |
Verdict
Tata Consumer delivered a strong operational performance in Q3 with healthy revenue growth and sharp improvement in EBITDA and margins. While net profit missed street expectations, the margin expansion and EBITDA beat indicate improving cost efficiency and operating leverage. Overall performance remains positive with stable growth momentum.
Asian Paints – Q3 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Miss / Beat | Remarks |
|---|---|---|---|---|---|---|
| Net Profit (PAT) | ₹1,074 Cr | ▼ 4.8% | ₹1,128.4 Cr | ₹1,219 Cr | Miss | Impacted by one-time exceptional loss |
| Revenue | ₹8,867 Cr | ▲ 3.7% | ₹8,549.4 Cr | ₹9,016 Cr | Miss | Muted volume growth |
| EBITDA | ₹1,781 Cr | ▲ 8.8% | ₹1,637 Cr | ₹1,750 Cr | Beat | Better cost control |
| EBITDA Margin | 20.1% | ▲ 100 bps | 19.1% | 19.5% | Above Estimate | Margin expansion YoY |
| Exceptional Item | ₹158 Cr Loss | ▼ Impact | — | — | Negative | One-time loss impacted bottom-line |
| India Decorative Volume Growth | 7.9% | ▼ vs Poll | — | 8–9% | Below Expectation | Slightly lower than CNBC-TV18 poll |
Verdict
Asian Paints delivered a mixed Q3 performance. While EBITDA and margins beat estimates driven by better cost control and operational efficiency, net profit and revenue missed expectations due to muted volume growth and the impact of a one-time exceptional loss. Margins improved on a YoY basis, reflecting stronger profitability, but decorative segment demand remained slightly below market expectations. Overall, the quarter indicates stable operational strength with near-term growth challenges.
Marico – Q3 FY26 Earnings Highlights
Price: ₹746 | M.Cap: ₹96,818 Cr | P/E: 56.5
| Metric | Value (Dec 2025) | YoY Change | YoY Base (Dec 2024) | QoQ Change | QoQ Base (Sep 2025) |
|---|---|---|---|---|---|
| Sales | ₹3,537 Cr | ▲ 27% | ₹2,794 Cr | ▲ 1.6% | ₹3,482 Cr |
| EBITDA | ₹592 Cr | ▲ 11% | ₹533 Cr | ▲ 5.7% | ₹560 Cr |
| Net Profit | ₹460 Cr | ▲ 12% | ₹406 Cr | ▲ 6.5% | ₹432 Cr |
| EPS | ₹3.44 | ▲ 12% | ₹3.08 | ▲ 6.2% | ₹3.24 |
Verdict
Marico delivered strong Q3 FY26 performance with healthy 27% YoY growth in sales supported by steady margin expansion. Profitability improved both on a yearly and quarterly basis, with double-digit YoY growth in net profit and EPS. Sequential improvement across revenue and earnings indicates stable demand momentum and improving operational efficiency.
Dynamic Cables – Q3 FY26 Earnings Highlights
Price: ₹293 | Market Cap: ₹1,415 Cr | P/E: 16.9
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Revenue (Sales) | ₹299 Cr | ▲ 19% | ₹252 Cr | ▲ 6% | ₹282 Cr |
| EBITDA | ₹34.2 Cr | ▲ 34% | ₹25.6 Cr | ▲ 11% | ₹30.8 Cr |
| Net Profit (PAT) | ₹22.4 Cr | ▲ 42% | ₹15.8 Cr | ▲ 14% | ₹19.6 Cr |
| EPS | ₹4.63 | ▲ 42% | ₹3.26 | ▲ 14% | ₹4.05 |
Verdict
Dynamic Cables delivered a strong Q3 FY26 performance with robust double-digit growth across revenue, EBITDA, net profit, and EPS. Sequential improvement across all key metrics reflects steady demand momentum and improving operating efficiency. Margin expansion and stable finance costs supported profitability growth. With a reasonable valuation at a P/E of 16.9 and consistent QoQ performance, the company maintains a positive outlook with improving earnings visibility.
CG Power & Industrial Solutions – Q3 FY26 Earnings Highlights
Valuation Snapshot: Price: ₹531 | Market Cap: ₹83,518 Cr | P/E: 75.1
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹3,175 Cr | ▲ 26% | ₹2,516 Cr | ▲ 9% | ₹2,923 Cr |
| EBITDA | ₹362 Cr | ▲ 9% | ₹331 Cr | ▼ 4% | ₹377 Cr |
| Net Profit | ₹284 Cr | ▲ 18% | ₹238 Cr | Flat | ₹284 Cr |
| EPS | ₹1.81 | ▲ 15% | ₹1.57 | Flat | ₹1.82 |
Verdict
CG Power delivered strong year-on-year growth across revenue, profit, and EPS, indicating sustained business momentum. However, flat QoQ profit and a slight decline in EBITDA highlight near-term margin moderation. With a rich valuation at 75x P/E, further upside may depend on margin recovery and consistent execution in upcoming quarters.
Ramkrishna Forgings – Q3 FY26 Earnings Highlights
Price: ₹498 | Market Cap: ₹9,047 Cr | P/E: 40.5
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,099 Cr | ▲ 2% | ₹1,074 Cr | ▲ 21% | ₹908 Cr |
| EBITDA | ₹162 Cr | ▲ 28% | ₹126 Cr | ▲ 37% | ₹118 Cr |
| Net Profit | ₹13.6 Cr | ▲ 2% | ₹20.9 Cr | Turnaround | ₹-9.5 Cr |
| EPS | ₹0.75 | ▼ 35% | ₹1.16 | Turnaround | ₹-0.52 |
| Additional Information | Details |
|---|---|
| Exceptional Items (Dec 2025) | ₹-10.4 Cr (Excluded from YoY comparison) |
Verdict
Ramkrishna Forgings delivered modest revenue growth but showed strong operational improvement, with EBITDA rising sharply on both YoY and QoQ basis. Despite the operational strength, net profit and EPS remained under pressure on a YoY basis, impacted by exceptional items and margin factors. The QoQ turnaround in profitability is a positive sign, indicating recovery momentum. However, the elevated valuation (P/E 40.5) suggests limited near-term comfort for valuation-sensitive investors. Overall, the quarter reflects improving core performance, with earnings stability yet to fully normalize.
PC Jeweller – Q3 FY26 Earnings Highlights
CMP: ₹10.8 | Market Cap: ₹7,929 Cr | P/E: 12.1
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Revenue | ₹875 Cr | ▲ 37% | ₹639 Cr | ▲ 6% | ₹825 Cr |
| EBITDA | ₹202 Cr | ▲ 80% | ₹112 Cr | ▲ 13% | ₹178 Cr |
| Net Profit | ₹190 Cr | ▲ 29% | ₹148 Cr | ▼ 10% | ₹210 Cr |
| EPS | ₹0.26 | ▲ 4% | ₹0.25 | ▼ 10% | ₹0.29 |
| Exceptional Items (Dec 2025) | ₹-0.72 Cr | Ignored for YoY comparison | |||
Verdict
PC Jeweller delivered a strong operational performance in Q3 FY26, driven by robust revenue growth and a sharp rise in EBITDA, reflecting improved margins and operating leverage. However, the sequential decline in net profit and EPS indicates near-term consolidation after a strong previous quarter. Overall, the company’s fundamentals show positive traction with improving profitability trends, keeping the medium-term outlook constructive.
Dodla Dairy – Q3 FY26 Earnings Highlights
Price: ₹1,176 | Market Cap: ₹7,074 Cr | P/E: 26.1
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,025 Cr | ▲ 14% | ₹901 Cr | ▲ 1% | ₹1,019 Cr |
| EBITDA | ₹79.4 Cr | ▼ 17% | ₹95.9 Cr | ▼ 14% | ₹92.8 Cr |
| Net Profit | ₹68.7 Cr | ▲ 17% | ₹63.6 Cr | ▲ 5% | ₹65.7 Cr |
| EPS | ₹11.39 | ▲ 8% | ₹10.54 | ▲ 5% | ₹10.89 |
Exceptional Items
Dec 2025: ₹-5.69 Cr
(Exceptional items excluded from YoY comparison)
Verdict
Dodla Dairy delivered healthy revenue growth and profit expansion on a year-on-year basis, indicating stable demand momentum. However, the decline in EBITDA margins on both YoY and QoQ basis highlights rising cost pressures, which remain a key monitorable. Overall, the company continues to show steady top-line traction with mixed margin performance, suggesting cautious optimism in the near term.
Metro Brands – Q3 FY26 Earnings Highlights
CMP: ₹1,062 | Market Cap: ₹28,918 Cr | P/E: 74.3
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Revenue (Sales) | ₹811 Cr | ▲ 15% | ₹703 Cr | ▲ 25% | ₹651 Cr |
| EBITDA | ₹265 Cr | ▲ 18% | ₹225 Cr | ▲ 55% | ₹171 Cr |
| Net Profit (PAT) | ₹130 Cr | ▲ 36% | ₹95.1 Cr | ▲ 88% | ₹69.0 Cr |
| EPS | ₹4.71 | ▲ 35% | ₹3.48 | ▲ 89% | ₹2.49 |
Verdict
Metro Brands delivered a strong Q3 FY26 performance with healthy double-digit growth across revenue, EBITDA, and profitability. The sharp sequential improvement in margins and profits reflects strong festive demand, operational efficiency, and improved store-level performance. However, the rich valuation (P/E 74x) suggests that sustained earnings momentum will be critical to justify current price levels. Overall outlook remains positive with steady consumption demand and expansion-led growth.
Bikaji Foods – Earnings Highlights
Price: ₹648 | Market Cap: ₹16,241 Cr | P/E: 65.1
| Metric | Current Quarter | YoY Change | YoY Base | QoQ Change | QoQ Base (Sep’25) |
|---|---|---|---|---|---|
| Sales | ₹790 Cr | ▲ 11% | ₹715 Cr | ▼ 5% | ₹830 Cr |
| EBITDA | ₹98.4 Cr | ▲ 77% | ₹55.5 Cr | ▼ 23% | ₹128 Cr |
| Net Profit | ₹62.2 Cr | ▲ 118% | ₹27.8 Cr | ▼ 20% | ₹77.7 Cr |
| EPS | ₹2.48 | ▲ 118% | ₹1.14 | ▼ 22% | ₹3.18 |
Verdict
Bikaji Foods reported strong year-on-year performance with sharp growth in EBITDA, net profit, and EPS, highlighting margin expansion and improved operational efficiency. However, quarter-on-quarter moderation in sales and profitability indicates short-term demand or margin pressure. With valuations at a premium P/E of 65.1, sustained earnings growth and margin stability will be crucial to justify further upside.
Spandana Sphoorty – Q3 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹207 Cr | ▼ 59% | ₹509 Cr | ▲ 4% | ₹199 Cr |
| EBITDA | -₹11.6 Cr | ▲ 96% | -₹325 Cr | ▲ 94% | -₹180 Cr |
| Net Profit (PAT) | -₹82.5 Cr | ▲ 79% | -₹394 Cr | ▲ 62% | -₹218 Cr |
| EPS | ₹ -9.31 | ▲ 79% | ₹ -44.41 | ▲ 62% | ₹ -24.59 |
Verdict
Spandana Sphoorty continues to report losses, but Q3 FY26 shows strong sequential and year-on-year improvement in profitability metrics. EBITDA losses have narrowed sharply and net loss has reduced significantly, indicating operational recovery. However, the sharp YoY decline in revenue remains a concern. Sustained improvement in collections and growth in disbursements will be key for a full turnaround.
