Q3 Earnings Snapshot 2025 – Winners, Surprises & Misses Revealed!

Verdict

Reliance Industries delivered a steady Q3 FY26 performance with strong revenue growth led by Digital Services and Retail. Jio remained the key profit engine with rising ARPU, expanding subscriber base, and rapid 5G adoption. Retail showed healthy sales momentum despite margin pressure due to GST rationalization and restructuring. The Energy business benefited from improved fuel cracks, though chemical and upstream headwinds capped margin expansion. Overall outlook remains positive, supported by digital scale-up, retail expansion, and improving fuel retail volumes.

Verdict

HDFC Bank delivered a profit beat with double-digit YoY growth, reflecting steady core performance. While NII marginally missed estimates, asset quality remained stable with flat GNPA and NNPA ratios, indicating controlled credit risk. Lower provisioning on both QoQ and YoY basis supports near-term profitability, though modest NII growth suggests margin normalization trends to watch ahead. Overall, results remain operationally stable with a positive bias.

Verdict

ICICI Bank delivered moderate operating performance in Q3 FY26. While NII growth remained healthy on a YoY basis, profitability missed street estimates and declined YoY. On the positive side, asset quality improved sequentially, with lower Gross and Net NPAs, indicating stable credit health. Overall, results reflect steady business momentum but earnings pressure compared to market expectations.

Verdict

Yes Bank delivered strong year-on-year profit growth driven by healthy NII expansion and a sharp reduction in provisions. While operating profit witnessed a marginal quarter-on-quarter decline, asset quality remained stable with an improvement in Gross NPA levels. Overall, Q3 FY26 performance reflects improving balance sheet strength and better earnings stability.

Verdict

Punjab & Sind Bank delivered a strong Q3 performance with healthy YoY growth in net profit and NII. Asset quality continued to improve on a QoQ basis, with both gross and net NPAs declining. Provisioning moderated sequentially, supporting profitability, while higher YoY provisions indicate continued balance sheet strengthening.

Verdict

RBL Bank delivered a sharp year-on-year profit recovery and healthy NII growth, beating street expectations on core income. However, net profit missed estimates due to margin and cost pressures. The key positive remains steady improvement in asset quality with declining GNPA and NNPA levels, indicating better balance sheet stability going forward.

Verdict

Wipro delivered a mixed Q3 performance. While revenue slightly missed street estimates, strong EBIT growth and margin expansion indicate improving operational efficiency and cost control. Profitability momentum remains positive on a quarter-on-quarter basis, supporting a stable near-term outlook.

Verdict

Tech Mahindra delivered a mixed Q3 FY26 performance. Revenue growth and margin expansion remained strong, with EBIT and operating margin beating street expectations, reflecting improving operational efficiency. However, net profit missed estimates and declined sequentially, indicating continued pressure from costs and non-operational factors. Overall, operational metrics show stability, while profitability remains a near-term monitorable factor for investors.

Verdict

Can Fin Homes delivered a strong profit-led performance in the Dec 2025 quarter. While sales and EBITDA growth remained steady, the company reported sharp improvement in net profit and EPS, highlighting better margins and operational efficiency. With a reasonable valuation at 12.6x P/E, the stock remains attractive for investors seeking consistent earnings growth in the housing finance segment.

Verdict

IDBI Bank delivered modest year-on-year profit growth despite a sharp decline in NII, indicating margin pressure during the quarter. However, the bank’s asset quality continued to improve on a quarter-on-quarter basis, with lower Gross and Net NPA ratios and a decline in Net NPA absolute value. Overall performance reflects stable profitability supported by improving balance sheet strength, though margin recovery remains a key monitorable going forward.

Verdict

PNB Gilts delivered a strong turnaround quarter with sharp improvement in profitability. Despite a marginal QoQ dip in revenue, robust EBITDA growth and a return to positive net profit highlight better treasury performance and margin recovery. The low valuation (P/E 6) adds comfort, though revenue stability remains a key monitor going forward.

Verdict

Netweb Technologies delivered exceptionally strong performance in the Dec 2025 quarter, posting triple-digit year-on-year growth across sales, EBITDA, net profit, and EPS. Sharp quarter-on-quarter acceleration highlights strong execution capabilities and rising demand momentum. However, the elevated P/E valuation indicates that the stock is already pricing in aggressive future growth, making earnings consistency and margin sustainability critical factors to monitor going forward.

Verdict

Rossari Biotech delivered steady year-on-year growth across revenue and profitability, supported by stable business demand. However, quarter-on-quarter pressure on margins and profit indicates near-term operational softness. Overall performance remains stable, with moderate growth momentum and scope for margin improvement ahead.

Verdict

SML Mahindra delivered exceptional year-on-year growth across all key parameters, driven by strong operational performance and improved profitability. However, on a quarter-on-quarter basis, revenue, EBITDA, and profit witnessed mild moderation, indicating near-term margin and volume normalization. Overall, the company continues to remain on a strong growth trajectory with robust YoY momentum.

Verdict

J B Chemicals delivered strong year-on-year growth across revenue and profitability, reflecting healthy operational performance and margin expansion on an annual basis. However, the slight quarter-on-quarter moderation in sales and earnings indicates short-term pressure, possibly due to seasonal or cost-related factors. Overall, the company maintains solid long-term fundamentals with consistent YoY momentum.

Verdict

Mahindra EPC delivered strong QoQ performance across revenue, EBITDA, and profit, highlighting a solid operational turnaround in Q3 FY26. While YoY growth remains moderate in margins and EPS, the sharp sequential improvement signals improving execution efficiency and business momentum going forward.

Verdict

Sobha reported weak Q3 FY26 performance with sharp sequential declines across revenue and profitability. Both YoY and QoQ numbers indicate margin pressure and slowdown in operational momentum. Elevated valuation multiples (P/E 114+) further highlight limited near-term comfort unless earnings recovery improves in upcoming quarters.

Verdict

JSW Infrastructure delivered steady year-on-year growth across revenue, EBITDA, and net profit, supported by improved operational performance. However, marginal quarter-on-quarter softness in profit and EPS indicates near-term margin or cost pressures. Overall, the company continues to maintain stable growth momentum with healthy top-line expansion.

Note: Exceptional item of -₹7.24 Cr ignored for YoY comparison.

Verdict

Jindal Saw reported weak year-on-year performance with sharp declines in profitability due to margin pressure. However, strong quarter-on-quarter recovery in sales, EBITDA, and net profit highlights operational improvement and better cost efficiency. The low valuation multiple (P/E 8.8) may attract value-focused investors, but sustained margin recovery will be the key trigger for long-term upside.

Verdict

Tata Technologies reported modest topline growth in Q3 FY26, supported by steady execution and client demand. However, profitability remained under pressure with sharp year-on-year and quarter-on-quarter declines in EBITDA, net profit, and EPS, reflecting margin compression and rising cost pressures. While revenue momentum remains stable, near-term earnings visibility continues to be challenging despite premium valuation expectations.

Verdict

Himadri Special delivered a strong performance in Q3 FY26 with healthy year-on-year growth across key profitability metrics. The sharp rise in net profit and EPS reflects improved operational efficiency and margin strength. Sequential growth in sales and EBITDA indicates steady demand momentum and stable margins, supporting a positive near-term outlook.

Verdict

Poonawalla Fincorp delivered an exceptional performance in Q3 FY26 with strong revenue growth and a sharp improvement in profitability. The massive YoY jump in net profit and EPS highlights strong operating leverage and margin expansion. However, the elevated valuation multiple (P/E 107.9) indicates that a significant portion of future growth expectations is already priced in, making sustained earnings momentum crucial in the coming quarters.

Verdict

Polycab delivered strong year-on-year growth across revenue and profitability, supported by robust demand momentum. However, on a quarter-on-quarter basis, EBITDA and net profit faced mild pressure, indicating margin normalization and higher operating costs. Overall performance remains healthy with strong top-line traction, though near-term profitability may stay range-bound.