Quarterly results: Oct–Dec 2025 (Q3 FY26)

The rules: profit up more than 20% & revenue up more than 15% on the same quarter last year, operating profit (EBITDA) up more than 20% too, operating margin higher than a year ago, EPS up more than 20% (restated for any split or bonus), market cap above ₹2,000 crore, and a PEG below 2 (P/E divided by 12-month EPS growth in %; by the growth of the latest financial year when our results do not reach the four quarters a year earlier). When one-off (exceptional) items come to more than a quarter of 12-month pre-tax profit, P/E & EPS growth leave them out (profit before tax & those items, taxed at 25%). The growth used in PEG is capped at 100%, and PEG is left blank when 12-month EPS a year earlier was below ₹1, because growth from a tiny base makes any P/E look low next to it. A PEG near 1 means you pay about one P/E point per point of growth. Profit jumps the business did not earn are left out: when profit more than doubles but operating profit grew far less, or when exceptional items are material and profit before tax without them grew 20% or less. Banks, lenders & insurers are left out because operating profit & margin do not describe their business.