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Kriti Industries Q3 Revenue Drops 35% YoY to ₹135.79 Cr; Reports Net Loss of ₹2.51 Cr
Kriti Industries reported a weak Q3 FY26 with consolidated revenue declining 35% YoY to ₹135.79 crores, largely due to extended rainfall in its core Central Indian markets impacting Agri sales. While EBITDA improved to ₹6 crores from a loss in the previous year, the company still posted a net loss of ₹2.51 crores, including an exceptional labor code charge. Management expects a recovery in Q4 FY26, citing lower raw material prices and high water levels in reservoirs which should spur irrigation demand. The company is intentionally limiting its Industrial segment exposure to ₹100-150 crores to avoid long payment cycles.
Key Highlights
Q3 FY26 revenue fell 35% YoY to ₹135.79 crores, with 9M FY26 revenue down 24% to ₹445.58 crores.
Agri segment sales declined by 30% in Q3 and 17% in the first nine months of the fiscal year.
Reported a net loss of ₹2.51 crores for the quarter, impacted by a ₹77 lakh exceptional item for new labor codes.
9M FY26 EBITDA margin remains thin at 3.73% with a total EBITDA of ₹17.82 crores.
Management is pivoting towards Building Products and retail markets to reduce reliance on the volatile Industrial segment.
💼 Action for Investors
Investors should stay cautious and monitor if the projected Q4 recovery materializes to offset the significant 9-month revenue decline. The stock remains highly sensitive to regional monsoon patterns and raw material price fluctuations.
Titagarh Rail Q3 Profit Drops to ₹55.72 Cr; CEO Resigns to Lead Naval Subsidiary
Titagarh Rail Systems reported a decline in total profit to ₹55.72 crore for Q3 FY26, down from ₹68.47 crore in the same quarter last year. While the Passenger Rail segment saw a massive jump in revenue to ₹166.36 crore from ₹49.39 crore, the core Freight Rail segment revenue dipped to ₹656.36 crore. Additionally, Saket Kandoi resigned as Director & CEO of the Shipbuilding division to head the newly formed wholly-owned subsidiary, Titagarh Naval Systems. Investors should also note the auditor's concern regarding the ₹112.73 crore investment in the Italian associate, Firema, which is undergoing financial restructuring.
Key Highlights
Total Profit for Q3 FY26 stood at ₹55.72 crore, a decrease of 18.6% compared to ₹68.47 crore in Q3 FY25.
Passenger Rail Systems revenue surged by 236% YoY to ₹166.36 crore, showing strong execution in that segment.
Freight Rail Systems revenue declined to ₹656.36 crore from ₹822.34 crore in the previous year's corresponding quarter.
Shri Saket Kandoi resigned to focus on the Shipbuilding & Maritime business under the subsidiary Titagarh Naval Systems Limited.
Auditors flagged a potential risk regarding ₹112.73 crore investment and ₹66.44 crore receivables in the Italian associate, Firema.
💼 Action for Investors
Investors should monitor the ramp-up in the Passenger Rail segment and the resolution of the Firema restructuring in Italy. The stock may face short-term pressure due to the decline in core freight revenue and the auditor's emphasis of matter.
Titan Q3 FY26: Damas Acquisition Complete, Consolidation from Q4; ₹152 Cr Labour Code Impact
Titan reported a resilient Q3 FY26 performance, highlighted by the completion of a 67% stake acquisition in Damas, which will be consolidated from Q4. The company recorded a one-time exceptional charge of ₹152 crore at the consolidated level due to the implementation of the new labour code. To combat high gold prices, Titan is aggressively pushing lightweight and lower-caratage jewellery (14k and 9k) across brands like Tanishq, Mia, and CaratLane. Management indicated a positive start to Q4 in January, though gold price volatility remains a key watchpoint for the remainder of the quarter.
Key Highlights
Completed 67% stake acquisition in Damas; financial consolidation begins January 1, 2026.
One-time exceptional item of ₹152 crore (consolidated) and ₹138 crore (standalone) for labour code impact.
New buyer contribution improved sequentially to 45% in Q3 from 42% in the previous quarter.
Strategic shift towards 18k, 14k, and 9k jewellery to maintain price accessibility for consumers.
Studded jewellery buyer growth continues to outperform overall buyer growth metrics.
💼 Action for Investors
Investors should monitor the margin impact of the Damas consolidation in Q4 and the traction of the new low-caratage product lines. Titan remains a preferred pick for long-term investors seeking exposure to India's consumption and formalization themes.
Titagarh Rail Q3 Net Profit Drops 18.6% to ₹55.72 Cr; Revenue Declines to ₹822.72 Cr
Titagarh Rail Systems reported a weak set of numbers for Q3 FY26, with standalone net profit falling to ₹55.72 crore from ₹68.47 crore YoY. Revenue from operations declined by 5.6% to ₹822.72 crore, largely due to a slowdown in the Freight Rail Systems segment. A significant concern persists regarding the company's ₹112.73 crore investment in its Italian associate, Titagarh Firema SpA, which is currently undergoing protective financial proceedings. On the management front, Saket Kandoi resigned as CEO of Shipbuilding to lead the business under a dedicated naval subsidiary.
Key Highlights
Standalone Revenue from Operations decreased to ₹822.72 crore in Q3 FY26 from ₹871.73 crore in Q3 FY25.
Net Profit for the quarter fell 18.6% YoY to ₹55.72 crore, impacted by a ₹6.54 crore loss from discontinued operations.
Passenger Rail Systems segment showed strong growth, with revenue rising to ₹166.36 crore from ₹49.39 crore YoY.
Freight Rail Systems revenue, the company's largest segment, declined to ₹656.36 crore from ₹822.34 crore YoY.
Auditors issued an 'Emphasis of Matter' regarding ₹179.17 crore total exposure to the financially stressed Italian associate, Firema.
💼 Action for Investors
Investors should exercise caution as the core freight segment shows signs of slowing down and the Italian associate's financial crisis remains unresolved. Monitor the passenger segment's growth and the final outcome of the Firema restructuring process due in February 2026.
Shakti Pumps Q3 FY26: Revenue and Margins Dip Amid Strategic Execution Slowdown
Shakti Pumps reported a decline in Q3 FY26 performance, with revenue falling to ₹5,510 Mn and EBITDA margins contracting to 10.7% from 23.8% YoY. The management intentionally paused execution of orders worth ₹2,000 Mn in Maharashtra to address high receivable levels and maintain balance sheet health. Despite the quarterly dip, the company maintains a robust order book of ₹21,000 Mn and expects Q4 FY26 to be its highest-ever revenue quarter. Profitability was also impacted by a ₹44 Mn one-time labor code cost and rising raw material prices.
Key Highlights
Q3 FY26 revenue decreased to ₹5,510 Mn from ₹6,488 Mn YoY, while PAT dropped to ₹317 Mn.
EBITDA margins compressed to 10.7% due to lower realizations, higher input costs, and a ₹44 Mn one-time labor cost.
The company holds a strong outstanding order book of ₹21,000 Mn as of February 13, 2026.
Management deliberately paused ₹2,000 Mn in order execution to manage receivables, which stood at ₹16,970 Mn.
Resumed execution in Maharashtra following fund releases from AIIB and the state government.
💼 Action for Investors
Investors should monitor the recovery in Q4 and the management's ability to convert the ₹21,000 Mn order book into revenue while improving margins. The strategic focus on working capital over growth is prudent, but the sharp margin contraction requires close observation.
Glottis Q3 Net Profit Plummets 80% YoY to ₹2.7 Cr; Board Approves US Expansion
Glottis Limited reported a weak set of numbers for Q3 FY26, with revenue from operations declining 27.2% YoY to ₹143.87 crore. Net profit saw a sharp contraction of 79.9% YoY, falling to ₹2.70 crore from ₹13.47 crore in the previous year's corresponding quarter. The company cited global market uncertainty, lower freight rates, and a slowdown in solar-related project execution as primary reasons for the decline. On a positive note, the board approved the incorporation of a wholly-owned subsidiary in Texas, USA, and reported the resolution of a ₹1.23 crore GST show-cause notice with no liability.
Key Highlights
Revenue from operations fell 27.2% YoY to ₹143.87 crore in Q3 FY26.
Net profit declined by 79.9% YoY to ₹2.70 crore, with EPS dropping from ₹1.68 to ₹0.29.
Operating margins contracted significantly to 2.77% compared to 9.51% in Q3 FY25.
Board approved the incorporation of a new wholly-owned subsidiary in Texas, USA.
Unutilized IPO proceeds of ₹124.56 crore are currently held in temporary fixed deposits.
💼 Action for Investors
Investors should exercise caution as the company faces significant margin pressure and revenue headwinds in its core freight forwarding business. While the US expansion is a long-term growth lever, the immediate focus should be on the stabilization of freight rates and recovery in the solar sector.
Fortis Q3 Standalone Revenue Rises 20.7% YoY to ₹443 Cr; New ESOP Scheme Approved
Fortis Healthcare reported a 20.7% YoY growth in standalone revenue from operations to ₹442.93 crore for the quarter ended December 31, 2025. However, standalone net profit declined by 28.2% YoY to ₹28.40 crore, primarily due to a significant spike in finance costs and professional fees. The board has also approved a new Employee Stock Option Scheme (ESOP 2026) covering 1.51 crore shares to incentivize talent. Investors should note that legal overhangs regarding past promoter transactions and SFIO investigations remain ongoing.
Key Highlights
Standalone Revenue from operations increased to ₹44,293 lacs from ₹36,687 lacs in the previous year's quarter.
Standalone Net Profit for Q3 FY26 stood at ₹2,840 lacs compared to ₹3,956 lacs in Q3 FY25.
Finance costs more than doubled YoY, rising from ₹2,651 lacs to ₹5,566 lacs in the current quarter.
Board approved ESOP 2026 scheme with a pool of 1,50,99,163 options, each convertible into one equity share.
Ongoing SFIO investigations and Supreme Court-directed forensic audits regarding RHT Health Trust transactions continue to be monitored.
💼 Action for Investors
While top-line growth is healthy, investors should monitor the rising finance costs and the impact of the new ESOP scheme on equity dilution. The long-term legal risks associated with past promoter actions remain a critical factor for the stock's valuation.
Shakti Pumps Q3 PAT Drops 69.5% to Rs 317 Mn; Order Book Robust at Rs 21,000 Mn
Shakti Pumps reported a weak Q3 FY26 with revenue declining 15% YoY to Rs 5,510 Mn and PAT falling 69.5% to Rs 317 Mn. The performance was impacted by a strategic decision to pause execution of orders worth Rs 2,000 Mn to manage high receivable levels and prioritize balance sheet health. EBITDA margins contracted significantly to 10.7% from 23.8% due to lower realizations, rising input costs, and a one-time labor code impact of Rs 44 Mn. However, the company maintains a strong order book of Rs 21,000 Mn and expects Q4 FY26 to be its highest revenue quarter ever.
Key Highlights
Revenue from operations fell 15% YoY to Rs 5,510 Mn in Q3 FY26.
EBITDA margins dropped to 10.7% from 23.8% YoY due to 2% higher raw material costs and lower realizations.
Order book remains strong at Rs 21,000 Mn, including a major new order from Karnataka worth Rs 6,540 Mn.
Export retail business showed resilience with 25%+ YoY growth in 9M FY26 reaching Rs 2,520 Mn.
Management paused Rs 2,000 Mn in order execution to stabilize receivables, which remained stable sequentially.
💼 Action for Investors
Investors should watch for the promised execution ramp-up in Q4 FY26 and the stabilization of margins as input cost pressures ease. While the short-term earnings are weak, the robust order book and focus on working capital discipline provide a positive medium-term outlook.
Fortis Q3 FY26: Revenue up 17.5% to ₹2,265 Cr, Operating EBITDA jumps 34.8%
Fortis Healthcare reported a strong operational performance for Q3 FY26, with consolidated revenues growing 17.5% YoY to ₹2,265 crore. Operating EBITDA saw a significant jump of 34.8% to ₹505 crore, driven by margin expansion in both hospital (21.7%) and diagnostic (23.1%) segments. While reported PAT was impacted by a one-time exceptional loss of ₹45.9 crore related to new labor codes, the core business remains robust with a 14% increase in occupied beds. The company also expanded its footprint by acquiring People Tree Hospital in Bengaluru for ₹430 crore in January 2026.
Key Highlights
Consolidated Operating EBITDA grew 34.8% YoY to ₹505 Cr with margins expanding to 22.3% from 19.4%.
Hospital business revenue rose 19.4% to ₹1,938 Cr, supported by a 14% increase in occupied beds and higher ARPOB of ₹2.56 Cr.
Diagnostics business (Agilus) saw a sharp margin recovery to 23.1% from 14.4% in the corresponding previous quarter.
Net debt increased to ₹2,547 Cr (1.24x EBITDA) following the Agilus stake acquisition and Shrimann Hospital investment.
Acquired 125-bedded People Tree Hospital in Bengaluru for ₹430 Cr with potential to scale to 300+ beds.
💼 Action for Investors
Investors should focus on the strong operational EBITDA growth and significant margin expansion in the diagnostics segment. The inorganic expansion strategy in key clusters like Bengaluru and the recovery in Agilus provide a positive outlook for long-term value creation.
Fortis Q3 FY26: Revenue up 17.5% to ₹2,265 Cr; Operating EBITDA jumps 34.8%
Fortis Healthcare reported a strong operational performance for Q3 FY26, with consolidated revenues growing 17.5% YoY to INR 2,265 Cr. Operating EBITDA saw a significant jump of 34.8% to INR 505 Cr, driven by margin expansion in both hospital (21.7%) and diagnostic (23.1%) segments. While Profit After Tax fell 22.4% to INR 197 Cr due to a one-time exceptional loss related to new labor codes, Profit Before Tax (before exceptions) grew 21.9%. The company also strengthened its footprint through the INR 430 Cr acquisition of People Tree Hospital in Bengaluru.
Key Highlights
Consolidated Revenue grew 17.5% YoY to INR 2,265 Cr, with Hospital business contributing INR 1,938 Cr.
Operating EBITDA margins improved significantly to 22.3% from 19.4% in the previous year's quarter.
Diagnostics business (Agilus) showed a sharp recovery with EBITDA margins rising to 23.1% from 14.4%.
Net debt increased to INR 2,547 Cr (1.24x EBITDA) following acquisitions of Agilus PE stake and Shrimann Hospital.
Acquired 125-bedded People Tree Hospital in Bengaluru for INR 430 Cr to expand southern presence.
💼 Action for Investors
Investors should focus on the robust 34.8% growth in operating EBITDA and margin expansion rather than the exceptional-item-led PAT decline. The aggressive inorganic expansion in Bengaluru and recovery in the diagnostics segment are positive long-term indicators.
Euro Pratik Q3 FY26: PAT Rises 17% to ₹23.6 Cr; EBITDA Margins Expand to 43.1%
Euro Pratik Sales Limited reported a 7% YoY revenue growth to ₹80.4 crore for Q3 FY26, despite construction bans in North India impacting sales. The company demonstrated strong operational efficiency with EBITDA growing 26% YoY to ₹34.6 crore, leading to a significant margin expansion to 43.1%. Net profit for the quarter rose 17% to ₹23.6 crore, supported by a robust 42.2% sales contribution from South India. Management remains optimistic about Q4, citing the integration of URO Veneer World and the recovery of postponed demand from the North.
Key Highlights
Q3 FY26 Revenue grew 7% YoY to ₹80.4 Cr, while 9M FY26 Revenue reached ₹241.5 Cr, up 14.3% YoY.
EBITDA margins expanded significantly to 43.1% in Q3 FY26, driven by operating leverage and a focus on bottom-line growth.
South India emerged as a major growth driver, contributing 42.2% to the total Q3 revenue to offset North India's slowdown.
The company integrated its 51% acquisition of URO Veneer World starting December 2025 to strengthen its B2C retail presence.
Decorative wall panels remain the core segment, contributing 66.5% of the total revenue for the nine-month period.
💼 Action for Investors
Investors should monitor the sustainability of the high EBITDA margins and the recovery of North India sales in Q4. The company's shift toward the organized segment and its asset-light model make it a strong play in the interior decor space.
Shanti Overseas Reports Q3 Net Profit of ₹161.28 Lakhs and Appoints New CFO
Shanti Overseas (India) Limited reported a turnaround in Q3 FY26 with a net profit of ₹161.28 lakhs, compared to a loss of ₹206.24 lakhs in the same period last year. However, the company's revenue from operations for the quarter was nil, with the entire income of ₹397.88 lakhs coming from 'Other Income'. For the nine-month period ended December 2025, the company posted a profit of ₹175.34 lakhs against a loss of ₹263.94 lakhs in the previous year. Additionally, the company announced the appointment of Mr. Sumit Suresh Bhinge as the new CFO following the resignation of Mr. Pankaj Agarwal.
Key Highlights
Net Profit of ₹161.28 lakhs in Q3 FY26 versus a Net Loss of ₹206.24 lakhs in Q3 FY25.
Revenue from operations dropped to ₹0.00 for the quarter from ₹1,778.53 lakhs in the previous year's corresponding quarter.
Total income for Q3 was driven entirely by Other Income of ₹397.88 lakhs.
Mr. Sumit Suresh Bhinge appointed as Chief Financial Officer effective February 13, 2026.
9M FY26 Basic EPS improved to ₹1.58 from a negative ₹2.38 in 9M FY25.
💼 Action for Investors
Investors should exercise caution as the reported profit is entirely supported by non-operational 'Other Income' while core business revenue has vanished. Monitor the company's next steps regarding its core business operations and the strategic direction under the new CFO.
Fortis Healthcare Q3 Standalone Revenue Up 20.7% to ₹443 Cr; Board Approves 1.51 Cr ESOP Pool
Fortis Healthcare reported a standalone revenue of ₹442.93 crore for Q3 FY26, a 20.7% increase from ₹366.87 crore in the same quarter last year. However, standalone net profit for the quarter declined to ₹28.40 crore from ₹39.56 crore YoY, primarily due to a sharp rise in finance costs which reached ₹55.66 crore. The board has also approved a new Employee Stock Option Scheme (ESOP 2026) with a pool of 1.51 crore shares to attract and retain talent. Investors should remain aware of the ongoing SFIO investigations and legal matters regarding erstwhile promoters mentioned in the auditor's report.
Key Highlights
Standalone revenue from operations grew 20.7% YoY to ₹442.93 crore in Q3 FY26.
Standalone net profit decreased to ₹28.40 crore in Q3 FY26 compared to ₹39.56 crore in Q3 FY25.
Finance costs surged to ₹55.66 crore in the current quarter from ₹26.51 crore in the previous year's corresponding quarter.
Board approved ESOP 2026 scheme involving 1,50,99,163 equity shares, subject to shareholder approval.
Auditors maintained an emphasis of matter regarding ongoing SFIO investigations and Supreme Court orders related to RHT Health Trust.
💼 Action for Investors
Investors should monitor the consolidated financial performance to assess the impact of diagnostic and subsidiary segments. The increase in finance costs and the legal overhang from legacy promoter issues remain key monitorables.
Fortis Healthcare Q3 Standalone Revenue Up 20.7% YoY; Board Approves New ESOP Scheme
Fortis Healthcare reported a standalone revenue of ₹442.93 crore for Q3 FY26, marking a 20.7% growth over the same period last year. However, standalone net profit for the quarter saw a decline to ₹28.40 crore from ₹39.56 crore YoY, largely impacted by finance costs which more than doubled to ₹55.66 crore. For the nine-month period ended December 2025, the company's performance remains strong with a net profit of ₹205.37 crore compared to ₹106.02 crore in the previous year. Additionally, the board has approved a new ESOP scheme for 1.51 crore shares to align employee interests with shareholder value.
Key Highlights
Standalone Revenue from operations grew 20.7% YoY to ₹442.93 crore in Q3 FY26.
Net Profit for the quarter stood at ₹28.40 crore, down from ₹39.56 crore in the previous year's corresponding quarter.
Finance costs surged significantly to ₹55.66 crore in Q3 FY26 compared to ₹26.51 crore in Q3 FY25.
Board approved 'ESOP 2026' scheme covering 1,50,99,163 equity shares subject to shareholder approval.
Auditors highlighted ongoing legacy legal matters including SFIO investigations and Supreme Court observations on RHT Health Trust.
💼 Action for Investors
Investors should monitor the impact of rising finance costs on the bottom line and keep a close watch on the resolution of legacy legal and regulatory investigations. While the nine-month growth trajectory is positive, the quarterly profit dip suggests a need for cautious observation of operational margins.
Shanti Overseas Reports Q3 Net Profit of ₹1.61 Cr Despite Zero Operational Revenue
Shanti Overseas (India) Limited reported a net profit of ₹161.28 lakhs for the quarter ended December 31, 2025, a significant turnaround from a loss of ₹206.24 lakhs in the same quarter last year. However, the company recorded zero revenue from operations during the quarter, with the entire income of ₹397.88 lakhs coming from 'Other Income'. For the nine-month period, revenue from operations collapsed to ₹32.00 lakhs from ₹2,229.94 lakhs YoY. The company also announced a management change, appointing Mr. Sumit Suresh Bhinge as the new CFO following the resignation of Mr. Pankaj Agarwal.
Key Highlights
Net Profit of ₹161.28 lakhs in Q3 FY26 compared to a Net Loss of ₹206.24 lakhs in Q3 FY25.
Revenue from operations fell to zero in Q3 FY26 from ₹1,778.53 lakhs in the year-ago period.
Total income for the quarter was driven entirely by Other Income of ₹397.88 lakhs.
Nine-month revenue from operations stands at just ₹32.00 lakhs vs ₹2,229.94 lakhs in the previous year.
Appointment of Mr. Sumit Suresh Bhinge as CFO effective February 13, 2026.
💼 Action for Investors
Investors should exercise caution as the current profitability is driven by non-operational income while core business revenue has effectively ceased. Monitor management's commentary on the suspension of operations and the sustainability of other income sources.
Shakti Pumps Q3 PAT Drops 69.5% YoY to ₹31.7 Cr; Revenue Declines 15%
Shakti Pumps (India) Limited reported a weak performance for the quarter ended December 31, 2025, with consolidated revenue from operations declining 15.1% YoY to ₹550.99 crore. Net profit (PAT) saw a sharp contraction of 69.5% YoY, falling to ₹31.70 crore from ₹104.05 crore in the previous year's corresponding quarter. Profitability was significantly impacted on a sequential basis as well, with PAT dropping 65% from ₹90.71 crore in Q2 FY26. The company also announced the appointment of Mrs. Bela Bharatendu Jani as an Independent Director.
Key Highlights
Consolidated Revenue from operations decreased to ₹550.99 crore in Q3 FY26 from ₹648.77 crore in Q3 FY25.
Net Profit (PAT) plummeted 69.5% YoY to ₹31.70 crore compared to ₹104.05 crore in the same period last year.
Profit Before Tax (PBT) stood at ₹41.76 crore, a 70.5% decline from ₹141.55 crore YoY.
Earnings Per Share (EPS) for the quarter fell to ₹2.57 from ₹8.66 in the year-ago quarter.
Board approved the appointment of Mrs. Bela Bharatendu Jani as an Additional cum Non-Executive Woman Independent Director.
💼 Action for Investors
The significant drop in both top-line and bottom-line performance is concerning; investors should monitor management's commentary regarding margin pressures and the status of the order pipeline.
Shakti Pumps Q3 Net Profit Plummets 69.5% YoY to ₹31.7 Cr; Revenue Down 15%
Shakti Pumps (India) Limited reported a weak financial performance for the quarter ended December 31, 2025. Consolidated revenue from operations fell 15% YoY to ₹550.99 crore, while net profit saw a sharp decline of 69.5% YoY to ₹31.70 crore. On a sequential basis, the performance was also disappointing, with revenue and profit dropping by 17.3% and 65% respectively compared to Q2 FY26. Additionally, the board approved the appointment of Mrs. Bela Bharatendu Jani as an Independent Director.
Key Highlights
Consolidated Revenue from Operations fell 15% YoY to ₹550.99 crore in Q3 FY26.
Net Profit (PAT) declined sharply by 69.5% YoY to ₹31.70 crore from ₹104.05 crore.
Profit Before Tax (PBT) dropped 70.5% YoY to ₹41.76 crore.
9M FY26 Net Profit stands at ₹219.25 crore, down 26.5% from ₹298.14 crore in 9M FY25.
Basic EPS for the quarter fell to ₹2.57 compared to ₹8.66 in the corresponding quarter of the previous year.
💼 Action for Investors
The significant drop in both revenue and profitability indicates operational challenges or a cyclical slowdown in order execution. Investors should exercise caution and wait for management's explanation regarding margin compression and the status of the PM-KUSUM order pipeline.
Bharti Hexacom Q3 FY26: ARPU Rises to Rs 259 Amid Strong 5G and Broadband Growth
Bharti Hexacom (reported alongside parent Bharti Airtel) delivered a robust Q3 FY26 with consolidated revenue reaching Rs 54,000 crores, a 3.5% sequential growth. The India mobile business saw ARPU climb to Rs 259, driven by 5G adoption and premiumization despite no recent tariff hikes. Operational efficiency remained high with India EBITDAaL margins at 51.8%, while the broadband segment achieved record quarterly net adds of 1.2 million customers. The company's balance sheet continues to strengthen with consolidated net debt to EBITDAaL improving to 1.02.
Key Highlights
Consolidated revenue grew 3.5% QoQ to Rs 54,000 crores with India EBITDAaL margins improving to 51.8%.
Mobile ARPU reached Rs 259, supported by a 5G customer base of 181 million and 5.2 million new smartphone users.
Broadband segment recorded its highest-ever quarterly net adds of 1.2 million, crossing 13 million connected homes.
Fixed Wireless Access (FWA) expanded significantly to over 3 million customers across 3,200 cities.
Operating free cash flow remained strong at Rs 15,900 crores, reflecting disciplined capex of Rs 11,800 crores.
💼 Action for Investors
Investors should focus on the company's successful strategy of 'premiumization' which is driving ARPU growth even without broad tariff increases. The rapid scaling of FWA and 5G infrastructure positions the company well for long-term data monetization.
Ddev Plastiks Q3 Revenue Up 11% to ₹733 Cr; Announces ₹150 Cr Entry into Battery Storage
Ddev Plastiks reported a steady Q3 FY26 with revenue growing 11% YoY to ₹733 crore and a PAT of ₹48 crore. The company is diversifying into the Battery Energy Storage Systems (BESS) sector with a ₹150 crore Greenfield plant, targeting ₹800-900 crore revenue per gigawatt of capacity. Export performance remains robust, growing 33% YoY in the first nine months to reach ₹523 crore. Management has reaffirmed its long-term revenue target of ₹5,000 crore by FY30, supported by recent capacity expansions in HFFR and PVC compounds.
Key Highlights
Q3 FY26 revenue reached ₹733 crore (+11% YoY) with an EBITDA margin of 11% and PAT of ₹48 crore.
Entering BESS market with a 5 GWh capacity plant; Phase 1 investment of ₹150 crore funded entirely via internal accruals.
9M FY26 exports surged 33% YoY to ₹523 crore, contributing 27% to the total Q3 revenue mix.
Commissioned 30,000 MTPA additional capacity in HFFR and PVC, bringing total installed capacity to 2,68,400 MTPA.
Management projects BESS segment to contribute approximately 20% to overall revenue once stabilized.
💼 Action for Investors
Investors should focus on the company's successful transition into the high-margin BESS sector starting H2 FY27, which provides a significant valuation re-rating trigger. The steady growth in the core cable compounding business and strong export momentum support a long-term 'Hold' or 'Accumulate' stance.
Bharti Airtel Q3 FY26: Revenue Hits ₹54,000 Cr, ARPU Rises to ₹259 with Strong 5G Momentum
Bharti Airtel reported a robust Q3 FY26 with consolidated revenue growing 3.5% QoQ to ₹54,000 crores and EBITDAaL margins improving to 51.3%. The India mobile business saw ARPU climb to ₹259, driven by premiumization and 5G adoption, which now counts 181 million customers. Broadband performance was a standout with record net additions of 1.2 million, while the balance sheet strengthened with a net debt-to-EBITDAaL ratio of 1.02. The company continues to focus on operational efficiencies and digital portfolio growth to drive profitability.
Key Highlights
Consolidated revenue grew 3.5% QoQ to ₹54,000 crores with EBITDAaL margins expanding by 30 bps to 51.3%.
Mobile ARPU reached ₹259, supported by 181 million 5G customers and 5.2 million new smartphone data users.
Broadband segment achieved its highest-ever quarterly net adds of 1.2 million, with FWA base crossing 3 million.
Financial health improved significantly with consolidated net debt to EBITDAaL ratio dropping to 1.02.
Airtel Payments Bank showed strong momentum with an annualized revenue run rate crossing ₹3,250 crores.
💼 Action for Investors
Investors should take confidence in the steady ARPU growth and record broadband additions which signal strong execution even without immediate tariff hikes. The significant deleveraging and 5G penetration reinforce Airtel's position as a premium play in the Indian telecom sector.