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BSE Sensex Results: Latest Quarterly Results & Analysis

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Tata Consultancy Services Ltd. 09 Apr 2026 16:29 PM

Q4FY26 & FY26 Result Announced for Tata Consultancy Services Ltd.

IT Consulting & Software company Tata Consultancy Services announced Q4FY26 & FY26 results

Q4FY26 Financial Highlights:

  • Revenue at Rs 70,698 crore, 5.4% QoQ.
    • Growth led by ERU ( 6.1%), and CBG ( 2.8%) QoQ in CC.
    • Amongst markets, growth led by UK ( 2.4%); North America ( 1.4%) QoQ in CC.
  • Operating Margin: 25.3%, 10 basis points QoQ.
  • Net Margin: 19.4%, EPS grew 12.2% YoY.
  • Strong Cash conversion: Operating Cash Flow 106.7% of Net Income.

FY26 Financial Highlights:

  • FY26 Revenue Rs 2,67,021 crore, Growth 4.6% YoY, -2.4% in CC.
  • FY26 Operating Margin at 25%; up 70 basis points YoY – highest operating margin in last 4 years.
  • FY26 Net Margin at 19.8%; up 80 basis points YoY – highest net margin in last 4 years.
  • Final Dividend (proposed): Rs 31 per share, to be approved at the Annual General Meeting.
  • FY26 Shareholder payout of Rs 39,571 crore in the form of dividends
  • Employee Headcount: 584,519.

K Krithivasan, Chief Executive Officer & Managing Director, said: “We are pleased to report the third consecutive quarter of sequential growth, supported by three mega deals and a USD 12 billion TCV, underscoring the strength of our five-pillar strategy and our AI led positioning across services. It is equally encouraging that this momentum was broad-based across major markets and most industries. While the macro-economic headwinds continue, we see sustained customer conviction in technology investments, which positions us well for the opportunities ahead.”

Aarthi Subramanian, Executive Director, President & Chief Operating Officer, said: "FY26 marked a pivotal year for enterprise AI adoption. In Q4, our annualized AI revenues surpassed USD 2.3 billion, driven by the accelerated deployment of AI solutions. We experienced strong deal momentum across new services in Enterprise Transformation, Digital Engineering, and Cloud Modernization. Our investment in HyperVault was a catalyst in forging strategic partnerships with OpenAI, AMD and ABB, further strengthening our positioning across Infrastructure-to-Intelligence.”

Samir Seksaria, Chief Financial Officer, said: “In FY26, we intensified investments through our Build–Partner– Acquire approach, by acquiring Coastal Cloud & List Engage and establishing HyperVault. Even as we scaled our investments in AI-led growth opportunities, our margins expanded by 70 basis points, reflecting our strong operational rigor. Our solid cash flow and resilient balance sheet position us to advance strategic priorities, pursue timely investments, and maximize growth.”

Sudeep Kunnumal, Chief HR Officer, said: “We are pleased to implement annual salary increases across all grades effective 1st April. In Q4, we continued to invest in a future-ready workforce with strong additions across experienced talent and campus hires. Building an AI-first culture and equipping our people with AI-ready skills remained a key priority in FY26 and will continue into FY27, as we align closely with our customers’ evolving needs.”

Result PDF

Personal Products company Hindustan Unilever announced Q3FY26 results

  • Consolidated Revenue growth of 6%, in Q3FY25. With a Turnover of Rs 16,235 crore, HUL delivered 5% Underlying Sales Growth1 (USG) led by 4% Underlying Volume Growth2 (UVG).
  • EBITDA at Rs 3,788 crore grew 3% YoY.
  • EBITDA margin at 23.3% remained within the guided range.
  • Reported Profit After Tax at Rs 6,603 crore grew by 121% YoY.

Priya Nair, CEO & Managing Director, said: “During the quarter, demand trends reflected early signs of recovery, underpinned by supportive policy measures. Against this backdrop, we delivered a competitive performance, with 6% Revenue Growth and 4% Underlying Volume Growth. We continued to build desirability at scale with our brands, accelerate market development in high-growth demand spaces and strengthen our capabilities to scale Channels of the Future with a dedicated organisation for Quick commerce. As market leaders in FMCG, our commitment to build modern brands, lead category creation and invest disproportionately to build future moats, places us in good stead to deliver sustained volume-led growth and create long-term shareholder value.”

Result PDF

Cars & Utility Vehicles company Mahindra & Mahindra announced Q3FY26 results

  • Consolidated PAT at Rs 4,675 crore, up 54%.
  • Consolidated Revenue at Rs 52,100 crore, up 26%.
  • RoE at 20.1% (annualized).
  • #1 in SUVs with revenue market share at 24.1%, up 90 bps.
  • #1 in LCVs <3.5T: market share at 51.9%, up 10 bps.
  • #1 in Tractors: market share at 44.0%, down 20 bps.
  • #1 in electric 3 wheelers: market share at 38.6%,
  • MMFSL PAT up 97% ; stable GS3 <4%.
  • Tech Mahindra EBIT at 13.1% up 290 bps.
  • Growth Gems: Logistics profitable after 11 quarters, 5X PAT growth at Lifespaces.

Anish Shah, Group CEO & Managing Director, said: “We are delighted to report solid operating performance across the group in Q3FY26, reflecting our strong focus on growth coupled with disciplined execution. Auto & Farm has maintained its leadership position on the back of steady customer demand, strong product acceptance and unwavering focus on operational excellence. TechM continues to make meaningful progress. Mahindra Finance delivered another solid quarter with meaningful PAT growth while maintaining strong asset quality. We are especially pleased to see breakout performance from two of our growth gems, Mahindra Logistics and Mahindra Lifespaces.”

Rajesh Jejurikar, Executive Director & CEO (Auto & Farm Sector), said: “Auto and Farm businesses delivered strong performance in Q3FY26. We have achieved a 90 bps YoY increase in SUV revenue share and 10 bps YoY increase in LCV (< 3.5T) market share in Q3. Our tractor business gained 20 bps YoY to reach an impressive 44.1% share for YTD FY26. Our new launches XEV 9S, and the XUV 7XO have received very positive response in the market.”

Amarjyoti Barua, Group Chief Financial Officer, said: “Our Q3 consolidated results reflects the strength and depth of our diversified portfolio. Our services businesses continue to increase their contribution to the overall results. Our results are also translating into a very strong Balance Sheet.”

Result PDF

Gems & Jewellery company Titan Company announced Q3FY26 results

Financial Highlights:

  • Total Income: Rs 24,592 crore against Rs 17,583 crore during Q3FY25, change 40%.
  • EBITDA: Rs 2,657 crore against Rs 1,627 crore during Q3FY25, change 63%.
  • EBITDA Margin: 10.8% for Q3FY26.
  • PBT: Rs 2,375 crore against Rs 1,396 crore during Q3FY25, change 70%.
  • PBT Margin: 9.7% for Q3FY26.
  • PAT: Rs 1,684 crore against Rs 1,047 crore during Q3FY25, change 61%.
  • PAT Margin: 6.8% for Q3FY26.

Business Highlights:

  • Jewellery: Jewellery portfolio grew 42% to Rs 22,517 crore (excl. Bullion and Digi-gold sales) driven by blockbuster festive collections, impactful brand campaigns, and powerful exchange initiatives, underscoring strong festive demand amid high gold prices
  • Watches: Powered by festive gifting and enduring consumer preference for analog timepieces, the Watches portfolio grew 14,% clocking Rs 1,295 crore.
  • Eyecare: Business achieved Total Income of Rs 231 crore in Q3FY2,6 growing 18% over Q3FY25 and EBIT of Rs 24 crore at 10.5% margin. Runway, the premium sunglass destination, added 2 new stores during the quarter. As part of the network optimization in Tit an Eye , 11 new stores were opened, 20 stores were renovated and 30 stores were closed during this period.
  • Titan Engineering & Automation: The Business recorded a Total Income of Rs 323 crore in Q3FY26, growing 67% compared to Q3FY25. Across its automation solutions and manufacturing services businesses, TEAL is expanding its presence to serve marquee Indian as well as global customers. EBIT for the quarter was Rs 36 crore at a margin of 11.3%.

Ajoy Chawla, Managing Director, said: "We marked a stellar third quarter of 40% growth characterized by a strong performance across our key businesses. The festive period spurred broad-based consumer interest across our portfolios, underscoring resilience in premium and accessible segments alike.

The Jewellery business drove strong buyer engagements via attractive exchange programs, exquisite new collections and lucrative bundled offers, resulting in one of its best ever growth quarters . Our Watches and EyeCare businesses sustained their growth trajectories clocking valuable gains across key brands in their portfolios . We are encouraged by the consistent performance in our Fragrances business and investing to grow our Women' s Bags and Taneira businesses.

Towards the quarter-end, we launched beYon, a lab-grown jewellery line to bolster our multi-brand jewellery portfolio and explore new growth avenues.

We are excited to announce the completion of 67% acquisition of Damas Jewellery after quarter-end, wholeheartedly welcoming them to our Titan family. The strategic addition enables us to address evolving consumer preferences across new geographic and demographic markets extending well beyond our traditional Indian diaspora.

We remain committed to elevating Titan's brand equity, deepening customer engagement, and driving sustainable growth powered by innovation across all businesses."

Result PDF

State Bank of India announced Q3FY26 results

  • Business:
    • Business crossed Rs 103 trillion.
    • Deposits & Advances crossed Rs 57 trillion & Rs 46 trillion respectively.
    • SME Portfolio crossed Rs 6 trillion.
  • Profitability:
    • Highest ever quarterly Net Profit at Rs 21,028 crore, witnessing a growth of 24.49% YoY.
    • Operating Profit for Q3FY26 up by 39.54% YoY to Rs 32,862 crore.
    • Bank’s ROA and ROE for the 9MFY26 stand at 1.16% and 20.68% respectively.
    • Net Interest Income (NII) for Q3FY26 increased by 9.04% YoY.
    • Whole Bank and Domestic NIM for the 9MFY26 stand at 2.95% and 3.08% respectively.
    • Whole Bank NIM for Q3FY26 is at 2.99% and Domestic NIM is at 3.12%.
  • Balance Sheet:
    • Whole Bank Advances growth at 15.14% YoY with Domestic Advances growth at 15.44% YoY.
    • Foreign Offices’ Advances grew by 13.41% YoY.
    • Retail Advances grew by 16.51% YoY, with double-digit growth in all segments. SME Advances grew by 21.02% YoY followed by Agri Advances growth of 16.56% YoY and Retail Personal Advances growth of 14.95%.
    • Corporate Advances registered YoY growth of 13.37%.
    • Whole Bank Deposits grew by 9.02% YoY. CASA Deposit grew by 8.88% YoY. CASA ratio stands at 39.13% as on 31 st December 25. Retail Term Deposits registered YoY growth of 14.54%.
  • Asset Quality:
    • Gross NPA ratio at 1.57% improved by 50 bps YoY.
    • Net NPA ratio at 0.39% improved by 14 bps YoY.
    • Provision Coverage Ratio (PCR) increased by 88 pbs YoY and stands at 75.54% while PCR (incl. AUCA) increased by 63 bps and stands at 92.37%.
    • Slippage Ratio for 9MFY26 improved by 5 bps YoY and stands at 0.54%. Slippage Ratio for Q3FY26 stands at 0.40%.
    • Credit Cost for Q3FY26 stands at 0.29%.
  • Capital Adequacy: Capital Adequacy Ratio (CAR) as at the end of Q3FY26 stands at 14.04%.
  • Alternate Channels:
    • More than 68% of SB accounts were opened digitally through YONO in Q3FY26.
    • Share of Alternate Channels in total transactions increased from ~98.1% in 9MFY25 to ~98.6% in 9MFY26.

Result PDF

Iron & Steel Products company Tata Steel announced Q3FY26 results

  • Consolidated Revenues for the Oct – Dec 2025 quarter were Rs 57,002 crore and EBITDA was Rs 8,309 crore with a margin of around 15%. EBITDA improved by 39% YoY.
    • India revenues were Rs 35,725 crore and EBITDA was Rs 8,291 crore, which translates to a margin of 23%. Crude steel production was up 12% YoY to 6.34 million tons. Improved production led to ‘bestever quarterly’ deliveries to the tune of 6.04 million tons, up 14% YoY.
    • Netherlands revenues were EUR 1,354 million and EBITDA was EUR 55 million. Liquid steel production was 1.68 million tons and deliveries were 1.40 million tons./
    • UK revenues were GBP 468 million and EBITDA loss stood at GBP 63 million. Deliveries stood at 0.52 million tons and were impacted by subdued demand and steady imports.
  • The company has spent Rs 3,291 crore on capital expenditure during the quarter and Rs 10,370 crore in 9MFY26.
  • Net debt declined by Rs 5,206 crore QoQ to Rs 81,834 crore.
  • PAT: Rs 2,730 crore against Rs 295 crore during Q3FY25.

T V Narendran, Chief Executive Officer & Managing Director, said: “Our global operating environment continues to be shaped by tariffs, geopolitical shifts and policy divergence. Steel markets were impacted by elevated finished steel exports from China, which at 119 million tons surpassed the 2015 peak. Against this backdrop, Tata Steel delivered a strong performance in this quarter, with India crude steel production rising 12% while deliveries grew faster at 14% YoY, surpassing the 6 million tons mark in a quarter for the first time. We continued to strengthen our market leadership across chosen segments, supported by capacity expansion and a focused downstream strategy. Automotive volumes grew 20% YoY, while our retail vertical gained further momentum. Tata Tiscon continued its growth, and our e-commerce platforms, Aashiyana and DigECA, achieved Gross Merchandise Value of Rs 2,380 crore for the quarter, up 68% YoY. Within the downstream portfolio, our tubes and wires businesses delivered their best-ever quarterly performance, supported by capacity additions, a richer product mix and dominant share in high-value infrastructure projects. We also strengthened our colour-coated portfolio through the majority acquisition in Tata Bluescope Steel Private Limited, which has now transitioned to Tata Steel Colors Private Limited. Looking ahead, the proposed 4.8 MTPA expansion at NINL and the 0.75 MTPA EAF at Ludhiana will significantly enhance our long products portfolio. At the same time, our strategic partnership in Maharashtra will fortify raw material needs beyond 2030 and help cater to the growing demand in western and southern India. In our overseas operations, deliveries stood at 0.52 million tons in the UK and 1.40 million tons in the Netherlands. Supportive policy frameworks are vital to transition to a more sustainable operating model. While the recent progress in Europe has supported sentiment, the UK market continues to be depressed, and the quota framework needs to be revised to reflect underlying market conditions.”

Koushik Chatterjee, Executive Director & Chief Financial Officer, said: “Tata Steel delivered consistent performance despite a challenging operating environment. For the nine months ended 31st December 2025, EBITDA margin improved by around 300 bps YoY, reflecting strong operational execution and sustained cost discipline. Our cost transformation program, focused on multiple levers including operating KPIs, supply chain efficiencies and procurement, has delivered savings of around Rs 3,000 crore for the quarter and around Rs 8,600 crore for the first nine months of the financial year. During the quarter, consolidated EBITDA was Rs 8,309 crore, translating to a margin of around 15%. In India, domestic steel prices were at multiyear lows weighing on the steel spot spreads. Despite this, our India operations delivered an EBITDA margin of ~23% aided by value led growth and cost optimisation. Both in UK and Netherlands, volumes moderated on QoQ basis. UK performance was adversely impacted by subdued demand dynamics while the Netherlands delivered an EBITDA of EUR 55 million. Overall, operating cash flows before capex were Rs 10,345 crore for the quarter. Our consolidated Net debt declined to Rs 81,834 crore. Our group liquidity remains strong at Rs 44,062 crore, which includes cash & cash equivalents of Rs 10,765 crore. In India, we remain focused on volume growth, investments in downstream and strengthening our raw material linkages. UK market conditions continue to be pressured by subdued demand, while policy interventions are taking longer than anticipated to materialise. We are closely monitoring the situation and the evolving tariff framework and CBAM in EU, which are pivotal for rebalancing EU market dynamics. We remain focused on prioritising, optimising and sequencing our capital allocation to balance investment needs with returns, while maintaining financial discipline and long?term value creation for stakeholders.”

Result PDF

Telecom Services company Bharti Airtel announced Q3FY26 results

  • Consolidated revenues for Q3FY26 came in at Rs 53,982 crore, recording growth of 19.6% YoY and 3.5% QoQ, led by strong performance in both India and Africa.
  • Consolidated EBITDA increased by 25.2% YoY to reach Rs 31,144 crore in Q3FY26.
  • Consolidated EBITDA margin stood at 57.7%, while India EBITDA margin reached 60.4% in Q3FY26.
  • Consolidated EBIT grew by 34.5% YoY to Rs 17,654 crore.
  • Consolidated Net Income (before exceptional items) for the quarter stood at Rs 6,920 crore.
  • Consolidated Net Debt to EBITDA ratio (annualized) stands at 1.47 times as compared to 1.98 times as on December 31, 2024.
  • Consolidated Net Debt (excluding lease obligations) to EBITDAaL ratio (annualized) stands at 1.02 times.

Gopal Vittal, Executive Vice Chairman, said: Q3FY26 marked another strong quarter, with consolidated revenue of Rs 53,982 crore, a growth of 3.5% sequentially, underpinning our strategy of a diversified and resilient portfolio. India revenue including passive infrastructure services increased by 1.4% sequentially. Africa delivered yet another quarter of exceptional performance with constant currency revenue growth of 5.8%.One of the reasons for our stepped up performance in Africa is the deployment of our home grown digital stack that has sharpened our go to market excellence, the secret sauce of Airtel.

India mobile recorded sequential growth of 1.9%, driven by our focus on winning with quality customers and a consistently improving portfolio mix. We added 4.4 million customers with an industry-leading ARPU of Rs 259.

The Homes business maintained strong growth momentum, crossing a quarterly revenue run-rate of Rs 2,000 crore. We added 1.2 million customers, our highest ever quarterly additions.

Our IPTV offering continues to see acceleration in net additions, strengthening our convergence strategy. Airtel Business recorded a revenue growth of 1.5% sequentially. Our digital services portfolio is seeing solid growth momentum supported by Airtel Cloud, Cybersecurity, Financial services, and IoT.

Our balance sheet strength, reinforced by strong cash generation and sustained deleveraging, positions us well to invest in new growth opportunities.

Result PDF

Holding Companies company Bajaj Finserv announced Q3FY26 results

  • Net total income for Q3FY26 increased by 19% to Rs 13,875 crore vs Rs 11,673 crore in Q3FY25.
  • Profit after tax for Q3FY26 stood at Rs 3,978 crore. Profit after tax of its mortgage subsidiary, BHFL, was Rs 665 crore in Q3FY26 vs Rs 548 crore in Q3FY25 - an increase of 21%.
    • Before the accelerat ed ECL provision, one time charge of New Labour Codes. and tax thereon, profit after tax for Q3FY26 increased by 23% to Rs 5,227 crore vs Rs 4,246 crore in Q3FY25.
  • Loan losses and provisions in Q3FY26 was Rs 3,625 crore. Loan losses and provisions before the accelerated ECL provision of Rs 1,406 crore for Q3FY26 stood at Rs 2,219 crore vs Rs 2,043 crore in Q3FY25.
  • Assets Under Management (AUM) as on 31 December 2025 were Rs 484,477 crore vs Rs 398,043 crore as on 31 December 2024 -an increase of 22%. This includes AUM of Rs 133,412 crore of BHFL, which recorded a growth of 23% over the AUM as on 31 December 2024.
  • Gross Non-Performing Assets (NPA) and Net NPA as on 31 December 2025 stood at 1.21% and 0.47% respectively as against 1.12% and 0.48% as on 31 December 2024. Provisioning coverage ratio on stage 3 assets was 61%.
  • Capital adequacy ratio (CRAR) (including Tier-II capital) as on 31 December 2025 stood at 21.45%. The Tier-I capital was at 20.60%.
    • For BHFL. the capital adequacy ratio (including Tier-II capital) was 23.15%.

Result PDF

Finance company Bajaj Finance announced Q3FY26 results

  • Number of new loans booked in Q3FY26 was Rs 13.90 million as against Rs 12.06 million in Q3FY25, a growth of 15%.
  • Customer franchise stood at Rs 115.40 million as of 31 December 2025, compared to Rs 97.12 million as of 31 December 2024, a growth of 19%. Customer franchise grew by Rs 4.76 million in Q3FY26.
  • Assets under management (AUM) stood at Rs 484,477 crore as of 31 December 2025.
    • AUM before the accelerated ECL provision grew by 22% to Rs 485,883 crore as of 31 December 2025 from Rs 398,043 crore as of 31 December 2024 - an increase of Rs 23,622 crore in Q3FY26.
  • Net interest income increased by 21% in Q3FY26 to Rs 11,317 crore from Rs 9,382 crore in Q3FY25.
  • Net total income increased by 19% in Q3FY26 to Rs 13,875 crore from Rs 11,673 crore in Q3FY25.
  • Operating expenses to net total income for Q3FY26 was 32.8% as against 33.1% in Q3FY25.
  • Pre-provisioning operating profit increased by 19% in Q3FY26 to Rs 9,319 crore from Rs 7,805 crore in Q3FY25.
  •  Loan losses and provisions in Q3FY26 was Rs 3,625 crore.
    • Loan losses and provisions before the accelerated ECL provision of Rs 1,406 crore was Rs 2,219 crore in Q3FY26 as against Rs 2,043 crore in Q3FY25, an increase of 9%.
  • Annualised loan losses and provisions to average assets under finance before accelerated ECL provision was 1.91% in Q3FY26 as against 2.16% in Q3FY25.
  • Profit before tax (PBT) in Q3FY26 was Rs 5,431 crore.
    • PBT before the accelerated ECL provision and. one-time charge of New Labour Codes grew by 23% to Rs 7,102 crore in Q3FY26 from Rs 5,765 crore in Q3FY25.
  • Profit after tax (PAT) in Q3FY26 was Rs 4,066 crore.
    • PAT before the accelerated ECL provision , one-time charge of New Labour Codes, and tax thereon grew by 23% to Rs 5,317 crore in Q3FY26 from Rs 4,308 crore in Q3FY25.
  • Gross NPA and Net NPA as of 31 December 2025 stood at 1.21 % and 0.47% respectively, as against 1.12% and 0.48% as of 31 December 2024. The provisioning coverage ratio on stage 3 assets was 61%.
  • Capital adequacy ratio (CRAR) (including Tier-II capital) as of 31 December 2025 was 21.45%. The Tier-I capital was 20.60%.

Result PDF

Pharmaceuticals company Sun Pharmaceutical Industries announced Q3FY26 results

  • Sales at Rs 154,691 million, a growth of 15.1%.
  • Global Innovative Medicines sales stood at USD 423 million, including USD 55 million milestone payment.
  • Global Innovative Medicines sales up 13.2%, accounting for 21.2% of sales, both Ex-milestone.
  • EBITDA was Rs 49,485 million, up 23.4%. EBITDA margin was 31.9%.
  • Profit before exceptional items and tax was Rs 47,166 million, up 24.4%.
  • Net profit was Rs 33,688 million, up 16.0%.
  • R&D investment was Rs 8,928 million at 5.8% of sales.

Kirti Ganorkar, Managing Director, said: “Our results this quarter demonstrate well?rounded growth across all businesses, prominently led by our Branded businesses in India, Emerging Markets and Global Innovative Medicines. Our innovative product offering has expanded further with the launch of Unloxcyt in the US and the introduction of Ilumya in India. Together, these new initiatives bring differentiated therapies and meaningful innovation closer to the patients.”

Result PDF

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