L&T Q3 Results Highlights: Net profit falls 4% to Rs 3,215 crore, revenue up 10%

Larsen & Toubro (L&T) reported a consolidated net profit of Rs 3,215 crore for Q3 FY26, marking a 4% YoY fall from Rs 3,358.84 crore net profit reported in Q3 FY25. This however included a one-time exceptional cost of Rs 1,191 crore due to the implementation of new labour codes last year.

Moneycontrol’s poll of brokerages had estimated the firm’s net profit to rise to Rs 4,524 crore.

The firm’s revenue from operations meanwhile rose 10.5% YoY to Rs 71,449.70 crore, missing MC poll estimate of Rs 75,011 crore.

Garden Reach Shipbuilders & Engineers (GRSE) reported a net profit of Rs 170.77 crore for Q3 FY26, marking a 74% YoY rise from the Rs 98.19 crore net profit reported in the same period last year. The firm’s revenue from operations meanwhile rose more than 49% YoY to Rs 1,895.69 crore.

Heritage Foods reported a 19.5% YoY fall in consolidated net profit to Rs 34.65 crore for Q3 FY26, from Rs 43.05 crore net profit reported in Q3 FY25. The firm’s revenue from operations meanwhile rose more than 8% YoY to Rs 1,119.16 crore during the quarter under review.

Mahindra & Mahindra Financial Services reported a standalone net profit of Rs 810.44 crore for Q3 FY26, marking a 10% YoY fall from the Rs 899.47 crore net profit reported in Q3 FY25. This however included a one-time exceptional cost of Rs 117.33 crore arising due to implementation of the new labour codes.

The firm’s revenue from operations meanwhile rose around 15% YoY to Rs 4,763.69 crore during the quarter under review.

While near-term order inflows may remain uneven, brokerages remain constructive on L&T’s earnings outlook, citing strong execution visibility, diversified segment exposure, and continued support from public sector capex.

Execution momentum to support revenue growth: Brokerages expect healthy year-on-year revenue growth for L&T in Q3FY26, driven by sustained execution across infrastructure and hydrocarbon segments.

Kotak Institutional Equities expects around 16 percent YoY growth in core EPC and consolidated revenues, supported by strong execution momentum across key segments. Nomura, meanwhile, expects around 21 percent YoY growth in L&T’s core business, led by infrastructure and hydrocarbon segments, aided by a robust outstanding order book .

Overseas execution remains a key driver: Overseas projects are expected to remain a key growth driver for L&T during the quarter. Kotak highlights that strong overseas execution, particularly in international infrastructure and energy projects, continues to support revenue growth and offsets uneven domestic ordering trends. Nomura also expects international projects to contribute meaningfully, especially in hydrocarbons and select infrastructure segments, supported by a healthy overseas order book .

Order inflows likely to decline on high base: While near-term order inflows may remain uneven, brokerages remain constructive on L&T’s earnings outlook, citing strong execution visibility, diversified segment exposure, and continued support from public sector capex.

Margins expected to remain stable: Brokerages expect core E&C margins to remain largely stable in Q3FY26, with limited upside. Kotak expects core E&C margins at around 7.9 percent, aided by the absence of hydrocarbon cost overruns and sustained recovery in infrastructure margins, though it cautions that competitive intensity and project mix could cap further margin expansion. Nomura expects modest year-on-year margin expansion, driven by a favourable execution mix and completion of legacy lower-margin projects, while noting that margin improvement for project-based companies is likely to be gradual .

Profit growth to track operating performance: Adjusted profit after tax is expected to grow broadly in line with operating performance, supported by revenue growth and stable margins. Nomura expects healthy YoY growth in EBITDA and PAT for its capital goods coverage universe, with L&T among the key contributors .

Thyrocare reported a consolidated net profit of Rs 29.01 crore for Q3 FY26, marking a 52% YoY rise from the Rs 19.11 crore net profit reported in Q3 FY25. The firm’s revenue from operations meanwhile grew 18% YoY to Rs 195.53 crore.

Maruti Suzuki India shares closed 2.39% lower at Rs 14,880 apiece. The stock saw significant volatility during the day after releasing its results for the October-December quarter of the ongoing financial year 2026.

Pine Labs reported a consolidated net profit of Rs 42.39 crore for Q3 FY26, as against a net loss of Rs 56.67 crore for Q3 FY25. The firm's revenue from operations meanwhile rose around 24% YoY to Rs 744.27 crore

SBI Life Insurance Company reported a net profit of Rs 576.74 crore for Q3 FY26, marking a 5% YoY increase from the Rs 550.82 crore net profit reported in Q3 FY25. This however included a one-time exceptional item arising due to the new labour codes.

V-Guard Industries reported a consolidated net profit of Rs 57.06 crore for Q3 FY26, marking a 5% YoY fall from the Rs 57.06 crore net profit reported in Q3 FY25. This however included Rs 22.11 crore one-time exception item to account for the impact of new labour codes.

The firm’s revenue from operations meanwhile rose around 11% YoY to Rs 1,403.51 crore during the quarter under review.

BEL shares jumped nearly 9% to trade at Rs 452.90 apiece. This comes after the defence player reported a 20% YoY jump in net profit at Rs 1,579 crore for Q3 FY26. Revenue from operations increased 24% YoY to Rs 7,154 crore during the quarter under review.

Adani Group firm ACC Ltd on January 28 reported 50% drop in net profit at Rs 540 crore for the December quarter.

Maruti Suzuki posted a smaller-than-expected quarterly profit on Wednesday, hurt by lower export proceeds, which partly offset a jump in domestic sales.

The Swift small car manufacturer reported a profit of Rs 3,794 crore for the October-December period, up from Rs 3,525 crore a year before, but fell short of analysts' expectation of Rs 4,261 crore, per data compiled by LSEG.

The quarterly results also included a one-time charge of Rs 594 crore tied to newly-enacted labour codes.

Bharat Electronics on January 28 reported 20% jump in net profit at Rs 1,579 crore. Revenue from operations increased 24% to Rs 7,154 crore.

TVS Motor Company said that it has incurred a one-time exceptional cost of Rs 41.37 crore due to past period employee benefit liability arising out of the new labour codes, which took effect from September 21 last year.

TVS Motor Company reported a standalone net profit of Rs 940 crore for Q3 FY26, marking a 52% YoY rise from the Rs 618.48 crore net profit reported in the same period of the previous financial year. The firm's revenue from operations meanwhile rose 37% YoY to Rs 12,476.26 crore during the quarter under review.

After the release of the results, the shares of the company sharply surged more than 3%.

Analysts, on average, expect Maruti Suzuki's revenue to grow 29% to Rs 49,593 crore, while profit is seen growing 21% to Rs 4,261 crore, showed data compiled by LSEG.

Revenue is seen climbing at its fastest pace in 13 quarters, or over three years and profit growth could hit six-quarter high, showed data compiled by LSEG.

India's top carmaker posted an 18% jump in overall sales in Q3, with domestic sales jumping 22% and exports climbing 3.9%, showed company data.

Larsen & Toubro (L&T) is expected to report a steady operating performance in Q3FY26, led by strong execution in its core engineering and construction (E&C) business. However, order inflows are likely to remain muted on a year-on-year basis, impacted by a high base and absence of ultra-mega orders.

According to a Moneycontrol poll of six brokerages, Larsen & Toubro’s (L&T) consolidated revenue for Q3FY26 is expected to rise around 16 percent year-on-year to Rs 75,011 crore. The company’s profit after tax (PAT) is estimated at Rs 4,524 crore, reflecting a nearly 35 percent YoY increase, while EBITDA margin is seen improving to about 10.3 percent, indicating modest operating leverage. (Read more)

The shares of Maruti Suzuki rose more than 2% to trade at Rs 14,903 apiece. The automaker is set to release its results for the October-December quarter of the ongoing financial year 2026 today.

The shares of Asian Paints tumbled nearly 7 percent on January 28 as brokerages analysed the company's results for the October-December quarter of the ongoing financial year 2026.

The shares of the paint-maker dropped to Rs 2,451 apiece in the early trading hours of Wednesday. This is the lowest level seen by the stock since October last year. (Read more)

Around 127 companies are announcing their results for the October-December quarter of the ongoing financial year 2026 today. Some of the notable names among them include Aditya Birla Real Estate, ACC, Arvind Fashions, Balkrishna Industries, Bharat Electronics, Borosil Renewables, Brigade Hotel Ventures, Crizac, CSB Bank, Gland Pharma, Heritage Foods, Lodha Developers, Larsen & Toubro, LT Foods, Mahindra & Mahindra Financial Services, Maruti Suzuki India, National Securities Depository (NSDL), The Phoenix Mills, Pine Labs, Piramal Pharma, Sagility, SBI Cards and Payment Services, SBI Life Insurance Company, Symphony, Thyrocare Technologies, TVS Motor Company and V-Guard Industries