Q3 Results FY26
Comprehensive analysis of quarterly earnings, financial performance, and outlook across sectors.
Information Technology
1 Company
Tata Elxsi
Tata Elxsi reported a resilient performance in Q3 FY26, with sequential revenue growth, sharp margin expansion, and strong execution in its Transportation business. While year-on-year growth remained modest due to global macro uncertainty, the company demonstrated operational strength and improving deal momentum.
Financial Highlights
Revenue
₹953.5 Cr
EBITDA
₹222.2 Cr
EBITDA Margin
23.3%
Net Profit (PAT)
₹179.1 Cr
YoY Revenue Growth
+1.5%
Segment Performance
Transportation
Media & Communications
Healthcare & Life Sciences
Key Highlights
- Margin expansion driven by improved utilisation, delivery efficiencies, and disciplined cost management
- Margins exclude a one-time exceptional item related to the new labour code
- Europe and Americas led growth with strong demand from strategic clients
- Top 10 clients contributing ~59% of total revenue
- Continued investment in AI and GenAI-enabled engineering across automotive, healthcare, media, and telecom
Strategic Deal Wins
Outlook
Management commentary suggests a gradual improvement in growth momentum heading into Q4 FY26, supported by a strong deal pipeline, continued demand for SDV and autonomous systems, AI-led digital transformation programs, and stable margins. While near-term macro uncertainty persists, the company is well-positioned for steady growth and margin stability over the medium term.
Wealth Management
1 Company
Anand Rathi Wealth
Anand Rathi Wealth Limited delivered a strong performance in Q3 FY26, marked by robust growth in revenues, profits, and assets under management (AUM). The company continues to benefit from rising equity participation, improving market share, and a disciplined focus on high-quality HNI and UHNI clients.
Financial Highlights
Revenue
₹289.6 Cr
Total Revenue
₹305.7 Cr
PAT
₹100.1 Cr
PAT Margin
32.7%
EPS
₹12.1
AUM
₹99,008 Cr
Segment Performance
9M FY26 Revenue
9M FY26 PAT
Equity MF Net Inflows
Key Highlights
- AUM grew 29.6% YoY to ₹99,008 crore, achieving 99% of FY26 AUM guidance in 9 months
- Industry-leading profitability with ~47% Return on Equity (ROE)
- Equity MF market share (net inflows) increased to 2.38%
- Equity MF AUM market share rose to 1.46%
- Monthly SIP inflows of ₹5,831 crore with net inflows of ₹2,715 crore
- AUM attrition remained extremely low at below 0.15%
- AUM per Relationship Manager at ₹246 crore with 34 client families per RM
- Focus on ₹5–50 crore and ₹50+ crore client segments for improved revenue stability
Outlook
Management remains confident about sustained growth, supported by strong equity market participation, expanding relationship manager base, increasing wallet share from existing clients, and scalable digital and platform-led initiatives. With strong visibility on earnings, AUM growth, and margins, Anand Rathi Wealth remains well positioned to capitalise on India's evolving wealth landscape.
Banking
1 Company
Bank of Maharashtra
Bank of Maharashtra reported a strong operational and financial performance in Q3 FY26, marked by healthy growth in profits, sustained expansion in advances and deposits, and continued improvement in asset quality. The bank continues to benefit from balanced loan growth, strong retail traction, and disciplined risk management.
Financial Highlights
Net Profit
₹1,779 Cr
Operating Profit
₹2,736 Cr
NII
₹3,422 Cr
RoA
1.86%
Cost-to-Income
37.19%
NIM
~3.86%
Segment Performance
Gross NPA
Net NPA
PCR
CRAR
Key Highlights
- Total Business grew 17.2% YoY to ₹5.95 lakh crore
- Total Deposits up 15.3% YoY to ₹3.22 lakh crore
- Global Advances grew 19.6% YoY to ₹2.74 lakh crore
- Retail Advances surged 36.4% YoY to ₹83,418 crore
- MSME Advances grew 7.5% YoY to ₹51,197 crore
- RAM advances now account for over 63% of domestic advances
- Credit-Deposit ratio improved to 85.0%
- Digital transaction share crossed 98%
- GoI shareholding reduced to 73.6% through OFS, meeting SEBI norms
Outlook
Management remains cautiously optimistic on the outlook, supported by strong credit demand especially in retail and MSME segments, stable margins despite a declining rate environment, sustained improvement in asset quality, and focus on digital transformation and cost efficiency. While external risks such as global uncertainty and margin pressure remain, Bank of Maharashtra appears well-positioned to deliver sustainable profitability and return ratios.
Insurance
1 Company
ICICI Prudential Life
ICICI Prudential Life Insurance Company Limited reported a resilient and high-quality performance in Q3 FY26, driven by strong profit growth, stable Value of New Business (VNB) margins, and continued traction in protection and annuity products. The company's disciplined focus on profitability, risk management, and customer-centric execution continues to deliver consistent outcomes.
Financial Highlights
PAT (9M)
₹99.2 Bn
Total Premium
₹334.8 Bn
VNB
₹16.64 Bn
VNB Margin
24.4%
AUM
₹3.31 Tn
Solvency Ratio
214.8%
Segment Performance
Linked Products
Protection
Non-linked Savings
Annuity
Key Highlights
- APE at ₹68.11 billion with Retail Sum Assured up 29.5% YoY to ₹2,956 billion
- Balanced business mix: Linked 49%, Non-linked savings 20%, Protection 19%, Annuity 5%
- Retail Protection APE grew 10.7% YoY to ₹12.92 billion
- 13-month persistency at 84.4%, 49-month persistency at 71.3%
- Claim settlement ratio of 99.3% with average settlement time of 1.1 days
- Zero NPAs since inception; 95.8% fixed-income in sovereign/AAA securities
- Cost-to-total premium ratio improved to 19.3%; savings cost ratio improved 90 bps YoY
- Over 99% digital customer logins; 96.8% digital service interactions
- AI-driven underwriting, fraud detection, and GenAI-powered customer service
Outlook
While near-term premium growth may remain measured, the company's strategy of balancing growth, margins, and risk prudence continues to deliver superior profitability and capital efficiency. Strong solvency, stable VNB margins, and improving protection mix provide confidence in medium-term earnings visibility. Management reiterated confidence in long-term growth driven by rising financialisation, large protection gap, growing retirement population, and under-penetration of annuity products.