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Even as markets remain closed on account of the Brihanmumbai Municipal Corporation (BMC) elections, it is a packed day on Thursday for Dalal Street as the third-quarter earnings season hits full stride. Investors are bracing for a flurry of financial report cards today, headlined by the dual Nifty 50 heavyweights Jio Financial Services and HDFC Life Insurance. While the market tracks HDFC Life for its VNB margins and premium growth, all eyes will be on Mukesh Ambani's Jio Financial to see if its digital-first lending and insurance pivot is gaining tangible momentum in the competitive fintech landscape.
The action extends deep into the midcap and financial services space, with retail brokerage giant Angel One and ER&D specialist L&T Technology Services (LTTS) also set to post their numbers. Angel One remains a crucial barometer for retail participation and trading volumes, while the LTTS results will be scrutinised for signs of recovery in global tech spending.
The broader market will also digest results from mid-tier financials and infrastructure. South Indian Bank, Fedbank Financial Services and Nuvoco Vistas are some of the other counters in focus.
Jio Financial Services Q3 Highlights (Consolidated, YoY)
L&T Technology Services Q3 Highlights (Consolidated, QoQ)
Nuvoco Vistas Q3 Highlights (Consolidated, YoY)
While we await more earnings today, what is the street expecting from Wipro in the third quarter of this financial year?
Wipro Q3FY26 Cons QoQ Preview
EMMVEE Photovoltaic Q3 Highlights (Consolidated, YoY)
360 ONE WAM Q3 Highlights (Consolidated, QoQ)
HDFC Life is expected to report an Annual Premium Equivalent (APE) of Rs 3,980 crore for Q3, which represents an 11.5% year-on-year growth but a 5% decline sequentially. APE is a key indicator of revenue growth for the company.
The Value of New Business (VNB) is projected at Rs 950 crore, showing a modest 2.15% increase compared to the previous year, though it is down 6% quarter-on-quarter. VNB reflects the profitability of new business generated during the period.
The VNB margin is anticipated to come in at 23.87%, which is lower by 218 basis points on a yearly basis and 22 basis points compared to the previous quarter. This suggests some pressure on margins, possibly due to changes in product mix and other operational factors.
While we wait for earnings from JFS, HDFC Life, and L&T Tech, India's Commerce Secretary has issued a very optimistic update on the US-India trade talk front.
"Discussions have never broken down; we are constantly engaged. A virtual meeting between Piyush Goyal and USTR Greer has taken place. There are pending issues being talked about. It's very near, but we can't put a deadline. Deal will happen when both sides are ready, and we're ready to announce," he said.
The likes of South Indian Bank, DB Corp, Swaraj Engines have already come out with Q3 earnings so far. However, the big ones are still left, including Nifty 50 players Jio Financial Services and HDFC Life, in addition to L&T Technology Services and Angel One.
Watch out this space for the latest updates!
South Indian Bank Q3 Highlights (Standalone, QoQ)
South Indian Bank Q3 Highlights (Standalone, YoY)
DB Corp set to pay second interim dividend of Rs 2 per equity share
DB Corp Q3 Highlights (Consolidated, YoY)
Net profit down 19.2% at Rs 95.5 crore versus Rs 118 crore.
Revenue down 5.8% at Rs 605 crore versus Rs 643 crore.
EBITDA down 23.7% at Rs 135 crore versus Rs 177 crore.
EBITDA margin at 22.3% versus 27.6%.
Swaraj Engines Q3 Highlights (Consolidated, YoY)
Net profit up 31.8% at Rs 42.1 crore versus Rs 32 crore
Revenue up 37% at Rs 473 crore versus Rs 346 crore
EBITDA up 36.6% at Rs 479 crore versus Rs 351 crore
EBITDA margin at 101.2% versus 101.5%
Key monitorables for HDFC Life this quarter include demand sustainability, commentary on the new insurance amendment bill, and potential changes in distribution commission regulations.
Sterling & Wilson Q3 Highlights (Consolidated, YoY)
HDFC Life is expected to report an Annual Premium Equivalent (APE) of Rs 3,980 crore for Q3, which represents an 11.5% year-on-year growth but a 5% decline sequentially. APE is a key indicator of revenue growth for the company.
The Value of New Business (VNB) is projected at Rs 950 crore, showing a modest 2.15% increase compared to the previous year, though it is down 6% quarter-on-quarter. VNB reflects the profitability of new business generated during the period.
The VNB margin is anticipated to come in at 23.87%, which is lower by 218 basis points on a yearly basis and 22 basis points compared to the previous quarter. This suggests some pressure on margins, possibly due to changes in product mix and other operational factors.
NSE MD & CEO Ashish Kumar Chauhan
Photo Credit: Vijay Sartape/NDTV Profit
NSE MD & CEO Ashish Kumar Chauhan also spoke at the AIBI event, offering his thoughts on the Indian IPO space.
"India is a global leader in the number of IPOs. In 2025 alone, NSE facilitated 220 IPOs," he said.
Photo Credit: PTI
SEBI Chief Tuhin Kanta Pandey, speaking at the Association of Investment Bankers of India (AIBI) event, highlighted how there is a broad-based wealth creation happening in India.
"There is a wider participation in wealth creation not just market deepening. India remains fastest growing economies and 4th largest economy in the world."
"India's capital markets have never been so resilient our aim is to continue this momentum. Dependence on FPI has reduced in today's markets."
According to analysts' consensus estimates compiled by Bloomberg, L&T Technology Services is projected to report a consolidated revenue of Rs 3,029 crore for the December quarter, up 1.64% from Rs 2,980 crore in the previous quarter.
Net profit may increase 3.3% to Rs 340 crore from Rs 329 crore in the previous quarter.
Let's start the day with an update from Indian auto giant Maruti Suzuki India. The company is set to hold a board meeting on Jan. 28 to consider Q3 results, according to an exchange filing.
Hello and welcome. While we keep monitoring the BMC elections 2026, it promises to be a busy day for the Dalal Street as well. Lots of exciting Q3 earnings coming up, including two Nifty 50 counters in HDFC Life and Jio Financial Services. I will take you through the day's earnings as and when it happens.
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