Q3 Results Today: RIL Profit Up Nearly 3%; Wipro, Tech Mahindra, Tata Tech Profits Hit On High Labour Cost

Reliance Retail Ventures Q3 Key Highlights:

• Quarterly Revenue at Rs 97,605 crore, up 8.1% Y-o-Y
• Quarterly EBITDA at Rs 6,915 crore, up 1.3% Y-o-Y
• Number of transactions during the quarter crossed milestone of 500 million and 431 new stores opened.
• The registered customer base grew to 378 million, making Reliance Retail one of the most preferred retailers in the country.
• In quick commerce, JioMart daily orders crossed 1.6 million and recorded 53% Q-o-Q and 360% Y-o-Y growth in average daily orders.

Jio 5G subscribers crossed 250 million, and Fixed Broadband base crossed 25 million.

Total subscriber base of over 515 million.

ARPU increased to Rs 213.7 with higher customer engagement, partly offset by promotional offers for unlimited 5G and Fixed Broadband services. It was Rs 211.4 in the previous quarter. 

Reliance Industries Q3 Results (Consolidated, QoQ)

Retail

• Revenue up 8% at Rs 97,912 crore
• Ebitda up 1% at Rs 6,915 crore
• Margin down 47 basis points at 7.06%

Digital

• Revenue up 2% at Rs 44,653 crore
• Ebitda up 2% at Rs 19,325 crore
• Margin down 100 basis points at 43.3%

Reliance Industries Q3 Results (Consolidated, QoQ)

Oil to chemicals:

• Revenue up 1% at Rs 1.62 lakh crore
• Ebitda up 10% at Rs 16,507 crore
• Margin up 83 basis points at 10.18%

Oil and gas

• Revenue down 4% at Rs 5,833 crore
• Ebitda down 3% at Rs 4,857 crore
• Margin down 70 basis points at 83.27%

Reliance Industries Q3 Results (Consolidated, QoQ)

• Revenue up 4% at Rs 2.69 lakh crore versus Rs 2.59 lakh crore (Estimate: Rs 257038 crore)
• Ebitda up 0.3% at Rs 46,018 crore versus Rs 45,885 crore (Estimate: Rs 47,997 crore)
• Margin at 17.4% versus 18% (Estimate: 18.7%)
• Net profit up 2.6% at Rs 18,645 crore versus Rs 18,165 crore (Estimate: Rs 19,271 crore)

Indosolar Q3 Results (Consolidated, YoY)

• Revenue up 94% at Rs 199.5 crore versus Rs 103 crore
• EBITDA at Rs 71 crore versus Rs 23.5 crore
• Margin at 35.6% Vs 22.8% 
• Net Profit at Rs 41.5 crore versus Rs 10.2 crore

JB Chemicals (Consolidated, YoY)

• Revenue up 10.5% At Rs 1,065 crore versus Rs 963 crore
• EBITDA up 16.2% At Rs 296 crore versus Rs 255 crore
• Margin At 27.8% Vs 26.4%
• Net Profit up 22% At Rs 198 crore versus Rs 162 crore

JSW Infra Q3 Results (Consolidated, YoY)

1. Revenue up 14.2% At Rs 1,350 crore versus Rs 1,182 crore 
2. EBITDA up 9.8% At Rs 644 crore versus Rs 586 crore 
3. Margin At 47.7% Vs 49.6%
4. Net Profit up 8.9% At Rs 359 crore versus Rs 330 crore  

Sobha Q3 Results (Consolidated, YoY)

• Revenue down 23% at Rs 9,431 crore versus Rs 12,241 crore
• Net Profit down 29% at Rs 154 crore versus Rs 217 crore
• EBITDA 42% at Rs 388 crore versus Rs  672 crore
• Margin at 4.1% vs 5.5%

The board of Nestle India to will meet on Jan 10 for consideration and approval of the unaudited financial results for the quarter and nine months ended on December 31, 2025.

Kesoram Industries Q3 Results (Consolidated, YoY)

• Revenue down 1.1% at Rs 64.8 crore versus Rs 65.5 crore
• Net Profit At Rs 6 crore versus loss of Rs 69.2 crore
• EBITDA loss at 16.1 crore versus loss of Rs 6.2 crore

Jindal Saw Q3 Results (Consolidated, YoY)

• Revenue down 6.2% At Rs 4,943 crore versus Rs 5,271 crore
• EBITDA down 34.8% At Rs 613 crore versus Rs 939 crore
• Margin At 12.4% Vs 17.8%
• Net Profit down 49.1% At Rs 258 crore versus Rs 506 crore

Tata Tech Q3 Results (Consolidated, QoQ)

• Revenue up 3.2% at Rs 1,366 crore versus Rs  1,323 crore 
• Net Profit down 96% at Rs 6.6 crore versus Rs 166 crore
• EBIT down 11.3% at Rs 157 crore versus Rs 177 crore
• Margin at 11.5% Vs 13.4%
• Q3 saw one-time cost of Rs 164 crore due to New Labour Codes

Two fundraising plans:

• The board approved raising of funds through issuance of non-convertible debt securities on private placement basis for the financial year 2026-27 for an amount of up to Rs 20,000 crore.
• The board approved raising of funds by way of issuance of equity shares on qualified institutions placement of up to Rs 5,500 crore.

Poonawalla Fincorp Q3 Results (Consolidated, YoY)

• Net Profit at Rs 150 crore versus Rs 18 crore
• Net Interest Income up 61% at Rs 1,080 crore versus Rs 672 crore

Himadri Speciality Q3 Results (Consolidated, QoY)

• Revenue up 3.8% At Rs 1,184 crore versus Rs 1,141 crore
• EBITDA up 9.8% At Rs 243 crore versus Rs 221 crore
• Margin at 20.5% Vs 19.4% YoY 
• Net Profit up 35.3% At Rs 192 crore versus Rs 142 crore

• New deal wins TCV $1,096 million; up 47% YoY and up 34.3% QoQ
• Total headcount at 149,616; down 872 YoY
• LTM IT attrition at 12.3%

Tech Mahindra Q3 Results (Consolidated, QoQ)

• Revenue up 2.8% at Rs 14,393 crore versus Rs 13,995 crore (Bloomberg Estimate: Rs 14,160 crore) 
• Profit down 6% at Rs 1,122 crore versus Rs 1,195 crore (Estimate: Rs 1,373 crore)
• EBIT up 11.3% at Rs 1,892 crore versus Rs 1,699 crore (Estimate: Rs 1,769 crore)
• Margin at 13.1% versus 12.1% (Estimate: 12.5%)
• Note: New Labour Codes impact of Rs 272 crore in Q3

Wipro expects IT services revenue to be in the range of $2,635 million to $2,688 million.  The sequential guidance of 0% to 2.0% in constant currency terms.

• Total bookings was at $3,335 million, down 5.7% YoY in constant currency. 
• Large deal bookings was at $871 million, down of 8.4% YoY in constant currency.
• Voluntary attrition was at 14.2% on a trailing 12-month basis.

Wipro board has approved an interim dividend of Rs 6 per equity share. The record date is fixed as January 27, 2026. The payment of Interim Dividend will be made on or before February 14, 2026.

Wipro Q3 Results (Consolidated, QoQ)

• Revenue up 3.8% at Rs 23,556 crore versus Rs 22,697 crore (Bloomberg Estimate: Rs 22,697 crore) 
• Profit down 4.4% at Rs 3,119 crore versus Rs 3,246 crore (Estimate: Rs 3,354 crore)
• EBIT down 5.1% at Rs 3,491 crore versus Rs 3,681 crore (Estimate: Rs 3,727 crore)
• Margin at 14.8% versus 16.2% (Estimate: 16.4%)
• Note: New Labour Codes impact of Rs 303 crore in Q3

Polycab India Q3 Results (Consolidated YoY)

• Revenue up 46.1% at Rs 7,636 crore versus Rs 5,226 crore
• EBITDA up 34.2% at Rs 966 crore versus Rs 720 crore
• Margin at 12.7% versus 13.8%
• Net Profit up 35.9% at Rs 622 crore versus Rs 458 crore

The board of Apollo Hospitals to will meet on Feb 10 for consideration and approval of the unaudited financial results for the quarter and nine months ended on December 31, 2025.

Prataap Snacks has cancelled the meeting of the board of directors scheduled for Saturday, Jan. 17, for consideration and approval of the unaudited financial results for the quarter and nine months ended on December 31, 2025.

"... this is to inform that the aforesaid meeting of Board of Directors stands cancelled due to unavoidable circumstances. The Company will inform the Stock Exchanges revised date of Board Meeting, as per the prescribed timelines under Regulation 29 of the Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015, in due course," according to a stock exchange filing.

Federal Bank management on media call

• Blackstone investment has received approvals from the board, EGM and Competition Commission of India 

• NIM has improved 12 basis points sequentially

• Expect some pressure from the last repo cut, which will play out in Q4 margins

• Advances and deposits should continue to maintain the growth momentum in the last few quarters

Central Bank of India Q3 Highlights (QoQ)

Gross NPA at 2.70% versus 3.01%

Net NPA at 0.45% versus 0.48% 

Central Bank of India Q3 Highlights (YoY)

Net profit up 31.7% at Rs 1,263 crore versus Rs 959 crore 

NII down 1.1% at Rs 3,502 crore versus Rs 3,540 crore

Operating profit up 16.8% at Rs 2,293 crore versus Rs 1,963 crore

Provisions up 26.5% at Rs 704 crore versus Rs 557 crore

Leela Palaces Q3 Highlights (Consolidated, YoY)

Net profit at Rs 148 crore versus Rs 56.5 crore.

Revenue up 23.5% at Rs 457 crore versus Rs 371 crore.

EBITDA up 27.2% at Rs 238 crore versus Rs 187 crore.

EBITDA margin at 52% versus 50.5%.

RIL Q3FY26: Key Factors 

• Overall, a stable quarter; no fireworks expected

• O2C segment to report growth on better refining and weaker INR, partly offset by weak petchem
• Retail EBITDA growth weak on a YoY basis due to a high base, JioMart Quick Commerce losses and the demerger of Reliance Consumer Products
• High base as this year's festive season was split between Q2FY26 and Q3FY26 vs being in Q3FY25 last year
• Reliance Consumer Products demerger and reduced retail selling prices of products post GST rate cut to each have an impact of 2% on topline
• Oil and Gas exploration EBITDA down owing to lower realisation and volumes

Reliance Industries Q3FY26 Preview (Consolidated; QoQ)

• Revenue seen up 1% at Rs 257038 crore vs Rs 254623 crore
• EBITDA seen up 4.6% to Rs 47997 crore vs Rs 45885 crore
• EBITDA Margin seen at 18.7% vs 18%
• Net profit seen up 6% at Rs 19271 crore vs Rs 18165 crore

Federal Bank Q3 Highlights (QoQ)

Gross non-performing assets at 1.72% Vs 1.85% 
Net non-performing assets At 0.42% Vs 0.48%

Federal Bank Q3 Highlights (YoY)

Net profit up 9% at Rs 1,041 crore versus Rs 955 crore.

NII up 9.1% at Rs 2,653 crore versus Rs 2,431 crore.

Operating profit up 10.2% at Rs 1,729 crore versus Rs 1,569 crore.

Provisions up 13.7% at Rs 332 crore versus Rs 292 crore.

Let's also take a look at what the street is expecting from Tech Mahindra, another big IT counter set to post results today.

Tech Mahindra Q3FY26

• Revenue expected to rise 1.18% at Rs. 14,160.39 cr vs Rs. 13,994.89 cr
• EBIT expected to rise 4.10% at Rs. 1,768.97 cr vs Rs.1,699.30cr
• Margin expected to rise 35 bps at 12.49 % vs 12.14%
• Net profit expected to rise 14.94% at Rs.1,372.90 cr vs Rs. 1194.49 cr

Source: Bloomberg

 

Key things to watch out for

• Brokerages are expecting QoQ CC rev growth between 0.5% - 0.7%
• Margin trend and confidence on FY27E margins of 15%
• New labour code impact, as seen in INFY, TCS  tech will be in focus
• Commentary on non-telecom biz, as telco is expected to be stable

Wipro is the big IT earnings in focus today. Here is a comprehensive preview of Wipro and what the street is expecting from its Q3FY26 earnings.

WIPRO Q3FY26

• Revenue expected to rise by 2.80% at Rs.23,331.70 cr vs Rs. 22,697.30 cr
• EBIT expected to rise 5.19% at Rs. 3,920.69 cr vs Rs. 3,727.09 cr
• Margin expected to rise by  38.3 bps at 16.80% vs 16.42%
• Net profit expected to rise 3.2% at Rs. 3,349.92 cr vs Rs. 3,246.20 cr

Source: Bloomberg

 

Key things to watch out for

• Brokerages expect IT Services revenue to be between 0.5% - 0.8% QoQ in CC

• Harman acquisition one month revenue impact
• Margin could see tailwinds from Rupee depreciation & headwinds coming from deal ramp-up
• Q4 guidance, any Buyback announcements & acquisition will be in focus

• AI, BFSI segment, Europe geo & Client spends comments

Hello and welcome. While we keep monitoring the BMC elections 2026 results, it promises to be a big day for the Dalal Street. Lots of exciting Q3 earnings are coming up, including heavyweights like Reliance Industries and Wipro, while Tech Mahindra and Tata Technologies will also report their Q3 earnings later in the day. I will take you through the day's earnings as and when it happens.