India’s corporate sector concluded another active earnings reporting session on January 31, 2026, as a number of companies from various industries such as pharmaceuticals, banking, energy, defence, logistics, manufacturing, and technology released their Q3 FY26 results. The reports showed a mix of outcomes, highlighting both the challenges and successes across different sectors.
GAIL India: A Sharp Decline in Profit
GAIL India, a state-owned gas company, reported a significant drop in net profit, declining by 56% year-on-year to ₹1,729 crore for Q3 FY26.
This was mainly due to higher losses in the petrochemicals segment and reduced income from gas marketing. Although gas transmission volumes remained consistent, margin pressures greatly impacted the company’s bottom line.
ESAF Small Finance Bank: Returns to Profitability
ESAF Small Finance Bank recorded a net profit of ₹7 crore, marking a return to profitability after a period of financial stress.
The achievement was attributed to improved asset quality, better recovery efforts, and cost control, which has brought relief to investors in the small finance banking sector.
Birla Corporation: Strong Profit Growth Amid Revenue Challenges
Birla Corporation, a cement manufacturer, delivered a strong earnings performance, with its Q3 net profit rising by 71% to ₹53 crore.
The company managed to maintain its margins through cost optimisation and operational improvements, even as revenue faced pressure from difficult market conditions.
SAIL: Profit More Than Doubles
Steel Authority of India Ltd (SAIL) reported a more than two-fold increase in consolidated net profit to ₹374 crore in the December quarter.
This was supported by increased revenues, improved realisations, and better use of production capacity. For the nine-month period, SAIL’s profit after tax rose to ₹1,554 crore, indicating a consistent recovery in the steel industry.
Meesho: Widening Losses Due to Festive Spending
Meesho, an e-commerce platform, reported a wider Q3 net loss of ₹491 crore, primarily due to a surge in festive season expenses.
However, the company recorded a 31% increase in revenue and notable growth in user numbers and order volumes. Management highlighted long-term investments and user engagement as positive signs.
Mitsu Chem Plast: Tripled Net Profit
Mitsu Chem Plast posted one of the best performance of the day, with its Q3 net profit tripling to ₹5 crore.
This growth was driven by increased demand and capacity expansion, indicating stronger conditions in the specialty plastics sector.
Cube Highways Trust: Announces ₹551 Crore Distribution
Cube Highways Trust, an infrastructure investment trust, announced a ₹551 crore distribution to unitholders for Q3, equivalent to a DPU of ₹4.10.
The payout consisted of interest, dividends, and return of capital, reinforcing the trust’s consistent cash flow generation.
Northern Arc Capital: Strong Growth in Assets Under Management
Northern Arc Capital, a non-bank financial company, recorded a 41% year-on-year increase in Q3 net profit to ₹101.7 crore.
This growth was driven by increased assets under management and improved portfolio performance, showing continued strength in the NBFC sector.
Other Notable Results
Several mid and small-cap companies also reported their Q3 results, including Zen Technologies, Bharat Dynamics, Delhivery, Fujiyama Power Systems, Vinati Organics, R R Kabel, Finolex Industries, Clean Science & Technology, and Garware Hi-Tech Films, among others.
The performance of these companies varied across sectors, reflecting different trends in demand and cost pressures.
Market Takeaway
Overall, the Q3 FY26 earnings provided a mixed outlook, with select companies showing strong profit growth while others faced margin pressures and increased costs.
As the earnings season continues, investors are closely monitoring management discussions and forward-looking guidance to assess the momentum heading into the final quarter of the fiscal year.