Hello and welcome to our live blog coverage of the Q3FY26 earnings season on January 31, with more than 75 listed companies set to announce their results through the day. The December-quarter scorecard spans banking, pharmaceuticals, logistics, energy, manufacturing, financial services and technology, offering a broad read on corporate performance midway through the financial year.

Key companies reporting today include Sun Pharmaceutical Industries, IDFC First Bank, Delhivery, GAIL (India), Finolex Industries and Reliance Infrastructure. Alongside these names, a large group of mid- and small-cap companies will also publish their numbers, adding depth to the earnings picture across sectors. The results will cover income, profitability, margins and balance sheet trends, helping market participants assess how companies performed during the quarter ended December.

The September quarter delivered mixed outcomes for several large companies. While some firms reported steady revenue growth, profits came under pressure for others. A few sectors showed operating improvement, while margins remained a focus area. Against this backdrop, Q3FY26 results will be closely tracked for signs of stabilisation, growth momentum and cost control, particularly in interest-rate-sensitive and consumption-linked sectors.

The December quarter also serves as an important checkpoint before the final stretch of FY26. Investors and analysts will watch not only headline numbers but also shifts in margins, asset quality and cash flows. Management commentary, where available, will be read alongside the financials to understand how companies are positioned going into the next quarter.

As companies release their numbers through the trading day, this live blog will track results, estimates and key data points as they emerge.

Catch all the live updates, earnings numbers and developments from companies reporting Q3FY26 results here through the day.

State-run Bank of Baroda on Friday reported a 4.39 per cent increase in consolidated net profit for the December quarter at Rs 5,443 crore, helped by lower provisions as net interest margin compression held back core income growth.

On a standalone basis, its net profit grew to Rs 5,055 crore as against Rs 4,837 crore in the year-ago period.

The core net interest income grew by just 0.1 per cent to Rs 11,800 crore despite a nearly 15 per cent growth in advances, as a 0.25 per cent compression in the net interest margin at 2.79 per cent held back the number.

The bank’s managing director and chief executive, Debadatta Chand, told reporters that the bank will likely achieve the upper-end of the 11-13 per cent loan growth guidance for FY26 and may also exceed it, and is aiming to widen the Net Interest Margin (NIM) to 2.90 per cent by the fourth quarter of this fiscal year.

The non-interest income grew 6 per cent to Rs 3,600 crore during the reporting quarter.

The retail segment led the overall loan growth with a 17.4 per cent jump, including 12.8 per cent in education loans, 12 per cent in personal loans, 16 per cent in home loans and 17.4 per cent in auto loans.

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Chand said the corporate segment advances grew 8.1 per cent in the reporting quarter, and the bank is likely to exit FY26 with a 10 per cent increase in the segment’s advances.

It has a pipeline of Rs 75,000 crore of loans, which includes Rs 45,000 crore of sanctioned advances and over Rs 30,000 crore of loans in various stages of sanction, he added.

The total provisions declined by 26.2 per cent to Rs 799 crore during the quarter, which included a 36 per cent decline in provisions for bad loans at Rs 559 crore.

The fresh slippages came at Rs 2,676 crore, which was marginally higher than the Rs 2,669 crore in the quarter-ago period.

The deposit growth came at 10.3 per cent during the quarter, and Chand added that the bank will be mindful of the accretion in liabilities before deciding its loan growth.

On the capital adequacy front, the bank’s overall buffer stood at 15.29 per cent, including 12.45 per cent of core equity.

The BoB scrip closed 1.04 per cent down at Rs 299.35 a piece on the BSE on Friday.

Steel Authority of India Ltd (SAIL) on Friday posted over two-fold jump in consolidated net profit to Rs 374.03 crore, supported by higher revenues. It had reported a net profit of Rs 141.89 crore in the October-December period of the preceding fiscal, the company said in an exchange filing.

The company’s total income rose over 11% to Rs 27,545.93 crore from Rs 24,723.43 crore a year ago.

In a separate statement, the company’s CMD Amarendu Prakash said, “We have delivered an improvement in profitability, with profit after tax rising 60 per cent year-on-year for 9M FY26, driven by higher volumes, operating leverage and prudent financial management. The strong sales traction was supported by robust domestic demand and improved market penetration”.

He said that despite volatility on the input cost front and a competitive pricing environment, the company sustained operating profitability, supported by higher volumes, product mix optimisation, and continued cost discipline.

In April-December, the company’s profit after tax (PAT) was Rs 1,554 crore, higher than Rs 970 crore in the nine-month period of FY25.

SAIL produced 14.35 million tonnes of steel in 9M FY26 and sold 16.61 million during the nine-month period.

SAIL, under the Ministry of Steel, is among India’s top five steel-making companies, having an overall capacity of over 21 million tonnes.

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Power giant NTPC on Friday posted an over 8 per cent rise in consolidated net profit to Rs 5,597.05 crore in the December quarter, driven by revenues from its key power generation business.

It had a consolidated net profit of Rs 5,169.69 crore in the October-December period of the preceding fiscal, the company said in an exchange filing.

The company’s total income increased to Rs 46,304.77 crore, from Rs 45,697.95 crore in the same quarter a year ago.

NTPC earned revenue of Rs 44,657.81 crore from the generation segment, higher than the Rs 44,088.40 crore it earned in Q3FY25.

The company’s board of directors also approved a second interim dividend of Rs 2.75 per equity share, with a face value of Rs 10, for the financial year 2025-26.

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NTPC, Bank Of Baroda, Bajaj Auto, and Jindal Steel are among the major companies set to announce their third quarter results on Friday, Jan. 30. Here are the analysts’ consensus estimates compiled by Bloomberg:

NTPC’s consolidated Q3 estimates indicate modest year‑on‑year growth. Revenue is estimated at Rs 46,713 crore versus Rs 45,053 crore, up 3.7% YoY. Ebitda is projected at Rs 14,190 crore versus Rs 13,667 crore, an increase of 3.8% YoY. The operating margin is expected at 29.9% versus 30.3%. Net profit is estimated to be flat Rs 5,177 crore compared with Rs 5,170 crore.

Bank of Baroda’s standalone Q3 estimates suggest mixed year‑on‑year trends. Net interest income is expected at Rs 12,054 crore versus Rs 11,416 crore, up 5.6% YoY. The margin is projected at 2.81% compared with 2.94% a year ago. Profit is estimated at Rs 4,694 crore versus Rs 4,837 crore, down 3%.

Bajaj Auto’s standalone Q3 estimates point to strong year‑on‑year growth. Revenue is estimated at Rs 15,314 crore versus Rs 12,807 crore, up 20% YoY. Ebitda is projected at Rs 3,133 crore versus Rs 2,581 crore, an increase of 21%. Margin is expected at 20.4% versus 20.1%. Net profit is estimated at Rs 2,538 crore compared with Rs 2,109 crore, up 20%.

Jindal Steel’s consolidated Q3 estimates show a mixed print. Revenue is estimated at Rs 13,158 crore versus Rs 11,690 crore in the previous quarter, up 13%. Ebitda is projected at Rs 1,809 crore versus Rs 2,081 crore, down 13% QoQ. Net profit is estimated at Rs 526 crore versus Rs 638 crore, down 18%. 

Power Grid Corporation’s consolidated Q3 estimates indicate steady year‑on‑year performance. Revenue is projected at Rs 11,732 crore versus Rs 11,233 crore, up 4%. Net profit is estimated at Rs 3,862 crore compared with Rs 3,843 crore.

Glenmark Pharma’s consolidated Q3 estimates signal strong year‑on‑year momentum. Revenue is estimated at Rs 3,804 crore versus Rs 3,388 crore, up 12% YoY. Ebitda is projected at Rs 902 crore versus Rs 600 crore, up 50%. Margin is expected at 23.7% versus 17.7%. Net profit is estimated at Rs 629 crore compared with Rs 348 crore, up 81%.

Ajanta Pharma’s consolidated Q3 estimates indicate healthy year‑on‑year growth with a slight margin contraction. Revenue is estimated at Rs 1,304 crore versus Rs 1,146 crore, up 13.79% YoY. Ebitda is projected at Rs 350 crore versus Rs 321 crore, up 9%. Margin is expected at 26.8% versus 28.0%.. Net profit is estimated at Rs 259 crore compared with Rs 233 crore, up 11%.

Full List of Earmings Tomorrow

Aadhar Housing Finance, Aegis Logistics, AIA Engineering, Ajanta Pharma, Ambuja Cements, ArisInfra Solutions, Arvind, Asahi India Glass, Ashoka Buildcon, Astec Lifesciences, Aster DM Healthcare, Antony Waste Handling Cell, Bajaj Auto, Bank of Baroda, Blue Dart Express, Brigade Enterprises, Cholamandalam Investment and Finance Company, DOMS Industries, Epigral, Exide Industries, Gujarat Ambuja Exports, Glenmark Pharmaceuticals, Godfrey Phillips India, Greenpanel Industries, Insecticides (India), Intellect Design Arena, JBM Auto, Jindal Steel, Jupiter Life Line Hospitals, Kajaria Ceramics, KEC International, Dr. Lal PathLabs, LIC Housing Finance, Mayur Uniquoters, Medplus Health Services, Moil, Motherson Sumi Wiring India, National Aluminium Company, Navneet Education, Nestle India, The New India Assurance Company, NIIT, NTPC, Procter & Gamble Hygiene and Health Care, Power Grid Corporation of India, PSP Projects, Relaxo Footwears, Steel Authority of India, Scoda Tubes, Strides Pharma Science, Subros, Tata Investment Corporation, Triveni Engineering & Industries, United Foodbrands, Welspun Corp, Meesho.

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The week ahead promises intense action on D-Street packed with domestic events, primary market buzz, corporate action, and some major global cues, which will keep investors busy as Indian equities navigate the first few weeks of 2026 with caution amid new geopolitical tensions. The ongoing December quarter results and listings will drive stock-specific action, while the US Federal Reserve policy verdict and the Economic Survey 2026 will be analysed for sector-specific trades.

The progress on India-US trade deal negotiations and Trump tariff rates are likely to influence movement in the domestic market this week. The India Energy Week 2026, to be conducted between Jan. 27-30, will reshape the global energy dialogue, according to India Inc experts. Trading activity of foreign investors would also influence the overall market trend.

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”Market direction in the coming week is likely to be driven by global macroeconomic signals and domestic fiscal expectations. Investors will closely track guidance from the Fed on the trajectory of interest rate cuts, while positioning may be influenced by anticipation surrounding the Union Budget, particularly any measures aimed at easing external trade pressures and supporting capital flows,” said Vinod Nair, Head of Research, Geojit Investments Limited.

”With the Q3 earnings season still underway, stock-specific movements are expected to remain prominent. Overall sentiment is likely to stay cautious, shaped by global developments, currency trends, and earnings outcomes, with selective opportunities emerging in segments supported by resilient domestic demand,” added Nair. Investors will also track rupee’s movement against the dollar.
 

Nifty bears drag index near 25,000 levels, Sensex ends 700 points down; RIL, Eternal top drags

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Markets on Home Turf

Domestic equity benchmarks Sensex and Nifty witnessed widespread selloff and settled 1% lower on Friday, weighed down by widespread sell-off and the rupee hitting a record low against the US dollar. Besides, investors rushing to safe-haven assets and unabated foreign capital outflows in the absence of domestic triggers dampened investor confidence, traders said.

On a weekly basis, the BSE Sensex tumbled by 2,032.65 points, or 2.43%. The broader NSE Nifty also slumped by 645.7 points, or 2.51%. The rupee hit an all-time low of 92 on Friday and recovered marginally to provisionally settle at 91.88 against the dollar. Gold and silver prices rallied in global markets over Fed rate cut expectations.

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Q3 Results This Week

D-Street will respond to the blue-chip firms that declared their Q3 results in the weekend, such as Kotak Mahindra Bank, UltraTech Cement, and others. Starting from Jan. 26, a slew of companies will declare December quarter results during the week including Axis Bank, Asian Paints, Metro Brands, Maruti Suzuki India, Raymond, among several others.

US Federal Reserve

Jerome Powell-led US Federal Reserve will announce its upcoming monetary policy decision on Jan. 28, 2025, amid Wall Street’s expectations of a pause on the federal funds range. Notably, US President Donald Trump will likely announce the name of the next Fed Chairman this week, who will succeed Powell in May 2026, after the end of his term.

Economic Survey, Budget 2026, Auto Sales

The Economic Survey 2026-27 is scheduled to be tabled in Parliament on January 29, 2026, at 11 AM during the Budget Session. Finance Minister Nirmala Sitharaman will unveil Union Budget 2026 on Sunday, Feb. 1, 2026. Due to the presentation of the budget, the Indian stock market will remain open for regular trading on Feb. 1.

Also, leading automakers will also delcare their monthly sales numbers on Feb. 1, which will trigger stock-specific action.

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Corporate Action & Primary Market

Several stocks such as Wipro, Persistent Systems, SRF, Jindal Stainless, Coforge, Mastek, among others will trade ex-dividend this week. The primary market also promises heated action as five new public issues will open for subscription in the mainboard segment, while three companies will get listed on BSE, NSE, after the conclusion of their IPO windows.