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Q3 results 2026: The market is now entering into the fifth week of Q3 earnings season FY26. Around 1600 companies are slated to release their December quarter results in the coming week.

BSE, Titan, Mahindra & Mahindra, Hindustan Unilever, ONGC, Coal India, Ashok Leyland, Lenskart Solutions, Torrent Pharma among marquee companies to declare Q3 results next week.

“The earnings calendar stays active, with key results expected from Aurobindo Pharma, Apollo Hospitals, Titan Company and Mahindra & Mahindra, which may drive stock-specific action,” said Ajit Mishra – SVP, Research, Religare Broking Ltd.

On Friday, the Indian stock market closed with decent gains, on buying in select heavyweights, including ITC, Kotak Mahindra Bank, and ICICI Bank. The Sensex settled 266 points higher, gaining 0.32% to close at 83,580.40, while the Nifty 50 ended at 25,693.70, up 51 points or 0.20%.

Brokerage firm Kotak Institutional Equities estimate a 30% year-on-year (YoY) increase in revenues in 3QFY26, led by 32% YoY increase in automotive segment revenues, 24% YoY increase in volumes driven by LCV and SUV segments and (2) 25% YoY increase in tractor segment revenues driven by 23% YoY increase in volumes.

“We are building in 2% yoy increase in tractor segment ASPs due to a richer product mix and 6% yoy increase in automotive segment ASPs due to the higher mix of EVs and richer trim-level mix,” the firm said.

It further expects overall overall EBITDA margin to improve by 40 bps YoY, led by operating leverage benefit and higher margin in tractor segment due to a richer product mix.

“We are building in automotive EBIT margin of 9.4% in 3QFY26 versus 9.7% in 3QFY25. Additionally, we are building in tractor segment EBIT margin to improve by 200 bps yoy to 20.3% due to operating leverage benefits. Overall, we expect EBITDA to grow by 34% on a yoy basis in 3QFY26,” it said.

According to the brokerage firm, the transitory impact of GST rate rationalization would have weighed on the first half of the quarter. It expects 3.4% YoY LFL revenue growth in 3Q, driven by 2% UVG (standalone, excluding ice creams).

“We estimate (1) 1.5% yoy growth in home care, as price cuts largely offset volume growth (versus 1.2% yoy decline in 2Q), (2) 3.8% yoy growth in BPC (versus 1.4% growth 2Q), as strength in skin care/color cosmetics is offset by lingering impact of GST transition in personal care/hair care, and (3) 6% yoy growth in F&R excluding ice creams (versus 4.3% growth in 2Q), led by continued pricing-led strength in beverages,” the firm said

Kotak models 34% YoY growth in domestic as well as standalone jewelry sales versus 18.8% YoY standalone domestic recurring jewelry sales growth of 2QFY26), led by 27% LFL growth.

“The acceleration in growth was led by (1) a strong festive season, (2) sustained momentum during the wedding season (post-festive), and underpinned by >65% yoy inflation in gold prices (INR terms; 3QFY26 average). We expect the studded share of the standalone jewelry business (excludes Caratlane) to decline ~200 bps yoy, implying 22% yoy growth in studded jewelry (versus +16% in 2QFY26). Gold coins growth could be around 90%, with its mix up about 500 bps to 16-17%, (2) ~17% yoy growth in watches division, as analog segment demand continued to be robust (versus 13.1% in 2QFY26), and (3) ~10% yoy growth in eyewear (versus 8.5% in 2QFY26),” the brokerage firm said.

Brokerage firm Motilal Oswal expects oil, gas, and VAP volumes to be flat YoY.

“Update on the ramp-up of gas production remains the key monitorable. A delay in peak oil production from the KG Basin and the decline in oil prices below USD60/bbl are the key downside risks,” the firm said.

Meanwhile, Kotak Institutional Equities expects EBITDA to decline 10% YoY, driven by weaker crude oil and gas price realizations, part offset by better sales volume and weaker currency.

“We assume ONGC's oil/gas sales volumes to increase 3.3%/1.1% yoy. For Oil India, We expect EBITDA to decline 2.7% yoy (down 4.7% qoq). We assume Oil India's oil sales to increase 2.6% yoy, but gas sales to decline 1.6% yoy,” it said.

Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.

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