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Q3 results 2026: The earnings action is expected to remain heightened in the upcoming week from February 2 to February 8 as a total of 680 companies, including several market bigwigs, are slated to post quarterly results for the quarter ended December 2025.

PSU stocks like State Bank of India (SBI), Life Insurance Corporation of India (LIC) and Indian Oil Corporation (IOCL) are some of the marquee names that will post Q3 earnings next week. Bharti Airtel, Varun Beverages, Adani Enterprises, Bajaj Finance, Trent, Tata Power Company, Tata Motors Passenger Vehicles, Hero MotoCorp and Tata Steel are other companies whose earnings will be keenly tracked by stock market investors.

The Indian stock market ended Sunday's special trading session with deep cuts of over 2% following Budget announcements around securities transaction tax (STT). However, analysts believe that while markets will remain choppy in the near term, going ahead, earnings will set the momentum for the markets in the coming months.

Beyond the initial knee-jerk reaction, markets are likely to move on quickly, reverting to broader macro and earnings drivers, N. ArunaGiri, CEO of TrustLine Holdings.

Overall, markets may continue to see choppy movements in the near term, a clearer trend and improved stability could emerge from April, driven by fiscal spending, earnings visibility for FY27, and clarity on global macro conditions, Abhinav Tiwari, Research Analyst at Bonanza, said.

Here's a look at what to expect from top companies:

According to analysts, SBI's Q3 profit could grow between 5-7% year-on-year (YoY) on the back of a high single-digit growth in the net interest income (NII). However, the figure could decline significantly quarter-on-quarter (QoQ), hurt by the impact of the higher base in the September quarter on a one-time gain due to the Yes Bank stake sale.

Systematix Research said that slippages are expected to increase sequentially due to higher agri slippages; however, provisions are expected to decrease sequentially. The brokerage has pegged SBI Q3 profit at ₹18136 crore. NII growth is set at 3.1% QoQ and 6.9% YoY to ₹44306.1 crore.

Kotak Institutional Equities (KIE) said LIC will likely report strong APE growth of 22% YoY in 3QFY26E, similar to the run rate in the first two months of the quarter (20-27% YoY APE growth).

Margins, it said, will likely compress 80 bps QoQ and 90 bps YoY to 18.5%. "LIC's product mix is skewed toward participating products, which have a lower impact of ITC disallowance," it added.

Brokerages see a 50% slump in the net profit for Bharti Airtel in the quarter under review. Axis Securities sees a 53.7% YoY decline in profit to ₹6,848 crore while the figure grow 0.8% QoQ.

The brokerage expects a 3.5% QoQ and 19.6% YoY, led by growth in mobile service and the Africa business, to ₹53,970 crore. Meanwhile, KIE said it sees a 17.4% YoY and 1.6% QoQ jump in net sales, led by steady subs additions in India's wireless business.

The brokerage models 3 million wireless net adds (+1.4 mn QoQ) and expects ARPU to increase to ₹258 (versus ₹255 QoQ) on continued plan-rationalisation measures.

Kotak expects Tata Motors' domestic PV business revenues to increase by 33% YoY in Q3 FY26, led by a 22% YoY increase in volumes and a 9-10% YoY increase in ASPs driven by a richer product mix. "Overall, we expect EBITDA margin to increase by 140 bps QoQ, driven by operating leverage benefits and favourable net pricing," the brokerage added.

JLR volumes (excluding China JV) declined by 43% YoY, led by weakness in China markets and production-related challenges due to the cyberattack in October. Overall, KIE expects revenues (ex-China JV) to decline by 41% YoY in 3QFY26, driven by a decline in volumes.

Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions.

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