NewsEarnings27 Companies Report Q3 Results Today: HDFC Life, Angel One, Jio Financial Services in Focus27 Companies Report Q3 Results Today: HDFC Life, Angel One, Jio Financial Services in Focus
Twenty-seven companies announce Q3 results today, led by HDFC Life Insurance, Angel One, and Jio Financial Services. Brokerages expect HDFC Life to show steady APE growth around 13% but face margin pressure from GST input tax credit issues. Angel One likely to see mixed results with sequential volume growth but YoY profit decline due to regulatory changes in derivatives trading.
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The December quarter earnings season continues today with 27 companies set to announce their Q3 results. Market participants will closely watch key announcements from major players including HDFC Life Insurance, Angel One, Jio Financial Services, L&T Technology Services, South Indian Bank, and Sterling and Wilson Renewable Energy.
Additional companies reporting quarterly numbers include 360 One Wam, Alok Industries, DB Corp, Delta Corp, Fedbank Financial Services, Hathway Cable and Datacom, Nuvoco Vistas Corporation, Nelco, Swaraj Engines, Smartworks Coworking Spaces, and South India Paper Mills. Investors are expected to track commentary around demand conditions, margins, cost pressures, and outlook amid a mixed macro environment and sector-specific headwinds.
HDFC Life Q3 Expectations
Brokerages anticipate HDFC Life will deliver steady growth in new business, supported by protection demand and a favourable base, though margins are likely to face pressure. The insurance major's performance will be closely scrutinized given recent regulatory and tax-related challenges.
| Brokerage | APE Growth Expectation | VNB Margin Forecast | Key Factors |
|---|---|---|---|
| Kotak Equities | ~13% YoY | 23.50% (200 bps decline) | GST impact, protection growth |
| Motilal Oswal | Healthy growth | Margin pressure expected | Traditional plans focus |
| YES Securities | Muted growth | Marginal QoQ contraction | Product mix changes |
Kotak Equities projects approximately 13.00% year-on-year growth in annualised premium equivalent for the December quarter, aided by moderate growth trends observed in the first two months. However, the brokerage has factored in a 200 basis points sequential compression in value of new business margin to around 23.50%, largely due to the impact of disallowance of input tax credit on GST, partially offset by higher protection product share.
Motilal Oswal expects APE growth to remain healthy, driven by a low base and continued traction in protection products. The brokerage believes the product mix may tilt more towards traditional plans compared with ULIPs. Profitability could be impacted by losses related to GST input tax credit, with margin pressure depending on the company's ability to pass on costs through commissions.
YES Securities remains cautious, expecting muted growth based on trends seen till November 2025, when HDFC Life reported de-growth in new business premiums. The brokerage has built in a marginal quarter-on-quarter contraction in VNB margins, driven by changes in product mix.
Angel One Performance Outlook
Brokerages expect a mixed quarter for Angel One as the brokerage industry continues adjusting to regulatory changes in the derivatives segment. The company's performance will reflect broader industry challenges following recent F&O regulation modifications.
| Metric | Kotak Expectation | Motilal Oswal View |
|---|---|---|
| Order Volumes | +4% sequentially | Sequential improvement |
| Net Revenue | Flat YoY | Distribution income growth |
| Profit After Tax | -15% YoY | Improved cost ratios |
Kotak Equities expects Angel One's order volumes to rise around 4.00% sequentially, supported by steady increases in the margin trading facility book. However, net revenue is expected to remain flat year-on-year, as the base quarter was impacted by regulatory changes. Profit after tax is projected to decline approximately 15.00% year-on-year due to operating deleverage, with expenses rising faster than revenues.
Motilal Oswal anticipates sequential improvement in per-day order run rates during the quarter, helped by gradual easing of F&O regulation impacts. The brokerage sees continued growth in the MTF book, improvement in distribution income, and sequential improvement in cost-to-income ratio due to lower customer acquisition costs.
Other Key Results to Monitor
Jio Financial Services and L&T Technology Services will also attract significant attention, with investors keenly watching updates on growth momentum, margins, and strategic initiatives. These companies represent important bellwethers for their respective sectors.
Banking stocks including South Indian Bank and Fedbank Financial Services are expected to draw focus on asset quality trends and loan growth metrics. Their results will provide insights into regional banking performance and credit quality in the current economic environment.
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