ICICI Prudential Life, ICICI Lombard, Tata Elxsi Among 23 Companies Declaring Q3 FY26 Results Today

Twenty-three companies are scheduled to announce their financial results for the quarter ending December 31, 2025, today, marking a significant day in the Q3 FY26 earnings season. Major companies including ICICI Prudential Life Insurance Company, ICICI Lombard General Insurance Company, Tata Elxsi, Just Dial, and Bank of Maharashtra will declare their quarterly performance. Analysts and investors are closely watching these results for indicators of strong growth momentum and the impact of recent policy changes on corporate performance.

Market Expectations for Q3 FY26

Brokerage firm Emkay Global anticipates a strong turnaround in Q3 FY26, breaking a six-quarter consolidation phase. The firm expects significant improvement in corporate earnings driven by festive season demand and favorable policy measures.

Performance Metric	Q3 FY26E	Q2 FY26	Growth
Topline Growth (YoY)	10.70%	5.60%	+510 bps
PAT Growth	14.50%	-	Strong pickup

The expected earnings pickup is attributed to goods and services tax cuts announced on September 22, 2025, and increased festive season demand, which particularly benefited discretionary spending sectors.

Company-Specific Previews

ICICI Prudential Life Insurance

According to Emkay Global's analysis, ICICI Prudential Life Insurance is expected to demonstrate mixed performance for the quarter. The insurance company is likely to post 4.00% growth in retail Annual Premium Equivalent (APE) for Q3 FY26. However, on a year-to-date basis for FY26, the company is anticipated to witness a 2.00% decline in performance.

Tata Elxsi Outlook

Motilal Oswal Financial expects Tata Elxsi to show sequential improvement across key business segments. The technology company is projected to achieve 1.80% quarter-on-quarter growth in constant currency terms, with Healthcare and Life Sciences (HLS) expected to normalize and the transportation vertical showing sequential growth.

Financial Parameter	Q3 FY26E	Expected Change
Revenue Growth (QoQ CC)	1.80%	Sequential improvement
EBIT Margins	18.80%	+30 bps improvement
Margin Driver	Higher utilization	Operational efficiency

The US market is expected to remain soft for automotive applications, but adjacencies including aerospace, off-road, and commercial vehicles are projected to perform better.

Complete List of Companies Reporting Today

The following companies will announce their Q3 FY26 results today:

Major Companies:

ICICI Lombard General Insurance Co. Ltd
ICICI Prudential Life Insurance Co. Ltd
Tata Elxsi Ltd
Just Dial Ltd
Bank of Maharashtra

Other Companies:

Five-Paisa Capital Ltd
Aravali Securities & Finance Ltd
Artson Engineering Ltd
Future Enterprises Ltd
Housing Development & Infrastructure Ltd
Mangalore Chemicals & Fertilizers Ltd
Navkar Corporation Ltd
Oriental Hotels Ltd
Tokyo Plast International Ltd

Additional companies include Hathway Bhawani Cabletel & Datacom Ltd, Indbank Merchant Banking Services Ltd, Indo Thai Securities Ltd, Infomedia Press Ltd, Intense Technologies Ltd, Mishka Exim Ltd, RPEL, and Sigma Solve Ltd.

Market Focus Areas

Investors and analysts are particularly focused on assessing how geopolitical uncertainties are affecting companies with global operations. The earnings announcements will provide insights into the effectiveness of recent policy measures and the sustainability of the expected growth momentum across different sectors.

India's Q3 earnings season stands at a critical juncture, with brokerages forecasting the strongest profit growth in two years while remaining deeply divided on whether this marks genuine recovery or another false dawn. After six consecutive quarters of disappointing results, the Street faces mounting uncertainty over corporate India's ability to deliver sustained earnings momentum.

Brokerage Forecasts Paint Contrasting Pictures

The earnings outlook reveals stark disagreements among leading research houses. Motilal Oswal projects the most optimistic scenario, expecting stocks under its coverage to deliver PAT growth of 16% YoY—the highest in eight quarters. The firm anticipates 20 sectors to post double-digit growth, marking what it calls "the completion of the full circle of earnings recovery."

Brokerage:	Q3 PAT Growth Forecast	Key Drivers
Motilal Oswal:	16% YoY	Festive demand, sectoral recovery
Emkay Global:	14.5% YoY	GST cuts, consumption pickup
JM Financial:	9.8% YoY (Nifty)	Telecom surge, auto acceleration
Nuvama:	5% YoY	Continued earnings softness

Emkay Global supports the optimistic view, projecting 14.5% PAT growth driven by festive season demand and GST rate-cut tailwinds. The firm expects the BSE500 to register 14% PAT growth versus 8.5% for the Nifty, signaling broader market strength beyond large-cap indices.

However, Nuvama strikes a cautious note, warning that "Q3FY26E earnings are likely to stay soft—a continuation of the previous six quarters." The brokerage expects Nifty EPS to remain flat YoY, posing downgrade risks to consensus estimates of mid-teens profit growth.

Financials to Anchor Quarter Performance

A rare point of consensus emerges around financials serving as the quarter's anchor. Axis Securities expects banks under its coverage to deliver approximately 12.4% YoY credit growth, in line with industry trends. The firm anticipates steady NIM trends, with margins finding support from CRR cuts and term deposit repricing.

Motilal Oswal forecasts financials led by NBFC-Lending to grow 26% YoY, though it notes that both private banks and PSBs will contribute moderately at 4% and 3% respectively. Asset quality is expected to turn favorable gradually, particularly in unsecured portfolios.

Auto Sector Revs Up on Policy Support

The automobile sector emerges as a standout performer, benefiting from favorable policy measures. Motilal Oswal forecasts automobile growth of 25% YoY, with the quarter capturing the full impact of GST 2.0 cuts implemented on September 22, 2025.

Sector:	Expected Growth	Key Factors
Telecom:	64% YoY (JM Financial)	Network expansion, tariff hikes
Automobiles:	25-33% YoY	GST cuts, stable commodity costs
Industrials:	31% YoY	Infrastructure spending
Cement:	66% YoY	Construction demand

Axis Securities highlights that the auto sector benefits from stable commodity inflation and favorable regulatory norms alongside the GST rate cuts, creating a supportive environment for margin expansion.

Export Sectors Face Persistent Headwinds

Export-oriented sectors continue to struggle with structural challenges. Axis Securities identifies cautious client spending, pricing pressures, and regulatory challenges as key risks for IT services, pharmaceuticals, and chemicals. Certain pharmaceutical segments face additional pressure from pricing challenges and regulatory issues in specific markets.

Nuvama expects profits to remain weak in exporters including chemicals, auto components, and pharma, alongside FMCG and electronics manufacturing services. The firm warns that slowing global trade and margin compression pose ongoing risks to earnings recovery.

Brokerage Stock Recommendations

Leading research houses have identified key stock picks across sectors:

Top Picks by Brokerage:

JM Financial: Bharti Airtel, ICICI Bank, Maruti Suzuki, Titan, UltraTech Cement
Motilal Oswal: SBI, Titan, M&M, Infosys, Dixon Technologies
Morgan Stanley: Maruti Suzuki, Trent, Titan, Varun Beverages, Reliance Industries
CLSA: ICICI Bank, SBI, Infosys, ITC, UltraTech, NTPC

As earnings season unfolds, the market will closely watch whether the optimists or pessimists prove correct, determining if corporate India can finally deliver the sustained recovery that has remained elusive for six consecutive quarters.