Jio Financial Services’ Q3 FY26 marked a meaningful operational inflection, with a visible improvement in core earnings led by stronger lending and fee income, partially offset by higher scaling investments, full consolidation of Jio Payments Bank, and prudent credit provisioning.
HDFC AMC delivered a strong operating performance in Q3 FY26, supported by healthy momentum in equity flows and sustained retail participation through SIPs. Asset growth remained robust, with equity continuing to be the primary driver of incremental AUM.
Infosys raised its FY26 CC revenue growth guidance to 3–3.5% while maintaining a 20–22% margin band, reflecting modest growth amid H2 seasonality and macro caution.
Tata Elxsi’s Q3 performance was driven by growth in Transportation, supported by large deal ramp-ups, recovery of a strategic client and expansion into adjacencies, with margins improving materially on higher utilization.
HCL Tech posted a strong Q3 FY26 with broad-based growth, solid deal wins, and margin expansion. The company reaffirmed its Services growth guidance to 4–5% YoY CC, maintaining overall guidance at 3–5% YoY CC, and EBIT margin at 17–18% despite near-term wage headwinds.
The Indian specialty chemicals sector is anticipated to experience modest demand growth in Q3FY26, primarily driven by domestic consumption and gradual recovery in select export markets.
Q3FY26 is expected to mark the start of a meaningful recovery for the FMCG sector as the September GST impact fully normalises and trade restocking improves.
For our pharma coverage universe, we expect Revenue to be largely steady at INR 644,525 mn in Q3FY26E, translating into 3.7% YoY growth and a marginal -0.3% QoQ.
The Indian IT sector is poised for a gradual recovery in Q3FY26, driven by accelerating AI-led transformations, cloud modernization, and vendor consolidation amid cautious global spending.
The cement sector in India experienced subdued demand during Q3FY26, particularly in October and November 2025, following a moderate growth in the previous quarter.
The Indian automobile industry is poised for a healthy performance in Q3FY26, supported by sustained festive season momentum spilling over from October-November, favourable government policies including GST rationalisation on certain segments, improving rural incomes due to a normal monsoon, and gradual easing of interest rates.
Our NBFC coverage universe is expected to report Total AUM of INR 7,789 bn in Q3FY26E, implying 6.0% QoQ and 23.9% YoY growth, reflecting a steady disbursement environment and incremental traction across secured and select retail segments.
Across the coverage universe, Q3FY26 is expected to be another quarter of healthy operating traction, with consolidated Net Interest Income (NII) for the banks in our universe projected to grow in mid single digits sequentially and low double digits year on year, supported by estimated advances growth of around 2.6% QoQ and 10.6% YoY and deposit accretion of about 4.5% QoQ and 12.3% YoY.
India’s automobile industry saw a mixed but improving performance in Q2FY26, supported by steady demand in Passenger Vehicles (PV), a strong recovery in exports across segments, and stable momentum in Two-Wheelers (2W).
NBFCs entered H1FY26 on a more moderate footing after the strong momentum of FY25. Sector AUM growth moderated to 17% YoY in H1FY2 (vs 23% YoY in H1FY25).
IPAMC prioritizes organic expansion by enhancing investment track records and amplifying reach via digital direct channels and distributor partnerships.
Bank credit stood at 10.3% YoY as of H1FY26, slightly below FY25’s 11.0% and lower that corresponding last year H1FY25 13.0 YoY growth pace, indicating moderation rather than a renewed acceleration.
