Q3 Results 2026: Earnings Season Heats Up with 680 Companies Set to Announce Quarterly Performance
The upcoming week from February 2 to February 8, 2026, is poised to be a pivotal period for the Indian stock market as the earnings action reaches a heightened state. A total of 680 companies, including several market heavyweights, are scheduled to post their quarterly results for the quarter ended December 2025. This extensive lineup of earnings announcements is expected to keep investors and analysts on their toes, with key performances likely to set the tone for market movements in the coming months.
Key Players in the Spotlight
Among the marquee names set to disclose their Q3 earnings are prominent Public Sector Undertaking (PSU) stocks such as State Bank of India (SBI), Life Insurance Corporation of India (LIC), and Indian Oil Corporation (IOCL). These state-owned enterprises are closely watched for their impact on broader economic indicators and investor sentiment. Additionally, other major companies including Bharti Airtel, Varun Beverages, Adani Enterprises, Bajaj Finance, Trent, Tata Power Company, Tata Motors Passenger Vehicles, Hero MotoCorp, and Tata Steel will be keenly tracked by stock market participants. Their results are anticipated to provide critical insights into sectoral trends and overall corporate health.
Market Context and Analyst Outlook
The Indian stock market recently concluded a special trading session on Sunday with significant declines of over 2%, largely attributed to Budget announcements concerning the securities transaction tax (STT). Despite this initial setback, market analysts maintain a cautiously optimistic view. They believe that while near-term volatility may persist, earnings reports will ultimately drive market momentum in the upcoming months. N. ArunaGiri, CEO of TrustLine Holdings, noted that beyond the immediate knee-jerk reactions, markets are likely to swiftly revert to broader macroeconomic factors and earnings drivers. Similarly, Abhinav Tiwari, Research Analyst at Bonanza, suggested that although choppy movements could continue in the short term, a clearer trend and enhanced stability might emerge from April 2026, fueled by fiscal spending, earnings visibility for FY27, and improved clarity on global macroeconomic conditions.
Detailed Previews for Top Companies
SBI Q3 Preview
Analysts project that State Bank of India's Q3 profit could witness a year-on-year (YoY) growth of 5-7%, supported by a high single-digit increase in net interest income (NII). However, on a quarter-on-quarter (QoQ) basis, the profit figure might see a substantial decline, impacted by a higher base in the September quarter due to a one-time gain from the Yes Bank stake sale. Systematix Research anticipates an increase in slippages sequentially, primarily due to higher agricultural slippages, but expects provisions to decrease. The brokerage has estimated SBI's Q3 profit at ₹18,136 crore, with NII growth projected at 3.1% QoQ and 6.9% YoY to ₹44,306.1 crore.
LIC Q3 Preview
Kotak Institutional Equities (KIE) forecasts that LIC will report robust Annual Premium Equivalent (APE) growth of 22% YoY in Q3 FY26, aligning with the growth rates observed in the first two months of the quarter. Margins, however, are expected to compress by 80 basis points QoQ and 90 basis points YoY to 18.5%. The brokerage highlighted that LIC's product mix, which leans towards participating products, may mitigate the impact of ITC disallowance.
Airtel Q3 Preview
Brokerages anticipate a significant 50% slump in net profit for Bharti Airtel during the quarter under review. Axis Securities predicts a 53.7% YoY decline in profit to ₹6,848 crore, though it expects a marginal 0.8% QoQ growth. The brokerage also forecasts a 3.5% QoQ and 19.6% YoY increase in revenue to ₹53,970 crore, driven by growth in mobile services and the Africa business. KIE models a 17.4% YoY and 1.6% QoQ rise in net sales, supported by steady subscriber additions in India's wireless segment, with ARPU expected to climb to ₹258.
Tata Motors PV Q3 Preview
Kotak expects Tata Motors' domestic passenger vehicle business revenues to surge by 33% YoY in Q3 FY26, propelled by a 22% YoY volume increase and a 9-10% YoY rise in average selling prices (ASPs) due to a richer product mix. The brokerage added that EBITDA margin could expand by 140 basis points QoQ, benefiting from operating leverage and favorable net pricing. Conversely, JLR volumes (excluding China JV) are projected to decline by 43% YoY, influenced by weakness in Chinese markets and production challenges from a cyberattack in October.
Comprehensive Q3 Results Calendar
The earnings announcements are spread across the week, with a diverse range of companies scheduled to report. Below is a summarized overview of the calendar:
- February 2, 2026: Companies such as Aarti Industries Ltd, Aditya Birla Lifestyle Brands Ltd, and RailTel Corporation of India Ltd are set to announce results.
- February 3, 2026: Key firms including Adani Enterprises Ltd, Bajaj Finance Ltd, and Life Insurance Corporation of India will disclose their earnings.
- February 4, 2026: Notable names like Bharti Airtel Ltd, Hero MotoCorp Ltd, and Tata Power Company Ltd are scheduled to report.
- February 5, 2026: Companies such as Indian Oil Corporation Ltd and Tata Motors Passenger Vehicles Ltd will announce their results.
- February 6, 2026: Firms including Bosch Ltd and Tata Steel Ltd are set to post earnings.
- February 7, 2026: State Bank of India is among the companies scheduled to report on this date.
This extensive calendar underscores the breadth of the earnings season, covering sectors from banking and insurance to telecommunications and automotive. Investors are advised to monitor these announcements closely as they could significantly influence market dynamics and investment strategies in the near term.
