Mumbai: During Q3 FY26, revenue from operations rose to ₹294 crore, compared with ₹286 crore in Q2 FY26, indicating steady sequential growth. However, revenue declined from ₹333 crore in Q3 FY25, reflecting year-on-year pressure. Total income for the quarter stood at ₹296 crore, slightly higher than the previous quarter but lower than last year’s level.
The company reported a net loss of ₹150 crore in Q3 FY26, narrower than the ₹321 crore loss in Q2 FY26, showing a clear quarter-on-quarter improvement. On a year-on-year basis, the loss was also lower than the ₹315 crore loss in Q3 FY25. The reduced loss was mainly supported by better operating performance and lower depreciation costs.
Operating profit, measured by EBITDA, improved to ₹176 crore in Q3 FY26 from ₹140 crore in Q2 FY26. Compared with ₹150 crore in Q3 FY25, EBITDA also showed improvement. This indicates better cost control and higher operating efficiency during the quarter. The operating profit margin strengthened to 47%, compared with 35% in the previous quarter, reflecting lower operating expenses.
Employee costs declined sharply on a quarter-on-quarter basis, while other operating expenses also reduced, helping support margins. In addition, depreciation charges were lower due to a reassessment of the useful life of certain network assets, which reduced costs during the quarter. Despite these improvements, the company continued to report losses due to high finance costs of about ₹288 crore in Q3 FY26. These interest-related costs remain significantly higher than operating profit, keeping the bottom line under pressure.
The company also reported exceptional expenses of about ₹4 crore in the quarter. These included costs linked to legacy regulatory demands and one-time expenses arising from changes in labour laws. These items are non-recurring and do not reflect regular business performance. For the nine months ended December 31, 2025, revenue stood at ₹865 crore, down from ₹1,000 crore in the same period last year. The net loss for the nine-month period narrowed to ₹796 crore, compared with ₹969 crore in the year-ago period, showing gradual improvement over the year. Earnings per share for Q3 FY26 remained negative at ₹0.77, though better than the previous quarter.
Disclaimer: This report is based on unaudited financial results released by the company. Figures are subject to revision. Investors should refer to official filings and consult advisors before making decisions.
