Corporate India recorded a 10.6% YoY revenue growth in Q3 FY2026, driven by improved demand in select consumption, commodity-linked, and infrastructure-linked sectors. The OPMremained resilient, with a 73 bps improvement YoY, despite volatile export demand and cost environment.

Aggregate revenues of 2,948 listed companies in ICRA’s sample (excluding financials) grew by 10.6% YoY in Q3 FY2026, led by select consumption-oriented sectors like automobiles and hospitality, with lesser support from retail and FMCG.

Aggregate operating profit margins (OPM) showed resilience despite sectoral divergence, with overall margins expanding by 73 bps YoY to16.1% in Q3 FY2026. Margins expanded in sectors like power, oil and gas, gems and jewellery, and iron and steel, but were partly offset by margin contraction in sectors like real estate, metals and mining, and chemicals.