The India Inc’s aggregate operating and net profit numbers have remained weak in the December 2025 quarter, partly affected by the new Wage Code rules, Financial Express reported. Even though topline growth has been fairly good, and despite the income tax giveaways and GST rate cuts in the peak festive and wedding season, there has not been a big jump in consumer spending in Q3 FY26.The slowdown can be attributed to an overall weak global growth, margin pressure from rising competition, rupee’s sliding against dollar and muted consumer demand in select sectors. According to the report, for a sample of 284 companies (excluding banks and financials, HPCL and BPCL), net profits for Q3 FY26 were up 5.1% year-on-year (y-o-y) – the slowest growth in at least four quarters and despite a strong 12.6% rise in net sales.Operating profit margins contracted by about 90 basis points, thanks to expenses having risen by 13.8% y-o-y, leaving the increase in operating profits at just 7% compared to the previous year.The IT sector, however, performed reasonably well with managements more hopeful of demand picking up, making them win more deals. At Tata Consultancy Services (TCS), the value of wins moderated during Q3FY26 but the commentary suggested improving momentum in demand. Infosys raised its full-year revenue guidance also, sounding optimistic on discretionary spends, as per the report.On the other hand, Reliance Industries had a disappointing result with the company reporting a growth in consolidated operating profits of just 5% y-o-y. As per some analysts who spoke with the daily, the Ebitda (earnings before interest, tax, depreciation and amortisation) for the organised retail business was up only 1.1% as revenue growth was subdued.Meanwhile, Ultratech Cement has managed a good performance with the consolidated Ebitda jumping 36% y-o-y, beating estimates handsomely. This was due to strong grey cement volume growth and market share gains. Profits were up 23% y-o-y after adjusting for the impact of the Wage Code rules. JSW Steel’s Q3 results missed analysts’ estimates as revenues rose 11.1% y-o-y but the operating profits went up only by 16.4%, lower than expectations. This, the report says, was primarily due to higher raw material costs and the impact of some inventory liquidation.For retailer Avenue Supermarts, too, it was an ordinary year with the like-for-like growth moderating to just 5.6% versus 8.3% in the base quarter. Store productivity reportedly remained at pre-Covid levels but total sales at Shoppers Stop were flat compared to last year, leading to a 52% fall in profits before tax. Business at the retailer has been impacted by uneven discretionary demand. Both gross and Ebitda margins have contracted.Meanwhile, FMCG player Godrej Consumer Products had a good show with the India revenues up a strong 11%, backed by a good 9% increase in volumes. While gross margins contracted 120 basis points, Ebitda margins expanded by 220 bps as costs on some items were reined in, Express reported.Food delivery player Eternal, the parent company of Zomato, had a solid performance with revenues having surged 202% ahead of estimates while profitability also improved.Cipla’s results were unimpressive. The pharma major posted flat revenues for the December 2025 quarter. The gross margins and Ebidta margins both contracted sharply – by 520 bps and 1,040 bps – as expenses on R&D increased, resulting in both operating profits and net profits slipping. Dr Reddy’s Laboratories posted decent results – revenues grew by about 4.5% y-o-y with organic sales growth in India at 17%. However, gross and Ebitda margins weakened, pulling down the operating profit by 16%.Waree Energies, a major solar panel manufacturer, posted a good performance with revenues climbing 119% y-o-y and Ebitda by 168% y-o-y.