A company moving from losses to profits usually reflects successful correction of operational or financial issues, which can lead to sustainable growth.
Profitability often attracts more investors, potentially driving the stock price higher.
However, a single or sporadic profitable quarter does not guarantee the turnaround will sustain over the long term. For investors it’s always a good idea to look at a very sustainable turnaround over the next few quarters.
Here are 5 stocks that have reported a net profit for the quarter ending September 2025, compared to the corresponding period of the previous year.
The editorial is not a recommendation in any form.
Net Profits/(loss) September 2025 Quarter vs September 2024 Quarter (Rs m)
| Company Name | Sep 2024 | Sep 2025 |
| 1. Indian Oil Company | -4,490 | 81,910 |
| 2. Chennai Petroleum | -6,340 | 7,190 |
| 3. PVR Inox | -120 | 1,060 |
| 4. Wockhardt | -160 | 820 |
| 5. India Cements | -3,387 | 88.1 |
| Source: Screener |
#1 Indian Oil Corporation
First on the list is Indian Oil Corporation.
The company has a presence across the hydrocarbon value chain from refining and pipeline
transportation to marketing, exploration and production, petrochemicals, natural gas and
alternative energy.
It has a refining capacity of 80.75 MMTPA, over 20,000 km pipeline network and over 63,000
customer touchpoints. The company has a leadership position in fuel marketing with the largest market share in petroleum.
Net Profits/(loss) September 2025 Quarter vs September 2024 Quarter (Rs m)
| Company Name | Sep 2024 | Sep 2025 |
| Sales | 1,749,760 | 1,786,280 |
| OPM% | 2 | 9 |
| Net Profits | -4490 | 81,910 |
| Source: Screener |
Indian Oil Corporation has been a top turnaround story for the quarter ending September 2025, where net profits surged to Rs 81,910 million (m) from a loss of Rs 4,490 m YoY.
The company refined about 17.6 m metric tons of crude oil this quarter, up from about 16.7 m
metric tons YoY.
Gross refining margins (GRM) improved significantly, with IOC earning about US$ 19.6 per barrel in Q2. The gross operating profit margin expanded to 9%, from just 2% YoY.
Overall, the company reported good quarterly numbers.
Moving ahead, the company has identified petrochemicals as a cornerstone of future growth,
targeting a dramatic transformation from a refining focused company to an integrated energy and chemicals giant.
The Rs 610.77 bn Paradip petrochemical complex is Indian Oil’s largest-ever investment at a single location, setting the stage for truly transformational growth.
The company is also making rapid strides in green hydrogen. It is pioneering India’s green hydrogen ecosystem through the country’s most ambitious project for setting up 10,000 tonnes per annum green hydrogen plant at Panipat refinery scheduled for commissioning by December 2027.
#2 PVR INOX
Second on our list is PVR INOX.
PVR INOX, is the largest film exhibitor in India with 1,743 screens across 111 cities. The company has an aggregate seating capacity of 0.35 m seats.
The company recently completed the merger with INOX Leisure.
In FY25 weak Bollywood and Hollywood releases led to footfall slowdown and a cooling urban F&B spend added to industry headwinds.
Net Profits/(loss) September 2025 Quarter vs September 2024 Quarter (Rs m)
| Company Name | Sept 2024 | Sept 2025 |
| Net Sales | 16,220 | 18,230 |
| OPM% | 30% | 34% |
| Net Profits | -120 | 1060 |
| Source: Screener |
However, FY26 seems to be a turnaround story for the company. In Q2 FY26, the company reported a net profit of Rs 1,060 m against losses of Rs 120 m YoY.
In FY25 the company delivered a net debt reduction of Rs 3,418 m during the year, bringing down total net debt to Rs 9,522 m —a reduction of Rs 4,782 m post-merger.
Moving ahead, PVR Inox plans to expand revenue pools across alternate content, differentiated experiential formats, F&B, advertising and distribution.
It also plans to drive profitability through operational efficiency and cost discipline. The company is also looking to deepen consumer engagement through richer, more diverse content-led experiences.
PVR Inox aims to expand through an asset-light growth and by making selective investments.
#3 Chennai Petroleum
Chennai Petroleum Corporation, formerly known as Madras Refineries, is one of the leading energy companies in India. It became a subsidiary of Indian Oil in 2001 after the Indian government sold a stake to the company.
LPG, motor spirit, high-quality kerosene, aviation turbine fuel, high-speed diesel, naphtha, bitumen, lube base stocks, paraffin wax, fuel oil, hexane and petroleum coke are among the products that the company sells.
Net Profits/(loss) September 2025 Quarter vs September 2024 Quarter (Rs m)
| Company Name | Sept 2024 | Sept 2025 |
| Sales | 120,860 | 163,270 |
| OPM% | -6% | 7% |
| Net Profits | -6340 | 7190 |
| Source: Screener |
A notable improvement was seen in the financial results in the September 2025 quarter. In comparison to a loss after tax of Rs 6.34 bn in the same quarter last year, the net profit was Rs 7.19 bn. Better refining margins, effective operations, and cost control were the main drivers of this.
The gross refining margin (GRM) for the quarter showed a substantial improvement, rising to US$ 9.04 per barrel compared to a negative US$ 1.63 per barrel in the corresponding quarter of the previous year. Singapore GRM stood at US$ 4 per barrel in the quarter.
Over the next two to three years, Chennai Petroleum plans to open retail locations for petrol and diesel with an initial investment of about Rs 4,000 m.
In addition to growing its retail business, it’s also establishing a new grassroots refinery with integrated petrochemical capabilities at Nagapattinam. The company has partnered with Indian Oil for this.
This is part of its goal of becoming a vertically integrated energy player throughout the supply chain and provide shareholders with consistent, long-term returns.
#4 Wockhardt
Next on our list is Wockhardt.
Wockhardt is a research based global pharmaceutical and biotech company. Its new drug discovery program has focussed on unmet need of anti-bacterial drugs that are effective against the menace of untreatable superbugs.
Wockhardt is the only company in the world where USFDA has given QIDP Status (Qualified Infectious Disease Product) for 6 of its anti-bacterial discovery programmes.
Net Profits/(loss) September 2025 Quarter vs September 2024 Quarter (Rs m)
| Company Name | Sept 2024 | Sept 2025 |
| Sales | 8090 | 7820 |
| OPM% | 14 | 23 |
| Net Profits | -160 | 820 |
| Source: Screener |
Wockhardt reported a net profit of Rs 820 m for Q2 FY26 against losses of Rs 160 m YoY.
In September 2025 the company has made submission of New Drug Application (NDA) to the US Food and Drug Administration (USFDA) for its novel antibacterial agent.
The NDA seeks approval for the treatment of complicated urinary tract infections. In US and EU, more than 8 m such cases are reported every year.
This milestone marks the first-ever NDA submission to the USFDA for a drug, fully discovered and developed by an Indian pharmaceutical company.
Wockhardt sees significant scale up and advancing its leadership in the biotech diabetes segment on the back of new partnerships in the emerging markets and India, entry into new markets like Russia and Malaysia as the company offers affordable Insulin globally.
Looking ahead, the upcoming launch of insulin analog in the coming quarters represents a significant business opportunity for the company.
#5 India Cements
Next on our list is India Cements.
India Cements is a subsidiary of UltraTech Cement. UltraTech is the cement flagship company of the Aditya Birla Group and is the largest manufacturer of grey cement and ready mix concrete (RMC) and one of the largest manufacturers of white cement in India. India Cements was acquired by UltraTech in late 2024.
India Cements did well on the financial front in Q2 FY26. The company achieved a net profit of Rs 88.1 m against losses in Q1 FY26. It also saw domestic sales volume of 2.44 m tonnes showing a growth of 11.9% sequentially.
Net Profits/(loss) September 2025 Quarter vs September 2024 Quarter (Rs m)
| Company Name | Sept 2024 | Sept 2025 |
| Sales | 10,210 | 11,170 |
| OPM% | 15.93% | 7.26% |
| Net Profits | -3387 | 88.1 |
| Source: Screener |
Moving ahead, India Cements is undergoing an expansion. The board of the company recently approved an expansion by 2.8 m tonnes with a cost outlay of Rs 4,400 m. This apart, the board of the company also approved a capex of Rs 15.74 bn.
Should You Consider Turnaround Stocks?
Turnarounds usually involve structural changes such as new management, debt restructuring, operational improvements, or strategic shifts aimed at returning the company to profitability.
Considering turnaround stocks can be beneficial for investors who seek contrarian opportunities and are willing to take higher risks over a longer time frame, but these investments require thorough research, patience, and close monitoring to manage associated risks effectively.
Investors should evaluate the company’s fundamentals, corporate governance, and valuations of the stock as key factors when conducting due diligence before making investment decisions.
Happy investing.
Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here…
The website managers, its employee(s), and contributors/writers/authors of articles have or may have an outstanding buy or sell position or holding in the securities, options on securities or other related investments of issuers and/or companies discussed therein. The content of the articles and the interpretation of data are solely the personal views of the contributors/ writers/authors. Investors must make their own investment decisions based on their specific objectives, resources and only after consulting such independent advisors as may be necessary.
