New Delhi, Jan. 21 -- India Inc. may have finally found its revenue footing in the December quarter after a year of sluggish demand. However, the profit cycle appears to have flipped, driven by surging costs. Early Q3 FY26 results show the weakest profit growth in at least three years, despite the best top-line expansion in a quarter for corporate India in over a year.

A Mint analysis of 189 early results reported so far-including both financial as well as non-financial companies-shows aggregate revenue up roughly 9% year-on-year (y-o-y). However, net profits rose only 4% as total expenses jumped 14%-the sharpest increase in two years, and the first time in at least three years that expenses have grown faster than income.

Analysts diffe...