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Discover the signals that matter. At Recursive Gains, we break down businesses from first principles, track red flags, and compound clarity — not confusion.

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Q3 2026 · IDX · Oct 28, 2026

BBCA Margin Pressure Eased, and a Multi-Quarter Stock Slide Finally Broke

BCA's 9M 2026 net profit attributable to owners grew 4.2% year-over-year to Rp45.2 trillion, but the growth was almost entirely a third-quarter story: standalone profit, flat year-over-year in Q2, jumped 9.0% in Q3 as bank-only net interest margin recovered to 5.6% from Q2's 5.3%, even as loan growth (12.6% YoY) kept outpacing deposits (8.0% YoY) and pushed the loan-to-deposit ratio to a fresh high of 79.8%. The stock rose 9.5% quarter-over-quarter to Rp6,075, even as a widening set of tax disputes and a shifting mix inside the restructured loan book both surfaced as fresh footnote-level concerns.

Q3 2026 · NASDAQ · Oct 28, 2026

HOOD Revenue Hit a Record. Why Did the Tax Bill Nearly Double?

Robinhood's Q3 2026 total net revenues hit a record $1,424 million, but net income attributable to Robinhood fell 16% year-over-year to $468 million - the first such decline in any of the company's individually-reported quarters (Q1, Q2 or Q3) since it returned to quarterly profitability in 2023. The arithmetic in its own income statement shows why: pretax income was essentially flat (-1%), but the provision for income taxes jumped 91%, nearly doubling the effective tax rate from 12.3% to 23.8%, and the press release offers no explanation for it.

Q3 2026 · NASDAQ · Oct 28, 2026

SOFI Capital Ratio Fell to 17%, a Third Straight Drop Inside a Record Quarter

SoFi's Q3 2026 set records on revenue ($1.4B, +44% YoY), net income ($241M, +73%) and Adjusted EBITDA ($470M, +70%), and raised full-year guidance - but its capital ratio fell to 17.0%, a third straight quarterly decline. Warehouse debt, once floated as a one-quarter choice, grew again on both the personal- and student-loan side; the stock fell 12% anyway, and the release's continues-to-expect framing hides a raise to net-income and EPS guidance the deck reveals.

Q3 2026 · NSE · Oct 27, 2026

PAYTM A 971% Profit Jump That's Almost Entirely Last Year's Write-Down

One 97 Communications' quarter ended September 30, 2026 (Q2 FY2027) delivered revenue of Rs. 2,648 crore (+28% YoY) and EBITDA of Rs. 270 crore (+90% YoY), both clean of one-offs, but a headline 971% jump in reported net profit to Rs. 225 crore is almost entirely the absence of last year's Rs. 190 crore gaming-joint-venture write-down — profit measured the same way both years rose about 9%. The stock is up 47% over the same quarter on developments that predate this release, and a long-tracked GST dispute at that same joint venture resurfaced after quarter-end with a Rs. 704 crore demand.

Q3 2026 · NSE · Oct 26, 2026

SWIGGY The Losses Grew Again, Right After Hitting a Margin Target

Swiggy's Q2 FY27 (quarter ended September 30, 2026) net loss widened to Rs. 922 crore, the first sequential increase in five quarters, right after management's pivot from margin discipline to growth sent Instamart's contribution margin back to -1.0% of GOV. Food Delivery still posted a record Rs. 341 crore Adjusted EBITDA on Rs. 349 crore segment profit, and the stock rose 4.5% over the quarter to Rs. 250.10 even as the headline loss widened.

Q3 2026 · NSE · Oct 20, 2026

ICICIBANK Loan Growth Is 24%, Not 30%: Dollar Deposits Explain the Gap, Margin Slips

ICICI Bank's 30.0% loan growth is 24.1%, and its 27.1% deposit growth is 17.0%, once the bank's own figures leave out FCNR(B) dollar deposits and the loans against them. The net interest margin fell to 4.18% from 4.36% last quarter and 4.30% a year earlier, which management ties to the overseas branches' share of assets and a rise in retail term deposits.

Q2 2026 · IDX · Oct 16, 2026

ANTM Is a 34% Profit Jump Real When Operating Cash Flow Is Negative?

ANTAM's H1 2026 net profit rose 34.4% to Rp6,913 billion, yet operating cash flow was negative Rp752 billion while gold and silver inventory more than doubled to Rp12,154 billion. Nickel produced 57% of the three segments' operating profit in H1 2026 on 17% of revenue, against 21% in H2 2025, and in the June quarter precious-metals profit halved from March while nickel rose 47%.

Q3 2026 · NSE · Oct 16, 2026

GROWW The Quarter a New SEBI Rule Broke a Five-Quarter Winning Streak

Groww's Q2 FY27 PAT fell 1.4% quarter-over-quarter - the first sequential decline across the five quarters it has disclosed numbers for - after SEBI's new Closing Auction System cut into Equity Derivatives revenue and a fresh half-year balance sheet showed cash and equivalents down 77% as the company poured capital into its loan books. The State Street-Groww AMC deal finally closed in full, leaving Groww with its first-ever non-controlling interest and a standalone gain the consolidated P&L doesn't show.

Q3 2026 · NSE · Oct 16, 2026

JIOFIN Bank of America Just Priced a Subsidiary at Double the Parent's Own Multiple

In the same quarter Jio Financial's Lending segment overtook Investing as the bigger business by revenue for the first time, Bank of America's NB Holdings agreed to pay roughly 2.5x book value for up to 49.9% of Jio Credit - more than double the ~1.1x book the consolidated group itself trades at. Consolidated profit fell both year-on-year and quarter-on-quarter on the same dividend-timing pattern flagged for a year now, while Jio Credit's capital adequacy ratio nearly halved in two quarters as the loan book keeps scaling on debt.