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ChartAlert® is a Microsoft® Windows® compatible Real-Time-Enabled and End-of-Day Technical Analysis Advisory, Charting and Scanning Desktop Software that complements your trading and investing needs.

ChartAlert features three seamless modules.

1. The Charting module includes Charting and Masks.

2. The Reporting module includes Basic Advisory Content and Market Reports.

3. The Scanning module includes Basic Scanner, Advanced Scanner, RS Matrix & Trend Matrix, Trading Systems Builder and the Backtester.

SIEMENS – Siemens Ltd – Q4 FY26 Financial Results – 26-May-26

Siemens India exits transition as a focused industrial play in Smart Infrastructure and Mobility. Risks: Digital Industries margin rebuild and WC bleed. Re‑rating hinges on margin inflection and FCF turning positive; until then, stock earns quality premium but lacks momentum catalyst.

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🔍 Observations

Topline

Q4FY26 revenue at ₹46,175 Mn — highest quarterly run-rate in the 18-month period, up 14.6% QoQ vs Q3FY26 (₹38,307 Mn) and 14.6% YoY vs Q4FY25 (₹40,292 Mn)
Annualising the 18-month revenue (₹246,456 Mn ÷ 1.5) implies a ~₹164,304 Mn annual run-rate, up ~8.5% vs FY24’s ₹151,457 Mn — moderate organic growth after stripping period distortion
Smart Infrastructure dominates at 56% of segment revenue (18M: ₹140,397 Mn); Digital Industries weakest performer, losing share to the other two segments

Bottomline

Continuing operations PAT for 18M: ₹22,834 Mn vs FY24’s ₹19,619 Mn — annualised ~₹15,223 Mn/year implies ~22% step-down vs FY24 on an annualised basis, largely due to Energy demerger loss of contribution
Q4FY26 continuing PAT: ₹3,552 Mn vs Q4FY25: ₹3,929 Mn — 9.6% YoY decline despite higher revenue, flagging cost pressure or mix shift
Exceptional item (₹743 Mn labour code charge in Q3FY26) and demerger-related expenses (₹1,092 Mn over 18M) are one-time drags; clean recurring earnings modestly better than reported

Margins

Segment EBIT margin (18M): ₹25,183 Mn on ₹251,681 Mn segment revenue = 10.0% vs FY24’s ₹17,968 Mn on ₹153,737 Mn = 11.7% — 170 bps deterioration
Digital Industries EBIT collapsed: ₹3,042 Mn on ₹58,722 Mn (18M) = 5.2% vs ₹4,830 Mn on ₹40,961 Mn in FY24 = 11.8% — a 660 bps crash, the single biggest margin drag
Q4FY26 EBIT margin recovery visible: segment EBIT ₹3,753 Mn on ₹46,630 Mn = 8.1% vs Q3FY26’s ₹3,533 Mn on ₹38,859 Mn = 9.1% — volume leverage not fully flowing to margins yet

Growth Trajectory

Mobility is the strongest growth segment: 18M revenue ₹49,778 Mn vs FY24’s ₹29,161 Mn — annualised ~₹33,185 Mn, ~13.8% growth; EBIT margin held at ~6.9% (18M) vs 7.1% (FY24)
Smart Infrastructure growing steadily: annualised ~₹93,598 Mn vs FY24’s ₹82,579 Mn — ~13.3% YoY, with EBIT margin improvement to 13.1% (18M) from 13.2% (FY24) — broadly stable
Digital Industries revenue grew in absolute terms but profitability collapsed — a volume-without-margin expansion that needs structural explanation before investors can reward it

BBOX – Black Box Ltd – Q4 FY26 Financial Results – 26-May-26

Black Box’s FY26 shows modest growth, stronger balance sheet, and improving pre‑exceptional profitability, but trade receivables nearly tripled. Margin re‑rating hinges on Technology Product Solutions turning accretive and exceptional charges easing. With negligible FCF and finance costs consuming two‑thirds of PBT, revenue acceleration and WC discipline are critical.

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🔍 Observations

Topline

Revenue from operations grew 6% YoY (₹5,966 Cr → ₹6,322 Cr), driven primarily by System Integration (+5% YoY, ₹5,069 Cr → ₹5,326 Cr), which contributed 84% of FY26 revenue.
Q4FY26 revenue of ₹1,691 Cr was the strongest quarter, up 9.5% YoY vs Q4FY25 (₹1,545 Cr), signaling a second-half acceleration.
Technology Product Solutions grew 11% YoY (₹764 Cr → ₹847 Cr), a positive inflection despite persistent segment-level losses.

Bottomline

Reported PAT grew 6.2% YoY (₹205 Cr → ₹218 Cr), but effective tax rate spiked to 9% in FY26 vs 3.7% in FY25 due to prior-year deferred tax tailwinds; pre-tax profit grew a stronger 13% (₹212 Cr → ₹239 Cr).
Exceptional items consumed ₹62.85 Cr in FY26 (vs ₹65.69 Cr in FY25) — recurring in nature, structurally suppressing reported earnings by ~₹63 Cr annually.
Basic EPS grew modestly from ₹12.16 → ₹12.78, partially diluted by fresh equity issuance under share warrants.

Margins

Segment EBIT margin (Total segment results / Revenue): FY26 = 440.38 / 6,321.85 = 6.97% vs FY25 = 424.16 / 5,966.91 = 7.11% — marginal compression despite absolute EBIT growth.
Net profit margin held flat at ~3.4% (₹217.52 / ₹6,321.85 in FY26 vs ₹204.78 / ₹5,965.91 in FY25).
Finance costs rose 9% YoY (₹145 Cr → ₹158 Cr), consuming a rising share of operating profit and capping margin expansion.

Growth Trajectory

Two-year revenue run-rate is low-single-digit organic growth; the business is scaling but not re-rating — no step-change inflection visible in FY26.
Technology Product Solutions segment moved from ₹(32.72) Cr EBIT loss in FY25 to ₹(15.84) Cr in FY26 — loss halved, trajectory improving but not yet accretive.
Others segment EBIT grew from ₹15.20 Cr → ₹22.09 Cr (+45% YoY), smallest but fastest-improving contributor.

GVT&D – GE Vernova T&D India – Q4 FY26 Earnings Call – 19-May-26

GVT&D/ GE Vernova T&D India’s topline growth (15–25% CAGR) hinges on HVDC/export execution; margins (mid-20s) depend on legacy roll-off and localization; cash flows remain robust but sensitive to project phasing.

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Also see: GVT&D – GE Vernova T&D India – Q4 FY26 Financial Results – 18-May-26

3-Scenario Framework

📊 Base Case (60% Probability)

Key Variables: HVDC execution on track (FY29+), domestic T&D capex sustained (INR 70–80B/year), export growth (15–20% CAGR).
Outlook: Revenue grows 15–20% CAGR (FY26–28) with mid-20s EBITDA margins, supported by backlog conversion (INR 214.6B) and capex-driven capacity. Dividend stability (INR 10/share) likely.

KEC – KEC International – Q4 FY26 Earnings Call – 18-May-26

KEC International’s topline growth (12–15%) is underpinned by T&D and Civil, but margins (3.6% PBT, 2.6% PAT) and cash flows hinge on West Asia stabilization, steel pass-throughs, and labor normalization.

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Also see: KEC – KEC International – Q4 FY26 Financial Results – 16-May-26

3-Scenario Framework

📊 Base Case (50% Probability)

West Asia partial normalization by Q2 FY27; INR200–250 cr Q4 revenue spillover recovered. Steel prices oscillate at INR3,000–4,000/tonne, with 50% pass-through success. Civil grows 30%, T&D order intake at INR17,000–18,000 cr, and margins flat to +20bps. EPS growth: 10–12%.

HINDALCO – Hindalco Industries – Q4 FY26 Earnings Call – 22-May-26

HINDALCO’s topline leveraged to aluminum/copper prices and premiums; bottomline sensitive to exceptional items (Oswego, TC/RCs) and cost inflation; margins hinge on operational efficiencies (Novelis cost cuts, captive coal) and regional premiums.

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Also see: HINDALCO – Hindalco Industries – Q4 FY26 Financial Results – 22-May-26

3-Scenario Framework

📊 Base Case (50% Probability)

Aluminum market rebalances in H2 CY26 as European/West Asia restarts and Indonesia ramp-ups offset disruptions. LME averages $2,800–3,000/ton, Midwest premiums normalize to $300–350/ton, and sulfuric acid prices correct in H2 FY27. Bay Minette ramp-up proceeds as planned, captive coal contributes modestly in FY28, and cost inflation stabilizes at ~3–5%. Consolidated EBITDA grows 8–10% in FY27, with net debt-to-EBITDA ~1.9x.

GRASIM – Grasim Industries – Q4 FY26 Earnings Call – 20-May-26

GRASIM’s topline growth hinges on paints/B2B scale-up and macro stability; bottomline/margins depend on raw material cost pass-through and operating leverage in new businesses.

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Also see: GRASIM – Grasim Industries – Q4 FY26 Financial Results – 20-May-26

3-Scenario Framework

📊 Base Case (50% Probability)

Global raw material prices stabilize by H2 FY27; price hikes stick (2–6% + Q1 FY27 increases). Paints market share gains continue (90bps+ QoQ), throughput improves with dealer maturation. B2B e-commerce hits EBITDA break-even by FY27 end. Revenue: INR 1,90,000–2,00,000 crore (FY27), EBITDA margins expand via scale and cost levers.

POWERGRID – Power Grid Corporation – Q4 FY26 Earnings Call – 18-May-26

Power Grid Corporation’s topline growth is structurally robust (₹15 lakh crore+ opportunity), but bottomline and margins hinge on execution pace (CapEx → capitalization conversion) and cost mitigation (RoW, supply chain, IRR protection).

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Also see: POWERGRID – Power Grid Corporation – Q4 FY26 Financial Results – 15-May-26

3-Scenario Framework

📊 Base Case (60% Probability)

CapEx sustains at ₹40,000–45,000 crore/year (FY27–FY29) with ₹30,000–35,000 crore capitalization, driven by TBCB pipeline execution (₹1.1 lakh crore bidding) and HVDC rollouts (2–3/year). RoW and supply chain bottlenecks ease via market rate mechanisms and OEM expansions. PAT grows 8–10% CAGR (FY26–FY29) on capitalization tailwinds; margins stable (~25% EBITDA) as cost inflation offset by change-in-law claims. ESG leadership and global PPPs add 5–10% to valuation premium.

POWERINDIA – Hitachi Energy India – Q4 FY26 Financial Results – 25-May-26

Hitachi Energy India’s FY26 delivered 810 bps EBITDA margin expansion on scaling revenue, record ₹29,555 Cr backlog, and debt‑free balance sheet — a structural re‑rating story. Risks: WC intensity from receivables/inventory, geopolitical input costs, and execution on ballooning portfolio. Margin inflection with backlog momentum anchors compounding thesis.

1–2 minutes

🔍 Observations

Topline

Revenue from operations grew 27.6% YoY (₹6,384.9 Cr → ₹8,147.7 Cr), driven by strong execution across grid, data centre, and export orders.
Q4FY26 revenue of ₹2,754 Cr surged 46.2% YoY vs Q4FY25’s ₹1,883.7 Cr — indicating an accelerating exit run-rate.
Order backlog of ₹29,555 Cr (3.6x FY26 revenue) provides multi-year revenue visibility.

Bottomline

PAT jumped 157.2% YoY (₹384 Cr → ₹987.8 Cr); excluding the ₹54.2 Cr exceptional Labour Codes charge, underlying PBT growth is even sharper at 178% (₹516.4 Cr → ₹1,375.2 Cr).
Q4FY26 PAT of ₹330.5 Cr grew 79.7% YoY vs Q4FY25’s ₹183.9 Cr — bottomline acceleration is outpacing topline.
EPS nearly tripled YoY: ₹90.4 → ₹221.6 (basic), on an unchanged share count of 4.46 Cr shares.

Margins

EBITDA (PBT before exceptional + D&A + Finance costs): FY26 = ₹1,375.2 + ₹104.3 + ₹12.8 = ₹1,492.3 Cr; EBITDA margin = 18.3% vs FY25’s (₹516.4 + ₹91.4 + ₹45.2) / ₹6,384.9 = 10.2%. A 810 bps expansion.
Net profit margin: 12.1% in FY26 vs 6.0% in FY25 — a 610 bps improvement, confirming operating leverage is kicking in at scale.
Other income of ₹239.9 Cr (vs ₹57.2 Cr prior year) — largely interest income on the large cash pile — contributed meaningfully; strip this out and core operating margin improvement is still substantial.

Growth Trajectory

Revenue CAGR implied over one year is 27.6%; with Q4 alone clocking ₹2,754 Cr, annualised exit rate is ~₹11,000 Cr — suggesting FY27 consensus could see significant upgrades.
Order intake of ₹18,456.5 Cr in FY26 is 2.3x FY26 revenue — book-to-bill well above 2x, sustaining the growth flywheel.
Exports at 36.8% of Q4 order intake and geographic diversification (US, Europe, APAC) reduce India-concentration risk.

TECHNOE – Techno Electric & Engineering Company – Q4 FY26 Financial Results – 25-May-26

Techno Electric’s FY26 delivered strong topline scaling but margin compression and negative OCF reflect mid‑cycle project execution. Near‑debt‑free balance sheet and ₹22,500 Mn liquidity cushion mitigate stress. Re‑rating hinges on margin inflection — collections, billing cycles, and EBITDA recovery toward 21–22% as projects near completion.

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🔍 Observations

Topline

Revenue surged 43.3% YoY (₹22,687 Mn → ₹32,516 Mn), reflecting strong EPC order execution acceleration in H2FY26.
Q4FY26 revenue of ₹10,100 Mn grew 23.8% YoY and 15.8% QoQ — execution velocity clearly stepped up into year-end.
Other income declined to ₹1,495 Mn from ₹1,600 Mn as the investment portfolio was partially liquidated to fund working capital.

Bottomline

PAT from continuing operations rose 18.7% YoY (₹3,781 Mn → ₹4,487 Mn), but lagged revenue growth significantly — a margin compression story.
EPS grew only 9.5% YoY (₹37.19 → ₹40.74 on total operations), dampened by the absence of discontinued-ops contribution in FY26 vs FY25.
Q4FY26 PAT of ₹1,145 Mn fell 14.9% YoY vs Q4FY25’s ₹1,346 Mn — lower base quarter profitability despite higher revenues.

Margins

EBITDA margin contracted ~320 bps YoY: 22.0% (FY25) → 18.8% (FY26), as materials cost scaled faster than revenue.
PAT margin (continuing ops) compressed from 16.7% to 13.8% — cost of materials consumed rose to 78.7% of revenue vs 76.8% in FY25.
Finance costs jumped 82.9% (₹105 Mn → ₹193 Mn) as short-term borrowings were deployed to bridge working capital gaps.

Growth Trajectory

Revenue CAGR is strong, but profit growth is decelerating — PAT grew 18.7% on a 43.3% revenue base, signalling margin dilution risk if mix or pricing doesn’t improve.
Discontinued operations contributed ₹282 Mn in FY26 vs ₹448 Mn in FY25 — a structurally fading tailwind.
Order execution is clearly scaling; the question is whether margin recovery follows as projects mature.

RVNL – Rail Vikas Nigam – Q4 FY26 Financial Results – 25-May-26

RVNL’s FY26 shows earnings quality deterioration — topline flat, PAT down a third, and receivables surge turning cash‑generative EPC into cash consumer. Core railway pipeline intact, but re‑rating hinges on FY27 receivables recovery and margin inflection; until OCF turns positive, stock trades on order book narrative.

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🔍 Observations

Topline

Revenue from operations grew a modest 2.5% YoY (₹19,923 Cr → ₹20,412 Cr), signalling execution pace rather than order-book constraints
Q4FY26 revenue of ₹6,696 Cr was the strongest quarter of the year, up 4.2% vs Q4FY25 — typical year-end project billings spike
Other income fell sharply 22.5% YoY (₹1,000 Cr → ₹775 Cr), dragging total income growth below operating revenue growth

Bottomline

Net profit collapsed 31.9% YoY (₹1,278 Cr → ₹871 Cr); EPS fell from ₹6.13 to ₹4.20
Q4FY26 PAT of ₹182 Cr was the weakest quarter — 60% below Q4FY25’s ₹455 Cr — a severe sequential and YoY deterioration
Tax rate improved marginally (22.4% vs 22.4% prior year), ruling out tax as the driver; the damage is entirely operational

Margins

Operating expense ratio (expense of operations / revenue from operations): FY26 = 92.8% vs FY25 = 92.5% — minimal worsening but leaves thin headroom
PBT margin compressed sharply: 5.8% in FY26 vs 8.3% in FY25 (₹1,181 Cr on ₹20,412 Cr revenue vs ₹1,646 Cr on ₹19,923 Cr)
Finance costs declined 23.1% YoY (₹545 Cr → ₹419 Cr) — the one material positive in the cost structure

Growth Trajectory

Revenue CAGR is decelerating; 2.5% topline growth on a government-capex-driven EPC business points to execution or award-conversion bottlenecks
Other income, which contributed ~5% of FY25 PBT, is structurally shrinking as cash balances are deployed or paid out as dividends
JV/associate profit share held flat at ~₹92–94 Cr — no meaningful delta from the equity investment portfolio