ChartAlert®

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This featured post is about ChartAlert, a Real-Time-Enabled and End-of-Day Technical Analysis Advisory, Charting and Scanning Desktop Software

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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.

DIVISLAB – Divi’s Laboratories – Q4 FY26 Financial Results – 23-May-26

Divi’s FY26 delivered topline growth with rare margin expansion in APIs, funded capex doubling via accruals on debt‑free balance sheet. Risks: ₹718 Cr inventory build — demand vs procurement clarity due H1FY27. Strong OCF, accelerating exit rate, and expanding margins keep structural case intact despite FCF compression.

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🔍 Observations

Topline

Revenue from operations grew 12.8% YoY (₹9,360 Cr → ₹10,560 Cr), with Q4FY26 at ₹2,831 Cr — the strongest quarter of FY26, up 9.5% over Q4FY25’s ₹2,585 Cr.
Sequential revenue momentum held: Q2→Q3→Q4 progression of ₹2,604 Cr → ₹2,604 Cr → ₹2,831 Cr signals an accelerating exit rate into FY27.
Other income jumped 44% YoY (₹352 Cr → ₹507 Cr), driven by interest on FDs; operationally irrelevant but flatters total income.

Bottomline

Net profit grew 17.2% YoY (₹2,191 Cr → ₹2,568 Cr), outpacing revenue — positive operating leverage at work.
Q4FY26 PAT of ₹751 Cr was the highest quarterly print, up 13.4% over Q4FY25’s ₹662 Cr; sequential jump from ₹583 Cr reflects Q3’s one-time labour code charge of ₹74 Cr normalising out.
Basic EPS expanded from ₹82.53 to ₹96.75 — a 17.2% YoY improvement on an unchanged share count.

Margins

EBITDA (PBT ex-other income + depreciation + finance costs): FY26 = ₹3,462 – ₹507 + ₹463 + ₹23 = ₹3,441 Cr on revenue of ₹10,560 Cr → EBITDA margin 32.6% vs FY25: ₹2,916 – ₹352 + ₹402 + ₹2 = ₹2,968 Cr on ₹9,360 Cr → 31.7%. ~90 bps expansion YoY.
Net profit margin (PAT/Revenue from ops): FY26 = 2,568/10,560 = 24.3% vs FY25 = 2,191/9,360 = 23.4%. ~90 bps improvement.
Employee costs grew 16% YoY (₹1,243 Cr → ₹1,442 Cr) and material costs grew 14.6% (₹3,821 Cr → ₹4,378 Cr net of inventory change: ₹3,821–96 = ₹3,725 Cr FY25 vs ₹4,378–285 = ₹4,093 Cr FY26, +9.9%) — cost discipline preserved margin expansion.

Growth Trajectory

Revenue CAGR trajectory: 12.8% in FY26; combined with margin expansion, the earnings growth of 17.2% YoY demonstrates operating leverage materialising at scale.
CWIP nearly doubled (₹1,022 Cr → ₹2,113 Cr) and capex was ₹2,520 Cr in FY26 vs ₹1,438 Cr in FY25 — a 75% capex step-up signals management’s confidence in sustaining double-digit volume growth.
Total equity grew from ₹14,969 Cr to ₹16,761 Cr, entirely through retained earnings; the asset base expanded from ₹16,932 Cr to ₹20,033 Cr — 18.3% in one year.

PAGEIND – Page Industries – Q4 FY26 Financial Results – 21-May-26

Page Industries’ FY26 shows structurally sound balance sheet and premium franchise, but traded‑goods mix compresses margins and inventory build in sub‑7% growth year clouds demand visibility. Q4’s 14.1% revenue growth offers re‑rating path if FY27 sustains momentum and inventory normalises into cash flow.

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🔍 Observations

Topline

FY26 revenue grew 6.3% YoY (₹4,93,491L → ₹5,24,678L), modest for a premium innerwear franchise but directionally intact.
Q4FY26 revenue jumped 14.1% YoY (₹1,09,807L → ₹1,25,260L), signalling a strong close to the year.
Traded goods purchases surged 56% YoY (₹73,771L → ₹1,15,161L), indicating a significant mix shift toward outsourced/traded inventory.

Bottomline

FY26 net profit grew 4.8% YoY (₹72,914L → ₹76,382L), lagging revenue growth — cost pressures compressed operating leverage.
Q4FY26 PAT of ₹17,873L grew 9.0% YoY (vs ₹16,401L), a cleaner quarter absent the Q3 exceptional charge.
EPS expanded from ₹653.71 to ₹684.81, a 4.8% YoY gain on flat share capital — purely earnings-driven.

Margins

FY26 EBITDA (PBT + Finance costs + D&A): ₹1,02,534L + ₹4,978L + ₹10,663L = ₹1,18,175L on revenue of ₹5,24,678L → EBITDA margin of 22.5% vs FY25: ₹97,858L + ₹4,638L + ₹9,923L = ₹1,12,419L on ₹4,93,491L → 22.8%. Marginal 30bps compression.
Net profit margin: FY26 = ₹76,382L / ₹5,24,678L = 14.6% vs FY25 = ₹72,914L / ₹4,93,491L = 14.8%. Stable but gently declining.
Employee costs rose 14.8% YoY (₹82,150L → ₹94,294L), growing materially faster than revenue — the primary margin drag.

Growth Trajectory

6.3% topline growth is below historical norms for Page Industries; the traded goods surge suggests channel/product mix changes rather than organic volume acceleration.
Q4 quarterly trend (14.1% YoY) is the strongest quarter of FY26 — momentum is improving into the new year.
Inventory build of ₹19,679L (cash flow basis) in a 6%-growth year is a caution flag on demand visibility.

BEL – Bharat Electronics – Q4 FY26 Earnings Call – 20-May-26

BEL/ Bharat Electronics’ topline resilience hinges on order execution (QRSAM/P-75I); margins remain robust (>28%) if indigenization offsets cost inflation, but cash flow conversion and working capital are key watchpoints.

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Also see: BEL – Bharat Electronics – Q4 FY26 Financial Results – 19-May-26

3-Scenario Framework

📊 Base Case (50% Probability)

QRSAM signs by Jun-2026, but P-75I slips to FY28; order inflow at ~INR 50,000 cr. EBITDA margins sustain at 28–29% (wage/semiconductor offsets indigenization gains). Revenue grows 15–16%, with cash conversion improving to 25%. Non-defense/export contribute 10–12% of revenue.

JSWSTEEL – JSW Steel – Q4 FY26 Earnings Call – 14-May-26

JSW Steel’s topline grows 10–14% CAGR (demand + capacity), bottomline leverages operating leverage + deleveraging, while margins remain resilient (18–22%) but sensitive to raw material costs and execution risks.

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Also see: JSWSTEEL – JSW Steel – Q4 FY26 Financial Results – 14-May-26

3-Scenario Framework

📊 Base Case (60% Probability)

Key Variables: Domestic demand grows 7–9% (FY27), capex execution on track, coking coal costs stabilize at +$12–15/tonne.
Outcome: Revenue CAGR ~10%, EBITDA margins sustain at 18–20%, net debt/EBITDA <2.5x. 62M tonnes capacity by FY32 supports market share gains in flat steel. JV contributions (16M tonnes) accelerate growth without overleveraging.

KPIGREEN – KPI Green Energy – Q4 FY26 Earnings Call – 12-May-26

KPIGREEN/ KPI Green Energy’s topline growth (40–50% CAGR) hinges on IPP execution and BESS scaling, while margins (33–36% EBITDA) depend on IPP-CPP mix optimization—bottomline resilience requires curtailing interest burden via phase-wise commissioning.

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Also see: KPIGREEN – KPI Green Energy – Q4 FY26 Financial Results – 6-May-26

3-Scenario Framework

📊 Base Case (50% Probability)

Key Variables: IPP additions at 1.2–1.5 GW/year, BESS margins at 15–18%, EPC order book sustains 40–50% growth.
Outcome: Revenue/PAT CAGR 40–45%, EBITDA margins stable at 33–36%, ROE recovers to 16–18% by FY28. Promoter pledge released by March’27; curtailment risks partially mitigated by green corridors.

CGPOWER – CG Power – Q4 FY26 Earnings Call – 6-May-26

CG Power’s topline growth hinges on Power Systems execution and export scaling; margins depend on commodity pass-through and semiconductor ramp-up; ROCE sustainability tied to capex efficiency and working capital management.

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Also see: CGPOWER – CG Power – Q4 FY26 Financial Results – 6-May-26

3-Scenario Framework

📊 Base Case (60% Probability)

Power Systems sustains 15–20% revenue growth (domestic + exports) with 250–300bps margin expansion via operating leverage. Transformer capacity hits 110K MVA by end-2026, supporting INR15,000+ cr order backlog execution. Semiconductor G2 facility on track (end-2026), contributing INR500–1,000 cr revenue in FY27. ROCE stabilizes at 22–24%, PAT grows 20–25% YoY.

NETWEB – Netweb Technologies – Q4 FY26 Earnings Call – 4-May-26

NETWEB/ Netweb Technologies’ topline growth hinges on AI demand and order execution, while margins depend on component pricing and scale efficiencies; cash flow resilience is tied to working capital management.

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Also see: NETWEB – Netweb Technologies – Q4 FY26 Financial Results – 2-May-26

3-Scenario Framework

📊 Base Case (50% Probability)

35%–40% revenue growth achieved via organic + strategic orders, with 13%–14% EBITDA margins. Pipeline converts at 60% over 18–24 months; cash conversion cycle stabilizes at 90–110 days. AI remains 35% of revenue, while HPC/Private Cloud grow 20%–25%. No major component supply disruptions.

MARUTI – Maruti Suzuki India – Q4 FY26 Earnings Call – 28-Apr-26

Maruti Suzuki’s topline growth hinges on capacity execution and macro stability; margins depend on commodity/FX normalization; EPS sensitivity to MTM losses and EV scaling.

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Also see: MARUTI – Maruti Suzuki India – Q4 FY26 Financial Results – 28-Apr-26

3-Scenario Framework

📊 Base Case (50% Probability)

Conflict de-escalates by H2 FY27, commodity costs normalize (+50bps tailwind). Capacity additions on track, enabling +10% volume growth. EV sales scale to 50K units with Gujarat Line 4 ramp-up. EBIT margin stabilizes at 8.5–9%, EPS grows 5–8% on INR140B capex execution.

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

Hindalco’s FY26 delivered ~10% pre‑exceptional earnings growth on 15% revenue jump, but debt rose ~56%, inventory ballooned 55%, and FCF turned negative amid capex bets. Novelis EBITDA/tonne recovery is the swing factor; FY26 is a transition year — watch Novelis margins, inventory normalization, and OCF recovery for re‑rating.

1–2 minutes

🔍 Observations

Topline

Consolidated revenue surged 15.3% YoY (₹2,38,496 Cr → ₹2,74,944 Cr), with Q4FY26 alone jumping 20.4% YoY (₹64,890 Cr → ₹78,133 Cr) — broadest quarterly run-rate in recent history.
Copper segment drove outsized topline contribution, growing 27.7% YoY (₹54,703 Cr → ₹69,838 Cr); Aluminium downstream accelerated 24.3% YoY (₹12,819 Cr → ₹15,938 Cr).
Novelis, the largest segment at 59% of revenue, grew a modest 12.3% YoY (₹1,45,068 Cr → ₹1,62,882 Cr) — volume/mix, not commodity tailwinds, likely driving it.

Bottomline

Reported PAT declined 16.3% YoY (₹16,002 Cr → ₹13,391 Cr), distorted entirely by exceptional charges of ₹6,963 Cr in FY26 vs. ₹879 Cr in FY25.
Pre-exceptional PBT grew 9.7% YoY (₹23,216 Cr → ₹25,459 Cr), confirming underlying earnings power is intact and expanding.
EPS (basic) compressed to ₹60.31 from ₹72.05 — optically weak, but exceptional-item-driven; core trajectory is positive.

Margins

Segment EBITDA expanded to ₹37,217 Cr from ₹35,162 Cr (+5.8% YoY); consolidated EBITDA (segment results + unallocable, pre-finance/D&A) at ₹38,097 Cr vs. ₹35,496 Cr (+7.3% YoY).
EBITDA margin on revenue from operations: 38,097 / 2,74,944 = 13.9% vs. 35,496 / 2,38,496 = 14.9% — 100 bps compression YoY, partly attributable to Copper’s lower-margin revenue mix growing fastest.
Aluminium upstream segment result improved to ₹18,884 Cr from ₹16,262 Cr (+16.1% YoY) — the highest-margin segment delivering the best absolute growth.

Growth Trajectory

Revenue CAGR implied over two years is healthy, but working capital consumption is accelerating disproportionately — a structural flag for FY27 free cash flow visibility.
Aluminium downstream, though small, grew 54.5% in segment results (₹633 Cr → ₹978 Cr) — early signs of downstream value-add monetisation.
Novelis segment result fell 4.6% YoY (₹15,242 Cr → ₹14,546 Cr) despite revenue growth — margin dilution at the most important subsidiary warrants monitoring.

EICHERMOT – Eicher Motors – Q4 FY26 Financial Results – 22-May-26

Eicher Motors’ FY26 delivered 24% revenue growth, ₹3,530 Cr FCF, near‑zero leverage, and VECV JV momentum. Risks: 150 bps PAT margin compression and Q4 revenue stall. Re‑rating now hinges on margin leverage from new platforms and global scale‑up; treasury earnings floor strong but RE must grow without dilution.

1–2 minutes

🔍 Observations

Topline

Revenue from operations crossed ₹23,408 Cr in FY26 vs ₹18,870 Cr in FY25 — 24.0% YoY growth, driven by Royal Enfield volume expansion and premiumisation
Q4FY26 revenue at ₹6,080 Cr vs ₹5,241 Cr in Q4FY25 — 16.0% YoY growth; sequentially flat vs Q3FY26 (₹6,114 Cr)
Other income (investment returns) rose to ₹1,487 Cr in FY26 from ₹1,305 Cr — meaningful contributor given the large treasury corpus

Bottomline

PAT grew 16.5% YoY to ₹5,515 Cr (FY26) from ₹4,734 Cr (FY25); Q4FY26 PAT at ₹1,520 Cr, up 11.6% vs Q4FY25 (₹1,362 Cr)
JV profit contribution (VECV) rose to ₹798 Cr in FY26 from ₹700 Cr — 14.0% YoY; Q4FY26 VECV share surged to ₹323 Cr vs ₹248 Cr in Q4FY25
Basic EPS expanded to ₹201.09 in FY26 from ₹172.76 in FY25 — 16.4% YoY growth

Margins

FY26 EBITDA (PBT before JV + D&A + Finance costs): ₹6,359.70 + ₹840.37 + ₹71.53 = ₹7,271.60 Cr on revenue of ₹23,408 Cr → EBITDA margin ~31.1% vs ~30.7% in FY25 (₹5,233.26 + ₹729.33 + ₹54.34 = ₹6,016.93 Cr / ₹18,870 Cr) — marginal expansion
Net profit margin (PAT / Revenue from ops): 5,515 / 23,408 = 23.6% vs 4,734 / 18,870 = 25.1% in FY25 — 150bps compression, partly from higher tax (effective rate rose from 20.2% to 22.3%)
Raw material + traded goods as % of revenue: (12,502 + 835 − 270) / 23,408 = 55.4% vs (9,953 + 507 − 164) / 18,870 = 54.8% — modest input cost inflation absorbed

Growth Trajectory

Revenue CAGR at 24% for FY26 points to strong demand; sequential flatness in Q4 warrants watching for volume plateau
PAT growth (16.5%) lagging revenue growth (24.0%) signals operating leverage not fully flowing through — cost base scaling faster than topline
VECV’s improving profit trajectory (14% YoY) adds earnings resilience via non-motorcycle diversification