April 23, 2026 - ChartAlert®

UNIONBANK – Union Bank of India – Q4 FY26 Financial Results – 23-Apr-26

Union Bank’s FY26 PAT up 7.8% on provisions, while PPOP fell 8%, signalling NPA gains are spent. Strong capital (CAR 18.78%, CET‑1 16.39%) and retail mix help, but FY27 hinges on NIM defence, cost control, and deposit mobilisation. Watch credit‑deposit ratio and PPOP trends.

1–2 minutes

🔍 Observations

Topline

Interest earned flat YoY at ₹1,06,799 Cr (FY26) vs ₹1,06,600 Cr (FY25), masking a shift: advances interest rose ₹841 Cr while investment income fell ₹758 Cr — credit mix improving at the margin.
Other income essentially flat at ₹21,601 Cr (FY26) vs ₹21,562 Cr (FY25); Q4FY26 dipped QoQ from ₹5,183 Cr to ₹5,999 Cr, suggesting lumpy fee/treasury contributions.
Total income held at ₹1,28,400 Cr (FY26) vs ₹1,28,162 Cr (FY25) — the topline ceiling is a structural concern for a bank of this size.

Bottomline

Net profit rose 7.8% YoY to ₹19,430 Cr (FY26) vs ₹18,027 Cr (FY25), driven almost entirely by a ₹3,347 Cr collapse in NPA provisions (₹2,327 Cr vs ₹7,426 Cr).
Q4FY26 PAT of ₹5,504 Cr beat Q4FY25’s ₹5,011 Cr by 9.8%, aided by lower provisions and a sharp jump in associate profit share (₹170 Cr vs ₹10 Cr).
Tax expenses virtually unchanged YoY (₹5,504 Cr vs ₹5,503 Cr) despite higher PBT — effective tax rate compressed to 22.7% (FY26) from 23.5% (FY25).

Margins

Net profit margin expanded to 15.1% (FY26) from 14.1% (FY25); Q4FY26 at 16.8% is the best quarterly print, validating improving provision coverage.
Operating margin contracted to 22.4% (FY26) from 24.4% (FY25) — operating expenses grew 7.7% YoY (₹30,206 Cr vs ₹28,044 Cr) while total income stagnated; cost pressure is real.
PPOP (operating profit) declined 8% YoY to ₹28,716 Cr (FY26) from ₹31,202 Cr (FY25) — the bank’s pre-provision earnings power is weakening.

Growth Trajectory

Advances grew 10.5% YoY to ₹10,57,188 Cr vs ₹9,56,728 Cr — healthy, though the ₹1,02,786 Cr incremental deployment absorbed significant liquidity.
Retail banking segment revenue grew 5.5% YoY to ₹47,574 Cr; corporate/wholesale revenue fell 3.6% to ₹44,379 Cr — mix shift toward retail is deliberate and margin-accretive over time.
EPS grew 7.8% YoY to ₹25.45 (FY26) vs ₹23.62 (FY25) — modest, given no equity dilution and a significant provision tailwind; organic earnings growth is softer.

TATACAP – Tata Capital – Q4 FY26 Financial Results – 23-Apr-26

Tata Capital’s FY26 marks inflection with 33.8% PAT growth, 15.4% margins, and 20.8% loan CAGR. ₹8,583 Cr equity raise de‑leverages balance sheet. Risks: negative OCF, reserve compression, credit cost trajectory. Long‑term profitability in financing segment compelling; near‑term liquidity and investment volatility warrant caution.

1–2 minutes

🔍 Observations

Topline

Total income grew 11.3% YoY (₹28,370 Cr → ₹31,583 Cr in FY26), led by interest income rising 11.4% (₹25,724 Cr → ₹28,652 Cr) — financing activity remains the dominant growth engine at 97.5% of net segment revenue.
Q4FY26 total income hit ₹8,162 Cr, up 8.7% QoQ and 8.7% YoY — sequential momentum is steady and broad-based.
Fee & commission income declined 4.4% YoY (₹1,774 Cr → ₹1,696 Cr), a rare soft spot in an otherwise strong topline; rental income surged 63.4% YoY (₹272 Cr → ₹445 Cr) as a partially offsetting non-core contributor.

Bottomline

PAT nearly doubled over two years: FY26 PAT ₹4,891 Cr vs FY25 ₹3,655 Cr, a 33.8% YoY jump — Q4FY26 alone delivered ₹1,466 Cr, up 46.7% YoY (₹1,000 Cr → ₹1,466 Cr).
Basic EPS expanded from ₹9.32 in FY25 to ₹11.76 in FY26 (+26.2% YoY), reflecting earnings accretion despite equity dilution from the FY26 capital raise.
Impairment on financial instruments remained elevated at ₹3,023 Cr in FY26 (vs ₹2,827 Cr in FY25, +6.9% YoY), capping bottom-line upside even as operating leverage kicked in.

Margins

Net profit margin expanded sharply: 12.94% in FY25 → 15.36% in FY26 (+242 bps); Q4FY26 margin hit 18.41% — highest in the reported periods, pointing to structural improvement in cost absorption.
Finance costs as a % of total income: 53.0% in FY25 vs 50.6% in FY26 — modest but meaningful compression signals improving funding efficiency.
Operating leverage visible: total expenses grew 6.5% YoY (₹23,449 Cr → ₹24,981 Cr) against 11.3% income growth — expense growth running at roughly half the revenue growth rate.

Growth Trajectory

Loan book expanded 20.8% YoY (₹2,21,950 Cr → ₹2,68,203 Cr), sustaining the platform for forward interest income growth.
Financing segment EBIT grew 34.7% YoY (₹4,751 Cr → ₹6,402 Cr), confirming that core business profitability — not treasury or investment gains — is driving the upgrade cycle.
Net worth surged 38.8% YoY (₹32,443 Cr → ₹44,824 Cr), primarily via the ₹8,583 Cr equity raise in FY26 — significantly strengthening the capital base for the next growth phase.

LTM (formerly LTIMindtree) – Q4 FY26 Financial Results – 23-Apr-26

LTIMindtree exits FY26 with record Q4 revenue and margin recovery, yet cost overruns outpace topline. BFSI compression and TMC stagnation weigh near term. Strong FCF and fortress balance sheet support compounder status, but FY27 re‑rating hinges on cost rationalisation and BFSI momentum.

1–2 minutes

🔍 Observations

Topline

Revenue from operations hit ₹1,12,917 mn in Q4FY26, up 15.6% YoY (vs ₹97,717 mn in Q4FY25) and 4.7% QoQ — the strongest sequential print in FY26, signalling accelerating demand recovery.
Full-year FY26 revenue of ₹4,23,076 mn grew 11.3% YoY (vs ₹3,80,081 mn in FY25), with the growth rate weighted toward H2, suggesting deal ramp-ups gained momentum through the year.
Manufacturing & Resources (₹85,478 mn, +18.5% YoY) and Consumer Business (₹64,875 mn, +19.2% YoY) emerged as the fastest-growing verticals, offsetting slower growth in BFSI and TMC.

Bottomline

Q4FY26 PAT of ₹13,873 mn grew 22.9% YoY (vs ₹11,286 mn), with the sequential jump from ₹9,596 mn in Q3FY26 distorted by Q3’s exceptional Labour Code charge of ₹5,903 mn; underlying PAT progression is cleaner on EBIT.
FY26 PAT of ₹49,827 mn grew 8.3% YoY (vs ₹46,020 mn), a deceleration from topline growth — driven by a 6.8% rise in employee costs and a 22.9% spike in other expenses compressing flow-through.
Diluted EPS expanded from ₹155.00 in FY25 to ₹169.13 in FY26 (+9.1% YoY), providing modest but consistent earnings-per-share accretion on a stable share count.

Margins

Q4FY26 EBIT margin (segment EBIT ÷ revenue): ₹19,730 ÷ ₹1,12,917 = 17.5%, up from 16.3% in Q4FY25 (₹15,962 ÷ ₹97,717) — a meaningful 120 bps YoY recovery.
FY26 EBIT margin: ₹75,552 ÷ ₹4,23,076 = 17.9%, broadly flat vs FY25 at 17.1% (₹64,949 ÷ ₹3,80,081) — sub-contracting costs (+22.9% YoY to ₹32,369 mn) and other expenses (+22.8% YoY to ₹52,286 mn) remain structural headwinds.
Net profit margin for FY26: ₹49,827 ÷ ₹4,23,076 = 11.8%, down from 12.1% in FY25 — cost inflation is outpacing operating leverage, limiting margin expansion.

Growth Trajectory

Sequential revenue acceleration (Q2→Q3→Q4 FY26) confirms demand recovery is broadening across verticals — not concentrated in a single segment.
BFSI, the largest segment (35.2% of FY26 revenue), grew only 8.5% YoY — a relative drag; recovery here is essential for the next leg of overall growth.
Healthcare & Public Services grew 14.9% YoY in revenue but delivered flat EBIT (₹3,303 mn vs ₹3,362 mn in FY25) — scale yet to translate into profitability.

INFY – Infosys Ltd – Q4 FY26 Financial Results – 23-Apr-26

Infosys’ FY26 shows revenue acceleration, 10.2% PAT growth (15%+ ex‑exceptional), and strong FCF funding ₹36,711 Cr returns. FY27 hinges on receivable build, margin pressure in Energy/Life Sciences, and OCF conversion amid large deal ramp‑ups. Re‑rating depends on Hi‑Tech/Life Sciences inflection and DSO normalization.

1–2 minutes

🔍 Observations

Topline

Q4FY26 revenue at ₹46,402 Cr grew 13.4% YoY (vs ₹40,925 Cr) and 2.0% QoQ — strongest quarterly print in recent history, validating demand recovery across verticals.
FY26 full-year revenue reached ₹1,78,650 Cr, up 9.6% YoY (vs ₹1,62,990 Cr) — re-acceleration after a subdued FY25, signalling durable deal ramp-up.
Financial Services (₹49,908 Cr, +10.5% YoY) and Manufacturing (₹29,078 Cr, +15.4% YoY) led segment growth; Communication added ₹2,657 Cr YoY (+13.9%), emerging as a high-momentum vertical.

Bottomline

Q4FY26 PAT at ₹8,509 Cr grew 20.9% YoY (vs ₹7,038 Cr) — sharpest quarterly earnings jump in the dataset, driven by operating leverage and lower effective tax.
FY26 PAT at ₹29,474 Cr rose 10.2% YoY (vs ₹26,750 Cr); excluding Q3FY26 Labour Code exceptional charge of ₹1,289 Cr, normalised PAT growth is closer to 15%.
Basic EPS expanded to ₹71.58 for FY26 vs ₹64.50 in FY25 (+11.0% YoY), further boosted by buyback-driven share count reduction.

Margins

Q4FY26 EBIT margin (segment profit before unallocables): Total segment profit ₹11,167 Cr on revenue ₹46,402 Cr = 24.1%, up from 24.1% in Q4FY25 — stable despite wage pressures.
FY26 PBT margin: ₹39,995 Cr on total income ₹1,82,972 Cr = 21.9% vs ₹37,608/₹1,66,590 = 22.6% in FY25 — marginal compression partly due to the Labour Code charge; on a pre-exceptional basis, PBT of ₹41,284 Cr = 22.6%, flat YoY.
Employee cost as % of revenue: FY26 = 53.2% (₹95,094/₹1,78,650) vs FY25 = 52.7% — modest creep, offset by sub-contractor optimisation (cost of technical sub-contractors as % of revenue held at 8.6%).

Growth Trajectory

Revenue CAGR implied over FY25→FY26 at 9.6% marks an acceleration vs prior muted cycles; Q4 exit rate of ₹46,402 Cr annualises to ~₹1,85,608 Cr, implying ~3.9% organic growth runway into FY27.
FY26 EPS growth of 11.0% outpaced revenue growth of 9.6% — confirms operating leverage is intact and capital return (buyback) is accretive to per-share metrics.
Hi-Tech segment (₹13,928 Cr, +6.4% YoY) and Life Sciences (₹12,267 Cr, +3.7% YoY) remain structural laggards; recovery here would expand the growth ceiling meaningfully.