April 24, 2026 - ChartAlert®

ADANIGREEN – Adani Green Energy – Q4 FY26 Financial Results – 24-Apr-26

Adani Green’s FY26 shows capacity build‑out with OCF support, but equity story hinges on tariff‑debt spread narrowing. Flat PAT masks progress: capacity growth, easing NCI dilution, rising equity share. Risks: DISCOM receivables, ₹98,000+ Cr debt refinancing, CWIP conversion. PAT margin inflection likely FY28–29 as capex moderates.

1–2 minutes

🔍 Observations

Topline

Core power supply revenue grew 22% YoY (₹9,495 Cr → ₹11,602 Cr), reflecting new capacity additions coming online.
Equipment/goods sales fell 53% YoY (₹1,552 Cr → ₹724 Cr) as fewer EPC-type pass-through contracts were executed; total revenue still rose 11% (₹12,422 Cr → ₹13,819 Cr).
Q4 FY26 was seasonally the strongest quarter (₹3,727 Cr vs ₹2,837 Cr in Q3), driven by higher solar irradiation and wind output.

Bottomline

Consolidated PAT flat at ₹1,987 Cr vs ₹2,001 Cr — topline growth fully absorbed by rising finance costs (₹5,492 Cr → ₹6,484 Cr, +18%) and depreciation (₹2,498 Cr → ₹3,372 Cr, +35%).
PAT attributable to equity holders grew 17% (₹1,495 Cr → ₹1,753 Cr at TCI level), with NCI share declining — a structurally positive shift for listed shareholders.
EPS improved to ₹9.65 from ₹8.37 despite a marginally larger share count (1,647 Cr vs 1,584 Cr shares), signalling earnings accretion from equity raised.

Margins

Operating profit before working capital (from cash flow): ₹10,912 Cr on total income of ₹13,819 Cr → implied operating cash margin ~79%, up from ~73% (₹9,046 Cr / ₹12,422 Cr) — reflecting high operating leverage of renewable assets.
Finance costs consume ~47% of operating cash profit (₹6,484 Cr / ₹10,912 Cr), leaving thin residual for equity holders after debt service.
Net profit margin: 14.4% (₹1,987 Cr / ₹13,819 Cr), roughly unchanged from 16.1% in FY25 — debt burden is the primary margin suppressor.

Growth Trajectory

Power generation segment revenue grew 26% YoY (₹9,679 Cr → ₹12,227 Cr), outpacing total revenue growth — core business is accelerating as the equipment pass-through segment shrinks.
Capex of ~₹26,097 Cr in FY26 vs ₹24,776 Cr in FY25 confirms unrelenting capacity build-out; PPE grew from ₹76,218 Cr → ₹97,070 Cr (+27%) and CWIP from ₹14,479 Cr → ₹19,016 Cr, signalling strong near-term visibility.
Operating cash flows grew 13% (₹8,957 Cr → ₹10,135 Cr), tracking asset base expansion — a healthy sign that deployed capacity is generating proportionate cash.

LODHA – Lodha Developers – Formerly Macrotech – Q4 FY26 Financial Results – 24-Apr-26

Lodha sustains 20%+ PAT growth with EPS/margin recovery, but OCF down 38.7%, receivables doubled, borrowings surged 205%. Rising liabilities—likely customer advances—signal delivery obligations. OCF recovery and receivables normalization in H1FY27 are critical before assigning premium to earnings trajectory.

1–2 minutes

🔍 Observations

Topline

Revenue from Operations grew 21.0% YoY (₹1,37,795M → ₹1,66,762M in FY26), sustaining double-digit growth as pre-sales momentum converts to recognised revenue.
Q4FY26 revenue of ₹47,135M grew 11.6% YoY and 0.9% QoQ — sequential flattening signals near-term recognition pacing, not demand weakness.
Other Income declined 18.6% QoQ in Q4 (₹1,960M → ₹1,270M), dragging total income growth marginally below operating revenue growth.

Bottomline

PAT grew 23.9% YoY (₹27,666M → ₹34,307M), outpacing revenue growth — a positive operating leverage signal.
Q4FY26 PAT of ₹10,081M grew 9.3% YoY and 5.3% QoQ, maintaining sequential profit momentum through the year.
Basic EPS expanded from ₹27.76 to ₹34.34 (+23.7% YoY), with minimal dilution confirming equity-efficient earnings compounding.

Margins

FY26 Operating Margin contracted 214bps YoY (36.03% → 33.89%), as Cost of Projects (₹97,964M) and Other Expenses (₹13,002M, +30.2% YoY) outpaced revenue growth.
Net Profit Margin improved 52bps YoY (19.52% → 20.04%), aided by a positive deferred tax swing of ₹527M vs. a ₹834M drag in FY25.
Q4FY26 operating margin recovered to 34.97% from Q3’s 31.97%, suggesting project mix improvement in the seasonally stronger quarter.

Growth Trajectory

FY26 PAT CAGR (implied two-year) and single-year 23.9% growth reinforce a compounding profit curve well above nominal GDP.
Net Worth grew 15.7% YoY (₹1,98,102M → ₹2,29,141M), providing an expanding equity base for project leverage.
Inventory of ₹4,02,538M grew 10.4% YoY, indicating active project pipeline build — manageable if pre-sales coverage remains robust.

RELIANCE – Reliance Industries – Q4 FY26 Financial Results – 24-Apr-26

Reliance FY26 shows Digital/Retail scaling into quality earnings, O2C margin headwinds, FCF nearly doubled, leverage steady at 0.41x. Yet opacity in Other Liabilities, slower receivables, and rising finance costs warrant scrutiny before the next energy‑linked capex cycle intensifies.

2–3 minutes

🔍 Observations

Topline

Revenue from Operations crossed ₹10.75L Cr in FY26 (+9.7% YoY vs ₹9.80L Cr), with Q4FY26 posting the strongest quarterly revenue at ₹2.99L Cr — a sequential surge of +10.8% driven by an O2C volume spike and Retail expansion.
Digital Services (Jio) and Retail together contributed ~51% of gross segment revenue in FY26, signalling a structural pivot away from O2C dominance toward consumer-facing businesses.
O2C remains the largest segment at ₹6.62L Cr (FY26), but its revenue share in gross segment revenue slipped to ~50% from ~53% in FY25, reflecting faster growth in Retail (+12.1%) and Digital (+14.3%).

Bottomline

Consolidated PAT (post-associates) grew 17.8% YoY to ₹95,754 Cr in FY26; attributable net profit to owners expanded 16.0% YoY to ₹80,775 Cr, validating earnings accretion at the parent level.
Q4FY26 PAT at ₹20,589 Cr came in weaker both QoQ (−7.6% vs ₹22,290 Cr in Q3FY26) and YoY (−8.9% vs ₹22,611 Cr in Q4FY25), largely due to a deferred tax charge spike (₹5,735 Cr vs ₹3,763 Cr in Q4FY25) that compressed reported profits disproportionately.
Basic EPS for FY26 stood at ₹59.69 vs ₹51.47 in FY25 — a 16% expansion — confirming earnings dilution has been well-managed despite increased NCI profit share.

Margins

FY26 operating margin (per reported ratio) contracted to 10.3% vs 10.5% in FY25; Q4FY26 margin compressed sharply to 9.0% vs 10.7% in Q3FY26, flagging quarterly cost pressure — particularly in O2C where EBITDA fell to ₹14,520 Cr from ₹16,507 Cr QoQ.
Digital Services EBITDA margin is structurally superior: segment EBITDA of ₹76,560 Cr on revenue of ₹1,76,164 Cr implies ~43.5% EBITDA margin in FY26 vs ~42.2% in FY25 — the only segment with material YoY margin expansion.
Net Profit Margin (FY26) improved to 8.1% from 7.6% in FY25 despite operating margin compression, aided by elevated Other Income (₹28,962 Cr vs ₹17,978 Cr YoY — partially dividend income of ₹9,100 Cr).

Growth Trajectory

Total Segment EBITDA grew 11.0% YoY to ₹1,94,047 Cr in FY26, with Digital (+17.8%) and Retail (+7.7%) outpacing O2C (+10.1%), supporting a durable multi-engine earnings architecture.
FY26 Revenue CAGR implied over FY25 base: +9.7%; PAT CAGR: +18.4% — PAT growing nearly 2x the revenue pace signals operating leverage and cost discipline at the group level.
Oil & Gas segment revenue declined 5.4% YoY (₹23,861 Cr vs ₹25,211 Cr) and EBITDA fell 10.1% — a structural drag as KG-D6 production matures without visible near-term volume catalyst.

RELIANCE – Reliance Industries – Q4 FY26 Earnings Presentation – 24-Apr-26

Topline resilience (consumer businesses offsetting O2C cyclicality) and margin divergence (Jio/Retail expanding, O2C compressed) hinge on ME conflict resolution and domestic demand sustainability; PAT growth and cash flows are leveraged to energy volatility and FX movements, with structural strengths in ethane cracking and 5G providing partial offsets.

1–2 minutes

Also see: RELIANCE – Reliance Industries – Q4 FY26 Financial Results – 24-Apr-26

3-Scenario Framework

📊 Base Case (50% Probability)

Key Variables: ME conflict de-escalates (crude $80–100/bbl), SAED phased out, Rupee stabilizes at ₹85/$, and 5G monetization tracks plan.
Outcome: O2C EBITDA grows 5–8% on normalized fuel cracks; Retail/FMCG scales with 10–12% revenue growth. Jio sustains 15–18% EBITDA growth. Consolidated PAT grows 10–12%, net debt/EBITDA at 0.6–0.7x. Capex focused on consumer businesses (Jio, Retail) and ethane pipeline expansion.