April 27, 2026 - ChartAlert®

BAJAJHFL – Bajaj Housing Finance – Q4 FY26 Financial Results – 27-Apr-26

BajajHFL compounds steadily with 18.4% PAT growth, sub‑0.3% NPAs, and clean equity. CRAR compression (22.46%) flags a capital raise risk within 12–18 months, threatening EPS unless ROE expands. Rising impairments hint at loan‑book seasoning; long‑term housing credit gap tailwinds hinge on disciplined capital adequacy navigation.

1–2 minutes

🔍 Observations

Topline

Total Revenue from Operations grew 16.7% YoY (₹9,554 → ₹11,147 Cr), anchored by Interest Income rising 17.0% (₹8,986 → ₹10,512 Cr) as the loan book expanded sharply.
Fees & commission income surged 47.7% YoY (₹201 → ₹297 Cr), signalling improving cross-sell and processing fee capture.
QoQ revenue was nearly flat (₹2,884 → ₹2,903 Cr, +0.7%), indicating sequential momentum has plateaued near-term.

Bottomline

PAT grew 18.4% YoY (₹2,163 → ₹2,560 Cr), outpacing revenue growth — a positive operating leverage signal.
Q4FY26 PAT of ₹669 Cr grew 14.1% YoY (vs. ₹587 Cr Q4FY25) and was marginally ahead of Q3FY26 (₹665 Cr), showing steady quarterly earnings.
Effective tax rate for FY26 was 22.9% (₹760 Cr tax on ₹3,320 Cr PBT), slightly elevated vs. FY25’s 21.9% — partly due to absence of prior-year tax credits (₹25 Cr benefit in FY25).

Margins

Net Profit Margin improved modestly to 22.96% in FY26 vs. 22.64% in FY25 — limited expansion despite volume growth, as Finance Costs scaled proportionally (₹5,979 → ₹6,759 Cr, +13.1%).
Impairment on financial instruments more than tripled YoY (₹58 → ₹191 Cr), creating a drag on pre-provision profitability — though absolute NPA ratios remain benign.
Cost-to-income compression is gradual: Employee + Other expenses grew 13.5% YoY (₹693 → ₹807 Cr) vs. 16.7% revenue growth — marginal operational efficiency gain.

Growth Trajectory

Loan book grew 24.3% YoY (₹99,513 → ₹1,23,745 Cr), significantly ahead of revenue growth, implying some yield compression or mix shift.
EPS grew 15.0% YoY (₹2.67 → ₹3.07), with no equity dilution in FY26 (share capital unchanged at ₹8,329 Cr) — full growth accrues to existing shareholders.
CRAR compressed sharply from 28.24% to 22.46%, a 578 bps decline YoY — rapid balance sheet expansion is consuming regulatory capital headroom.

ULTRACEMCO – UltraTech Cement – Q4 FY26 Financial Results – 27-Apr-26

UltraTech’s FY27 setup: 45% EBIT growth on 16.5% revenue proves operating leverage; ₹15,316 Cr OCF funds ₹9,678 Cr capex and ₹2,273 Cr dividends. Rising tax rate, sub‑1.0x current ratio, and MSME payables are watchpoints, but dominant positioning and disciplined leverage sustain compounder thesis.

1–2 minutes

🔍 Observations

Topline

Revenue surged 16.5% YoY (₹75,955 Cr → ₹88,512 Cr in FY26), with Q4 FY26 alone up 11.9% YoY (₹23,063 Cr → ₹25,799 Cr) — scale and pricing power both contributing.
Q4 FY26 sequential jump of 18.2% (₹21,830 Cr → ₹25,799 Cr) signals strong seasonal demand recovery and volume ramp-up post-monsoon.
Freight (₹19,169 Cr) and Power & Fuel (₹19,597 Cr) together consumed ~43.9% of FY26 revenue — logistics and energy remain the dominant cost axes.

Bottomline

Net profit grew 35.6% YoY (₹6,040 Cr → ₹8,188 Cr), outpacing revenue growth by ~19 ppts — operating leverage is clearly working.
EPS expanded from ₹205.30 to ₹277.62 (basic, FY26 vs FY25), a 35.2% jump, fully reflecting earnings accretion to equity shareholders.
Tax outflow spiked sharply — current tax more than doubled (₹828 Cr → ₹2,314 Cr), partially offset by deferred tax reduction (₹660 Cr → ₹425 Cr); effective tax rate rose meaningfully.

Margins

EBIT margin (ex-exceptional, ex-associates): FY26 = 11,081.57 / 88,511.53 = 12.5% vs FY25 = 7,636.13 / 75,955.13 = 10.1% — 240 bps expansion YoY.
Net profit margin widened from 8% (FY25) to 9% (FY26); Q4 FY26 hit 11.6% (₹3,000 Cr / ₹25,799 Cr) — indicating margin accretion accelerating in H2.
Operating margin (SEBI-disclosed) improved from 17% (FY25) to 19% (FY26); Q4 FY26 touched 22% — the quarterly high signals structural cost optimization bearing fruit.

Growth Trajectory

FY26 EBIT grew 45.1% YoY (₹7,636 Cr → ₹11,082 Cr) on 16.5% revenue growth — disproportionate profit growth confirms operating leverage inflection.
Kesoram Industries integration adds inorganic volume; FY25 saw India Cements acquisition (₹10,113 Cr cash outflow) — FY26 capex of ₹9,678 Cr sustains organic expansion simultaneously.
Debtors turnover improved marginally (14.74x → 14.66x); inventory turnover strengthened (8.38x → 9.08x) — working capital velocity is tightening, not loosening.

VBL – Varun Beverages – Q4 FY26 Financial Results – 27-Apr-26

VBL’s FY26 shows rare scale‑driven PAT outpacing revenue, with minimal leverage and strong coverage ensuring resilience. Key risk: capex‑driven D&A outstripping volumes in off‑season, exaggerating seasonality. Q1FY27 revenue is the litmus test for whether expanded capacity delivers throughput to justify the investment cycle.

1–2 minutes

🔍 Observations

Topline

Q4FY26 revenue at ₹67,215 mn grew 18.3% YoY — volume-led expansion with geographic scale absorbing a strong base effect.
Full-year revenue of ₹222,256 mn reflects diversified market penetration; Q4 alone contributed 30.2% of annual revenue, confirming heavy peak-season concentration.
QoQ surge of 55.1% (Q3→Q4) is structurally driven by pre-summer stocking; not a signal of demand acceleration.

Bottomline

Q4 PAT of ₹8,787 mn grew 20.1% YoY, outpacing revenue growth — operating leverage is working.
FY26 PAT of ₹30,620 mn with net margin of 13.8% represents healthy profitability for an FMCG-manufacturing hybrid.
Share of losses from associates/JVs (₹60 mn FY26) is marginal but watch for escalation as international bets mature.

Margins

Q4 EBITDA margin expanded to 23.3% from 22.7% YoY — a 60 bps improvement driven by stable raw material intensity (material costs flat at ~47% of revenue).
FY26 EBITDA margin at 24.3% is meaningfully stronger than Q4 standalone, indicating Q1–Q3 quarters carry better operating efficiency — likely mix and scale effects.
D&A jumped 30.9% YoY in Q4 (₹3,568 mn vs ₹2,725 mn), reflecting ongoing capex digestion; net margins held steady because top-line growth absorbed it.

Growth Trajectory

PAT growth (20.1%) exceeding revenue growth (18.3%) in Q4 confirms positive operating leverage at scale.
Employee costs as % of revenue crept up — Q4FY26 at 9.2% vs 9.0% in Q4FY25 — modest but worth monitoring as headcount scales with new geographies.
EPS of ₹8.98 for FY26 with a diluted share count implying ~3,382 mn shares; per-share earnings growth requires full FY25 EPS for YoY comparison, which is not available in provided data.