1–2 minutes
🔍 Observations
Topline
- Revenue from operations surged 19.9% YoY (₹1,529,130M → ₹1,833,160M), with product sales as the primary engine at 20.2% growth.
- Q4 FY26 posted ₹524,625M — a 28.2% jump vs Q4 FY25 (₹409,201M), the strongest quarterly print of the year.
- Services and other operating revenues grew 9.6% and 25.8% YoY respectively — modest but consistent diversification.
Bottomline
- Full-year net profit held nearly flat at ₹146,795M vs ₹145,002M (+1.2% YoY) despite 19.9% revenue growth — a stark compression story.
- Q4 FY26 PAT (₹36,590M) declined 6.4% vs Q4 FY25 (₹39,111M), continuing the quarterly softening trend.
- Tax rate normalized sharply: effective rate rose to 23.2% in FY26 vs 26.1% in FY25 — deferred tax reversal in FY25 (₹12,369M) inflated last year’s base; current year deferred tax was only ₹1,192M outflow.
Margins
- EBITDA (PBT + D&A + Finance costs − Other income): FY26 = ₹191,185 + ₹67,417 + ₹2,387 − ₹43,572 = ₹217,417M; FY25 = ₹196,200 + ₹56,082 + ₹1,942 − ₹50,222 = ₹204,002M. EBITDA margin: FY26 = 11.86% vs FY25 = 13.34% on revenue from operations — 148 bps compression.
- Net profit margin contracted from 9.48% (FY25) to 8.01% (FY26) — driven by cost of materials consumed growing 27.9% vs revenue growth of 19.9%.
- Other income fell 13.2% YoY (₹50,222M → ₹43,572M), removing a tailwind that cushioned FY25 profits.
Growth Trajectory
- Revenue CAGR trajectory is healthy, but profit growth has decoupled — topline scaling without proportional bottomline flow-through signals rising cost intensity.
- Employee costs surged 28.8% YoY (₹70,260M → ₹90,497M), well ahead of revenue growth, suggesting workforce expansion ahead of productivity gains.
- Depreciation rose 20.2% YoY (₹56,082M → ₹67,417M), reflecting active capex cycle; near-term earnings will remain under amortisation pressure.