April 2026 - Page 2 of 5

ETERNAL – Formerly Zomato – Q4 FY26 Financial Results – 28-Apr-26

Eternal’s FY26 hinges on Blinkit’s EBIT turnaround and food delivery’s compounding floor, but negative FCF, rising leases, Going Out’s 10x loss, and outsized ESOP costs constrain profitability. Long‑term investors may find Blinkit compelling, yet unit economics and dark store paybacks matter more than suppressed consolidated PAT.

1–2 minutes

🔍 Observations

Topline

Consolidated revenue surged to ₹54,364 Cr in FY26 from ₹20,243 Cr in FY25 (+168.6%), almost entirely driven by Blinkit scaling from ₹5,206 Cr to ₹37,779 Cr — lifting its revenue share from 25.7% to 69.5% of group total.
Q4FY26 revenue hit ₹17,292 Cr (+196.5% YoY vs ₹5,833 Cr), with Blinkit alone contributing ₹13,232 Cr (76.5% of quarterly revenue).
Food delivery grew steadily — ₹10,159 Cr in FY26 vs ₹8,080 Cr in FY25 (+25.7%), a solid but modest secondary engine.

Bottomline

PAT fell to ₹366 Cr in FY26 from ₹527 Cr in FY25 (-30.6%), despite 2.7x revenue growth — cost absorption from Blinkit’s rapid scale-up overwhelmed operating leverage.
Q4FY26 PAT improved to ₹174 Cr vs ₹39 Cr in Q4FY25, with sequential momentum (Q3FY26: ₹102 Cr) signalling quarterly recovery.
Total comprehensive income turned negative at -₹166 Cr in FY26 vs +₹655 Cr in FY25, reflecting mark-to-market losses on investments and currency effects below the PAT line.

Margins

EBITDA margin compressed to 4.8% in FY26 from 8.5% in FY25 (EBITDA: ₹2,604 Cr vs ₹1,714 Cr), as delivery and stock-in-trade costs scaled faster than revenue. (Verification: FY26 EBITDA = PBT ₹615 + D&A ₹1,597 + Finance costs ₹392 = ₹2,604 Cr; margin = ₹2,604/₹54,364 = 4.79% ✓)
PAT margin contracted sharply to 0.7% in FY26 from 2.6% in FY25 — Blinkit’s unit economics, while improving, dilute consolidated profitability at scale.
Q4FY26 EBITDA margin of 4.8% (₹828 Cr on ₹17,292 Cr) holds flat sequentially, suggesting stabilisation. (Verification: Q4FY26 EBITDA = PBT ₹228 + D&A ₹468 + Finance ₹132 = ₹828 Cr ✓)

Growth Trajectory

Blinkit’s EBIT swung from -₹21 Cr in FY25 to +₹430 Cr in FY26 — a structural profitability inflection for the fastest-growing segment.
Hyperpure turned EBIT-positive at ₹16 Cr in FY26 vs -₹43 Cr in FY25, validating the B2B supply chain thesis.
Going Out and residual segments remain loss-making (combined EBIT: -₹498 Cr in FY26), suggesting early-stage bets that require continued investment before contributing to profitability.

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.

LODHA – Lodha Developers – Formerly Macrotech – Q4 FY26 Investor Presentation – 24-Apr-26

LODHA’s topline has a credible 15–20% CAGR runway supported by launch pipeline and geographic expansion, but bottomline at 20% PAT margin is structurally capped unless land sales normalize and RentCo turns FCF-positive, while margins face a structural labor cost headwind that management’s general contractor model partially but not fully offsets.

1–2 minutes

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

3-Scenario Framework

📊 Base Case (50% Probability)

Pre-sales compound at ~17% YoY to INR 240bn in FY27, embedded EBITDA margins hold at 32–34%, labour cost inflation remains below 8% annually, collections close the gap with pre-sales by FY28 as projects complete, and RentCo annuity income scales to INR 8–10bn by FY29.

Net D/E stays below 0.35x. FY31 PAT of INR 70–80bn is achievable, implying ~15–17% CAGR — slightly below the 20% guidance. Key variable: pre-sales velocity and collection conversion rate.

AXISBANK – Axis Bank – Q4 FY26 Financial Results – 25-Apr-26

Axis Bank’s core engine holds with NII growth and digital scale, but FY26 PAT fell on heavy provisions (₹3,572 Cr vs ₹1,550 Cr). Aggressive 18.6% loan growth via borrowings risks NIMs and capital; FY27 hinges on deposit mobilisation, PBT trajectory, and provision normalization.

1–2 minutes

🔍 Observations

Topline

Total income grew 4.0% YoY (₹1,55,917 Cr → ₹1,62,212 Cr); interest earned up 4.1% (₹1,27,374 Cr → ₹1,32,538 Cr), led by advances income (+3.0%) and investment income (+10.4%).
Other income slipped 2.4% YoY in Q4 (₹7,506 Cr → ₹6,972 Cr), dragging quarterly topline despite sequential NII stability.
Retail Banking remains the dominant revenue engine at ₹1,49,402 Cr (62% of gross segment revenue); Digital Banking sub-segment surged 15.5% YoY (₹34,320 Cr → ₹39,656 Cr).

Bottomline

Consolidated net profit fell 6.0% YoY (₹28,055 Cr → ₹26,385 Cr), driven by a 66.8% spike in provisions (₹8,166 Cr → ₹13,617 Cr), not operational weakness.
Q4 FY26 net profit of ₹7,603 Cr grew 1.7% YoY (vs. ₹7,475 Cr), recovering sequentially from Q3’s ₹7,011 Cr — signals stabilization.
A negative tax charge of ₹(385 Cr) in Q4 FY26 (vs. ₹2,405 Cr in Q4 FY25) inflated quarterly PAT; normalized earnings are lower.

Margins

Net Interest Margin proxy: NII (Interest Earned − Interest Expended) = ₹58,463 Cr in FY26 vs. ₹56,338 Cr in FY25, up 3.8% YoY — modest spread compression signals cost-of-funds pressure.
Operating profit margin (Operating Profit / Total Income): FY26 = 28.3% vs. FY25 = 28.8% — marginal deterioration; cost growth (opex +5.6% YoY) slightly outpaced income growth.
PBT margin compressed sharply: FY26 = 19.9% vs. FY25 = 23.6%, entirely attributable to the surge in provisions.

Growth Trajectory

Advances grew 18.6% YoY (₹10,81,229 Cr → ₹12,82,392 Cr); deposits grew 13.9% YoY (₹11,70,921 Cr → ₹13,33,791 Cr) — loan growth outpacing deposit accretion raises funding mix questions.
Digital Banking profit nearly doubled YoY (₹2,198 Cr → ₹4,255 Cr), now contributing 44% of Retail segment profit — a structural positive for cost efficiency.
Treasury and Corporate Banking profits fell sharply YoY (Treasury: −29.6%; Corporate: −8.0%), reflecting higher credit costs and MTM losses rather than revenue erosion.

TATAELXSI – Tata Elxsi – Q4 FY26 Earnings Call – 21-Apr-26

Tata Elxsi’s FY27 hinges on 8–9% growth from Transportation and Healthcare, with Media volatility. PBT margin expansion to 27% depends on utilization, fixed‑price delivery, and AI productivity; 100–150 bps risk from currency/salary cycles. Offshore leverage supports 24–26% EBITDA, but GenAI scalability remains unproven.

1–2 minutes

Also see: TATAELXSI – Tata Elxsi – Q4 FY26 Financial Results – 21-Apr-26

3-Scenario Framework

📊 Base Case (50% Probability)

Key Variables: Healthcare deals close in Q1; Transportation grows high single-digit; Media & Comms stabilizes.
Outcome: Revenue grows 8–9%, led by Transportation (10–12%) and Healthcare recovery (5–7%). EBITDA margins expand to 25–26% on utilization gains and AI efficiencies. New verticals contribute <5% of revenue. Implication: In-line with guidance; margin trajectory supports valuation rerating.

HCLTECH – HCL Technologies – Q4 FY26 Earnings Call – 21-Apr-26

Topline growth hinges on AI-native service scaling and client spend recovery, while margins face structural pressure from AI deflation and cyclical headwinds; capital discipline and acquisitions remain key levers for offsetting organic softness.

1–2 minutes

Also see: HCLTECH – HCL Technologies – Q4 FY26 Financial Results – 21-Apr-26

3-Scenario Framework

📊 Base Case (50% Probability)

AI deflation stabilizes at 3–5%, and discretionary spend recovers modestly in H2 FY27. Client-specific headwinds persist but do not worsen. AI-native services grow 25% YoY, offsetting legacy declines. Acquisitions close in H2, contributing incrementally. Revenue growth: 2–3%; EBIT margins: 17.5–18.0%.

ICICIBANK – ICICI Bank – Q4 FY26 Earnings Call – 18-Apr-26

Topline resilience (14-16% loan growth) hinges on deposit mobilization and macro stability, while bottomline (7-9% PAT growth) faces asymmetric risks from credit costs and NIM compression; margins likely range-bound unless opex discipline sharpens.

1–2 minutes

Also see: ICICIBANK – ICICI Bank – Q4 FY26 Financial Results – 18-Apr-26

3-Scenario Framework

📊 Base Case (50% Probability)

Key Variables: Conflict de-escalates, deposit growth recovers to 13%, credit costs stabilize at 50 bps.

Topline: 14-16% loan growth (retail/corporate balance).
Bottomline: PAT grows 7-9% (dividend yield ~1.5%).
Margins: NIM range-bound (4.2-4.4%); cost-income ratio improves to 42%.

HDFCBANK – HDFC Bank – Q4 FY26 Earnings Call – 18-Apr-26

Topline resilience hinges on retail/SME execution and corporate cyclicality; bottomline stability requires NIM defense via deposit granularity and cost offsets, with ROA leveraged to tech scalability and cross-sell penetration.

1–2 minutes

Also see: HDFCBANK – HDFC Bank – Q4 FY26 Financial Results – 18-Apr-26

3-Scenario Framework

📊 Base Case (50% Probability)

Rate pause extends; corporate demand moderates to 12–14% growth. Outcome: Retail acceleration (mortgages, SME) offsets corporate slowdown; NIM stabilizes (±5bps). ROA: 1.9–2.0%; EPS growth 8–10%.