April 2026 - Page 3 of 5

WAAREERTL – Waaree Renewable Technologies – Q4 FY26 Earnings Call – 17-Apr-26

Waaree’s topline growth is order-book-dependent, with FY27 revenue hinging on 36 GWp pipeline conversions, while bottomline resilience relies on 15%+ EBITDA discipline and IPP/O&M recurring revenue streams; margins face cyclical pressure if competitive bidding intensifies or module costs surge.

1–2 minutes

Also see: WAAREERTL – Waaree Renewable Technologies – Q4 FY26 Financial Results – 16-Apr-26

3-Scenario Framework

📊 Base Case (50% Probability)

Key Variables: Order conversion rate ~30% for domestic pipeline, BESS tenders materialize in H2 FY27, module cost increases passed through.
Outcome: Revenue grows 15–20% YoY in FY27, driven by 2.8 GWp execution + 1–1.5 GWp new orders. EBITDA margins stabilize at 18–19%; OCF turns positive as IPP assets ramp. Valuation supported by order book visibility and IPP recurring revenue.

ATUL – Atul Ltd – Q4 FY26 Financial Results – 24-Apr-26

Atul Ltd’s FY26 saw 40% PAT growth, margin gains, and tripled OCF on a debt‑free balance sheet. Life Science Chemicals EBIT at 23.1% and rising corpus signal durability. Risks: capex slowdown, MSME exposure, reliance on investment gains. FY27 hinges on capex revival.

1–2 minutes

🔍 Observations

Topline

Revenue from operations grew 12.4% YoY (₹5,583 Cr → ₹6,274 Cr in FY26), with Q4FY26 accelerating to 15.1% YoY (₹1,452 Cr → ₹1,670 Cr) — momentum is building into year-end.
Performance & Other Chemicals dominates at 73.5% of FY26 segment revenue (₹4,609 Cr), growing 13.6% YoY; Life Science Chemicals contributed ₹1,805 Cr (+6.7% YoY) — both segments in sustained expansion.
Q4FY26 inter-segment revenue fell to ₹52 Cr from ₹64 Cr in Q4FY25, indicating less internal cross-charging and cleaner external revenue quality.

Bottomline

PAT attributable to owners surged 40.1% YoY (₹484 Cr → ₹678 Cr in FY26); Q4FY26 PAT jumped 66.2% YoY (₹127 Cr → ₹210 Cr) — the most decisive quarterly beat of the year.
Basic EPS expanded from ₹164.37 to ₹230.25 (+40.1% YoY), with no dilution — all earnings growth is owner-accruing.
A deferred tax charge of ₹39.6 Cr in FY26 (vs. ₹35.5 Cr in FY25) signals continued capex-linked timing differences; despite this, effective tax rate declined to 23.4% from 27.9%, partly aided by ₹14.2 Cr prior-year tax write-back in Q4.

Margins

EBITDA (PBT + Finance costs + D&A, ex-other income): FY26 = ₹900.5 − ₹202.9 + ₹17.4 + ₹322.1 = ₹1,037.1 Cr on revenue of ₹6,273.5 Cr → EBITDA margin of 16.5% vs. FY25: (₹692.5 − ₹109 + ₹24 + ₹316.8) = ₹924.3 Cr / ₹5,583.4 Cr = 16.6% — broadly stable.
Net profit margin (PAT attributable / Revenue): FY26 = ₹677.9 / ₹6,273.5 = 10.8% vs. FY25 = ₹483.9 / ₹5,583.4 = 8.7% — 210 bps expansion, a material quality improvement.
Power & fuel costs declined as a share of revenue (FY26: 10.3% vs. FY25: 11.7%), while material costs held at 51.9% — input efficiency is improving on the energy side.

Growth Trajectory

Revenue CAGR implied over FY25–FY26 is 12.4%; at Q4FY26 run-rate (₹1,670 Cr/quarter × 4 = ~₹6,680 Cr annualised), FY27 growth is tracking above trend.
Segment EBIT margin for Life Science Chemicals: FY26 = ₹417 Cr / ₹1,805 Cr = 23.1% vs. FY25 = ₹347 Cr / ₹1,692 Cr = 20.5% — 260 bps expansion; Performance Chemicals: 9.0% vs. 8.5% — incremental but consistent.
Other income nearly doubled YoY (₹109 Cr → ₹203 Cr), partly from investment gains (₹77 Cr FVTPL gains), suggesting the investment corpus is growing as a structural earnings contributor.

SHRIRAMFIN – Shriram Finance – Q4 FY26 Financial Results – 24-Apr-26

Shriram Finance’s FY26 delivered 21% PAT growth, a 41% Q4 surge, and stronger deposits. Liquidity buffers fell 63% and derivative outflows weigh near term, but solvency intact. Earnings expansion hinges on AUM compounding and credit cost efficiency; risks are borrowing cost spikes or asset quality stress in CV/SME.

1–2 minutes

🔍 Observations

Topline

Interest income scaled 15.8% YoY to ₹46,658 Cr in FY26 (from ₹40,308 Cr), reflecting robust AUM expansion as the loan book grew ~15.1% YoY to ₹2,82,452 Cr.
Fee and commission income contracted 27.6% YoY (₹682 Cr → ₹494 Cr), partially offset by higher other operating income (+22.5% YoY); total revenue from operations rose 15.1% YoY to ₹48,133 Cr.
Q4FY26 interest income of ₹12,094 Cr grew 12.1% YoY and 2.1% QoQ, confirming steady sequential momentum with no quarterly deceleration.

Bottomline

Reported PAT from continuing operations grew 6.3% YoY to ₹10,005 Cr; stripping FY25’s exceptional gain of ₹1,554 Cr, normalized PAT growth is a stronger ~21% YoY — a cleaner read on operating leverage.
Q4FY26 PAT of ₹3,015 Cr surged 40.9% YoY (vs. ₹2,139 Cr in Q4FY25) and 19.4% QoQ, the sharpest quarterly earnings print in the visible period.
Basic EPS from continuing operations rose to ₹53.29 in FY26 from ₹50.19 in FY25 (+6.2% reported; ~21% normalized), with dilution negligible given marginal ESOP issuance.

Margins

Finance costs as a share of total income expanded to 44.7% in FY26 (from 44.1% in FY25), reflecting rising cost of funds pressure even as the loan book grows.
Net profit margin (PAT/Total Income, continuing ops) came in at 20.8% for FY26 vs. 22.5% in FY25 on a reported basis; on a normalized basis (ex-exceptional), FY25 base PAT margin was ~18.5%, indicating genuine margin expansion of ~230 bps.
Impairment charges as a share of total income remained stable at ~11.1% in FY26 (₹5,339 Cr / ₹48,133 Cr) vs. 12.7% in FY25 — improving credit cost efficiency on a growing book.

Growth Trajectory

AUM CAGR implied over FY25–26 at ~15%, with deposit-funded growth accelerating: deposits grew 23.9% YoY (₹56,086 Cr → ₹69,480 Cr), signaling a deliberate liability mix shift toward stickier retail funding.
Operating profit (PBT before exceptional) compounded from ₹10,949 Cr to ₹13,300 Cr (+21.5% YoY), demonstrating durable earnings power independent of one-off gains.
Q4FY26 PBT of ₹3,917 Cr vs. ₹2,772 Cr in Q4FY25 (+41.3% YoY) signals an accelerating exit run rate, a positive leading indicator for FY27.

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.

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.