April 2026 - Page 4 of 5

INFY – Infosys Ltd – Q4 FY26 Financial Results – 23-Apr-26

Infosys’ FY26 shows revenue acceleration, 10.2% PAT growth (15%+ ex‑exceptional), and strong FCF funding ₹36,711 Cr returns. FY27 hinges on receivable build, margin pressure in Energy/Life Sciences, and OCF conversion amid large deal ramp‑ups. Re‑rating depends on Hi‑Tech/Life Sciences inflection and DSO normalization.

1–2 minutes

🔍 Observations

Topline

Q4FY26 revenue at ₹46,402 Cr grew 13.4% YoY (vs ₹40,925 Cr) and 2.0% QoQ — strongest quarterly print in recent history, validating demand recovery across verticals.
FY26 full-year revenue reached ₹1,78,650 Cr, up 9.6% YoY (vs ₹1,62,990 Cr) — re-acceleration after a subdued FY25, signalling durable deal ramp-up.
Financial Services (₹49,908 Cr, +10.5% YoY) and Manufacturing (₹29,078 Cr, +15.4% YoY) led segment growth; Communication added ₹2,657 Cr YoY (+13.9%), emerging as a high-momentum vertical.

Bottomline

Q4FY26 PAT at ₹8,509 Cr grew 20.9% YoY (vs ₹7,038 Cr) — sharpest quarterly earnings jump in the dataset, driven by operating leverage and lower effective tax.
FY26 PAT at ₹29,474 Cr rose 10.2% YoY (vs ₹26,750 Cr); excluding Q3FY26 Labour Code exceptional charge of ₹1,289 Cr, normalised PAT growth is closer to 15%.
Basic EPS expanded to ₹71.58 for FY26 vs ₹64.50 in FY25 (+11.0% YoY), further boosted by buyback-driven share count reduction.

Margins

Q4FY26 EBIT margin (segment profit before unallocables): Total segment profit ₹11,167 Cr on revenue ₹46,402 Cr = 24.1%, up from 24.1% in Q4FY25 — stable despite wage pressures.
FY26 PBT margin: ₹39,995 Cr on total income ₹1,82,972 Cr = 21.9% vs ₹37,608/₹1,66,590 = 22.6% in FY25 — marginal compression partly due to the Labour Code charge; on a pre-exceptional basis, PBT of ₹41,284 Cr = 22.6%, flat YoY.
Employee cost as % of revenue: FY26 = 53.2% (₹95,094/₹1,78,650) vs FY25 = 52.7% — modest creep, offset by sub-contractor optimisation (cost of technical sub-contractors as % of revenue held at 8.6%).

Growth Trajectory

Revenue CAGR implied over FY25→FY26 at 9.6% marks an acceleration vs prior muted cycles; Q4 exit rate of ₹46,402 Cr annualises to ~₹1,85,608 Cr, implying ~3.9% organic growth runway into FY27.
FY26 EPS growth of 11.0% outpaced revenue growth of 9.6% — confirms operating leverage is intact and capital return (buyback) is accretive to per-share metrics.
Hi-Tech segment (₹13,928 Cr, +6.4% YoY) and Life Sciences (₹12,267 Cr, +3.7% YoY) remain structural laggards; recovery here would expand the growth ceiling meaningfully.

TRENT – Westside, Zudio, Star – Q4 FY26 Investor Presentation – 22-Apr-26

Trent’s brand strength, Tier II/III reach, and automation efficiencies drive mid‑teens growth and 25%+ EPS CAGR. Near‑term margins face input/store maturation pressures, but ROCE resilience and disciplined capital allocation distinguish structural winners from cyclical beneficiaries.

1–2 minutes

Also see: TRENT – Westside, Zudio, Star – Q4 FY26 Financial Results – 22-Apr-26

3-Scenario Framework

📊 Base Case (50% Probability)

Key Variables: Stable consumer sentiment; successful capital raise and store maturation; input costs managed via sourcing diversity.
Outcome: Revenue growth 15–18% YoY; Op. EBITDA margins sustain at ~13–14%; ROCE remains >28%. EPS grows 20–25%, supported by store density and automation efficiencies.

TRENT – Westside, Zudio, Star – Q4 FY26 Financial Results – 22-Apr-26

Trent’s capex‑driven expansion is scaling revenue/EBITDA with positive FCF and intact gross margins. PAT softness (8.57% vs 8.96%) stems from accelerated D&A, not erosion. Risks lie in lease obligations and normalized non‑operating income, constraining EPS flow‑through. Long‑term signals: same‑store sales and EBITDA‑to‑FCF conversion.

1–2 minutes

🔍 Observations

Topline

Revenue grew 17.2% YoY (₹17,134.61 Cr → ₹20,074.21 Cr) in FY26, with Q4FY26 accelerating to 19.2% YoY (₹4,216.94 Cr → ₹5,027.99 Cr) — sustained double-digit volume-led growth rather than price-driven optionality.
Q4FY26 revenue fell 5.9% QoQ (₹5,345.06 Cr → ₹5,027.99 Cr), reflecting the structural seasonality of Q3 being the festive/peak quarter for fashion retail.
Gross margin held firm at 43.9% (FY26) vs 43.5% (FY25) — input cost discipline intact despite inflationary pressures on merchandise.

Bottomline

FY26 PAT grew 12.2% YoY (₹1,534.41 Cr → ₹1,721.33 Cr); growth lagged revenue due to a 52.1% surge in D&A (₹895.18 Cr → ₹1,361.19 Cr) from aggressive store rollouts.
Q4FY26 PAT jumped 32.6% YoY (₹311.60 Cr → ₹413.10 Cr), demonstrating strong operating leverage even in a seasonally softer quarter.
Associate income collapsed from ₹86.50 Cr (FY25) to ₹3.90 Cr (FY26), and other income halved (₹218.56 Cr → ₹114.84 Cr) — both suppressed PAT relative to underlying operating performance.

Margins

EBITDA margin expanded 146 bps YoY to 18.03% (EBITDA: ₹3,619.88 Cr vs ₹2,838.42 Cr), with Q4FY26 hitting 18.13% vs 16.33% — indicates operating leverage kicking in at scale.
EBIT margin was nearly flat at 11.25% (FY26) vs 11.34% (FY25), as D&A intensity rose from 5.2% to 6.8% of revenue — expansion capex creating a transient margin drag.
Net profit margin compressed to 8.57% from 8.96% — entirely attributable to the non-cash D&A step-up and income line normalisation, not core business deterioration.

Growth Trajectory

Revenue CAGR trajectory is consistent and accelerating at the Q4 level, confirming store count expansion is translating into durable top-line scaling.
EPS grew 11.2% YoY (₹43.51 → ₹48.37); below PAT growth rate of 12.2%, but consistent given stable share count — no dilution drag.
Total assets grew 24.5% YoY (₹9,419.64 Cr → ₹11,728.58 Cr), with PPE up 62.7% — capital-intensive expansion phase is underway and priced into near-term margins.

TECHM – Tech Mahindra – Q4 FY26 Financial Results – 22-Apr-26

Tech Mahindra’s FY26 shows 120 bps EBITDA margin expansion and 13% PAT growth, with Q4 cleanly strongest. Yet ₹12,210 Mn working capital drag and 83.8% payout strain buffers. FY27 durability hinges on DSO and OCF conversion quality sustaining the earnings recovery.

1–2 minutes

🔍 Observations

Topline

Revenue from operations hit ₹150,761 Mn in Q4FY26, up 12.6% YoY (vs ₹133,840 Mn in Q4FY25) and 4.7% QoQ — the strongest quarterly print in the disclosed period, signalling demand recovery is gaining traction.
IT segment drove ₹126,608 Mn (84% of Q4FY26 revenue); BPS contributed ₹24,153 Mn (16%) — both segments accelerated sequentially.
Full-year FY26 revenue of ₹568,154 Mn grew 7.2% YoY (vs ₹529,883 Mn in FY25), confirming a steady re-acceleration after prior-year softness.

Bottomline

Q4FY26 PAT of ₹13,564 Mn surged 18.8% YoY (vs ₹11,419 Mn) and 21.3% QoQ (vs ₹11,186 Mn) — the cleanest quarter in the set, with no exceptional items distorting the read.
FY26 PAT of ₹48,055 Mn grew 13.0% YoY (vs ₹42,530 Mn), with owner-attributable profit at ₹48,109 Mn, tightly aligned — minority drag is negligible.
Q3FY26 PAT was suppressed by a ₹2,724 Mn exceptional item; ex-exceptional, Q3 PBT would have been ₹17,775 Mn vs reported ₹15,051 Mn — Q4 momentum is therefore organic.

Margins

Q4FY26 EBITDA (PBT + Tax + Finance Costs + D&A): ₹17,906 + ₹4,342 + ₹888 + ₹4,811 = ₹27,947 Mn on revenue of ₹150,761 Mn → EBITDA margin of 18.5%, up from 14.5% in Q4FY25 (EBITDA ₹19,349 Mn / ₹133,840 Mn).
FY26 EBITDA: ₹65,731 + ₹17,676 + ₹3,374 + ₹18,816 = ₹105,597 Mn on ₹568,154 Mn revenue → 18.6% EBITDA margin, vs FY25 EBITDA of ₹92,280 Mn / ₹529,883 Mn = 17.4% — 120 bps annual expansion.
FY26 net margin: ₹48,055 / ₹568,154 = 8.5% vs FY25 ₹42,530 / ₹529,883 = 8.0% — 50 bps improvement; employee costs as % of revenue fell from 55.9% to 53.6%, the primary lever.

Growth Trajectory

Segment results grew faster than revenue: Total segment results up 16.4% YoY in FY26 (₹110,158 Mn vs ₹94,632 Mn), implying operating leverage is kicking in.
BPS segment results grew 25.7% YoY in FY26 (₹14,990 Mn vs ₹11,923 Mn) — disproportionate profit contribution from a smaller revenue base signals mix improvement.
Basic EPS expanded from ₹48.00 in FY25 to ₹54.28 in FY26, a 13.1% YoY gain — earnings quality is clean, with dilution from stock options minimal (diluted EPS ₹54.19).

NESTLEIND – Nestlé India – Q4 FY26 Fin Press Release – 21-Apr-26

Topline resilience hinges on rural/export demand and premiumization execution, while bottomline/ margins face structural reinvestment trade-offs; commodity input costs and ad spend ROI are the critical swing factors for FY27 modeling.

1–2 minutes

Also see: NESTLEIND – Nestlé India – Q4 FY26 Financial Results – 21-Apr-26

3-Scenario Framework

📊 Base Case (50% Probability)

Key variables: Rural/urban demand stable, commodity costs inline (+5–10%), ad spend ROI sustains penetration.
Outcome: Revenue growth 15–18%; EBITDA margins 23–25% (reinvestment offset by cost savings). Cash flow supports dividend + selective capex. Implication: EPS growth 10–15%; premium valuation justified by structural growth.

NESTLEIND – Nestlé India – Q4 FY26 Financial Results – 21-Apr-26

Nestlé India’s FY26 shows revenue, FCF, and balance sheet strength, but 70 bps EBITDA compression despite 14.6% growth highlights cost inflation and associate drag. With capex cycle over, it’s a high‑FCF compounder; risk lies in valuation if margin trough proves structural, not seasonal.

1–2 minutes

🔍 Observations

Topline

Q4FY26 Revenue from Operations hit ₹6,748 Cr, up 22.6% QoQ (vs ₹5,667 Cr in Q3FY26) and 22.6% YoY (vs ₹5,504 Cr in Q4FY25) — a strong seasonal quarter driven by domestic volume.
FY26 full-year revenue reached ₹23,155 Cr vs ₹20,202 Cr in FY25, a 14.6% YoY gain. Domestic sales drove the bulk: ₹22,119 Cr vs ₹19,293 Cr (+14.6% YoY).
Export revenue grew 21.4% YoY (₹953 Cr vs ₹785 Cr), contributing ~4.1% of product sales — a minor but improving diversification lever.

Bottomline

Q4FY26 PAT of ₹1,111 Cr grew 27.3% YoY (vs ₹873 Cr in Q4FY25), the strongest quarterly print of FY26.
FY26 PAT of ₹3,499 Cr rose 9.1% YoY (vs ₹3,208 Cr in FY25), despite an associate loss drag of ₹46 Cr vs ₹24 Cr in FY25.
FY26 basic EPS of ₹18.15 vs ₹16.63 in FY25 (+9.1% YoY) — adjusted for the 1:1 bonus share issue in FY26 (share capital doubled from ₹96 Cr to ₹193 Cr).

Margins

Q4FY26 EBITDA margin: ₹1,772 Cr ÷ ₹6,748 Cr = 26.3%, a sharp recovery from Q3FY26’s 21.2% (₹1,201 Cr ÷ ₹5,667 Cr) and above Q4FY25’s 25.2% (₹1,388 Cr ÷ ₹5,504 Cr).
FY26 EBITDA margin: ₹5,306 Cr ÷ ₹23,155 Cr = 22.9% vs FY25’s 23.6% (₹4,770 Cr ÷ ₹20,202 Cr) — a 70 bps compression, driven by material cost inflation and higher D&A.
FY26 PAT margin: ₹3,499 Cr ÷ ₹23,155 Cr = 15.1% vs FY25’s 15.9% — mild compression despite revenue scale-up, reflecting cost headwinds.

Growth Trajectory

Revenue CAGR of 14.6% in FY26 is healthy for a mature FMCG franchise, but EBITDA grew only 11.3% (₹5,306 Cr vs ₹4,770 Cr) — volume leverage not yet converting to margin expansion.
D&A jumped 29.5% YoY (₹699 Cr vs ₹540 Cr), signalling accelerated capex capitalisation; CWIP fell sharply from ₹1,173 Cr to ₹507 Cr, confirming assets going live.
Q3FY26 EBITDA margin of 21.2% was a notable trough; the Q4 rebound to 26.3% suggests seasonality and cost absorption, not a structural fix.

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

Tata Elxsi’s FY26 saw flat revenue and ~440 bps margin hit from cost inflation, with ~10% earnings decline in core verticals. Q4 rebound offers hope, but FY27 hinges on sustained topline recovery. Debt‑free, cash‑rich balance sheet limits downside, yet premium valuation demands earnings revival.

1–2 minutes

🔍 Observations

Topline

Revenue from operations grew a modest 0.76% YoY in FY26 (₹3,729 Cr → ₹3,757 Cr), signalling demand-side stagnation despite sequential recovery in Q4.
Q4FY26 revenue of ₹993.75 Cr grew 9.4% YoY and 4.2% QoQ — the strongest sequential print of the year, suggesting early-stage re-acceleration.
Other income remained a meaningful contributor at ₹184 Cr (FY26), reflecting treasury yield on the large cash/deposit base.

Bottomline

Reported PAT collapsed 20% YoY (₹784.94 Cr → ₹628.43 Cr) in FY26, heavily distorted by a ₹95.69 Cr exceptional item in Q3FY26.
Excluding the exceptional, pre-tax profit still declined ~10.4% YoY (₹1,028 Cr → ₹920.8 Cr), indicating genuine margin pressure independent of one-offs.
Q4FY26 PAT of ₹220.35 Cr grew 27.8% YoY and 102% QoQ — a strong recovery print that partially restores confidence.

Margins

EBITDA margin (pre-exceptional, ex-other income) compressed sharply: operating costs grew 4.9% while revenue was nearly flat, squeezing core profitability.
Employee costs as a percentage of revenue climbed to 58.1% in FY26 vs. 54.9% in FY25 — the primary margin headwind and key variable to watch.
Net profit margin contracted to 16.7% in FY26 from 21.1% in FY25 (on operating revenue basis), a ~440 bps deterioration.

Growth Trajectory

FY26 was a consolidation year: near-zero topline growth with double-digit cost inflation — a structurally concerning combination for a premium-valued IT services name.
Q4FY26 trajectory (revenue, PAT both inflecting upward YoY) offers a plausible base for FY27 recovery, contingent on demand visibility improving.
EPS fell from ₹126 to ₹100.89 YoY, eroding the earnings yield that justifies Tata Elxsi’s historically high PE multiples.

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

HCL Tech’s FY26 ends with record revenue but margin compression, rising receivables, and PAT hit by labour code. Fortress balance sheet and capex discipline stand out. FY27 hinges on outsourcing cost and receivables normalization—long‑term risk‑reward is sound, near‑term catalyst is margin inflection.

1–2 minutes

🔍 Observations

Topline

Revenue from operations surged 11.2% YoY to ₹1,30,144 Cr in FY26, with Q4FY26 clocking ₹33,981 Cr — up 12.3% YoY, signalling sustained demand acceleration into year-end.
Sequential Q4 revenue was flat (+0.3% QoQ), suggesting growth is broad-based annual rather than quarter-specific sprint.
Other income fell sharply to ₹1,530 Cr vs ₹2,485 Cr in FY25 (-38.5%), partly offsetting operational momentum at the total income level.

Bottomline

PAT declined 4.3% YoY to ₹16,652 Cr in FY26, weighed by a ₹956 Cr one-time exceptional charge (New Labour Codes) in Q3FY26; stripping this out, underlying profitability holds relatively stable.
Q4FY26 PAT of ₹4,490 Cr grew 4.2% YoY, recovering well from the Q3 dip — a clean, exceptional-free quarter restoring earnings confidence.
EPS (Basic) fell from ₹64.16 to ₹61.46 YoY, reflecting PAT compression despite flat share count.

Margins

EBITDA proxy (PBT + D&A + Finance costs): FY26 ≈ ₹27,282 Cr vs ₹28,009 Cr in FY25 — margin compression of ~60 bps on an expanding revenue base, driven by employee cost (+11.1% YoY) and outsourcing cost (+21.5% YoY) outpacing revenue growth.
Net profit margin contracted to ~12.8% in FY26 from ~14.9% in FY25 — a meaningful step-down reflecting cost structure inflation and lower other income.
Outsourcing costs as a % of revenue rose to 14.2% vs 13.0% in FY25, indicating rising subcontracting intensity.

Growth Trajectory

Revenue CAGR implied by FY25→FY26 at 11.2% is healthy for a large-cap IT player but margin dilution raises the question of whether growth is being bought rather than earned.
Q4FY26 YoY revenue growth of 12.3% — strongest quarterly print — is a promising exit rate, setting a high base for FY27.
Total comprehensive income grew 12.5% YoY to ₹20,361 Cr vs ₹18,104 Cr, outpacing PAT — FX translation gains and OCI items provided a meaningful buffer.

PERSISTENT – Persistent Systems – Q4 FY26 Financial Results – 21-Apr-26

Persistent Systems combines revenue scale, margin expansion, and cash strength. FY27 may inflect on FCF yield, but rising unbilled receivables, current assets, and subcontracting mix signal margin limits. Clean balance sheet and high earnings quality mean valuation hinges on sustaining deal momentum beyond historical growth.

1–2 minutes

🔍 Observations

Topline

Revenue crossed ₹147.5 Bn in FY26, up 23.5% YoY — broad-based acceleration rather than a one-quarter spike.
Q4FY26 revenue of ₹40.6 Bn grew 25.1% YoY and 7.4% QoQ, sustaining double-digit sequential momentum through the year.
Subcontracting costs rose 25.7% YoY, slightly outpacing revenue growth — signals heavier partner/vendor dependency in delivery mix.

Bottomline

PAT for FY26 at ₹18.7 Bn grew 33.2% YoY, meaningfully ahead of topline — operating leverage is real and compounding.
Q4FY26 PAT of ₹5.3 Bn surged 33.7% YoY and 20.4% QoQ; the quarterly exit run-rate signals a strong FY27 base.
Basic EPS expanded from ₹91.22 to ₹119.74 (+31.3% YoY), rewarding shareholders beyond just profit growth.

Margins

EBITDA margin (pre-D&A, pre-finance cost) estimated at ~20.9% for FY26 vs ~19.6% in FY25 — quiet but consistent expansion.
Net profit margin improved to 12.7% in FY26 from 11.7% in FY25 — 100 bps expansion on a ₹147 Bn revenue base is significant.
Employee cost as % of revenue held steady at ~53.9%, while other expenses rose to 12.2% vs 10.5% — worth monitoring.

Growth Trajectory

Revenue CAGR implied over FY25–26 at 23.5%; if the Q4 run-rate sustains, FY27 revenue could approach ₹180–185 Bn organically.
PAT growth (33.2%) outpacing revenue growth (23.5%) for a second successive year confirms structural margin improvement, not cyclical.
Dividend payout increased to ₹40/share vs ₹35/share — confidence in earnings durability, not just a one-off distribution.

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

HDFC Bank’s merger leverage shows in 16.6% PPOP growth and deposit re‑acceleration. Provisions suppress PAT but fortify FY27 asset quality. With doubled equity, EPS hinges on credit cost normalization, NIM recovery, and loan‑deposit discipline—key catalysts for re‑rating.

1–2 minutes

🔍 Observations

Topline

Net Interest Income (NII) stable QoQ: interest earned ₹87,183 Cr in Q4FY26 vs ₹87,067 Cr in Q3FY26; YoY interest earned grew 0.5% — advance book expansion offsetting yield compression.
FY26 total income ₹4,95,463 Cr vs ₹4,70,916 Cr in FY25 (+5.2% YoY), driven by loan book growth and investment income expansion (₹82,657 Cr vs ₹73,912 Cr, +11.8% YoY).
Other income (non-interest) volatile: Q4FY26 at ₹29,737 Cr vs Q3FY26 ₹39,860 Cr — Q3 inflated by ₹19,869 Cr in “Others,” likely one-time items; underlying fee income more modest.

Bottomline

Consolidated PAT (post minority interest) grew 7.9% YoY in Q4 (₹20,351 Cr vs ₹18,835 Cr) and 7.4% for full year (₹76,026 Cr vs ₹70,792 Cr).
Pre-provision operating profit (PPOP) for FY26 at ₹1,28,798 Cr — up 16.6% YoY — significantly outpacing PAT growth; delta absorbed by a near-doubling of provisions (₹26,656 Cr vs ₹14,175 Cr).
Minority interest rising: ₹3,193 Cr in FY26 vs ₹2,648 Cr in FY25 (+20.6%) — subsidiary earnings drag on attributable PAT will intensify as HDFC Life, HDB Financial scale.

Margins

Operating profit margin (PPOP / Total Income): FY26 at 26.0% vs FY25 at 23.4% — 260 bps structural improvement, reflecting operating leverage kicking in post-merger integration.
Interest expended declined YoY in absolute terms for FY26 (₹1,85,491 Cr vs ₹1,83,894 Cr, +0.9%), while total income grew 5.2% — cost of funds stabilizing, NIM trajectory improving.
Cost efficiency visible: insurance claims/benefits fell YoY (₹92,340 Cr vs ₹94,437 Cr in FY25) despite topline growth in insurance segment.

Growth Trajectory

Advances grew 11.9% YoY (₹30,50,783 Cr vs ₹27,24,938 Cr); deposits up 14.3% (₹30,99,638 Cr vs ₹27,10,898 Cr) — deposit growth ahead of loan growth, improving LDR comfort.
Basic EPS: ₹49.50 for FY26 vs ₹46.41 for FY25 (+6.7% YoY) — share count nearly doubled (₹1,539 Cr paid-up vs ₹765 Cr) due to HDFC merger equity; absolute PAT growth does not fully translate to per-share value.
Provisions surge to ₹26,656 Cr in FY26 from ₹14,175 Cr in FY25 (+88% YoY), including ₹9,000 Cr floating provision — deliberate conservatism that compresses near-term EPS but builds balance sheet resilience.