April 2026 - Page 5 of 5

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

ICICI Bank’s Q4 shows 9.3% PAT growth, strong loan expansion, and minimal provisioning. Yet widening credit‑deposit gaps and weak cash generation highlight capital consumption. EPS growth (~5–6%) hinges on peaked credit costs and stable NIM; deposit mobilisation and FY27 credit costs remain key exposure triggers.

1–2 minutes

🔍 Observations

Topline

Net Interest Income (NII) expanded modestly — interest earned grew 4.8% YoY in Q4 (₹49,594 Cr vs ₹48,387 Cr), while interest expended fell 4.3% YoY, expanding the spread meaningfully.
Total income for FY2026 reached ₹3,12,118 Cr (+5.9% YoY), driven by loan book growth and stable investment yields.
Other income (non-insurance) grew 5.2% YoY in FY2026 to ₹39,276 Cr — fee income resilience holds.

Bottomline

Q4 PAT surged 9.3% YoY to ₹14,755 Cr and 17.7% QoQ — clean, no exceptional items distorting the print.
FY2026 PAT of ₹54,208 Cr grew 6.2% YoY, with minority interest absorption (₹3,729 Cr) muting consolidated headline growth vs. standalone.
Diluted EPS rose to ₹74.77 for FY2026 vs ₹71.14 — 5.1% growth, modest given the PAT trajectory; equity dilution via ESOPs is a marginal drag.

Margins

Operating profit grew 6.3% YoY in FY2026 (₹82,696 Cr vs ₹77,759 Cr) — operating leverage is present but not dramatic.
Provisions collapsed in Q4 to ₹261 Cr vs ₹2,647 Cr in Q3 — suggests meaningful write-back or asset quality improvement; FY2026 provisions of ₹5,639 Cr up 15% YoY warrants watching.
Effective tax rate held steady ~25% — no deferred tax distortions skewing net margin.

Growth Trajectory

Advances grew 15.8% YoY (₹16,44,658 Cr vs ₹14,20,664 Cr) — loan growth outpacing deposit growth of 11.5%, tightening the CD ratio.
FY2026 PAT CAGR is modest at ~6%, indicating the bank is in a consolidation phase post the hyper-growth cycle.
Insurance premium income grew 9.5% YoY in FY2026 — ICICI Life/General subsidiaries remain steady compounders within the group.

WIPRO – Wipro Ltd – Q4 FY26 Financial Results – 16-Apr-26

Wipro’s FY26 shows 4% revenue growth but flat PAT, with debt elimination offset by working‑capital strain, ECL spike, and higher borrowings. Dividend discipline stretches FCF. FY27 hinges on AI/inorganic spend driving margins—without it, the stock remains a volume play lacking earnings traction.

1–2 minutes

🔍 Observations

Topline

Q4FY26 revenue ₹242,363M — up 7.7% YoY and 2.9% QoQ; full-year FY26 revenue ₹926,240M, up 4.0% YoY.
Sub-contracting & technical fees rose 7.5% YoY in FY26 — signals higher pass-through work and offshore-onsite mix shift.
Other income flat YoY at ~₹38.7–38.8B annually; not a growth driver.

Bottomline

FY26 PAT ₹132,655M vs ₹132,180M in FY25 — effectively flat (+0.4% YoY); Q4FY26 PAT ₹35,216M, down 1.8% YoY.
Revenue grew 4% but PAT barely moved — operating leverage absent; cost structure expanding in tandem with revenue.
EPS Basic ₹12.60 vs ₹12.56 prior year — near-zero earnings growth despite revenue recovery.

Margins

EBITDA proxy (PBT + D&A + Finance Costs): FY26 ~₹217,106M vs FY25 ~₹219,306M — slight EBITDA contraction despite revenue growth.
Employee costs as % of revenue: 60.0% in FY26 vs 59.9% in FY25 — stable but elevated; limited room to expand margins without headcount restructuring.
Net profit margin: 14.3% in FY26 vs 14.8% in FY25 — 50bps compression; operating efficiencies not translating to bottom-line accretion.

Growth Trajectory

FY26 revenue CAGR recovery underway but tepid at 4% — below IT sector peers in a stronger demand environment.
PAT growth near-zero for two consecutive years signals a structural earnings plateau, not cyclical softness.
Q4FY26 sequential improvement (+2.9% QoQ revenue, +11.9% QoQ PAT) offers a constructive exit rate into FY27.

WIPRO – Wipro Ltd – Q4 FY26 Earnings Call – 16-Apr-26

WIPRO’s growth capped at 0–2% by BFSI volatility, partly offset by APMEA/tech. Margins compress to 16.8–17.2% in FY27 from AI spend and wage hikes, with buyback cushioning EPS. SaaS pivot adds structural pressure; expect 15–30bps QoQ erosion in H1’27.

1–2 minutes

Also see: WIPRO – Wipro Ltd – Q4 FY26 Financial Results – 16-Apr-26

3-Scenario Framework

📊 Base Case (50% Probability)

Key Variables: Q1 ramp-up delays resolve by Q2; Americas 2 BFSI stabilizes (flat QoQ); AI platforms contribute 2–3% revenue by FY27 end.
Outcome: Revenue grows 0–2% YoY (inorganic-led), margins hover at 17.0–17.2% (cost takeout offsets investments), and EPS rises 3–5%. Buyback supports EPS; FCF conversion remains >110%. Implication: Cyclical softness; maintain “hold” with upside from AI scaling.

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

WAAREERTL’s FY26 doubled revenue with stable 19.5% EBITDA and no dilution, underscoring high‑quality EPS. Yet cash flow lags: receivables stretch, inventory spikes, FCF declines. FY27 hinges on cash conversion—normalize collections and premium valuation holds; persistently stretched cycles risk debt or dilution.

2–3 minutes

🔍 Observations

Topline

Revenue from Operations grew 108.5% YoY — from ₹1,59,774.79 Lakh in FY25 to ₹3,33,142.22 Lakh in FY26. This is not incremental growth; it is a near-exact doubling of the business in one year.
The growth is almost entirely driven by the EPC Contracts segment, which grew from ₹1,57,236.41 Lakh to ₹3,30,487.06 Lakh — a 110% jump. Power Sale revenue grew modestly from ₹2,538.38 Lakh to ₹2,655.16 Lakh (4.6%), confirming WRTL is overwhelmingly an EPC execution machine, not a power generation business.
Other Income grew 38% from ₹1,480.21 Lakh to ₹2,042.56 Lakh — this is treasury income (interest on bank deposits and investments), which is a byproduct of the large cash balance, not core operations.

Bottomline

PAT (attributable to owners) grew 108.9% — from ₹22,916.09 Lakh to ₹47,869.54 Lakh — almost perfectly mirroring revenue growth. This is a healthy sign; profitability scaled proportionally, not by financial engineering.
Basic EPS grew 108.7% from ₹22.00 to ₹45.91. Share count barely moved (from 10.42 Cr to 10.43 Cr shares), so EPS growth is real and not diluted. This is shareholder-friendly.
Effective tax rate edged up slightly from 23.8% in FY25 to 25.2% in FY26 — a marginal headwind on PAT, but not material.
FY25 PAT was burdened by an exceptional loss of ₹401.88 Lakh. FY26 had no exceptional item, making the FY26 earnings base cleaner.

Margins

EBITDA (PBIT + D&A): FY26 = ₹64,823.41 Lakh, FY25 = ₹31,086.67 Lakh.
EBITDA Margin: FY26 = 19.5%, FY25 = 19.5% — dead flat, to the decimal point.
EBIT (PBEIT) Margin: FY26 = 19.2%, FY25 = 19.1% — effectively unchanged.
PAT Margin: FY26 = 14.37%, FY25 = 14.33% — again, essentially flat.
The single root cause behind this margin stability: Cost of EPC Contracts as a percentage of revenue barely moved — 78.2% in FY26 vs 77.5% in FY25. WRTL is executing at scale without giving up pricing or absorbing disproportionate cost inflation. Economies of scale are neither expanding nor compressing margins — the business appears to operate on standardized, contract-locked margins.
Finance costs fell in absolute terms from ₹1,483.82 Lakh to ₹1,328.83 Lakh, and as a percentage of revenue from 0.93% to 0.40% — a genuine margin tailwind from deleveraging.
Employee costs as a percentage of revenue fell from 1.85% to 1.47% — operating leverage at work.

Growth Trajectory

The growth rate of 108.5% in FY26 is extraordinary but comes off a base that itself grew sharply. The key investor question is: can this be sustained, or is it a one-cycle burst?

The balance sheet and cash flows hold the answer.

TCS – Tata Consultancy Services – Q4 FY26 Earnings Call – 9-Apr-26

TCS Outlook: AI and vendor consolidation fuel 2–4% CC growth, but macro risks loom. EPS growth (8–10%) depends on margin resilience (24.5–25.5%) and HyperVault execution. Sustainable 25%+ margins hinge on AI productivity, though HyperVault capex and partnerships add near-term volatility.

1–2 minutes

Also see: TCS – Tata Consultancy Services – Q4 FY26 Financial Results – 9-Apr-26

3-Scenario Framework

📊 Base Case (50% Probability)

Key Variables: Stable macro, AI revenue scales to $3B+, HyperVault secures 75% of 100 MW target, BFSI/manufacturing stabilize.
Outcome: Revenue grows 2–4% YoY (CC); margins 24.5–25.5% (FX/wage offset); EPS growth 8–10%. Dividend sustainability intact; HyperVault ROI emerges in 2–3 years.

TCS – Tata Consultancy Services – Q4 FY26 Financial Results – 9-Apr-26

1–2 minutes

👉 Also see: TCS – Q4 FY26 Earnings Call – 9-Apr-26

🔍 Observations

Q4 Mar-2026 Net Sales reached ₹70,698 Cr, with EBITDA at ₹19,276 Cr and PAT at ₹13,784 Cr — the strongest quarter across all five periods shown.
EBITDA margin held steady at ~27.27% in Q4, broadly in line with the prior three quarters, while annual EBITDA margin improved from 26.40% (FY25) to 27.11% (FY26).
Net Profit Margin for FY26 came in at 18.52%, down from 19.11% in FY25, despite higher absolute PAT.
Exceptional items of ₹4,526 Cr (restructuring, labour codes, legal provisions) weighed on FY26 PBT and PAT. Equity share count remains unchanged at 362 Cr shares.