May 2026 - ChartAlert®

JINDALSTEL – Jindal Steel – Q4 FY26 Financial Results – 1-May-26

JINDALSTEL’s FY26 shows 14% production growth, 61% VAS mix, and CWIP transitioning to PPE. Debt‑funded capex compressed FCF and margins, with recurring exceptional losses clouding credibility. FY27 hinges on volume growth vs rising fixed costs; realization per tonne and WC normalization are key re‑rating triggers.

1–2 minutes

🔍 Observations

Topline

Q4FY26 net revenue hit ₹16,218 Cr — a 23% QoQ surge and 23% YoY jump, driven by record steel sales of 2.62 MT (+15% QoQ, +23% YoY).
FY26 net revenue grew 7% YoY (₹49,765 Cr → ₹53,225 Cr), lagging volume growth of 9%, implying mild realization pressure per tonne.
Domestic bias (95% of sales) kept the topline insulated from global steel price volatility; export share stayed thin at 7%.

Bottomline

FY26 PAT rose 18% YoY (₹2,846 Cr → ₹3,361 Cr) despite a ₹871 Cr exceptional loss — underlying earnings quality is improving.
Q4FY26 PAT of ₹1,041 Cr reversed Q4FY25’s loss of ₹304 Cr; Q3FY26 was a weak ₹189 Cr, making Q4 a decisive recovery quarter.
Deferred tax reversal of ₹603 Cr in Q4FY26 flattered reported PAT; pre-exceptional, pre-tax operational profit was ₹1,901 Cr — still a solid QoQ step-up from ₹398 Cr.

Margins

Adjusted EBITDA for FY26 was ₹9,099 Cr on revenue of ₹53,225 Cr → EBITDA margin of 17.1%, down from 18.8% in FY25 (₹9,339 Cr on ₹49,765 Cr).
Q4FY26 adjusted EBITDA of ₹2,647 Cr on revenue of ₹16,218 Cr → Q4 EBITDA margin of 16.3%; Q4FY25 was 17.1% (₹2,251 Cr on ₹13,183 Cr) — year-on-year margin compression persists.
FY26 net profit margin: ₹3,361 Cr ÷ ₹53,225 Cr = 6.3%, up from 5.7% in FY25 — bottomline margin expanded even as EBITDA margin contracted, aided by tax dynamics.

Growth Trajectory

Steel production scaled 14% YoY (8.12 MT → 9.25 MT) with capacity at 15.6 MTPA, leaving meaningful headroom for further volume growth.
EBITDA/tonne of ₹10,482 for FY26 is disclosed; volume-led growth is outpacing realization improvement, signaling a tonnage-first strategy.
Depreciation jumped 15% YoY (₹2,768 Cr → ₹3,171 Cr), reflecting assets commissioned from a ₹10,607 Cr FY25 capex program — growth investment is transitioning to operational output.

ULTRACEMCO – UltraTech Cement – Q4 FY26 Earnings Call – 27-Apr-26

ULTRACEMCO’s topline resilient (7–10% growth) but margins hinge on cost pass-through and West Asia stability; bottomline leveraged to volume scale, premiumization, and capex efficiency.

1–2 minutes

3-Scenario Framework

📊 Base Case (50% Probability)

West Asia conflict persists but costs stabilize (pet coke at $150–160/ton, oil at $90–100/bbl). Volume growth at 7–8%, with muted price hikes due to fragmentation. EBITDA/ton at INR1,200–1,250, ICL reaches INR800–900/ton. Dividend payout at 30–35%. EPS grows 10–12% YoY.

TATACAP – Tata Capital – Q4 FY26 Earnings Call – 23-Apr-26

TATACAP’s topline resilience (retail/SME dominance) and margin expansion (high-yield mix) offset cyclical risks (geopolitics, rates), but credit cost discipline and execution in Motor Finance are key swing factors for bottomline growth.

1–2 minutes

3-Scenario Framework

📊 Base Case (60% Probability)

Key Variables: Stable macro (7% GDP growth), no major geopolitical escalation, RBI holds rates.
Outcome: AUM grows 23–25%, ROA 2.5–2.7% by FY28, credit costs <1%, NIMs expand 10–15bps via product mix shift. Motor Finance ROA reaches 2% by FY28.

UNIONBANK – Union Bank of India – Q4 FY26 Earnings Call – 23-Apr-26

UNIONBANK’s topline growth (13-14%) outpaces margin stabilization (2.64%+ NIM), with bottomline supported by cost controls, recoveries, and prudent provisioning.

1–2 minutes

3-Scenario Framework

📊 Base Case (60% Probability)

Macro stability with no further rate cuts and moderate geopolitical tensions. Credit grows 13-14%, deposits 8-10% (CASA/retail-driven). NIM stabilizes at 2.65-2.70% as loan repricing offsets deposit costs. Credit cost remains <1%, supported by recoveries (INR 4,000 crores). ROA flat at 1.25-1.30%, EPS growth ~10-12%.

RAILTEL – RailTel Corporation – Q4 FY26 Financial Results – 30-Apr-26

RailTel’s FY26 shows clean finances and government‑backed growth, but 65% project revenue yields thin 3.9% EBIT and quarterly skewness. Telecom’s 26.7% EBIT is the quality core. Receivables up 30% to ₹2,052.9 Cr and negative FCF post‑capex must improve for earnings quality to match PAT.

1–2 minutes

🔍 Observations

Topline

Revenue from Operations surged 23% YoY (₹3,477.5 Cr → ₹4,277.5 Cr), with Project Work Services driving 69% of total revenue at ₹2,776.8 Cr (+31.3% YoY).
Q4 FY26 revenue spiked 82.7% QoQ (₹913.4 Cr → ₹1,668.9 Cr), signaling heavy back-end loading — a structural pattern that raises revenue recognition timing risk.
Telecom Services grew steadily at 10.1% YoY (₹1,362.5 Cr → ₹1,500.7 Cr), providing a stable recurring base beneath the volatile project cycle.

Bottomline

PAT grew 15.5% YoY (₹299.8 Cr → ₹346.3 Cr), lagging revenue growth of 23% — margin dilution from project mix.
Q4 FY26 PAT of ₹141.8 Cr represents 40.9% of full-year PAT, confirming acute Q4 concentration risk.
Effective tax rate held steady at ~28.3% (FY26) vs ~28% (FY25); deferred tax credit of ₹9.5 Cr provided modest support.

Margins

EBITDA (PBT + Finance Cost + D&A): FY26 = ₹46,958 + ₹378 + ₹18,889 = ₹66,225 Lakhs → EBITDA margin = 15.5% vs FY25 = ₹40,178 + ₹311 + ₹18,040 = ₹58,529 Lakhs on ₹3,47,750 Cr → 16.8%. Margin compressed ~130 bps YoY.
Net profit margin: FY26 = 34,632 / 4,27,748 = 8.1% vs FY25 = 29,981 / 3,47,750 = 8.6%. Declining despite absolute PAT growth.
Telecom segment EBIT margin: FY26 = 40,025 / 1,50,069 = 26.7% vs FY25 = 30,295 / 1,36,253 = 22.2% — the one segment showing genuine margin expansion (+450 bps).

Growth Trajectory

Project Work Services revenue grew 31.3% YoY but segment EBIT grew only 16.4% (₹9,403 Cr → ₹10,947 Cr), implying cost inflation or lower-margin project mix.
EPS grew 15.5% YoY (₹9.34 → ₹10.79) on an unchanged share count — pure earnings-driven, no dilution.
Other income fell 31.8% YoY (₹73.5 Cr → ₹50.2 Cr), reducing earnings quality as operating leverage fails to fully compensate.

MAZDOCK – Mazagon Dock Shipbuilders – Q4 FY26 Financial Results – 30-Apr-26

Mazagon Dock’s FY26 shows steady topline and strong profitability, but margins compressed, contract liability buffers shrank, and receivables spiked 144%. With negligible debt and ₹13,097 Cr cash/FDs, defence pipeline is sound. FY27 hinges on order inflows and advance replenishment to avert cash flow and margin headwinds.

1–2 minutes

🔍 Observations

Topline

Revenue from ops grew 13.8% YoY (₹11,43,188L → ₹13,00,831L), with Q4 FY26 up 21.3% QoQ and 21.3% YoY — suggesting back-loaded execution.
Other income (₹1,13,940L) contributes ~8.8% of total income, driven by interest on large cash/FD balances; operationally healthy but inflates headline profitability.
Sub-contract costs fell ₹30,376L YoY (₹1,32,102L → ₹1,01,726L), indicating greater in-house execution — a structural positive for revenue quality.

Bottomline

PAT (owners) rose 7.0% YoY (₹2,41,351L → ₹2,58,338L), below revenue growth of 13.8% — margin compression is the key drag.
Q4 FY26 PAT (₹67,918L) was materially weaker than Q3 (₹87,978L) due to elevated other expenses (₹47,671L vs ₹13,995L in Q3) and a provision reversal distortion.
EPS grew 7.0% YoY (₹59.83 → ₹64.04) on unchanged share capital — growth is real but slowing relative to prior cycles.

Margins

PBT margin contracted 190bps YoY (26.8% → 24.9%); PAT margin contracted 120bps (21.1% → 19.9%) — cost inflation outpacing revenue scaling.
Material costs + stock-in-trade rose from 49.7% to 56.4% of revenue — the single biggest margin headwind; raw material intensity is structurally rising.
Q4 PBT margin (20.6%) is the weakest quarter of FY26, flagging execution cost spikes or provisions catching up at year-end.

Growth Trajectory

3-year revenue CAGR implied from FY25–FY26 alone is 13.8%; sustainable if order book remains strong, but margin trajectory needs monitoring.
Provisions swung sharply: ₹71,742L in FY25 → ₹35,623L in FY26 — a ₹36,119L tailwind to PBT that partly explains why profits grew despite margin compression.
Contract liability fell 33.5% (₹15,49,439L → ₹10,30,293L), signalling active order execution — revenue pipeline converting, but advance replenishment will be key.

HFCL – HFCL Ltd – Q4 FY26 Financial Results – 30-Apr-26

HFCL’s FY26 shows revenue scaling, margin gains, and 4x+ order book, but -₹378 Cr OCF and -₹723 Cr FCF expose cash‑conversion risk. Turnkey swung to ₹366 Cr loss and opaque ₹1,830 Cr assets cloud PAT quality. FY27 hinges on OCF recovery and Turnkey margin normalization.

1–2 minutes

🔍 Observations

Topline

Revenue surged 127.8% YoY in Q4FY26 (₹800.72 Cr → ₹1,824.12 Cr) and 21.8% for full-year FY26 (₹4,064.52 Cr → ₹4,949.27 Cr), with Q4 alone contributing 36.9% of annual revenue — signalling heavy back-end loading.
Telecom Products drove FY26 growth, expanding 22.6% YoY (₹2,390.19 Cr → ₹2,931.01 Cr); Turnkey Contracts grew 17.9% (₹1,589.46 Cr → ₹1,875.01 Cr), sustaining diversified revenue streams.
Export revenue exploded ~312% YoY (~₹497 Cr → ~₹2,047 Cr), lifting export mix from ~12% to ~41% of total revenue — a structural shift in the business model.

Bottomline

PAT nearly doubled YoY for FY26 (₹173.26 Cr → ₹329.44 Cr, +90.1%), recovering decisively from a Q4FY25 loss of ₹83.30 Cr to a Q4FY26 profit of ₹184.45 Cr.
PBT grew 97.5% YoY (₹216.59 Cr → ₹427.68 Cr), with tax efficiency improving — effective tax rate dropped from ~20% (FY25) to ~22.9% (FY26) but deferred tax benefit of ₹6.11 Cr aided FY26 PAT.
Basic EPS recovered from ₹1.23 (FY25) to ₹2.13 (FY26), with Q4FY26 alone delivering ₹1.21 vs. a loss of ₹0.56 in Q4FY25.

Margins

EBITDA margin expanded 423 bps YoY (12.47% → 16.70%), while Q4FY26 EBITDA margin reached 18.47% — indicating operating leverage kicking in at scale.
PAT margin doubled from 4.26% to 6.66% (+240 bps) annually; Q4FY26 PAT margin hit 10.11%, the strongest quarterly print, up from -10.40% a year prior.
Finance costs grew 30.8% YoY (₹185.01 Cr → ₹242.06 Cr), partially diluting margin expansion — interest coverage (EBITDA/Finance costs) stands at 3.4x for FY26 vs. 2.7x for FY25.

Growth Trajectory

Order book more than doubled to ₹21,206 Cr (from ₹9,967 Cr), providing ~4.3x revenue cover on FY26 base — strongest forward visibility signal in the dataset.
Sequential Q3→Q4 revenue growth of 50.7% with EBITDA expanding 38.4% suggests execution acceleration, though Q-o-Q EBITDA margin compression (-164 bps) warrants monitoring.
Defence revenue, while small (₹76.70 Cr in FY26), grew 63.6% YoY from ₹46.88 Cr — early-stage scaling in a high-margin, long-cycle vertical.

LAURUSLABS – Laurus Labs Ltd – Q4 FY26 Financial Results – 30-Apr-26

Laurus Labs’ FY26 delivered 23% revenue, 151% PAT, and 170% OCF growth, reducing net debt despite capex. FCF of ₹554 Cr and Q4 EBITDA margin at 28.9% reinforce recovery. FY27 hinges on WC discipline, liability clarity, and CWIP conversion; triple‑digit PAT growth is unrepeatable.

1–2 minutes

🔍 Observations

Topline

Revenue scaled 22.7% YoY to ₹6,812.90 Cr (FY26 vs ₹5,553.96 Cr FY25), marking the strongest annual growth in recent cycles.
Q4 FY26 revenue of ₹1,811.57 Cr grew 5.3% YoY and 1.9% QoQ — sequential momentum is moderating but holding.
Full-year growth was broad-based within the single Pharmaceuticals segment; no sub-segment breakout is available.

Bottomline

PAT nearly tripled YoY: ₹889.85 Cr vs ₹354.41 Cr — a 151% jump driven by operating leverage and a 21% drop in finance costs (₹216 Cr → ₹170.73 Cr).
Q4 PAT of ₹281.91 Cr grew 20.5% YoY and 11.4% QoQ, confirming consistent quarterly earnings acceleration.
Effective tax rate held steady at ~24.7% (FY26 292.03 Cr on PBT of 1,181.88 Cr), providing no artificial PAT boost.

Margins

EBITDA margin expanded 650 bps YoY to 26.9% (FY26: ₹1,832.66 Cr vs FY25: ₹1,130.38 Cr on ₹5,553.96 Cr revenue); Q4 touched 28.9%, the cycle high.
PAT margin doubled from 6.5% to 13.1% — operating leverage amplified by deleveraging-driven interest savings.
Employee costs rose faster than revenue (24.5% YoY: ₹895.45 Cr vs ₹719.52 Cr), the one structural margin headwind to monitor.

Growth Trajectory

The PAT CAGR inflection is steep: ₹354 Cr → ₹890 Cr in one year signals a recovery cycle, not steady-state growth — base effects will moderate future YoY prints.
Capex stepped up sharply to ₹1,069.95 Cr (FY26) vs ₹641 Cr (FY25), signaling capacity investment for the next growth leg.
CWIP nearly doubled to ₹773.28 Cr vs ₹458.36 Cr — future depreciation drag is building; revenue from new assets is not yet visible.

VEDL – Vedanta Ltd – Q4 FY26 Financial Results – 29-Apr-26

Vedanta’s FY26 marks an earnings inflection: 32%+ EBITDA margins, Q4 PAT nearly doubled, and debt metrics improved. Demerger unlocks value but adds charges and discontinuity. Dividend‑heavy policy, rising capex, and WC deterioration heighten risk; sustainability hinges on execution, NCI drag, and tax escalation.

1–2 minutes

🔍 Observations

Topline

Combined (continuing + discontinued) revenue surged to ₹1,74,075 Cr in FY26 vs ₹1,50,725 Cr in FY25 — a 15.5% YoY jump driven by Copper (+34.8%), Silver (+60.8%), and Aluminium (+12.5%) segments.
Q4 FY26 total segment revenue hit ₹52,011 Cr vs ₹40,284 Cr in Q4 FY25 (+29.1% YoY), with sequential growth of 12.6% over Q3 FY26 — acceleration is broad-based, not segment-specific.
Copper segment revenue crossed ₹31,069 Cr in FY26 (up from ₹23,051 Cr), making it the second-largest revenue contributor among continuing operations.

Bottomline

Total net profit after tax rose to ₹25,096 Cr in FY26 vs ₹20,535 Cr in FY25 (+22.2% YoY); profit attributable to Vedanta owners grew from ₹14,988 Cr to ₹17,391 Cr (+16.0%).
Q4 FY26 PAT of ₹9,352 Cr nearly doubled Q4 FY25’s ₹4,961 Cr (+88.5%), the sharpest quarterly jump in the dataset — driven equally by continuing (₹4,250 Cr) and discontinued (₹5,102 Cr) operations.
Finance costs fell sharply — from ₹4,197 Cr (FY25) to ₹2,817 Cr (FY26) for continuing operations alone (-32.9%) — directly amplifying bottom-line growth.

Margins

Combined EBITDA margin: Total EBITDA ₹55,976 Cr on total revenue ₹1,74,075 Cr = 32.2% EBITDA margin in FY26 vs ₹43,541 Cr / ₹1,50,725 Cr = 28.9% in FY25 — 330 bps expansion.
Continuing ops operating profit margin improved from 21% (Q4 FY25) to 32% (Q4 FY26), per disclosed ratios — highest in the trailing five quarters shown.
Net profit margin (continuing ops basis per disclosed ratios): 16% in FY26 vs 13% in FY25 — 300 bps improvement, with Q4 FY26 at 21%.

Growth Trajectory

Total EPS (basic) grew from ₹38.97 (FY25) to ₹44.58 (FY26) — 14.4% YoY; Q4 FY26 EPS of ₹17.15 vs ₹8.92 in Q4 FY25 implies annualised run-rate well above FY26 full-year figure.
Aluminium EBITDA surged from ₹17,798 Cr to ₹25,502 Cr (+43.3% YoY) — single largest earnings driver, supporting demerger value unlock thesis.
Silver segment EBITDA and revenue are scaling disproportionately fast (revenue +60.8% YoY), suggesting a structural ramp-up rather than commodity price tailwinds alone.

RRKABEL – R R Kabel – Q4 FY26 Financial Results – 30-Apr-26

RR Kabel’s FY26 delivered 27.6% revenue and 58% PAT growth with margin gains, debt‑free balance sheet, and self‑funded capex. Yet a ₹75,967 Lakhs inventory surge crushed FCF and halved cash. FY27 hinges on inventory normalization and FMEG breakeven for re‑rating.

1–2 minutes

🔍 Observations

Topline

Revenue surged 27.6% YoY to ₹9,72,236 Lakhs in FY26, crossing the ₹9,700 Cr mark — driven almost entirely by Wires & Cables, which grew 31.0% to ₹8,76,374 Lakhs.
Q4 FY26 revenue of ₹2,53,586 Lakhs declined 14.5% QoQ from Q3’s ₹2,96,414 Lakhs — a seasonal dip, though Q4 still posted 14.3% YoY growth over Q4 FY25.
FMEG segment grew a muted 3.1% YoY (₹92,959 → ₹95,862 Lakhs), losing revenue mix share from 12.2% to 9.9% as W&C outpaced it decisively.

Bottomline

PAT jumped 58.0% YoY to ₹49,222 Lakhs (FY25: ₹31,161 Lakhs), outpacing revenue growth — signalling meaningful operating leverage.
Q4 FY26 PAT of ₹11,825 Lakhs was dragged by a ₹1,901 Lakhs exceptional charge (new labour codes). Ex-exceptional, Q4 PBT would have been ₹17,779 Lakhs vs. ₹17,318 Lakhs in Q4 FY25 — a modest 2.7% YoY normalised growth.
Basic EPS rose 57.8% YoY to ₹43.53 (FY25: ₹27.58), with share count virtually unchanged — all gains flow from earnings improvement.

Margins

EBITDA (PBT + Finance costs + D&A): FY26 = ₹65,902 + ₹7,526 + ₹9,226 = ₹82,654 Lakhs; FY25 = ₹40,945 + ₹5,890 + ₹7,050 = ₹53,885 Lakhs. EBITDA margin expanded 147 bps to 8.5% on ₹9,72,236 Lakhs revenue.
PAT margin widened 100 bps to 5.1% (FY25: 4.1%) — impressive for a commodity-linked business with inherently thin margins.
Material costs as % of revenue: FY26 = (₹8,22,158 + ₹46,001 − ₹74,934) / ₹9,72,236 = 81.7% vs. FY25 = (₹5,83,676 + ₹49,533 − ₹7,714) / ₹7,61,823 = 82.2% — a 50 bps input cost efficiency gain.

Growth Trajectory

Revenue CAGR over two years implied by FY24 base would require FY24 data; on a single-year basis, 27.6% topline + 58% PAT growth is exceptional for an industrial compounder.
W&C segment PBT grew 56.2% YoY (₹49,648 → ₹77,562 Lakhs) — volume, mix, and copper price tailwinds all likely at play.
FMEG losses narrowed from ₹4,591 Lakhs to ₹3,303 Lakhs (28.1% improvement) — still loss-making but trajectory is positive.