May 4, 2026 - ChartAlert®

ADANIGREEN – Adani Green Energy – Q4 FY26 Earnings Call – 24-Apr-26

Adani Green’s topline growth hinges on transmission execution and BESS scaling; bottomline resilience depends on PPA conversion and curtailment mitigation; margins stay robust if BESS economics hold.

1–2 minutes

Also see: ADANIGREEN – Adani Green Energy – Q4 FY26 Financial Results – 24-Apr-26

3-Scenario Framework

📊 Base Case (60% Probability)

Transmission capacity in Khavda expands on schedule (14–15 GW by Mar 2027), enabling 5 GW annual RE additions and 10 GWh BESS deployment. Curtailment losses abate to by FY28. Blended PPA rates stabilize at INR 2.80–3.10/unit, supporting 20%+ EBITDA growth and margin stability at ~90%. BESS economics meet targets (INR 25 lakh/MWh EBITDA).

AMBUJACEM – Ambuja Cements – Q4 FY26 Financial Results – 4-May-26

Ambuja Cements’ FY26 shows 19% topline growth but ~290 bps margin compression, with PAT growth tax‑driven. CFO doubled to ₹5,362 Cr, yet FCF negative and liquidity thinned. Re‑rating hinges on margin recovery from ₹40,000+ Cr asset base; FY27 watch is pricing power and capacity ramp‑up.

1–2 minutes

🔍 Observations

Topline

Revenue from operations grew 19% YoY (₹33,989 Cr → ₹40,446 Cr), driven by cement segment scaling to ₹38,898 Cr and RMC nearly doubling to ₹1,965 Cr.
Q4FY26 revenue of ₹10,892 Cr grew 10% YoY and 7% QoQ — sequentially firm despite a weak pricing environment.
Other income collapsed 69% YoY (₹2,654 Cr → ₹834 Cr), reflecting deployment of surplus cash (previously earning interest) into acquisitions.

Bottomline

Reported PAT of ₹5,637 Cr grew 6.5% YoY (₹5,294 Cr → ₹5,637 Cr), but this is significantly flattered by a ₹2,338 Cr net tax credit (including ₹1,625 Cr prior-period tax write-back) vs. ₹810 Cr tax expense in FY25.
Pre-tax profit fell sharply — PBT dropped 46% YoY (₹6,104 Cr → ₹3,299 Cr) — the true picture of operating underperformance vs. FY25.
Q4FY26 PAT of ₹1,857 Cr was lifted by a ₹1,329 Cr tax credit; underlying operating profit (EBIT) for Q4 was ₹597 Cr, down ~51% YoY.

Margins

FY26 cement segment EBIT: ₹3,135 Cr on revenue of ₹38,898 Cr → cement EBIT margin of ~8.1%, down from ~11% in FY25 (₹3,748 Cr on ₹34,060 Cr). Margin compression of ~290 bps.
Power & fuel + freight together consumed ₹19,521 Cr in FY26 vs. ₹16,649 Cr in FY25 — a ₹2,872 Cr cost increase on ₹6,457 Cr incremental revenue, absorbing 44% of topline gains.
Depreciation surged 55% YoY (₹2,297 Cr → ₹3,570 Cr), reflecting capitalization of acquired and greenfield assets; this alone compressed EBIT by ₹1,273 Cr incremental.

Growth Trajectory

Cement volume growth is the primary driver; RMC growing rapidly (40% YoY revenue) but still sub-scale at 3% of consolidated revenue.
Acquisitions (₹6,621 Cr deployed in FY26 vs. ₹3,898 Cr in FY25) are expanding the asset base aggressively — gross block rose from ₹25,049 Cr → ₹33,801 Cr (+35%).
Goodwill + intangibles jumped from ₹16,252 Cr → ₹22,979 Cr, signalling acquisition-heavy inorganic growth with attendant impairment risk.

SOBHA – Sobha Ltd- Q4 FY26 Financial Results – 4-May-26

SOBHA’s FY26 marks inflection: PAT doubled, FCF positive, finance costs declining. Yet EBIT margin compression, widening standalone‑consolidated PAT gap, and undisclosed surge in non‑current assets raise earnings‑quality concerns. Strong advances support near‑term visibility, but FY27 hinges on margin recovery and subsidiary profitability to validate consolidated trajectory.

1–2 minutes

🔍 Observations

Topline

Revenue from operations surged 28.5% YoY (₹40,387 Mn → ₹51,905 Mn), with Q4 FY26 alone delivering ₹19,878 Mn — 60.1% higher than Q4 FY25 (₹12,406 Mn), indicating significant back-end revenue recognition.
Real estate segment drove 85.1% of net revenue (₹44,197 Mn), growing 30.8% YoY; contractual & manufacturing contributed ₹10,284 Mn (+23.9% YoY).
Q4 FY26 revenue of ₹19,878 Mn vs Q3 FY26’s ₹9,431 Mn (110.8% QoQ jump) reflects heavy H2 skew, typical of SOBHA’s project completion-linked revenue recognition.

Bottomline

PAT more than doubled YoY: ₹947 Mn → ₹1,934 Mn (+104.3%), with Basic EPS rising from ₹9.28 to ₹18.09.
Q4 FY26 PAT of ₹918 Mn accounts for 47.5% of full-year PAT, consistent with a Q4-heavy revenue pattern.
Effective tax rate compressed meaningfully: 28.8% in FY26 vs 28.8% in FY25, but large deferred tax credits (₹1,342 Mn in FY26 vs ₹1,269 Mn in FY25) continue to suppress the cash tax burden relative to reported PAT.

Margins

EBITDA proxy (PBT + Finance costs + D&A): ₹2,599 + ₹1,374 + ₹1,060 = ₹5,033 Mn on revenue of ₹51,905 Mn → EBITDA margin ~9.7% vs FY25: (₹1,330 + ₹1,956 + ₹898) / ₹40,387 = ~10.4%. Margin contracted ~70 bps despite topline scale-up.
Net profit margin improved: ₹1,934 / ₹51,905 = 3.73% vs ₹947 / ₹40,387 = 2.34% — a 139 bps improvement, driven by lower finance costs (₹1,374 Mn vs ₹1,956 Mn, down 29.8%).
Real estate EBIT margin: ₹3,829 / ₹44,197 = 8.7% vs ₹3,491 / ₹33,782 = 10.3% — segment-level compression signals rising land + sub-contractor costs absorbing revenue growth.

Growth Trajectory

Revenue CAGR implied over FY25–FY26 stands at 28.5%; PAT CAGR at 104% (low base effect). Standalone PAT of ₹3,013 Mn vs consolidated ₹1,934 Mn suggests subsidiary drag at the consolidated level.
Other current liabilities jumped from ₹1,00,807 Mn to ₹1,20,130 Mn (+19.2%), predominantly customer advances — confirms strong pre-sales momentum feeding future revenue.
Inventory build continues: ₹1,12,522 Mn → ₹1,28,263 Mn (+14.0%), reflecting active project pipeline but tying up significant capital.

KEI – KEI Industries – Q4 FY26 Financial Results – 4-May-26

KEI’s FY26 shows accelerating topline, margin expansion, zero debt, and stronger cash conversion. Capex into C&W capacity aligns with 33.5% profit growth and infra tailwinds, though returns emerge FY27–28. EPC margin collapse and rising payables need resolution before next re‑rating can be justified.

1–2 minutes

🔍 Observations

Topline

Revenue from operations grew 20.7% YoY (₹97,359 Mn → ₹1,17,478 Mn), with Q4 FY26 alone up 19.3% YoY (₹29,148 Mn → ₹34,764 Mn) — demand remains structurally robust.
Cables & Wires dominates at 95.5% of FY26 revenue (₹1,12,206 Mn, +22.3% YoY), absorbing the EPC contraction entirely.
EPC revenue fell 14.4% YoY (₹6,562 Mn → ₹5,614 Mn), a deliberate mix-shift toward higher-margin wires business.

Bottomline

PAT surged 31.9% YoY (₹6,964 Mn → ₹9,184 Mn), outpacing revenue growth by ~11 pp — operating leverage is materialising.
Q4 FY26 PAT of ₹2,843 Mn grew 25.5% YoY (vs. ₹2,265 Mn), with sequential improvement of 21.1% over Q3 FY26 — momentum is accelerating.
Effective tax rate remained stable at ~25.5% (FY26: ₹3,139 Mn on ₹12,323 Mn PBT), providing no distortion to earnings quality.

Margins

EBIT margin (using KPI-stated EBIT of ₹12,964 Mn on revenue of ₹1,17,478 Mn): 11.0% in FY26 vs. 10.2% in FY25 (+80 bps) — a clean expansion.
PAT margin expanded to 7.8% in FY26 (₹9,184 Mn ÷ ₹1,17,478 Mn) from 7.2% in FY25 (₹6,964 Mn ÷ ₹97,359 Mn) — +60 bps.
Finance costs (₹641 Mn) remain well-contained at 0.55% of revenue despite rising capex, reflecting the net cash balance sheet.

Growth Trajectory

Basic EPS grew 27.0% YoY (₹75.65 → ₹96.09) on a near-stable share count — value per share is compounding ahead of book value.
Cables & Wires segment profit grew 33.5% YoY (₹9,749 Mn → ₹13,014 Mn), while EPC profit collapsed 68.0% (₹608 Mn → ₹194 Mn) — the portfolio is self-correcting toward quality.
Total equity grew 15.2% YoY (₹57,858 Mn → ₹66,649 Mn) organically, signalling retained earnings as the primary growth engine post-QIP.

GODREJPROP – Godrej Properties – Q4 FY26 Financial Results – 4-May-26

Godrej Properties’ FY26 shows ₹57,807 Cr inventory and ₹39,087 Cr advances underpinning multi‑year pipeline, but reported earnings inflated by ₹2,093 Cr gains. True picture: 4.2% revenue growth, negative OCF, rising short‑term borrowings, collapsing DSCR. Delivery execution is now the decisive risk/opportunity lever.

1–2 minutes

🔍 Observations

Topline

Revenue from Operations grew 4.2% YoY (₹4,922.84 Cr → ₹5,131.43 Cr); Q4 FY26 alone at ₹3,458 Cr contributed ~67% of full-year revenue — extreme back-loading signals lumpy recognition tied to project completions.
Real Estate dominates at 97.7% of segment revenue (₹5,011.79 Cr); Hospitality contributed ₹119.64 Cr (+11.5% YoY) — negligible in scale but directionally positive.
Other Income surged 60.4% YoY (₹2,044.21 Cr → ₹3,279.45 Cr), driven largely by fair value gains on acquisition of control (₹1,677.31 Cr) — inflating total income meaningfully above operational reality.

Bottomline

PAT grew 32.5% YoY (₹1,389.23 Cr → ₹1,840.66 Cr); PAT attributable to owners at ₹1,845.48 Cr vs ₹1,393.42 Cr — solid absolute growth but quality is diluted by non-cash fair value gains embedded in Other Income.
Deferred tax expense ballooned to ₹391.30 Cr (FY26) vs ₹119.42 Cr (FY25) — rising deferred tax liability (₹442.03 Cr on B/S vs ₹15.80 Cr prior year) signals accelerating temporary difference unwinding ahead.
EPS (Diluted) improved to ₹61.42 from ₹49.01 (+25.3% YoY) on a stable share count — genuine per-share accretion confirmed.

Margins

Adjusted EBITDA Margin expanded to 35.31% (FY26) from 31.60% (FY25) — operationally constructive, reflecting revenue mix shift toward higher-margin completed projects.
Net Profit Margin at 21.98% vs 20.29% — incremental improvement, though base includes ₹3,279 Cr Other Income; on Revenue from Operations alone, net margin is materially lower (~35.8% on ₹5,131 Cr, still elevated due to fair value gains flowing through PBT).
Operating Margin (per company formula) at -5.58% for FY26 vs +4.85% FY25 — a sharp deterioration driven by Q3’s -34.19%, partially offset by Q4’s 17.77%; reflects the recognition timing distortion inherent in Ind AS 115 for real estate.

Growth Trajectory

Revenue from Operations 2-year trajectory: FY24 base not provided, but FY25→FY26 growth of 4.2% understates operational scale-up — inventory build of ₹57,807 Cr (up 75.6% YoY from ₹32,928 Cr) signals massive future revenue pipeline.
JV contribution turned positive in Q4 FY26 (₹87.92 Cr) vs losses in prior quarters, lifting full-year share of JV loss to only -₹36.75 Cr vs -₹118.60 Cr in FY25 — recovery trajectory in associate portfolio.
Net Worth grew 10.6% YoY (₹17,312 Cr → ₹19,155 Cr) organically through retained earnings — no equity dilution in FY26 (vs ₹5,921 Cr QIP in FY25).

BHEL – Bharat Heavy Electricals – Q4 FY26 Financial Results – 4-May-26

BHEL’s FY26 marks inflection: revenue scale, margin expansion, PAT tripled. Balance sheet clean with ₹11,867 Cr liquid, cash flow supported by advances. Risks: Q4 revenue concentration, ₹14,716 Cr opaque assets, inventory build. FY27 durability hinges on order inflow continuity and Q1–Q3 execution delivery.

1–2 minutes

🔍 Observations

🔎 Observations

Topline

Revenue from operations surged 19.2% YoY (₹28,339 Cr → ₹33,782 Cr), with Power segment driving 75% of incremental revenue (₹4,469 Cr added).
Q4 FY26 alone clocked ₹12,310 Cr — 37% of full-year revenue — confirming BHEL’s persistent H2/Q4-heavy execution skew.
Industry segment held steady at ₹8,375 Cr (+13.1% YoY), providing a cushion against Power lumpiness.

Bottomline

PAT tripled YoY (₹534 Cr → ₹1,600 Cr, +199.7%), with Q4 FY26 alone contributing ₹1,290 Cr — outsized quarter-end profit recognition.
EPS expanded from ₹1.53 to ₹4.60 (+200.7%), reflecting pure operating leverage with no equity dilution (share capital unchanged at ₹696 Cr).
Deferred tax expense of ₹535 Cr in FY26 vs. ₹189 Cr in FY25 indicates DTA utilization accelerating as taxable profits scale — effective tax burden remains low due to legacy DTA buffer (₹3,533 Cr on balance sheet).

Margins

EBITDA margin (excl. other income) expanded 252 bps YoY: 4.59% → 7.11%; Q4 FY26 spike to 14.38% reflects revenue-heavy quarter absorbing fixed costs fully.
Net profit margin more than doubled: 1.88% → 4.74% FY26; employee cost as % of revenue rose marginally (20.9% → 19.1% — actually improved), while other expenses fell from ₹2,329 Cr → ₹1,989 Cr (-14.6%), a meaningful efficiency gain.
Finance costs held flat at ~₹756 Cr despite short-term borrowings declining ₹845 Cr — interest burden stable, not worsening.

Growth Trajectory

Revenue CAGR implied over two years is strong, but Q4 concentration risk is structural: FY26 Q4/FY25 Q4 revenue grew 36.9% YoY — driven by execution acceleration, not new order wins alone.
Power segment EBIT margin (segment result/revenue): FY26: 9.65% vs. FY25: 5.81% — 384 bps expansion signals improved project mix and cost recovery.
Other income jumped 73.6% YoY (₹465 Cr → ₹808 Cr), partly driven by interest on bank balances (₹10,431 Cr parked) — a non-recurring tailwind that flatters PBT.

VBL – Varun Beverages – Q4 FY26 Earnings Call – 27-Apr-26

Varun Beverages’ topline resilient on volume/demand tailwinds; bottomline hinges on margin defense via cost controls; margins face cyclical (oil) vs. structural (premiumization) trade-offs.

1–2 minutes

Also see: VBL – Varun Beverages – Q4 FY26 Financial Results – 27-Apr-26

3-Scenario Framework

📊 Base Case (50% Probability)

Volume growth: +12–14% (India: +12%, International: +18%) with stable realizations (-1% to +1%). EBITDA margins: 23–24% as cost controls offset moderate oil inflation. Capex: ₹500–600M supports 500K outlet additions. EPS growth: +15–20% YoY.

ZENTEC – Zen Technologies – Q4 FY26 Financial Results – 1-May-26

ZENTEC’s FY26 was a revenue air pocket, not structural: margins expanded, FCF strong, debt‑free balance sheet, ₹1,336 Cr order book supports FY27 recovery. Execution risk remains with inventory build and front‑loaded costs; near‑term re‑rating hinges entirely on H1FY27 order‑to‑revenue conversion velocity.

1–2 minutes

🔍 Observations

Topline

Revenue from operations fell 29.4% YoY (₹97,364 → ₹68,769 lakhs), signalling execution or order-delivery timing issues rather than demand erosion, given the ₹1,336 Cr order book still on hand.
Other income surged 46.3% (₹5,839 → ₹8,542 lakhs), cushioning total income; at 11% of total income, this non-operating contribution is elevated and masks operating weakness.
Revenue base contraction despite a stable share count confirms this is a delivery-cycle dip, not a structural decline — but FY26 becomes a low base for FY27 recovery optics.

Bottomline

Net profit fell 27.2% YoY (₹29,933 → ₹21,793 lakhs), broadly proportional to revenue decline — cost structure held.
EPS compressed from ₹32.07 to ₹21.52 (-32.9%); the wider fall vs. net profit reflects the higher weighted-average share count (8.99 Cr vs. 8.74 Cr), a residual dilution effect from FY25’s QIP.
Tax rate was stable (~26.5% vs. ~26.3%), with prior-period tax of ₹400 lakhs adding a minor one-time drag.

Margins

EBITDA margin on revenue from operations: ₹33,130 / ₹68,769 = 48.2% vs. ₹43,186 / ₹97,364 = 44.4% — margins expanded 380 bps despite lower revenue, driven by favourable cost mix.
Net profit margin: ₹21,793 / ₹68,769 = 31.7% vs. ₹29,933 / ₹97,364 = 30.7% — held steady, confirming operating leverage is intact.
Material cost ratio improved sharply: ₹18,530 / ₹68,769 = 26.9% vs. ₹34,519 / ₹97,364 = 35.5% — product mix shifted toward higher-margin, lower-BOM deliveries in FY26.

Growth Trajectory

A single-year revenue dip after exceptional FY25 growth warrants context — FY25 itself saw strong execution; FY26 appears to be a delivery trough, not a trend reversal.
Order book of ₹1,336 Cr as at March 2026 provides ~1.9x FY26 revenue cover, underpinning near-term recovery visibility.
Employee costs jumped 43.1% (₹8,876 → ₹12,694 lakhs) while manufacturing expenses nearly tripled (₹1,573 → ₹4,532 lakhs) — capacity and headcount are being built ahead of anticipated order execution, a leading indicator of management’s growth confidence.