May 5, 2026 - ChartAlert®

LT – Larsen & Toubro – Q4 FY26 Financial Results – 5-May-26

L&T’s FY26 engine strong: 18% PAT growth, ₹7.4L Cr order book, 83% OCF surge, improving debt metrics. Near‑term overhangs: exceptional items, Energy margin pressure. ₹25,470 Cr held‑for‑sale assets add execution risk but monetisation could deleverage. FY27 growth well‑underpinned; monitor Energy margins, receivables, divestiture outcome.

1–2 minutes

🔍 Observations

Topline

Revenue grew 12% YoY to ₹2,85,874 Cr in FY26; Q4 alone up 11% YoY to ₹82,762 Cr — broad-based across segments.
International revenue crossed 54% of mix (vs. 50% in FY25), signaling successful geographic diversification.
Order inflows surged 22% YoY to ₹4,35,590 Cr; order book at ₹7,40,327 Cr (≈2.6x FY26 revenue) provides multi-year revenue visibility.

Bottomline

Recurring PAT — stripping exceptional items — rose 18% YoY to ₹17,238 Cr, the more meaningful profitability signal.
Reported consolidated PAT grew only 7% to ₹16,084 Cr, dragged by ₹1,722 Cr net exceptional loss (vs. ₹475 Cr gain in FY25) — a ₹2,197 Cr swing.
Basic EPS at ₹116.93 vs. ₹109.36 in FY25 (+7%); Q4 EPS of ₹38.71 slightly below Q4 FY25’s ₹39.98 due to exceptional timing.

Margins

EBITDA margin compressed 10 bps to 10.2% in FY26 (vs. 10.3%); Q4 margin at 10.4% shows sequential improvement.
Energy Projects EBITDA margin fell sharply — 8.5% in FY25 to 6.8% in FY26 — offsetting gains in Infrastructure (6.4% → 6.9%) and IT Services (steady at 19.5%).
ISCR improved materially — 6.75x in FY25 to 9.19x in FY26 — as finance costs fell 15% YoY to ₹2,849 Cr.

Growth Trajectory

Hi-Tech Manufacturing revenue nearly doubled: ₹9,695 Cr → ₹14,109 Cr (+45% YoY); highest growth segment, though margins softened slightly.
Energy Projects order inflows grew 56% YoY to ₹1,36,921 Cr — largest order inflow segment — promising future revenue ramp.
Financial Services loan book expanded 25% YoY to ₹1,21,728 Cr, sustaining NIM+fee yield at ~10.3%.

COFORGE – Coforge Ltd – Q4 FY26 Financial Results – 5-May-26

Coforge’s FY26 delivered revenue scale, margin expansion, and stronger cash generation, with EBIT at 14.4% (16.6% Q4) validating leverage post‑Cigniti. Risks: receivables build, charges inflation, and Encora’s ₹2,21,935 Mn integration raising leverage/complexity. FY27 is prove‑it year; growth story credible, but re‑rating hinges on integration milestones.

1–2 minutes

🔍 Observations

Topline

Revenue surged 35.8% YoY (₹1,20,733 Mn → ₹1,64,027 Mn), driven by Cigniti amalgamation and organic wins across Americas and ROW; Q4 FY26 added 30.0% YoY and 5.2% QoQ, sustaining momentum into year-end.
Americas dominates at 56.9% of FY26 revenue (₹93,344 Mn, +41.0% YoY); ROW grew fastest at +67.8% YoY (₹13,863 Mn → ₹23,258 Mn), signalling geographic diversification.
Q4 FY26 revenue of ₹44,504 Mn is the highest quarterly print on record, confirming sequential acceleration.

Bottomline

PAT from continuing operations nearly doubled YoY: ₹9,635 Mn → ₹16,745 Mn (+73.8%), despite ₹2,260 Mn in exceptional charges dragging reported PBT.
Basic EPS (restated for 1:5 split) jumped from ₹24.60 → ₹46.44 (+88.8% YoY), reflecting both profit growth and operating leverage.
Q4 FY26 PAT of ₹6,662 Mn is 2.2× Q4 FY25 (₹3,059 Mn); deferred tax credit of ₹1,533 Mn in the quarter amplified reported PAT — underlying earnings strength is still robust but the tax line needs monitoring.

Margins

EBIT margin expanded 370 bps YoY: 10.7% (FY25) → 14.4% (FY26); Q4 FY26 reached 16.6%, the strongest quarterly margin, suggesting operating leverage is taking hold.
Employee costs as % of revenue: ₹92,161 Mn ÷ ₹1,64,027 Mn = 56.2% (FY26) vs. ₹72,241 Mn ÷ ₹1,20,733 Mn = 59.8% (FY25) — 360 bps improvement, the primary margin lever.
Professional charges nearly doubled YoY (₹13,902 Mn → ₹21,918 Mn, +57.7%), growing faster than revenue; signals integration costs or subcontracting intensity from acquired entities.

Growth Trajectory

Two-year revenue CAGR (FY24 base not provided, but FY25→FY26 alone at +35.8%) combined with EBIT CAGR of ~83% (₹12,942 Mn → ₹23,645 Mn) points to operating-leverage-driven scaling, not just top-line inflation.
ROW segment EBIT swung from –₹642 Mn (FY25) to +₹508 Mn (FY26), a full-year turnaround of ₹1,150 Mn — loss-making geographies are reaching breakeven, widening the group margin runway.
Encora acquisition (post-balance-sheet, April 23, 2026; ₹2,21,935 Mn consideration) will materially reset scale in FY27 but introduces significant integration and leverage risk.

M&M – Mahindra & Mahindra – Q4 FY26 Financial Results – 5-May-26

M&M’s FY26 delivered 24.6% revenue and 32.3% PAT growth, visible operating leverage, negligible core debt, and pivot to strong FCF. Risks: rising short‑term borrowings, NBFC loan book quality, and JV/associate losses. With execution, FY27–28 outlook is strong, but liability/NBFC trends could alter thesis.

1–2 minutes

🔍 Observations

Topline

Revenue from operations hit ₹1,97,792 Cr in FY26 vs ₹1,58,750 Cr in FY25 — 24.6% YoY growth, with Q4 FY26 alone up 28.9% YoY (₹54,892 Cr vs ₹42,586 Cr).
Automotive segment drove bulk of growth: ₹1,17,834 Cr in FY26 vs ₹90,825 Cr in FY25 (+29.7% YoY), reflecting SUV demand momentum and pricing power.
Farm Equipment contributed ₹42,568 Cr (+20.3% YoY); Financial Services and Industrial/Consumer segments each grew ~10–20%, confirming broad-based topline expansion.

Bottomline

PAT rose to ₹18,622 Cr in FY26 from ₹14,073 Cr in FY25 — 32.3% YoY growth, outpacing revenue, signaling operating leverage at work.
Q4 FY26 PAT of ₹5,260 Cr vs ₹3,542 Cr in Q4 FY25 — 48.5% YoY jump; sequential improvement (₹5,021 Cr in Q3 FY26) modest but steady.
Share of profit from associates/JVs added ₹1,965 Cr in FY26 (vs ₹1,537 Cr in FY25), providing meaningful earnings uplift beyond consolidated operations.

Margins

Operating margin (excl. investment income) improved to 14.05% in FY26 from 13.66% in FY25 — a 39 bps expansion, with Q4 FY26 at 14.25%.
Net profit margin widened to 9.37% in FY26 from 8.84% in FY25, and Q4 FY26 reached 9.57% — directionally strong.
Automotive segment EBIT (segment result before unallocable items) grew to ₹10,479 Cr in FY26 from ₹7,931 Cr (+32.1%), with implied segment margin improving meaningfully on higher revenue base.

Growth Trajectory

FY26 revenue CAGR (1-year): 24.6%; PAT CAGR: 32.3% — both ahead of typical industrial-auto sector peers, suggesting M&M is gaining share.
Diluted EPS grew from ₹115.06 in FY25 to ₹152.18 in FY26 — 32.3% YoY, consistent with PAT growth; no meaningful dilution.
Q4 FY26 sequential revenue growth of 6.4% (₹51,580 Cr → ₹54,892 Cr) despite typical Q4 seasonality signals robust underlying demand.

PNB – Punjab National Bank – Q4 FY26 Financial Results – 5-May-26

PNB’s FY26 exits with best asset quality and stronger capital, reducing downside risk. Yet PAT stalled as tax surged 16%, keeping ROA at 0.97%. Operating profit improved, but CD ratio tightening, treasury margin compression, and tax normalization may cap FY27 earnings; profitability re‑rating catalyst still elusive.

1–2 minutes

🔍 Observations

Topline

Total income grew 6.4% YoY (₹14,04,568L → ₹14,94,633L FY26), driven equally by interest earned (+5.5% YoY) and other income (+13.6% YoY).
Q4FY26 total income of ₹36,87,802L dipped 2.7% QoQ from Q3’s ₹37,90,266L — other income fell sharply from ₹5,01,343L to ₹4,08,025L QoQ.
Retail banking revenue led segment growth at ₹44,01,440L in FY26 vs ₹38,30,604L in FY25 (+14.9% YoY); Corporate/Wholesale flat at ~₹56,734L both years.

Bottomline

Net profit after minority interest declined marginally YoY: ₹18,39,269L (FY26) vs ₹18,48,029L (FY25), a ~0.5% dip despite higher PBT — driven by a 16% surge in tax expense (₹9,98,589L vs ₹8,61,291L).
Q4FY26 net profit (post-minority) of ₹5,59,164L grew 12.1% YoY (vs Q4FY25 ₹4,98,929L) — strongest quarterly print of FY26.
Share of associate earnings contributed ₹1,37,093L in FY26 (vs ₹1,11,298L FY25, +23.2% YoY), providing meaningful PAT uplift.

Margins

Operating margin improved: 19.92% in FY26 vs 19.43% in FY25 — operating profit grew 8.7% YoY (₹27,20,251L → ₹29,56,494L).
Net profit margin compressed: 11.50% FY26 vs 12.04% FY25 — tax rate jumped from 33.1% to 36.9% of PBT, squeezing the bottom.
Employee cost fell 11.9% YoY (₹21,54,869L → ₹18,99,228L), the key efficiency driver; partially offset by 16.7% rise in other operating expenses.

Growth Trajectory

Advances grew 13.9% YoY (₹10,86,27,314L → ₹12,37,98,005L), sustaining loan book expansion momentum.
Deposits grew 9.4% YoY (₹15,77,01,988L → ₹17,24,79,542L) — deposits growing slower than advances, tightening the CD ratio.
Gross NPA ratio improved from 3.95% → 2.95% YoY and Net NPA from 0.40% → 0.29% — the most decisive multi-year improvement in asset quality.

BAJFINANCE – Bajaj Finance – Q4 FY26 Earnings Call – 29-Apr-26

BAJFINANCE: Topline resilience (20–24% AUM growth), bottomline outperformance (profit growth > AUM growth), and margin stability (ROA 4.4–4.6%) under base-case assumptions, with asymmetric downside risks tied to geopolitics and execution.

1–2 minutes

3-Scenario Framework

📊 Base Case (50% Probability)

Macro remains stable but volatile. AUM grows 22% (gold loans at 4–5% of AUM, MSME recovers in H2 FY27). Credit costs average 155 bps (MSME/2-wheeler tailwinds offset by mild macro headwinds). Opex/NTI improves 30 bps, NIM moderates slightly. ROA/ROE sustain at 4.5%/20%, with profit growth ~10–15% above AUM growth.

BAJAJHFL – Bajaj Housing Finance – Q4 FY26 Earnings Call – 27-Apr-26

BAJAJHFL: Topline growth remains robust (20%+ AUM), but bottomline pressure from NIM compression (~10 bps ROA impact) and margins face structural headwinds (yield mix, competitive intensity) offset partially by opex/credit cost tailwinds.

1–2 minutes

3-Scenario Framework

📊 Base Case (60% Probability)

Key Variables: Stable policy rates, money market rates normalize by H2 FY27, competitive intensity moderates.
Outlook: NIM compression ~10 bps (offset by opex efficiency and lower credit costs). AUM grows 20–22%, ROA at 2.2%, ROE at 12.5%. BT-out rates decline to 8–9% post-Q1. Sambhav AUM reaches INR 12,000 crores by FY27.

SHRIRAMFIN – Shriram Finance – Q4 FY26 Earnings Call – 24-Apr-26

SHRIRAMFIN: Topline resilience (15–20% AUM growth) with margin stability (8.5–9.0% NIM), but bottomline sensitivity to monsoon/fuel shocks (EPS range: -10% to +35%).

1–2 minutes

3-Scenario Framework

📊 Base Case (50% Probability)

Monsoon at 95–100% LPA, fuel prices stabilize at $90–95/bbl, and geopolitical tensions ease. AUM grows 16–18% (CV/PV lead, MSME at 13–15%). NIM expands to 8.7–8.8% (cost-of-funds benefits). Credit cost remains at 1.6–1.8% (no major asset quality deterioration). EPS grows 20–25% YoY.