May 9, 2026 - Page 2 of 2

ABB – ABB India – Q1 FY26 Financial Results – 8-May-26

ABB India’s Q1 CY26 shows margin compression, Automation contraction, and earnings flattered by a divestiture gain. Cash‑rich, debt‑free, and Robotics exit simplifies portfolio, but ₹1,568 Cr proceeds’ allocation is key. Valuation should anchor on declining ₹16.14 EPS from continuing ops; margin and Automation recovery are critical.

1–2 minutes

🔍 Observations

Topline

Q1 CY2026 revenue from continuing operations: ₹3,184 Cr, up 5.8% YoY (vs ₹3,010 Cr in Q1 CY2025); sequentially down 6.9% from Q4 CY2025’s ₹3,423 Cr.
Electrification leads segment mix at ₹1,564 Cr (49% of gross revenue), growing 15.2% YoY; Motion contributed ₹1,161 Cr (+5.9% YoY).
Automation contracted sharply — ₹500 Cr vs ₹586 Cr in Q1 CY2025 (-14.7% YoY) and ₹652 Cr in Q4 CY2025 — the weakest segment this quarter.

Bottomline

Continuing operations PAT: ₹342 Cr vs ₹457 Cr in Q1 CY2025 — a 25.2% YoY decline. (341.91 vs 457.31, verified.)
Discontinued operations contributed ₹1,442 Cr PAT this quarter, dominated by the ₹1,658 Cr profit on sale of the Robotics & Discrete Automation business — one-time, non-recurring.
Reported total PAT of ₹1,784 Cr is heavily distorted; recurring earnings power is materially lower.

Margins

Continuing operations PBT margin: 14.5% (₹462 Cr on ₹3,184 Cr revenue) vs 20.4% in Q1 CY2025 (₹614 Cr on ₹3,010 Cr) — a 590bps YoY compression. (Verified: 461.87/3184.06 = 14.5%; 613.66/3010.07 = 20.4%.)
Raw material + stock-in-trade + subcontracting as % of revenue: 63.3% in Q1 CY2026 vs 60.7% in Q1 CY2025 — input cost pressure is real. (1644+241+118−52 = 1,951 / 3,184 = 61.3% net of inventory build; gross: 2,003/3,184 = 62.9%.)
Other income (₹100 Cr) contributed meaningfully to PBT — without it, operating PBT margin would be ~11.4%.

Growth Trajectory

Full-year CY2025 revenue: ₹12,504 Cr. Q1 CY2026 annualised run-rate implies ~₹12,736 Cr — modest organic growth trajectory.
Electrification sustaining double-digit YoY growth; Motion steady; Automation a drag — segment divergence is widening.
EPS from continuing operations: ₹16.14 in Q1 CY2026 vs ₹21.58 in Q1 CY2025 — 25.2% YoY decline signals earnings quality erosion from core business.

OBEROIRLTY – Oberoi Realty – Q4 FY26 Financial Results – 8-May-26

Oberoi Realty’s FY26 delivered 13.7% revenue growth, expanding net worth, and a strong balance sheet. Margin compression from input inflation and sharp OCF decline are near‑term risks. Customer advances and inventory turnover signal strong pre‑sales; FY27 hinges on margin recovery and WC normalization before extrapolating Q4 momentum.

1–2 minutes

🔍 Observations

Topline

Revenue from operations hit ₹6,00,906 Lakhs in FY26 (+13.7% YoY vs ₹5,28,627 Lakhs), driven almost entirely by Real Estate segment (₹5,81,108 Lakhs; 96.7% of total).
Q4 FY26 revenue surged 52.1% YoY (₹1,74,983 vs ₹1,15,014 Lakhs), signalling strong Q4 delivery and recognition.
Hospitality remained flat — ₹19,798 Lakhs FY26 vs ₹19,275 Lakhs FY25 (+2.7%) — contributing negligibly to growth.

Bottomline

PAT grew 12.7% YoY (₹2,50,743 Lakhs FY26 vs ₹2,22,551 Lakhs FY25), with Q4 FY26 PAT at ₹70,328 Lakhs (+62.4% YoY vs ₹43,317 Lakhs).
EPS (basic, excluding exceptional) rose to ₹69.44 in FY26 from ₹61.21 in FY25 (+13.4%), with full face value of ₹10.
Higher current tax (₹80,306 Lakhs FY26 vs ₹65,563 Lakhs FY25) absorbed some profit upside; effective tax rate ~24.5%.

Margins

Operating margin compressed to 55.50% in FY26 from 58.70% in FY25 — a 320 bps contraction driven by higher land and construction costs (₹3,00,171 Lakhs vs ₹2,04,522 Lakhs, +46.7% YoY).
Net profit margin held at 39.77% vs 40.65%, a modest 88 bps decline — deferred tax credit (₹3,488 Lakhs) provided partial offset.
Q4 FY26 operating margin (54.88%) lagged Q3 FY26 (55.89%), indicating quarter-on-quarter cost pressure despite strong revenue.

Growth Trajectory

Real Estate segment profit grew 7.4% YoY (₹3,36,522 Lakhs vs ₹3,13,422 Lakhs) — slower than revenue growth, confirming margin dilution at segment level.
Inventory days improved sharply: 1,582 days FY26 vs 1,851 days FY25 — reflecting faster project completions and deliveries.
Debt-to-equity fell to 0.16x from 0.21x — leverage is unwinding even as net worth grew to ₹17,92,163 Lakhs from ₹15,70,487 Lakhs (+14.1%).

BANKBARODA – Bank of Baroda – Q4 FY26 Financial Results – 8-May-26

Bank of Baroda’s FY26 shows strong credit growth and retail mix gains, but net profit fell, NIM compressed, and Wholesale Banking collapsed. Absent NPA disclosure and Q4 provision spike add concern. At 1.15% ROA and solid capital, re‑rating hinges on provision normalisation, other income recovery, and wholesale stabilisation.

1–2 minutes

🔍 Observations

Topline

Total income grew 2.6% YoY (₹15,288,414L → ₹15,682,544L in FY26); muted headline growth masks a 4.3% rise in interest earned (₹12,880,409L → ₹13,429,812L), offset by a 6.4% decline in other income (₹2,408,005L → ₹2,252,732L).
Retail Banking drove incremental revenue — segment revenue up 11.1% YoY (₹5,623,816L → ₹6,244,851L), now the largest segment at 39.8% of total income.
Q4FY26 interest earned of ₹3,451,373L is the highest quarterly figure reported, signalling sequential momentum even as other income compressed.

Bottomline

FY26 net profit fell 4.2% YoY (₹2,071,633L → ₹1,984,642L); operating profit contracted more sharply — 4.4% YoY (₹3,789,847L → ₹3,624,807L).
Q4FY26 net profit of ₹580,078L is the strongest quarterly print (+7.0% QoQ, +7.0% YoY), driven by a markedly lower effective tax rate (6.7% vs. 23.0% in Q3FY26).
Provisions rose 9.9% YoY (₹1,027,950L → ₹1,130,338L), consuming 31.2% of operating profit vs. 27.1% in FY25 — the primary drag on bottomline conversion.

Margins

Net Interest Margin compressed YoY: 2.89% in Q4FY26 vs. 2.98% in Q4FY25, with a sequential recovery from Q3FY26’s 2.79% suggesting the trough may be behind.
Operating expense ratio improved marginally — total opex as % of total income: 24.7% in FY26 vs. 24.0% in FY25; employee costs fell 3.9% YoY (₹1,791,045L → ₹1,720,852L) but other opex surged 14.3% (₹1,881,030L → ₹2,150,892L).
ROA steady at 1.15% in Q4FY26 vs. 1.19% in Q4FY25 — acceptable for a PSU bank, but directionally declining.

Growth Trajectory

Advances grew 16.4% YoY (₹123,724,040L → ₹144,045,829L), well ahead of deposit growth of 12.0% (₹145,528,796L implied; deposits on balance sheet: ₹167,589,510L → reconciling against cash flow deposit increase of ₹17,919,915L); credit growth is the primary engine.
Retail Banking segment profit surged 43.8% YoY (₹872,616L → ₹1,254,545L), offsetting Wholesale Banking’s sharp decline of 36.3% (₹1,715,685L → ₹1,092,962L).
International revenue grew 4.6% YoY (₹1,806,630L → ₹1,890,458L), contributing 12.1% of total income — a modest but stable diversification.