May 13, 2026 - ChartAlert®

KAYNES – Kaynes Technology India – Q4 FY26 Financial Results – 13-May-26

Kaynes’ FY26 shows 30%+ revenue compounding, margin expansion, and equity‑funded capex ahead of demand. PAT growth is suppressed by D&A and employee costs — growth investments, not inefficiencies. Risks: receivables at 42% of revenue with rising provisions. Margin inflection and re‑rating likely FY27–28, not immediate.

1–2 minutes

🔍 Observations

Topline

Revenue from operations surged to ₹36,264 Mn in FY26 vs ₹27,218 Mn in FY25 — a 33.2% YoY jump, with Q4 FY26 alone clocking ₹12,426 Mn (26.3% of full-year revenue), signalling accelerating execution.
Q4 FY26 revenue grew 26.2% YoY (₹9,845 Mn → ₹12,426 Mn) and 54.6% QoQ (₹8,040 Mn → ₹12,426 Mn), reflecting strong order deliveries in the quarter.
Other income of ₹1,568 Mn (FY26) vs ₹1,070 Mn (FY25) includes interest income of ₹1,011 Mn — notable, but the core revenue growth dominates the narrative.

Bottomline

Net profit grew 24.0% YoY — ₹3,639 Mn in FY26 vs ₹2,934 Mn in FY25 — lagging revenue growth due to elevated depreciation and a provision for doubtful debts of ₹782 Mn.
Q4 FY26 net profit of ₹912 Mn fell 21.5% YoY vs ₹1,162 Mn in Q4 FY25, driven by sharply higher D&A (₹544 Mn vs ₹169 Mn YoY) as new capex gets commissioned.
Basic EPS rose to ₹54.85 (FY26) from ₹45.82 (FY25), a 19.7% increase, slightly diluted by QIP-driven equity expansion.

Margins

EBITDA proxy (PBT before exceptional + D&A + Finance cost): ₹5,069 + ₹1,071 + ₹1,169 = ₹7,309 Mn on revenue of ₹36,264 Mn — EBITDA margin ~20.2% (FY25: ₹3,716 + ₹447 + ₹1,013 = ₹5,176 Mn on ₹27,218 Mn = 19.0%). Margin expansion of ~120 bps YoY.
Net profit margin compressed slightly: 10.0% (₹3,639/₹36,264) vs 10.8% (₹2,934/₹27,218) — the ₹782 Mn doubtful debt provision is the primary drag.
Material cost as % of revenue: ₹25,422 Mn / ₹36,264 Mn = 70.1% (FY25: ₹19,116 / ₹27,218 = 70.2%) — stable input cost structure despite scale-up.

Growth Trajectory

3-year CAGR is not computable from provided data, but FY26 marks the second consecutive year of ~30%+ revenue growth — a pattern consistent with strong order book execution in EMS.
Employee costs nearly doubled YoY (₹3,136 Mn vs ₹1,781 Mn), reflecting capacity and capability build for higher-complexity segments — dilutive near-term but value-accretive structurally.
D&A nearly tripled YoY (₹1,071 Mn vs ₹447 Mn), confirming aggressive asset commissioning; earnings growth will re-accelerate as utilisation improves.

DLF – DLF Limited – Q4 FY26 Financial Results – 13-May-26

DLF’s FY26 shows near‑zero debt, strong OCF, and rising annuity income, de‑risking the balance sheet. Reported revenue is lumpy (2.5% growth, ‑42% Q4), but ₹6,336 Cr customer advances signal pipeline strength. Re‑rating hinges on high‑margin project deliveries and structurally lower interest costs driving PAT expansion.

1–2 minutes

🔍 Observations

Topline

Revenue from operations grew a modest 2.5% YoY — ₹8,194 Cr (FY26) vs ₹7,994 Cr (FY25) — masking the reality that Q4 FY26 revenue fell sharply to ₹1,814 Cr from ₹3,128 Cr in Q4 FY25, a 42% YoY quarterly decline.
Revenue recognition in real estate follows completion/handover schedules — the Q4 drop likely reflects a trough in handovers between project cycles, not demand destruction.
Other income surged 61.8% YoY to ₹1,622 Cr (vs ₹1,002 Cr), significantly bolstered by higher interest income and exceptional items of ₹203 Cr vs a loss of ₹302 Cr in FY25.

Bottomline

Net profit flat at ₹4,415 Cr (FY26) vs ₹4,367 Cr (FY25) — essentially unchanged. However, FY25 PAT benefited from a ₹1,111 Cr deferred tax credit; stripping that, underlying profitability improved meaningfully.
Share of profit from associates and JVs (primarily DCCDL) contributed ₹1,793 Cr (FY26) vs ₹1,672 Cr (FY25) — a 7.2% increase, representing 40.6% of FY26 net profit.
Q4 FY26 net profit of ₹1,269 Cr was essentially flat QoQ (₹1,203 Cr in Q3) despite the sharp Q4 revenue decline — testament to improving margin quality and lower finance costs.

Margins

Operating profit before working capital changes fell to ₹1,534 Cr (FY26) vs ₹2,132 Cr (FY25) — a significant decline in operating-level profitability from the P&L perspective.
Finance costs halved: ₹199 Cr (FY26) vs ₹397 Cr (FY25) — the balance sheet deleveraging is directly accreting to earnings.
Cost of land and construction as % of revenue: ₹4,849 Cr / ₹8,194 Cr = 59.2% (FY25: ₹4,132 / ₹7,994 = 51.7%) — a material deterioration, reflecting project mix (more premium/luxury deliveries with higher land cost ratios).

Growth Trajectory

Revenue growth of 2.5% is well below expectations for a premium residential developer riding India’s housing super-cycle — but bookings/presales (not in provided data) are the forward indicator for DLF, not recognised revenue.
Net debt reduction is the structural growth catalyst: non-current borrowings eliminated from ₹1,672 Cr to ₹0, and current borrowings cut from ₹2,182 Cr to ₹45 Cr — total debt nearly wiped out.
“Other current liabilities” jumped from ₹17,060 Cr to ₹23,396 Cr — a ₹6,336 Cr increase representing advance collections from buyers, the strongest lead indicator of future revenue recognition.

BHARTIARTL – Bharti Airtel – Q4 FY26 Financial Results – 13-May-26

Airtel’s FY26 shows 330 bps EBITDA margin expansion, 56% pre‑tax profit growth, and ₹12.2 Lakh Mn OCF, with PAT decline from tax normalisation. ARPU remains the re‑rating catalyst — each ₹10/sub adds ~₹12,000 Mn EBITDA. Africa, Homes, and 5G monetisation drive sustained growth; risks are spectrum costs and Jio aggression.

1–2 minutes

🔍 Observations

Topline

Revenue from operations grew 21.9% YoY — ₹21,09,728 Mn (FY26) vs ₹17,29,852 Mn (FY25) — the strongest annual growth in recent years, driven by tariff hikes in India mobile and Africa expansion.
Mobile Services India (₹11,29,954 Mn, +12.7% YoY) and Africa (₹5,68,064 Mn, +35.6% YoY) together contributed 80.7% of total revenue — Africa is the incremental growth engine.
Homes Services grew 31.7% YoY (₹59,044 Mn → ₹77,747 Mn) — the fastest-growing segment in India, validating the fibre rollout strategy; Airtel Business declined marginally to ₹2,11,766 Mn from ₹2,20,935 Mn.

Bottomline

Net profit declined 9.8% YoY to ₹3,38,228 Mn (FY26) vs ₹3,74,813 Mn (FY25) — driven by a ₹1,13,499 Mn total tax charge vs a near-zero tax of ₹9,172 Mn in FY25 (FY25 benefited from ₹1,11,889 Mn deferred tax reversal from AGR relief).
Pre-exceptional, pre-tax profit surged 56.2% YoY — ₹4,85,902 Mn vs ₹3,11,117 Mn — the true underlying earnings momentum; reported PAT is depressed by normalisation of the deferred tax position.
Q4 FY26 net profit of ₹92,474 Mn reflects operational improvement — profit before exceptional items was ₹1,32,054 Mn, up 35.8% YoY vs ₹97,240 Mn in Q4 FY25.

Margins

EBITDA (reported as “Profit before D&A, finance costs, associates, exceptional items and tax”): ₹12,24,918 Mn (FY26) vs ₹9,47,329 Mn (FY25) — EBITDA margin: 58.1% (₹12,24,918 / ₹21,09,728) vs 54.8% (FY25) — a 330 bps expansion.
Finance costs marginally declined: ₹2,15,553 Mn vs ₹2,17,539 Mn — despite a larger asset base, absolute interest costs are stable.
D&A of ₹5,27,108 Mn (FY26) vs ₹4,55,703 Mn (FY25) — 15.7% increase, reflecting ongoing spectrum amortisation and network asset commissioning; D&A as % of revenue: 25.0% vs 26.3% — improving.

Growth Trajectory

Passive Infrastructure Services revenue nearly tripled (₹1,12,920 Mn → ₹3,26,944 Mn) — this spike is primarily driven by the inclusion of Indus Towers’ full-year consolidation or classification change; segment results grew more moderately (+50.3%).
EBITDA compounding at scale is the hallmark metric: from ₹9,47,329 Mn to ₹12,24,918 Mn in one year — ₹2,77,589 Mn incremental EBITDA on ₹3,79,876 Mn incremental revenue = 73% incremental EBITDA margin, confirming operating leverage.
Mobile India ARPU improvement (implied by 12.7% revenue growth on a largely stable subscriber base post-July 2024 tariff hike) is the structural re-rating story — sustainable as long as competitive intensity stays low.

TMCV – Tata Motors Limited (Formerly TML Commercial Vehicles Limited) – Q4 FY26 Financial Results – 13-May-26

TMCV’s FY26 shows CV margins up to 10.6% and rapid deleveraging with ₹6,899 Cr cash vs ₹4,817 Cr borrowings. Margin inflection accelerates, but ₹6,547 Cr FVTPL equity book adds PAT volatility. Investors should anchor on operating metrics and track ₹4,268 Cr liabilities normalization for OCF clarity.

1–2 minutes

🔍 Observations

Topline

Revenue from operations hit ₹83,855 Cr in FY26 vs ₹58,217 Cr in the prior stub period (Jun 23, 2024–Mar 31, 2025); direct YoY comparison is distorted by the demerger-driven stub period — Q4FY26 revenue of ₹26,098 Cr grew 19.4% over Q4FY25’s ₹21,863 Cr on a like-for-like quarter basis.
Commercial Vehicle segment dominates at ₹82,611 Cr (98.5% of FY26 segment revenue), with Q4FY26 CV revenue of ₹25,699 Cr up 19.4% QoQ from ₹21,534 Cr.
“Others” segment (non-CV) contributed ₹968 Cr in FY26, up from ₹650 Cr in the stub period, signalling nascent diversification.

Bottomline

FY26 PAT of ₹3,030 Cr vs ₹3,195 Cr in stub period; Q4FY26 PAT of ₹1,793 Cr jumped 33.8% over Q4FY25’s ₹1,340 Cr — the cleanest comparable.
Exceptional items heavily distorted reported PBT: FY26 net exceptional loss of ₹1,428 Cr (primarily ₹2,418 Cr fair value loss on equity investments) vs ₹317 Cr in the prior period; pre-exceptional PBT of ₹6,091 Cr substantially exceeds reported PBT of ₹4,663 Cr.
Tax expense surged to ₹1,633 Cr in FY26 vs ₹893 Cr in the stub period, reflecting higher current tax of ₹1,068 Cr (vs ₹93 Cr) as profitability matures — a sign of normalisation, not deterioration.

Margins

Segment EBIT margin (CV segment results / CV revenue): FY26 = ₹8,727 Cr / ₹82,611 Cr = 10.6% vs stub period ₹5,172 Cr / ₹57,244 Cr = 9.0% — 160bps expansion.
Q4FY26 CV segment margin: ₹2,919 Cr / ₹25,699 Cr = 11.4%, up from Q4FY25’s ₹2,095 Cr / ₹21,528 Cr = 9.7% — 170bps YoY improvement in a single quarter.
Finance costs declined sharply: ₹874 Cr in FY26 vs ₹1,079 Cr in stub period; Q4FY26 finance cost of ₹166 Cr vs Q4FY25’s ₹319 Cr — near halving reflects aggressive debt paydown.

Growth Trajectory

Q4FY26 revenue growth of 19.4% YoY and segment profit growth of 39.3% YoY (₹2,919 Cr vs ₹2,095 Cr) confirms operating leverage is working — topline growth is translating disproportionately into segment earnings.
Corporate/Unallocable drag narrowed significantly: Q4FY26 loss of ₹49 Cr vs Q4FY25 loss of ₹147 Cr — structural overhead rationalisation post-demerger is tracking.
Pre-exceptional PBT for FY26 of ₹6,091 Cr vs ₹4,405 Cr in stub period represents 38.3% growth on a 44-week vs 40.5-week comparison; on a pure quarterly trajectory (Q4FY26 pre-exceptional PBT = ₹2,388 Cr vs Q4FY25’s ₹1,851 Cr), YoY growth is a clean 29%.

TVSMOTOR – TVS Motor Company – Q4 FY26 Financial Results – 13-May-26

TVS Motor’s FY26 shows 36% PAT growth, EPS rising ₹47→₹64, and strong auto leverage. Risks: negative FCF, rising short‑term borrowings, <1x current ratio, and NBFC‑driven expansion. Re‑rating hinges on sustaining >12% operating margins; Q4 dip to 11.3% is the key watchpoint.

1–2 minutes

🔍 Observations

Topline

Revenue from operations surged 27.2% YoY (₹44,089 Cr → ₹56,070 Cr), with automotive segment driving ₹11,385 Cr of the ₹12,980 Cr incremental revenue.
Q4FY26 revenue of ₹15,053 Cr grew 30.4% YoY, maintaining strong sequential momentum — Q3 to Q4 added ₹297 Cr despite a high base.
Financial services segment contributed ₹7,202 Cr (12.8% of total revenue), growing 8.4% YoY — steady but meaningfully slower than the core auto business.

Bottomline

PAT from continuing operations grew 35.6% YoY (₹2,350 Cr → ₹3,186 Cr); attributable PAT grew 35.0% (₹2,236 Cr → ₹3,018 Cr).
EPS expanded from ₹47.05 to ₹63.53 — a 35% uplift on an unchanged share count of 47.51 Cr shares, meaning all growth is organic earnings accretion.
Q4FY26 PAT of ₹820 Cr grew 19.4% YoY (vs ₹687 Cr), though sequentially weaker than Q3’s ₹891 Cr — partially explained by Q3 carrying an exceptional loss of ₹50 Cr.

Margins

Full-year operating margin expanded 70 bps YoY (10.8% → 11.5%); Q4FY26 operating margin of 11.3% lagged Q4FY25’s 12.1% — sequential margin compression evident.
Net profit margin improved 30 bps YoY (5.4% → 5.7%), modest given the revenue scale-up — input cost intensity remains high (materials + purchases = ~61.5% of revenue).
Finance costs rose 6.5% YoY (₹2,093 Cr → ₹2,230 Cr), largely NBFC-driven; excluding NBFC, interest coverage improved to 17.75x from 14.36x — a strong signal on automotive business quality.

Growth Trajectory

3-year compounding implied by FY26 scale (₹56,070 Cr revenue, ₹3,186 Cr PAT) suggests sustained double-digit volume and value growth across both segments.
Automotive segment EBIT grew 42.9% YoY (₹2,769 Cr → ₹3,958 Cr) — profit growth meaningfully outpacing revenue growth of 30.3%, confirming operating leverage at work.
Associate losses narrowed sharply (₹74 Cr → ₹41 Cr), suggesting international/JV businesses are on an improving trajectory.

CIPLA – Cipla Ltd – Q4 FY26 Financial Results – 13-May-26

Cipla’s FY26 shows 2.2% revenue growth but 540 bps margin erosion and 53% Q4 PBT collapse amid heavy reinvestment in intangibles/capacity. Balance sheet remains net cash (~₹8,440 Cr) with strong liquidity. Re‑rating hinges on margin inflection from complex generics driving revenue acceleration in FY27.

1–2 minutes

🔍 Observations

Topline

FY26 consolidated revenue grew 2.2% YoY (₹27,548 Cr → ₹28,163 Cr) — modest organic growth signalling market share consolidation rather than acceleration.
Q4FY26 revenue of ₹6,541 Cr declined 7.5% QoQ vs Q3FY26’s ₹7,074 Cr, indicating a seasonally weak close to the year.
Other operating revenue grew 12.1% YoY (₹402 Cr → ₹451 Cr), contributing marginally to headline growth.

Bottomline

FY26 net profit fell sharply 26.7% YoY (₹5,269 Cr → ₹3,862 Cr), driven by an exceptional loss of ₹276 Cr in Q3FY26 and a Q4FY26 normalised profit compressed by higher D&A and employee costs.
Q4FY26 net profit of ₹543 Cr is down 55.3% YoY vs Q4FY25’s ₹1,214 Cr — even stripping the exceptional, Q4 shows meaningful operational deterioration.
Basic EPS collapsed from ₹65.29 to ₹48.03 YoY (-26.5%), directly reflecting the profit decline with an essentially flat share count.

Margins

EBITDA proxy (PBT + D&A + Finance costs): FY26 = ₹5,499 Cr + ₹1,211 Cr + ₹54 Cr = ₹6,764 Cr on revenue of ₹28,163 Cr → EBITDA margin ~24.0% vs FY25: (₹6,821 Cr + ₹1,107 Cr + ₹62 Cr) / ₹27,548 Cr = ₹7,990 Cr / ₹27,548 Cr ~29.0% — a 500 bps YoY compression.
Net profit margin: FY26 = ₹3,862 Cr / ₹28,163 Cr = 13.7% vs FY25 = ₹5,269 Cr / ₹27,548 Cr = 19.1% — 540 bps deterioration.
Cost inflation is broad-based: employee costs +11.1% YoY, other expenses +10.0%, D&A +9.4%, stock-in-trade purchases +15.6% — all outpacing 2.2% revenue growth.

Growth Trajectory

Revenue CAGR is tracking low single digits while cost growth is in the high single digits — a structural margin squeeze if sustained.
Intangible additions of ₹1,480 Cr in FY26 vs ₹386 Cr in FY25 signal an aggressive inorganic/licensing push; near-term earnings dilution is the cost.
Goodwill rose from ₹3,270 Cr to ₹3,754 Cr (+14.8%) — acquisition-led expansion carries impairment risk if acquired businesses underperform.

DRREDDY – Dr. Reddy’s Laboratories – Q4 FY26 Financial Results – 12-May-26

Dr. Reddy’s FY26 shows North America contraction (‑22% FY, ‑51% Q4) dragging profitability despite EM/Europe/India growth. Gross margin fell 570 bps, SG&A inflated, borrowings and impairments rising. FCF ₹18,330 Mn remains positive, but re‑rating hinges on North America stabilisation; absent that, FY27 earnings trajectory stays challenged.

1–2 minutes

🔍 Observations

Topline

FY26 revenue grew 3% YoY (₹325,535 Mn → ₹335,933 Mn); Q4FY26 dropped 12% YoY and 14% QoQ to ₹75,162 Mn — the weakest quarter of the year.
North America collapsed 51% YoY in Q4 (₹35,586 Mn → ₹17,562 Mn) and 22% for full FY26 — a structural drag that erased gains elsewhere.
Europe (+55% FY26 YoY) and Emerging Markets (+23%) partially offset the North America erosion; India grew a solid 16% to ₹62,186 Mn.

Bottomline

FY26 net profit fell 26% YoY (₹57,245 Mn → ₹42,466 Mn); Q4FY26 net profit of ₹2,205 Mn was 86% below Q4FY25 (₹15,873 Mn).
Q4 tax line shows a net credit of ₹214 Mn (vs. expense of ₹4,181 Mn in Q4FY25), suggesting deferred tax reversals propped up an otherwise near-zero operating quarter.
Basic EPS declined from ₹67.88 to ₹51.48 for FY26; Q4 EPS of ₹2.64 vs. ₹19.13 a year ago underscores the severity of the Q4 drop.

Margins

FY26 gross margin compressed to 52.8% (₹177,264 Mn / ₹335,933 Mn) from 58.5% in FY25 — a 570 bps erosion driven by cost of revenues rising 17% while revenue grew only 3%.
PSAI segment gross profit fell 35% YoY (₹9,157 Mn → ₹5,984 Mn) on a revenue decline of just 3% — margin collapse within the segment is severe.
Operating profit (Results from operating activities) dropped 30% YoY (₹71,843 Mn → ₹50,551 Mn); Q4 operating profit of ₹1,325 Mn vs. ₹17,647 Mn in Q4FY25 — an 92% collapse.

Growth Trajectory

Revenue CAGR is nominal at 3% for FY26; the geographic mix shift away from high-margin North America toward Emerging Markets and Europe changes the structural profitability profile.
R&D spend fell 12% YoY (₹27,380 Mn → ₹24,058 Mn) — pipeline investment is declining even as the company faces revenue headwinds; raises medium-term concern.
SG&A rose 14% YoY (₹93,870 Mn → ₹106,763 Mn) against 3% revenue growth — operating leverage is working in reverse.

TATAPOWER – Tata Power Company – Q4 FY26 Financial Results – 12-May-26

Tata Power’s FY26 shows Thermal collapse offset by Renewables/T&D growth, but OCF halved, debt accelerated, and EPS fell 27%. Transition is intact, yet sustainability hinges on Renewables/T&D margins compounding faster than leverage costs. FY27 signposts: OCF recovery and debt/equity trajectory.

1–2 minutes

🔍 Observations

Topline

FY26 revenue from operations fell 4.7% YoY (₹65,478 Cr → ₹62,429 Cr), driven by a sharp collapse in Thermal & Hydro segment revenue (₹19,739 Cr → ₹11,636 Cr, down 41%), likely from fuel cost pass-through reduction and lower merchant tariffs.
T&D segment offset the decline, growing 5.7% YoY (₹39,121 Cr → ₹41,339 Cr); Renewables surged 52.2% (₹9,876 Cr → ₹15,028 Cr), becoming the second-largest revenue segment.
Q4FY26 revenue of ₹14,900 Cr was 12.8% below Q4FY25 (₹17,096 Cr), reflecting the full-year Thermal drag concentrated in Q4.

Bottomline

Net profit grew 7.2% YoY (₹4,775 Cr → ₹5,118 Cr) despite topline contraction — a margin-led improvement story.
PAT attributable to parent shareholders: ₹3,745 Cr (FY26) vs ₹3,943 Cr (FY25), actually down ~5%; NCI profit jumped to ₹1,373 Cr from ₹832 Cr, skewing consolidated growth optics.
EPS (before regulatory deferral) fell from ₹14.64 to ₹10.72 — a more honest signal of per-share earnings dilution than the headline PAT number.

Margins

Operating margin improved to 16% in FY26 from 15% in FY25 — modest but directionally right given Thermal’s higher-cost structure shrinking in the mix.
Net profit margin at 8% (FY26) vs 7% (FY25); cost of fuel collapsed from ₹13,918 Cr to ₹7,498 Cr (down 46%), but raw material/construction costs doubled (₹4,921 Cr → ₹8,618 Cr), signaling EPC/capex execution ramp.
Finance costs rose 11.8% YoY (₹4,702 Cr → ₹5,257 Cr), capping margin expansion upside.

Growth Trajectory

Renewables segment results grew 50.7% YoY (₹2,881 Cr → ₹4,341 Cr); T&D segment results grew 37.2% (₹3,206 Cr → ₹4,399 Cr) — both outpacing the consolidated business.
Thermal segment results cratered 48.5% (₹3,813 Cr → ₹1,965 Cr); as Thermal’s weight shrinks, the blended margin profile should structurally improve.
Regulatory deferral additions of ₹1,252 Cr (vs. a negative ₹976 Cr in FY25) flatter FY26 PBT — underlying operational earnings recovery is partially regulatory-assisted.