Bajaj Auto’s topline resilience hinges on 150cc+ and EV outperformance, while margins face structural commodity headwinds offset by pricing and FX tailwinds; bottomline growth remains capital allocation-dependent (buyback, BACL, KTM).
Also see: BAJAJ-AUTO – Bajaj Auto – Q4 FY26 Financial Results – 6-May-26
📊 Base Case (50% Probability)
Key Variables: Commodity inflation stabilizes at 3%, 150cc+ grows at 1.5x industry, Exports hit 220K/month, EV margins hold at double digits.
Outcome: Revenue +12-15% YoY, EBITDA margin 20-20.5%, PAT +15-18%; BACL and KTM contributions offset domestic slowdown.
Godrej Consumer’s topline resilient (volume + pricing), margins compressed near-term (crude/FX) but absolute EBITDA protected by cost discipline and category mix shift to Home Care/Fab.
Also see: GODREJCP – Godrej Consumer – Q4 FY26 Financial Results – 6-May-26
📊 Base Case (50% Probability)
Crude $100–110/bbl, palm oil ~4,500 MYR. Q1–Q2 margin pressure (EBITDA % dips 100–150bps) offset by pricing/share gains. Indonesia volumes +5–6%, Africa/ME revenue +15–20% (EBITDA +5–7%). India volume growth: 7–8%. Consolidated EBITDA growth: 9–11%.
Continue reading “GODREJCP – Godrej Consumer – Q4 FY26 Earnings Call – 6-May-26”Larsen & Toubro/ L&T’s topline growth hinges on Middle East normalization and domestic execution recovery; margins stable near-term with upside from Energy segment; ROE accretive long-term if new businesses scale as guided.
Also see: LT – Larsen & Toubro – Q4 FY26 Financial Results – 5-May-26
📊 Base Case (60% Probability)
Middle East conflict resolves by Q1 FY27, supply chains normalize by H2 FY27. Revenue grows 10–12%, margins stable at 7.8%, ROE at 16–17%. New businesses (Data Centers, Green Hydrogen) scale in FY29+, offsetting near-term capex drag. Order inflow tracks 10–12% CAGR.
Continue reading “LT – Larsen & Toubro – Q4 FY26 Earnings Call – 5-May-26”KEI Industries’ topline growth hinges on Sanand execution and metal prices, while margins depend on export mix and cost pass-through; base case supports 20%+ revenue CAGR with stable 11% EBITDA margins.
Also see: KEI – KEI Industries – Q4 FY26 Financial Results – 4-May-26
📊 Base Case (60% Probability)
Drivers: Sanand Phase 1 stabilizes by H1 FY27, copper prices flat to +5%, export share reaches 18–20%. Volume grows 17%, revenue 20–22%, EBITDA margin 10.8–11%. Capex funded internally; working capital cycle improves to 2.75 months. EPS growth: ~20%.
Continue reading “KEI – KEI Industries – Q4 FY26 Earnings Call – 5-May-26”Coforge’s topline resilience (order book + framework deals) and margin expansion (AI + synergies) support double-digit EPS growth, but macro shocks or execution delays could pressure revenue conversion and FCF stability.
Also see: COFORGE – Coforge Ltd – Q4 FY26 Financial Results – 5-May-26
📊 Base Case (60% Probability)
FY27 delivers industry-leading revenue growth (~18–20% USD) driven by order book conversion (1.3–1.4x) and framework agreements (UK public sector). EBITDA 20.5–21%, EBIT 15.5–17% (consolidated) achieved via AI-led cost savings and G&A synergies. FCF-to-PAT ≥100% sustained. BFS recovers (+15% YoY), travel remains resilient.
Continue reading “COFORGE – Coforge Ltd – Q4 FY26 Earnings Call – 5-May-26”Punjab National Bank’s topline growth hinges on RAM execution and deposit repricing, while margins and bottomline face cyclical pressure from ECL and sticky funding costs; structural RAM shift and capital strength provide downside protection.
Also see: PNB – Punjab National Bank – Q4 FY26 Financial Results – 5-May-26
📊 Base Case (60% Probability)
RAM mix reaches 56%, deposit costs decline ~5 bps/quarter, and ECL transition absorbs INR2,000–3,000 crores via floating provisions. NIM stabilizes at 2.65%, credit grows 12%, and ROA sustains ~1%. IBPC unwind completes by FY27, freeing up ~20 bps margin tailwind.
Continue reading “PNB – Punjab National Bank – Q4 FY26 Earnings Call – 5-May-26”