May 16, 2026 - ChartAlert®

DATAPATTNS – Data Patterns India – Q4 FY26 Financial Results – 14-May-26

Data Patterns’ FY26 shows healthy compounding with zero debt, 43%+ EBITDA margins, and rising R&D assets. Margin compression reflects cost absorption, not erosion; FY27 leverage recovery key. Risks: receivables at 79% of revenue and collapsing customer advances — liquidity hinges on timely government payments and order execution.

1–2 minutes

🔍 Observations

Topline

FY26 revenue of ₹924.77 Cr vs ₹708.35 Cr in FY25 — 30.6% YoY growth, driven by execution ramp-up in defence electronics programmes.
Q4 FY26 revenue at ₹344.85 Cr, down 12.9% vs Q4 FY25 (₹396.21 Cr) — sequential recovery from ₹173.13 Cr in Q3 FY26 confirms strong H2 skew in delivery schedules.
Revenue concentration in H2 remains a structural trait; Q3+Q4 contributed ~56% of FY26 annual revenue.

Bottomline

FY26 PAT of ₹271.37 Cr vs ₹221.81 Cr — 22.3% YoY growth, slightly below revenue growth pace due to higher employee costs and depreciation.
Q4 FY26 PAT of ₹138.38 Cr vs ₹114.08 Cr in Q4 FY25 — 21.3% YoY growth; strong quarter-level profitability.
FY26 EPS of ₹48.47 vs ₹39.62 — 22.3% YoY accretion; no dilution as share capital unchanged at ₹11.20 Cr.

Margins

FY26 EBITDA (PBT + Finance costs + Depreciation): ₹363.54 + ₹12.45 + ₹22.95 = ₹398.94 Cr on revenue of ₹924.77 Cr → EBITDA margin: 43.1% vs FY25: (₹295.34 + ₹12.08 + ₹13.92) / ₹708.35 = 45.7% — 260 bps margin compression YoY.
FY26 net profit margin: ₹271.37 / ₹924.77 = 29.3% vs ₹221.81 / ₹708.35 = 31.3% in FY25 — 200 bps compression.
Employee cost as % of revenue: ₹154.26 / ₹924.77 = 16.7% vs ₹114.06 / ₹708.35 = 16.1% — controlled but rising, reflecting headcount build for future programmes.

Growth Trajectory

3-year revenue CAGR not computable from provided data; FY25-FY26 single-year growth of 30.6% is robust for a defence-focused manufacturing entity.
PAT growth of 22.3% YoY — healthy in absolute terms, but trailing revenue growth signals a margin dilution phase, not a structural deterioration.
Intangible assets under development rose from ₹36.28 Cr to ₹60.86 Cr — ongoing R&D capitalisation signals product pipeline investment ahead of next growth leg.

KPIGREEN – KPI Green Energy – Q4 FY26 Financial Results – 6-May-26

KPI Green’s FY26 delivered 55%+ revenue and PAT growth with stable margins despite debt quadrupling. Risks: negative FCF, WC intensity from inventory/receivables. Positives: CFO doubled, EPS +49% with minimal dilution, client advances signal strong order book. Re‑rating hinges on CWIP converting to revenue, margin inflection, and FCF recovery.

1–2 minutes

🔍 Observations

Topline

Revenue from Operations surged 55.3% YoY (₹1,73,545 L → ₹2,69,591 L), driven almost entirely by captive power project sales (₹1,51,806 L → ₹2,44,646 L, +61.2%).
Q4FY26 revenue of ₹79,581 L grew 39.8% YoY and 20.0% QoQ, confirming accelerating quarterly momentum.
Power & services revenue grew modestly (+14.3% YoY), signalling the EPC/CPP segment is the dominant growth engine.

Bottomline

PAT grew 56.6% YoY (₹32,528 L → ₹50,924 L); Q4FY26 PAT of ₹15,548 L grew 49.2% YoY and 23.6% QoQ.
Deferred tax liability of ₹14,631 L (FY26) vs. ₹6,704 L (FY25) inflated tax outgo significantly; cash tax paid was only ₹3,850 L — PAT quality is supported by timing differences, not aggressive provisioning.
Basic EPS rose from ₹16.23 to ₹24.13 (+48.7%), on a nearly flat share count — no dilution drag on per-share earnings.

Margins

EBIT margin (segment results before unallocable): Segment profit ₹78,675 L on revenue ₹2,69,591 L = 29.2%, up from ₹51,466 L / ₹1,73,545 L = 29.7% — effectively flat, suggesting scale hasn’t yet translated to margin expansion.
PBT margin: ₹69,091 L / ₹2,74,152 L = 25.2% vs. ₹44,091 L / ₹1,75,516 L = 25.1% — remarkably stable despite a 3x rise in interest costs (₹4,504 L → ₹14,147 L).
PAT margin: ₹50,924 L / ₹2,74,152 L = 18.6% vs. ₹32,528 L / ₹1,75,516 L = 18.5% — near-perfect margin retention at scale.

Growth Trajectory

Total assets doubled YoY (₹4,79,207 L → ₹9,88,206 L, +106%), reflecting an aggressive capacity-build cycle — asset base growing faster than revenue.
Q4 sequential revenue growth (+20% QoQ) and PAT growth (+23.6% QoQ) indicate the ramp is still in progress, not plateauing.
Long-term borrowings surged from ₹86,160 L to ₹3,66,600 L (+325%) — the company is bet-sizing its next growth leg through debt-funded capex.

KEC – KEC International – Q4 FY26 Financial Results – 16-May-26

KEC’s FY26 shows EPC margin recovery, Others scaling 23%, and DSCR gains, but FCF remains negative with ₹18,600 Cr receivables vs ₹6,160 Cr equity. FY27 re‑rating hinges on margin expansion plus WC normalisation — until OCF turns positive, profitability remains incomplete for long‑term investors.

1–2 minutes

🔍 Observations

Topline

FY26 revenue ₹23,506 Cr vs ₹21,847 Cr in FY25 — 7.6% YoY growth; healthy but decelerating vs prior cycles
Q4FY26 revenue ₹6,390 Cr — down 7% vs Q4FY25 (₹6,872 Cr), snapping the sequential recovery trend from Q3FY26
EPC segment drove 93% of FY26 revenue (₹21,988 Cr); Others (cables/civil) growing faster at 23% YoY (₹1,806 Cr → ₹2,217 Cr)

Bottomline

FY26 PAT ₹606 Cr vs ₹571 Cr — 6.1% YoY growth; thin improvement despite meaningful revenue scale-up
Q4FY26 PAT ₹193 Cr vs Q4FY25 ₹268 Cr — 28% YoY decline; Q3FY26 PAT ₹127 Cr was distorted by ₹58.78 Cr exceptional item charge
Effective tax rate moderated in FY26 (23.3%) vs FY25 (21.5%) due to lower deferred tax benefit — slight PAT headwind

Margins

FY26 operating margin 7.06% vs 6.88% in FY25 — 18 bps expansion; marginal but directionally positive
Q4FY26 EBITDA margin 7.01% vs 7.84% in Q4FY25 — 83 bps YoY compression; seasonal pattern not repeating at same intensity
Net margin flat: FY26 at 2.58% vs 2.61% in FY25 — finance costs consuming margin gains (₹664 Cr in both years)

Growth Trajectory

Revenue CAGR subdued; 7.6% YoY in FY26 is below the double-digit trajectory needed to re-rate the stock
Others segment (cables, civil) growing at 23% YoY — emerging as a meaningful margin and revenue diversifier
Segment EBITDA: EPC ₹1,513 Cr (+10.2% YoY), Others ₹146 Cr (+11.5% YoY) — both segments tracking ahead of revenue growth, suggesting operational leverage is building

KRN – KRN Heat Exchanger and Refrigeration – Q4 FY26 Financial Results – 14-May-26

KRN’s FY26 delivered 40% revenue growth with expanding profits and no dilution, but cash strained by trading subsidiary consolidation, ₹18,710L short‑term borrowing, and WC surge. Re‑rating hinges on FY27 capacity translating into margin‑accretive, cash‑generative volumes; OCF normalization is the decisive metric next quarter.

1–2 minutes

🔍 Observations

Topline

Revenue scaled 39.6% YoY — ₹42,985 Lakhs to ₹60,006 Lakhs — with India contributing ₹50,060 Lakhs (83%) and Overseas ₹9,946 Lakhs (17%).
Q4FY26 revenue of ₹17,948 Lakhs was the strongest quarter, up 36.5% YoY over Q4FY25’s ₹13,150 Lakhs and 17.1% QoQ over Q3FY26.
The consolidation of a trading subsidiary (evident from ₹21,166 Lakhs in stock-in-trade purchases vs. nil in FY25) is a structural shift in the revenue mix, not purely organic volume growth.

Bottomline

Net profit rose 44.6% YoY — ₹5,288 Lakhs to ₹7,647 Lakhs — outpacing revenue growth, signalling operating leverage.
Q4FY26 PAT of ₹2,336 Lakhs grew 57.1% over Q4FY25’s ₹1,487 Lakhs; a ₹303 Lakhs tax write-back partially aided the quarter.
EPS improved from ₹9.75 to ₹12.30 on an unchanged share count of 6.216 Cr, preserving per-share value.

Margins

EBIT (Segment Results) for FY26: ₹10,346 Lakhs on revenue of ₹60,006 Lakhs → EBIT margin of 17.2% vs. ₹7,773 Lakhs on ₹42,985 Lakhs → 18.1% in FY25. Slight compression.
PBT margin: ₹9,756 Lakhs / ₹60,006 Lakhs = 16.3% vs. ₹7,432 Lakhs / ₹42,985 Lakhs = 17.3% in FY25 — 100 bps contraction.
Net margin held at 12.7% (₹7,647 / ₹60,006) vs. 12.3% (₹5,288 / ₹42,985) — tax efficiency offset the EBIT compression.

Growth Trajectory

3-year revenue CAGR not computable from provided data, but 39.6% single-year revenue growth on a base of ₹43K Lakhs is high-velocity scaling.
Depreciation surged 305% YoY (₹463 Lakhs → ₹1,876 Lakhs) and employee costs doubled, reflecting capacity commissioning — growth is capex-backed, not asset-light.
Overseas revenue grew 47.4% YoY (₹6,745 → ₹9,946 Lakhs), signalling export market traction as a secondary growth engine.

IRFC – Indian Railway Finance Corporation – Q4 FY26 Financial Results – 14-May-26

IRFC’s FY26 delivered spread expansion, book growth, and zero‑tax efficiency with PBT margin at 25.6%. Lease receivables +35% and direct loan book +595% validate runway. Risks: cash thinning to ₹211 Cr, impairment inflection, and non‑lease loan pace. Re‑rating hinges on margins holding through rate cycles and sovereign‑guarantee stability.

1–2 minutes

🔍 Observations

Topline

Total revenue from operations flat YoY at ₹27,284 Cr (FY26) vs ₹27,152 Cr (FY25) — +0.5% — masking a sharp internal shift: lease income surged 32% (₹13,427 Cr → ₹17,726 Cr) while interest income grew 24% (₹7,720 Cr → ₹9,540 Cr).
Q4FY26 revenue jumped to ₹7,336 Cr vs ₹6,723 Cr in Q4FY25 (+9.1% QoQ from Q3’s ₹6,661 Cr), suggesting accelerating momentum in H2.
Revenue mix structurally shifting toward lease income (65% of FY26 ops revenue vs 49% in FY25), reflecting growing rolling stock lease book.

Bottomline

PAT grew 7.8% YoY: ₹6,502 Cr (FY25) → ₹7,009 Cr (FY26); zero tax liability maintained, preserving full pre-tax earnings at the net level.
EPS improved from ₹4.98 to ₹5.36 on unchanged equity base of ₹13,069 Cr — clean, dilution-free growth.
Q4FY26 PAT of ₹1,684 Cr flat QoQ (Q3: ₹1,802 Cr) and flat YoY vs Q4FY25’s ₹1,682 Cr — sequential moderation worth watching.

Margins

Finance costs fell from ₹20,493 Cr (FY25) to ₹20,005 Cr (FY26) — a rare 2.4% reduction — even as the loan/lease book expanded, pointing to improved cost of funds or favorable liability repricing.
Net interest spread widened: total income grew ₹182 Cr while finance costs dropped ₹488 Cr, expanding PBT margin from 23.9% (FY25) to 25.6% (FY26) — self-check: ₹7,009 / ₹27,338 = 25.6%; ₹6,502 / ₹27,156 = 23.9%. ✓
Impairment provisions surged to ₹124 Cr vs ₹0.68 Cr in FY25 — a 182x jump — though still small in absolute terms relative to book size.

Growth Trajectory

Lease receivables expanded 34.9%: ₹284,689 Cr → ₹383,942 Cr, the primary engine of asset-side growth.
Loan book (non-lease) scaled up sharply: ₹5,172 Cr → ₹35,950 Cr (+595%) — a new and significant growth vector worth monitoring for credit quality.
Net worth grew 7.8%: ₹52,668 Cr → ₹56,749 Cr, funded entirely by retained earnings with no fresh equity issuance.

CIPLA – name – Q4 FY26 Earnings Call – 13-May-26

CIPLA’s topline growth hinges on U.S. pipeline execution (respiratory/peptides) and India chronic outperformance; margins depend on H2 FY27 launch scale and geopolitical cost containment.

1–2 minutes

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

3-Scenario Framework

📊 Base Case (50% Probability)

U.S. 3/4 respiratory approvals in FY27, Ventolin ramp-up in H2, Lanreotide delayed to FY28. India 10–12% growth. EBITDA margin at 19–20%, $1B U.S. run-rate exit. Geopolitical costs contained; R&D spend at 7% of revenue. Steady capital allocation (R&D > M&A).

TATAPOWER – name – Q4 FY26 Earnings Call – 12-May-26

Tata Power’s topline growth hinges on demand and execution; bottomline resilience depends on SPPA pass-throughs and Odisha efficiency; margins sensitive to curtailment and DCR costs.

1–2 minutes

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

3-Scenario Framework

📊 Base Case (50% Probability)

Power demand grows 6–7%, with Mundra SPPAs finalized by Q2FY27. 2.5 GW renewable additions in FY27 (slight delay in 50% of pipeline). Odisha DISCOM reduces AT&C losses to 14% by FY28. Indonesian coal taxes add 1–2% cost, offset by pass-through. Result: EBITDA CAGR 10–12%, PAT ~INR 5,500 crore by FY28, margins stable.

DIXON – name – Q4 FY26 Earnings Call – 12-May-26

Dixon’s topline growth hinges on Vivo approval and export scaling, while margins depend on backward integration execution; bottomline resilience supported by capital efficiency and PLI offsets.

1–2 minutes

Also see: DIXON – Dixon Technologies – Q4 FY26 Financial Results – 12-May-26

3-Scenario Framework

📊 Base Case (60% Probability)

Key Variables: Vivo approval by H2 FY27; PLI 2.0 rollout; display/IT hardware ramp-up on schedule.
Outlook: 15–17% revenue growth (to ~INR 56,000 cr) without Vivo; margin stability (40–50 bps expansion in FY28). Capex at ~INR 1,000 cr supports capacity additions. Free cash flow remains strong (negative working capital cycle).

AURIONPRO – Aurionpro Solutions – Q4 FY26 Earnings Call – 11-May-26

Aurionpro’s topline resilience hinges on MEA recovery and order book conversion; bottomline stability depends on capex productivity; margins face near-term pressure but structural uplift from full-stack ownership.

1–2 minutes

Also see: AURIONPRO – Aurionpro Solutions – Q4 FY26 Financial Results – 11-May-26

3-Scenario Framework

📊 Base Case (50% Probability)

Key Variables: MEA partial recovery (FY27), AI investments taper (H2 FY27), working capital managed at INR 200 crore.
Outcome: Revenue grows 18–22% (order book conversion 68–72%), EBITDA margin 19–20% (capex weighs but execution improves). Banking/TIG growth converges; margin stability via full-stack ownership.

SBIN – State Bank of India – Q4 FY26 Earnings Call – 8-May-26

State Bank’s topline (credit growth) remains robust (13-16%), but bottomline (net profit) hinges on NIM stability (>3%) and credit costs (≤50 bps). Margins face cyclical pressure from rate cuts and corporate mix, offset by structural CASA and fee income growth.

1–2 minutes

Also see: SBIN – State Bank of India – Q4 FY26 Financial Results – 8-May-26

3-Scenario Framework

📊 Base Case (60% Probability)

Key Variables: Stable bond yields (6.75-6.9%), GDP growth at 6.5-6.9%, West Asia conflict contained, ECL transition smooth.
Outlook: NIM >3% (domestic) sustained via MCLR shift and CASA growth. Credit growth at 14% (mid-guidance), credit costs at 50 bps. ROA >1%, ROE ~18%. ECLGS utilization at 30-40% supports MSMEs without material provisioning. YONO PPC expansion to 5 drives fee income.