May 22, 2026 - ChartAlert®

PRESTIGE – Prestige Estates Projects – Q4 FY26 Financial Results – 21-May-26

1–2 minutes

🔍 Observations

Topline

Revenue surged 72.6% YoY (₹73,494 Mn → ₹126,854 Mn), with Q4FY26 alone delivering 166.5% YoY growth (₹15,284 Mn → ₹40,738 Mn) — the strongest quarter on record.
Sequential momentum held: Q4FY26 revenue grew 5.2% over Q3FY26 (₹38,726 Mn), signaling consistent delivery throughput rather than a one-quarter flush.
Revenue scale now reflects accelerated project completions and handovers, typical of Prestige’s POC-revenue recognition model.

Bottomline

PAT more than doubled YoY (₹6,169 Mn → ₹13,054 Mn, +111.6%), with Q4FY26 PAT of ₹2,918 Mn against ₹431 Mn in Q4FY25 — a 577% YoY jump driven by operating leverage and deferred tax reversals.
EPS expanded 148% YoY (₹11.19 → ₹27.76), compounding the effect of the FY25 QIP dilution now being earnings-accretive.
Tax efficiency aided FY26 PAT: effective tax rate was 23.8% (₹4,082 Mn on ₹17,136 Mn PBT), supported by ₹4,818 Mn deferred tax credit.

Margins

EBITDA margin compressed 640 bps YoY (39.5% → 33.1%) despite absolute EBITDA growing 44.8% (₹29,019 Mn → ₹42,021 Mn) — scale comes at a margin cost as lower-margin projects are completed.
Q4FY26 EBITDA margin contracted sharply to 26.5% vs 38.6% in Q4FY25, pointing to higher land costs (₹14,808 Mn in Q4 alone) and contractor cost dilution in the quarter’s mix.
Net margin improved 190 bps (8.4% → 10.3%), as finance cost leverage and deferred tax benefits more than offset operating margin dilution.

Growth Trajectory

Revenue CAGR implied over FY25–26 is 72.6% — unsustainably rapid, but reflects a genuine step-change in delivery scale, not accounting optionality.
Inventory on the balance sheet grew 26.3% (₹318,831 Mn → ₹402,519 Mn) alongside customer advances growing 31.3% (₹250,732 Mn → ₹329,438 Mn) — pipeline is robust and pre-sold.
Finance costs grew 18.6% YoY (₹13,338 Mn → ₹15,824 Mn), slower than revenue growth — a structural positive as leverage cost is being absorbed into expanding revenue.

ADSL- Allied Digital Services – Q4 FY26 Financial Results – 21-May-26

Allied Digital’s FY26 delivered 22.3% revenue growth with 33% EBIT margins, but unallocated costs (~80% of EBIT), ₹17,381L opaque loan outflow, and Q4 cost‑driven loss cloud visibility. Reported 10.2% PAT growth is tax‑driven; with PBT down 28.3%, disclosure clarity is essential before re‑rating.

1–2 minutes

🔍 Observations

Topline

Revenue from operations grew 19.9% YoY (₹80,707L → ₹96,791L), driven predominantly by the Services segment (₹61,800L → ₹75,614L, +22.3% YoY).
Q4FY26 revenue hit ₹26,777L, up 31.0% YoY vs Q4FY25’s ₹20,435L — strongest quarterly print of the year.
Solutions segment contributed ₹21,177L in FY26 vs ₹18,907L in FY25 (+12.0% YoY), growing but at a slower pace than Services.

Bottomline

PAT rose 10.2% YoY (₹3,226L → ₹3,553L) on a consolidated basis, but Q4FY26 turned loss-making at ₹(339)L vs ₹(746)L loss in Q4FY25 — a sequential reversal after a profitable Q3FY26 (₹1,391L).
PBT fell 28.3% YoY (₹6,077L → ₹4,358L) despite higher revenue, signaling significant cost escalation outpacing topline growth.
Deferred tax credit of ₹2,117L in FY26 (vs ₹549L charge in FY25) materially supported reported PAT; underlying operational profitability deteriorated.

Margins

Segment EBIT (Services + Solutions combined) expanded to ₹28,112L vs ₹23,215L (+21.1% YoY), but unallocated expenses surged to ₹22,444L from ₹16,440L (+36.5% YoY), eroding PBT entirely.
Net profit margin compressed to 3.7% in FY26 vs 4.0% in FY25 (PAT/Revenue from operations).
Q4FY26 shows total expenses of ₹28,641L against revenue of ₹26,777L — a negative operating quarter, driven by a spike in purchases & other direct expenses (₹17,229L vs ₹8,278L in Q4FY25) and other expenses (₹5,935L vs ₹7,551L).

Growth Trajectory

Three-year revenue trajectory is directionally positive, but PBT declining 28.3% YoY on 19.9% revenue growth signals a profitability ceiling forming at current cost structures.
Unallocated expenses growing at 36.5% vs revenue at 19.9% is unsustainable; if this gap persists, FY27 PBT will likely compress further.
Services segment EBIT margin: ₹24,942L on ₹75,614L revenue = 33.0% in FY26 vs ₹20,386L on ₹61,800L = 33.0% in FY25 — flat, indicating no operating leverage despite scale.

GAIL – GAIL India Ltd – Q4 FY26 Financial Results – 21-May-26

GAIL’s FY26 shows regulated transmission/city gas resilience but commodity fragility — gas marketing spread compression and petrochemical losses erased ₹6,000 Cr EBIT. Capex builds pipeline/tariff upside, but near‑term hinges on spread normalization and petrochem breakeven. Dividend risk: FY26 payouts exceeded FCF via borrowing, unsustainable without FY27 earnings recovery.

1–2 minutes

🔍 Observations

Topline

Revenue from operations flat YoY at ₹1,42,094 Cr vs ₹1,42,290 Cr (-0.1%) — Natural Gas Marketing dominance (~₹1,44,713 Cr gross) masks transmission and city gas growth beneath a stagnant headline.
Q4FY26 revenue at ₹35,705 Cr declined 2.3% YoY vs Q4FY25’s ₹36,549 Cr, with Natural Gas Marketing segment bearing most of the pressure.
City Gas segment bucked the trend — full-year revenue grew 22.3% YoY (₹6,052 Cr → ₹7,401 Cr), the strongest growth vector across all segments.

Bottomline

Net profit collapsed 39.2% YoY (₹12,463 Cr → ₹7,582 Cr); FY25 included ₹2,440 Cr exceptional income, but even on comparable pre-exceptional basis PBT fell 39.6% (₹13,655 Cr → ₹9,725 Cr).
Q4FY26 PAT at ₹1,481 Cr fell 40.9% vs Q4FY25’s ₹2,506 Cr — deterioration accelerated in Q4, not just a full-year averaging effect.
Petrochemicals swung to a deep loss of ₹1,410 Cr EBIT in FY26 vs near-breakeven ₹(41) Cr in FY25; Natural Gas Marketing EBIT crashed 59.3% (₹7,795 Cr → ₹3,175 Cr).

Margins

EBITDA proxy (PBT + Finance Cost + Depreciation, before JV share): ₹9,725 + ₹964 + ₹3,835 = ₹14,524 Cr on revenue of ₹1,42,094 Cr → EBITDA margin ~10.2% vs FY25: ₹13,655 + ₹740 + ₹3,799 = ₹18,194 Cr on ₹1,42,290 Cr → 12.8%. 260 bps margin compression YoY.
Net profit margin: 5.3% in FY26 vs 8.8% in FY25 — a 350 bps erosion driven by gas marketing spread compression and petrochemical losses.
Other expenses surged 24.6% YoY (₹8,515 Cr → ₹10,613 Cr) — a cost-side deterioration that compounds the revenue-side weakness.

Growth Trajectory

Natural Gas Transmission (the high-quality, regulated annuity segment) grew EBIT 13.5% YoY (₹5,488 Cr → ₹6,229 Cr) — the one structural bright spot.
JV/associate profit contribution held flat at ~₹1,504 Cr — a stable but non-growing buffer.
EPS fell from ₹18.93 to ₹11.53 (-39.1%) with no equity dilution — the decline is purely earnings-driven, not structural.