May 23, 2026 - ChartAlert®

DIVISLAB – Divi’s Laboratories – Q4 FY26 Financial Results – 23-May-26

Divi’s FY26 delivered topline growth with rare margin expansion in APIs, funded capex doubling via accruals on debt‑free balance sheet. Risks: ₹718 Cr inventory build — demand vs procurement clarity due H1FY27. Strong OCF, accelerating exit rate, and expanding margins keep structural case intact despite FCF compression.

1–2 minutes

🔍 Observations

Topline

Revenue from operations grew 12.8% YoY (₹9,360 Cr → ₹10,560 Cr), with Q4FY26 at ₹2,831 Cr — the strongest quarter of FY26, up 9.5% over Q4FY25’s ₹2,585 Cr.
Sequential revenue momentum held: Q2→Q3→Q4 progression of ₹2,604 Cr → ₹2,604 Cr → ₹2,831 Cr signals an accelerating exit rate into FY27.
Other income jumped 44% YoY (₹352 Cr → ₹507 Cr), driven by interest on FDs; operationally irrelevant but flatters total income.

Bottomline

Net profit grew 17.2% YoY (₹2,191 Cr → ₹2,568 Cr), outpacing revenue — positive operating leverage at work.
Q4FY26 PAT of ₹751 Cr was the highest quarterly print, up 13.4% over Q4FY25’s ₹662 Cr; sequential jump from ₹583 Cr reflects Q3’s one-time labour code charge of ₹74 Cr normalising out.
Basic EPS expanded from ₹82.53 to ₹96.75 — a 17.2% YoY improvement on an unchanged share count.

Margins

EBITDA (PBT ex-other income + depreciation + finance costs): FY26 = ₹3,462 – ₹507 + ₹463 + ₹23 = ₹3,441 Cr on revenue of ₹10,560 Cr → EBITDA margin 32.6% vs FY25: ₹2,916 – ₹352 + ₹402 + ₹2 = ₹2,968 Cr on ₹9,360 Cr → 31.7%. ~90 bps expansion YoY.
Net profit margin (PAT/Revenue from ops): FY26 = 2,568/10,560 = 24.3% vs FY25 = 2,191/9,360 = 23.4%. ~90 bps improvement.
Employee costs grew 16% YoY (₹1,243 Cr → ₹1,442 Cr) and material costs grew 14.6% (₹3,821 Cr → ₹4,378 Cr net of inventory change: ₹3,821–96 = ₹3,725 Cr FY25 vs ₹4,378–285 = ₹4,093 Cr FY26, +9.9%) — cost discipline preserved margin expansion.

Growth Trajectory

Revenue CAGR trajectory: 12.8% in FY26; combined with margin expansion, the earnings growth of 17.2% YoY demonstrates operating leverage materialising at scale.
CWIP nearly doubled (₹1,022 Cr → ₹2,113 Cr) and capex was ₹2,520 Cr in FY26 vs ₹1,438 Cr in FY25 — a 75% capex step-up signals management’s confidence in sustaining double-digit volume growth.
Total equity grew from ₹14,969 Cr to ₹16,761 Cr, entirely through retained earnings; the asset base expanded from ₹16,932 Cr to ₹20,033 Cr — 18.3% in one year.

PAGEIND – Page Industries – Q4 FY26 Financial Results – 21-May-26

Page Industries’ FY26 shows structurally sound balance sheet and premium franchise, but traded‑goods mix compresses margins and inventory build in sub‑7% growth year clouds demand visibility. Q4’s 14.1% revenue growth offers re‑rating path if FY27 sustains momentum and inventory normalises into cash flow.

1–2 minutes

🔍 Observations

Topline

FY26 revenue grew 6.3% YoY (₹4,93,491L → ₹5,24,678L), modest for a premium innerwear franchise but directionally intact.
Q4FY26 revenue jumped 14.1% YoY (₹1,09,807L → ₹1,25,260L), signalling a strong close to the year.
Traded goods purchases surged 56% YoY (₹73,771L → ₹1,15,161L), indicating a significant mix shift toward outsourced/traded inventory.

Bottomline

FY26 net profit grew 4.8% YoY (₹72,914L → ₹76,382L), lagging revenue growth — cost pressures compressed operating leverage.
Q4FY26 PAT of ₹17,873L grew 9.0% YoY (vs ₹16,401L), a cleaner quarter absent the Q3 exceptional charge.
EPS expanded from ₹653.71 to ₹684.81, a 4.8% YoY gain on flat share capital — purely earnings-driven.

Margins

FY26 EBITDA (PBT + Finance costs + D&A): ₹1,02,534L + ₹4,978L + ₹10,663L = ₹1,18,175L on revenue of ₹5,24,678L → EBITDA margin of 22.5% vs FY25: ₹97,858L + ₹4,638L + ₹9,923L = ₹1,12,419L on ₹4,93,491L → 22.8%. Marginal 30bps compression.
Net profit margin: FY26 = ₹76,382L / ₹5,24,678L = 14.6% vs FY25 = ₹72,914L / ₹4,93,491L = 14.8%. Stable but gently declining.
Employee costs rose 14.8% YoY (₹82,150L → ₹94,294L), growing materially faster than revenue — the primary margin drag.

Growth Trajectory

6.3% topline growth is below historical norms for Page Industries; the traded goods surge suggests channel/product mix changes rather than organic volume acceleration.
Q4 quarterly trend (14.1% YoY) is the strongest quarter of FY26 — momentum is improving into the new year.
Inventory build of ₹19,679L (cash flow basis) in a 6%-growth year is a caution flag on demand visibility.

BEL – Bharat Electronics – Q4 FY26 Earnings Call – 20-May-26

BEL/ Bharat Electronics’ topline resilience hinges on order execution (QRSAM/P-75I); margins remain robust (>28%) if indigenization offsets cost inflation, but cash flow conversion and working capital are key watchpoints.

1–2 minutes

Also see: BEL – Bharat Electronics – Q4 FY26 Financial Results – 19-May-26

3-Scenario Framework

📊 Base Case (50% Probability)

QRSAM signs by Jun-2026, but P-75I slips to FY28; order inflow at ~INR 50,000 cr. EBITDA margins sustain at 28–29% (wage/semiconductor offsets indigenization gains). Revenue grows 15–16%, with cash conversion improving to 25%. Non-defense/export contribute 10–12% of revenue.

JSWSTEEL – JSW Steel – Q4 FY26 Earnings Call – 14-May-26

JSW Steel’s topline grows 10–14% CAGR (demand + capacity), bottomline leverages operating leverage + deleveraging, while margins remain resilient (18–22%) but sensitive to raw material costs and execution risks.

1–2 minutes

Also see: JSWSTEEL – JSW Steel – Q4 FY26 Financial Results – 14-May-26

3-Scenario Framework

📊 Base Case (60% Probability)

Key Variables: Domestic demand grows 7–9% (FY27), capex execution on track, coking coal costs stabilize at +$12–15/tonne.
Outcome: Revenue CAGR ~10%, EBITDA margins sustain at 18–20%, net debt/EBITDA <2.5x. 62M tonnes capacity by FY32 supports market share gains in flat steel. JV contributions (16M tonnes) accelerate growth without overleveraging.

KPIGREEN – KPI Green Energy – Q4 FY26 Earnings Call – 12-May-26

KPIGREEN/ KPI Green Energy’s topline growth (40–50% CAGR) hinges on IPP execution and BESS scaling, while margins (33–36% EBITDA) depend on IPP-CPP mix optimization—bottomline resilience requires curtailing interest burden via phase-wise commissioning.

1–2 minutes

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

3-Scenario Framework

📊 Base Case (50% Probability)

Key Variables: IPP additions at 1.2–1.5 GW/year, BESS margins at 15–18%, EPC order book sustains 40–50% growth.
Outcome: Revenue/PAT CAGR 40–45%, EBITDA margins stable at 33–36%, ROE recovers to 16–18% by FY28. Promoter pledge released by March’27; curtailment risks partially mitigated by green corridors.

CGPOWER – CG Power – Q4 FY26 Earnings Call – 6-May-26

CG Power’s topline growth hinges on Power Systems execution and export scaling; margins depend on commodity pass-through and semiconductor ramp-up; ROCE sustainability tied to capex efficiency and working capital management.

1–2 minutes

Also see: CGPOWER – CG Power – Q4 FY26 Financial Results – 6-May-26

3-Scenario Framework

📊 Base Case (60% Probability)

Power Systems sustains 15–20% revenue growth (domestic + exports) with 250–300bps margin expansion via operating leverage. Transformer capacity hits 110K MVA by end-2026, supporting INR15,000+ cr order backlog execution. Semiconductor G2 facility on track (end-2026), contributing INR500–1,000 cr revenue in FY27. ROCE stabilizes at 22–24%, PAT grows 20–25% YoY.

NETWEB – Netweb Technologies – Q4 FY26 Earnings Call – 4-May-26

NETWEB/ Netweb Technologies’ topline growth hinges on AI demand and order execution, while margins depend on component pricing and scale efficiencies; cash flow resilience is tied to working capital management.

1–2 minutes

Also see: NETWEB – Netweb Technologies – Q4 FY26 Financial Results – 2-May-26

3-Scenario Framework

📊 Base Case (50% Probability)

35%–40% revenue growth achieved via organic + strategic orders, with 13%–14% EBITDA margins. Pipeline converts at 60% over 18–24 months; cash conversion cycle stabilizes at 90–110 days. AI remains 35% of revenue, while HPC/Private Cloud grow 20%–25%. No major component supply disruptions.

MARUTI – Maruti Suzuki India – Q4 FY26 Earnings Call – 28-Apr-26

Maruti Suzuki’s topline growth hinges on capacity execution and macro stability; margins depend on commodity/FX normalization; EPS sensitivity to MTM losses and EV scaling.

1–2 minutes

Also see: MARUTI – Maruti Suzuki India – Q4 FY26 Financial Results – 28-Apr-26

3-Scenario Framework

📊 Base Case (50% Probability)

Conflict de-escalates by H2 FY27, commodity costs normalize (+50bps tailwind). Capacity additions on track, enabling +10% volume growth. EV sales scale to 50K units with Gujarat Line 4 ramp-up. EBIT margin stabilizes at 8.5–9%, EPS grows 5–8% on INR140B capex execution.