May 27, 2026 - ChartAlert®

SIEMENS – Siemens Ltd – Q4 FY26 Financial Results – 26-May-26

Siemens India exits transition as a focused industrial play in Smart Infrastructure and Mobility. Risks: Digital Industries margin rebuild and WC bleed. Re‑rating hinges on margin inflection and FCF turning positive; until then, stock earns quality premium but lacks momentum catalyst.

1–2 minutes

🔍 Observations

Topline

Q4FY26 revenue at ₹46,175 Mn — highest quarterly run-rate in the 18-month period, up 14.6% QoQ vs Q3FY26 (₹38,307 Mn) and 14.6% YoY vs Q4FY25 (₹40,292 Mn)
Annualising the 18-month revenue (₹246,456 Mn ÷ 1.5) implies a ~₹164,304 Mn annual run-rate, up ~8.5% vs FY24’s ₹151,457 Mn — moderate organic growth after stripping period distortion
Smart Infrastructure dominates at 56% of segment revenue (18M: ₹140,397 Mn); Digital Industries weakest performer, losing share to the other two segments

Bottomline

Continuing operations PAT for 18M: ₹22,834 Mn vs FY24’s ₹19,619 Mn — annualised ~₹15,223 Mn/year implies ~22% step-down vs FY24 on an annualised basis, largely due to Energy demerger loss of contribution
Q4FY26 continuing PAT: ₹3,552 Mn vs Q4FY25: ₹3,929 Mn — 9.6% YoY decline despite higher revenue, flagging cost pressure or mix shift
Exceptional item (₹743 Mn labour code charge in Q3FY26) and demerger-related expenses (₹1,092 Mn over 18M) are one-time drags; clean recurring earnings modestly better than reported

Margins

Segment EBIT margin (18M): ₹25,183 Mn on ₹251,681 Mn segment revenue = 10.0% vs FY24’s ₹17,968 Mn on ₹153,737 Mn = 11.7% — 170 bps deterioration
Digital Industries EBIT collapsed: ₹3,042 Mn on ₹58,722 Mn (18M) = 5.2% vs ₹4,830 Mn on ₹40,961 Mn in FY24 = 11.8% — a 660 bps crash, the single biggest margin drag
Q4FY26 EBIT margin recovery visible: segment EBIT ₹3,753 Mn on ₹46,630 Mn = 8.1% vs Q3FY26’s ₹3,533 Mn on ₹38,859 Mn = 9.1% — volume leverage not fully flowing to margins yet

Growth Trajectory

Mobility is the strongest growth segment: 18M revenue ₹49,778 Mn vs FY24’s ₹29,161 Mn — annualised ~₹33,185 Mn, ~13.8% growth; EBIT margin held at ~6.9% (18M) vs 7.1% (FY24)
Smart Infrastructure growing steadily: annualised ~₹93,598 Mn vs FY24’s ₹82,579 Mn — ~13.3% YoY, with EBIT margin improvement to 13.1% (18M) from 13.2% (FY24) — broadly stable
Digital Industries revenue grew in absolute terms but profitability collapsed — a volume-without-margin expansion that needs structural explanation before investors can reward it

BBOX – Black Box Ltd – Q4 FY26 Financial Results – 26-May-26

Black Box’s FY26 shows modest growth, stronger balance sheet, and improving pre‑exceptional profitability, but trade receivables nearly tripled. Margin re‑rating hinges on Technology Product Solutions turning accretive and exceptional charges easing. With negligible FCF and finance costs consuming two‑thirds of PBT, revenue acceleration and WC discipline are critical.

1–2 minutes

🔍 Observations

Topline

Revenue from operations grew 6% YoY (₹5,966 Cr → ₹6,322 Cr), driven primarily by System Integration (+5% YoY, ₹5,069 Cr → ₹5,326 Cr), which contributed 84% of FY26 revenue.
Q4FY26 revenue of ₹1,691 Cr was the strongest quarter, up 9.5% YoY vs Q4FY25 (₹1,545 Cr), signaling a second-half acceleration.
Technology Product Solutions grew 11% YoY (₹764 Cr → ₹847 Cr), a positive inflection despite persistent segment-level losses.

Bottomline

Reported PAT grew 6.2% YoY (₹205 Cr → ₹218 Cr), but effective tax rate spiked to 9% in FY26 vs 3.7% in FY25 due to prior-year deferred tax tailwinds; pre-tax profit grew a stronger 13% (₹212 Cr → ₹239 Cr).
Exceptional items consumed ₹62.85 Cr in FY26 (vs ₹65.69 Cr in FY25) — recurring in nature, structurally suppressing reported earnings by ~₹63 Cr annually.
Basic EPS grew modestly from ₹12.16 → ₹12.78, partially diluted by fresh equity issuance under share warrants.

Margins

Segment EBIT margin (Total segment results / Revenue): FY26 = 440.38 / 6,321.85 = 6.97% vs FY25 = 424.16 / 5,966.91 = 7.11% — marginal compression despite absolute EBIT growth.
Net profit margin held flat at ~3.4% (₹217.52 / ₹6,321.85 in FY26 vs ₹204.78 / ₹5,965.91 in FY25).
Finance costs rose 9% YoY (₹145 Cr → ₹158 Cr), consuming a rising share of operating profit and capping margin expansion.

Growth Trajectory

Two-year revenue run-rate is low-single-digit organic growth; the business is scaling but not re-rating — no step-change inflection visible in FY26.
Technology Product Solutions segment moved from ₹(32.72) Cr EBIT loss in FY25 to ₹(15.84) Cr in FY26 — loss halved, trajectory improving but not yet accretive.
Others segment EBIT grew from ₹15.20 Cr → ₹22.09 Cr (+45% YoY), smallest but fastest-improving contributor.

GVT&D – GE Vernova T&D India – Q4 FY26 Earnings Call – 19-May-26

GVT&D/ GE Vernova T&D India’s topline growth (15–25% CAGR) hinges on HVDC/export execution; margins (mid-20s) depend on legacy roll-off and localization; cash flows remain robust but sensitive to project phasing.

1–2 minutes

Also see: GVT&D – GE Vernova T&D India – Q4 FY26 Financial Results – 18-May-26

3-Scenario Framework

📊 Base Case (60% Probability)

Key Variables: HVDC execution on track (FY29+), domestic T&D capex sustained (INR 70–80B/year), export growth (15–20% CAGR).
Outlook: Revenue grows 15–20% CAGR (FY26–28) with mid-20s EBITDA margins, supported by backlog conversion (INR 214.6B) and capex-driven capacity. Dividend stability (INR 10/share) likely.

KEC – KEC International – Q4 FY26 Earnings Call – 18-May-26

KEC International’s topline growth (12–15%) is underpinned by T&D and Civil, but margins (3.6% PBT, 2.6% PAT) and cash flows hinge on West Asia stabilization, steel pass-throughs, and labor normalization.

1–2 minutes

Also see: KEC – KEC International – Q4 FY26 Financial Results – 16-May-26

3-Scenario Framework

📊 Base Case (50% Probability)

West Asia partial normalization by Q2 FY27; INR200–250 cr Q4 revenue spillover recovered. Steel prices oscillate at INR3,000–4,000/tonne, with 50% pass-through success. Civil grows 30%, T&D order intake at INR17,000–18,000 cr, and margins flat to +20bps. EPS growth: 10–12%.