May 2026 - Page 21 of 21

VEDL – Vedanta Ltd – Q4 FY26 Financial Results – 29-Apr-26

Vedanta’s FY26 marks an earnings inflection: 32%+ EBITDA margins, Q4 PAT nearly doubled, and debt metrics improved. Demerger unlocks value but adds charges and discontinuity. Dividend‑heavy policy, rising capex, and WC deterioration heighten risk; sustainability hinges on execution, NCI drag, and tax escalation.

1–2 minutes

🔍 Observations

Topline

Combined (continuing + discontinued) revenue surged to ₹1,74,075 Cr in FY26 vs ₹1,50,725 Cr in FY25 — a 15.5% YoY jump driven by Copper (+34.8%), Silver (+60.8%), and Aluminium (+12.5%) segments.
Q4 FY26 total segment revenue hit ₹52,011 Cr vs ₹40,284 Cr in Q4 FY25 (+29.1% YoY), with sequential growth of 12.6% over Q3 FY26 — acceleration is broad-based, not segment-specific.
Copper segment revenue crossed ₹31,069 Cr in FY26 (up from ₹23,051 Cr), making it the second-largest revenue contributor among continuing operations.

Bottomline

Total net profit after tax rose to ₹25,096 Cr in FY26 vs ₹20,535 Cr in FY25 (+22.2% YoY); profit attributable to Vedanta owners grew from ₹14,988 Cr to ₹17,391 Cr (+16.0%).
Q4 FY26 PAT of ₹9,352 Cr nearly doubled Q4 FY25’s ₹4,961 Cr (+88.5%), the sharpest quarterly jump in the dataset — driven equally by continuing (₹4,250 Cr) and discontinued (₹5,102 Cr) operations.
Finance costs fell sharply — from ₹4,197 Cr (FY25) to ₹2,817 Cr (FY26) for continuing operations alone (-32.9%) — directly amplifying bottom-line growth.

Margins

Combined EBITDA margin: Total EBITDA ₹55,976 Cr on total revenue ₹1,74,075 Cr = 32.2% EBITDA margin in FY26 vs ₹43,541 Cr / ₹1,50,725 Cr = 28.9% in FY25 — 330 bps expansion.
Continuing ops operating profit margin improved from 21% (Q4 FY25) to 32% (Q4 FY26), per disclosed ratios — highest in the trailing five quarters shown.
Net profit margin (continuing ops basis per disclosed ratios): 16% in FY26 vs 13% in FY25 — 300 bps improvement, with Q4 FY26 at 21%.

Growth Trajectory

Total EPS (basic) grew from ₹38.97 (FY25) to ₹44.58 (FY26) — 14.4% YoY; Q4 FY26 EPS of ₹17.15 vs ₹8.92 in Q4 FY25 implies annualised run-rate well above FY26 full-year figure.
Aluminium EBITDA surged from ₹17,798 Cr to ₹25,502 Cr (+43.3% YoY) — single largest earnings driver, supporting demerger value unlock thesis.
Silver segment EBITDA and revenue are scaling disproportionately fast (revenue +60.8% YoY), suggesting a structural ramp-up rather than commodity price tailwinds alone.

RRKABEL – R R Kabel – Q4 FY26 Financial Results – 30-Apr-26

RR Kabel’s FY26 delivered 27.6% revenue and 58% PAT growth with margin gains, debt‑free balance sheet, and self‑funded capex. Yet a ₹75,967 Lakhs inventory surge crushed FCF and halved cash. FY27 hinges on inventory normalization and FMEG breakeven for re‑rating.

1–2 minutes

🔍 Observations

Topline

Revenue surged 27.6% YoY to ₹9,72,236 Lakhs in FY26, crossing the ₹9,700 Cr mark — driven almost entirely by Wires & Cables, which grew 31.0% to ₹8,76,374 Lakhs.
Q4 FY26 revenue of ₹2,53,586 Lakhs declined 14.5% QoQ from Q3’s ₹2,96,414 Lakhs — a seasonal dip, though Q4 still posted 14.3% YoY growth over Q4 FY25.
FMEG segment grew a muted 3.1% YoY (₹92,959 → ₹95,862 Lakhs), losing revenue mix share from 12.2% to 9.9% as W&C outpaced it decisively.

Bottomline

PAT jumped 58.0% YoY to ₹49,222 Lakhs (FY25: ₹31,161 Lakhs), outpacing revenue growth — signalling meaningful operating leverage.
Q4 FY26 PAT of ₹11,825 Lakhs was dragged by a ₹1,901 Lakhs exceptional charge (new labour codes). Ex-exceptional, Q4 PBT would have been ₹17,779 Lakhs vs. ₹17,318 Lakhs in Q4 FY25 — a modest 2.7% YoY normalised growth.
Basic EPS rose 57.8% YoY to ₹43.53 (FY25: ₹27.58), with share count virtually unchanged — all gains flow from earnings improvement.

Margins

EBITDA (PBT + Finance costs + D&A): FY26 = ₹65,902 + ₹7,526 + ₹9,226 = ₹82,654 Lakhs; FY25 = ₹40,945 + ₹5,890 + ₹7,050 = ₹53,885 Lakhs. EBITDA margin expanded 147 bps to 8.5% on ₹9,72,236 Lakhs revenue.
PAT margin widened 100 bps to 5.1% (FY25: 4.1%) — impressive for a commodity-linked business with inherently thin margins.
Material costs as % of revenue: FY26 = (₹8,22,158 + ₹46,001 − ₹74,934) / ₹9,72,236 = 81.7% vs. FY25 = (₹5,83,676 + ₹49,533 − ₹7,714) / ₹7,61,823 = 82.2% — a 50 bps input cost efficiency gain.

Growth Trajectory

Revenue CAGR over two years implied by FY24 base would require FY24 data; on a single-year basis, 27.6% topline + 58% PAT growth is exceptional for an industrial compounder.
W&C segment PBT grew 56.2% YoY (₹49,648 → ₹77,562 Lakhs) — volume, mix, and copper price tailwinds all likely at play.
FMEG losses narrowed from ₹4,591 Lakhs to ₹3,303 Lakhs (28.1% improvement) — still loss-making but trajectory is positive.

WAAREEENER – Waaree Energies – Q4 FY26 Financial Results – 29-Apr-26

Waaree’s FY26 doubled revenue and profit with margin gains, low leverage, and solar dominance. Yet inventory/receivables growth drives negative FCF, making working capital intensity the key risk. FY27 hinges on WC cycle normalization and CWIP commissioning to align balance sheet quality with P&L strength.

1–2 minutes

🔍 Observations

Topline

Revenue from operations nearly doubled YoY — ₹14,445 Cr in FY25 to ₹26,537 Cr in FY26 (+83.7%), driven overwhelmingly by Solar PV Modules (₹12,957 Cr → ₹24,133 Cr, +86.2%).
Q4FY26 revenue hit ₹8,480 Cr — up 111.8% YoY vs Q4FY25’s ₹4,004 Cr — signalling accelerating momentum into year-end.
EPC segment nearly doubled too (₹1,559 Cr → ₹3,282 Cr, +110.5%), emerging as a meaningful second growth engine alongside modules.

Bottomline

PAT grew from ₹1,928 Cr to ₹3,884 Cr (+101.4% YoY) — profit growth outpaced revenue growth, a hallmark of operating leverage kicking in.
Attributable PAT (to parent) grew from ₹1,869 Cr to ₹3,709 Cr (+98.5%); NCI profit jumped from ₹61 Cr to ₹173 Cr, reflecting subsidiary scale-up.
Basic EPS nearly doubled: ₹68.24 → ₹129.10 (+89.2%), with no meaningful equity dilution.

Margins

EBIT (pre-unallocable): ₹4,981 Cr on ₹26,537 Cr revenue = 18.8% EBIT margin vs ₹2,361 Cr on ₹14,445 Cr = 16.3% in FY25 — 250 bps expansion.
EBITDA (EBIT + D&A of ₹990 Cr) = ₹5,971 Cr → 22.5% EBITDA margin vs (₹2,361 + ₹402 Cr) = ₹2,763 Cr → 19.1% in FY25 — ~340 bps improvement.
Net margin: ₹3,884 Cr ÷ ₹26,537 Cr = 14.6% vs ₹1,928 Cr ÷ ₹14,445 Cr = 13.3% in FY25 — clean bottom-line margin expansion alongside revenue scale.

Growth Trajectory

FY26 revenue of ₹26,537 Cr and Q4FY26 run-rate of ₹8,480 Cr implies an annualised pace exceeding ₹33,000 Cr — growth is not plateauing.
D&A nearly tripled (₹402 Cr → ₹990 Cr), reflecting aggressive capacity additions — the investment cycle is deep and ongoing.
Module EBIT margin: ₹4,423 Cr on ₹24,133 Cr = 18.3% vs ₹2,065 Cr on ₹12,957 Cr = 15.9% in FY25 — operational efficiency improving even at higher volume.

CHOLAFIN – Cholamandalam Investment and Finance Company – Q4 FY26 Financial Results – 30-Apr-26

Cholamandalam’s FY27 entry shows 22.8% PAT growth, diversified loan book, and Q4 acceleration. LAP/Home Loans scale profitably, but credit costs up 41.8% and derivative exposure spike threaten margins. NIM trends, Stage‑2/3 assets, and credit cost normalization will decide if valuation premium holds.

1–2 minutes

🔍 Observations

Topline

Total Income rose 20.6% YoY (₹26,152.56 Cr → ₹31,538.73 Cr in FY26), driven primarily by Interest Income up 19.6% (₹23,747.74 Cr → ₹28,403.26 Cr).
Fee & Commission Income surged 21.6% YoY (₹1,739.08 Cr → ₹2,114.21 Cr), signaling strong disbursement volumes and cross-sell momentum.
Q4 FY26 Total Income of ₹8,563.54 Cr grew 20.0% YoY and 6.9% QoQ — sequential acceleration intact.

Bottomline

PAT grew 22.8% YoY (₹4,262.70 Cr → ₹5,232.61 Cr); Q4 FY26 PAT of ₹1,645.20 Cr jumped 30.6% YoY and 27.5% QoQ — strong exit momentum.
Basic EPS expanded 22.2% YoY (₹50.72 → ₹61.98), with share count near-flat, confirming earnings quality is not dilution-driven.
Tax rate was effectively stable (~25%), with deferred tax credits (₹269.65 Cr) providing modest PAT support.

Margins

PBT Margin (PBT/Total Income): FY26 = 22.1% vs FY25 = 22.0% — near-flat, suggesting cost growth is tracking revenue growth.
Net Profit Margin: FY26 = 16.6% vs FY25 = 16.3% — marginal improvement; financing costs (45.6% of total income) remain the dominant margin lever.
Impairment costs rose disproportionately — 41.8% YoY (₹2,494.31 Cr → ₹3,536.34 Cr) vs revenue growth of 20.6% — compressing credit-adjusted spreads.

Growth Trajectory

Loan book expanded 19.6% YoY (₹1,82,037.64 Cr → ₹2,17,743.72 Cr), sustaining the AUM compounding needed to drive future interest income.
LAP segment delivered standout PBT growth of 54.6% YoY (₹1,396.43 Cr → ₹2,158.97 Cr), becoming the second-largest profit contributor.
Home Loans PBT grew 23.7% YoY (₹693.12 Cr → ₹857.36 Cr) — scaling fast off a smaller base, adding segment diversification.

BAJAJFINSV – Bajaj Finserv – Q4 FY26 Financial Results – 30-Apr-26

Bajaj Finserv’s FY26 shows 20%+ AUM growth, stabilizing credit costs, and insurance scaling but volatile. PBT margin at 17.9% reflects discipline amid expansion, yet 29% borrowings growth and negative OCF keep refinancing risk central in a rising rate environment.

1–2 minutes

🔍 Observations

Topline

Total income grew 13.2% YoY (₹1,32,944 Cr → ₹1,50,530 Cr in FY26), led by interest income (+18.5%) and insurance premium (+13.8%), offsetting a ₹3,984 Cr swing from fair value gains to losses.
Q4FY26 revenue dipped 2.5% QoQ (₹39,508 Cr → ₹38,508 Cr), entirely attributable to a ₹4,022 Cr fair value reversal vs. prior quarter gain of ₹771 Cr — underlying business lines stable.
Retail financing segment drove the lion’s share of topline: ₹81,990 Cr in FY26 vs. ₹68,847 Cr in FY25 (+19.1%), with insurance contributing ₹68,860 Cr (+7.3% YoY).

Bottomline

PAT grew 12.0% YoY (₹17,558 Cr → ₹19,669 Cr); PAT attributable to owners grew 10.5% (₹8,872 Cr → ₹9,801 Cr), with NCI absorbing ~50% of consolidated profit.
Q4FY26 PAT of ₹5,226 Cr rose 9.9% YoY and 19.7% QoQ — Q3FY26 was depressed by a ₹379 Cr one-off New Labour Codes exceptional charge.
Basic EPS improved to ₹61.3 in FY26 from ₹55.6 in FY25 (+10.3%); diluted EPS at ₹61.0 vs. ₹55.0 (+10.9%).

Margins

PBT margin: ₹26,883 Cr / ₹1,50,530 Cr = 17.9% in FY26 vs. ₹23,748 Cr / ₹1,32,944 Cr = 17.9% in FY25 — flat despite scale, signalling cost discipline offset by insurance volatility.
PAT margin: ₹19,669 Cr / ₹1,50,530 Cr = 13.1% in FY26 vs. ₹17,558 Cr / ₹1,32,944 Cr = 13.2% in FY25 — virtually unchanged; tax efficiency improved marginally (effective rate ~26.8% vs. 26.1%).
Retail financing dominates PBT contribution at ₹25,601 Cr (95.2% of consolidated PBT), masking insurance segment weakness where general insurance PBT fell 7.3% YoY (₹2,130 Cr → ₹1,975 Cr).

Growth Trajectory

Loans AUM expanded 22.4% YoY (₹4,08,491 Cr → ₹5,00,016 Cr); retail financing segment AUM grew 20.1% (₹4,65,085 Cr → ₹5,58,382 Cr) — lending engine accelerating.
Total GWP grew 15.3% YoY (₹48,743 Cr → ₹56,223 Cr): life insurance +21.1%, general insurance +8.1% — life insurance outpacing the general book.
Total assets grew 16.3% YoY (₹6,52,232 Cr → ₹7,58,498 Cr), funded primarily by debt securities (+26.1%) and borrowings (+29.2%), keeping pace with AUM growth.