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.