NIFTYMID100 Archives - ChartAlert®

RVNL – Rail Vikas Nigam – Q4 FY26 Earnings Call – 26-May-26

RVNL/ Rail Vikas Nigam’s topline growth is robust (order book-driven), but margins and cash flows hinge on execution discipline and receivables resolution; modeling should prioritize scenario-based EBITDA and working capital sensitivities.

1–2 minutes

Also see: RVNL – Rail Vikas Nigam – Q4 FY26 Financial Results – 25-May-26

3-Scenario Framework

📊 Base Case (50% Probability)

Key Variables: Revenue grows 10–12%; EBITDA margins stabilize at 6–7%; receivables collected over 2 years.
Outcome: Cash flow normalizes by H2 FY27; Vande Bharat and BharatNet contribute to revenue from FY28. PAT grows 10–15% YoY.

GLENMARK – Glenmark Pharmaceuticals – Q4 FY26 Financial Results – 29-May-26

Glenmark’s FY26 marks inflection — debt‑free, doubled pre‑exceptional profitability, and robust OCF. Risks: +48.5% receivables surge and ₹22,661M exceptional charges cloud earnings quality. If receivables normalize and charges stabilize, ~₹20,873M FCF supports re‑rating; monitor DSO trends, exceptional disclosures, and ₹15,361M non‑current liability build.

1–2 minutes

🔍 Observations

Topline

Net sales surged 27.1% YoY (₹131,458M → ₹167,114M), driven by broad-based geographic expansion and the Ichnos Sciences consolidation effect post-demerger.
Q4FY26 net sales of ₹37,603M grew 16.8% YoY vs Q4FY25’s ₹32,201M, though sequentially softer vs Q3FY26’s ₹38,880M — slight volume moderation at year-end.
Other operating income jumped to ₹2,711M in FY26 vs ₹1,759M in FY25, reflecting licensing/milestone receipts boosting reported revenue quality.

Bottomline

Reported PAT: ₹13,620M in FY26 vs ₹10,471M in FY25 (+30.1% YoY), but exceptional losses of ₹22,661M (vs ₹3,728M prior year) dominate the narrative — pre-exceptional PBT was ₹42,508M vs ₹17,720M (+139.9% YoY), a far stronger underlying picture.
Q4FY26 PAT of ₹3,013M was inflated by negative current tax (refund of ₹301M) — normalized earnings were lower; Q3FY26 PAT of ₹4,032M was cleaner.
Basic EPS: ₹48.26 in FY26 vs ₹37.11 in FY25 — EPS growth understates operational improvement given the drag from escalating exceptional charges.

Margins

EBITDA proxy (pre-exceptional PBT + Finance costs + D&A): ₹42,508M + ₹2,087M + ₹5,735M = ₹50,330M on revenue of ₹169,825M → EBITDA margin ~29.6% in FY26 vs (₹17,720M + ₹2,071M + ₹4,860M) = ₹24,651M on ₹133,217M → 18.5% in FY25. A 1,110 bps margin expansion.
Reported net margin: ₹13,620M / ₹169,825M = 8.0% — depressed by exceptional items; pre-exceptional PBT margin = 25.0%.
Cost of materials + stock-in-trade consumed ₹47,475M (net of inventory changes ₹6,106M) = ₹41,369M effective material cost on ₹167,114M net sales = 24.8% — improved from prior year’s effective ~32.7%.

Growth Trajectory

Revenue CAGR implied (FY25→FY26): +27.1% — sustainable pace uncertain; Ichnos consolidation is a one-time step-up in the base.
Employee costs grew 18.4% YoY (₹30,221M → ₹35,779M) — below revenue growth, indicating early operating leverage.
Other expenses grew 13.6% YoY (₹35,950M → ₹40,848M) — again below revenue growth, reinforcing operating leverage thesis.

PAGEIND – Page Industries – Q4 FY26 Earnings Call – 21-May-26

Page Industries’ topline growth hinges on volume momentum and premiumization, while margins face structural pressure from input costs and marketing spend, with EBITDA likely normalizing to 19–21%.

1–2 minutes

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

3-Scenario Framework

📊 Base Case (60% Probability)

Key Variables: Stable macro, moderate input inflation, sustained premiumization.
Revenue grows 10–12% YoY (volume-led), with EBITDA margins at 20–21% (marketing spend ~5%, partial cost pass-through). E-commerce share rises to 16–17%, offsetting offline softness. Subsidies (INR 40–50 crore) support cash flow. Implication: *Topline resilience, margin stability, but limited upside.

RVNL – Rail Vikas Nigam – Q4 FY26 Financial Results – 25-May-26

RVNL’s FY26 shows earnings quality deterioration — topline flat, PAT down a third, and receivables surge turning cash‑generative EPC into cash consumer. Core railway pipeline intact, but re‑rating hinges on FY27 receivables recovery and margin inflection; until OCF turns positive, stock trades on order book narrative.

1–2 minutes

🔍 Observations

Topline

Revenue from operations grew a modest 2.5% YoY (₹19,923 Cr → ₹20,412 Cr), signalling execution pace rather than order-book constraints
Q4FY26 revenue of ₹6,696 Cr was the strongest quarter of the year, up 4.2% vs Q4FY25 — typical year-end project billings spike
Other income fell sharply 22.5% YoY (₹1,000 Cr → ₹775 Cr), dragging total income growth below operating revenue growth

Bottomline

Net profit collapsed 31.9% YoY (₹1,278 Cr → ₹871 Cr); EPS fell from ₹6.13 to ₹4.20
Q4FY26 PAT of ₹182 Cr was the weakest quarter — 60% below Q4FY25’s ₹455 Cr — a severe sequential and YoY deterioration
Tax rate improved marginally (22.4% vs 22.4% prior year), ruling out tax as the driver; the damage is entirely operational

Margins

Operating expense ratio (expense of operations / revenue from operations): FY26 = 92.8% vs FY25 = 92.5% — minimal worsening but leaves thin headroom
PBT margin compressed sharply: 5.8% in FY26 vs 8.3% in FY25 (₹1,181 Cr on ₹20,412 Cr revenue vs ₹1,646 Cr on ₹19,923 Cr)
Finance costs declined 23.1% YoY (₹545 Cr → ₹419 Cr) — the one material positive in the cost structure

Growth Trajectory

Revenue CAGR is decelerating; 2.5% topline growth on a government-capex-driven EPC business points to execution or award-conversion bottlenecks
Other income, which contributed ~5% of FY25 PBT, is structurally shrinking as cash balances are deployed or paid out as dividends
JV/associate profit share held flat at ~₹92–94 Cr — no meaningful delta from the equity investment portfolio

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.

OBEROIRLTY – Oberoi Realty – Q4 FY26 Earnings Call – 11-May-26

Oberoi Realty’s topline growth hinges on launch execution and luxury absorption, while margins and cash flows are most sensitive to cost inflation and RLDA financing choices.

1–2 minutes

Also see: OBEROIRLTY – Oberoi Realty – Q4 FY26 Financial Results – 8-May-26

3-Scenario Framework

📊 Base Case (50% Probability)

Launches proceed on schedule, but Gurgaon absorption lags at 50% in Year 1. RLDA 50% strata sale offsets discount rate drag. 2–3% cost inflation fully absorbed by contingencies. FY27 revenue grows 10–12%, with margins stable but OCF pressured by land payments. Unrecognized revenue delays 5–10% of FY27 revenue to FY28.

KEI – KEI Industries – Q4 FY26 Earnings Call – 5-May-26

KEI Industries’ topline growth hinges on Sanand execution and metal prices, while margins depend on export mix and cost pass-through; base case supports 20%+ revenue CAGR with stable 11% EBITDA margins.

1–2 minutes

Also see: KEI – KEI Industries – Q4 FY26 Financial Results – 4-May-26

3-Scenario Framework

📊 Base Case (60% Probability)

Drivers: Sanand Phase 1 stabilizes by H1 FY27, copper prices flat to +5%, export share reaches 18–20%. Volume grows 17%, revenue 20–22%, EBITDA margin 10.8–11%. Capex funded internally; working capital cycle improves to 2.75 months. EPS growth: ~20%.

OBEROIRLTY – Oberoi Realty – Q4 FY26 Financial Results – 8-May-26

Oberoi Realty’s FY26 delivered 13.7% revenue growth, expanding net worth, and a strong balance sheet. Margin compression from input inflation and sharp OCF decline are near‑term risks. Customer advances and inventory turnover signal strong pre‑sales; FY27 hinges on margin recovery and WC normalization before extrapolating Q4 momentum.

1–2 minutes

🔍 Observations

Topline

Revenue from operations hit ₹6,00,906 Lakhs in FY26 (+13.7% YoY vs ₹5,28,627 Lakhs), driven almost entirely by Real Estate segment (₹5,81,108 Lakhs; 96.7% of total).
Q4 FY26 revenue surged 52.1% YoY (₹1,74,983 vs ₹1,15,014 Lakhs), signalling strong Q4 delivery and recognition.
Hospitality remained flat — ₹19,798 Lakhs FY26 vs ₹19,275 Lakhs FY25 (+2.7%) — contributing negligibly to growth.

Bottomline

PAT grew 12.7% YoY (₹2,50,743 Lakhs FY26 vs ₹2,22,551 Lakhs FY25), with Q4 FY26 PAT at ₹70,328 Lakhs (+62.4% YoY vs ₹43,317 Lakhs).
EPS (basic, excluding exceptional) rose to ₹69.44 in FY26 from ₹61.21 in FY25 (+13.4%), with full face value of ₹10.
Higher current tax (₹80,306 Lakhs FY26 vs ₹65,563 Lakhs FY25) absorbed some profit upside; effective tax rate ~24.5%.

Margins

Operating margin compressed to 55.50% in FY26 from 58.70% in FY25 — a 320 bps contraction driven by higher land and construction costs (₹3,00,171 Lakhs vs ₹2,04,522 Lakhs, +46.7% YoY).
Net profit margin held at 39.77% vs 40.65%, a modest 88 bps decline — deferred tax credit (₹3,488 Lakhs) provided partial offset.
Q4 FY26 operating margin (54.88%) lagged Q3 FY26 (55.89%), indicating quarter-on-quarter cost pressure despite strong revenue.

Growth Trajectory

Real Estate segment profit grew 7.4% YoY (₹3,36,522 Lakhs vs ₹3,13,422 Lakhs) — slower than revenue growth, confirming margin dilution at segment level.
Inventory days improved sharply: 1,582 days FY26 vs 1,851 days FY25 — reflecting faster project completions and deliveries.
Debt-to-equity fell to 0.16x from 0.21x — leverage is unwinding even as net worth grew to ₹17,92,163 Lakhs from ₹15,70,487 Lakhs (+14.1%).

KEI – KEI Industries – Q4 FY26 Financial Results – 4-May-26

KEI’s FY26 shows accelerating topline, margin expansion, zero debt, and stronger cash conversion. Capex into C&W capacity aligns with 33.5% profit growth and infra tailwinds, though returns emerge FY27–28. EPC margin collapse and rising payables need resolution before next re‑rating can be justified.

1–2 minutes

🔍 Observations

Topline

Revenue from operations grew 20.7% YoY (₹97,359 Mn → ₹1,17,478 Mn), with Q4 FY26 alone up 19.3% YoY (₹29,148 Mn → ₹34,764 Mn) — demand remains structurally robust.
Cables & Wires dominates at 95.5% of FY26 revenue (₹1,12,206 Mn, +22.3% YoY), absorbing the EPC contraction entirely.
EPC revenue fell 14.4% YoY (₹6,562 Mn → ₹5,614 Mn), a deliberate mix-shift toward higher-margin wires business.

Bottomline

PAT surged 31.9% YoY (₹6,964 Mn → ₹9,184 Mn), outpacing revenue growth by ~11 pp — operating leverage is materialising.
Q4 FY26 PAT of ₹2,843 Mn grew 25.5% YoY (vs. ₹2,265 Mn), with sequential improvement of 21.1% over Q3 FY26 — momentum is accelerating.
Effective tax rate remained stable at ~25.5% (FY26: ₹3,139 Mn on ₹12,323 Mn PBT), providing no distortion to earnings quality.

Margins

EBIT margin (using KPI-stated EBIT of ₹12,964 Mn on revenue of ₹1,17,478 Mn): 11.0% in FY26 vs. 10.2% in FY25 (+80 bps) — a clean expansion.
PAT margin expanded to 7.8% in FY26 (₹9,184 Mn ÷ ₹1,17,478 Mn) from 7.2% in FY25 (₹6,964 Mn ÷ ₹97,359 Mn) — +60 bps.
Finance costs (₹641 Mn) remain well-contained at 0.55% of revenue despite rising capex, reflecting the net cash balance sheet.

Growth Trajectory

Basic EPS grew 27.0% YoY (₹75.65 → ₹96.09) on a near-stable share count — value per share is compounding ahead of book value.
Cables & Wires segment profit grew 33.5% YoY (₹9,749 Mn → ₹13,014 Mn), while EPC profit collapsed 68.0% (₹608 Mn → ₹194 Mn) — the portfolio is self-correcting toward quality.
Total equity grew 15.2% YoY (₹57,858 Mn → ₹66,649 Mn) organically, signalling retained earnings as the primary growth engine post-QIP.

TATAELXSI – Tata Elxsi – Q4 FY26 Earnings Call – 21-Apr-26

Tata Elxsi’s FY27 hinges on 8–9% growth from Transportation and Healthcare, with Media volatility. PBT margin expansion to 27% depends on utilization, fixed‑price delivery, and AI productivity; 100–150 bps risk from currency/salary cycles. Offshore leverage supports 24–26% EBITDA, but GenAI scalability remains unproven.

1–2 minutes

Also see: TATAELXSI – Tata Elxsi – Q4 FY26 Financial Results – 21-Apr-26

3-Scenario Framework

📊 Base Case (50% Probability)

Key Variables: Healthcare deals close in Q1; Transportation grows high single-digit; Media & Comms stabilizes.
Outcome: Revenue grows 8–9%, led by Transportation (10–12%) and Healthcare recovery (5–7%). EBITDA margins expand to 25–26% on utilization gains and AI efficiencies. New verticals contribute <5% of revenue. Implication: In-line with guidance; margin trajectory supports valuation rerating.