NIFTYMID50 Archives - ChartAlert®

PRESTIGE – Prestige Estates Projects – Q4 FY26 Earnings Call – 22-May-26

PRESTIGE/ Prestige Estates Projects’ topline growth (15–20%) and margin expansion (25–28%) are contingent on execution and demand stability, while bottomline resilience hinges on debt discipline and revenue recognition catch-up.

1–2 minutes

Also see: PRESTIGE – Prestige Estates Projects – Q4 FY26 Financial Results – 21-May-26

3-Scenario Framework

📊 Base Case (50% Probability)

Key Variables: Approvals on schedule, IT demand stable but flat.
FY27 presales 15–20% growth (INR34,500–36,000 crores), collections INR20,000–21,000 crores, EBITDA margin 25–26%. Commercial assets 70–80% leased by FY29, net debt-equity 0.7–0.75x. INR12,000–13,000 crores residential revenue recognized.

BHEL – Bharat Heavy Electricals – Q4 FY26 Investor Presentation – 4-May-26

BHEL/ Bharat Heavy Electricals’ topline growth hinges on execution velocity and order book conversion; margins depend on indigenization success and cost control; bottomline leveraged to operational scale and R&D ROI.

1–2 minutes

Also see: BHEL – Bharat Heavy Electricals – Q4 FY26 Financial Results – 4-May-26

3-Scenario Framework

📊 Base Case (50% Probability)

Key Variables: 8-9 GW/year execution, EBITDA margins at 9-10%.
Outcome: Revenue CAGR 10-12%, PAT CAGR 15-18%, with stable order inflow (₹60,000-70,000 Cr/year). Diversification offsets power sector cyclicality.

PRESTIGE – Prestige Estates Projects – Q4 FY26 Financial Results – 21-May-26

1–2 minutes

🔍 Observations

Topline

Revenue surged 72.6% YoY (₹73,494 Mn → ₹126,854 Mn), with Q4FY26 alone delivering 166.5% YoY growth (₹15,284 Mn → ₹40,738 Mn) — the strongest quarter on record.
Sequential momentum held: Q4FY26 revenue grew 5.2% over Q3FY26 (₹38,726 Mn), signaling consistent delivery throughput rather than a one-quarter flush.
Revenue scale now reflects accelerated project completions and handovers, typical of Prestige’s POC-revenue recognition model.

Bottomline

PAT more than doubled YoY (₹6,169 Mn → ₹13,054 Mn, +111.6%), with Q4FY26 PAT of ₹2,918 Mn against ₹431 Mn in Q4FY25 — a 577% YoY jump driven by operating leverage and deferred tax reversals.
EPS expanded 148% YoY (₹11.19 → ₹27.76), compounding the effect of the FY25 QIP dilution now being earnings-accretive.
Tax efficiency aided FY26 PAT: effective tax rate was 23.8% (₹4,082 Mn on ₹17,136 Mn PBT), supported by ₹4,818 Mn deferred tax credit.

Margins

EBITDA margin compressed 640 bps YoY (39.5% → 33.1%) despite absolute EBITDA growing 44.8% (₹29,019 Mn → ₹42,021 Mn) — scale comes at a margin cost as lower-margin projects are completed.
Q4FY26 EBITDA margin contracted sharply to 26.5% vs 38.6% in Q4FY25, pointing to higher land costs (₹14,808 Mn in Q4 alone) and contractor cost dilution in the quarter’s mix.
Net margin improved 190 bps (8.4% → 10.3%), as finance cost leverage and deferred tax benefits more than offset operating margin dilution.

Growth Trajectory

Revenue CAGR implied over FY25–26 is 72.6% — unsustainably rapid, but reflects a genuine step-change in delivery scale, not accounting optionality.
Inventory on the balance sheet grew 26.3% (₹318,831 Mn → ₹402,519 Mn) alongside customer advances growing 31.3% (₹250,732 Mn → ₹329,438 Mn) — pipeline is robust and pre-sold.
Finance costs grew 18.6% YoY (₹13,338 Mn → ₹15,824 Mn), slower than revenue growth — a structural positive as leverage cost is being absorbed into expanding revenue.

DIXON – name – Q4 FY26 Earnings Call – 12-May-26

Dixon’s topline growth hinges on Vivo approval and export scaling, while margins depend on backward integration execution; bottomline resilience supported by capital efficiency and PLI offsets.

1–2 minutes

Also see: DIXON – Dixon Technologies – Q4 FY26 Financial Results – 12-May-26

3-Scenario Framework

📊 Base Case (60% Probability)

Key Variables: Vivo approval by H2 FY27; PLI 2.0 rollout; display/IT hardware ramp-up on schedule.
Outlook: 15–17% revenue growth (to ~INR 56,000 cr) without Vivo; margin stability (40–50 bps expansion in FY28). Capex at ~INR 1,000 cr supports capacity additions. Free cash flow remains strong (negative working capital cycle).

BSE – BSE Ltd – Q4 FY26 Earnings Call – 7-May-26

BSE’s topline growth hinges on derivatives liquidity and SOR adoption, while margins depend on capex efficiency and pricing power; bottomline resilience tied to retail/DII flows and cost discipline.

1–2 minutes

Also see: BSE – BSE Ltd – Q4 FY26 Financial Results – 7-May-26

3-Scenario Framework

📊 Base Case (60% Probability)

Key Variables: Derivatives liquidity deepens (monthly contracts → 10–12% of volumes); FPIs reach 800; SOR adoption by Q1FY27.
FY27 revenue grows 20–25% (driven by derivatives/MF), EBITDA margins sustain at 60–62%, and net profit rises 15–20%. Dividend payout ratio stabilizes at 30–35%. Capex Rs. 500–600 crore supports tech/colo expansion.

DIXON – Dixon Technologies – Q4 FY26 Financial Results – 12-May-26

Dixon’s FY26 shows OCF inflection, EBITDA margin expansion, and a fortress balance sheet, validating EMS scale‑up. Reported PAT is inflated by exceptional gains and investment income; valuation should anchor on operating PBT. Future margin gains hinge on product mix premiumisation, with rich valuations leaving little room for misses.

1–2 minutes

🔍 Observations

Topline

Revenue scaled 25.8% YoY (₹38,860 Cr → ₹48,873 Cr), confirming Dixon’s position as the dominant EMS play in India’s electronics manufacturing boom.
Q4FY26 revenue at ₹10,511 Cr was broadly flat QoQ (vs ₹10,672 Cr in Q3), suggesting seasonal normalisation after a strong H2.
Other income surged to ₹713 Cr in FY26 (vs ₹20 Cr in FY25), largely driven by a ₹670 Cr fair value/sale gain on equity investments — non-recurring in nature.

Bottomline

Reported PAT grew 33.4% YoY (₹1,233 Cr → ₹1,644 Cr), but includes ₹460 Cr exceptional gain (FY26) vs ₹250 Cr in FY25 — distorting comparability.
PAT attributable to owners grew 31.4% (₹1,095 Cr → ₹1,439 Cr); minority interests absorbed ₹206 Cr, reflecting rising JV/subsidiary scale.
Core operating profit (PBT pre-exceptional, pre-JV share) rose 87.6% YoY (₹1,092 Cr → ₹2,049 Cr) — the real earnings engine.

Margins

EBITDA (PBT pre-exceptional + Finance costs + D&A): FY26 = ₹2,049 Cr + ₹137 Cr + ₹393 Cr = ₹2,579 Cr on revenue of ₹48,873 Cr → EBITDA margin ~5.3% vs ~4.1% in FY25 (₹1,092 + ₹154 + ₹281 = ₹1,527 Cr / ₹38,860 Cr).
Net profit margin (reported): 3.4% in FY26 vs 3.2% in FY25 — modest expansion, held back by thin EMS economics and rising depreciation (+40% YoY).
Material cost ratio improved marginally: cost of materials at 93.0% of revenue (FY26) vs 92.9% (FY25) — essentially flat, indicating no meaningful component cost relief.

Growth Trajectory

Revenue CAGR implied at 25%+ annualised; operating profit growth of 88% outpaced topline, signalling operating leverage beginning to kick in at scale.
EPS (basic) grew 32% YoY (₹205.70 → ₹271.59), with dilution minimal — share count stable at ~608 lakh shares.
Capex intensity remains high: ₹1,068 Cr in FY26 vs ₹939 Cr in FY25 (+13.7%), reflecting continued capacity build-out ahead of demand.

POLYCAB – Polycab India – Q4 FY26 Earnings Call – 6-May-26

POLYCAB’s topline remains robust on structural domestic demand and export diversification, bottomline resilient via margin discipline and cost pass-through, but margins face near-term pressure from mix shifts and input costs.

1–2 minutes

Also see: POLYCAB – Polycab India – Q4 FY26 Financial Results – 6-May-26

3-Scenario Framework

📊 Base Case (60% Probability)

Drivers: Domestic demand resilience (power sector capex, real estate) + export recovery (U.S./EU grid upgrades). Wires & Cables grows 15-18%, FMEG 20-25%, with EBITDA margins at 13-14%. Exports reach 6-7% of revenue by FY27. Capex at INR 14-16B/year supports capacity. PAT margins sustain at ~9%.

WAAREEENER – Waaree Energies – Q4 FY26 Earnings Call – 30-Apr-26

Waaree Energies’ topline growth hinges on policy execution (ALMM) and US capacity scaling, while margins depend on cell self-sufficiency and commodity hedging; bottomline resilience requires BESS/adjacency ramp-up to offset cyclical solar pressures.

1–2 minutes

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

3-Scenario Framework

📊 Base Case (50% Probability)

Key Variables: ALMM II delayed by 3–6 months, commodity prices remain volatile, US capacity scales but FEOC compliance adds cost.
Outcome: FY27 EBITDA at INR 7,200 crore (mid-guidance), 22–23% margins as cell capacity ramp-up offsets DCR mix dilution. BESS contributes 5–10% to FY28 revenue; working capital normalizes to 60 days. ROCE at 28–30%.

BSE – BSE Ltd – Q4 FY26 Financial Results – 7-May-26

BSE’s FY26 delivered 63.5% revenue and 87.9% PAT growth with ₹2,58,852L FCF, debt‑free liquidity, and structural operating leverage. Risks: volume cyclicality, heavy capex via depreciation, and receivables nearly doubled. Sustainability of 60%+ PBT margins hinges on retail participation holding up beyond a possible FY26 volume peak.

1–2 minutes

🔍 Observations

Topline

Revenue from operations surged 63.5% YoY (₹2,95,734L → ₹4,83,395L in FY26), driven by record derivatives and equity trading volumes on BSE.
Q4FY26 revenue hit ₹1,56,351L — 84.7% above Q4FY25 (₹84,664L) and 25.7% above Q3FY26 (₹1,24,410L), indicating strong sequential acceleration.
Total income crossed ₹5,14,810L in FY26 vs ₹3,23,631L in FY25 (+59.1%), with investment income contributing ₹29,030L (steady, non-core).

Bottomline

PAT from continuing operations grew 87.9% YoY (₹1,31,706L → ₹2,47,530L); including discontinued ops, total PAT reached ₹2,48,725L.
Q4FY26 PAT: ₹79,547L vs ₹49,304L in Q4FY25 (+61.3%) and ₹59,659L in Q3FY26 (+33.3%) — step-change profitability in the seasonally strong quarter.
EPS (basic & diluted) more than doubled: ₹32.18 in FY25 → ₹60.61 in FY26, despite equity base expansion from bonus/split (paid-up capital: ₹2,707L → ₹8,158L).

Margins

FY26 PBT margin on total income: 64.1% (₹3,29,914L / ₹5,14,810L) vs 54.0% in FY25 (₹1,74,827L / ₹3,23,631L) — a 10pp expansion.
Total expenses grew only 24.1% YoY (₹1,48,063L → ₹1,83,742L) against 63.5% revenue growth — strong operating leverage at work.
Regulatory contributions rose 58.3% (₹41,046L → ₹64,969L), tracking revenue; clearing & settlement costs actually fell 19.5% (₹34,805L → ₹28,035L), aiding margin improvement.

Growth Trajectory

Three-year revenue CAGR implied from FY25–FY26 alone: 63.5% — unsustainable at this rate but reflects BSE’s structural rebound in market share.
Depreciation jumped 40.7% YoY (₹11,298L → ₹15,896L), signalling heavy capex cycle underway (PPE nearly tripled: ₹22,217L → ₹56,259L).
Employee costs grew 25.9% YoY — manageable versus revenue growth, though Q4FY26 saw a dip (₹6,352L) vs Q3FY26 (₹9,336L), possibly timing-driven.

GODREJPROP – Godrej Properties – Q4 FY26 Earnings Call – 4-May-26

GODREJPROP’s topline growth hinges on launch execution and geopolitical normalization, while margins and cash flow depend on cost control and BD discipline.

1–2 minutes

Also see: GODREJPROP – Godrej Properties – Q4 FY26 Financial Results – 4-May-26

3-Scenario Framework

📊 Base Case (50% Probability)

Moderate geopolitical stability allows H1 FY27 launch momentum (INR24,000 crores collections, INR39,000 crores bookings). NCR recovers to INR8,000–10,000 crores; sustenance contributes 40% of sales. OCF grows 15–20% YoY, margins hold at 24–25%, and FCFE breakeven. FY28 ROE target remains on track.