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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.

LTM (formerly LTIMindtree) – Q4 FY26 Earnings Call – 23-Apr-26

Findings imply sustained double-digit revenue growth potential (AI, diversification) with margin stability (15–16%) contingent on execution of Lakshya’31 and cost optimization, while BFSI recovery and macro resilience remain key swing factors.

1–2 minutes

Also see: LTM (formerly LTIMindtree) – Q4 FY26 Financial Results – 23-Apr-26

3-Scenario Framework

📊 Base Case (60% Probability)

AI adoption accelerates in FY2027 as BlueVerse™ scales and large deals ramp up, offsetting BFSI top client’s gradual recovery. Revenue grows 7–9% YoY (broad-based across verticals/geographies), EBIT margins stabilize at 15–16% (wage hikes offset by productivity). Cash flow remains strong (FCF/PAT >75%).

BAJAJHFL – Bajaj Housing Finance – Q4 FY26 Financial Results – 27-Apr-26

BajajHFL compounds steadily with 18.4% PAT growth, sub‑0.3% NPAs, and clean equity. CRAR compression (22.46%) flags a capital raise risk within 12–18 months, threatening EPS unless ROE expands. Rising impairments hint at loan‑book seasoning; long‑term housing credit gap tailwinds hinge on disciplined capital adequacy navigation.

1–2 minutes

🔍 Observations

Topline

Total Revenue from Operations grew 16.7% YoY (₹9,554 → ₹11,147 Cr), anchored by Interest Income rising 17.0% (₹8,986 → ₹10,512 Cr) as the loan book expanded sharply.
Fees & commission income surged 47.7% YoY (₹201 → ₹297 Cr), signalling improving cross-sell and processing fee capture.
QoQ revenue was nearly flat (₹2,884 → ₹2,903 Cr, +0.7%), indicating sequential momentum has plateaued near-term.

Bottomline

PAT grew 18.4% YoY (₹2,163 → ₹2,560 Cr), outpacing revenue growth — a positive operating leverage signal.
Q4FY26 PAT of ₹669 Cr grew 14.1% YoY (vs. ₹587 Cr Q4FY25) and was marginally ahead of Q3FY26 (₹665 Cr), showing steady quarterly earnings.
Effective tax rate for FY26 was 22.9% (₹760 Cr tax on ₹3,320 Cr PBT), slightly elevated vs. FY25’s 21.9% — partly due to absence of prior-year tax credits (₹25 Cr benefit in FY25).

Margins

Net Profit Margin improved modestly to 22.96% in FY26 vs. 22.64% in FY25 — limited expansion despite volume growth, as Finance Costs scaled proportionally (₹5,979 → ₹6,759 Cr, +13.1%).
Impairment on financial instruments more than tripled YoY (₹58 → ₹191 Cr), creating a drag on pre-provision profitability — though absolute NPA ratios remain benign.
Cost-to-income compression is gradual: Employee + Other expenses grew 13.5% YoY (₹693 → ₹807 Cr) vs. 16.7% revenue growth — marginal operational efficiency gain.

Growth Trajectory

Loan book grew 24.3% YoY (₹99,513 → ₹1,23,745 Cr), significantly ahead of revenue growth, implying some yield compression or mix shift.
EPS grew 15.0% YoY (₹2.67 → ₹3.07), with no equity dilution in FY26 (share capital unchanged at ₹8,329 Cr) — full growth accrues to existing shareholders.
CRAR compressed sharply from 28.24% to 22.46%, a 578 bps decline YoY — rapid balance sheet expansion is consuming regulatory capital headroom.

VBL – Varun Beverages – Q4 FY26 Financial Results – 27-Apr-26

VBL’s FY26 shows rare scale‑driven PAT outpacing revenue, with minimal leverage and strong coverage ensuring resilience. Key risk: capex‑driven D&A outstripping volumes in off‑season, exaggerating seasonality. Q1FY27 revenue is the litmus test for whether expanded capacity delivers throughput to justify the investment cycle.

1–2 minutes

🔍 Observations

Topline

Q4FY26 revenue at ₹67,215 mn grew 18.3% YoY — volume-led expansion with geographic scale absorbing a strong base effect.
Full-year revenue of ₹222,256 mn reflects diversified market penetration; Q4 alone contributed 30.2% of annual revenue, confirming heavy peak-season concentration.
QoQ surge of 55.1% (Q3→Q4) is structurally driven by pre-summer stocking; not a signal of demand acceleration.

Bottomline

Q4 PAT of ₹8,787 mn grew 20.1% YoY, outpacing revenue growth — operating leverage is working.
FY26 PAT of ₹30,620 mn with net margin of 13.8% represents healthy profitability for an FMCG-manufacturing hybrid.
Share of losses from associates/JVs (₹60 mn FY26) is marginal but watch for escalation as international bets mature.

Margins

Q4 EBITDA margin expanded to 23.3% from 22.7% YoY — a 60 bps improvement driven by stable raw material intensity (material costs flat at ~47% of revenue).
FY26 EBITDA margin at 24.3% is meaningfully stronger than Q4 standalone, indicating Q1–Q3 quarters carry better operating efficiency — likely mix and scale effects.
D&A jumped 30.9% YoY in Q4 (₹3,568 mn vs ₹2,725 mn), reflecting ongoing capex digestion; net margins held steady because top-line growth absorbed it.

Growth Trajectory

PAT growth (20.1%) exceeding revenue growth (18.3%) in Q4 confirms positive operating leverage at scale.
Employee costs as % of revenue crept up — Q4FY26 at 9.2% vs 9.0% in Q4FY25 — modest but worth monitoring as headcount scales with new geographies.
EPS of ₹8.98 for FY26 with a diluted share count implying ~3,382 mn shares; per-share earnings growth requires full FY25 EPS for YoY comparison, which is not available in provided data.

LODHA – Lodha Developers – Formerly Macrotech – Q4 FY26 Investor Presentation – 24-Apr-26

LODHA’s topline has a credible 15–20% CAGR runway supported by launch pipeline and geographic expansion, but bottomline at 20% PAT margin is structurally capped unless land sales normalize and RentCo turns FCF-positive, while margins face a structural labor cost headwind that management’s general contractor model partially but not fully offsets.

1–2 minutes

Also see: LODHA – Lodha Developers – Formerly Macrotech – Q4 FY26 Financial Results – 24-Apr-26

3-Scenario Framework

📊 Base Case (50% Probability)

Pre-sales compound at ~17% YoY to INR 240bn in FY27, embedded EBITDA margins hold at 32–34%, labour cost inflation remains below 8% annually, collections close the gap with pre-sales by FY28 as projects complete, and RentCo annuity income scales to INR 8–10bn by FY29.

Net D/E stays below 0.35x. FY31 PAT of INR 70–80bn is achievable, implying ~15–17% CAGR — slightly below the 20% guidance. Key variable: pre-sales velocity and collection conversion rate.

ADANIGREEN – Adani Green Energy – Q4 FY26 Financial Results – 24-Apr-26

Adani Green’s FY26 shows capacity build‑out with OCF support, but equity story hinges on tariff‑debt spread narrowing. Flat PAT masks progress: capacity growth, easing NCI dilution, rising equity share. Risks: DISCOM receivables, ₹98,000+ Cr debt refinancing, CWIP conversion. PAT margin inflection likely FY28–29 as capex moderates.

1–2 minutes

🔍 Observations

Topline

Core power supply revenue grew 22% YoY (₹9,495 Cr → ₹11,602 Cr), reflecting new capacity additions coming online.
Equipment/goods sales fell 53% YoY (₹1,552 Cr → ₹724 Cr) as fewer EPC-type pass-through contracts were executed; total revenue still rose 11% (₹12,422 Cr → ₹13,819 Cr).
Q4 FY26 was seasonally the strongest quarter (₹3,727 Cr vs ₹2,837 Cr in Q3), driven by higher solar irradiation and wind output.

Bottomline

Consolidated PAT flat at ₹1,987 Cr vs ₹2,001 Cr — topline growth fully absorbed by rising finance costs (₹5,492 Cr → ₹6,484 Cr, +18%) and depreciation (₹2,498 Cr → ₹3,372 Cr, +35%).
PAT attributable to equity holders grew 17% (₹1,495 Cr → ₹1,753 Cr at TCI level), with NCI share declining — a structurally positive shift for listed shareholders.
EPS improved to ₹9.65 from ₹8.37 despite a marginally larger share count (1,647 Cr vs 1,584 Cr shares), signalling earnings accretion from equity raised.

Margins

Operating profit before working capital (from cash flow): ₹10,912 Cr on total income of ₹13,819 Cr → implied operating cash margin ~79%, up from ~73% (₹9,046 Cr / ₹12,422 Cr) — reflecting high operating leverage of renewable assets.
Finance costs consume ~47% of operating cash profit (₹6,484 Cr / ₹10,912 Cr), leaving thin residual for equity holders after debt service.
Net profit margin: 14.4% (₹1,987 Cr / ₹13,819 Cr), roughly unchanged from 16.1% in FY25 — debt burden is the primary margin suppressor.

Growth Trajectory

Power generation segment revenue grew 26% YoY (₹9,679 Cr → ₹12,227 Cr), outpacing total revenue growth — core business is accelerating as the equipment pass-through segment shrinks.
Capex of ~₹26,097 Cr in FY26 vs ₹24,776 Cr in FY25 confirms unrelenting capacity build-out; PPE grew from ₹76,218 Cr → ₹97,070 Cr (+27%) and CWIP from ₹14,479 Cr → ₹19,016 Cr, signalling strong near-term visibility.
Operating cash flows grew 13% (₹8,957 Cr → ₹10,135 Cr), tracking asset base expansion — a healthy sign that deployed capacity is generating proportionate cash.

LODHA – Lodha Developers – Formerly Macrotech – Q4 FY26 Financial Results – 24-Apr-26

Lodha sustains 20%+ PAT growth with EPS/margin recovery, but OCF down 38.7%, receivables doubled, borrowings surged 205%. Rising liabilities—likely customer advances—signal delivery obligations. OCF recovery and receivables normalization in H1FY27 are critical before assigning premium to earnings trajectory.

1–2 minutes

🔍 Observations

Topline

Revenue from Operations grew 21.0% YoY (₹1,37,795M → ₹1,66,762M in FY26), sustaining double-digit growth as pre-sales momentum converts to recognised revenue.
Q4FY26 revenue of ₹47,135M grew 11.6% YoY and 0.9% QoQ — sequential flattening signals near-term recognition pacing, not demand weakness.
Other Income declined 18.6% QoQ in Q4 (₹1,960M → ₹1,270M), dragging total income growth marginally below operating revenue growth.

Bottomline

PAT grew 23.9% YoY (₹27,666M → ₹34,307M), outpacing revenue growth — a positive operating leverage signal.
Q4FY26 PAT of ₹10,081M grew 9.3% YoY and 5.3% QoQ, maintaining sequential profit momentum through the year.
Basic EPS expanded from ₹27.76 to ₹34.34 (+23.7% YoY), with minimal dilution confirming equity-efficient earnings compounding.

Margins

FY26 Operating Margin contracted 214bps YoY (36.03% → 33.89%), as Cost of Projects (₹97,964M) and Other Expenses (₹13,002M, +30.2% YoY) outpaced revenue growth.
Net Profit Margin improved 52bps YoY (19.52% → 20.04%), aided by a positive deferred tax swing of ₹527M vs. a ₹834M drag in FY25.
Q4FY26 operating margin recovered to 34.97% from Q3’s 31.97%, suggesting project mix improvement in the seasonally stronger quarter.

Growth Trajectory

FY26 PAT CAGR (implied two-year) and single-year 23.9% growth reinforce a compounding profit curve well above nominal GDP.
Net Worth grew 15.7% YoY (₹1,98,102M → ₹2,29,141M), providing an expanding equity base for project leverage.
Inventory of ₹4,02,538M grew 10.4% YoY, indicating active project pipeline build — manageable if pre-sales coverage remains robust.

UNIONBANK – Union Bank of India – Q4 FY26 Financial Results – 23-Apr-26

Union Bank’s FY26 PAT up 7.8% on provisions, while PPOP fell 8%, signalling NPA gains are spent. Strong capital (CAR 18.78%, CET‑1 16.39%) and retail mix help, but FY27 hinges on NIM defence, cost control, and deposit mobilisation. Watch credit‑deposit ratio and PPOP trends.

1–2 minutes

🔍 Observations

Topline

Interest earned flat YoY at ₹1,06,799 Cr (FY26) vs ₹1,06,600 Cr (FY25), masking a shift: advances interest rose ₹841 Cr while investment income fell ₹758 Cr — credit mix improving at the margin.
Other income essentially flat at ₹21,601 Cr (FY26) vs ₹21,562 Cr (FY25); Q4FY26 dipped QoQ from ₹5,183 Cr to ₹5,999 Cr, suggesting lumpy fee/treasury contributions.
Total income held at ₹1,28,400 Cr (FY26) vs ₹1,28,162 Cr (FY25) — the topline ceiling is a structural concern for a bank of this size.

Bottomline

Net profit rose 7.8% YoY to ₹19,430 Cr (FY26) vs ₹18,027 Cr (FY25), driven almost entirely by a ₹3,347 Cr collapse in NPA provisions (₹2,327 Cr vs ₹7,426 Cr).
Q4FY26 PAT of ₹5,504 Cr beat Q4FY25’s ₹5,011 Cr by 9.8%, aided by lower provisions and a sharp jump in associate profit share (₹170 Cr vs ₹10 Cr).
Tax expenses virtually unchanged YoY (₹5,504 Cr vs ₹5,503 Cr) despite higher PBT — effective tax rate compressed to 22.7% (FY26) from 23.5% (FY25).

Margins

Net profit margin expanded to 15.1% (FY26) from 14.1% (FY25); Q4FY26 at 16.8% is the best quarterly print, validating improving provision coverage.
Operating margin contracted to 22.4% (FY26) from 24.4% (FY25) — operating expenses grew 7.7% YoY (₹30,206 Cr vs ₹28,044 Cr) while total income stagnated; cost pressure is real.
PPOP (operating profit) declined 8% YoY to ₹28,716 Cr (FY26) from ₹31,202 Cr (FY25) — the bank’s pre-provision earnings power is weakening.

Growth Trajectory

Advances grew 10.5% YoY to ₹10,57,188 Cr vs ₹9,56,728 Cr — healthy, though the ₹1,02,786 Cr incremental deployment absorbed significant liquidity.
Retail banking segment revenue grew 5.5% YoY to ₹47,574 Cr; corporate/wholesale revenue fell 3.6% to ₹44,379 Cr — mix shift toward retail is deliberate and margin-accretive over time.
EPS grew 7.8% YoY to ₹25.45 (FY26) vs ₹23.62 (FY25) — modest, given no equity dilution and a significant provision tailwind; organic earnings growth is softer.

TATACAP – Tata Capital – Q4 FY26 Financial Results – 23-Apr-26

Tata Capital’s FY26 marks inflection with 33.8% PAT growth, 15.4% margins, and 20.8% loan CAGR. ₹8,583 Cr equity raise de‑leverages balance sheet. Risks: negative OCF, reserve compression, credit cost trajectory. Long‑term profitability in financing segment compelling; near‑term liquidity and investment volatility warrant caution.

1–2 minutes

🔍 Observations

Topline

Total income grew 11.3% YoY (₹28,370 Cr → ₹31,583 Cr in FY26), led by interest income rising 11.4% (₹25,724 Cr → ₹28,652 Cr) — financing activity remains the dominant growth engine at 97.5% of net segment revenue.
Q4FY26 total income hit ₹8,162 Cr, up 8.7% QoQ and 8.7% YoY — sequential momentum is steady and broad-based.
Fee & commission income declined 4.4% YoY (₹1,774 Cr → ₹1,696 Cr), a rare soft spot in an otherwise strong topline; rental income surged 63.4% YoY (₹272 Cr → ₹445 Cr) as a partially offsetting non-core contributor.

Bottomline

PAT nearly doubled over two years: FY26 PAT ₹4,891 Cr vs FY25 ₹3,655 Cr, a 33.8% YoY jump — Q4FY26 alone delivered ₹1,466 Cr, up 46.7% YoY (₹1,000 Cr → ₹1,466 Cr).
Basic EPS expanded from ₹9.32 in FY25 to ₹11.76 in FY26 (+26.2% YoY), reflecting earnings accretion despite equity dilution from the FY26 capital raise.
Impairment on financial instruments remained elevated at ₹3,023 Cr in FY26 (vs ₹2,827 Cr in FY25, +6.9% YoY), capping bottom-line upside even as operating leverage kicked in.

Margins

Net profit margin expanded sharply: 12.94% in FY25 → 15.36% in FY26 (+242 bps); Q4FY26 margin hit 18.41% — highest in the reported periods, pointing to structural improvement in cost absorption.
Finance costs as a % of total income: 53.0% in FY25 vs 50.6% in FY26 — modest but meaningful compression signals improving funding efficiency.
Operating leverage visible: total expenses grew 6.5% YoY (₹23,449 Cr → ₹24,981 Cr) against 11.3% income growth — expense growth running at roughly half the revenue growth rate.

Growth Trajectory

Loan book expanded 20.8% YoY (₹2,21,950 Cr → ₹2,68,203 Cr), sustaining the platform for forward interest income growth.
Financing segment EBIT grew 34.7% YoY (₹4,751 Cr → ₹6,402 Cr), confirming that core business profitability — not treasury or investment gains — is driving the upgrade cycle.
Net worth surged 38.8% YoY (₹32,443 Cr → ₹44,824 Cr), primarily via the ₹8,583 Cr equity raise in FY26 — significantly strengthening the capital base for the next growth phase.

LTM (formerly LTIMindtree) – Q4 FY26 Financial Results – 23-Apr-26

LTIMindtree exits FY26 with record Q4 revenue and margin recovery, yet cost overruns outpace topline. BFSI compression and TMC stagnation weigh near term. Strong FCF and fortress balance sheet support compounder status, but FY27 re‑rating hinges on cost rationalisation and BFSI momentum.

1–2 minutes

🔍 Observations

Topline

Revenue from operations hit ₹1,12,917 mn in Q4FY26, up 15.6% YoY (vs ₹97,717 mn in Q4FY25) and 4.7% QoQ — the strongest sequential print in FY26, signalling accelerating demand recovery.
Full-year FY26 revenue of ₹4,23,076 mn grew 11.3% YoY (vs ₹3,80,081 mn in FY25), with the growth rate weighted toward H2, suggesting deal ramp-ups gained momentum through the year.
Manufacturing & Resources (₹85,478 mn, +18.5% YoY) and Consumer Business (₹64,875 mn, +19.2% YoY) emerged as the fastest-growing verticals, offsetting slower growth in BFSI and TMC.

Bottomline

Q4FY26 PAT of ₹13,873 mn grew 22.9% YoY (vs ₹11,286 mn), with the sequential jump from ₹9,596 mn in Q3FY26 distorted by Q3’s exceptional Labour Code charge of ₹5,903 mn; underlying PAT progression is cleaner on EBIT.
FY26 PAT of ₹49,827 mn grew 8.3% YoY (vs ₹46,020 mn), a deceleration from topline growth — driven by a 6.8% rise in employee costs and a 22.9% spike in other expenses compressing flow-through.
Diluted EPS expanded from ₹155.00 in FY25 to ₹169.13 in FY26 (+9.1% YoY), providing modest but consistent earnings-per-share accretion on a stable share count.

Margins

Q4FY26 EBIT margin (segment EBIT ÷ revenue): ₹19,730 ÷ ₹1,12,917 = 17.5%, up from 16.3% in Q4FY25 (₹15,962 ÷ ₹97,717) — a meaningful 120 bps YoY recovery.
FY26 EBIT margin: ₹75,552 ÷ ₹4,23,076 = 17.9%, broadly flat vs FY25 at 17.1% (₹64,949 ÷ ₹3,80,081) — sub-contracting costs (+22.9% YoY to ₹32,369 mn) and other expenses (+22.8% YoY to ₹52,286 mn) remain structural headwinds.
Net profit margin for FY26: ₹49,827 ÷ ₹4,23,076 = 11.8%, down from 12.1% in FY25 — cost inflation is outpacing operating leverage, limiting margin expansion.

Growth Trajectory

Sequential revenue acceleration (Q2→Q3→Q4 FY26) confirms demand recovery is broadening across verticals — not concentrated in a single segment.
BFSI, the largest segment (35.2% of FY26 revenue), grew only 8.5% YoY — a relative drag; recovery here is essential for the next leg of overall growth.
Healthcare & Public Services grew 14.9% YoY in revenue but delivered flat EBIT (₹3,303 mn vs ₹3,362 mn in FY25) — scale yet to translate into profitability.