1–2 minutes
🔍 Observations
Topline
- India segment drove FY26 revenue, growing 7.9% YoY (₹8,779 Cr → ₹9,474 Cr); Africa accelerated sharply at +23.1% (₹2,562 Cr → ₹3,154 Cr), offsetting Indonesia’s -2.5% decline.
- Consolidated revenue from operations rose 8.4% YoY (₹13,997 Cr → ₹15,178 Cr); Q4 FY26 grew 11.0% YoY (₹3,514 Cr → ₹3,900 Cr), sustaining quarterly momentum.
- Stock-in-trade purchases nearly doubled YoY (₹865 Cr → ₹1,671 Cr), signalling a structural shift toward outsourced/traded goods — compressing gross economics.
Bottomline
- PAT nearly flat YoY: ₹1,852 Cr → ₹1,861 Cr (+0.5%), despite 8.4% revenue growth — exceptional items of ₹233 Cr (vs ₹63 Cr in FY25) were the primary drag.
- Deferred tax credit sharply lower (₹373 Cr → ₹123 Cr), meaning reported PAT overstated operational tax efficiency in FY25; FY26 reflects a more normalised tax burden.
- Q4 PAT grew 9.7% YoY (₹412 Cr → ₹452 Cr) on 11% revenue growth — quarterly trajectory healthier than the full-year picture.
Margins
- Operating margin held at 20.9% (FY26) vs 21.5% (FY25) — compression of ~60 bps driven by traded goods mix shift and higher employee costs (+7.3% YoY).
- Net profit margin contracted 100 bps YoY (13.3% → 12.3%), partly distorted by lower deferred tax credits and higher exceptional charges; underlying operating efficiency relatively stable.
- EBIT-level segment results improved across all geographies except Indonesia; Africa’s segment result grew 10.6% (₹341 Cr → ₹377 Cr) on 23% revenue — margin still thin at ~12%.
Growth Trajectory
- FY26 revenue CAGR (FY25→FY26) at 8.4%; PAT growth essentially zero — topline scaling is not yet translating to bottomline compounding.
- Africa + Others segment now constitutes ~27% of revenue (up from ~25% in FY25) — geographic diversification increasing but with lower profitability profiles.
- EPS flat: ₹18.11 (FY25) → ₹18.19 (FY26), +0.4% — shareholders saw no earnings growth despite 8% revenue expansion.