Quarterly Results Archives - Page 11 of 14

HFCL – HFCL Ltd – Q4 FY26 Financial Results – 30-Apr-26

HFCL’s FY26 shows revenue scaling, margin gains, and 4x+ order book, but -₹378 Cr OCF and -₹723 Cr FCF expose cash‑conversion risk. Turnkey swung to ₹366 Cr loss and opaque ₹1,830 Cr assets cloud PAT quality. FY27 hinges on OCF recovery and Turnkey margin normalization.

1–2 minutes

🔍 Observations

Topline

Revenue surged 127.8% YoY in Q4FY26 (₹800.72 Cr → ₹1,824.12 Cr) and 21.8% for full-year FY26 (₹4,064.52 Cr → ₹4,949.27 Cr), with Q4 alone contributing 36.9% of annual revenue — signalling heavy back-end loading.
Telecom Products drove FY26 growth, expanding 22.6% YoY (₹2,390.19 Cr → ₹2,931.01 Cr); Turnkey Contracts grew 17.9% (₹1,589.46 Cr → ₹1,875.01 Cr), sustaining diversified revenue streams.
Export revenue exploded ~312% YoY (~₹497 Cr → ~₹2,047 Cr), lifting export mix from ~12% to ~41% of total revenue — a structural shift in the business model.

Bottomline

PAT nearly doubled YoY for FY26 (₹173.26 Cr → ₹329.44 Cr, +90.1%), recovering decisively from a Q4FY25 loss of ₹83.30 Cr to a Q4FY26 profit of ₹184.45 Cr.
PBT grew 97.5% YoY (₹216.59 Cr → ₹427.68 Cr), with tax efficiency improving — effective tax rate dropped from ~20% (FY25) to ~22.9% (FY26) but deferred tax benefit of ₹6.11 Cr aided FY26 PAT.
Basic EPS recovered from ₹1.23 (FY25) to ₹2.13 (FY26), with Q4FY26 alone delivering ₹1.21 vs. a loss of ₹0.56 in Q4FY25.

Margins

EBITDA margin expanded 423 bps YoY (12.47% → 16.70%), while Q4FY26 EBITDA margin reached 18.47% — indicating operating leverage kicking in at scale.
PAT margin doubled from 4.26% to 6.66% (+240 bps) annually; Q4FY26 PAT margin hit 10.11%, the strongest quarterly print, up from -10.40% a year prior.
Finance costs grew 30.8% YoY (₹185.01 Cr → ₹242.06 Cr), partially diluting margin expansion — interest coverage (EBITDA/Finance costs) stands at 3.4x for FY26 vs. 2.7x for FY25.

Growth Trajectory

Order book more than doubled to ₹21,206 Cr (from ₹9,967 Cr), providing ~4.3x revenue cover on FY26 base — strongest forward visibility signal in the dataset.
Sequential Q3→Q4 revenue growth of 50.7% with EBITDA expanding 38.4% suggests execution acceleration, though Q-o-Q EBITDA margin compression (-164 bps) warrants monitoring.
Defence revenue, while small (₹76.70 Cr in FY26), grew 63.6% YoY from ₹46.88 Cr — early-stage scaling in a high-margin, long-cycle vertical.

LAURUSLABS – Laurus Labs Ltd – Q4 FY26 Financial Results – 30-Apr-26

Laurus Labs’ FY26 delivered 23% revenue, 151% PAT, and 170% OCF growth, reducing net debt despite capex. FCF of ₹554 Cr and Q4 EBITDA margin at 28.9% reinforce recovery. FY27 hinges on WC discipline, liability clarity, and CWIP conversion; triple‑digit PAT growth is unrepeatable.

1–2 minutes

🔍 Observations

Topline

Revenue scaled 22.7% YoY to ₹6,812.90 Cr (FY26 vs ₹5,553.96 Cr FY25), marking the strongest annual growth in recent cycles.
Q4 FY26 revenue of ₹1,811.57 Cr grew 5.3% YoY and 1.9% QoQ — sequential momentum is moderating but holding.
Full-year growth was broad-based within the single Pharmaceuticals segment; no sub-segment breakout is available.

Bottomline

PAT nearly tripled YoY: ₹889.85 Cr vs ₹354.41 Cr — a 151% jump driven by operating leverage and a 21% drop in finance costs (₹216 Cr → ₹170.73 Cr).
Q4 PAT of ₹281.91 Cr grew 20.5% YoY and 11.4% QoQ, confirming consistent quarterly earnings acceleration.
Effective tax rate held steady at ~24.7% (FY26 292.03 Cr on PBT of 1,181.88 Cr), providing no artificial PAT boost.

Margins

EBITDA margin expanded 650 bps YoY to 26.9% (FY26: ₹1,832.66 Cr vs FY25: ₹1,130.38 Cr on ₹5,553.96 Cr revenue); Q4 touched 28.9%, the cycle high.
PAT margin doubled from 6.5% to 13.1% — operating leverage amplified by deleveraging-driven interest savings.
Employee costs rose faster than revenue (24.5% YoY: ₹895.45 Cr vs ₹719.52 Cr), the one structural margin headwind to monitor.

Growth Trajectory

The PAT CAGR inflection is steep: ₹354 Cr → ₹890 Cr in one year signals a recovery cycle, not steady-state growth — base effects will moderate future YoY prints.
Capex stepped up sharply to ₹1,069.95 Cr (FY26) vs ₹641 Cr (FY25), signaling capacity investment for the next growth leg.
CWIP nearly doubled to ₹773.28 Cr vs ₹458.36 Cr — future depreciation drag is building; revenue from new assets is not yet visible.

VEDL – Vedanta Ltd – Q4 FY26 Financial Results – 29-Apr-26

Vedanta’s FY26 marks an earnings inflection: 32%+ EBITDA margins, Q4 PAT nearly doubled, and debt metrics improved. Demerger unlocks value but adds charges and discontinuity. Dividend‑heavy policy, rising capex, and WC deterioration heighten risk; sustainability hinges on execution, NCI drag, and tax escalation.

1–2 minutes

🔍 Observations

Topline

Combined (continuing + discontinued) revenue surged to ₹1,74,075 Cr in FY26 vs ₹1,50,725 Cr in FY25 — a 15.5% YoY jump driven by Copper (+34.8%), Silver (+60.8%), and Aluminium (+12.5%) segments.
Q4 FY26 total segment revenue hit ₹52,011 Cr vs ₹40,284 Cr in Q4 FY25 (+29.1% YoY), with sequential growth of 12.6% over Q3 FY26 — acceleration is broad-based, not segment-specific.
Copper segment revenue crossed ₹31,069 Cr in FY26 (up from ₹23,051 Cr), making it the second-largest revenue contributor among continuing operations.

Bottomline

Total net profit after tax rose to ₹25,096 Cr in FY26 vs ₹20,535 Cr in FY25 (+22.2% YoY); profit attributable to Vedanta owners grew from ₹14,988 Cr to ₹17,391 Cr (+16.0%).
Q4 FY26 PAT of ₹9,352 Cr nearly doubled Q4 FY25’s ₹4,961 Cr (+88.5%), the sharpest quarterly jump in the dataset — driven equally by continuing (₹4,250 Cr) and discontinued (₹5,102 Cr) operations.
Finance costs fell sharply — from ₹4,197 Cr (FY25) to ₹2,817 Cr (FY26) for continuing operations alone (-32.9%) — directly amplifying bottom-line growth.

Margins

Combined EBITDA margin: Total EBITDA ₹55,976 Cr on total revenue ₹1,74,075 Cr = 32.2% EBITDA margin in FY26 vs ₹43,541 Cr / ₹1,50,725 Cr = 28.9% in FY25 — 330 bps expansion.
Continuing ops operating profit margin improved from 21% (Q4 FY25) to 32% (Q4 FY26), per disclosed ratios — highest in the trailing five quarters shown.
Net profit margin (continuing ops basis per disclosed ratios): 16% in FY26 vs 13% in FY25 — 300 bps improvement, with Q4 FY26 at 21%.

Growth Trajectory

Total EPS (basic) grew from ₹38.97 (FY25) to ₹44.58 (FY26) — 14.4% YoY; Q4 FY26 EPS of ₹17.15 vs ₹8.92 in Q4 FY25 implies annualised run-rate well above FY26 full-year figure.
Aluminium EBITDA surged from ₹17,798 Cr to ₹25,502 Cr (+43.3% YoY) — single largest earnings driver, supporting demerger value unlock thesis.
Silver segment EBITDA and revenue are scaling disproportionately fast (revenue +60.8% YoY), suggesting a structural ramp-up rather than commodity price tailwinds alone.

RRKABEL – R R Kabel – Q4 FY26 Financial Results – 30-Apr-26

RR Kabel’s FY26 delivered 27.6% revenue and 58% PAT growth with margin gains, debt‑free balance sheet, and self‑funded capex. Yet a ₹75,967 Lakhs inventory surge crushed FCF and halved cash. FY27 hinges on inventory normalization and FMEG breakeven for re‑rating.

1–2 minutes

🔍 Observations

Topline

Revenue surged 27.6% YoY to ₹9,72,236 Lakhs in FY26, crossing the ₹9,700 Cr mark — driven almost entirely by Wires & Cables, which grew 31.0% to ₹8,76,374 Lakhs.
Q4 FY26 revenue of ₹2,53,586 Lakhs declined 14.5% QoQ from Q3’s ₹2,96,414 Lakhs — a seasonal dip, though Q4 still posted 14.3% YoY growth over Q4 FY25.
FMEG segment grew a muted 3.1% YoY (₹92,959 → ₹95,862 Lakhs), losing revenue mix share from 12.2% to 9.9% as W&C outpaced it decisively.

Bottomline

PAT jumped 58.0% YoY to ₹49,222 Lakhs (FY25: ₹31,161 Lakhs), outpacing revenue growth — signalling meaningful operating leverage.
Q4 FY26 PAT of ₹11,825 Lakhs was dragged by a ₹1,901 Lakhs exceptional charge (new labour codes). Ex-exceptional, Q4 PBT would have been ₹17,779 Lakhs vs. ₹17,318 Lakhs in Q4 FY25 — a modest 2.7% YoY normalised growth.
Basic EPS rose 57.8% YoY to ₹43.53 (FY25: ₹27.58), with share count virtually unchanged — all gains flow from earnings improvement.

Margins

EBITDA (PBT + Finance costs + D&A): FY26 = ₹65,902 + ₹7,526 + ₹9,226 = ₹82,654 Lakhs; FY25 = ₹40,945 + ₹5,890 + ₹7,050 = ₹53,885 Lakhs. EBITDA margin expanded 147 bps to 8.5% on ₹9,72,236 Lakhs revenue.
PAT margin widened 100 bps to 5.1% (FY25: 4.1%) — impressive for a commodity-linked business with inherently thin margins.
Material costs as % of revenue: FY26 = (₹8,22,158 + ₹46,001 − ₹74,934) / ₹9,72,236 = 81.7% vs. FY25 = (₹5,83,676 + ₹49,533 − ₹7,714) / ₹7,61,823 = 82.2% — a 50 bps input cost efficiency gain.

Growth Trajectory

Revenue CAGR over two years implied by FY24 base would require FY24 data; on a single-year basis, 27.6% topline + 58% PAT growth is exceptional for an industrial compounder.
W&C segment PBT grew 56.2% YoY (₹49,648 → ₹77,562 Lakhs) — volume, mix, and copper price tailwinds all likely at play.
FMEG losses narrowed from ₹4,591 Lakhs to ₹3,303 Lakhs (28.1% improvement) — still loss-making but trajectory is positive.

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

Waaree’s FY26 doubled revenue and profit with margin gains, low leverage, and solar dominance. Yet inventory/receivables growth drives negative FCF, making working capital intensity the key risk. FY27 hinges on WC cycle normalization and CWIP commissioning to align balance sheet quality with P&L strength.

1–2 minutes

🔍 Observations

Topline

Revenue from operations nearly doubled YoY — ₹14,445 Cr in FY25 to ₹26,537 Cr in FY26 (+83.7%), driven overwhelmingly by Solar PV Modules (₹12,957 Cr → ₹24,133 Cr, +86.2%).
Q4FY26 revenue hit ₹8,480 Cr — up 111.8% YoY vs Q4FY25’s ₹4,004 Cr — signalling accelerating momentum into year-end.
EPC segment nearly doubled too (₹1,559 Cr → ₹3,282 Cr, +110.5%), emerging as a meaningful second growth engine alongside modules.

Bottomline

PAT grew from ₹1,928 Cr to ₹3,884 Cr (+101.4% YoY) — profit growth outpaced revenue growth, a hallmark of operating leverage kicking in.
Attributable PAT (to parent) grew from ₹1,869 Cr to ₹3,709 Cr (+98.5%); NCI profit jumped from ₹61 Cr to ₹173 Cr, reflecting subsidiary scale-up.
Basic EPS nearly doubled: ₹68.24 → ₹129.10 (+89.2%), with no meaningful equity dilution.

Margins

EBIT (pre-unallocable): ₹4,981 Cr on ₹26,537 Cr revenue = 18.8% EBIT margin vs ₹2,361 Cr on ₹14,445 Cr = 16.3% in FY25 — 250 bps expansion.
EBITDA (EBIT + D&A of ₹990 Cr) = ₹5,971 Cr → 22.5% EBITDA margin vs (₹2,361 + ₹402 Cr) = ₹2,763 Cr → 19.1% in FY25 — ~340 bps improvement.
Net margin: ₹3,884 Cr ÷ ₹26,537 Cr = 14.6% vs ₹1,928 Cr ÷ ₹14,445 Cr = 13.3% in FY25 — clean bottom-line margin expansion alongside revenue scale.

Growth Trajectory

FY26 revenue of ₹26,537 Cr and Q4FY26 run-rate of ₹8,480 Cr implies an annualised pace exceeding ₹33,000 Cr — growth is not plateauing.
D&A nearly tripled (₹402 Cr → ₹990 Cr), reflecting aggressive capacity additions — the investment cycle is deep and ongoing.
Module EBIT margin: ₹4,423 Cr on ₹24,133 Cr = 18.3% vs ₹2,065 Cr on ₹12,957 Cr = 15.9% in FY25 — operational efficiency improving even at higher volume.

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.

BAJAJFINSV – Bajaj Finserv – Q4 FY26 Financial Results – 30-Apr-26

Bajaj Finserv’s FY26 shows 20%+ AUM growth, stabilizing credit costs, and insurance scaling but volatile. PBT margin at 17.9% reflects discipline amid expansion, yet 29% borrowings growth and negative OCF keep refinancing risk central in a rising rate environment.

1–2 minutes

🔍 Observations

Topline

Total income grew 13.2% YoY (₹1,32,944 Cr → ₹1,50,530 Cr in FY26), led by interest income (+18.5%) and insurance premium (+13.8%), offsetting a ₹3,984 Cr swing from fair value gains to losses.
Q4FY26 revenue dipped 2.5% QoQ (₹39,508 Cr → ₹38,508 Cr), entirely attributable to a ₹4,022 Cr fair value reversal vs. prior quarter gain of ₹771 Cr — underlying business lines stable.
Retail financing segment drove the lion’s share of topline: ₹81,990 Cr in FY26 vs. ₹68,847 Cr in FY25 (+19.1%), with insurance contributing ₹68,860 Cr (+7.3% YoY).

Bottomline

PAT grew 12.0% YoY (₹17,558 Cr → ₹19,669 Cr); PAT attributable to owners grew 10.5% (₹8,872 Cr → ₹9,801 Cr), with NCI absorbing ~50% of consolidated profit.
Q4FY26 PAT of ₹5,226 Cr rose 9.9% YoY and 19.7% QoQ — Q3FY26 was depressed by a ₹379 Cr one-off New Labour Codes exceptional charge.
Basic EPS improved to ₹61.3 in FY26 from ₹55.6 in FY25 (+10.3%); diluted EPS at ₹61.0 vs. ₹55.0 (+10.9%).

Margins

PBT margin: ₹26,883 Cr / ₹1,50,530 Cr = 17.9% in FY26 vs. ₹23,748 Cr / ₹1,32,944 Cr = 17.9% in FY25 — flat despite scale, signalling cost discipline offset by insurance volatility.
PAT margin: ₹19,669 Cr / ₹1,50,530 Cr = 13.1% in FY26 vs. ₹17,558 Cr / ₹1,32,944 Cr = 13.2% in FY25 — virtually unchanged; tax efficiency improved marginally (effective rate ~26.8% vs. 26.1%).
Retail financing dominates PBT contribution at ₹25,601 Cr (95.2% of consolidated PBT), masking insurance segment weakness where general insurance PBT fell 7.3% YoY (₹2,130 Cr → ₹1,975 Cr).

Growth Trajectory

Loans AUM expanded 22.4% YoY (₹4,08,491 Cr → ₹5,00,016 Cr); retail financing segment AUM grew 20.1% (₹4,65,085 Cr → ₹5,58,382 Cr) — lending engine accelerating.
Total GWP grew 15.3% YoY (₹48,743 Cr → ₹56,223 Cr): life insurance +21.1%, general insurance +8.1% — life insurance outpacing the general book.
Total assets grew 16.3% YoY (₹6,52,232 Cr → ₹7,58,498 Cr), funded primarily by debt securities (+26.1%) and borrowings (+29.2%), keeping pace with AUM growth.

HINDUNILVR – Hindustan Unilever – Q4 FY26 Financial Results – 30-Apr-26

HINDUNILVR’s FY26 shows earnings stagnation: flat PAT, 5% topline barely covering inflation, margins compressed. Ice Cream demerger removes drag but adds no earnings power. Valuation rests on FY27 volume recovery and premiumisation; without revenue/margin reacceleration, risk/reward skews unfavorably for new capital.

1–2 minutes

🔍 Observations

Topline

Revenue from operations grew 5.1% YoY (₹61,328 Cr → ₹64,468 Cr in FY26), with Q4 FY26 accelerating at 7.6% QoQ flat but 7.6% YoY (₹15,190 Cr → ₹16,351 Cr) — volume-led recovery rather than pricing.
Beauty & Wellbeing led segment growth at +10.8% YoY (₹13,523 Cr → ₹14,990 Cr); Home Care followed at +3.1% YoY (₹22,958 Cr → ₹23,672 Cr), both outpacing Foods (+4.1%) and Personal Care (+4.3%).
Ice Cream discontinuation removed ₹1,257 Cr of revenue in FY26 (vs ₹1,793 Cr in FY25) — continuing operations revenue base is now cleaner but headline growth understates organic momentum.

Bottomline

Continuing operations PAT was nearly flat YoY: ₹10,652 Cr (FY26) vs ₹10,680 Cr (FY25), a marginal -0.3% decline — no earnings growth on a like-for-like basis.
Reported PAT surged to ₹15,059 Cr vs ₹10,671 Cr (+41.1%) solely due to ₹4,611 Cr gain on Ice Cream demerger — a one-time, non-recurring item.
Q4 FY26 continuing PAT jumped 20% YoY (₹2,501 Cr → ₹3,002 Cr), aided by a ₹247 Cr exceptional credit vs a ₹134 Cr charge in Q4 FY25 — underlying momentum is moderate, not explosive.

Margins

FY26 EBIT margin (continuing): Segment EBIT ₹13,721 Cr ÷ Revenue ₹64,468 Cr = 21.3% vs ₹13,453 Cr ÷ ₹61,328 Cr = 21.9% in FY25 — 60 bps compression YoY.
EBITDA (proxy): PBT before exceptionals ₹14,047 Cr + Finance costs ₹410 Cr + D&A ₹1,333 Cr = ₹15,790 Cr ÷ ₹64,468 Cr = 24.5% vs ₹15,715 Cr ÷ ₹61,328 Cr = 25.6% — 110 bps YoY dilution driven by A&P inflation (+4.5% YoY) and material cost rise.
Other Income declined sharply: ₹1,017 Cr (FY25) → ₹751 Cr (FY26), down 26% — lower treasury yields and reduced investable surplus weigh on reported PBT.

Growth Trajectory

Three-year revenue CAGR is modest; FY26’s 5.1% top-line growth mirrors FY25’s underlying pace — no acceleration visible.
A&P spend rose 4.5% YoY (₹5,989 Cr → ₹6,261 Cr) but as % of revenue fell marginally — brand investment maintained, not expanded.
Employee costs up 7.5% YoY (₹2,952 Cr → ₹3,175 Cr), growing faster than revenue — operating leverage absent at this growth rate.

FORCEMOT – Force Motors – Q4 FY26 Financial Results – 29-Apr-26

Force Motors’ FY26 delivered 54.6% profit growth, 370 bps margin expansion, and debt‑free balance sheet. Yet FCF fell 35.8% on capex/taxes, with ₹83,009L Other Financial Assets needing clarity. Exceptional items and rising provisions raise quality‑of‑earnings questions; FY27 hinges on FCF recovery and capex ROI execution.

1–2 minutes

🔍 Observations

Topline

Revenue from Operations grew 12.2% YoY (₹8,07,173L → ₹9,05,705L in FY26), with Q4 FY26 up 8.2% QoQ and 8.2% YoY — sequential acceleration signals improving demand absorption.
Other Income nearly doubled YoY (₹5,656L → ₹11,046L), driven by higher interest receipts on growing cash balances; meaningful but non-operational.
Q4 FY26 revenue of ₹2,54,984L is the strongest quarter of FY26, confirming a H2-weighted demand pattern.

Bottomline

Recurring PAT (excluding exceptionals) grew sharply: FY26 PBT before exceptionals = ₹1,30,447L vs ₹84,369L in FY25 — a 54.6% YoY jump on operating strength alone.
Reported Net Profit rose 51.3% YoY (₹80,086L → ₹1,21,175L), but FY25 included ₹39,457L in exceptional gains vs FY26’s ₹21,124L — underlying earnings quality improved materially.
Q4 FY26 Net Profit of ₹27,854L fell 35.9% QoQ vs Q3’s ₹40,615L, entirely explained by Q3’s ₹21,124L exceptional item; core earnings were stable.

Margins

EBIT (before JV & exceptionals) margin expanded to 14.4% in FY26 (₹1,30,436L ÷ ₹9,05,705L) from 10.4% in FY25 — 400 bps structural improvement.
EBITDA proxy (EBIT + D&A): FY26 = ₹1,30,436L + ₹28,599L = ₹1,59,035L on revenue of ₹9,05,705L → 17.6% EBITDA margin vs FY25: ₹84,317L + ₹28,024L = ₹1,12,341L ÷ ₹8,07,173L = 13.9% — 370 bps expansion.
Net Profit margin (on revenue): FY26 = 13.4% vs FY25 = 9.9% — 350 bps expansion, confirming operating leverage is flowing through to the bottom line.

Growth Trajectory

EPS grew 51.3% YoY (₹607.71 → ₹919.56), with no dilution — all value creation flowed to existing shareholders.
Other Equity surged 38.4% (₹3,02,025L → ₹4,18,117L), reflecting retained earnings accumulation and a strengthening book value base.
Capex stepped up to ₹53,962L in FY26 from ₹36,690L in FY25 (+47.1%), signalling management’s confidence in sustaining growth — but FCF compression warrants monitoring.

SYNGENE – Syngene International – Q4 FY26 Financial Results – 29-Apr-26

Syngene’s FY26 saw 2.6% revenue growth and 36% profit fall, with 400–500 bps margin hit from forex/employee costs. Strong FCF and near‑zero debt provide balance sheet comfort. Q4 recovery hints charges easing, but sustained EBITDA >28% hinges on cost discipline and hedging restructure.

1–2 minutes

🔍 Observations

Topline

FY26 revenue grew 2.6% YoY (₹36,424M → ₹37,387M) — modest, indicating demand stabilisation rather than acceleration; Q4FY26 added ₹10,365M vs ₹10,180M in Q4FY25, a 1.8% quarterly comp.
Sequential Q4 bounce of 13% (₹9,171M → ₹10,365M) signals some seasonality recovery after a soft Q3.
Revenue growth materially trails cost growth — total expenses rose 7.6% YoY vs revenue’s 2.6%, squeezing every margin line.

Bottomline

FY26 PAT collapsed 36.2% YoY (₹4,962M → ₹3,167M), driven by cost inflation, a ₹766M net exceptional loss, and a ₹590M forex drag vs near-neutral ₹19M in FY25.
Excluding exceptionals, PBT fell 22.4% (₹6,279M → ₹4,875M) — underlying operations deteriorated significantly, not just optics.
Q4FY26 PAT at ₹1,479M vs ₹1,833M in Q4FY25 (-19.3%) confirms the weakness persists into year-end.

Margins

EBITDA proxy (PBT before exceptionals + D&A + Finance costs): FY26 = ₹4,875 + ₹4,529 + ₹488 = ₹9,892M; FY25 = ₹6,279 + ₹4,326 + ₹531 = ₹11,136M. EBITDA margin: FY26 = 26.5% vs FY25 = 30.6% — a 410 bps contraction.
Net profit margin: FY26 = 8.5% (₹3,167M ÷ ₹37,387M) vs FY25 = 13.6% (₹4,962M ÷ ₹36,424M) — 510 bps erosion.
Employee costs surged 12.3% YoY (₹9,839M → ₹11,049M), now representing 29.6% of revenue vs 27.0% in FY25 — the single largest margin headwind.

Growth Trajectory

Two-year revenue trajectory is nearly flat: FY25 grew off a likely stronger FY24 base; FY26 adds only ₹963M incremental — structural growth slowdown is apparent.
EPS declined 36.3% YoY (₹12.35 → ₹7.87), compressing shareholder returns sharply and raising questions about near-term re-rating potential.
Capex is decelerating — PP&E purchases dropped from ₹7,603M (FY25) to ₹3,440M (FY26), suggesting the investment cycle is maturing; growth acceleration from new capacity depends on utilisation ramp.