Quarterly Results Archives - Page 2 of 13

ADSL- Allied Digital Services – Q4 FY26 Financial Results – 21-May-26

Allied Digital’s FY26 delivered 22.3% revenue growth with 33% EBIT margins, but unallocated costs (~80% of EBIT), ₹17,381L opaque loan outflow, and Q4 cost‑driven loss cloud visibility. Reported 10.2% PAT growth is tax‑driven; with PBT down 28.3%, disclosure clarity is essential before re‑rating.

1–2 minutes

🔍 Observations

Topline

Revenue from operations grew 19.9% YoY (₹80,707L → ₹96,791L), driven predominantly by the Services segment (₹61,800L → ₹75,614L, +22.3% YoY).
Q4FY26 revenue hit ₹26,777L, up 31.0% YoY vs Q4FY25’s ₹20,435L — strongest quarterly print of the year.
Solutions segment contributed ₹21,177L in FY26 vs ₹18,907L in FY25 (+12.0% YoY), growing but at a slower pace than Services.

Bottomline

PAT rose 10.2% YoY (₹3,226L → ₹3,553L) on a consolidated basis, but Q4FY26 turned loss-making at ₹(339)L vs ₹(746)L loss in Q4FY25 — a sequential reversal after a profitable Q3FY26 (₹1,391L).
PBT fell 28.3% YoY (₹6,077L → ₹4,358L) despite higher revenue, signaling significant cost escalation outpacing topline growth.
Deferred tax credit of ₹2,117L in FY26 (vs ₹549L charge in FY25) materially supported reported PAT; underlying operational profitability deteriorated.

Margins

Segment EBIT (Services + Solutions combined) expanded to ₹28,112L vs ₹23,215L (+21.1% YoY), but unallocated expenses surged to ₹22,444L from ₹16,440L (+36.5% YoY), eroding PBT entirely.
Net profit margin compressed to 3.7% in FY26 vs 4.0% in FY25 (PAT/Revenue from operations).
Q4FY26 shows total expenses of ₹28,641L against revenue of ₹26,777L — a negative operating quarter, driven by a spike in purchases & other direct expenses (₹17,229L vs ₹8,278L in Q4FY25) and other expenses (₹5,935L vs ₹7,551L).

Growth Trajectory

Three-year revenue trajectory is directionally positive, but PBT declining 28.3% YoY on 19.9% revenue growth signals a profitability ceiling forming at current cost structures.
Unallocated expenses growing at 36.5% vs revenue at 19.9% is unsustainable; if this gap persists, FY27 PBT will likely compress further.
Services segment EBIT margin: ₹24,942L on ₹75,614L revenue = 33.0% in FY26 vs ₹20,386L on ₹61,800L = 33.0% in FY25 — flat, indicating no operating leverage despite scale.

GAIL – GAIL India Ltd – Q4 FY26 Financial Results – 21-May-26

GAIL’s FY26 shows regulated transmission/city gas resilience but commodity fragility — gas marketing spread compression and petrochemical losses erased ₹6,000 Cr EBIT. Capex builds pipeline/tariff upside, but near‑term hinges on spread normalization and petrochem breakeven. Dividend risk: FY26 payouts exceeded FCF via borrowing, unsustainable without FY27 earnings recovery.

1–2 minutes

🔍 Observations

Topline

Revenue from operations flat YoY at ₹1,42,094 Cr vs ₹1,42,290 Cr (-0.1%) — Natural Gas Marketing dominance (~₹1,44,713 Cr gross) masks transmission and city gas growth beneath a stagnant headline.
Q4FY26 revenue at ₹35,705 Cr declined 2.3% YoY vs Q4FY25’s ₹36,549 Cr, with Natural Gas Marketing segment bearing most of the pressure.
City Gas segment bucked the trend — full-year revenue grew 22.3% YoY (₹6,052 Cr → ₹7,401 Cr), the strongest growth vector across all segments.

Bottomline

Net profit collapsed 39.2% YoY (₹12,463 Cr → ₹7,582 Cr); FY25 included ₹2,440 Cr exceptional income, but even on comparable pre-exceptional basis PBT fell 39.6% (₹13,655 Cr → ₹9,725 Cr).
Q4FY26 PAT at ₹1,481 Cr fell 40.9% vs Q4FY25’s ₹2,506 Cr — deterioration accelerated in Q4, not just a full-year averaging effect.
Petrochemicals swung to a deep loss of ₹1,410 Cr EBIT in FY26 vs near-breakeven ₹(41) Cr in FY25; Natural Gas Marketing EBIT crashed 59.3% (₹7,795 Cr → ₹3,175 Cr).

Margins

EBITDA proxy (PBT + Finance Cost + Depreciation, before JV share): ₹9,725 + ₹964 + ₹3,835 = ₹14,524 Cr on revenue of ₹1,42,094 Cr → EBITDA margin ~10.2% vs FY25: ₹13,655 + ₹740 + ₹3,799 = ₹18,194 Cr on ₹1,42,290 Cr → 12.8%. 260 bps margin compression YoY.
Net profit margin: 5.3% in FY26 vs 8.8% in FY25 — a 350 bps erosion driven by gas marketing spread compression and petrochemical losses.
Other expenses surged 24.6% YoY (₹8,515 Cr → ₹10,613 Cr) — a cost-side deterioration that compounds the revenue-side weakness.

Growth Trajectory

Natural Gas Transmission (the high-quality, regulated annuity segment) grew EBIT 13.5% YoY (₹5,488 Cr → ₹6,229 Cr) — the one structural bright spot.
JV/associate profit contribution held flat at ~₹1,504 Cr — a stable but non-growing buffer.
EPS fell from ₹18.93 to ₹11.53 (-39.1%) with no equity dilution — the decline is purely earnings-driven, not structural.

MAXHEALTH – Max Healthcare Institute – Q4 FY26 Financial Results – 21-May-26

Max Healthcare’s FY26 delivered 19% revenue and 34% PAT growth on ₹700 Cr+ base, confirming leverage in motion. Risks: near‑zero FCF and deteriorating receivables. FY27 re‑rating hinges on receivable discipline and debt‑to‑EBITDA as capex peaks; margin expansion and OCF strength keep structural story intact.

1–2 minutes

🔍 Observations

Topline

Revenue from operations grew 19.1% YoY (₹7,02,846L → ₹8,37,345L), compounding on a large base — scale is not diluting growth velocity.
Q4FY26 revenue at ₹2,14,289L grew 12.2% YoY (vs ₹1,90,974L Q4FY25) and 3.6% QoQ — sequential momentum intact.
No segment data provided, but the pace of capacity addition (PPE up ₹1,49,712L YoY) signals the topline engine is being actively fuelled.

Bottomline

PAT grew 34.1% YoY (₹1,07,588L → ₹1,44,241L) — bottomline growing nearly 1.8x faster than revenue, confirming strong operating leverage.
Effective tax rate dropped sharply: 23.5% in FY26 vs 23.5% in FY25 headline-level, but FY25 included a deferred tax credit (₹562L) vs FY26 deferred charge (₹2,186L), masking an underlying cash tax improvement.
Q4FY26 PAT at ₹34,222L grew 7.3% YoY (vs ₹31,900L Q4FY25) — solid, though Q4FY25 had a higher current tax outflow (₹7,213L vs ₹5,858L), flattering the comparison.

Margins

EBITDA proxy (PBT before exceptional + D&A + Finance costs): FY26 = ₹1,72,382L + ₹44,653L + ₹23,510L = ₹2,40,545L on revenue of ₹8,37,345L → EBITDA margin ~28.7% vs FY25: (₹1,48,000L + ₹35,942L + ₹16,502L) / ₹7,02,846L = ₹2,00,444L → ~28.5% — margins essentially flat despite revenue scale-up.
Net profit margin: ₹1,44,241L / ₹8,37,345L = 17.2% vs ₹1,07,588L / ₹7,02,846L = 15.3% — 190bps expansion, driven by operating leverage on fixed costs.
Finance costs surged 42.5% YoY (₹16,502L → ₹23,510L), partially offsetting operating gains; bears watching as debt expands with capex.

Growth Trajectory

Revenue CAGR implied over FY25–26 at 19.1% on a ₹700Cr+ base is exceptional for a hospital network — pricing power + volume both contributing.
PAT growing at 34% with EBITDA flat suggests the leverage point is below EBITDA: D&A and finance costs are scaling, but PBT-to-PAT conversion is improving.
Capacity buildout (CWIP conversion + fresh PPE additions) suggests FY27 will test whether new beds can ramp revenues fast enough to sustain margin trajectory.

ITC – ITC Limited – Q4 FY26 Financial Results – 21-May-26

ITC’s FY26 delivered steady 5–10% growth, anchored by ~55% EBIT margins in cigarettes and near‑full OCF conversion. FMCG‑Others profitability is improving but still sub‑10%; Paperboards and Agri remain low‑margin. Re‑rating hinges on FMCG margin inflection, while cigarette margin compression makes ITC a yield‑focused compounder.

1–2 minutes

🔍 Observations

Topline

Revenue from operations grew 10.2% YoY (₹81,613 Cr → ₹89,913 Cr), driven by cigarettes segment surging 13.1% YoY (₹35,894 Cr → ₹40,601 Cr) and FMCG-Others up 10.5%.
Q4FY26 gross revenue jumped 17.1% YoY (₹20,176 Cr → ₹23,626 Cr), the strongest quarterly print of the year — partly aided by excise duty reclassification inflating reported numbers.
Agri business grew modestly at 3.1% YoY (₹20,164 Cr → ₹20,787 Cr); Paperboards at 4.1% — both segments remain subdued relative to FMCG.

Bottomline

Profit from continuing operations grew 4.9% YoY (₹20,036 Cr → ₹21,018 Cr); EPS from continuing ops rose from ₹15.78 to ₹16.52 — steady but unspectacular.
FY26 total PAT appears down sharply vs. FY25 (₹21,018 Cr vs. ₹35,052 Cr) only because FY25 included ₹15,016 Cr from discontinued hotel operations post-demerger — not a like-for-like comparison.
Exceptional items of ₹291.70 Cr in FY26 (nil in FY25) modestly dented reported PBT; pre-exceptional PBT grew 5.2% YoY (₹26,927 Cr → ₹28,325 Cr).

Margins

Segment EBIT margin for cigarettes: ₹22,246 Cr on ₹40,601 Cr revenue = 54.8% — essentially flat vs. FY25’s 58.8% (₹21,091 Cr / ₹35,894 Cr); slight compression despite volume-led growth.
FMCG-Others segment results improved: ₹1,812 Cr on ₹24,322 Cr = 7.4% margin vs. 7.2% in FY25 — incremental but directionally positive.
Other income declined 4.1% YoY (₹2,530 Cr → ₹2,426 Cr), partly offsetting operating gains; reflects lower treasury yields or reduced investible surplus post-demerger.

Growth Trajectory

Pre-exceptional PBT 5-yr CAGR implied by this single-year step (FY25→FY26): +5.2% — modest for a cash-generative quasi-monopoly.
Associates & JV profit contribution surged to ₹377 Cr vs. ₹110 Cr in FY25 — partially reflecting post-demerger equity-accounting of hotel business.
FMCG-Others continues its multi-year profitability improvement arc; at 7.4% EBIT margin, still well below cigarettes’ ~55% — long runway but slow burn.

MOTHERSON – Samvardhana Motherson International – Q4 FY26 Financial Results – 20-May-26

Motherson’s FY26 shows 10.6% EBITDA growth, OCF nearly doubling, and Q4 margin at 11.1% — clearest inflection yet. PAT flat from exceptions, but underlying trajectory healthy. Re‑rating hinges on sustaining >10% EBITDA margins; near‑term headwinds are rising capex, WC build, and EPS dilution.

1–2 minutes

🔍 Observations

Topline

Revenue from operations hit ₹1,26,104 Cr in FY26, up 10.9% YoY (from ₹1,13,663 Cr), driven by broad-based segment growth.
Q4FY26 revenue surged to ₹34,309 Cr, up 17.0% YoY from ₹29,317 Cr — strongest quarterly print of FY26.
Emerging Businesses was the standout, growing 49.5% YoY (₹11,418 Cr → ₹17,072 Cr at segment level); Integrated Assemblies grew 9.2%.

Bottomline

FY26 PAT at ₹4,086 Cr, marginally down from ₹4,146 Cr in FY25 — despite 10.9% revenue growth, exceptional charges of ₹414 Cr dragged net profit.
Q4FY26 PAT jumped 40% YoY (₹1,115 Cr → ₹1,562 Cr), signaling strong exit-quarter momentum.
Pre-exceptional PBT grew 6.5% YoY (₹5,261 Cr → ₹5,624 Cr); full-year PAT suppression is entirely attributable to the ₹414 Cr exceptional line.

Margins

FY26 EBITDA: ₹12,033 Cr vs ₹10,877 Cr in FY25 — EBITDA margin expanded to 9.5% from 9.6% on reported revenue (flat), but EBITDA grew 10.6% in absolute terms.
Q4FY26 EBITDA margin: ₹3,805 Cr on ₹34,309 Cr revenue = 11.1%, vs 9.1% in Q4FY25 — 200bps sequential and YoY expansion.
Operating margin (per KPIs): Q4FY26 at 6.9% vs 4.7% in Q4FY25; FY26 full year flat at 5.2% — Q4 outperformance is a meaningful inflection signal.

Growth Trajectory

FY26 revenue CAGR base is now ₹1.26L Cr; Motherson has a stated $36B revenue target — still significant headroom to grow.
Employee costs grew 10.9% YoY (₹28,387 Cr → ₹31,478 Cr), in line with revenue — no labour cost deleverage yet.
Finance costs fell 13.7% YoY (₹1,882 Cr → ₹1,624 Cr) despite higher borrowings — reflects QIP proceeds deployed and debt mix optimization.

APOLLOHOSP – Apollo Hospitals Enterprise – Q4 FY26 Financial Results – 20-May-26

Apollo Hospitals’ FY26 delivered 33% PAT on 16% revenue growth, with Digital Health turning profitable — a margin expansion catalyst compressing EV/EBITDA. Net debt/EBITDA ~0.9x, but current borrowings spike and opaque acquisition need scrutiny. FCF ~₹8,937 Mn confirms self‑funding; FY27 watch is debt structure and capex intensity.

1–2 minutes

🔍 Observations

Topline

Revenue from operations grew 15.8% YoY (₹217,940 Mn → ₹252,285 Mn), with all three core segments contributing — Healthcare Services (+13.6%), Retail Health & Diagnostics (+20.1%), and Digital Health & Pharmacy (+18.9%).
Q4FY26 revenue at ₹66,055 Mn grew 18.1% YoY over Q4FY25 (₹55,922 Mn), maintaining strong sequential momentum.
Digital Health & Pharmacy is now 43% of consolidated revenues, cementing its role as the volume engine.

Bottomline

PAT grew 33.1% YoY (₹15,051 Mn → ₹20,027 Mn), significantly outpacing revenue growth — a clear sign of operating leverage kicking in.
Basic EPS jumped from ₹100.56 to ₹135.04 (+34.3% YoY), reflecting earnings accretion without dilution.
Q4FY26 PAT of ₹5,513 Mn grew 33% YoY over Q4FY25 (₹4,145 Mn), sustaining the annual acceleration trend.

Margins

EBITDA proxy (PBT + Finance costs + D&A): FY26 = ₹26,609 + ₹4,496 + ₹8,761 = ₹39,866 Mn on revenues of ₹252,285 Mn → EBITDA margin ~15.8% vs FY25 (₹20,391 + ₹4,585 + ₹7,575 = ₹32,551 Mn on ₹217,940 Mn) → ~14.9%. Margin expanded ~90 bps YoY.
Net profit margin: FY26 = 7.9% vs FY25 = 6.9% — 100 bps expansion, driven by Digital Health segment swinging to meaningful profitability (₹1,127 Mn → ₹3,987 Mn segment result).
Retail Health & Diagnostics segment result nearly tripled (₹300 Mn → ₹723 Mn), adding further margin uplift.

Growth Trajectory

Three-year compounding is clearly accelerating: PAT grew 33% this year versus revenue growth of 16% — bottomline is finally outrunning topline.
Digital Health segment results surged 254% YoY (₹1,127 Mn → ₹3,987 Mn), signalling a structural shift from investment phase to profit contribution.
Segment result margin for Healthcare Services: FY26 = 24,303/127,501 = 19.1% vs FY25 = 21,295/112,201 = 19.0% — core hospital margins holding steady while adjacencies scale.

BOSCHLTD – Bosch Limited – Q4 FY26 Financial Results – 20-May-26

Bosch India’s FY26 confirms a cash‑rich industrial compounding low‑mid teens revenue, with ~17% underlying earnings growth post divestiture gain. Risks: commodity cost pressures, receivables velocity, and tax normalization. Overcapitalized balance sheet (₹83,797 Mio treasury, negligible debt) makes capital allocation discipline the key re‑rating driver.

1–2 minutes

🔍 Observations

Topline

Revenue grew 10.8% YoY to ₹200,347 Mio in FY26, crossing the ₹200 Bn milestone; Q4FY26 accelerated to 13.3% YoY, signalling momentum building into year-end.
Automotive products — 88.9% of net revenues — drove growth at 14.5% YoY (₹178,074 Mio vs ₹155,489 Mio); Consumer goods grew a modest 6.4%.
“Others” segment revenue collapsed 49.5% YoY (₹8,486 Mio to ₹4,285 Mio), reflecting the deliberate divestiture of specified businesses rather than organic decline.

Bottomline

Reported PAT jumped 37.6% YoY to ₹27,700 Mio, but ₹5,560 Mio in pre-tax exceptional gains (divestiture proceeds) inflate this; adjusted PAT grew ~16.9% to ~₹23,530 Mio.
EPS (basic) rose to ₹940.27 from ₹683.25 — reported basis; underlying earnings quality is solid even after stripping out the exceptional.
Q4FY26 PAT of ₹5,685 Mio grew 2.7% YoY and 6.8% QoQ, a clean quarter with no exceptional items.

Margins

EBITDA margin (excl. exceptional) expanded marginally to 17.5% from 17.3% — a tight band suggesting cost discipline offset input cost pressures.
Automotive EBIT margin held flat at 14.4% YoY despite 14.5% revenue growth — volume-driven profit expansion with no margin dilution.
Q4FY26 EBITDA margin contracted to 16.9% vs 18.0% in Q4FY25, partly from higher raw material costs (Q4 RM+traded goods: ₹35,710 Mio vs ₹30,242 Mio in Q4FY25, +18.1%).

Growth Trajectory

Three-year revenue CAGR context: crossing ₹200 Bn on a consolidated basis reflects steady compounding in the mid-teens in Automotive — structurally tied to India’s vehicle production cycle.
Automotive EBIT grew 13.8% YoY (₹22,467 Mio to ₹25,570 Mio) in line with segment revenue — consistent conversion, no margin surprises.
Consumer goods EBIT grew 7.6% (₹1,130 Mio to ₹1,216 Mio) — low-margin, slow-growth segment; EBIT margin at 6.6%, unchanged from 6.5% prior year.

GRASIM – Grasim Industries – Q4 FY26 Financial Results – 20-May-26

Grasim’s FY26 delivered 32.8% PAT growth, 130 bps EBIT margin expansion, and Building Materials scale milestone. Risks: structural cash consumption, NBFC/HFC growth masking credit risk, and negative FCF. Re‑rating hinges on Building Materials margin inflection, debt trajectory, and NBFC asset quality disclosures alongside consolidated PAT.

1–2 minutes

🔍 Observations

Topline

Consolidated revenue from operations surged 18.2% YoY (₹1,48,478 Cr → ₹1,75,431 Cr), led by Building Materials (+24.3%) and Financial Services (+11.8%) — both structurally large segments with compounding scale.
Q4FY26 revenue hit ₹51,101 Cr, up 15.4% YoY and 15.3% QoQ, suggesting Q4 seasonality tailwinds and demand acceleration in cement/paints.
Building Materials contributed ₹1,01,202 Cr (57.7% of segment revenue) — crossed the ₹1 lakh Cr milestone for the first time, reflecting UltraTech + Birla Opus scale-up.

Bottomline

Net profit jumped 32.8% YoY (₹7,756 Cr → ₹10,300 Cr); Q4FY26 alone delivered ₹3,802 Cr, up 27.9% YoY — strongest quarterly print.
EPS expanded from ₹55.57 to ₹73.21 (basic), a 31.7% YoY jump on a stable share count — purely earnings-driven, not dilution.
Total tax expense rose 35.9% YoY, absorbing some profit upside; effective tax rate held near 28.8% — slightly elevated but not alarming.

Margins

Consolidated EBIT margin (segment EBIT / segment revenue): ₹25,693 Cr on ₹1,77,217 Cr = 14.5% vs 13.2% in FY25 — 130 bps expansion YoY.
Building Materials EBIT grew 36.2% (₹12,012 Cr → ₹16,364 Cr) on 24.3% revenue growth — operating leverage clearly visible; this segment is the primary margin engine.
Net profit margin (PAT / Revenue from Ops): 10,300 / 1,75,431 = 5.87% vs 5.22% in FY25 — 65 bps improvement, meaningful for a conglomerate of this size.

Growth Trajectory

Cellulosic Fibres EBIT: +14.9% YoY (₹1,524 Cr → ₹1,751 Cr) on 7.6% revenue growth — margin improvement driving profitability, not just volume.
Financial Services EBIT: +13.8% YoY (₹4,650 Cr → ₹5,293 Cr) — NBFC/HFC loan book growing, finance costs rising in tandem but EBIT spread holding.
Chemicals EBIT: +16.4% YoY (₹1,208 Cr → ₹1,406 Cr) — steady contributor, not high-growth but consistent.

BEL – Bharat Electronics – Q4 FY26 Financial Results – 19-May-26

BEL/ Bharat Electronics’ FY26 delivered 16.2% revenue and 13.9% PAT growth with debt‑free balance sheet and improving OCF, confirming defence capex cycle strength. Risks: 43 bps margin compression, opex outpacing revenue, thin ~9% FCF, and ₹12,87,576L receivables. FY27 re‑rating hinges on receivable resolution and WC signals.

1–2 minutes

🔍 Observations

Topline

Revenue from operations grew 16.2% YoY (₹23,76,875L → ₹27,61,011L), with Q4FY26 alone at ₹10,22,443L — a 11.8% beat over Q4FY25’s ₹9,14,959L, confirming back-half loading.
Sequential Q4 surge (₹7,15,385L in Q3 → ₹10,22,443L) reflects typical defence order execution bunching in year-end quarter.
Other income declined sharply YoY (₹74,236L → ₹56,603L), pulling total income growth slightly below revenue growth at 14.9%.

Bottomline

Net profit grew 13.9% YoY (₹5,32,268L → ₹6,06,226L); Q4FY26 PAT of ₹2,22,635L surpassed Q4FY25’s ₹2,12,702L by 4.7%.
Effective tax rate eased to 25.2% vs 25.5% in FY25, aided by deferred tax credit of ₹3,491L (vs ₹4,150L charge in FY25) — meaningful swing.
EPS rose from ₹7.28 to ₹8.29 (+13.9%), fully diluted, on unchanged share capital.

Margins

EBIT (PBT ex-other income, ex-finance cost): ₹27,61,011L revenue vs PBT ₹8,05,296L less other income ₹56,603L plus finance cost ₹673L = operating profit ₹7,49,366L → EBIT margin ~27.1% vs prior year: ₹7,09,900L – ₹74,236L + ₹968L = ₹6,36,632L on ₹23,76,875L → 26.8%. Marginal expansion of ~30 bps.
Net profit margin: ₹6,06,226L ÷ ₹27,61,011L = 21.96% vs ₹5,32,268L ÷ ₹23,76,875L = 22.39% — slight 43 bps compression, driven by faster opex growth.
Employee costs grew faster than revenue (12.9% → ₹3,11,555L); other expenses jumped 21.4% (₹1,98,719L → ₹2,41,208L), indicating cost base expanding ahead of topline.

Growth Trajectory

16.2% revenue CAGR (1-year) on a large base signals continued defence capex tailwinds; order book execution is accelerating.
PAT growth lagging revenue growth (13.9% vs 16.2%) — margin dilution risk if opex inflation persists.
Q4 concentration (~37% of FY revenue) remains a structural feature; execution risk is high if year-end order flows are delayed.

ZYDUSLIFE – Zydus Lifesciences – Q4 FY26 Financial Results – 19-May-26

Zydus’ FY26 shows EBITDA margin expansion and Pharma EBIT at multi‑year highs, but acquisitions flipped net cash to net debt, collapsed OCF, and added loss‑making Med Tech and Consumer units. FY27 re‑rating hinges on OCF recovery, debt reduction, and margin inflection in new segments.

1–2 minutes

🔍 Observations

Topline

Revenue from operations grew 16.8% YoY (₹232,415 Mn → ₹271,484 Mn), led by Pharma (₹205,415 Mn → ₹224,121 Mn, +9.1%) and a near-doubling of Consumer Products (₹26,976 Mn → ₹39,540 Mn, +46.6%).
Medical Technologies contributed ₹7,823 Mn in FY26 vs ₹24 Mn in FY25 — full-year impact of an acquired business.
Q4FY26 revenue of ₹75,870 Mn was up 16.2% YoY vs Q4FY25 (₹65,279 Mn), with sequential improvement from Q3FY26 (₹68,645 Mn).

Bottomline

Net profit grew 11.3% YoY (₹45,255 Mn → ₹50,400 Mn); exceptional items of ₹5,166 Mn (vs ₹2,196 Mn in FY25) weighed on reported PAT.
Pre-exceptional PBT rose 14.3% YoY (₹62,463 Mn → ₹71,377 Mn) — underlying earnings quality remains strong.
Effective tax rate dropped meaningfully: 23.4% in FY26 vs 23.4% in FY25 — stable, no distortion from deferred tax movements at the net level.

Margins

EBITDA proxy (PBT before exceptional + D&A + Finance costs): ₹71,377 + ₹14,080 + ₹4,389 = ₹89,846 Mn on revenue of ₹271,484 Mn → EBITDA margin ~33.1% vs ₹62,463 + ₹9,158 + ₹1,699 = ₹73,320 Mn on ₹232,415 Mn → 31.5% in FY25. ~160 bps expansion YoY.
Net profit margin: ₹50,400 / ₹271,484 = 18.6% vs ₹45,255 / ₹232,415 = 19.5% — 90 bps compression, driven by higher D&A (₹14,080 Mn vs ₹9,158 Mn) and finance costs (₹4,389 Mn vs ₹1,699 Mn) post-acquisitions.
Consumer Products EBIT margin compressed sharply: ₹2,671 / ₹39,540 = 6.8% vs ₹3,470 / ₹26,976 = 12.9% — the acquired business is dilutive at EBIT level.

Growth Trajectory

3-year revenue compounding is intact; FY26’s 16.8% growth is above-industry for a company of this scale.
Pharma segment — the core engine — delivered only 9.1% growth; incremental revenue acceleration depended heavily on acquisitions.
Medical Technologies segment is loss-making (EBIT: -₹1,782 Mn) and rapidly scaling costs — trajectory unclear without further disclosure.