Quarterly Results Archives - Page 3 of 6

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.

BAJFINANCE – Bajaj Finance – Q4 FY26 Financial Results – 29-Apr-26

Bajaj Finance’s Q4FY26 PAT peaked, FY26 earnings grew 15.2%, and loan book crossed ₹5L Cr. Credit costs normalized, supporting FY27 margin expansion. Yet deposit decline and wholesale reliance heighten liquidity risk. Discipline in funding mix and credit cost management now outweigh topline growth as structural drivers.

1–2 minutes

🔍 Observations

Topline

Total revenue from operations grew 19.2% YoY (₹68,806 Cr → ₹81,982 Cr), led by interest income scaling 19.0% (₹61,164 Cr → ₹72,776 Cr) — loan book expansion is the primary engine.
Fee & commission income surged 29.6% YoY (₹5,983 Cr → ₹7,754 Cr), signalling deeper cross-sell penetration and product diversification beyond pure lending.
Q4FY26 revenue of ₹21,606 Cr grew 18.0% vs Q4FY25, with sequential improvement of 2.8% from Q3FY26 — momentum is intact and accelerating.

Bottomline

PAT grew 15.2% YoY (₹16,779 Cr → ₹19,332 Cr); Q4FY26 PAT of ₹5,553 Cr surged 22.2% vs Q4FY25 (₹4,546 Cr) — quarterly acceleration is notable.
Effective tax rate held at 25.1% in FY26 vs 24.0% in FY25; marginal uptick not material enough to distort profit trajectory.
Exceptional item (New Labour Codes charge of ₹265 Cr in Q3FY26) was a one-time drag — underlying PBT before exceptional items grew 18.1% YoY (₹22,080 Cr → ₹26,082 Cr).

Margins

Net profit margin (PAT / Total Income): FY26 = 23.6% vs FY25 = 24.4% — modest 80 bps compression, driven by finance costs growing faster (15.7% → 34.9% of revenue) than topline.
Finance costs grew 15.8% YoY (₹24,770 Cr → ₹28,666 Cr), broadly in line with loan book growth — cost of funds is not meaningfully deteriorating.
Impairment charges declined sharply QoQ: Q4FY26 ₹2,008 Cr vs Q3FY26 ₹3,425 Cr (-41.4%) — asset quality recovery in the latest quarter is the most significant margin driver.

Growth Trajectory

Loan book grew 22.3% YoY (₹4,07,844 Cr → ₹4,98,944 Cr) — crossing the ₹5 lakh crore threshold signals scale maturity without visible growth deceleration.
Employee costs grew 19.6% YoY (₹7,508 Cr → ₹8,979 Cr) — broadly tracking revenue, suggesting operating leverage is stable, not expanding.
Basic EPS grew 13.8% YoY (₹26.89 → ₹30.60) on a diluted share base, reflecting solid per-share value accretion despite equity expansion.

GRSE – Garden Reach Shipbuilders – Q4 FY26 Financial Results – 28-Apr-26

GRSE’s FY26 saw 38% revenue and 42% PAT growth on a debt‑free base, but negative OCF, a 371% receivables spike, FD‑funded dividends, and subcontracting surge expose execution and cash‑flow risks. FY27 hinges on government payment cycle normalization and receivables collection.

1–2 minutes

🔍 Observations

Topline

Revenue from operations surged 38% YoY (₹5,07,569 → ₹7,00,216 lakh), marking the sharpest annual jump in recent history — driven by accelerated project execution and B&D spares ramp-up.
Q4FY26 revenue of ₹2,11,921 lakh grew 29% YoY over Q4FY25 (₹1,64,204 lakh), confirming Q4 as the strongest delivery quarter — a structural pattern in defence shipbuilding.
Sub-contracting charges jumped 145% YoY (₹48,357 → ₹1,18,252 lakh), signalling heavy outsourcing to meet scale — execution velocity is being bought, not organically built.

Bottomline

PAT grew 42% YoY (₹52,740 → ₹74,793 lakh); EPS expanded from ₹46.04 to ₹65.29 — value accrual to shareholders is real and material.
Q4FY26 PAT of ₹30,320 lakh grew 24% YoY over Q4FY25 (₹24,425 lakh), with strong sequential recovery from Q3FY26 (₹17,077 lakh) — quarter-end billing cycles driving lumpy earnings.
Other income fell 18% YoY (₹33,484 → ₹27,439 lakh), reducing the earnings quality cushion; core operating profit is now doing heavier lifting.

Margins

Net profit margin improved marginally: 10.39% → 10.68% on revenue from operations basis — expansion is real but thin, compressed by the sub-contracting surge.
EBITDA proxy (PBT + D&A + Finance Costs): FY26 = ₹1,00,470 + ₹4,887 + ₹1,612 = ₹1,06,969 lakh vs FY25 = ₹70,329 + ₹4,249 + ₹1,032 = ₹75,610 lakh — EBITDA margin on revenue ~15.3% vs ~14.9%, modest improvement.
Material + sub-contracting as % of revenue: FY26 = (₹3,42,172 + ₹1,18,252) / ₹7,00,216 = 65.7% vs FY25 = (₹3,32,470 + ₹48,357) / ₹5,07,569 = 75.2% — a significant input cost efficiency gain despite the outsourcing surge.

Growth Trajectory

Revenue CAGR implied over one year: 38% — exceptional for a PSU shipbuilder; order book execution is accelerating.
PAT growth of 42% YoY outpacing revenue growth of 38% — operating leverage is beginning to show, though partly offset by sub-contracting costs.
Inventory turnover improved: 1.25x → 1.80x — WIP is converting faster, a direct outcome of increased throughput.

MARUTI – Maruti Suzuki India – Q4 FY26 Financial Results – 28-Apr-26

Maruti posts 20% revenue growth and record Q4 sales, but cost inflation erodes margins, making FY27 earnings trajectory pivotal. Debt‑free balance sheet and treasury provide valuation floor, yet re‑rating hinges on H1FY27 cost stabilisation and inventory normalisation rather than topline momentum alone.

1–2 minutes

🔍 Observations

Topline

Revenue from operations surged 19.9% YoY (₹1,529,130M → ₹1,833,160M), with product sales as the primary engine at 20.2% growth.
Q4 FY26 posted ₹524,625M — a 28.2% jump vs Q4 FY25 (₹409,201M), the strongest quarterly print of the year.
Services and other operating revenues grew 9.6% and 25.8% YoY respectively — modest but consistent diversification.

Bottomline

Full-year net profit held nearly flat at ₹146,795M vs ₹145,002M (+1.2% YoY) despite 19.9% revenue growth — a stark compression story.
Q4 FY26 PAT (₹36,590M) declined 6.4% vs Q4 FY25 (₹39,111M), continuing the quarterly softening trend.
Tax rate normalized sharply: effective rate rose to 23.2% in FY26 vs 26.1% in FY25 — deferred tax reversal in FY25 (₹12,369M) inflated last year’s base; current year deferred tax was only ₹1,192M outflow.

Margins

EBITDA (PBT + D&A + Finance costs − Other income): FY26 = ₹191,185 + ₹67,417 + ₹2,387 − ₹43,572 = ₹217,417M; FY25 = ₹196,200 + ₹56,082 + ₹1,942 − ₹50,222 = ₹204,002M. EBITDA margin: FY26 = 11.86% vs FY25 = 13.34% on revenue from operations — 148 bps compression.
Net profit margin contracted from 9.48% (FY25) to 8.01% (FY26) — driven by cost of materials consumed growing 27.9% vs revenue growth of 19.9%.
Other income fell 13.2% YoY (₹50,222M → ₹43,572M), removing a tailwind that cushioned FY25 profits.

Growth Trajectory

Revenue CAGR trajectory is healthy, but profit growth has decoupled — topline scaling without proportional bottomline flow-through signals rising cost intensity.
Employee costs surged 28.8% YoY (₹70,260M → ₹90,497M), well ahead of revenue growth, suggesting workforce expansion ahead of productivity gains.
Depreciation rose 20.2% YoY (₹56,082M → ₹67,417M), reflecting active capex cycle; near-term earnings will remain under amortisation pressure.

ETERNAL – Formerly Zomato – Q4 FY26 Financial Results – 28-Apr-26

Eternal’s FY26 hinges on Blinkit’s EBIT turnaround and food delivery’s compounding floor, but negative FCF, rising leases, Going Out’s 10x loss, and outsized ESOP costs constrain profitability. Long‑term investors may find Blinkit compelling, yet unit economics and dark store paybacks matter more than suppressed consolidated PAT.

1–2 minutes

🔍 Observations

Topline

Consolidated revenue surged to ₹54,364 Cr in FY26 from ₹20,243 Cr in FY25 (+168.6%), almost entirely driven by Blinkit scaling from ₹5,206 Cr to ₹37,779 Cr — lifting its revenue share from 25.7% to 69.5% of group total.
Q4FY26 revenue hit ₹17,292 Cr (+196.5% YoY vs ₹5,833 Cr), with Blinkit alone contributing ₹13,232 Cr (76.5% of quarterly revenue).
Food delivery grew steadily — ₹10,159 Cr in FY26 vs ₹8,080 Cr in FY25 (+25.7%), a solid but modest secondary engine.

Bottomline

PAT fell to ₹366 Cr in FY26 from ₹527 Cr in FY25 (-30.6%), despite 2.7x revenue growth — cost absorption from Blinkit’s rapid scale-up overwhelmed operating leverage.
Q4FY26 PAT improved to ₹174 Cr vs ₹39 Cr in Q4FY25, with sequential momentum (Q3FY26: ₹102 Cr) signalling quarterly recovery.
Total comprehensive income turned negative at -₹166 Cr in FY26 vs +₹655 Cr in FY25, reflecting mark-to-market losses on investments and currency effects below the PAT line.

Margins

EBITDA margin compressed to 4.8% in FY26 from 8.5% in FY25 (EBITDA: ₹2,604 Cr vs ₹1,714 Cr), as delivery and stock-in-trade costs scaled faster than revenue. (Verification: FY26 EBITDA = PBT ₹615 + D&A ₹1,597 + Finance costs ₹392 = ₹2,604 Cr; margin = ₹2,604/₹54,364 = 4.79% ✓)
PAT margin contracted sharply to 0.7% in FY26 from 2.6% in FY25 — Blinkit’s unit economics, while improving, dilute consolidated profitability at scale.
Q4FY26 EBITDA margin of 4.8% (₹828 Cr on ₹17,292 Cr) holds flat sequentially, suggesting stabilisation. (Verification: Q4FY26 EBITDA = PBT ₹228 + D&A ₹468 + Finance ₹132 = ₹828 Cr ✓)

Growth Trajectory

Blinkit’s EBIT swung from -₹21 Cr in FY25 to +₹430 Cr in FY26 — a structural profitability inflection for the fastest-growing segment.
Hyperpure turned EBIT-positive at ₹16 Cr in FY26 vs -₹43 Cr in FY25, validating the B2B supply chain thesis.
Going Out and residual segments remain loss-making (combined EBIT: -₹498 Cr in FY26), suggesting early-stage bets that require continued investment before contributing to profitability.