Quarterly Results Archives - Page 3 of 13

GVT&D – GE Vernova T&D India – Q4 FY26 Financial Results – 18-May-26

GVT&D’s FY26 delivered ₹62 Bn revenue with 28.6% EBITDA and ~20% net margins, strong FCF, and clean balance sheet. Customer advances reinforce order‑book strength. Risks: rising ICD exposure to GE ecosystem, inventory build ahead of revenue, and exceptional charge recurrence — key to compounding quality in next leg.

1–2 minutes

🔍 Observations

Topline

Revenue surged 44.6% YoY to ₹62,063 Mn in FY26, reflecting accelerating T&D capex demand from utilities and industrial customers.
Q4FY26 revenue at ₹16,371 Mn grew 42.0% vs Q4FY25, confirming the full-year momentum was not back-end loaded — broad-based execution across quarters.
Sequential Q4 dip vs Q3 (₹17,006 Mn) is marginal at 3.7% and unremarkable given Q3’s exceptionally high delivery quarter.

Bottomline

Net profit doubled (+102.7% YoY) to ₹12,333 Mn, outpacing revenue growth by a wide margin — operating leverage is clearly at work.
EPS jumped to ₹48.16 from ₹23.76, on an unchanged share count, making the earnings accretion entirely organic.
Exceptional item (net ₹635.7 Mn charge in FY26, zero in FY25) slightly depressed reported PBT; underlying pre-exceptional PBT grew 109% YoY to ₹17,133 Mn.

Margins

EBITDA margin expanded ~810 bps YoY to 28.6% (FY26: ₹17,745 Mn vs FY25: ₹8,813 Mn), driven by operating leverage and mix improvement.
Raw material & project cost intensity fell from 61.8% to 58.0% of revenue — execution efficiency and better project pricing are flowing through.
Net profit margin expanded from 14.2% to 19.9% — a 570 bps improvement on a revenue base that itself grew 45%.

Growth Trajectory

Revenue CAGR implied over the FY25–26 base is 44.6%; the order-book-driven nature of this business suggests multi-year visibility if intake remains strong.
Q4FY26 EBITDA margin at 29.5% holds above the full-year 28.6%, signalling no margin dilution as the year progressed — execution quality is improving, not fading.
Pre-exceptional PBT growth of 109% YoY on 45% revenue growth demonstrates scaling economics; margin trajectory is the core re-rating catalyst here.

DATAPATTNS – Data Patterns India – Q4 FY26 Financial Results – 14-May-26

Data Patterns’ FY26 shows healthy compounding with zero debt, 43%+ EBITDA margins, and rising R&D assets. Margin compression reflects cost absorption, not erosion; FY27 leverage recovery key. Risks: receivables at 79% of revenue and collapsing customer advances — liquidity hinges on timely government payments and order execution.

1–2 minutes

🔍 Observations

Topline

FY26 revenue of ₹924.77 Cr vs ₹708.35 Cr in FY25 — 30.6% YoY growth, driven by execution ramp-up in defence electronics programmes.
Q4 FY26 revenue at ₹344.85 Cr, down 12.9% vs Q4 FY25 (₹396.21 Cr) — sequential recovery from ₹173.13 Cr in Q3 FY26 confirms strong H2 skew in delivery schedules.
Revenue concentration in H2 remains a structural trait; Q3+Q4 contributed ~56% of FY26 annual revenue.

Bottomline

FY26 PAT of ₹271.37 Cr vs ₹221.81 Cr — 22.3% YoY growth, slightly below revenue growth pace due to higher employee costs and depreciation.
Q4 FY26 PAT of ₹138.38 Cr vs ₹114.08 Cr in Q4 FY25 — 21.3% YoY growth; strong quarter-level profitability.
FY26 EPS of ₹48.47 vs ₹39.62 — 22.3% YoY accretion; no dilution as share capital unchanged at ₹11.20 Cr.

Margins

FY26 EBITDA (PBT + Finance costs + Depreciation): ₹363.54 + ₹12.45 + ₹22.95 = ₹398.94 Cr on revenue of ₹924.77 Cr → EBITDA margin: 43.1% vs FY25: (₹295.34 + ₹12.08 + ₹13.92) / ₹708.35 = 45.7% — 260 bps margin compression YoY.
FY26 net profit margin: ₹271.37 / ₹924.77 = 29.3% vs ₹221.81 / ₹708.35 = 31.3% in FY25 — 200 bps compression.
Employee cost as % of revenue: ₹154.26 / ₹924.77 = 16.7% vs ₹114.06 / ₹708.35 = 16.1% — controlled but rising, reflecting headcount build for future programmes.

Growth Trajectory

3-year revenue CAGR not computable from provided data; FY25-FY26 single-year growth of 30.6% is robust for a defence-focused manufacturing entity.
PAT growth of 22.3% YoY — healthy in absolute terms, but trailing revenue growth signals a margin dilution phase, not a structural deterioration.
Intangible assets under development rose from ₹36.28 Cr to ₹60.86 Cr — ongoing R&D capitalisation signals product pipeline investment ahead of next growth leg.

KPIGREEN – KPI Green Energy – Q4 FY26 Financial Results – 6-May-26

KPI Green’s FY26 delivered 55%+ revenue and PAT growth with stable margins despite debt quadrupling. Risks: negative FCF, WC intensity from inventory/receivables. Positives: CFO doubled, EPS +49% with minimal dilution, client advances signal strong order book. Re‑rating hinges on CWIP converting to revenue, margin inflection, and FCF recovery.

1–2 minutes

🔍 Observations

Topline

Revenue from Operations surged 55.3% YoY (₹1,73,545 L → ₹2,69,591 L), driven almost entirely by captive power project sales (₹1,51,806 L → ₹2,44,646 L, +61.2%).
Q4FY26 revenue of ₹79,581 L grew 39.8% YoY and 20.0% QoQ, confirming accelerating quarterly momentum.
Power & services revenue grew modestly (+14.3% YoY), signalling the EPC/CPP segment is the dominant growth engine.

Bottomline

PAT grew 56.6% YoY (₹32,528 L → ₹50,924 L); Q4FY26 PAT of ₹15,548 L grew 49.2% YoY and 23.6% QoQ.
Deferred tax liability of ₹14,631 L (FY26) vs. ₹6,704 L (FY25) inflated tax outgo significantly; cash tax paid was only ₹3,850 L — PAT quality is supported by timing differences, not aggressive provisioning.
Basic EPS rose from ₹16.23 to ₹24.13 (+48.7%), on a nearly flat share count — no dilution drag on per-share earnings.

Margins

EBIT margin (segment results before unallocable): Segment profit ₹78,675 L on revenue ₹2,69,591 L = 29.2%, up from ₹51,466 L / ₹1,73,545 L = 29.7% — effectively flat, suggesting scale hasn’t yet translated to margin expansion.
PBT margin: ₹69,091 L / ₹2,74,152 L = 25.2% vs. ₹44,091 L / ₹1,75,516 L = 25.1% — remarkably stable despite a 3x rise in interest costs (₹4,504 L → ₹14,147 L).
PAT margin: ₹50,924 L / ₹2,74,152 L = 18.6% vs. ₹32,528 L / ₹1,75,516 L = 18.5% — near-perfect margin retention at scale.

Growth Trajectory

Total assets doubled YoY (₹4,79,207 L → ₹9,88,206 L, +106%), reflecting an aggressive capacity-build cycle — asset base growing faster than revenue.
Q4 sequential revenue growth (+20% QoQ) and PAT growth (+23.6% QoQ) indicate the ramp is still in progress, not plateauing.
Long-term borrowings surged from ₹86,160 L to ₹3,66,600 L (+325%) — the company is bet-sizing its next growth leg through debt-funded capex.

KEC – KEC International – Q4 FY26 Financial Results – 16-May-26

KEC’s FY26 shows EPC margin recovery, Others scaling 23%, and DSCR gains, but FCF remains negative with ₹18,600 Cr receivables vs ₹6,160 Cr equity. FY27 re‑rating hinges on margin expansion plus WC normalisation — until OCF turns positive, profitability remains incomplete for long‑term investors.

1–2 minutes

🔍 Observations

Topline

FY26 revenue ₹23,506 Cr vs ₹21,847 Cr in FY25 — 7.6% YoY growth; healthy but decelerating vs prior cycles
Q4FY26 revenue ₹6,390 Cr — down 7% vs Q4FY25 (₹6,872 Cr), snapping the sequential recovery trend from Q3FY26
EPC segment drove 93% of FY26 revenue (₹21,988 Cr); Others (cables/civil) growing faster at 23% YoY (₹1,806 Cr → ₹2,217 Cr)

Bottomline

FY26 PAT ₹606 Cr vs ₹571 Cr — 6.1% YoY growth; thin improvement despite meaningful revenue scale-up
Q4FY26 PAT ₹193 Cr vs Q4FY25 ₹268 Cr — 28% YoY decline; Q3FY26 PAT ₹127 Cr was distorted by ₹58.78 Cr exceptional item charge
Effective tax rate moderated in FY26 (23.3%) vs FY25 (21.5%) due to lower deferred tax benefit — slight PAT headwind

Margins

FY26 operating margin 7.06% vs 6.88% in FY25 — 18 bps expansion; marginal but directionally positive
Q4FY26 EBITDA margin 7.01% vs 7.84% in Q4FY25 — 83 bps YoY compression; seasonal pattern not repeating at same intensity
Net margin flat: FY26 at 2.58% vs 2.61% in FY25 — finance costs consuming margin gains (₹664 Cr in both years)

Growth Trajectory

Revenue CAGR subdued; 7.6% YoY in FY26 is below the double-digit trajectory needed to re-rate the stock
Others segment (cables, civil) growing at 23% YoY — emerging as a meaningful margin and revenue diversifier
Segment EBITDA: EPC ₹1,513 Cr (+10.2% YoY), Others ₹146 Cr (+11.5% YoY) — both segments tracking ahead of revenue growth, suggesting operational leverage is building

KRN – KRN Heat Exchanger and Refrigeration – Q4 FY26 Financial Results – 14-May-26

KRN’s FY26 delivered 40% revenue growth with expanding profits and no dilution, but cash strained by trading subsidiary consolidation, ₹18,710L short‑term borrowing, and WC surge. Re‑rating hinges on FY27 capacity translating into margin‑accretive, cash‑generative volumes; OCF normalization is the decisive metric next quarter.

1–2 minutes

🔍 Observations

Topline

Revenue scaled 39.6% YoY — ₹42,985 Lakhs to ₹60,006 Lakhs — with India contributing ₹50,060 Lakhs (83%) and Overseas ₹9,946 Lakhs (17%).
Q4FY26 revenue of ₹17,948 Lakhs was the strongest quarter, up 36.5% YoY over Q4FY25’s ₹13,150 Lakhs and 17.1% QoQ over Q3FY26.
The consolidation of a trading subsidiary (evident from ₹21,166 Lakhs in stock-in-trade purchases vs. nil in FY25) is a structural shift in the revenue mix, not purely organic volume growth.

Bottomline

Net profit rose 44.6% YoY — ₹5,288 Lakhs to ₹7,647 Lakhs — outpacing revenue growth, signalling operating leverage.
Q4FY26 PAT of ₹2,336 Lakhs grew 57.1% over Q4FY25’s ₹1,487 Lakhs; a ₹303 Lakhs tax write-back partially aided the quarter.
EPS improved from ₹9.75 to ₹12.30 on an unchanged share count of 6.216 Cr, preserving per-share value.

Margins

EBIT (Segment Results) for FY26: ₹10,346 Lakhs on revenue of ₹60,006 Lakhs → EBIT margin of 17.2% vs. ₹7,773 Lakhs on ₹42,985 Lakhs → 18.1% in FY25. Slight compression.
PBT margin: ₹9,756 Lakhs / ₹60,006 Lakhs = 16.3% vs. ₹7,432 Lakhs / ₹42,985 Lakhs = 17.3% in FY25 — 100 bps contraction.
Net margin held at 12.7% (₹7,647 / ₹60,006) vs. 12.3% (₹5,288 / ₹42,985) — tax efficiency offset the EBIT compression.

Growth Trajectory

3-year revenue CAGR not computable from provided data, but 39.6% single-year revenue growth on a base of ₹43K Lakhs is high-velocity scaling.
Depreciation surged 305% YoY (₹463 Lakhs → ₹1,876 Lakhs) and employee costs doubled, reflecting capacity commissioning — growth is capex-backed, not asset-light.
Overseas revenue grew 47.4% YoY (₹6,745 → ₹9,946 Lakhs), signalling export market traction as a secondary growth engine.

IRFC – Indian Railway Finance Corporation – Q4 FY26 Financial Results – 14-May-26

IRFC’s FY26 delivered spread expansion, book growth, and zero‑tax efficiency with PBT margin at 25.6%. Lease receivables +35% and direct loan book +595% validate runway. Risks: cash thinning to ₹211 Cr, impairment inflection, and non‑lease loan pace. Re‑rating hinges on margins holding through rate cycles and sovereign‑guarantee stability.

1–2 minutes

🔍 Observations

Topline

Total revenue from operations flat YoY at ₹27,284 Cr (FY26) vs ₹27,152 Cr (FY25) — +0.5% — masking a sharp internal shift: lease income surged 32% (₹13,427 Cr → ₹17,726 Cr) while interest income grew 24% (₹7,720 Cr → ₹9,540 Cr).
Q4FY26 revenue jumped to ₹7,336 Cr vs ₹6,723 Cr in Q4FY25 (+9.1% QoQ from Q3’s ₹6,661 Cr), suggesting accelerating momentum in H2.
Revenue mix structurally shifting toward lease income (65% of FY26 ops revenue vs 49% in FY25), reflecting growing rolling stock lease book.

Bottomline

PAT grew 7.8% YoY: ₹6,502 Cr (FY25) → ₹7,009 Cr (FY26); zero tax liability maintained, preserving full pre-tax earnings at the net level.
EPS improved from ₹4.98 to ₹5.36 on unchanged equity base of ₹13,069 Cr — clean, dilution-free growth.
Q4FY26 PAT of ₹1,684 Cr flat QoQ (Q3: ₹1,802 Cr) and flat YoY vs Q4FY25’s ₹1,682 Cr — sequential moderation worth watching.

Margins

Finance costs fell from ₹20,493 Cr (FY25) to ₹20,005 Cr (FY26) — a rare 2.4% reduction — even as the loan/lease book expanded, pointing to improved cost of funds or favorable liability repricing.
Net interest spread widened: total income grew ₹182 Cr while finance costs dropped ₹488 Cr, expanding PBT margin from 23.9% (FY25) to 25.6% (FY26) — self-check: ₹7,009 / ₹27,338 = 25.6%; ₹6,502 / ₹27,156 = 23.9%. ✓
Impairment provisions surged to ₹124 Cr vs ₹0.68 Cr in FY25 — a 182x jump — though still small in absolute terms relative to book size.

Growth Trajectory

Lease receivables expanded 34.9%: ₹284,689 Cr → ₹383,942 Cr, the primary engine of asset-side growth.
Loan book (non-lease) scaled up sharply: ₹5,172 Cr → ₹35,950 Cr (+595%) — a new and significant growth vector worth monitoring for credit quality.
Net worth grew 7.8%: ₹52,668 Cr → ₹56,749 Cr, funded entirely by retained earnings with no fresh equity issuance.

AMBER – Amber Enterprises – Q4 FY26 Financial Results – 16-May-26

Amber’s FY26 shows transformation from AC OEM to diversified electronics/defense, with 31% revenue share and Electronics EBITDA doubling. Risks: negative FCF, accelerating JV losses, ballooning WC. QIP/CCPS funding provides runway, but consolidated PAT margin inflection — not EBITDA alone — is the re‑rating trigger.

1–2 minutes

🔍 Observations

Topline

Revenue scaled 22.2% YoY to ₹12,186 Cr (FY26) from ₹9,973 Cr (FY25), driven by Electronics (+49%) and Consumer Durables (+14.6%) divisions.
Q4FY26 revenue of ₹4,148 Cr grew 10.5% YoY over Q4FY25’s ₹3,754 Cr, and 40.9% QoQ over Q3FY26 — strong seasonal peak execution.
Railway/Defense revenue grew 19% YoY to ₹535 Cr, still subscale at 4.4% of mix but directionally meaningful.

Bottomline

Reported PAT fell to ₹226 Cr (FY26) vs ₹251 Cr (FY25), distorted by ₹90 Cr JV losses and exceptional items net negative ₹-139 Cr; pre-exceptional, pre-JV operating profit rose.
EPS declined to ₹50.48 (FY26) from ₹72.01 (FY25) — partly mechanical dilution from QIP and CCPS issuance expanding share base.
Q4FY26 PAT of ₹162 Cr recovered sharply from Q3’s loss of ₹9 Cr, with exceptional gains of ₹60 Cr supporting the quarter.

Margins

EBITDA expanded to ₹1,072 Cr (FY26) vs ₹837 Cr (FY25) — EBITDA margin improved to 8.8% from 8.4% on ₹12,187 Cr revenue base. (Computed: EBITDA ₹1,07,248L / Revenue ₹12,18,648L)
Finance costs surged 36% YoY to ₹284 Cr, compressing PBT margin to 2.8% (FY26) vs 3.7% (FY25) despite EBITDA improvement.
Electronics segment EBITDA nearly doubled YoY (₹282 Cr vs ₹154 Cr), signalling strong operating leverage in the highest-growth division.

Growth Trajectory

Three-year compounding evident: Electronics grew 49% YoY, Railway/Defense 19% — both outpacing legacy Consumer Durables, reshaping mix favorably.
Acquisition of subsidiary (₹1,163 Cr outflow) and ₹1,295 Cr capex signal aggressive capacity build; growth is acquisition-led and capital-intensive.
Goodwill jumped from ₹361 Cr to ₹1,678 Cr YoY — acquisition accounting risk if acquired businesses underperform.

POWERGRID – Power Grid Corporation – Q4 FY26 Financial Results – 15-May-26

PowerGrid’s FY26 shows accelerated capex (₹43,654 Cr CWIP, +54%) building future tariff revenues, with near‑term softness expected. Risks: 8.9% pre‑tax profit decline, opaque other‑expense spike, stretched receivables. PAT beat is tax‑driven; re‑rating hinges on asset capitalisation outpacing finance costs — yield‑plus‑pipeline story until then.

1–2 minutes

🔍 Observations

Topline

Revenue from operations grew a modest 2.1% YoY (₹45,792 Cr → ₹46,733 Cr); transmission segment revenue actually declined 1.6% YoY (₹44,777 Cr → ₹44,083 Cr), with growth offset by consultancy surging 106% YoY (₹1,137 Cr → ₹2,347 Cr).
Q4FY26 revenue (₹11,666 Cr) was the weakest quarter of FY26, down 5.9% vs Q3 and 5.0% vs Q4FY25 — a notable sequential and YoY dip.
Other income fell sharply — ₹1,667 Cr in FY25 to ₹952 Cr in FY26 (-42.9%) — dragging total income flat despite operational growth.

Bottomline

Reported PAT rose 2.6% YoY (₹15,521 Cr → ₹15,928 Cr), but this masks a large deferred tax credit of ₹4,581 Cr in FY26 vs a charge of ₹410 Cr in FY25 — a swing of ~₹4,991 Cr.
Pre-tax profit (excluding regulatory deferral) declined 8.9% YoY (₹19,018 Cr → ₹17,321 Cr), reflecting genuine earnings pressure.
Regulatory deferral account swung from a ₹276 Cr income in FY25 to a ₹2,774 Cr expense (net of tax) in FY26, compressing stated profits materially.

Margins

Total expenses grew 6.7% YoY (₹28,331 Cr → ₹30,231 Cr); other expenses spiked 47.6% (₹4,123 Cr → ₹6,085 Cr) — the single largest cost deterioration, warranting scrutiny.
Finance costs declined 2.9% YoY (₹8,700 Cr → ₹8,448 Cr) despite higher borrowings — suggests favourable refinancing or mix shift.
Segment EBIT margin compressed in transmission (EBIT ₹27,125 Cr → ₹26,353 Cr on near-flat revenue), while consultancy EBIT nearly tripled (₹150 Cr → ₹403 Cr) — a bright but small spot.

Growth Trajectory

EPS (excluding regulatory deferral) grew 22.7% YoY (₹16.39 → ₹20.11), largely tax-driven; EPS including regulatory deferral grew only 2.6% (₹16.69 → ₹17.13).
Capex accelerated sharply — investing outflows hit ₹37,279 Cr in FY26 vs ₹24,134 Cr in FY25 (+54.5%) — signalling aggressive network expansion ahead.
CWIP jumped from ₹33,269 Cr to ₹43,654 Cr (+31.2%), building a substantial asset pipeline that will convert to revenue-generating PPE over the next 2–4 years.

TATASTEEL – Tata Steel Ltd – Q4 FY26 Financial Results – 15-May-26

Tata Steel’s FY26 shows 320 bps EBITDA expansion, OCF nearly tripling, and cash‑backed PAT recovery, led by India and Netherlands. Risks: UK losses with recurring exceptions, inventory spike, and <1x current ratio. Net debt ~₹75,000 Cr leaves little room if global steel cycle softens.

1–2 minutes

🔍 Observations

Topline

Consolidated revenue from operations grew 6.2% YoY (₹2,18,542 Cr → ₹2,32,140 Cr), driven primarily by India operations scaling to ₹1,39,720 Cr (+5.4% YoY) and Netherlands recovering to ₹61,155 Cr (+7.5% YoY).
Q4FY26 revenue surged 12.6% QoQ (₹57,002 Cr → ₹63,270 Cr), the strongest quarter of the year — broad-based across India, Netherlands, and Other Indian Operations.
UK revenue declined 6.6% YoY (₹24,990 Cr → ₹23,333 Cr), reflecting structural weakness and ongoing operational challenges at that entity.

Bottomline

Net profit tripled YoY — ₹3,174 Cr → ₹10,886 Cr (+243%), driven by EBITDA expansion and lower exceptional losses net of tax.
Q4FY26 PAT of ₹2,965 Cr was 2.5x Q4FY25’s ₹1,201 Cr, confirming the profit recovery is broad-based and not a one-quarter phenomenon.
Effective tax rate stayed elevated (~31.8% on PBT), partly due to ₹135 Cr catch-up tax on prior years in Q4; normalized rate is tracking closer to 30%.

Margins

Consolidated EBITDA: ₹34,848 Cr on revenue of ₹2,32,140 Cr → EBITDA margin of ~15.0% vs. ~11.8% in FY25 (₹25,802 Cr on ₹2,18,542 Cr) — a meaningful 320 bps expansion.
India EBITDA margin: ₹33,036 Cr on ₹1,39,720 Cr revenue → ~23.6%, up from ~21.3% (₹28,217 Cr on ₹1,32,517 Cr) — India remains the margin engine.
UK EBITDA loss narrowed to ₹(2,569) Cr from ₹(4,134) Cr in FY25 — still a drag, but meaningfully less destructive.

Growth Trajectory

EBITDA grew 35% YoY (₹25,802 Cr → ₹34,848 Cr) on just 6% revenue growth — operating leverage is clearly kicking in.
Netherlands swung from near-breakeven EBITDA of ₹825 Cr (FY25) to ₹2,722 Cr (FY26), a 230% improvement — the turnaround is real.
EPS jumped from ₹2.74 to ₹8.65 (+216%), compressing the earnings multiple significantly at current market prices.

HINDCOPPER – Hindustan Copper – Q4 FY26 Financial Results – 15-May-26

Hindustan Copper’s FY26 delivered >₹3,000 Cr revenue, near‑doubling PAT, and ~1,050 bps margin expansion, with net‑cash balance sheet and >₹1,000 Cr FCF. Re‑rating hinges on mine expansion driving volume growth beyond LME tailwinds. Watch Q4 revenue concentration, ₹957 Cr “other expenses,” and copper price sensitivity for sustainability.

1–2 minutes

🔍 Observations

🔎 Observations

Topline

Revenue from operations surged 48.6% YoY (₹2,070.98 Cr → ₹3,077.92 Cr), with Q4FY26 alone contributing ₹1,156.08 Cr — 58% above Q4FY25’s ₹731.40 Cr, signalling a sharp H2 acceleration.
Q4FY26 sequential jump of 68.2% (₹687.34 Cr → ₹1,156.08 Cr) is outsized; likely driven by copper price tailwinds and volume ramp rather than structural demand alone.
Other income contracted marginally (₹77.27 Cr → ₹71.75 Cr), keeping total income growth anchored to operating performance.

Bottomline

Net profit nearly doubled — ₹487.42 Cr → ₹926.66 Cr (+90.1% YoY) — on pre-exceptional basis; EPS grew from ₹4.81 to ₹9.50.
Tax outgo more than doubled (₹164.98 Cr → ₹312.06 Cr), absorbing a significant portion of operating gains; effective tax rate ~25.3% vs ~26.1% prior year.
Q4FY26 PAT of ₹444.06 Cr — more than the entire H1FY26 — confirms steep back-loaded profit recognition.

Margins

EBITDA proxy (PBT before exceptional + depreciation + finance costs): FY26 = ₹1,328.47 + ₹200.44 + ₹4.01 = ₹1,532.92 Cr on revenue of ₹3,077.92 Cr → EBITDA margin ~49.8%; FY25: ₹632.40 + ₹175.58 + ₹6.93 = ₹814.91 Cr on ₹2,070.98 Cr → ~39.3%. A ~1,050 bps margin expansion YoY.
Net profit margin: FY26 = 926.66 / 3,077.92 = 30.1% vs FY25 = 487.42 / 2,070.98 = 23.5% — 660 bps improvement.
Cost of materials + stores + power as % of revenue: FY26 = (74.81 + 141.48 + 148.41) / 3,077.92 = 11.8% vs FY25 = (114.44 + 98.07 + 141.26) / 2,070.98 = 17.1% — operating leverage clearly kicking in.

Growth Trajectory

Revenue CAGR (1-year) of 48.6% and PAT CAGR of 90.1% are exceptional but likely contain LME copper price uplift — not purely volume-driven; sustainability hinges on commodity cycle.
Employee costs grew 14.8% (₹313.04 Cr → ₹359.40 Cr) and depreciation 14.2% (₹175.58 Cr → ₹200.44 Cr), both lagging revenue growth — positive operating leverage signal.
Other expenses jumped 26.3% (₹758.34 Cr → ₹957.38 Cr), a watch item; likely includes royalties, smelting charges, and mine-related costs scaling with volume.