Quarterly Results Archives - Page 3 of 14

PRESTIGE – Prestige Estates Projects – Q4 FY26 Financial Results – 21-May-26

1–2 minutes

🔍 Observations

Topline

Revenue surged 72.6% YoY (₹73,494 Mn → ₹126,854 Mn), with Q4FY26 alone delivering 166.5% YoY growth (₹15,284 Mn → ₹40,738 Mn) — the strongest quarter on record.
Sequential momentum held: Q4FY26 revenue grew 5.2% over Q3FY26 (₹38,726 Mn), signaling consistent delivery throughput rather than a one-quarter flush.
Revenue scale now reflects accelerated project completions and handovers, typical of Prestige’s POC-revenue recognition model.

Bottomline

PAT more than doubled YoY (₹6,169 Mn → ₹13,054 Mn, +111.6%), with Q4FY26 PAT of ₹2,918 Mn against ₹431 Mn in Q4FY25 — a 577% YoY jump driven by operating leverage and deferred tax reversals.
EPS expanded 148% YoY (₹11.19 → ₹27.76), compounding the effect of the FY25 QIP dilution now being earnings-accretive.
Tax efficiency aided FY26 PAT: effective tax rate was 23.8% (₹4,082 Mn on ₹17,136 Mn PBT), supported by ₹4,818 Mn deferred tax credit.

Margins

EBITDA margin compressed 640 bps YoY (39.5% → 33.1%) despite absolute EBITDA growing 44.8% (₹29,019 Mn → ₹42,021 Mn) — scale comes at a margin cost as lower-margin projects are completed.
Q4FY26 EBITDA margin contracted sharply to 26.5% vs 38.6% in Q4FY25, pointing to higher land costs (₹14,808 Mn in Q4 alone) and contractor cost dilution in the quarter’s mix.
Net margin improved 190 bps (8.4% → 10.3%), as finance cost leverage and deferred tax benefits more than offset operating margin dilution.

Growth Trajectory

Revenue CAGR implied over FY25–26 is 72.6% — unsustainably rapid, but reflects a genuine step-change in delivery scale, not accounting optionality.
Inventory on the balance sheet grew 26.3% (₹318,831 Mn → ₹402,519 Mn) alongside customer advances growing 31.3% (₹250,732 Mn → ₹329,438 Mn) — pipeline is robust and pre-sold.
Finance costs grew 18.6% YoY (₹13,338 Mn → ₹15,824 Mn), slower than revenue growth — a structural positive as leverage cost is being absorbed into expanding revenue.

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.