Quarterly Results Archives - Page 4 of 14

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.

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.