Quarterly Results Archives - Page 9 of 14

BLUESTARCO – Blue Star Ltd – Q4 FY26 Financial Results – 6-May-26

Blue Star’s FY26 shows margin gains and EMP scaling, but CFO ₹154 Cr vs ₹527 Cr PAT exposes weak cash conversion. Payables reversal and rising borrowings highlight timing strain. Unitary Products’ 5.2% decline and FCF deficit temper EMP/capex story; FY27 hinges on WC normalization and unitary stabilization.

1–2 minutes

🔍 Observations

Topline

Q4 FY26 revenue ₹4,072 Cr, up 1.3% YoY (vs ₹4,019 Cr Q4 FY25); full-year FY26 at ₹12,402 Cr, up 3.6% YoY — modest growth for a ₹12K Cr business.
EMP & Commercial AC segment drove annual growth, rising 12.7% YoY (₹5,998 Cr → ₹6,763 Cr); Unitary Products declined 5.2% (₹5,621 Cr → ₹5,332 Cr), dragging overall topline.
Professional Electronics remains a minor contributor (₹307 Cr, 2.5% of revenue), declining 11.9% YoY — a structural softness worth monitoring.

Bottomline

FY26 net profit ₹527 Cr, down 10.8% YoY (vs ₹591 Cr FY25); Q4 FY26 PAT ₹227 Cr improved 17.1% QoQ and 17.1% YoY over Q4 FY25’s ₹194 Cr.
Exceptional items distorted full-year PBT: net exceptional charge of ₹38.83 Cr in FY26 vs. ₹12.51 Cr gain in FY25 — a ~₹51 Cr swing that explains part of PAT compression.
FY26 EPS ₹25.65 vs. ₹28.76 in FY25, an 10.8% decline — earnings dilution despite flat share count signals operating-level pressure.

Margins

FY26 operating margin improved to 7.50% from 7.32% in FY25 — a 18 bps expansion despite revenue softness, reflecting cost discipline.
Net profit margin compressed to 4.23% from 4.91% — a 68 bps decline driven by higher finance costs (₹72 Cr vs. ₹49 Cr, +47.8% YoY) and depreciation (₹179 Cr vs. ₹128 Cr, +39.3% YoY).
Q4 FY26 net margin at 5.55% is the strongest quarterly print, above the full-year average — seasonal Q4 strength is intact.

Growth Trajectory

3.6% revenue CAGR implied in the one-year FY25→FY26 comparison is below inflation — real revenue growth is effectively flat.
Capex intensity rising: PPE grew ₹127 Cr net YoY; intangible assets up ₹42 Cr — investment cycle underway but payoff not yet visible in topline.
EMP segment EBIT margin: ₹501.91 Cr on ₹6,762.80 Cr = 7.42% vs. 8.18% in FY25 — segment profitability eroding even as revenue grows.

SHREECEM – Shree Cement – Q4 FY26 Financial Results – 6-May-26

Shree Cement’s FY26 delivered strongest PAT in years, aided by flat energy costs, lower depreciation, and controlled capex. Balance sheet fortress‑grade with ₹8,352 Cr liquid and 25x DSCR. Risks: Q4 EBITDA miss, pricing headwinds, receivables/inventory build, OCF decline. FY27 hinges on margin sustainability and working capital discipline.

1–2 minutes

🔍 Observations

Topline

Revenue from Operations rose 8.6% YoY (₹19,282.83 Cr → ₹20,943.47 Cr in FY26), with Q4 FY26 alone up 10.3% YoY (₹5,532.02 Cr → ₹6,101.00 Cr), signalling accelerating momentum into year-end.
Q4 FY26 sequential jump of 27.1% (₹4,800.52 Cr → ₹6,101.00 Cr) reflects typical Q4 cement demand seasonality — not a structural inflection.
Other Income declined as a revenue driver: flat/lower contribution (₹589 Cr → ₹661 Cr, +12.2%) relative to operating scale, keeping quality of topline intact.

Bottomline

PAT surged 55.6% YoY (₹1,123.80 Cr → ₹1,748.66 Cr), materially outpacing revenue growth — driven by operating leverage and a 65.3% jump in PBT (₹1,311.51 Cr → ₹2,293.01 Cr).
Effective tax rate compressed sharply: FY25 tax rate was ~14.3% (₹187.71 Cr on ₹1,311.51 Cr PBT) vs. FY26 ~23.7% (₹544.35 Cr on ₹2,293.01 Cr) — FY25 was flattered by large deferred tax credits (₹148.44 Cr); FY26 normalises.
Basic EPS nearly doubled: ₹311.18 → ₹483.24 (+55.3%), with Cash EPS at ₹1,247.83 reflecting the company’s high depreciation-adjusted earning power.

Margins

EBITDA margin expanded ~200 bps: FY25 EBITDA/Revenue = ₹4,523.25/₹19,282.83 = 23.5%; FY26 = ₹5,298.69/₹20,943.47 = 25.3% — despite Power & Fuel flat-lining (₹5,011 Cr → ₹5,020 Cr), Freight rising 8.9%, and Employee costs up 13.5%.
Net profit margin expanded from 5.8% (₹1,123.80/₹19,282.83) to 8.3% (₹1,748.66/₹20,943.47) — 250 bps improvement, aided by depreciation falling ₹3,006.78 Cr → ₹2,793.96 Cr (-7.1%).
Q4 FY26 EBITDA margin compressed QoQ: ₹1,485.15/₹6,101.00 = 24.3% vs. Q3’s ₹1,092.83/₹4,800.52 = 22.8% — improvement, but still below Q4 FY25’s 28.7% (₹1,586.50/₹5,532.02), signalling pricing pressure.

Growth Trajectory

Revenue CAGR of ~8.6% (1-year) is moderate for a large-cap cement player; volume-driven rather than price-led growth suggests market share focus over margin maximisation.
PAT growth of 55.6% YoY is exceptional but partly base-effect driven (FY25 PAT was depressed by lower EBITDA and elevated depreciation); sustainability depends on pricing environment in FY27.
Depreciation declining while PPE grows (₹8,548 Cr → ₹10,370 Cr) indicates older asset base fully amortised — near-term capex cycle cooling post heavy investment in FY25 (₹4,093 Cr capex).

CGPOWER – CG Power – Q4 FY26 Financial Results – 6-May-26

CG Power’s FY26 upcycle: Power Systems margins rising, near‑zero debt, ₹3,000 Cr QIP. Risks: receivables outpacing revenue, deteriorating OCF compressing FCF. Semiconductor bet dilutes near‑term margins, absorbs capital before payoff. Industrial Systems margin erosion is immediate consensus risk; Q1FY27 commentary key for trajectory.

1–2 minutes

🔍 Observations

Topline

Revenue scaled 25.3% YoY to ₹12,418 Cr in FY26, with Q4 FY26 posting ₹3,442 Cr — the strongest single quarter on record, up 25.0% YoY.
Power Systems drove outperformance: ₹5,138 Cr in FY26 vs ₹3,510 Cr in FY25 (+46.4% YoY), absorbing macro capex tailwinds in T&D and industrial power.
Semiconductors added ₹503 Cr in its first full year of operations (Axiro acquisition); Industrial Systems grew a modest 5.8% YoY to ₹6,747 Cr, indicating maturation in that segment.

Bottomline

PAT rose 23.2% YoY to ₹1,199 Cr in FY26; Q4 FY26 PAT of ₹363 Cr grew 32.5% YoY — acceleration in the exit quarter signals operational leverage kicking in.
Effective tax rate normalized to ~26.4% in FY26 (vs a distorted 27.8% in FY25 driven by ₹190 Cr deferred tax charge); current tax jumped to ₹471 Cr vs ₹185 Cr, confirming MAT credit exhaustion and shift to full tax paying status.
Employee costs surged 55.2% YoY (₹613 Cr → ₹952 Cr), reflecting headcount expansion tied to semiconductor operations and new business build-out — the single fastest-growing cost line.

Margins

Consolidated EBIT margin compressed to 13.3% in FY26 from 14.1% in FY25; Power Systems partially offset this by expanding EBIT margin to 21.8% (+280 bps YoY).
Industrial Systems EBIT margin contracted sharply from 11.6% to 9.3% — a 230 bps deterioration suggesting pricing pressure or cost absorption in that segment.
Semiconductor segment dragged consolidated EBIT by ₹108 Cr in FY26; excluding Semiconductors, consolidated EBIT margin would be materially higher, masking underlying segment-level strength.

Growth Trajectory

Three-year topline CAGR (implied from FY25 base of ₹9,909 Cr to FY26’s ₹12,418 Cr) reflects a step-change driven by organic Power Systems growth and inorganic Semiconductor addition.
QIP of ₹3,000 Cr in FY26 has nearly doubled equity base (₹4,038 Cr → ₹8,198 Cr), positioning the company to fund future capacity expansion without leverage — a structural inflection.
EPS grew from ₹6.38 to ₹7.72 (+21.0% YoY) despite the equity dilution from QIP and ESOP issuances, confirming that earnings growth outpaced share count expansion.

LT – Larsen & Toubro – Q4 FY26 Financial Results – 5-May-26

L&T’s FY26 engine strong: 18% PAT growth, ₹7.4L Cr order book, 83% OCF surge, improving debt metrics. Near‑term overhangs: exceptional items, Energy margin pressure. ₹25,470 Cr held‑for‑sale assets add execution risk but monetisation could deleverage. FY27 growth well‑underpinned; monitor Energy margins, receivables, divestiture outcome.

1–2 minutes

🔍 Observations

Topline

Revenue grew 12% YoY to ₹2,85,874 Cr in FY26; Q4 alone up 11% YoY to ₹82,762 Cr — broad-based across segments.
International revenue crossed 54% of mix (vs. 50% in FY25), signaling successful geographic diversification.
Order inflows surged 22% YoY to ₹4,35,590 Cr; order book at ₹7,40,327 Cr (≈2.6x FY26 revenue) provides multi-year revenue visibility.

Bottomline

Recurring PAT — stripping exceptional items — rose 18% YoY to ₹17,238 Cr, the more meaningful profitability signal.
Reported consolidated PAT grew only 7% to ₹16,084 Cr, dragged by ₹1,722 Cr net exceptional loss (vs. ₹475 Cr gain in FY25) — a ₹2,197 Cr swing.
Basic EPS at ₹116.93 vs. ₹109.36 in FY25 (+7%); Q4 EPS of ₹38.71 slightly below Q4 FY25’s ₹39.98 due to exceptional timing.

Margins

EBITDA margin compressed 10 bps to 10.2% in FY26 (vs. 10.3%); Q4 margin at 10.4% shows sequential improvement.
Energy Projects EBITDA margin fell sharply — 8.5% in FY25 to 6.8% in FY26 — offsetting gains in Infrastructure (6.4% → 6.9%) and IT Services (steady at 19.5%).
ISCR improved materially — 6.75x in FY25 to 9.19x in FY26 — as finance costs fell 15% YoY to ₹2,849 Cr.

Growth Trajectory

Hi-Tech Manufacturing revenue nearly doubled: ₹9,695 Cr → ₹14,109 Cr (+45% YoY); highest growth segment, though margins softened slightly.
Energy Projects order inflows grew 56% YoY to ₹1,36,921 Cr — largest order inflow segment — promising future revenue ramp.
Financial Services loan book expanded 25% YoY to ₹1,21,728 Cr, sustaining NIM+fee yield at ~10.3%.

COFORGE – Coforge Ltd – Q4 FY26 Financial Results – 5-May-26

Coforge’s FY26 delivered revenue scale, margin expansion, and stronger cash generation, with EBIT at 14.4% (16.6% Q4) validating leverage post‑Cigniti. Risks: receivables build, charges inflation, and Encora’s ₹2,21,935 Mn integration raising leverage/complexity. FY27 is prove‑it year; growth story credible, but re‑rating hinges on integration milestones.

1–2 minutes

🔍 Observations

Topline

Revenue surged 35.8% YoY (₹1,20,733 Mn → ₹1,64,027 Mn), driven by Cigniti amalgamation and organic wins across Americas and ROW; Q4 FY26 added 30.0% YoY and 5.2% QoQ, sustaining momentum into year-end.
Americas dominates at 56.9% of FY26 revenue (₹93,344 Mn, +41.0% YoY); ROW grew fastest at +67.8% YoY (₹13,863 Mn → ₹23,258 Mn), signalling geographic diversification.
Q4 FY26 revenue of ₹44,504 Mn is the highest quarterly print on record, confirming sequential acceleration.

Bottomline

PAT from continuing operations nearly doubled YoY: ₹9,635 Mn → ₹16,745 Mn (+73.8%), despite ₹2,260 Mn in exceptional charges dragging reported PBT.
Basic EPS (restated for 1:5 split) jumped from ₹24.60 → ₹46.44 (+88.8% YoY), reflecting both profit growth and operating leverage.
Q4 FY26 PAT of ₹6,662 Mn is 2.2× Q4 FY25 (₹3,059 Mn); deferred tax credit of ₹1,533 Mn in the quarter amplified reported PAT — underlying earnings strength is still robust but the tax line needs monitoring.

Margins

EBIT margin expanded 370 bps YoY: 10.7% (FY25) → 14.4% (FY26); Q4 FY26 reached 16.6%, the strongest quarterly margin, suggesting operating leverage is taking hold.
Employee costs as % of revenue: ₹92,161 Mn ÷ ₹1,64,027 Mn = 56.2% (FY26) vs. ₹72,241 Mn ÷ ₹1,20,733 Mn = 59.8% (FY25) — 360 bps improvement, the primary margin lever.
Professional charges nearly doubled YoY (₹13,902 Mn → ₹21,918 Mn, +57.7%), growing faster than revenue; signals integration costs or subcontracting intensity from acquired entities.

Growth Trajectory

Two-year revenue CAGR (FY24 base not provided, but FY25→FY26 alone at +35.8%) combined with EBIT CAGR of ~83% (₹12,942 Mn → ₹23,645 Mn) points to operating-leverage-driven scaling, not just top-line inflation.
ROW segment EBIT swung from –₹642 Mn (FY25) to +₹508 Mn (FY26), a full-year turnaround of ₹1,150 Mn — loss-making geographies are reaching breakeven, widening the group margin runway.
Encora acquisition (post-balance-sheet, April 23, 2026; ₹2,21,935 Mn consideration) will materially reset scale in FY27 but introduces significant integration and leverage risk.

M&M – Mahindra & Mahindra – Q4 FY26 Financial Results – 5-May-26

M&M’s FY26 delivered 24.6% revenue and 32.3% PAT growth, visible operating leverage, negligible core debt, and pivot to strong FCF. Risks: rising short‑term borrowings, NBFC loan book quality, and JV/associate losses. With execution, FY27–28 outlook is strong, but liability/NBFC trends could alter thesis.

1–2 minutes

🔍 Observations

Topline

Revenue from operations hit ₹1,97,792 Cr in FY26 vs ₹1,58,750 Cr in FY25 — 24.6% YoY growth, with Q4 FY26 alone up 28.9% YoY (₹54,892 Cr vs ₹42,586 Cr).
Automotive segment drove bulk of growth: ₹1,17,834 Cr in FY26 vs ₹90,825 Cr in FY25 (+29.7% YoY), reflecting SUV demand momentum and pricing power.
Farm Equipment contributed ₹42,568 Cr (+20.3% YoY); Financial Services and Industrial/Consumer segments each grew ~10–20%, confirming broad-based topline expansion.

Bottomline

PAT rose to ₹18,622 Cr in FY26 from ₹14,073 Cr in FY25 — 32.3% YoY growth, outpacing revenue, signaling operating leverage at work.
Q4 FY26 PAT of ₹5,260 Cr vs ₹3,542 Cr in Q4 FY25 — 48.5% YoY jump; sequential improvement (₹5,021 Cr in Q3 FY26) modest but steady.
Share of profit from associates/JVs added ₹1,965 Cr in FY26 (vs ₹1,537 Cr in FY25), providing meaningful earnings uplift beyond consolidated operations.

Margins

Operating margin (excl. investment income) improved to 14.05% in FY26 from 13.66% in FY25 — a 39 bps expansion, with Q4 FY26 at 14.25%.
Net profit margin widened to 9.37% in FY26 from 8.84% in FY25, and Q4 FY26 reached 9.57% — directionally strong.
Automotive segment EBIT (segment result before unallocable items) grew to ₹10,479 Cr in FY26 from ₹7,931 Cr (+32.1%), with implied segment margin improving meaningfully on higher revenue base.

Growth Trajectory

FY26 revenue CAGR (1-year): 24.6%; PAT CAGR: 32.3% — both ahead of typical industrial-auto sector peers, suggesting M&M is gaining share.
Diluted EPS grew from ₹115.06 in FY25 to ₹152.18 in FY26 — 32.3% YoY, consistent with PAT growth; no meaningful dilution.
Q4 FY26 sequential revenue growth of 6.4% (₹51,580 Cr → ₹54,892 Cr) despite typical Q4 seasonality signals robust underlying demand.

PNB – Punjab National Bank – Q4 FY26 Financial Results – 5-May-26

PNB’s FY26 exits with best asset quality and stronger capital, reducing downside risk. Yet PAT stalled as tax surged 16%, keeping ROA at 0.97%. Operating profit improved, but CD ratio tightening, treasury margin compression, and tax normalization may cap FY27 earnings; profitability re‑rating catalyst still elusive.

1–2 minutes

🔍 Observations

Topline

Total income grew 6.4% YoY (₹14,04,568L → ₹14,94,633L FY26), driven equally by interest earned (+5.5% YoY) and other income (+13.6% YoY).
Q4FY26 total income of ₹36,87,802L dipped 2.7% QoQ from Q3’s ₹37,90,266L — other income fell sharply from ₹5,01,343L to ₹4,08,025L QoQ.
Retail banking revenue led segment growth at ₹44,01,440L in FY26 vs ₹38,30,604L in FY25 (+14.9% YoY); Corporate/Wholesale flat at ~₹56,734L both years.

Bottomline

Net profit after minority interest declined marginally YoY: ₹18,39,269L (FY26) vs ₹18,48,029L (FY25), a ~0.5% dip despite higher PBT — driven by a 16% surge in tax expense (₹9,98,589L vs ₹8,61,291L).
Q4FY26 net profit (post-minority) of ₹5,59,164L grew 12.1% YoY (vs Q4FY25 ₹4,98,929L) — strongest quarterly print of FY26.
Share of associate earnings contributed ₹1,37,093L in FY26 (vs ₹1,11,298L FY25, +23.2% YoY), providing meaningful PAT uplift.

Margins

Operating margin improved: 19.92% in FY26 vs 19.43% in FY25 — operating profit grew 8.7% YoY (₹27,20,251L → ₹29,56,494L).
Net profit margin compressed: 11.50% FY26 vs 12.04% FY25 — tax rate jumped from 33.1% to 36.9% of PBT, squeezing the bottom.
Employee cost fell 11.9% YoY (₹21,54,869L → ₹18,99,228L), the key efficiency driver; partially offset by 16.7% rise in other operating expenses.

Growth Trajectory

Advances grew 13.9% YoY (₹10,86,27,314L → ₹12,37,98,005L), sustaining loan book expansion momentum.
Deposits grew 9.4% YoY (₹15,77,01,988L → ₹17,24,79,542L) — deposits growing slower than advances, tightening the CD ratio.
Gross NPA ratio improved from 3.95% → 2.95% YoY and Net NPA from 0.40% → 0.29% — the most decisive multi-year improvement in asset quality.

AMBUJACEM – Ambuja Cements – Q4 FY26 Financial Results – 4-May-26

Ambuja Cements’ FY26 shows 19% topline growth but ~290 bps margin compression, with PAT growth tax‑driven. CFO doubled to ₹5,362 Cr, yet FCF negative and liquidity thinned. Re‑rating hinges on margin recovery from ₹40,000+ Cr asset base; FY27 watch is pricing power and capacity ramp‑up.

1–2 minutes

🔍 Observations

Topline

Revenue from operations grew 19% YoY (₹33,989 Cr → ₹40,446 Cr), driven by cement segment scaling to ₹38,898 Cr and RMC nearly doubling to ₹1,965 Cr.
Q4FY26 revenue of ₹10,892 Cr grew 10% YoY and 7% QoQ — sequentially firm despite a weak pricing environment.
Other income collapsed 69% YoY (₹2,654 Cr → ₹834 Cr), reflecting deployment of surplus cash (previously earning interest) into acquisitions.

Bottomline

Reported PAT of ₹5,637 Cr grew 6.5% YoY (₹5,294 Cr → ₹5,637 Cr), but this is significantly flattered by a ₹2,338 Cr net tax credit (including ₹1,625 Cr prior-period tax write-back) vs. ₹810 Cr tax expense in FY25.
Pre-tax profit fell sharply — PBT dropped 46% YoY (₹6,104 Cr → ₹3,299 Cr) — the true picture of operating underperformance vs. FY25.
Q4FY26 PAT of ₹1,857 Cr was lifted by a ₹1,329 Cr tax credit; underlying operating profit (EBIT) for Q4 was ₹597 Cr, down ~51% YoY.

Margins

FY26 cement segment EBIT: ₹3,135 Cr on revenue of ₹38,898 Cr → cement EBIT margin of ~8.1%, down from ~11% in FY25 (₹3,748 Cr on ₹34,060 Cr). Margin compression of ~290 bps.
Power & fuel + freight together consumed ₹19,521 Cr in FY26 vs. ₹16,649 Cr in FY25 — a ₹2,872 Cr cost increase on ₹6,457 Cr incremental revenue, absorbing 44% of topline gains.
Depreciation surged 55% YoY (₹2,297 Cr → ₹3,570 Cr), reflecting capitalization of acquired and greenfield assets; this alone compressed EBIT by ₹1,273 Cr incremental.

Growth Trajectory

Cement volume growth is the primary driver; RMC growing rapidly (40% YoY revenue) but still sub-scale at 3% of consolidated revenue.
Acquisitions (₹6,621 Cr deployed in FY26 vs. ₹3,898 Cr in FY25) are expanding the asset base aggressively — gross block rose from ₹25,049 Cr → ₹33,801 Cr (+35%).
Goodwill + intangibles jumped from ₹16,252 Cr → ₹22,979 Cr, signalling acquisition-heavy inorganic growth with attendant impairment risk.

SOBHA – Sobha Ltd- Q4 FY26 Financial Results – 4-May-26

SOBHA’s FY26 marks inflection: PAT doubled, FCF positive, finance costs declining. Yet EBIT margin compression, widening standalone‑consolidated PAT gap, and undisclosed surge in non‑current assets raise earnings‑quality concerns. Strong advances support near‑term visibility, but FY27 hinges on margin recovery and subsidiary profitability to validate consolidated trajectory.

1–2 minutes

🔍 Observations

Topline

Revenue from operations surged 28.5% YoY (₹40,387 Mn → ₹51,905 Mn), with Q4 FY26 alone delivering ₹19,878 Mn — 60.1% higher than Q4 FY25 (₹12,406 Mn), indicating significant back-end revenue recognition.
Real estate segment drove 85.1% of net revenue (₹44,197 Mn), growing 30.8% YoY; contractual & manufacturing contributed ₹10,284 Mn (+23.9% YoY).
Q4 FY26 revenue of ₹19,878 Mn vs Q3 FY26’s ₹9,431 Mn (110.8% QoQ jump) reflects heavy H2 skew, typical of SOBHA’s project completion-linked revenue recognition.

Bottomline

PAT more than doubled YoY: ₹947 Mn → ₹1,934 Mn (+104.3%), with Basic EPS rising from ₹9.28 to ₹18.09.
Q4 FY26 PAT of ₹918 Mn accounts for 47.5% of full-year PAT, consistent with a Q4-heavy revenue pattern.
Effective tax rate compressed meaningfully: 28.8% in FY26 vs 28.8% in FY25, but large deferred tax credits (₹1,342 Mn in FY26 vs ₹1,269 Mn in FY25) continue to suppress the cash tax burden relative to reported PAT.

Margins

EBITDA proxy (PBT + Finance costs + D&A): ₹2,599 + ₹1,374 + ₹1,060 = ₹5,033 Mn on revenue of ₹51,905 Mn → EBITDA margin ~9.7% vs FY25: (₹1,330 + ₹1,956 + ₹898) / ₹40,387 = ~10.4%. Margin contracted ~70 bps despite topline scale-up.
Net profit margin improved: ₹1,934 / ₹51,905 = 3.73% vs ₹947 / ₹40,387 = 2.34% — a 139 bps improvement, driven by lower finance costs (₹1,374 Mn vs ₹1,956 Mn, down 29.8%).
Real estate EBIT margin: ₹3,829 / ₹44,197 = 8.7% vs ₹3,491 / ₹33,782 = 10.3% — segment-level compression signals rising land + sub-contractor costs absorbing revenue growth.

Growth Trajectory

Revenue CAGR implied over FY25–FY26 stands at 28.5%; PAT CAGR at 104% (low base effect). Standalone PAT of ₹3,013 Mn vs consolidated ₹1,934 Mn suggests subsidiary drag at the consolidated level.
Other current liabilities jumped from ₹1,00,807 Mn to ₹1,20,130 Mn (+19.2%), predominantly customer advances — confirms strong pre-sales momentum feeding future revenue.
Inventory build continues: ₹1,12,522 Mn → ₹1,28,263 Mn (+14.0%), reflecting active project pipeline but tying up significant capital.

KEI – KEI Industries – Q4 FY26 Financial Results – 4-May-26

KEI’s FY26 shows accelerating topline, margin expansion, zero debt, and stronger cash conversion. Capex into C&W capacity aligns with 33.5% profit growth and infra tailwinds, though returns emerge FY27–28. EPC margin collapse and rising payables need resolution before next re‑rating can be justified.

1–2 minutes

🔍 Observations

Topline

Revenue from operations grew 20.7% YoY (₹97,359 Mn → ₹1,17,478 Mn), with Q4 FY26 alone up 19.3% YoY (₹29,148 Mn → ₹34,764 Mn) — demand remains structurally robust.
Cables & Wires dominates at 95.5% of FY26 revenue (₹1,12,206 Mn, +22.3% YoY), absorbing the EPC contraction entirely.
EPC revenue fell 14.4% YoY (₹6,562 Mn → ₹5,614 Mn), a deliberate mix-shift toward higher-margin wires business.

Bottomline

PAT surged 31.9% YoY (₹6,964 Mn → ₹9,184 Mn), outpacing revenue growth by ~11 pp — operating leverage is materialising.
Q4 FY26 PAT of ₹2,843 Mn grew 25.5% YoY (vs. ₹2,265 Mn), with sequential improvement of 21.1% over Q3 FY26 — momentum is accelerating.
Effective tax rate remained stable at ~25.5% (FY26: ₹3,139 Mn on ₹12,323 Mn PBT), providing no distortion to earnings quality.

Margins

EBIT margin (using KPI-stated EBIT of ₹12,964 Mn on revenue of ₹1,17,478 Mn): 11.0% in FY26 vs. 10.2% in FY25 (+80 bps) — a clean expansion.
PAT margin expanded to 7.8% in FY26 (₹9,184 Mn ÷ ₹1,17,478 Mn) from 7.2% in FY25 (₹6,964 Mn ÷ ₹97,359 Mn) — +60 bps.
Finance costs (₹641 Mn) remain well-contained at 0.55% of revenue despite rising capex, reflecting the net cash balance sheet.

Growth Trajectory

Basic EPS grew 27.0% YoY (₹75.65 → ₹96.09) on a near-stable share count — value per share is compounding ahead of book value.
Cables & Wires segment profit grew 33.5% YoY (₹9,749 Mn → ₹13,014 Mn), while EPC profit collapsed 68.0% (₹608 Mn → ₹194 Mn) — the portfolio is self-correcting toward quality.
Total equity grew 15.2% YoY (₹57,858 Mn → ₹66,649 Mn) organically, signalling retained earnings as the primary growth engine post-QIP.