|
May 06, 2026
LATEST NEWS
>>
3:20 PM
First cut: Radico Khaitan
Q4FY26 (Consolidated) results – Premiumisation and raw
material tailwinds drive strong Q4 performance
- Net revenue grew by 15.3% y-o-y to Rs.
1,504 crore, slightly lower than our expectation of Rs. 1,566 crore,
aided by y-o-y IMFL volume growth of 4%. Prestige & Above category
(47.8% of total IMFL volume and 72.2% of total IMFL revenue) posted
volume growth of 27.9% y-o-y, while Regular & others category
reported volume decline of 10.2%.
- Gross margin rose by 453 bps y-o-y to
48% and OPM increased by 531 bps y-o-y to 18.9% aided by benign raw
material prices and premiumisation. OPM came in much higher than our
expectation of 17%.
- Operating profit grew by 60.3% y-o-y to
Rs. 285 crore, while adjusted PAT grew by 93.3% y-o-y to Rs. 175 crore,
beating our expectation of Rs. 160 crore. The board has recommended a
final dividend of Rs. 9 per share for FY26.
- View: We shall review
our earnings estimates and come out with a detailed note post the
conference call. Currently we have a Buy rating on the stock.
Results
(Consolidated)
Rs. crore
|
Particular
|
Q4FY26
|
Q4FY25
|
y-o-y (%)
|
Q3FY26
|
q-o-q (%)
|
|
Net
Sales
|
1,503.7
|
1,304.1
|
15.3
|
1,546.7
|
-2.8
|
|
Operating
profit
|
284.5
|
177.5
|
60.3
|
267.2
|
6.5
|
|
Adjusted
PAT (before MI)
|
175.2
|
90.6
|
93.3
|
162.2
|
8.0
|
|
Extraordinary
item
|
0.0
|
0.0
|
-
|
7.1
|
-
|
|
Minority
interest (MI)
|
4.3
|
1.4
|
-
|
-0.2
|
-
|
|
Reported
PAT
|
179.5
|
92.1
|
94.9
|
154.9
|
15.8
|
|
EPS
(Rs.)
|
13.1
|
6.8
|
93.3
|
12.1
|
8.0
|
|
|
|
|
bps
|
|
bps
|
|
GPM
(%)
|
48.0
|
43.5
|
453
|
46.5
|
150
|
|
OPM
(%)
|
18.9
|
13.6
|
531
|
17.3
|
165
|
|
NPM
(%)
|
11.6
|
7.0
|
470
|
10.5
|
116
|
|
Tax
rate (%)
|
24.7
|
25.4
|
-62
|
25.0
|
-24
|
Actual vs
estimates
Rs. crore
|
Particulars
|
Q4FY26
|
Q4FY26E
|
var (%)
|
|
Total
revenue
|
1503.7
|
1566.3
|
-4.0
|
|
Operating
Profit
|
284.5
|
266.4
|
6.8
|
|
Adjusted
Net profit
|
175.2
|
160.5
|
9.2
|
|
|
|
|
bps
|
|
GPM
(%)
|
48.0
|
45.0
|
300
|
|
OPM
(%)
|
18.9
|
17.0
|
191
|
TOP NEWS
War
update: Global Markets were relatively calmer overnight as the four-week
ceasefire in the Middle East remained and the US downplayed the prospect of a
return to active war with Iran, despite President Trump remarking that the
Iranian war conflict could persist for another two to three weeks. Wall
Street ended higher while US Treasury yields eased despite market still
pricing in for rate hike early 2027.Washington is shifting focus to reopening
the strait amid foreign pressure and rising domestic opposition to the war,
but US–Iran talks remain deadlocked as Tehran insists negotiations depend on
lifting the US naval blockade. Sentimentally positive for Broader market.
Banking sector: The
Union Cabinet approved ECLGS 5.0 on May 5, 2026, to provide a ₹2.55 lakh
crore credit cushion for businesses—specifically MSMEs and the airline
sector—facing liquidity stress from the West Asia crisis. The scheme offers a
100% guarantee for MSMEs and a 90% guarantee for larger enterprises and
airlines, with additional credit capped at 20% of peak working capital for
most sectors. Positive
Lloyds
Metals and Energy: In Q4FY26, Llyod Metal reported a strong performance. The
quarter's revenue was Rs 6020 cr compared to Rs
5058 cr (YOY), while net profit was Rs 1420 cr compared to Rs 1047 cr. The quarter's reported EBITDA
was ₹2,545 crore, and the corresponding EBITDA margins were 42.3% (up about
750 bps QoQ). PAT was ₹1,530.10 Cr compared to ₹201.88 Cr (+657.9% YoY and
+40.4% QoQ). For FY26, the business announced a final dividend of ₹1 per
share. Additionally, the company's board has authorized the issue of
non-convertible debentures of up to ₹700 crore, subject to regulatory
approvals. Overall robust performance is driven by pellet capacity
increase, downstream integration (cutting dependency on others), and the
construction of an 85-kilometer slurry will help to minimize operational
costs. Recently, Company commissioned second 4 MTPA pellet plant at Konsari in record time. Positive
GNG
Electronics Q4FY26 (Consolidated, YoY): Revenue up 43% at Rs. 652 crore
versus Rs. 456 crore. EBITDA at Rs. 63.4 crore versus Rs. 27.9 crore. EBITDA
margin at 9.7% versus 6.1%. Net profit at Rs. 42.1 crore versus Rs. 14.7
crore. The company approves a corporate guarantee of AED 20 million for its
arm. View: strong quarter positive
Poonawalla
Fincorp Q4 Results: Net profit jumps to ₹255 crore, NII grows 78% YoY; asset
quality improves: The company reported a sharp rise in profitability for
Q4FY26, with net profit surging over fourfold YoY to Rs 255 crore, compared
with Rs 62 crore in the year-ago period0. On a sequential basis, net profit
rose 70%. NII increased 78.16 per cent YoY to Rs 1,276 crore. Net
interest margin (NIM) of the lender stood at 9.05 per cent in Q4FY26, up 43
bps. AUM stood at Rs. 60,348 crore for the quarter ended March 31,
2026. The company had launched six products in FY25. Asset quality
improved during the quarter, with GNPA) fell to 1.44% in Q4FY26 from 1.51% in
Q3FY26.Total expenses also increased to Rs. 1,779.32 crore, compared to Rs.
1,093.09 crore YoY. NNPA also eased to 0.74% in Q4FY26 compared to 0.80% in
the previous quarter. Additionally, credit cost as a percentage of average
AUM moderated to 2.51% in Q4FY26 from 2.62% in Q3FY26, indicating an
improvement in overall asset quality metrics. View: Strong quarter for the
company
Aadhar
Housing Finance delivered strong FY26 results with PAT growing 22% YoY to
₹1,108 Cr and AUM crossing the ₹30,000 Cr milestone at ₹30,571 Cr. Standalone
total income rose to Rs 3,68,654 lakhs, while Q4 FY26 disbursements of ₹3,087
Cr marked the highest-ever quarterly figure. Asset quality remained stable
with GNPA at 1.08% and CRAR at 42.49%, supported by a network of 626 branches
across 22 states.
Aeroflex
Industries Delivers Record Performance in Q4FY26 and FY26; EBITDA Crosses Rs.
99 Crores: Aeroflex Industries Limited delivered its highest-ever quarterly
and yearly financial performance in Q4FY26 and FY26, marking a significant
milestone in the company's growth trajectory. The company reported strong
across-the-board improvements in revenue, profitability, and cash generation,
underpinned by robust demand in its core hose and assemblies business and a
landmark entry into liquid cooling skid assemblies for data center infrastructure. Revenue from operations for Q4FY26
stood at Rs. 125.84 Crs compared to Rs. 91.69 Crs in Q4FY25, while full-year revenue from operations
reached Rs. 441.94 Crs versus Rs. 376.23 Crs in FY25. PAT margin for Q4FY26 expanded by 171 bps to
13.95%, while cash profit margin improved by 356 bps to 20.11% in the same
quarter. On a sequential basis, total income grew 4.41% from Rs. 121.12 Crs in Q3FY26 to Rs. 126.46 Crs
in Q4FY26. Strong quarter for the company
PREVIEW
|
Company
|
Net Sales (Rs. cr.)
|
OPM (%)
|
Adjusted PAT (Rs. cr.)
|
|
Q4FY26E
|
Q4FY25
|
YoY%
|
QoQ%
|
Q4FY26E
|
Q4FY25
|
YoY (bps)
|
QoQ (bps)
|
Q4FY26E
|
Q4FY25
|
YoY%
|
QoQ%
|
|
Godrej
Consumer Products
|
3,975
|
3,598
|
10.5
|
-3.0
|
21.2
|
21.1
|
14
|
-24
|
570
|
443
|
28.5
|
0.6
|
|
Radico Khaitan
|
1,566
|
1,304
|
20.1
|
1.3
|
17.0
|
13.6
|
340
|
-26
|
160
|
91
|
77.0
|
-1.1
|
MACRO
WRAP
- Global Markets were relatively calmer
overnight as the four-week ceasefire in the Middle East remained and the
US downplayed the prospect of a return to active war with Iran, despite
President Trump remarking that the Iranian war conflict could persist for
another two to three weeks. Wall Street ended higher while US Treasury
yields eased despite market still pricing in for rate hike early
2027.Washington is shifting focus to reopening the strait amid foreign
pressure and rising domestic opposition to the war, but US–Iran talks
remain deadlocked as Tehran insists negotiations depend on lifting the
US naval blockade. Sentimentally positive for Broader market.
- China’s services activity expanded at a
faster pace in April, with the Rating Dog services PMI rising to 52.6
from 52.1 in March, Rising energy costs linked to the Iran war are
adding price pressures, though authorities are adjusting fuel price caps
to limit the impact. Domestic consumption remains subdued, with March
retail sales growth slowing to 1.7% from 2.8% earlier, even as services
consumption continues to outpace goods. Sentimentally positive for
Industrial commodities.
- The ISM Services PMI slipped to 53.6 in
April 2026 from 54, roughly in line with expectations and still above
last year’s average. Activity rose to 55.9 as firms worked through
backlogs while new orders fell to 53.5. Employment increased but stayed
below 50. Prices jumped to 70.7, the highest since 2022, on higher
energy, metals, freight, and tariff-driven aluminium and lumber costs.
- US job openings slipped by 56,000 to
6.87 million in March 2026, above expectations. Openings fell in
professional and business services but rose in finance and insurance and
declined in most regions except the Northeast. Hires rose to 5.6
million, while separations held near 5.4 million, with quits and layoffs
little changed.
- The DJIA, the S&P500, and the Nasdaq
Composite Index rose 0.7%, 0.8%, and 1% respectively. The Eurostoxx 50 rebounded 1.8% after dropping 2% on
Monday. The Dollar Index gained 0.1% to 98.44 and EUR-USD was unchanged
at 1.1690. The US 2Y and 10Y yields both dipped 1bp to 3.94% and 4.42%
respectively. The US 30Y yield fell 3bp to 4.99%. The German 10Y yield fell
2bp to 3.06%, Brent crude oil prices fell 4% to just under USD110 and
partly reversed the near 6% jump on Monday. Gold fell 0.2% to USD4,547
- Data watch: we get the ADP employment
report and the US Treasury’s quarterly refunding announcement.
INVESTMENT
CALL
Stock
update: Jyoty Labs Q4FY26 (Consolidated) result update – Weak Q4; dull
outlook warrants downgrade
Reco:
Hold
Reco. Price: Rs. 265
Price
Target: Rs. 285
- Q4FY26 numbers missed the mark on profitability, with revenues
rising ~8% y-o-y, OPM down 335 bps y-o-y to 13.5% (versus 15.4%
expected) and adjusted PAT lower 16% y-o-y.
- Volume growth was strong at ~11% driven by double-digit volume
growth in fabric care and personal care segments.
- Prices have been hiked by 4% during March 2026 to pass on input
cost inflation; company will remain watchful of further price hikes if
inflation persists.
- We downgrade the stock from Buy to Hold with a revised PT of Rs.
285 on weak Q4 numbers and a bleak outlook. Stock trades at 27x/24x its
FY27E/FY28E EPS, respectively.
Valuation
(Consolidated)
Rs. crore
|
Particulars
|
FY24
|
FY25
|
FY26
|
FY27E
|
FY28E
|
|
Revenues
|
2,757
|
2,844
|
2,944
|
3,205
|
3,481
|
|
OPM (%)
|
17.4
|
17.6
|
15.3
|
14.8
|
15.2
|
|
Adjusted PAT
|
369
|
374
|
333
|
357
|
404
|
|
Adjusted EPS (Rs.)
|
10.1
|
10.2
|
9.1
|
9.7
|
11.0
|
|
P/E (x)
|
26.3
|
26.0
|
29.2
|
27.2
|
24.1
|
|
RoNW (%)
|
22.0
|
19.4
|
15.6
|
15.6
|
16.3
|
|
RoCE (%)
|
21.1
|
18.7
|
14.8
|
14.5
|
15.3
|
Results
(Consolidated)
Rs.
crore
|
Particular
|
Q4FY26
|
Q4FY25
|
y-o-y (%)
|
Q3FY26
|
q-o-q (%)
|
|
Total
Revenue
|
717.4
|
666.0
|
7.7
|
739.6
|
-3.0
|
|
Operating
profit
|
96.7
|
112.1
|
-13.7
|
110.7
|
-12.6
|
|
Adjusted
PAT
|
67.5
|
80.0
|
-15.6
|
81.1
|
-16.8
|
|
Extraordinary item
|
0.0
|
-3.0
|
-
|
0.0
|
-
|
|
Reported
PAT
|
67.5
|
77.0
|
-12.3
|
81.1
|
-16.8
|
|
EPS (Rs.)
|
1.8
|
2.2
|
-15.6
|
2.2
|
-16.8
|
|
|
|
|
bps
|
|
bps
|
|
GPM (%)
|
45.2
|
49.2
|
-407
|
46.5
|
-135
|
|
OPM (%)
|
13.5
|
16.8
|
-335
|
15.0
|
-148
|
|
NPM (%)
|
9.4
|
12.0
|
-260
|
11.0
|
-156
|
|
Tax rate (%)
|
29.3
|
28.2
|
113
|
25.9
|
342
|
Stock
Update: APL Apollo Tubes–
Focus on sustaining margins
Reco:
BUY
CMP: Rs. 1,890
Target:
2,327
- Consolidated
revenue/EBITDA/PAT beat estimates by 0.7% / 1.6% / 9.7%, respectively.
- EBITDA/tonne
stood at Rs. 5,525, up 13.5% y-o-y. Management guided FY27 EBITDA/tonne
to sustain at Rs. 5,000–5,500, while volumes grow 15–20%
- Management has
shifted focus from volumes to margins, driven by strong brand recall,
premiumisation, and improved product mix
- We maintain a
Buy rating with a revised PT of Rs. 2,327, capacity ramp‑up visibility,
and structural demand drivers.
|
Particulars
|
FY25
|
FY26
|
FY27E
|
FY28E
|
|
Revenue
|
20,690
|
23,079
|
26,708
|
30,954
|
|
Operating Profit
|
1,199
|
1,802
|
2,167
|
2,559
|
|
OPM (%)
|
5.8
|
7.8
|
8.1
|
8.3
|
|
Adjusted PAT
|
757
|
1,203
|
1,473
|
1,846
|
|
y-o-y growth (%)
|
3.4
|
58.9
|
22.4
|
25.3
|
|
Adjusted EPS (Rs.)
|
27.3
|
43.4
|
53.1
|
66.5
|
|
P/E (x)
|
69.3
|
43.6
|
35.6
|
28.4
|
|
P/B (x)
|
12.5
|
9.9
|
8.1
|
6.5
|
|
EV/EBITDA (x)
|
39.5
|
26.1
|
20.7
|
17.0
|
|
RoNW (%)
|
19.4
|
25.3
|
25.0
|
25.4
|
|
RoCE (%)
|
21.6
|
29.2
|
29.5
|
31.2
|
Stock
Update: Aarti Industries
– FY27 begins on tough note; Long-term levers intact
Reco:
BUY
CMP: Rs. 486
Target: 530
- All key financial
metrics improved in Q4; EBITDA margin rose despite high freight cost and
forex losses.
- H1FY27 to
absorb worst of West Asia crisis; high costs and elevated working
capital a near-term blip.
- Two new
long-term contracts add revenue visibility with minimal capex, and a
lower FY27 capex would help slash debt.
- Short-term
woes but a strong long-term growth story make us cautiously optimistic;
We value the stock 14x FY28 EV/EBITDA to get a PT of Rs. 530 with a Buy
rating.
|
|
|
|
Rs Mn
|
|
Particular
|
FY25A
|
FY26A
|
FY27E
|
FY28E
|
|
Revenue
|
72,713
|
82,860
|
95,685
|
1,05,818
|
|
EBITDA Margin%
|
13.8%
|
13.9%
|
13.8%
|
14.8%
|
|
Adjusted PAT
|
3,285
|
4,120
|
4,161
|
6,021
|
|
YoY growth %
|
-21.0%
|
25.4%
|
1.0%
|
44.7%
|
|
Adjusted EPS
|
9.1
|
11.4
|
11.5
|
16.6
|
|
P/E(x)
|
53.3
|
42.5
|
42.1
|
29.1
|
|
P/B(x)
|
3.1
|
2.9
|
2.8
|
2.6
|
|
EV/EBITDA(x)
|
21.0
|
18.3
|
15.9
|
13.4
|
|
RoNW(%)
|
6.0%
|
7.1%
|
6.8%
|
9.2%
|
|
RoCE%
|
6.3%
|
6.7%
|
7.4%
|
8.8%
|
First cut: Larsen & Toubro, Q4FY2026
results – Strong growth visibility amid the volatile times
·
The results were
broadly in line with slightest miss on revenues due to deferment of Rs 5000
crore of revenues impacted by supply chain disruptions due to ongoing West
Asia war crisis. In terms of achievement of overall FY26 guidance order
inflows were upbeat with 22% growth whereas revenues grew 12% vs the guidance
of around 15% with P&M margins at 8.3% as guided.
·
Order inflows during
the quarter came in at Rs 89,772 crore, with international orders
contributing 67%. The order book stood at a record Rs 7,40,327 crore up 28% yoy, providing strong revenue visibility.
·
Guidance
FY27: Order inflows growth of 10-12%, Revenue growth of 10-12% with
softer 1st half and pick up in 2nd half; core PP&M margins at same 7.8%.
Also introduced next STRAP plan Lakshya 31 with order inflows growth at CAGR
of 10-12%, Revenues CAGR of 12-15% and ROE’s to reach 16-17% over FY31.
·
View: LT has missed topline estimates but with strong upbeat on order inflow
and pipeline. The concall has highlighted the
outlook as follows In domestic economy, continuing public
infrastructure investments and a revival in private investments in areas like
Energy Transition, Data Centers and Real Estate augur well for future growth.
The Middle East continues its investments in traditional areas like Oil and
Gas as well as basic infrastructure, besides earmarking funds for Energy
Transition and non-oil industrialization.
Results
(consolidated)
Rs
crore
|
Particulars
|
Q4FY26
|
Q4FY25
|
y-o-y (%)
|
Q3FY26
|
q-o-q (%)
|
|
Net
sales
|
82,762
|
74,392
|
11.3%
|
71,450
|
15.8%
|
|
Operating
profit
|
8,610
|
8,203
|
5.0%
|
7,416
|
16.1%
|
|
Other income
|
1,579
|
1,135
|
39.1
|
1,441
|
9.5
|
|
Adjusted
PAT (After MI)
|
5,257
|
5,022
|
4.7
|
4,558
|
15.3
|
|
Adjusted EPS
|
38.2
|
36.5
|
4.7
|
33.2
|
15.3
|
|
|
|
|
BPS
|
|
BPS
|
|
OPM (%)
|
10.4
|
11.0
|
(62)
|
10.4
|
2
|
|
NPM (%)
|
6.4
|
6.8
|
(40)
|
6.4
|
(3)
|
First
Cut: Hero Motocorp Ltd Q4FY26 Standalone Results –
Volumes led strong growth beats expectations!
- Revenue for
the company grew by 29% YoY and 4%QoQ to Rs12797cr for Q4FY26. For the
full year, revenue grew by 15%YoY to Rs46830cr. This strong topline
growth was on back of string volumes growth of 24.2YoY and 1%QoQ
for the quarter and 9.7% YoY growth for the full year, which were
aided by GST rate cuts coupled with improved realisations and robust
demand across segments and geographies.
- EBITDA grew by
31%YoY and 3%QOQ to Rs1856cr for Q4FY26 while margins saw a marginal
increase of 26bps YoY to 14.5%. For the year, EBITDA grew 17% YoY while
margins expanded by 27bps YoY to 14.7%
- PAT grew by
30% YoY and 4%QoQ to Rs1401cr for the quarter and 14%YoY to Rs5268cr for
the full year. PAT margins remained largely flat at 10.9% for the
quarter and 11.2% for the full year.
- Our View: We
shall review our estimates and publish a detailed report soon.
|
Results highlights
|
|
|
|
|
|
|
|
INR Cr
|
|
Particulars
|
Q4FY26
|
Q4FY25
|
Y-o-Y %
|
Q3FY26
|
Q-o-Q %
|
FY26
|
FY25
|
Y-o-Y %
|
|
Revenue
|
12797
|
9939
|
29
|
12328
|
4
|
46830
|
40756
|
15
|
|
COGS
|
8349
|
6394
|
31
|
8224
|
2
|
30844
|
26528
|
16
|
|
Purchase of stock in trade
|
212
|
136
|
57
|
246
|
-14
|
797
|
548
|
45
|
|
Changes in inventory
|
204
|
-23
|
-1001
|
-157
|
-230
|
-78
|
-7
|
1024
|
|
Gross profit
|
4031
|
3432
|
17
|
4015
|
0
|
15267
|
13688
|
12
|
|
Employee benefit expense
|
681
|
671
|
2
|
705
|
-3
|
2711
|
2595
|
4
|
|
Other expenses
|
1494
|
1345
|
11
|
1500
|
0
|
5686
|
5225
|
9
|
|
EBITDA
|
1856
|
1416
|
31
|
1810
|
3
|
6871
|
5868
|
17
|
|
Depreciation and amortisation expenses
|
204
|
192
|
6
|
204
|
0
|
798
|
776
|
3
|
|
EBIT
|
1652
|
1223
|
35
|
1606
|
3
|
6073
|
5092
|
19
|
|
Finance costs
|
6
|
5
|
17
|
6
|
-7
|
23
|
20
|
14
|
|
Other income
|
209
|
224
|
-7
|
296
|
-29
|
1041
|
1056
|
-1
|
|
EBT
|
1855
|
1442
|
29
|
1896
|
-2
|
7091
|
6128
|
16
|
|
Exceptional items
|
0
|
0
|
-
|
-119
|
na
|
119
|
0
|
na
|
|
Profit before tax from continuing operations
|
1855
|
1442
|
29
|
1777
|
4
|
6972
|
6128
|
14
|
|
Total tax expense
|
454
|
362
|
25
|
428
|
6
|
1704
|
1518
|
12
|
|
PAT
|
1401
|
1081
|
30
|
1349
|
4
|
5268
|
4610
|
14
|
|
EPS
|
70
|
54
|
30
|
67
|
4
|
263
|
230
|
14
|
|
|
|
|
|
|
|
|
|
|
Margin profile
|
|
|
|
|
|
|
|
|
|
Particulars
|
Q4FY26
|
Q4FY25
|
Y-o-Y %
|
Q3FY26
|
Q-o-Q %
|
FY26
|
FY25
|
Y-o-Y %
|
|
Gross Profit
|
31.5
|
34.5
|
-303
|
32.6
|
-107
|
32.6
|
33.6
|
-98
|
|
EBITDA
|
14.5
|
14.2
|
26
|
14.7
|
-18
|
14.7
|
14.4
|
27
|
|
EBIT
|
12.9
|
12.3
|
60
|
13.0
|
-12
|
13.0
|
12.5
|
47
|
|
Tax rate
|
24.5
|
25.1
|
-60
|
24.1
|
37
|
24.4
|
24.8
|
-33
|
|
PAT
|
10.9
|
10.9
|
7
|
10.9
|
1
|
11.2
|
11.3
|
-6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volume breakup
|
|
|
|
|
|
|
|
|
|
Particulars
|
Q4FY26
|
Q4FY25
|
Y-o-Y %
|
Q3FY26
|
Q-o-Q %
|
FY26
|
FY25
|
Y-o-Y %
|
|
Motorcycles
|
1528028
|
1259246
|
21.3
|
1512255
|
1.0
|
5842549
|
5476495
|
6.7
|
|
Scooters
|
186257
|
121299
|
53.6
|
184522
|
0.9
|
626285
|
422692
|
48.2
|
|
Total sales
|
1714285
|
1380545
|
24.2
|
1696777
|
1.0
|
6468834
|
5899187
|
9.7
|
|
|
|
|
|
|
|
|
|
|
Domestic
|
1589681
|
1279760
|
24.2
|
1594592
|
-0.3
|
6066048
|
5611758
|
8.1
|
|
Exports
|
124604
|
100785
|
23.6
|
102185
|
21.9
|
402786
|
287429
|
40.1
|
|
Total sales
|
1714285
|
1380545
|
24.2
|
1696777
|
1.0
|
6468834
|
5899187
|
9.7
|
First cut: Punjab National Bank – Q4FY26 results:
Mixed Bag quarter, long term outlook stable
- NII was down 3.5% YoY and 1.4% QoQ owing to NIM compression of 34
bps YoY and 5 bps QoQ to 2.47%.
- Other income was lower owing to 77% fall in treasury income, while
fee income was up 8.8% YoY.
- Employee cost reduced sharply owing to benefit on employee
provisions due to hardening of yield, this led to operating profit
growth 10.7% YoY (ahead of estimates).
- In Q4 the bank saw sequential fall in provisions, partly due to
standard asset provision reversals, due to this PAT was up 14.4% YoY
(ahead of estimates)
- We currently have a BUY rating on the stock and will come out with
detailed note shortly
|
Particulars
|
Q4FY26
|
Q4FY25
|
YoY
|
Q3FY26
|
QoQ
|
|
Net
Interest Income
|
10,380
|
10,757
|
-3.5%
|
10,533
|
-1.4%
|
|
Other income
|
4,162
|
4,716
|
-11.7%
|
5,022
|
-17.1%
|
|
Net
Income
|
14,542
|
15,473
|
-6.0%
|
15,555
|
-6.5%
|
|
Opex
|
7,042
|
8,697
|
-19.0%
|
8,074
|
-12.8%
|
|
Operating
Profit
|
7,500
|
6,776
|
10.7%
|
7,481
|
0.3%
|
|
Provisions
|
424
|
360
|
17.8%
|
1,150
|
-63.2%
|
|
PAT
|
5,225
|
4,567
|
14.4%
|
5,100
|
2.5%
|
|
|
|
|
|
|
|
Advances
|
12,25,292
|
10,77,475
|
13.7%
|
11,96,208
|
2.4%
|
|
Deposits
|
17,11,126
|
15,66,623
|
9.2%
|
16,60,290
|
3.1%
|
|
|
|
|
|
|
|
NIMs %
|
2.47
|
2.81
|
-34 bps
|
2.52
|
-5 bps
|
|
GNPA %
|
2.95
|
3.95
|
-100 bps
|
3.19
|
-24 bps
|
|
NNPA %
|
0.29
|
0.40
|
-11 bps
|
0.32
|
-3 bps
|
|
PCR %
|
90.3
|
90.3
|
1 bps
|
90.2
|
3 bps
|
OTHER
NEWS
Lemon
Tree Hotels (LTHL): The company has announced the signing of Lemon Tree
Hotel, Ahilyanagar in Maharashtra, bringing
the company’s total portfolio in Maharashtra to 30 properties, comprising 15
operational hotels and 15 in the pipeline. The upcoming property will feature
95 rooms, along with a restaurant, banquet hall, meeting room and other
recreational amenities including a swimming pool, spa and fitness
centre. The hotel will be managed by Carnation Hotels Private Limited, a
wholly owned subsidiary of LTHL. Positive
Coforge reported a multifold surge in consolidated net profit to ₹612.3
crore for January-March FY26, driven by a major one-time tax benefit and
strong operational growth. The company had posted a net profit (attributable
to its owners) of ₹261.2 crore in the year-ago period. Revenue from
operations grew 30% to ₹4,450.4 crore in Q4 FY26, from ₹3,422.2 crore a year
ago. On a q-o-q basis, profits more than doubled, and revenue grew 5.2%
during the quarter under review. Reported Q4 PAT reflects the reversal of
deferred tax liability due to the Cigniti merger,
the company said in a regulatory filing. “Q4 FY26 includes acquisition and
integration-related expenses for Encora of Rs 501
million and legal expenses related to the cybersecurity case of ₹35
million." The effective tax rate for the quarter was affected by the
release of deferred tax liabilities totalling ₹1,810 million, which was
recorded in the profit and loss statement because of the merger between Cigniti and Coforge Ltd. Coforge completed the acquisition of Silicon Valley-based
AI firm Encora for an enterprise value of $2.5
billion in April 2026.
|