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

Actual vs estimates                                                   Rs. crore

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

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.

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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.

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.

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

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.

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

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.