April 27, 2026

LATEST NEWS

>> 1:40 PM

First Cut - Supreme Industries Q4FY26 Consolidated Results – Miss expectations

• The company reported consolidated net revenues of Rs 3,528 crore, up 16.5% YoY but 10.2% below expectations. Overall volume grew 16% YoY to 231,889 MT. Revenue from plastic piping, packaging, industrial, consumer, and composites grew 23%, 7.2%, 3.5%, -9.3%, and -31% YoY, respectively.
• OPM came in below our estimate at 17.7% (up 391 bps YoY but 45 bps below expectations). Consolidated PAT rose 47.5% YoY, slightly missing our estimates.
• Value-added products turnover increased to Rs 4,677 crore from Rs 4,060 crore last year, reflecting 15% growth.
• The company proposes capex exceeding Rs 1,000 crore in FY27, expected to boost annual installed capacity by ~1.10 lakh MT to 1.35 million MT. This will be funded through internal accruals

Results (Consolidated)                                                                     Rs cr.

Actual vs. Estimates                                     Rs cr.

Tamil Mercantile Q4 Net Profit Up 28%: Net Profit up 28% At Rs 374 Cr Vs Rs 292 Cr (YoY). NII up 24% At Rs 704.4 Cr Vs Rs 568 Cr (YoY). Net NPA At 0.18% Vs 0.20% (QoQ). Gross NPA At 0.73% Vs 0.91% (QoQ).

>> 12:43 PM

First cut: Varun Beverages Q1CY26 (Consolidated) results – Beat on all fronts

·      VBL’s revenue grew by 18.1% y-o-y to Rs. 6,574 crore, aided by 16.3% y-o-y volume growth to 363.4 million cases (volume growth of 14.4% in India and 21.4% in international territories) and 1.6% y-o-y growth in net realisation to Rs. 174.1 per case. Revenue came in better than our expectation of Rs. 5,956 crore.

·      Gross margin and OPM rose by 62 bps and 55 bps y-o-y to 55.2% and 23.3%, respectively, against our expectation of 22%.

·      Operating profit grew by 21% y-o-y to Rs. 1,529 crore and adjusted PAT grew by 20.6% y-o-y to Rs. 883 crore, beating our expectation of Rs. 724 crore.

·      View: We shall review our estimates and come out with a detailed note post the conference call. Currently we have a Positive view on the stock.

Results (Consolidated)                                                                         Rs. crore

Actual vs estimates                                                   Rs. crore

TOP NEWS

Can Fin Homes (Q4, Standalone YoY): NII was up 21.0% at Rs 422 crore versus Rs 349 crore. Net profit up 48.2% at Rs 347 crore versus Rs 234 crore. The board declared a dividend of Rs 8 per share and appointed Shailesh Kumar Singh as an Additional Director and Whole-Time Director, designated as Deputy MD.

RBL Bank Q4 (Standalone YoY):Profit surges 234% to Rs 230 crore Vs Rs 69 crore.Net interest income rises 7% to Rs 1,671 crore Vs Rs 1,563 crore. Provisions and contingencies fall 13.6% to Rs 678.3 crore Vs Rs 785.1 crore. Gross NPA At 1.45% Vs 1.88% (QoQ). Net NPA At 0.39% Vs 0.55% (QoQ).

Sigma Advanced Systems : The company signs ₹3,800 crore, 7-year deal with Rolls-Royce—positive for long-term revenue visibility and global aerospace positioning

Indian Hume Pipe Co: The company has received a Letter of Intent (LoI) for an order worth Rs 418 crore from the Maharashtra Government to develop a pipe distribution system in Satara.

Hindustan Zinc: Vedanta subsidiary reported a healthy performance with a 67.5% to Rs 5,033 crore (YoY) increase of its net consolidated profit in Q4FY26. Total operating income for the quarter came in at ₹13,544 crore (up 49% YoY), including other operating revenue of ₹852 crore in Q4FY26 (vs ₹258 crore in Q4FY25). Refined zinc production for the quarter was at 227 kt (up 6% YoY) and lead production was at 55 kt (down 2% YoY). Operationally, the company achieved a record quarterly mined metal production of 315 kt and refined metal production of 282 kt. The company also reported that silver production increased 11% quarter over quarter, owing to higher lead output. Positive

DCB Bank Q4FY26 results: NII up 17% YoY at Rs 655 crore versus Rs 558 crore. Operating profit up 12% at Rs 342 crore versus Rs 305 crore. Net profit up 16.1% YoY at Rs 206 crore versus Rs 177 crore. Gross NPA improved to 2.45% versus 2.72% QoQ, and Net NPA improved to 0.89% versus 1.1% QoQ. The board approved fundraising of up to Rs 500 crore via debt and Rs 1,500 crore via equity.

Sun Pharmaceuticals Ltd : The company will acquire Organon & Co in an all‑cash deal, valuing the US drugmaker at about US$11.75 billion including debt, in one of India's biggest outbound deals. The acquisition would help Sun Pharma further expand its women's health portfolio with access to Organon's portfolio of more than 70 products across women's health and general medicines, commercialised across 140 countries. With the acquisition of Organon, spun off from Merck in 2021, Sun Pharma also aims to grow its innovative medicines portfolio and enter into biosimilars.

MACRO WRAP

Iran submitted a new proposal to the United States calling for the reopening of the Strait of Hormuz and the lifting of the blockade as a step, while deferring nuclear negotiations. Peace talks stalled over the weekend after President Trump canceled envoys’ travel to Pakistan. Tehran reiterated it would not negotiate under threat, as shipping through the strait remains sparse.

The Federal Reserve is widely expected to keep interest rates unchanged at its policy meeting starting Tuesday, as energy prices remain elevated and supply chains are disrupted due to the Middle East war. The meeting could be Chairman Jerome Powell's last at the helm of the institution. We see dollar bullishness to extend into this week and month, spanning the upcoming FOMC rate decision and potentially the start of Kevin Warsh's Fed tenure.

U.S. year-ahead inflation expectations rose to 4.7% in April 2026 from 3.8% in March, just below the 4.8% preliminary reading, according to the University of Michigan survey. The five-year outlook edged up to 3.5%, the highest in six months, from a 3.4% preliminary estimate and 3.2% in March. Sentimentally positive for USD.

The University of Michigan’s Consumer Sentiment Index was revised up to 49.8 in April 2026 from 47.6 but remains at a record low amid the Iran conflict and related price pressures. Inflation expectations rose sharply, with the one-year outlook at 4.7% (from 3.8%) and the long-term outlook at 3.5%, the highest since October 2025.

On Friday the DJIA dipped 0.2% last Friday and fell 0.4% for the week, the S&P500 and the Nasdaq Composite Index rose 0.8% and 1.6% respectively. For the week, the two major indices rose 0.6% and 1.5% respectively. The Eurostoxx 50 edged down 0.2% last Friday and lost 2.9% for the week. The Dollar Index edged down 0.2% to 98.53 last Friday but gained 0.4% for the week. sThe US 2Y yield fell over 5bp to 3.78% last Friday but rose 7bp for the week. The US 10Y yield fell 2bp to 4.30% last Friday but rose 5bp for the week. The German 10Y yield fell 2bp to 2.99% last Friday but gained 3bp for the week. The UK 10Y yield fell nearly 3bp to 4.91% last Friday but rose 15bp for the week. Brent crude oil prices edged up 0.3% to USD105.33 last Friday and jumped 16.5% for the week. Gold rose 0.3% to USD4,710 last Friday but fell 2.5% for the week.

Data watch:  For the week ahead, market attention will still centre on geopolitical developments in the Middle East and the highly uncertain negotiation process between US and Iran as the conflict approaches the two-month mark (since 28 Feb). We have 4 major central banks meet this week: Fed (29th April), ECB (30th April), BOJ (28th April), BOC (29th April) and BOE (30th April). The key US data will be the 1Q GDP (30 Apr), Mar PCE inflation (30 Apr) and the Apr ISM manufacturing survey (1 May), while the key data from Europe will be the prelim Apr CPI and 1Q GDP for Eurozone (both on 30 Apr). Japan will celebrate Showa Day on Wed (29 Apr) while most of Europe (excluding UK) will celebrate May Day on Fri (1 May).

PREVIEW

INVESTMENT CALL

First Cut: Axis Bank – Q4FY26:  Core performance largely in-line, strong growth momentum

• Axis Bank posted a PAT of Rs7071 crore (slightly ahead of our estimates), the bank received a tax credit of Rs2193 crore as tax depreciation on intangibles was allowed for CITI Bank Consumer business acquisition.
• NII was up 4.7% YoY while NIM was down 2 bps QoQ to 3.62% (better than our estimate) other income was marred by treasury loss. Core operating PAT was higher than our estimate.
• The bank made prudent provision worth Rs2001 crore, while overall asset quality improved on sequential basis.
• Overall, Axis has put a respectable core operating show with healthy momentum in credit offtake, we have a BUY rating on the stock and would come out with detailed note shortly

First Cut: Lodha Developers Ltd Q4FY26 Consolidated Results – Beat on Revenue and Margins; FY26 Pre-sales Miss Guidance by ~2% on Geopolitical Disruption.

·        Pre-sales grew 22.5% YoY to Rs. 5,890 crore in Q4FY26, marking the best-ever quarterly performance. Full-year FY26 pre-sales stood at Rs. 20,530 crore (+16% YoY), missing the Rs. 21,000 crore guidance by just ~Rs. 470 crore (~2.2%), attributable to select deferral of sales in March due to the Iran conflict — a timing impact, not a demand issue.

·        Collections rose 17.8% YoY to Rs. 5,230 crore in Q4FY26, significantly picking up from the previous quarter (+47% QoQ). Full-year FY26 collections stood at Rs. 15,160 crore (+5% YoY).

·        Q4FY26 revenue stood at Rs. 4,713.5 crore, up 11.6% YoY and 17% above our forecast. EBITDA came in at Rs. 1,412.6 crore, up 15.7% YoY and 34% above estimates, with EBITDA margin expanding 107 bps YoY to 30.0%.

·        Adjusted PAT stood at Rs. 1,007.9 crore, up 9.4% YoY and 5.3% QoQ — crossing the Rs. 1,000 crore quarterly mark for the first time. However, PAT came in 64% below our estimates, likely due to higher-than-expected depreciation and interest costs as the annuity portfolio scales up.

·        The company added 12 projects during FY26 with a combined GDV of ~Rs. 60,000 crore — 2.4x the annual guidance of Rs. 25,000 crore. Total cumulative GDV now exceeds Rs. 2 lakh crore (excluding the Palava and Upper Thane land bank). Consequently, management has indicated it will reduce business development investments over the next 24 months and focus on increasing free cash flow.

·        Entered NCR through a JDA with MRG Group for two projects in Gurugram with a combined GDV of Rs. 3,300 crore, with launches targeted for FY27.

·        Annuity income for FY26 stood at ~Rs. 290 crore, broadly in line with the ramp-up trajectory towards the Rs. 1,500 crore FY31 target.

·        The company reduced net debt by Rs. 800 crore during the quarter to Rs. 5,370 crore, with Net Debt/Equity at 0.23x — well below the self-imposed ceiling of 0.5x.

·        FY27 Guidance: Pre-sales target of Rs. 24,000 crore (up ~17% over FY26), embedded EBITDA margin of 32–34% (vs. 33% in FY26), DevCo launch pipeline of Rs. 21,800 crore GDV, and management targeting a debt-free DevCo in the next few years — with only RentCo to carry debt going forward.

  Results (Consolidated)                                                                     Rs cr.

First Cut: Atul Ltd — Strong quarter; margin recovery across segment

• Atul reported a healthy set of numbers for the quarter. Revenue grew 15% YoY/6.1% QoQ to ₹1,670cr, ahead of our estimates by 6.2%. Growth was driven by P&OC segment (+17.7% YoY to ₹1,241cr), while Life Science was flat at 4% YoY (₹462cr).
• Gross margin came off 315bps YoY/97bps QoQ to 46.5% on higher RM costs (+25.3% YoY). However, lower employee costs (-9.4% YoY) and flattish other opex cushioned the operating performance. EBITDA grew 25.9% YoY to ₹280.7cr, beating estimates by 8.1%, with margin expanding 145bps YoY/111bps QoQ to 16.8%. PAT stood at ₹211cr (+62% YoY), 32% ahead of estimates, though aided by a sharp jump in other income (+84% YoY to ₹89.6cr).
• Segmental show was the real positive. Life Science EBIT margin expanded to 31% (vs 21.8% YoY/23% QoQ), led by better mix and pricing in crop protection. P&OC EBIT margin improved to 10.1% (vs 8.1% YoY/7.6% QoQ), indicating commodity pricing pressure is easing. ROCE also inched up for both segments — Life Science at 13.3% (vs 10.1% QoQ) and P&OC at 4.3% (vs 3.0%).
• View: We remain positive on the name given broad-based margin recovery and improving return ratios. That said, the 315bps YoY dip in GPM is a key monitorable — with cost pass-through happening with a lag, 1H27 GPM trajectory will be the variable to watch. We shall revisit our estimates and recommendation post the concall.

OTHER NEWS

UPL reported that it will further invest approximately $86.7 million (BRL 450 million) in its associate company, Sinova Inovações Agrícolas S.A., as part of an equity infusion aimed at strengthening the business. The investment is intended for working capital requirements and debt reduction. Following the investment, UPL Brazil’s stake in Sinova will increase from 49.9% to 55.8%.

Jayaswal Neco: Revenue grew by 18%, EBITDA grew by 10% and PAT significantly grew by 88% to Rs 191 crore. For the full year, net profit rose 311.00% to Rs 463.11 crore in the year ended March 2026 as against Rs 112.68 crore. In FY25, Blast Furnace and associated facilities were not available due to planned shutdown for about five months. In FY26, Full facilities were available and production were carried out in full force Operational Leverage is Clearly Visible The Company posses each and every facility required for the product of steel and VA products. Iron Ore Mines (Fully provides Raw Materials), Power Plants, O2 Plants, Pellet Plant, DRI Plants (Sponge Iron), Cake Ovens, Blast Furnaces, Steel Melt Shops, Sinter Plants, Rolling Mills etc This Backward and Forward Integration gives immense cost and control advantages to the company Recent Expansions shall give room for further Growth

JSW Steel and Japan's JFE Steel Corporation officially launched their 50:50 joint venture, JSW JFE Steel Limited, in Sambalpur, Odisha. This JV will include integrated steel operations and is the next stage of their long-standing strategic alliance since 2009.

IDFC First Bank Q4 (Standalone YoY): Profit rises 4.9% to Rs 318.9 crore Vs Rs 304.1 crore.Net interest income jumps 15.7% to Rs 5,677.2 crore Vs Rs 4,907.2 crore. Provisions and contingencies fall 40% to Rs 869.2 crore Vs Rs 1,450.5 crore Gross NPA declines to 1.61% Vs 1.69% (QoQ). Net NPA slips to 0.48% Vs 0.53% (QoQ)

IndusInd Bank Q4 (Standalone YoY):Profit stands at Rs 532.71 crore Vs loss of Rs 2,236 crore.Net interest income zooms 43.4% to Rs 4,371.5 crore Vs Rs 3,048.3 crore. Provisions and contingencies fall 38.6% to Rs 1,484.3 crore Vs Rs 2,416.6 crore.Gross NPA declines to 3.43% Vs 3.56% (QoQ).Net NPA slips to 1% Vs 1.04% (QoQ)