April 22, 2026

TOP NEWS

War update: President Donal Trump has extended the ceasefire with Iran until Tehran submits a proposal and talks conclude. The strait of Hormuz remained blocked by the US navy.  Iran earlier said it won’t negotiate under the “shadow of threats” or while a US naval blockade remains. On the other side, Israel continued to bombard southern Lebanon. Suddenly Trump has changed his mind set as earlier he was not in favor of extending the deadline. Since there was no peace talks in Islamabad Oil prices remain flat and is down by half a percent.  Asian markets have a mixed reactions trading in the range of -0.5% to 0.5%. Gift nifty indicates a muted start.

HCL Technologies: In Q4FY26, the company reported a consolidated net profit of Rs 4,488 crore, registering a decline of 6.4% QoQ but upside of 4.2% YoY. On the other hand, its revenue stood at Rs 33,981 crore, up by 0.3% QoQ and 12.3% YoY. EBIT increases 3.3% to Rs 5,620 crore Vs Rs 5,442 crore. EBIT margin drops 150 bps to 16.5% Vs 18%. Board declares dividend of Rs 24 per share for FY27. Total contract value stands at $1,936 million HCLT has guided for a weaker-than-expected FY27, with revenue growth pegged at 1%-4% in constant currency, below Street estimates of 2%-6%. The IT major's services revenue growth is projected at 1.5%-4.5%, compared to expectations of around 2%-5%. HCL Tech has guided for an EBIT margin band of 17.5%-18.5%, broadly in line with earlier brokerage estimates of 17%-19%. Negative

Sunteck Realty : The company reported strong Q4 and FY26 performance. Revenue grew 65% YoY to Rs. 339 crore in Q4 and 32% YoY to Rs. 1,124 crore in FY26. EBITDA margins remained healthy at 29% in Q4 and 27% for FY26, while PAT margins stood at 19% and 18% respectively. Pre-sales came in at Rs. 1,064 crore in Q4 (up 22% YoY) and Rs. 3,157 crore for FY26 (up 25% YoY). Collections were strong at Rs. 432 crore in Q4 (up 39% YoY) and Rs. 1,433 crore for FY26 (up 14% YoY). On the business development front, the company added three projects in MMR with ~Rs. 5,000 crore GDV, strengthening its future pipeline. Positive

PNC Infratech: The company has emerged as the L1 bidder for two HAM-based highway projects from National Highways Authority of India, with a total bid project cost of Rs. 3,483 crore. Both projects are located in Uttar Pradesh and are to be executed over 24 months. This order win strengthens the company’s order book visibility and is positive for growth. Positive

TARIL: Q4 Revenue Rs 752 Cr (+16% YoY, +7% QoQ)- steady execution EBITDA Rs 117 Cr (+5% QoQ) but margin down to 15.1% (-200 bps YoY) PAT Rs 77 Cr (flat YoY, +9% QoQ).  operating leverage not fully flowing. missed its FY26 revenue guidance (Rs 2,395.5 Cr vs Rs 2,600 Cr target) and EBITDA margin guidance (15.44% vs 16-17% target), with working capital deteriorating to 207 days against a 120-day target. Order book broadly remained flat due to selective bidding for better margin orders. Demand story intact, order book solid- but this is now an execution + margin story, not just growth.

BEML: Awarded  Rs 590 crore contract by the Ministry of Defence, for the supply of trawl assemblies to be deployed on the Indian Army’s T-72 and T-90 tanks. The advanced mine trawls have been indigenously designed and developed in collaboration with the Defence Research and Development Organisation (DRDO), specifically its R&D Engineers unit based in Pune.

360 one WAM: Revenue down 5.6% at Rs 1,115 crore versus Rs 1,181 crore QoQ. EBITDA down 8.6% at Rs 663 crore versus Rs 725 crore QoQ. EBITDA margin down 190 bps at 59.5% versus 61.4% QoQ. Net profit down 11.8% at Rs 289 crore versus Rs 327 crore QoQ. AUM grew to Rs 6.74 lakh crore. Board approved interim dividend of Rs 6 per share. Also the Wealth and asset management firm said the company and its wholly owned subsidiary, 360 ONE Prime Ltd, have received assessment orders from the Income Tax Authority raising a total tax demand of ₹336.14 crore for the block period from April 1, 2018, to March 27, 2025.

Cyient Dlm: Revenue dipped 13.8% year-on-year to ₹369 crore from ₹428 crore. EBITDA slid 25% at ₹42.9 crore from ₹57.2 crore. The EBITDA margin came in at 11.6%, compared with 13.4% in Q4FY25. The company reported a closing order book of ₹2,416.6 crore, the highest in the last eight quarters, with a book-to-bill ratio above one across all four quarters and QoQ order book growth of 15% driven by a sustained book-to-bill ratio of 1.2.

Central Mine Planning and Design Institute(CMPDI): For Q4FY26, CMPDI's revenue came at ₹827 crore (up 12% YoY) and EBITDA stood at ₹238 crore with corresponding EBITDA margins at 28.8% (down ~1,282 bps QoQ). Whereas PAT of Rs 188 Cr versus Rs. 277 Crore. Overall company reported a mixed performance in Q4FY26. Neutral

Tata Steel has informed the exchanges that it has entered into definitive agreements with Paul Wurth S.A. (Luxembourg), part of SMS Group GmbH, to implement the world’s first EASyMelt (electrically assisted syngas smelter) technology. Tata Steel intends to proceed with the first industrial demonstration of this technology in the ‘E’ Blast Furnace (649 m3 ) at its Jamshedpur Works, in a phased manner. The project aims to cut CO2 emissions by more than 50 % compared to the blast furnace’s baseline operation.

RESULTS PREVIEW

MACRO WRAP

• US President Donald Trump announced an extension of the two-week US–Iran ceasefire, citing Tehran’s “seriously fractured” government as justification. this may provide some relief for the markets, however Iran termed this as Trumps another ploy to buy time for a surprise strike. Sentimentally positive for broader markets
• Iran’s position is unchanged. It is demanding that the Hormuz blockade be lifted as a precondition for the strait to reopen and for meaningful negotiations to resume. Iran's Supreme National Security Council has stated it will maintain full control of the waterway and collect transit tolls even after any eventual agreement.
• US retail sales rose 1.7% in March 2026, beating the 1.4% forecast and marking the fastest growth since March 2025, led by a 15.5% jump in gasoline station receipts amid higher fuel prices. Most major categories posted gains, and core retail sales climbed 0.7%, above the 0.2% forecast. Positive for USD
• Fed Chair nominee Warsh said there is a short window to bring inflation down, the Fed’s balance sheet should be smaller and avoid long-term Treasuries, and his disagreements with Powell are purely policy-related. He denied reports Trump pushed him to cut rates, saying he never sought such commitments. Warsh added that inflation is improving but more work is needed and argued the Fed lacks legal authority to issue a digital currency and should not pursue one.
• US private employers (ADP) added an average of 54,750 jobs per week in the four weeks to April 4, 2026, up from a revised 40,250 and marking a fifth straight week of improving hiring and the highest pace since ADP’s weekly tracking began in September 2025. Positive for USD.
• The DJIA, the S&P500, and the Nasdaq Composite Index all fell 0.6% yesterday. The Eurostoxx 50 fell 0.9%. The Dollar Index gained 0.3% to 98.39. EUR-USD fell 40 pips to 1.1740.
• The US 2Y yield rose 6bp to 3.78% and the 10Y yield rose 4bp to 4.29%. The German 10Y yield rose 2bp to 3.00%. The UK 10Y yield rose 5bp to 4.88%. Brent crude oil prices rose 3.1% to USD98.48. Gold fell 2.1% to USD4,720.

INVESTMENT CALL

PNB Housing Finance Q4FY26 results update : All-round Q4

Reco: Positive, CMP Rs. 979, PT Rs. 1,150

• PAT beat estimates, led by negative credit cost on healthy recoveries and better asset quality.
• Disbursements surged 31% y-o-y led by the emerging and prime segments.
• Asset quality improved, GNPA fell 15 bps y-o-y and 11 bps q-o-q, below 1%. 
• We maintain a positive view, with a revised PT of Rs. 1150 (valuing the stock at 1.3x FY28E BV) on healthy growth and steady asset quality.

Valuation

Source: Mirae Asset Sharekhan Research

OTHER NEWS

Karnataka Bank: The bank has entered into a strategic partnership with Pine Labs, a provider of point-of-sale (PoS) solutions. Through this partnership, the bank aims to strengthen digital payment options for its customers

HDFC Life Insurance Company: Vibha Padalkar reappointed by the board as MD and CEO HDFC Life for a period of five years, effective September 12, 2026

Persistent Systems: Profit zooms 33.7% to Rs 529.3 crore Vs Rs 395.8 crore. Revenue grows 25.1% to Rs 4,055.9 crore Vs Rs 3,242.1 crore. EBIT jumps 30.4% to Rs 659.2 crore Vs Rs 505.3 crore. Margin expands to 16.25% Vs 15.58%. Board announces dividend of Rs 18 per share for FY26.

Indian Hotels Company Limited (IHCL): The company along with its step down subsidiaries - ANK Hotels Private Limited and Pride Hospitality Private Limited has completed the acquisition of 51% stake in Brij Hospital Private Limited (Brij), for a total investment of up to Rs. 222 crore.