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Q4 Results Today, May 11, 2026, Highlights: Find all the latest Q4 results 2026 updates of Abbott India, Ad-Manum Finance, Aerpace Industries, Anant Raj-$, Arfin India, Asarfi Hospital, Atvo Enterprises, Aurionpro Solutions, Bright Outdoor Media, Butterfly Gandhimathi Appliances, Canara Bank, JBM Auto, JSW Energy, Syrma SGS Technology, UPL, USG Tech Solutions, Vascon Engineers, and Vertex Securities.
Swiggy, Urban Company, Hyundai, SBI, MCX, Niva Bupa, BoB, TCP, Titan, Blue Dart and more in focus
Stay tuned for more updates from businessline
Q4 RESULTS TODAY: QUICK TAKE | HIGHLIGHTS | STOCKS IN ACTION
- Canara Bank: Q4 standalone net profit falls 10 per cent y-o-y to ₹4,505.57 crore.
- PVR INOX: Q4 standalone net profit of ₹120.8 crore against loss of ₹122.8 crore y-o-y.
- UPL: Mixed Q4;Q4 consolidated net profit rises to ₹1,294 crore from ₹1,079 crore y-o-y
- Tata Consumer Products, Hyundai, Niva Bupa, Bank of Baroda, Birla Corporation shares positive after Q4 results
- Titan, SBI, Swiggy shares fall ; Urban Companydrags
- Stay tuned for more.
- May 11, 2026 20:57
Paradeep Phosphates Q4 net profit dips 9.6% on higher cost; FY26 profit surges 52%
- Paradeep Phosphates Q4 FY26 consolidated net profit falls 9.63% YoY to ₹155.60 crore
- Total income rises to ₹4,701.97 crore from ₹4,193.96 crore
- Total expenses increase to ₹4,541.51 crore from ₹4,015.30 crore
- FY26 full-year net profit surges 52.18% to ₹1,000.81 crore
- FY26 total income climbs to ₹21,826.34 crore from ₹16,958.65 crore
- May 11, 2026 20:55
Heritage Foods Q4 PAT falls by 37%
Heritage Foods Q4 PAT falls by 37%
Heritage Foods reports a 37% drop in Q4 profit, despite a 10.4% revenue increase amid challenging dairy market conditions.
- May 11, 2026 20:55
IHCL net profit rises 15% in Q4FY 26
IHCL net profit rises 15% in Q4FY 26
IHCL reports a 15% net profit rise in Q4FY26, despite challenges from the West Asia conflict and strong domestic revenue growth.
- May 11, 2026 19:53
Heritage Foods Q4 net profit drops 37% to ₹24 cr
Heritage Foods Ltd on Monday posted a 37.26 per cent year-on-year (YoY) decline in consolidated net profit to Rs 23.94 crore for the fourth quarter of the 2025-26 fiscal on higher expenses.
The Hyderabad-based company had posted a net profit of Rs 38.16 crore a year earlier, according to a regulatory filing.
While total income for the January-March quarter rose to Rs 1157.56 crore from Rs 1048.46 crore a year-ago, the expenses remained higher at Rs 1132.40 crore in Q4FY26 against Rs 990.59 crore in Q4FY25.
- May 11, 2026 19:35
PVR INOX posts net profit of ₹186.4 crore in March quarter, revenue up 25.8%
PVR INOX posts net profit of ₹186.4 crore in March quarter, revenue up 25.8%
PVR INOX posted a consolidated net profit of ₹186.4 crore in the March quarter compared to net loss of ₹125.3 crore in the corresponding period in the year-ago period.
- May 11, 2026 19:32
Anant Raj Q4 results live: Profit rises 25% to ₹149 cr
- Anant Raj Q4 FY26 consolidated net profit rises 25% YoY to ₹148.71 crore
- Total income climbs to ₹675.41 crore from ₹550.90 crore
- FY26 full-year profit grows to ₹557.02 crore from ₹425.82 crore
- FY26 total income increases to ₹2,579.08 crore from ₹2,100.28 crore
- May 11, 2026 19:21
Q4 results live: DB Corp Q4 net profit rises 19% to ₹62.20 cr, revenue grows 5%
- DB Corp Q4 FY26 consolidated net profit rises 18.83% YoY to ₹62.20 crore
- Profit stood at ₹52.33 crore in the year-ago quarter
- Revenue from operations up 5.24% to ₹576.39 crore
- Total expenses increase 1.68% YoY to ₹504.36 crore
- Printing, publishing & allied business revenue rises 6.1% to ₹541.48 crore
- Radio business revenue declines 7% to ₹35 crore
- Total income grows 4% to ₹589.56 crore in Q4
- FY26 full-year profit falls 10.5% to ₹332 crore
- FY26 total consolidated income marginally up to ₹2,440.80 crore
- May 11, 2026 19:16
IHCL Q4 profit up 14.7% at ₹645 cr
- IHCL Q4 FY26 consolidated net profit rises 14.7% YoY to ₹645.43 crore
- Profit stood at ₹562.66 crore in Q4 FY25
- Revenue from operations climbs to ₹2,765.29 crore from ₹2,425.14 crore YoY
- Total expenses increase to ₹2,014.91 crore from ₹1,764.26 crore
- Board recommends dividend of ₹3.25 per share, subject to shareholder approval
- May 11, 2026 19:11
Dr Reddy’s Q4 Preview: Dip in revenue, net profit likely
Dr Reddy’s Q4 Preview: Dip in revenue, net profit likely
Dr Reddy’s Laboratories anticipates a Q4 revenue and profit decline due to lower US sales and rising costs.
- May 11, 2026 18:16
PVR INOX swings to Rs 186 crore net profit in Q4, revenue rises 26%
Leading cinema exhibitor PVR INOX on Monday reported a consolidated net profit of Rs 186.4 crore for the March quarter of FY 2025-26 on a year-on-year (YoY) basis.
The company has reported a net loss of Rs 125.3 crore for the January-March quarter a year ago, according to a regulatory filing.
Revenue from operations was up 25.8 per cent YoY to Rs 1,547.3 crore in the March quarter. It was at Rs 1,229.9 crore in the corresponding period a year ago.
- May 11, 2026 17:50
Q4 Results live: Corona Remedies Q4 PAT jumps 44%; announces ₹10 per share dividend
Corona Remedies Q4 PAT jumps 44%; announces ₹10 per share dividend
Corona Remedies reports a 44% PAT increase and declares a ₹10 final dividend per share for FY26, pending approval.
- May 11, 2026 17:16
JSW Energy Q4 net profit rises over 38% to ₹574 cr
- JSW Energy Q4 FY26 consolidated net profit jumps 38% to ₹574 crore
- Profit stood at ₹415 crore in Q4 FY25
- Total revenue rises to ₹4,851 crore from ₹3,497 crore YoY
- Growth driven mainly by higher revenues
- Board recommends ₹2 dividend per equity share (20%) on face value of ₹10
- May 11, 2026 16:56
UPL profit up 20% in Q4 on higher demand, better margins
UPL profit up 20% in Q4 on higher demand, better margins
UPL reports 20% Q4 profit rise, driven by strong demand and improved margins, with EBITDA up 13%.
- May 11, 2026 16:24
Stock Market Live: Ather, JBM Auto, Ola Electric shares surge after PM Modi urges shift away from fuel consumption
Ather, JBM Auto, Ola Electric shares surge after PM Modi urges shift away from fuel consumption
Shares of Ather, JBM Auto, and Ola Electric surge as PM Modi advocates for a shift towards electric vehicles and fuel conservation.
- May 11, 2026 15:59
Quarterly results
Heritage Foods Q4 results live:
Heritage Foods’ standalone net profit for the quarter ended March 2026 at Rs 23 crore compared to Rs 20.5 crore in the same quarter last year. In December 2025 quarter, it recorded a profit of Rs 30.5 crore.
Board recommended final dividend of Rs 2.50 per share.
- May 11, 2026 15:40
Stock market
Stock market live, Q4 RESULTS LIVE: Markets end lower
Sensex tanked 1312.91 p ts or 1.70% to end at 76,015.28, hitting a low of 75,957.40. Nifty 50 fell 360.30 pts or 1.49% to 23,815.85.
- May 11, 2026 15:35
Quarterly results
Arfin India Q4 results live: Q4 profit up
Arfin India reported standalone net profit for the quarter ended March 2026 at Rs 5.70 crore compared to Rs 53.75 lakh in the same quarter last year.
- May 11, 2026 15:29
Quarterly results
Magadh Sugar & Energy Q4 results live: Profit falls
Magadh Sugar & Energy posted net profit for the quarter ended March 2026 at Rs 63.71 crore compared to Rs 96.19 crore in the same quarter last year.
Board recommended final dividend of Rs 12.50 per share.
- May 11, 2026 15:12
Stock market
Stock market live, Q4 results today live: Market bleeds
At around 3.20 pm, Sensex crashed 1320.38 pts or 1.71% to 76,007.81, and Nifty 50 dragged 361.80 pts or 1.50% to 23,814.35.
- May 11, 2026 14:53
Quarterly results
Mold-Tek Packaging Q4 results live: Q4 profit up
Mold-Tek Packaging reported net profit for the quarter ended March 2026 at Rs 20.64 crore compared to Rs 16.26 crore in the same quarter last year.
Shares surged 3% to Rs 610 on the NSE.
- May 11, 2026 14:48
Quarterly results
JTL INDUSTRIES Q4 results live: Q4 profit up
JTL INDUSTRIES reported standalone net profit for the quarter ended March 2026 at Rs 26.09 crore compared to Rs 16.77 crore in the same quarter last year.
Board recommended dividend of Rs 0.125 per share.
Shares flat at Rs 81.41 on the NSE.
- May 11, 2026 14:42
Quarterly results
Ponni Sugars (Erode) Q4 results live: Q4 profit up
Ponni Sugars (Erode) reported net profit for the quarter ended March 2026 at Rs 26.68 crore compared to Rs 4.53 crore in the same quarter last year.
Board recommended dividend of Rs 5 per share.
Shares rose 2% to Rs 326.10 on the NSE.
- May 11, 2026 14:33
Quarterly results
PVR INOX Q4 results live: Company upbeat on FY27 as strong film slate boosts theatrical outlook
- PVR INOX said the FY27 content pipeline remains strong across Hindi, regional and Hollywood films.
- Key Hindi releases expected in FY27 include Ramayana Part 1, King, Love and War, Drishyam 3, Cocktail 2, Dhamaal 4, Welcome to the Jungle and Awarapan 2.
- Regional and Pan-India titles in the pipeline include Peddi, Toxic, Jailer 2, The Paradise, Jana Nayagan and Spirit.
- Hollywood releases lined up for FY27 include Masters of the Universe, Toy Story 5, The Odyssey, Spider-Man: Brand New Day, Avengers: Doomsday, Supergirl and Mortal Kombat II.
- The company said the scale and diversity of the FY27 slate strengthens confidence in the theatrical outlook.
- May 11, 2026 14:32
Quarterly results
UPL Q4 results live: Q4 con. profit rises
UPL Q4 profit up 20% to ₹1,294 cr
UPL reports a 20% profit increase to ₹1,294 crore in Q4, driven by robust sales and effective capital management.
- May 11, 2026 14:28
Quarterly results
PVR INOX Q4 RESULTS LIVE: GROSS COLLECTIONS DRIVEN BY FILMS LIKE DHURANDHAR -THE REVENGE
- PVR INOX reported its highest-ever Q4 collections in FY2026, driven by films such as Dhurandhar – The Revenge, Border 2 and Project Hail Mary.
- Admissions during the quarter rose 2 per cent y-o-y to 31 million.
- Average ticket price (ATP) increased 22 per cent y-o-y to ₹315.
- Spend per head (SPH) climbed 32 per cent y-o-y to ₹165.
- Ticket sales grew 27 per cent y-o-y during the quarter.
- Food & Beverage sales increased 33 per cent y-o-y.
- Advertisement income rose 15 per cent compared with the year-ago period.
- May 11, 2026 14:26
Quarterly results
PVR Inox Q4 results live: Q4 HIGHLIGHTS
Highlights for the Quarter ended March 31st, 2026
Revenue of INR 15,778 mn*, EBITDA of INR 1,696 mn* and PAT of INR 1,788 mn*
Patrons visiting our cinemas: 31 mn
Average Ticket Price (ATP) of INR 315, YoY growth of 22%
Average F&B Spend per Head (SPH) of INR 165, YoY growth of 32%
31 new screen openings across 5 cinemas including 4 screens in 1 cinema under the FOCO model and 18 screens in 3 cinema under the Asset Light model
As on 31st March 2026, PVR INOX operates 359 cinemas with 1,798 screens across 113 cities
- May 11, 2026 14:23
Quarterly results
PNGS Reva Diamond Jewellery Q4 results live:
PNGS Reva Diamond Jewellery reported net profit for the quarter ended March 2026 at Rs 21.4 crore compared to Rs 23.1 crore in December 2025 quarter, and Rs 4.75 crore in March 2025 quarter.
Shares down over 4% on the NSE to Rs 435.
- May 11, 2026 14:05
Quarterly results
PVR INOX Q4 results live: Turns profitable y-o-y
PVR INOX reported standalone net profit for the quarter ended March 2026 at Rs 120.8 crore compared to Rs 122.8 crore loss in the same quarter last year.
In FY26, the PAT stood at Rs 268.5 crore compared to Rs 276.9 crore loss in the year-ago period.
Shares traded at Rs 1,027.60 on the NSE, down 4%.
- May 11, 2026 13:35
Stock market
Stock market live, Q4 results live today: Sensex, Nifty off day's low
At 1.33 pm, Sensex traded 845.08 pts or 1.09% lower at 76,483.11 (after hitting an intraday low of 76,165.57), and Nifty 50 declined 226.75 pts or 0.94% to 23,949.40.
- May 11, 2026 13:32
Quarterly results
UPL Q4 results live: Key highlights
Screenshot 2026-05-11 133155.png
- May 11, 2026 13:30
Quarterly results
Canara Bank Q4 results live: Asset Quality
Gross Non-Performing Assets (GNPA) ratio improved to 1.84% as at March 2026 reduced from 2.08% as at December 2025, 2.94% as at March 2025.
Net Non-Performing Assets (NNPA) ratio improved to 0.43% as at March 2026 reduced from 0.45% as at December 2025, 0.70 % as at March 2025.
Provision Coverage Ratio (PCR) stood to 94.21% as at March 2026 against 94.19% as at December 2025, 92.70% as at March 2025.
- May 11, 2026 13:26
Quarterly results
UPL Q4 results live: Con. Q4 profit up
UPL reported consolidated net profit for the quarter ended March 2026 at Rs 1,294 crore compared to Rs 1,079 crore in the same quarter last year.
In FY26, the PAT stood at Rs 2,220 crore as against Rs 820 crore in the year-ago period.
Board recommended final dividend of Rs 6 per share.
- May 11, 2026 13:21
Quarterly results
Shyam Metalics Q4 results live: Q4 profit up
Shyam Metalics and Energy reported standalone net profit for the quarter ended March 2026 at Rs 151.16 crore compared to Rs 99.53 crore in the same quarter last year.
Board recommended final dividend of Rs 2.70 per share.
Board also approved to undertake the new projects/expansion plan of the Company and its Subsidiaries in Kharagpur and Sambalpur. (total capital expenditure estimated at Rs 2,700 crore.
- May 11, 2026 13:15
Quarterly results
Canara Bank Q4 results live: Dividend update | board recommended Final Dividend of Rs. 4.20 per equity share
- May 11, 2026 13:13
Quarterly results
Canara Bank Q4 results live: Q4 profit declines
Canara Bank’s standalone net profit for the quarter ended March 2026 declined 10% to Rs 4,505.57 crore compared to Rs 5,002.66 crore in the same quarter last year.
In FY26, the PAT stood at Rs 19,186.67 crore compared to Rs 17,026.67 crore in the year-ago period.
Canara Bank board recommended Final Dividend of Rs. 4.20 per equity share
Shares traded at Rs 136,73 on the NSE, up 2%
- May 11, 2026 13:08
Quarterly results
Iris Clothings Q4 results live: Key highlights
Screenshot 2026-05-11 130803.png
- May 11, 2026 12:52
Stock up
Northern Arc Q4 results live: Shares zoom
Northern Arc shares rally 12% after Q4 profit jump
Northern Arc Capital shares rallied 12 per cent to hit their 52-week high on Monday after the non-banking financial company reported a nearly three-fold jump in net profit for the March quarter, driven by strong growth in interest income and improvement in asset quality.
- May 11, 2026 12:36
Quarterly results
D.B.Corp Q4 results live: Q4 profit declines q-o-q
D.B.Corp reported standalone net profit for the quarter ended March 2026 at Rs 62.24 crore compared to Rs 95.4 crore in December 2025 quarter and Rs 52.37 crore in the March 2025 quarter.
Board approved the re-appointment of Sudhir Agarwal as Managing Director of the Company for a term of 5 (five) years with effect from January 1, 2027 to December 31, 2031.
Shares traded at Rs 238 on the NSE, up 2.82%.
- May 11, 2026 12:26
Stock down
Urban Company Q4 results live: Shares tank
Urban Company shares slump 11% after Q4 loss widens on InstaHelp investments
Urban Company shares drop 11% following wider Q4 losses due to investments in InstaHelp, raising concerns among analysts.
Here’s what brokerages say | Read more
- May 11, 2026 11:40
Stock up
Shipping Corporation of India Q4 results live: Shares in focus
Shipping Corporation of India shares hit 52-week high on the NSE at Rs 368.75 in early trade, above the previous close of Rs 339.05. This follows a 118.53 per cent increase in consolidated net profit to Rs 404.60 crore in the March quarter.
- May 11, 2026 11:32
Stock up
Bank of Baroda Q4 results live: Shares up
Bank of Baroda shares rose 2% in early trade to Rs 269.70, following a 11.2 per cent jump in March quarter profit to Rs 5,616 crore.
- May 11, 2026 11:30
Stock up
Bank of India Q4 results live: Shares up
Bank of India shares surged 3% to Rs 144.10 on the NSE at 11.30 am, following an 18.67 per cent rise in its consolidated net profit for the March quarter to Rs 3,087.76 crore.
- May 11, 2026 11:27
Stock down
Swiggy Q4 results live: Shares fall
Swiggy drops as quick-commerce slowdown clouds quarterly results
Swiggy's shares drop 6.8% amid quick-commerce slowdown and competition concerns from rivals like Blinkit and Zepto.
- May 11, 2026 10:58
Stock up
Birla Corporation Q4 results live: Shares gain
Birla Corporation stock traded 5% positive on the NSE at Rs 1,041.80.
Company reported a consolidated net profit of Rs 294.77 crore in the March quarter of 2025-26 on a year-on-year basis compared to Rs 256.6 crore for the January-March period a year ago.
- May 11, 2026 10:39
Stock up
Niva Bupa Q4 results live: Shares zoom after Q4 results
Niva Bupa shares rally over 10% after Q4 profit jump
Niva Bupa shares surge over 10% following a 67% year-on-year profit increase to ₹345 crore in Q4.
- May 11, 2026 10:17
Stock down
Titan Q4 results live: Shares tumble despite Q4 profit beat
Titan shares tumble 8% after PM Modi’s gold purchase remarks overshadow Q4 earnings beat
Titan Company shares fell 8 per cent in early trade on Monday after Prime Minister Narendra Modi urged citizens to avoid non-essential gold purchases for one year to help reduce pressure from forex outflows amid West Asia war, dampening sentiment around jewellery stocks despite Titan reporting a strong rise in fourth-quarter earnings.
- May 11, 2026 10:07
Stock down
SBI Q4 results live: Shares down following Q4 results
SBI shares fall 3% after Q4 miss; Time to sell?
SBI shares drop over 3% after Q4 earnings miss due to margin pressure and treasury losses, impacting investor sentiment.
- May 11, 2026 10:06
Stock down
Urban Company Q4 results live: Shares tank
Urban Company shares fell 10% to Rs 126.02 at 10.04 am, hitting a low of Rs 124.40 from the previous close of Rs 139.67.It posted widening of consolidated loss to Rs 161 crore for March quarter FY26 mainly on account of investment in new service InstaHelp.The company had posted a loss of Rs 2.84 crore in the same period a year ago, as per a regulatory filing.
- May 11, 2026 10:03
Stock market
Stock market live, Q4 results live: Markets drag
At 10 am, Sensex plunged 1056.53 pts or 1.37% to 76,271.66, and Nifty 50 dragged 293.90 pts or 1.22% to 23,882.25.
- May 11, 2026 09:30
Stock market
Stock market live, Q4 results live: Shares of Titan, Tata Consumer, SBI react to Q4 results
Top gainers of Nifty 50:
Tata Consumer (+4.24%), Max Health (+1.38%), Apollo Hospitals (+0.35%), SBI Life (+0.20%)
Top losers: Titan (-6.06%), IndiGO (-2.84%), SBI (-2.80%), Eternal (-2.70%), Shriram Finance (-2.17%)
- May 11, 2026 09:22
Stock market
Stock market live, Q4 results live today: Sensex, Nifty down over 1%
Benchmarks were down over 1%. Sensex traded 890.58 pts or 1.15% lower at 76,437.61 at 9.18 am after closing at 77,328.19 (on Friday), and Nifty 50 fell 263.15 pts or 1.09% to 23,913 from the previous close of 24,176.15.
- May 11, 2026 09:09
Quarterly results
Q4 results live: Brokerages view on Key company's results
BoFA Sec on Pidilite
U-P, TP raised to Rs 1475
Good 4Q. However, business dynamics are changing - need to see how it navigates macro volatility & cost push.
With 40-50% input cost inflation, margin could head to the low-end of guided range, despite two price hikes already taken.
Price elasticity and competition remain other watchouts
Moreover, stock valuation leaves no upside
GS on Pidilite
Buy, TP Rs 1700
Delivered a very strong 4QFY26 with 15% revenue growth entirely driven by underlying volume growth
Management stated that there has been no channel stocking up, & demand trends in month of April have also remained very strong similar to 4QFY26
Growth is a combination of healthy growth in core adhesives portfolio & stronger growth in segments like tile adhesives and waterproofing.
Co facing 40-50% input cost inflation, initiated ~12-13% price increases
CITI on Britannia
Buy, TP cut to Rs 6500
Reported a soft 4Q, with revenue & EBITDA each growing 6%.
Performance was impacted by
(1) West Asia conflict disrupting exports (earlier manufactured in Oman), with a 2–2.5% drag in 4Q
(2) continued dual pricing in market as Parle maintained odd price points (Rs4.5/Rs9) post GST cuts
Co is shifting export manufacturing to Mundra (Gujarat), expected by mid-May; hence, a 2–3% impact could persist in 1Q
Expect pricing distortions to ease as industry players take hikes to offset commodity inflation.
Overall believe pressures should abate in the near term, with growth improving from 2Q
CLSA on Britanna
Hold, TP Rs 5569
Consolidated sales growth of 7.1%, below estimates.
PBT missed estimate by 14% driven by lower sales growth and a lower-than-expected Ebitda margin as investment in brand building continue, with other expenses up 17%.
Volume grew 5.5% YoY as low price-point packs (60%-65% of India business) were under pressure during the quarter in the wholesale and rural channels due to dual pricing.
Also, while first two months of 4QFY26 saw c.9% growth, logistics challenges at BRIT’s unit in Oman had an impact March.
BRIT has taken corrective measures moving production to the plant in Mundhra and expects international business to recover halfway through 1QFY27.
BoFA Sec on Britannia
Neutral, TP cut to Rs 5820
4Q growth/earnings missed, impacted by competitive pressure (dual pricing in LUPs hurt transactions) & overseas supply issue.
BRIT is taking corrective actions, but +ve GST cut narratives haven’t played out (perhaps timing of mgmt. change?).
Cut earnings 3%
Growth is likely to inch up- commodities/competition/execution are watchouts
Macquarie on ABB
Downgrade to U-P from Neutral, TP 5470
1Q results were significantly below estimates with EBITDA /PAT decline of 27%/25% even as sales grew 6%. Margin dropped 580bps YoY.
Margin declined due to slow execution, higher input costs, and adverse revenue mix & forex movement. Margin recovery could take a while.
New orders (+25% YoY) were led by a large order as base orders saw slower 9% growth.
Trim EBITDA margin by 50bps in each of CY26E/CY27E/CY28E & lower PAT 6%/6%/8%
Jefferies on ABB
Downgrade to U-P, TP Rs 5915
ABB restated March Qtr financials to reflect sale of robotics business.
EBIT ex-robotics missed estimates by 29%.
Ex-robotics, EBITDA margins were down 576 bps YoY at 12.8% on weak gross margins as rising commodity costs could not be passed through
Believe industrial capex growth ex Power T&D will continue to be subdued.
Hence margin recovery for ABB to previous highs of 18-19% is unlikely.
BoFA Sec on ABB
U-P, TP Rs 4764
ABB India completed the divestment of its robotics business; ex robotics revenue growth slowed to 6% YoY (4.3% miss on BofAe)
Margins contracted 576bps YoY on raw material cost inflation and revenue mix, while order growth remained strong at 25% YoY
Cut est on margin pressure & robotics segment divestment; valuations remain expensive
CITI on ABB
Sell, TP Rs 5200
EBITDA fell 19%YoY & 16% below comparable estimate on margin miss
Margin miss, which reminds us of YoY contraction seen in JuneQ25, was due to the impact of commodity inflation, INR depreciation, competitive pressures, select price drops & execution slippages on ME conflict impact.
Orders were strong (+25%YoY), though believe same is already priced in
CITI on MGL
Buy, TP Rs 1400
MGL reported 4Q EBITDA at Rs2.6bn (-26% qoq), in line with estimates.
While volumes were slightly ahead (+6% yoy), this was offset by slightly weaker-than-expected margins.
Reported net income at Rs1.3bn (-35% qoq) was also largely in line.
FY26 EPS was Rs86/sh (FY25: Rs105/sh).
MGL declared a final divi. of Rs18/sh (full year divi. of Rs30/sh).
While LNG supply disruptions linked to Middle East tensions continue to pose risks to near-term volumes & margins, recent gov’t policy initiatives remain supportive of longer-term CGD sector growth, keeping us positively inclined on stock
BoFA Sec on MGL
Buy, TP Rs 1330
4Q EBITDA at INR2.6bn missed consensus by 13%; volumes grew +6% YoY, but gas-cost/FX volatility hit margins amid disruptions
Near-term EBITDA margins likely below 4Q on higher blended gas costs (pooled/Brent-linked gas) and INR depreciation
Recent policy changes to aid growth especially in D-PNG and I&C-PNG segments; FY27 capex guided at INR12bn
Jefferies On Mahanagar Gas
Recommendation Underperform; Target ₹1,020, Earlier Target ₹900
EBITDA down 22% year-on-year, 6% below estimates
Margins sharply impacted due to rising gas costs and higher opex
Volume growth slowed to 6% with decline for 3 consecutive quarters
Qatar North Field expansion delayed to late CY2027–early CY2028
FY27E PAT cut by 23% and FY28E PAT cut by 7%
Estimate 17% YoY decline in PAT for FY27
Jefferies on Adani Energy Solutions
Recommendation Buy; Target ₹1,665, Earlier Target ₹900
Growth outlook is reinforced by healthy order book and steady distribution growth
EBITDA delivery is expected to remain robust
Capital structure remains manageable
Downside Risks: Inability to maintain interest rates, Market share loss
Jefferies on Cement Sector
Top picks UltraTech Cement, JK Cement
Cement sector showing early signs of capital discipline
Leading players reducing expansion to address weak capacity utilisation
Capex discipline emerging with Shree cement (Rs 3,000 cr to Rs 1,500 cr) and Ambuja cements (30–35% cut, delay in 140 MTPA)
Shift from volume to profitability focus, sustainability depends on discipline in upcycle
BofA On Escorts Kubota
Recommendation Neutral, Target ₹3,500, Earlier Target ₹3,700
Cycle and costs cap near term upside
Tractor cycle softening warrants a pause near term even as mid-term prospects are promising
Margin drag seems larger than expected
Morgan Stanley On Urban Company
Recommendation Underweight, Target ₹128, Earlier Target ₹120
Q4: Strengthening the moat
Good execution and strong intent to win Instant services market
Biggest takeaway is moats in the business have become even stronger than before
Think battle for the Instant market is now becoming a serious one with strong capital raising by private peers
Think investment could stay elevated for a longer period
- May 11, 2026 09:08
Quarterly results
Tata Consumer Q4 results live:
GS on Tata Consumer
Buy, TP Rs 1450
Strong 4QFY26 beat on revenue growth and margins
India volume growth at 16% continues to be highest among Indian FMCG peers, likely to sustain
Growth segments cross 30% of revenues while growing over 30%
EBITDA margins expand, FY26 guidance of 50-75 bps expansion intact
CLSA on Tata Cons
O-P, TP Rs 1337
4Q sales growth of 18% YoY (16% underlying volume growth for India business), 3% ahead of estimate
Salt saw 13% volume growth YoY (12% revenue) while Sampann accelerated (+69%).
Quick commerce (QC) and ecommerce (21% of India business) grew 62%+ for TCPL in FY26 and remain a key growth driver, especially for growth brands.
Ebitda grew 28% YoY, 1% ahead of estimate
- May 11, 2026 09:08
Quarterly results
Hyundai Q4 results live: Brokerages view
CLSA on Hyundai
O-P, TP cut to Rs 2290
4Q FY26 Ebitda margin of 10.4%, missing estimate by 70bps & down 84bps QoQ.
Margins were dented by a one-off 50-60bps vendor compensation hit, a 40bps impact from labour codes, commodity inflation & an adverse mix (SUV mix -600bps, export mix -500bps).
This was partly offset by lower discounts (1.9% of ASP vs 2.6% in 3Q), operating leverage, a 0.6% price hike and state incentives (~50bps in our view).
HMIL guides 8-10% volume growth in FY27, supported by a capacity ramp-up and two new nameplate launches (a compact e-SUV and a mid-size SUV).
While commodity headwinds persist, management remains confident of sustaining 11-14% Ebitda margin in FY27.
HBSC On Hyundai
Recommendation Buy; Target ₹2,400, Earlier Target ₹2,200
Market share recovery a key growth driver
Announced two FY27 launches – an ICE SUV and an electric SUV – both critical to the company’s success
Hyundai at a cyclical low
Margins, volume recovery from H2FY27
New launches and product stabilization at Pune plant
BofA On Hyundai
Recommendation Neutral, Target ₹2,000
Weak Q4; model launch timelines provide comfort
Recent refreshes as well as new launches should help Hyundai gradually recoup some of the lost share
Model in 10% volume CAGR over the next 2 years for Hyundai
Export momentum tapers on Middle East exposure
- May 11, 2026 09:06
Quarterly results
Lupin Q4 results live: Brokerages on Lupin
Nomura on Lupin
Buy TP Rs 2580
QFY26 sales/EBITDA/PAT recorded strong 33%/68%/89% y-y growth with a 614bp rise in EBITDA margin y-y
Headline numbers on sales/EBITDA/PAT were 8%/6%/26% above estimates
All regions recorded strong double-digit growth.
For FY27E, management has guided for a high-single-digit topline growth with an EBITDA margin of 25%, factoring in new competition expected in its key products such as Mirabegron & Tolvaptan
India formulations: Aspires to grow 1.2-1.3x broader market
US: US revenues can decline in high-single-digit to low-double-digits in FY27E as competition increases in some key products
Other markets: Growth led by Brazil, South Africa and the Philippines
CLSA on Lupin
O-P TP Rs 2690
An all-round beat in 4QFY26, driven by strong US business, higher India profitability and better operating efficiency
Co guided for high-single-digit to low-double-digit revenue growth in FY27 due to expected competition in Mirabegron and Tolvaptan.
Ebitda margin is expected to be 25% due to product mix, increased R&D spend and cost pressures on account of the Iran war.
India business is expected to outperform IPM by 1.2-1.3x, driven by a strong sales force and 80 upcoming product launches
- May 11, 2026 09:05
Quarterly results
Swiggy Q4 results live: Brokerages view
Nomura on Swiggy
Buy TP Rs 473
Strong growth in Food Delivery (FD) business continues
QC – growth moderation reflects staying away from irrational competition
Well-funded to weather the competition in the QC business
At CMP, market is ascribing negative value to QC business, think Swiggy needs to improve its execution toward profitability for stock to do well from here
A key risk is continued intense competition in QC delaying CM breakeven beyond FY27F.
CITI on Swiggy
Buy, TP Rs 415
Swiggy exited Mar’26 with Contribution Margins of -1.1% of GOV (-1.8% in 4Q); guidance on-track to achieve CM +ve in current Q.
NOV growth at 4% QoQ (Eternal: 8% QoQ) was relatively soft.
Food Delivery GOV growth accelerated to 23% YoY & Contribution/Adj EBITDA margins expanded.
Overall, Swiggy reported 8% QoQ decline in Adj EBITDA losses, while free cash flow burn remained steady at Rs8.5bn.
At CMP, QC isn’t in the price, think, with FD at 36x EV/Adj EBITDA (Mar’28).
Competition has been a big headwind for Swiggy’s QC, but key QC metrics continue to steadily improve.
MS on Swiggy
EW, TP Rs 322
Key highlights
1) Slight relative market share gain based on GOV metrics of FD in 4Q,
2) QC growth in F27 likely to see a sharp deceleration,
3) Management maintains break even at contribution margin (CM) level in QC business in 1Q (MSe assumes 2QF27).
Kotak Inst Eqt on Swiggy
Buy, TP Rs 370
Swiggy’s food delivery GOV growth in 4Q came in at 23% yoy & ahead of estimates.
Instamart’s GOV grew 67% yoy but decelerated to flat growth qoq; NOV growth was a tad better at 3.6% qoq.
Instamart’s contribution margin improved from (-)2.5% in 3Q to (-)1.8% in 4Q, though absolute EBITDA loss remained high at Rs8.6 bn
Believe that Instamart may see further growth pressures & a scenario of weak GOV growth, and high absolute losses (CM break-even notwithstanding) may persist
Trim Instamart revenue and EBITDA estimates & ascribe a valuation of Rs69 bn (Rs111 bn earlier) to this business.
- May 11, 2026 09:05
Quarterly results
Bank of Baroda Q4 results live: Brokerages view
CLSA on BOB
O-P, TP Rs 335
4Q PBT in line but had several one-offs including interest on IT refund, employee provision reversals and floating provisions.
Core performance was mixed.
Loan growth picked up to 16.5% YoY & better than that of many banks.
Deposit growth marginally picked up to 12% YoY, while CASA ratio improved slightly QoQ.
While reported NIM improved 10bp QoQ, believe it was driven by interest on IT refund.
Core NIM, would have declined.
Loan yields declined 12bp QoQ due to the Dec 2025 repo rate cut, while cost of deposits hardened by 3bp.
Fee income declined YoY despite healthy loan growth performance.
Management has guided to 2.75-2.95% NIMs in FY27 and expects similar interest on IT refunds through FY27 as well.
CITI on BoB
Buy, TP Rs 340
4Q PAT of Rs56.2bn (RoA: 1.15%) was materially aided by one-offs —IT refund of Rs12.9bn, recoveries from written-off accounts of Rs14.85bn, dividend income of Rs2.9bn, and a Rs2.2bn reversal of retirement benefit provisions.
Reported NIMs expanded 10bps QoQ to 2.89%, though was largely IT-refund-driven; stripping this out, YoAs contracted ~12bps while CoDs crept up 3bps — underscoring persistent core NIM pressure
Bank proactively created Rs15bn of floating provisions as a buffer against global macro headwinds.
Management revised FY27 loan growth guidance upward to 12–14% (vs. 11–13% prior), with NIMs guided at 2.75–2.95% (incl benefit of int on IT refund), credit cost below 60bps, and RoA above 1%.
JPM on BoB
OW TP Rs 335
4QFY26 core operating performance came better vs JPMe with broad-based beats across NIM, recoveries and opex.
NII/PPOP/PAT came 2%/11%/6% above JPMe respectively.
RAM (retail, agri and MSME) segments were the key growth drivers with 5.9%/6.3%/4.2% q/q growth respectively with share rising to 61% of domestic advances (vs 59.8% y/y) with growth focus likely to remain high in this segment for granular as well as NIM accretive growth.
Deposit growth (+12% y/y) lagged loan growth (+16.5% y/y).
However, BOB does not see this as a growth constraint and expects loan growth of 12-14% in FY27 (in line, JPMe 13.5%).
Jefferies on BoB
Hold, TP Rs 295
Q4 profit of Rs56bn, up 11% YoY, was ahead of est and included many non-core gains that were partly used to make floating provisions.
Loans grew by 16% and NII growth of 9% included some interest on tax refund.
Asset quality and core credit costs have been stable.
LDR of 83% and bulk deposit share at 23% of domestic deposit is higher than PSU peers.
Kotak Inst Eqt on BOB
ADD, TP Rs 300
BoB reported 10% yoy earnings growth, although several line items that are usually hard to forecast drove the better-than-expected performance.
NIM increased 10 bps qoq.
Slippages stood at 1%, with management comfortable that the Middle East exposure remains manageable at this stage.
Barring adverse macro-outcomes, management expressed confidence in raising FY2027 growth guidance while maintaining operating ratios unchanged.
BoFA Sec on BoB
Buy, TP Rs 315
PAT beat, driven by strong loan growth, NIM expansion, lower opex, offsetting weaker treasury income and higher credit costs
NIM expansion supported by better investment yields and IT refund income; higher provision led by 43bps of floating provision
Management guided for 12-14% loan growth , NIM at 2.75-2.95%, and credit costs <60 bps, while reiterating RoA of 1%+ for FY27
- May 11, 2026 09:04
Quarterly results
Titan Company Q4 results live: Brokerages view
GS on Titan
Buy, TP Rs 5400
Titan reported domestic jewellery EBIT margin of 11.1% (vs investor expectations ranging from 10.5-11%)
Within domestic jewellery business, Tanishq, Mia, Zoya (TMZ) EBIT margin was 11.3% and Caratlane margin was 8.3%.
Domestic jewellery EBIT growth was very healthy at 41% YoY (TMZ at 41% YoY and Caratlane at 46% YoY).
Titan’s consolidated jewellery EBIT margin was 10%, down 100bps YoY as international business saw losses because of
(1) disruption in store operations in the Middle East, and
(2) consolidation of Damas financials starting 4QFY26.
Management guided that international jewellery business could return to positive margin in 2-3 quarters
Jefferies on Titan
Buy, TP Rs 4800
Jewellery business reported strong revenue growth - while higher gold prices helped, buyer growth rebound was a key positive, along with smart growth in studded.
Jewellery margin continued to slide, but we think is less relevant now.
1HFY27 should continue to benefit from gold price inflation, with a medium-term target of 15-20% CAGR.
Watches also had a strong qtr.
Overall, EBITDA was slightly below due to staff cost provision.
CITI on Titan
Neutral, TP Rs 5075
Standalone jewellery revenue growth (ex-bullion) was strong at 45% YoY (2% above Citi est).
However, jewellery margin contracted by 135bps YoY to 10.5% (vs 11.5% Citi est); Domestic TMZ EBIT margin declined 60bps YoY to 11.3%.
Management highlighted:
(a) standalone margin had impact of Rs800mn for transfer pricing pertaining to sales to international subsidiaries;
(b) likely gained 50-60bps market share in FY26;
(c) led by gold price increase, there was some advancement of wedding purchases.
While near-term growth outlook remains strong, sustained increase in gold prices might have preponed consumer demand and to that extent growth in FY27E will be key to sustaining current valuations
BoFA Sec on Titan
Buy, TP Rs 4830
After a strong 4Q trading update, underlying earnings trajectory was also steady (adjusted jewellery EBIT growth is 35% YoY).
Beyond results, we remain constructive on Titan medium-term; there are many levers to sustain 15-20% revenue/earnings CAGR.
Look forward to upcoming biennial analyst meet on June 4
CLSA on Titan
O-P TP Rs 5249
Standalone sales growth of 78% YoY led largely by ATV increases with buyer growth returning to 8% YoY.
Consolidated jewellery business margin (ex-bullion) came in at 10.5%, 10bps ahead of CLe.
But India jewellery business margin came in at 11.1% with Tanishq, Mia and Zoya brands reporting a strong Ebit margin of 11.3%, especially in context of high gold prices & lower studded share.
Overseas margin was impacted by the Middle East conflict
- May 11, 2026 09:04
Quarterly results
SBI Q4 results live: Brokerages view
JPM on SBI
OW, TP 1225
SBI reported a weaker than expected 4Q with NII (+3.8% y/y, -2% q/q) at Rs 443.8bn moderating vs +9% y/y in 3Q26 and coming 6% below JPM.
SBI recorded a 17bps q/q decline in NIM (whole bank) to 2.81% and an 18bps q/q decline in NIM (domestic) to 2.93%, vs. Street expectations of flattish to marginally lower margins q/q. However, SBI remains confident of NIM recovery in FY27 vs 4Q backed by multiple steps highlighted below.
Asset quality was benign with credit costs (on avg loans) at 24bps (-16bps q/q), although slippages (+3bps q/q) edged up slightly on seasonality.
MS on SBI
EW, TP Rs 980
Focus on call was on sharp NIM decline.
Management expects some recovery in NIM from 4Q level driven largely by loan yield recovery
Assume some recovery, yet cut F27- 28 NIM forecast by >20bp
Trim F27 & F28 EPS forecasts by 4% & 2%
Management guided to FY27 loan growth of 13-15%, assuming no material macro deterioration
CLSA on SBI
O-P TP Rs 1275
Reported a 4% beat on its 4QFY26 PBT driven by lower-than-expected opex and credit costs & a higher recovery from written-off accounts.
However, on top line, it was a weak quarter, with NII missing estimates by 5%.
This was driven by a 17bp sequential compression in NIM, sharper than expected
Calculated loan yields dropped 40bp to 7.5% driven by repo rate cuts, MCLR repricing & an increase in EBLR share.
Apart from NIM, it was a good quarter.
Loan growth of 17% YoY was best in class, while deposit growth picked up from 9% to 11% YoY
CASA ratio was steady YoY at 39%.
Slippages were steady at 0.5%, & credit costs were 0.2%.
Macquarie on SBI
O-P, TP Rs 1150
4Q FY26: Earnings miss driven by weak margins and trading losses
NIM impacted by higher proportion of floating book
Asset quality remains a bright spot
Stock trades at 1.6x FY27E P/BV, which appears comfortable given expected ROEs of 15%.
BoFA Sec on SBI
Buy, TP Rs 1200
PAT growth of 6% YoY led by strong loan growth and lower credit cost offset by NIM compression and lower non‑interest income
NIM contraction led by repo‑linked loan repricing, MCLR resets post rate cuts, and mix shift towards T‑bill‑linked loans
FY27 guidance - 13-15% loan growth, full year NIM >3% , <50 bps credit cost and 1%+ RoA
Bernstein on SBI
Market Perform, TP Rs 1300
SBI delivered a mixed 4Q26
Loan growth accelerated to 17% YoY but NIM saw a sharp 18 bps QoQ decline to 2.93%, steepest compression amongst large banks.
Slippages rose sequentially, though largely seasonal, while headline GNPA improved to 1.49%.
RoA moderated 12 bps QoQ to 1.07%, weighed down by NIM compression & a Treasury MTM loss.
Management retained FY27 guidance of 13–15% credit growth, >3% domestic NIM & 50 bps credit costs
Management reaffirmed its through-cycle commitment to 1%+ RoA & 15%+ RoE
UBS on SBI
Neutral, TP Rs 1080
NII declined QoQ as margins dip 18bp QoQ due to loan pricing cut
Loan growth at c5% QoQ led by Corporates; asset quality stable
Management guides for loan growth of 13-15% for FY27; credit cost of c50bp
Expect bank’s ROA to see downward pressure as treasury gains and credit costs normalize while margin trends remain subdued
Thus estimate ROA of 0.95% over FY27-28E (vs c1.12% in FY26) & believe risk reward at current valuations (1.2x FY27E P/BV) seems fair
Kotak Inst Eqt on SBI
Buy, TP Rs 1250
SBI reported about 5% yoy earnings growth, led by a 55% yoy decline in provisions, while operating profits declined about 10% yoy
Bank reported solid loan growth (~17% yoy), low credit costs (~25 bps) and a NIM decline of 20 bps qoq
Miss against expectations is likely to prompt a near-term pause in its re-rating, with investors awaiting evidence of recovery before rerating bank.
- May 11, 2026 09:03
Quarterly results
Q4 results live: Key results to watch out for the day
Results Today
UPL, Canara Bank, Indian Hotels Company, Abbott India, Corona Remedies, Fractal Analytics, G R Infraprojects, GE Power India, JB Chemicals & Pharmaceuticals, JSW Energy, Mold-Tek Packaging, New India Assurance Company, Nuvama Wealth Management, PNGS Reva Diamond Jewellery, PVR Inox, Satin Creditcare Network, Shyam Metalics and Energy, and Syrma SGS Technology will release their quarterly earnings today.
- May 11, 2026 09:03
Quarterly results
Biocon Q4 results live:
BIOCON LTD Q4FY26 CONCALL HIGHLIGHTS
#Q4FY26
🔹 MANAGEMENT COMMENTARY
* FY26 marked completion of strategic integration into unified biopharma entity
* Integration process completed within 100 days successfully
* Heavy capital investment phase largely concluded
* Focus shifting toward execution, operating leverage and value creation
* Management emphasized disciplined capital allocation approach
* ROCE improvement and deleveraging remained key priorities
🔹 FY27 OUTLOOK
* FY27 performance expected to improve progressively
* Stronger growth anticipated during H2FY27
* Demand visibility remains strong across insulin franchise
* New biosimilar launches expected to drive scale-up
* Quarterly interest cost savings of ₹70–75 Cr expected to continue
* Net debt projected in range of $1.1–1.2 Bn
🔹 INDUSTRY TRENDS
* Biosimilars emerging as major long-term growth opportunity
* Global investments in biosimilars increasing steadily
* New FDA guidelines may reduce biosimilar development timelines
* Phase 3 trial requirements potentially reducing significantly
* Development costs could reduce by nearly 50%
* Geopolitical volatility continues impacting supply chains and logistics
🔹 COMPETITIVE POSITIONING
* Biocon positioned as fully integrated biopharma player
* Strong capabilities in CMC and analytical characterization
* Company uniquely positioned with insulin and peptide portfolio
* US oncology market share maintained at 23–25%
* Strategy focused on profitable growth over aggressive pricing
* Integrated manufacturing scale remains key competitive moat
🔹 RISKS & CONCERNS
* Geopolitical tensions remain major external risk
* Supply chain and logistics disruptions continue globally
* Currency fluctuations may impact debt servicing costs
* Significant debt exposure denominated in US dollars
* Syngene growth impacted by slowdown from large biologics client
* Chinese competition in insulin segment being monitored closely
🔹 GROWTH DRIVERS
* Denosumab biosimilars launch expected to support growth
* Liraglutide launch targeting diabetes and obesity markets
* Eylea biosimilar launch planned during H2FY27
* Business integration expected to unlock operating synergies
* Supply chain efficiencies expected to improve profitability
* Focus shifting toward debottlenecking existing facilities
* Malaysia second manufacturing line qualification underway
🔹 PRODUCT MIX TRENDS
* Biosimilars segment grew 12% during FY26
* Generics business grew 13% on adjusted basis
* Insulin franchise crossed $300 Mn annual sales milestone
* Portfolio shifting toward specialty biosimilars and complex generics
* Ophthalmology and bone health portfolio gaining traction
* Generics margins improved through operating leverage benefits
🔹 FINANCIAL HIGHLIGHTS
* Group operating revenue grew 10% YoY on adjusted basis
* FY26 reported PAT before exceptional items stood at ₹436 Cr
* Consolidated EBITDA margin improved to 22%
* EBITDA margin expanded by 200 bps on like-to-like basis
* Biosimilars segment EBITDA margin remained strong at 26%
* Net debt reduced significantly from $1.5 Bn to $1.1 Bn
* Full ownership of Biocon Biologics achieved after minority buyout
🔹 KEY TAKEAWAYS
* Company transitioning from investment phase to execution phase
* Deleveraging remains major focus area for FY27
* Operating leverage expected to drive profitability improvement
* Strong biosimilar pipeline supports long-term growth visibility
* Insulin and GLP-1 portfolio remain strategic growth drivers
* Management remains highly confident on value creation trajectory
- May 11, 2026 09:02
Quarterly results
Arvind Fashions Q4 results live:
ARVIND FASHIONS LTD Q4FY26 CONCALL HIGHLIGHTS
#Q4FY26
🔹 MANAGEMENT COMMENTARY
* FY26 delivered impressive growth and high-performing business outcomes
* Company achieved landmark 23% ROCE during FY26
* Growth remained broad-based across all channels
* D2C engine continued compounding strongly
* Management maintained focus on profitable growth
* AI-led digital transformation remained strategic priority
🔹 FY27 OUTLOOK
* Management guided for mid double-digit revenue growth
* EBITDA margin expected to expand by 30–40 bps
* Like-for-Like growth target set at 7–8%
* Around 1.5 lakh sq ft retail expansion planned
* Demand environment currently remains stable
* Consumption slowdown risks from inflation being monitored
🔹 INDUSTRY TRENDS
* Premiumization trend continued across apparel categories
* Online B2C market showing signs of stabilization
* Fiscal measures supporting domestic consumption
* Inflationary pressures remain medium-term concern
* West Asia situation being monitored for input cost impact
🔹 COMPETITIVE POSITIONING
* Company positioned strongly across major apparel categories
* D2C-focused strategy differentiating business model
* Brand-owned apps and websites gaining strategic importance
* Flying Machine targeting Gen Z denim opportunity aggressively
* Arrow repositioned toward modern professional workwear market
🔹 RISKS & CONCERNS
* Cotton price volatility remains key risk factor
* Forex fluctuations may impact profitability
* Geopolitical disruptions affecting supply chain visibility
* Bangladesh shipment disruptions caused earlier delays
* GST changes temporarily impacted premium brands segment
🔹 GROWTH DRIVERS
* Portfolio diversification remained major growth pillar
* Brand building investments continued aggressively
* D2C share targeted to reach 65% over time
* AI and analytics investments expected to improve efficiency
* Nimble supply chain strategy supporting profitability
* Footwear and innerwear categories driving incremental growth
🔹 PRODUCT MIX TRENDS
* Non-menswear categories contributed 24% of business
* Footwear and innerwear categories grew 25% in FY26
* USPA remained strongest-performing brand
* Flying Machine B2C business grew around 70%
* Arrow portfolio being simplified strategically
* Premium categories continued gaining share
🔹 FINANCIAL HIGHLIGHTS
* Q4 revenue grew 14.8% to ₹1,365 Cr
* Q4 EBITDA increased 19% to ₹189 Cr
* Full-year PAT grew 62% on comparable basis
* D2C contribution reached around 56% of sales
* Debt increased temporarily due to Flipkart transaction
* Inventory days increased due to D2C mix and early buying
🔹 KEY TAKEAWAYS
* Company successfully transitioning toward D2C-first model
* Structural profitability trajectory remains strong
* Premiumization strategy supporting sustainable growth
* AI transformation expected to drive long-term efficiencies
* Supply chain resilience initiatives improving operational stability
* Management remains highly confident despite macro uncertainties
- May 11, 2026 09:02
Quarterly results
Cholamandalam Investment Q4 results live:
CHOLAMANDALAM INVESTMENT & FINANCE COMPANY Q4FY26 CONCALL HIGHLIGHTS
#Q4FY26
🔹 MANAGEMENT COMMENTARY
* FY26 remained a transitional year
* Crop insurance business loss impacted growth
* Leadership transition announced from June 2026
* Focus remained on operational efficiency
* Motor underwriting correction became priority
🔹 FY27 OUTLOOK
* Crop insurance recovery expected gradually
* Motor pricing correction already implemented
* Medium-term ROE target above 15%
* Combined ratio expected to improve steadily
* Non-crop business growth outlook remains positive
🔹 INDUSTRY TRENDS
* EOM glide path implementation completed
* Motor TP pricing remained unchanged for years
* Inflation increased motor claims severity
* Market volatility impacted investment gains
* IFRS transition scheduled from FY28
🔹 COMPETITIVE POSITIONING
* Maintained strong position in motor insurance
* Cost efficiency remained industry-leading
* Conservative reserving policy continued
* Car and CV segments gaining strategic focus
* Lean operating structure remained differentiator
🔹 RISKS & CONCERNS
* Claims ratio increased significantly in FY26
* Competitive intensity impacted motor pricing
* MTM losses affected investment portfolio
* Lack of TP premium hike remains concern
* Crop tender uncertainty continued
🔹 GROWTH DRIVERS
* Upcoming crop tenders may support recovery
* “Chola exe” digital platform launching soon
* Renewal ratio initiatives gaining traction
* Exposure to two-wheelers being reduced
* Focus increasing on profitable motor segments
🔹 PRODUCT MIX TRENDS
* Cars contributed 49%+ of portfolio
* CV segment contributed 40%+
* Two-wheeler exposure reduced sharply
* OD market share improved steadily
* Long-term premium reserves increased significantly
🔹 FINANCIAL HIGHLIGHTS
* FY26 GDPI stood at ₹7,762 Cr
* Gross Written Premium reached ₹8,948 Cr
* PBT stood at ₹454 Cr
* Combined Ratio stood at 115.2%
* Solvency Ratio remained at 1.96x
* ROE stood at 10.4%
🔹 KEY TAKEAWAYS
* Company focusing on underwriting profitability
* Motor pricing correction remains key positive
* Crop insurance recovery may improve growth
* IFRS transition could aid profitability materially
* Strong solvency provides balance sheet comfort
- May 11, 2026 09:01
Quarterly results
Titan Q4 results live: Commentary
TITAN COMPANY LTD Q4FY26 CONCALL HIGHLIGHTS
#Q4FY26
🔹 MANAGEMENT COMMENTARY
* Jewellery business showed strong resilience
* Wedding demand remained highly robust
* Studded jewellery demand stayed strong
* Lightweight jewellery gained traction
* Damas integration progressing smoothly
🔹 FY27 OUTLOOK
* Double-digit growth outlook maintained
* Jewellery EBIT margin guided at 11–12%
* 150–200 store additions planned
* Wedding season demand remains healthy
* Middle East situation monitored closely
🔹 INDUSTRY TRENDS
* Gold volatility driving formalization
* Organized players gaining market share
* Demand shifting toward lightweight jewellery
* Premium luxury demand remains healthy
* Labor code impacting industry costs
🔹 COMPETITIVE POSITIONING
* Multi-brand strategy strengthening reach
* International jewellery presence expanding
* Brand equity supporting pricing power
* Mia and CaratLane gaining traction
* Premium analogue watch demand improving
🔹 RISKS & CONCERNS
* Gold price volatility remains key risk
* Gulf geopolitical tensions impacting sentiment
* Labor code increased operating costs
* Smartwatch category remained weak
* Margin pressure from Damas consolidation
🔹 GROWTH DRIVERS
* Damas acquisition boosting global presence
* Taneira expansion continuing aggressively
* Women’s bags business scaling steadily
* 18-carat jewellery gaining acceptance
* International expansion accelerating
🔹 PRODUCT MIX TRENDS
* Gold coin demand remained strong
* Studded jewellery sales improved
* Premium analogue watches growing faster
* EyeCare segment grew strongly
* Entry-level daily wear demand rising
🔹 FINANCIAL HIGHLIGHTS
* Revenue: ₹27,105 Cr (+80% YoY)
* EBITDA: ₹2,122 Cr (+28% YoY)
* PAT: ₹1,179 Cr (+35% YoY)
* EBITDA Margin: 7.83%
* Dividend declared: ₹15/share
🔹 KEY TAKEAWAYS
* Jewellery segment remained key growth driver
* Damas acquisition transforming global scale
* Organized jewellery shift accelerating
* Margin pressure remains near-term monitorable
* Expansion strategy remains highly aggressive
- May 11, 2026 09:01
Quarterly results
Q4 results live:
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Published on May 11, 2026
English (US) ·