Anand Rathi Broker Research reports

Poonawalla Fincorp’s PPoP surged by ~109% y/y to ~Rs6.9bn in Q4FY26 on the back of a strong 70% y/y AUM growth, higher NIM and improved operating efficiency.

With ~6% y/y volume growth (best in 12 quarters and ahead of street estimate of 4-5%), HUL validated the volume-recovery trend in the industry, supported by GST rate cut and measures pivoted by its new CEO Priya Nair.

Consolidated EBITDA grew by 53% y/y to Rs5.93bn in Q4FY26 (vs. our estimate of Rs5.58bn), led by effective control of opex. Whilst the demand outlook for OEM, export and replacement volume (standalone) appears to
be healthy, price hike could affect demand, going forward.

Acquisition of Hobel Bellows positions Unimech to move up the value chain from precision-machined parts to integrated engineered assemblies and sub-systems across diversified sectors.

The bank received Rs4.56bn as interest on tax refund in Q4FY26 and created an equivalent floating provisioning, while Rs1.15bn provisioning reversal led to lower tax outgo; adjusting for these one-offs, core operating trends remain intact.

Indian Bank delivered steady performance for another quarter, with RoA/RoE coming in at 1.3/15.9%, broadly in-line with expectation. Asset quality remained healthy, with gross/net slippages at 89/51bps, indicating continued normalisation across segments.

Eternal reported a steady performance in Q4FY26 with B2C NOV growing by ~54% y/y, largely led by ~95% y/y growth in Blinkit (~8.2% q/q, broadly in line with our estimate) and strong ~18.8% y/y growth in FD (vs.
expectation of ~16-18%).

City Union Bank delivered a strong performance in Q4FY26, with balance sheet growth sustaining above system (loans up 26.5% y/y and deposits up 23.3% y/y), stable NIM and healthy asset quality (net slippages
~30bps).

SBI Cards and Payment Services’ (SBICARD) spends grew by strong 31% y/y and 1% q/q in Q4FY26, while gross receivables growth was muted at 2% y/y.

Asset quality improved both q/q & y/y with gross/net slippages declining to 1.63%/0.69% closing the gap with peers on this metric. Loan growth accelerated to 18.5% y/y (vs 14.2% in Q3), ~250bps ahead of system and peers (Kotak/ICICI/HDFC).

DCB reported a strong performance in Q4FY26 with balance sheet growth remaining above system (deposits up 20.9% y/y and loans up 17.6% y/y), NIM up 12bps q/q, along with a sharp q/q and y/y improvement in asset quality.

Driven by a healthy NII growth of 13% y/y, 4% q/q (higher than estimates), MMFS saw a PPoP growth of 38% y/y.

Persistent posted robust results for another quarter with 3.4% q/q cc revenue growth to $436mn aided by a healthy order book (LTM TCV up 14.4% y/y) along with continued large-account mining and resilient growth across major client buckets, with all customer buckets growing at roughly 19% to 21% y/y in FY26.

Notwithstanding macro and geopolitical headwinds, Mastek reported an in-line performance in Q4FY26, with CC revenue growing by 0.3% q/q to $103.5m and a robust 13.6% y/y growth in 12m order backlog.

4Q was relatively better for HDFC Bank with deposit growth accelerating to 14.4% y/y (vs. 11.6% in Q3), 406bps q/q improvement in LDR, +3bps q/q NIM expansion, and improved asset quality both on q/q and y/y basis.

The company reported revenue of  15,170 million for the quarter ended March 2026, marking an 19.5% year-on-year increase from 12,692 million in the same quarter last year and on a QoQ basis the company’s revenue remained flat (a growth of 0.2%).

Unlike several industries that rely heavily on global suppliers for chemicals, HCP sources most chemicals domestically for captive use. Chemicals/allied agents i.e., Sodium Isopropyl Xanthate, Somfroth and Flocculants are largely procured locally, which limits direct exposure to global trade flows.

UPL has unveiled a strategic three-phase restructuring of its operations to establish a pure-play listed crop protection company by consolidating its global and domestic franchises.

KPIL reported ~Rs57.8bn revenue in Q3FY26 (vs. our estimate of ~Rs56.6bn), led by strong momentum in T&D, B&F, Oil & Gas and Urban Infra.

MM Forgings (MMFL) reported Rs716m EBITDA in Q3FY26 (down 2% y/y), broadly in-line with our estimate of Rs709m.