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The company has geographically diversified asset base with term loans outstanding across 23 states and 4 union territories across renewable segment. Q4FY26 performance: IREDA delivered mixed Q4FY26 performance, sustaining AUM growth at ~22% YoY (6% QoQ) to 93,069 crore, driven by continued disbursement momentum across renewable energy segment. NII grew 18.5% YoY (3.2% QoQ) to 897 crore, supported by balance sheet expansion and lower cost of borrowings at 7.05% (vs 7.61% in FY25). NIM improved to 3.65% (-9bps/38 bps QoQ/YoY). PAT declined 1.8% YoY to 493 crore owing to elevated provisioning of...
About the stock: Ashok Leyland (ALL) is a pure-play CV manufacturer domestically, with FY26 market share pegged at 18.7% (flattish YoY). It is present in M&HCV trucks and buses as well as LCV goods segments. It also has formidable...
IRCTC delivered a strong Q4FY26 performance with revenue growing 15% YoY to INR 1,460cr, driven by healthy traction across catering, tourism and internet ticketing businesses. FY26 revenue reached an all-time high of INR 5,215cr, up 11.5% YoY, reflecting resilient passenger demand, strong digital adoption and operational efficiency. However, Q4 profitability remained lower as PAT declined to INR 447cr due to exceptional items including higher CSR provisioning, expected credit loss provisions and absence of legacy income booked in Q4FY25. EBITDA margin for Q4 stood at 27.3%. Catering revenue grew sharply by 27% YoY in Q4 supported by rising...
Launched Mphasis Tria platform with aim to scale subscription/ARR rev. mix to 20-30% Maintain operating margins while improving gross margins We attended MPHL investor day, the company is shifting its operating model from traditional services to a combination of subscription/ARR +implementation + managed service model. The new operating model revenue mix is in low-single-digit that it aims to scale to 20-30% in the medium term. With those efforts, the company launched Mphasis Tria, its new enterprise AI platform to capture institutional memories and...
Ashok Leyland’s (AL) 4QFY26 PAT at INR14b was in line with our estimate. EBITDA margin fell 40bp YoY to 14.6% due to high commodity costs, though still in line with our expectations.
Bharat Dynamics’ (BDL) results were weaker than our estimates, with execution impacted by delays in the supply of radars, seekers, and other components for Akash and Astra Mk1 missiles from external vendors.
Company has announced an additional accelerated capex of ~Rs20bn towards setting up a large power transformer facility in Vadodara, taking the cumulative announced capex to ~Rs40bn almost doubling transformer capacity Exports contributed ~25% to total ex-HVDC revenue, while...
We attended the analyst meet of Hitachi Energy India and came out enthused by the strong and structural growth opportunities the company can capture. Hitachi energy is gearing well for the future with a strong portfolio of products and solutions. Hitachi Energy posted a strong set of financials for Q4FY26 with EBITDA and PAT beating consensus estimates by ~6%. The management highlighted 5 growth drivers for the long term namely 1) Data Centres 2) Mobility driven electrification 3) 900 GW of non-fossil power by FY36 4) BESS 5) Transmission of 900 GW of non-fossil power. Hitachi Energy has the complete...
Profitability under pressure: Q4FY26 revenue grew 6% YoY, but EBITDA margin declined to 4.0% Execution visibility intact with Order book at Rs993bn (~4.9x revenue), valuation limits upside Rail Vikas Nigam (RVNL) reported a weak Q4FY26 performance, with modest revenue growth of 6% YoY offset by a sharp decline in profitability as EBITDA margin contracted to 4.0% (vs 6.0% YoY and 4.7% QoQ). As per RVNL, Margin pressure was driven by nonrecurring factors: an onerous contract provision, JV reconciliation adjustments. Management expects underlying profitability to improve in FY27E versus the reported...
Hitachi Energy’s results came in ahead of our expectations for 4QFY26, led by a beat on both revenue and profitability. For FY26, revenue/EBITDA/PAT grew by 28%/111%/203% YoY.
Management guided 1517% piping volume growth on steady plumbing demand and favourable PVC pricing; overall volume growth at 1213% with EBITDA margins sustained at 1414.5%. We cut FY27E EPS by 13.3% factoring in the non-recurrence of Q4FY26 inventory gains, near-term PVC volatility amid input inflation, and higher depreciation from...
EBITDA fell 33.7% YoY to Rs. 221cr, and the EBITDA margin contracted 240bps YoY to 4.6%, due to increase in cost of materials. Rep. PAT declined 51.9% YoY to Rs. 113cr, due to lower operating profitability, especially in cooling, along with inflation and currency-related margin pressure. The company delivered marginal growth driven by its leadership in cooling products, portfolio refresh with AI-powered innovations and strengthened brand positioning through refreshed marketing. Management remains focused on premiumisation, deeper localisation at manufacturing facilities, expanded distribution and intelligent...
HPCL delivered a steady performance, driven by strong refining throughput, disciplined cost management under the Samriddhi programme, and improved operational efficiency across its marketing network. Looking ahead, the commissioning of the residue upgradation facility and stabilisation of the Barmer refinery are expected to enhance product yields and margin resilience. The management's focus on digital transformation, real-time optimisation tools and AI-...
