Q4 Results 28th Apr Highlights: AWL Agri, Eternal and Leela Palaces post Q4 profit rise; Maruti Suzuki, REC, Dalmia Bharat see decline
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Q4 Results Today, April 28, 2026, Highlights: Find all the latest Q4 results 2026 updates of Apt Packaging Ltd, Artson Ltd, AWL Agri Business Ltd, Bandhan Bank Ltd, Brigade Hotel Ventures Ltd, Canara HSBC Life Insurance Company Ltd, Castrol India Ltd and more.
UltraTech, Coal India, ATGL, AU SFB, SBI Cards, Nippon Life AMC, TMB, CUB, Canara Robeco in focus
Stay tuned for more updates from businessline
Q4 RESULTS TODAY: QUICK TAKE | HIGHLIGHTS | STOCKS IN ACTION
AWL Agri Business: Standalone net profit of ₹268.01 crore, up 70.7 per cent y-o-y from ₹157 crore.
Eternal: reported a standalone Q4FY26 net profit of ₹705 crore, up 22 per cent y-o-y from ₹575 crore.
Maruti Suzuki: Standalone Q4FY26 profit of ₹3,590.5 crore, down 7 per cent y-o-y from ₹3,857.3 crore.
Coal India, ATGL, Websol Energy, Fabtech, Piramal Finance and NAM-India shares react positively, UltraTech, SBI Cards and Canara Robeco shares down, Bajaj Housing dips
Stay tuned for more Q4 updatesFILTERS UPDATESALLquarterly results stock market stock up stock down April 28, 2026 20:18The live blog is now closed. April 28, 2026 20:11Canara HSBC Life Q4 results live: Net profit rises 9% to Rs 35 cr
Canara HSBC Life Insurance Company on Tuesday reported a nearly 9 per cent rise in net profit to Rs 35 crore for the fourth quarter ended March 2026.
The insurer had clocked a net profit of Rs 32 crore in the year-ago period.
However, the total income of the firm promoted by Canara Bank declined to Rs 1,268 crore from Rs 2,759 crore in Q4 FY25, Canara HSBC Life Insurance said in a regulatory filing to the stock exchanges.
The company collected a net premium of Rs 3,061 crore in the quarter against Rs 2,703 crore a year ago. – PTI
April 28, 2026 18:36Leela Hotels Q4 results live: Net profit up 46% at ₹171 crore Leela Hotels reports a 46% net profit increase in Q4 FY 2026,
Revenue from operations grew 12% to ₹484 crore as the hotel chain benefitted from 15% growth in rates and increase in food and beverage revenue
April 28, 2026 18:21Greenply Q4 net profit surges 86.7% to Rs 31 cr; revenue up 19.6 pc
Greenply Industries Ltd, one of the leading players in the plywood and MDF industry, on Tuesday reported an 86.7 per cent jump in its consolidated net profit to Rs 31 crore for the March quarter of FY26.
The company had posted a profit of Rs 16.6 crore in the January-March quarter a year ago, according to a regulatory filing by Greenply.
Its revenue from operations rose 19.64 per cent to Rs 776.24 crore in the March quarter of FY26. It was Rs 648.77 crore in the year-ago period. – PTI
April 28, 2026 17:44Aimtron's revenue nearly doubles in FY26 as design-led manufacturing gains traction Aimtron's revenue nearly doubles in FY26 as design-led manufacturing gains traction
EBITDA margin for the full year came in at 22.6%, a modest compression the company linked to early-stage investments in newly established international and manufacturing subsidiaries
April 28, 2026 17:25Castrol India profit rises 4% to Rs 242 crore in Jan-Mar ch
Lubricant maker Castrol India on Tuesday reported a 4 per cent growth in its profit after tax at Rs 242 crore in the January-March quarter of 2026 compared to the same period last year.
The company delivered a profit after tax (PAT) of Rs 233 crore in the first quarter of the calendar year 2025.
Castrol India follows the calendar year for financial reporting.
The revenue for the quarter under review rose 9 per cent to Rs 1,545 crore from Rs 1,422 crore in the January-March period of CY2025. – PTI
April 28, 2026 17:04Sapphire Foods Q4 loss at Rs 12.62 cr
Sapphire Foods India, a franchisee operator for YUM Brands' QSR chains KFC and Pizza Hut, on Tuesday reported a consolidated loss of Rs 12.62 crore in the March quarter of FY'26, on a year-on-year basis, due to exceptional items.
The company posted a consolidated net profit of Rs 2.02 crore in the January-March quarter a year ago, according to a regulatory filing by Sapphire Foods India, which earlier this year announced plans to merge with rival QSR Chain Devyani International.
For the quarter under review, Sapphire Foods reported an exceptional item (net loss) of Rs 12.8 crore in the March quarter, mainly due to the implementation of new Labour Codes and impairment losses. – PTI
April 28, 2026 17:00Rallis Q4 Results: Net up 47% at Rs 184 cr on higher revenues
Rallis FY26 net up 47% at ₹184 cr on higher revenues
Rallis India reports a 47% net profit rise in FY26, driven by revenue growth amid mixed demand across crops.
April 28, 2026 16:44REC Q4 results live: net profit drops 22% to Rs 3,375 cr
Public sector infrastructure finance company REC Ltd on Tuesday posted a 22 per cent fall in consolidated net profit at Rs 3,375.08 crore during the quarter ended March 2026, mainly on account of lower interest income.
It registered a net profit of Rs 4,309.98 crore in the year-ago period, the company said in an exchange filing.
During the latest fourth quarter, the company's total income reduced to Rs 14,583.39 crore from Rs 15,348.37 crore in the same period of the preceding 2024-25 financial year.
The company's interest income, which includes interest income on loan assets, came down to Rs 14,119.11 crore in the quarter under review from Rs 14,947.26 crore in Q4 FY25.
The company's expenses were higher at Rs 10,168.85 crore during January-March FY26, as against Rs 9,858.48 crore in the year-ago quarter. – PTI
April 28, 2026 16:31 Quarterly results Fedbank Financial Services Q4 results live:
Fedbank Financial Services reported net profit for the quarter ended March 2026 at Rs 15.36 crore compared to Rs 9.29 crore in the same quarter last year.
In FY26, the PAT stood at Rs 15.02 crore compared to Rs 41.59 crore in the same quarter last year.
April 28, 2026 16:10 Quarterly results Greenply Industries Q4 results live: Q4 profit declines
Greenply Industries reported standalone net profit for the quarter ended March 2026 at Rs 18.85 crore compared to Rs 24.95 crore in the same quarter last year.
In FY26, the PAT stood at Rs 73.59 crore compared to Rs 105.07 crore in the year-ago period.
April 28, 2026 16:04 Quarterly results AWL Agri Business Q4 results live:
Key Highlights FY26 revenue achieved ₹ 74,731 Crore
Highest-ever quarterly revenue of ₹ 21,465 Crore
FY26 Operating EBITDA stood at ₹ 2,343 Crore
Edible Oil business recorded a volume growth of 17% YoY in Q4 FY26
Record revenue milestones across various channels: o Alternate Channel revenues in FY26 crossed ₹ 5,200 Crore, a growth of 47% YoY
o HoReCa channel revenues in FY26 crossed ₹ 750 Crore, a growth of 40% YoY
o Branded exports revenues in FY26 crossed ₹ 450 Crore, a growth of 70% YoY
April 28, 2026 16:02 Quarterly results AWL Agri Business Q4 results live: Q4 profit soars
AWL Agri Business reported standalone net profit Rs 268.01 crore, higher by 70.7% y-o-y from Rs 157 crore in the same quarter last year.
In FY26, PAT stood at Rs 981.60 crore compared to Rs 1,215.63 crore in the same quarter last year.
Board recommended final dividend of Rs 1 per share.
April 28, 2026 15:56 Quarterly results Bandhan Bank Q4 results live: Q4 profit up y-o-y
Bandhan Bank reported net profit for the quarter ended March 2026 at Rs 534.14 crore compared to Rs 317.90 crore in the same quarter last year.
In FY26, the PAT stood at Rs 1223.56 crore compared to Rs 2745.29 crore in the same quarter last year.
Board recommended dividend of Rs 1.50 per share.
Board also approved the appointment of Mr. Sujoy Roy as the National Collection Head for all lending products of the Bank, with effect from April 28, 2026.
April 28, 2026 15:53 Quarterly results Motherson Sumi Wiring India Q4 results live:
Motherson Sumi Wiring India reported net profit for the quarter ended March 2026 at Rs 167.30 crore compared to Rs 164.93 crore in the same quarter last year.
In FY26, the PAT stood at Rs 625.18 crore compared to Rs 605.86 crore in the year-ago period.
Board recommended final dividend of Rs 0.58 per share.
April 28, 2026 15:40 Quarterly results Maruti Suzuki Q4 results live: Q4 profit falls Maruti Suzuki Q4 net profit falls 6.45% to ₹3,659 cr
The country's largest carmaker Maruti Suzuki India (MSI) on Tuesday reported a 6.45 per cent decline in its consolidated net profit to Rs 3,659 crore for the fourth quarter ended March 31, 2026, due to mark-to-market impact.
April 28, 2026 15:38 Stock market Stock market live updates, Q4 results live: Sensex, Nifty end lower
Sensex settled 416.72 pts or 0.54% lower at 76,886.91, and Nifty 50 was down 97 pts or 0.4% to 23,995.70.
April 28, 2026 15:31 Quarterly results REC Ltd Q4 results live: Q4 profit declines
REC reported standalone net profit for the quarter ended March 2026 at Rs 3,362.30 crore compared to Rs 4,236.20 crore in the same quarter last year.
Board recommended final dividend of Rs 1.55 per share.
April 28, 2026 15:27 Quarterly results Eternal Q4 results live: Q4 profit up
Eternal reported standalone net profit for the quarter ended March 2026 at Rs 705 crore ( up 22% y-o-y) compared to Rs 575 crore in the same quarter last year.
In FY26, the PAT stood at Rs 2,655 crore compared to Rs 1,960 crore in the same quarter last year.
Eternal limited has informed the exchange about asset transfer agreement entered between the Company and Wasteland Entertainment Private Limited, wholly owned subsidiary.
April 28, 2026 15:00 Quarterly results Maruti Suzuki Q4 results live: Highlights
Maruti Suzuki recorded its highest-ever quarterly sales of 676,209 units, up 11.8% from Q4 FY2024-25. Domestic sales were at 538,994 units and exports at an all-time high of 137,215 units. During this period, the Company achieved record Net Sales of INR 500,787 million, compared to INR 388,391 million in Q4 FY2024-25. Operating Profit (EBIT) for Q4 FY2025-26 increased by 30.4% over Q4 FY2024-25, reaching an all-time high of INR 44,092 million. Net Profit declined by 6.9% year-on-year to INR 35,905 million, primarily due to mark-to-market impact.
April 28, 2026 14:58 Quarterly results Maruti Suzuki Q4 results live: Highlights
This performance was made possible because of steep growth in the domestic market in the second half of the year owing to the GST reduction. The Company sales were restricted by a limitation in the production capacity as evidenced by about 190,000 pending customer orders at year end, including nearly 130,000 orders in the small car segment (18% GST bracket). In addition, the dealer inventory was at a low of about 12 days' stock.
April 28, 2026 14:58 Quarterly results Maruti Suzuki Q4 results live: Dividend update
Maruti Suzuki board recommended Final Dividend of Rs. 140 per equity share
April 28, 2026 14:55 Quarterly results Mahindra Lifespace Developers Q4 results live: Q4 profit up
Mahindra Lifespace Developers reported standalone net profit for the quarter ended March 2026 at Rs 29.56 crore compared to Rs 27.96 crore in the same quarter last year.
In FY26, the profit rose to Rs 72.10 crore compared to Rs 51.35 crore in the same quarter last year.
Shares surged over 4% to Rs 340.70 on the NSE.
Board recommended Final Dividend of Rs. 3.5 per equity share
April 28, 2026 14:52 Quarterly results Maruti Suzuki India Q4 results live: Q4 profit dips
Maruti Suzuki India reported a standalone profit for the quarter ended March 2026 at Rs 3590.5 crore (down 7% y-o-y) compared to Rs 3857.3 crore in the same quarter last year.
In FY26, the PAT stood at Rs 14,445.4 crore compared to Rs 14,297.6 crore in the same quarter last year.
Shares were down 2% to Rs 12,980 on the NSE.
April 28, 2026 14:28 Quarterly results Dalmia Bharat Q4 results live: Q4 profit declines y-o-y
Dalmia Bharat reported standalone net profit for the quarter ended March 2026 at Rs 73 crore compared to Rs 77 crore for the same quarter last year.
Board recommended final dividend of Rs 5 per share.
Shares traded at Rs 1,948.30 on the NSE, down 1%.
April 28, 2026 14:24 Quarterly results Dhanlaxmi Bank Q4 results live: Shares rally
Dhanlaxmi Bank reported net profit for the quarter ended March 2026 at Rs 43.49 crore compared to Rs 28.98 crore in the same quarter last year.
Shares traded 17% higher at Rs 32.70 on the NSE.
April 28, 2026 14:16 Quarterly results Leela Palaces Q4 results live:
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April 28, 2026 14:14 Quarterly results Leela Palaces Q4 results live:
Leela Palaces Hotels & Resorts Limited (NSE: THELEELA), India's only listed pure-play luxury hospitality company, today announced its financial and operational results for the quarter and financial year ending March 31, 2026. FY26 marks a defining year of record performance, with the Company delivering its highestever revenue, profitability, and margins; significantly outpacing industry growth. Commenting on the results, Mr. Anuraag Bhatnagar, Whole-time Director and Chief Executive Officer, said, "FY26 has been a landmark year for The Leela. We delivered a strong, broad-based performance led by double-digit RevPAR growth, driving a 19% EBITDA growth and our highest ever PAT of ₹4,030 million. Our RevPAR outperformance at ~2.3 times of the luxury segment# continues to deliver market share gains, underscoring our pricing power. As demand continues to significantly outpace supply in the luxury segment, we have strategically expanded our portfolio and pipeline across key destinations including Mumbai BKC, Dubai, Jaisalmer, and Coorg. With a strong balance sheet and Net Debt to EBITDA at 1.6 times, we are well positioned to scale and capitalize on the next phase of luxury demand growth."
April 28, 2026 14:09 Quarterly results Sapphire Foods India Q4 results live: Standalone loss widens
Sapphire Foods India reported standalone net loss for the quarter ended March 2026 at Rs 16.8 crore compared to Rs 3.6 corre loss in the same quarter last year.
Shares down 1% on the NSE to Rs 174.10.
April 28, 2026 13:37 Quarterly results IFCI Q4 results live: Q4 profit falls y-o-y
IFCI posted standalone net profit for the quarter ended March 2026 at Rs 21.36 crore, down from Rs 272.54 crore in the same quarter last year.
In FY26, the PAT stood at Rs 51.71 crore compared to Rs 43.80 crore in the year-ago period.
Shares were down 3% to Rs 59.56 on the NSE.
April 28, 2026 13:29 Quarterly results Leela Palaces Hotels & Resorts Q4 results live: Q4 profit jumps
Leela Palaces Hotels & Resorts' standalone net profit for the quarter ended March 2026 stood at Rs 91.2 crore compared to Rs 36 crore in the same quarter last year.
In FY26, the PAT was recorded at Rs 275.79 crore compared to Rs 34.23 crore in the same quarter last year.
Board approved the investment of funds in BPBKC Properties Private Limited ("BPBKC"), a Company incorporated in India, and execution of documents in relation thereto
Shares traded at Rs 414.45 on the NSE, down nearly 3%.
April 28, 2026 13:24 Quarterly results Castrol India Q1 results live:
Castrol India reported profit after tax for the quarter ended March 2026 at Rs 242.18 crore compared to Rs 233.46 crore in the same quarter last year.
Shares flat at Rs 183.46 on the NSE.
April 28, 2026 12:56 Stock up Rallis India Q4 results live: Shares in focus
Rallis India stock traded flat on the NSE at Rs 263 after soaring to a high of Rs 283 from the previous close fo Rs 261.27.
Company narrowed its losses to Rs 15 crore during the quarter ending March 31, 2026.
April 28, 2026 12:50 Stock down Phoenix Mills Q4 results live: Shares erase early gains
Phoenix Mills stock erased early gains and traded 2% lower at Rs 1,763.50, after soaring to a high of Rs 1,832.90 from the previous close of Rs 1,799.70.
Company posted standalone net profit for the quarter ended March 2026 at Rs 54.79 crore compared to Rs 51.56 crore in the same quarter last year.
In FY26, the PAT stood at Rs 270.67 crore, down from Rs 337.29 crore in the year-ago period.
Board recommended final dividend of Rs 2.50 per share.
April 28, 2026 12:42 Quarterly results Vardhman Special Steels Q4 results live: Q4 profit up, shares jump
Vardhman Special Steels' net profit for the quarter ended March 2026 was Rs 33.97 crore compared to Rs 19.73 crore in the same quarter last year.
Board recommended dividend of Rs 3.5 per share.
Shares jump 6% on the NSE to Rs 289.
April 28, 2026 12:38 Stock up Piramal Finance Q4 results live: Shares jump following Q4 results
Piramal Finance jumps over 12% on Q4 profit surge, brokerages see improving outlook
Piramal Finance shares soar 12.5% after Q4 profit surge; brokerages predict strong growth and improved margins ahead.
CHECK THIS OUT
April 28, 2026 12:34 Stock down SBI Cards Q4 results live: Shares down despite Q4 profit surge
SBI Cards and Payment Services stock traded 2% lower on the NSE at Rs 656.25 at 12.32 pm, moderating between Rs 651.30 – 669.60.
Company reported net profit for the quarter ended March 2026 at Rs 609.30 crore compared to Rs 556.64 crore in the same quarter last year.
April 28, 2026 12:28 Stock up NAM-India Q4 results live: Shares hit 52-week high in early trade
NAM-India stock hits 52-week high on strong Q4 earnings
NAM-India stock soars to a 52-week high after reporting a 29% year-on-year profit increase for Q4 earnings.
READ MORE
April 28, 2026 12:02 Stock down Bajaj Housing Finance Q4 results live: Shares in focus Bajaj Housing Finance dips despite steady Q4 earnings, outlook remains positive
Bajaj Housing Finance shares dip despite steady Q4 earnings; positive outlook persists amid near-term net interest margin pressures.
CLICK TO READ BROKERAGES VIEW
April 28, 2026 11:16 Stock up AU Small Finance Bank Q4 results live: Shares erase early gains
AU Small Finance Bank shares traded flat on the NSE at Rs 1,034.55 at 11.14 am, after a positive opening at Rs 1,062.90 from the previous close of Rs 1,043.
The Bank posted a 65 per cent year-on-year surge in net profit to ₹832 crore for the January-March quarter of FY26.
April 28, 2026 11:08 Stock up ATGL Q4 results live: Shares in focus
Adani Total Gas traded at Rs 647.05 on the NSE at 11.06 am, after soaring nearly 8% in early trade to Rs 684.90 from the previous close of Rs 635.60.
Company reported an 8.4 per cent year-on-year rise in consolidated net profit for the March quarter of FY26 at 168 crore.
April 28, 2026 11:04 Stock market Stock market live, Q4 results live today: Markets marginally flat
Sensex was up 104.27 pts or 0.13% to 77,407.90 at 11 am, Nifty 50 inched up 63.20 pts or 0.26% to 24,155.90.
April 28, 2026 10:51 Stock down Canara Robeco Asset Management Company Q4 results live: Shares down
Canara Robeco Asset Management Company shares traded 4% lower at Rs 269.30 on the NSE at 10.49 am.
Company posted profit after tax for the quarter ended March 2026 at Rs 41.36 crore compared to Rs 41.72 crore in the same quarter last year.
In FY26, the PAT stood at Rs 203.80 crore compared to Rs 190.70 crore in the year-ago period.
Board recommended final dividend of Rs 2.50 per share.
April 28, 2026 10:40UltraTech Cement Q4 results live: Shares pare early gains
UltraTech Cement shares declined to Rs 11,844 at 10.40 am after opening 2% positive at Rs 12,282 on the NSE from the previous close of Rs 12,010.
Company's net profit in the March quarter was up 20 per cent at ₹2,983 crore against ₹2,482 crore logged in the same period last year.
April 28, 2026 10:18 Quarterly results Fabtech Technologies Q4 results live: KEY HIGHLIGHTS
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April 28, 2026 10:14 Stock up Fabtech Technologies Q4 results live: Shares jump
Fabtech Technologies reported consolidated net profit for the quarter ended March 2026 at Rs 22.05 crore compared to Rs 15.09 crore in the same quarter last year.
Board recommended final dividend of Rs 0.60 per share; and authorised for opening of Step-Down Subsidiary of the Company in the Sultanate of Oman.
Shares traded 7% higher on the NSE at Rs 174.
April 28, 2026 10:07 Stock up Websol Energy Q4 results live: Shares at upper circuit
Websol Energy System shares traded 5% higher at the circuit of Rs 122.20.
The solar energy pioneer, announced a PAT of Rs. 125 crore for Q4FY26 as compared to Rs. 48 crore in Q4FY25, a jump of 157.9%. Revenue for the quarter stood at Rs. 401 crore, as against Rs. 173 crore during the same quarter of last fiscal, a rise of 132.1%. EBITDA margin for Q4FY26 stood at 36.4%.
April 28, 2026 10:05 Stock up City Union Bank Q4 results live: Shares surge
City Union Bank shares traded 5% higher at Rs 285.09, hitting a high of Rs 293.51 from the previous close of Rs 271.21. It reported net profit of ₹360 crore for the quarter ended March 2026 (Q4FY26), a 25 per cent growth compared to ₹288 crore in Q4FY25. Net interest income came in at ₹786 crore, a 31 per cent jump YoY.
April 28, 2026 09:57 Quarterly results InfoBeans Technologies Q4 results live: Q4 profit, dividend update
InfoBeans Technologies reported standalone net profit for the quarter ended March 2026 at Rs 19.25 crore compared to Rs 12.89 crore in the same quarter last year. In FY26, the PAT stood at Rs 67.07 crore compared to Rs 46.97 crore in the year-ago period.
Board recommended final dividend of Rs 0.50 per share.
Shares traded 4% higher at Rs 192.75 on the NSE.
April 28, 2026 09:54 Stock up Coal India Q4 results live: Shares soar over 4% in early trade following Q4
Coal India shares soar over 4% after Q4 earnings beat
Coal India shares rise over 4% after strong Q4 earnings, driven by a significant profit increase and positive brokerage ratings.
Here's what brokerages say | READ
April 28, 2026 09:18 Stock market Stock market live updates, Q4 results live: Markets dip
Sensex fell 169.17 pts or 0.22% to 77,134.46 at 9.16 am after lower opening at 77,094.79 from the previous close of 77,303.63. Nifty 50 dipped by 48.40 pts or 0.2% to 24,044.30 after a flat opening at 24,049.90 from the previous close of 24,092.70.
April 28, 2026 09:15 Quarterly results Coal India Q4 results live: Brokerages view
Jefferies on Coal India
Buy, TP Rs 500
COAL's Mar-Q cash EBITDA grew 8% YoY, 14% above JEFe, mainly led by better FSA ASP and e-auction volumes.
An intense summer and weak rainfall are likely to boost power demand and thereby COAL's volumes in FY27.
Higher global coal prices should lift e-auction prices too.
After 12% EPS fall over FY24-26, expect COAL's earnings trajectory to improve with 5% CAGR over FY26-28.
Its 9.3x FY27E PE and 6% div-yield are attractive
HSBC on Coal India
Hold, TP Rs 440
Earnings beat expectations in 4QFY26 on higher other income; restatement makes y/y and q/q comparisons difficult
Inventory increased 40MT q/q, even as power plant inventory remains elevated
Employee costs declined y/y, which is a positive
Elevated inventories put a cap on E-auction premiums
Potential large cost increase ahead if diesel prices are increased
Lacking earnings catalysts given oversupplied domestic coal markets. but dividend yield supports stock price
April 28, 2026 09:15 Quarterly results Adani Energy Q4 results live: Jefferies view
Jefferies on Adani Energy
Buy, TP Raised to Rs 1,665 from Rs1,170
Lower FY27E-28E EBITDA by 5-6% to factor some execution delays on transmission, which led to a miss on March Qtr estimates.
Management, based on won projects and bid pipeline, is confident of Rs153 bn FY26 capitalisation rising to Rs200-220 bn run-rate in FY27E & further
ramping up in FY28E-30E
April 28, 2026 09:14 Quarterly results AU Small Finance Q4 results live: Brokerages view
Nomura on AU Small Fin BK
Neutral, TP Rs 975
4QFY26: All moving parts align in a seasonally strong quarter
Margin expansion & easing credit costs drive 1.8% ROA
Strong growth momentum; profitability to improve gradually
Asset quality shapes up well across segments in a seasonally strong quarter
Trades at 2.8x FY28F BVPS, which believe adequately captures positives.
UBS on AU Small Fin BK
Neutral, TP Rs 1150
Strong quarter; Asset Quality/NIMs improve sharply
4Q: PAT beat driven by higher NII and lower provisions
Business growth healthy, margins expanded 26bp QoQ
Management reiterates RoA guidance of 1.8%; credit cost to trend lower
Jefferies on AU Small Fin BK
Buy, TP Rs 1250
AU Bank's Mar-Qtr profit of Rs8.3bn, up 65% YoY, was ahead of est., aided by significantly lower credit costs.
AUM grew 21% YoY, aided by strong momentum in wheels & commercial bk.
NIMs rose 24bps QoQ but may fall in coming quarters as banks raised peak deposit rates by 15-25bps.
Transition to Universal Bank is a key opportunity to aid growth and lift ROA.
See ROA rising to 1.7% in FY27E
CITI on AU Small Fin BK
Buy, TP Rs 1225
4Q PAT surging 65% YoY/25% QoQ to register RoA of 1.8% — decisively ahead of expectations.
NIMs expanded a robust 24bps QoQ to 5.96%, decomposed as: 12bps CoF tailwind, 7bps day-count benefit, and 6bps from lower slippage drag.
Notwithstanding a Rs210mn contingency provision, credit cost sustained its normalization trajectory, compressing sharply to 0.84% (vs 1.11% in 3Q), underpinned by unsecured as well as secured segments.
Mgmt reiterated confidence in sustaining 1.8% RoA on a full-year basis in FY27 (vs 1.6% in FY26), anchored by resilient growth momentum and an intensified efficiency drive.
April 28, 2026 09:14 Quarterly results SBI Cards Q4 results live: Highlights | Brokerages view
HSBC on SBI Cards
Reduce, TP cut to Rs 500
Slower growth and pressure on nearly all core operating metrics underscored SBICARD's 4QFY26 performance
Cut EPS estimates by 1.0/9.4% for 27/28e, respectively, cutting growth and revenue estimates
Value SBICARD at 2.3x FY28e BVPS
Jefferies on SBI Cards
Hold, TP Rs 700
SBI Cards' March Q adj PAT fell 2% YoY to Rs5.2bn, well below our Rs6.0bn est, led by weaker NII & fee-income growth
Net slippages fell 50bps QoQ and credit cost was in line, despite building overlay provision, but receivables growth disappointed & revolver mix fell QoQ
Credit cost should ease further as card stress abates, but portfolio de-risking should cap asset growth & weigh on revolver mix, curbing earnings & returns
Cut FY27- 28E EPS by 4-6%
UBS on SBI Cards
Neutral, TP cut to Rs 780
Muted growth; Asset quality improves sequentially Q4
Miss overall; Credit cost declines but growth remains subdued
Q4 spends grew 31% YoY while receivables were up c2.0% YoY
Management expect loan growth to lag spends growth even in FY27
Stock trades at 3.5x March 2027 P/BV/21.5x PE which appears fair with no immediate catalysts
JPM on SBI Cards
UW, TP Rs 625
Continued to deliver AQ improvement in 4Q as well
Net slippages declined to 5.95% (vs 7.93% in 3Q) and write-offs declined to 7.7% of receivables (vs 8.4% in 3Q) with Gross Stage-3 improving q/q to 2.4% (vs 2.9% in 3Q)
Despite long awaited decline in credit costs, continue to see downside risks to earnings from
(i) potential NIM contraction on deteriorating loan mix (lower revolver and EMIs) & risk of higher funding costs from here with rate cuts largely behind
(ii) subdued receivable growth in FY27 post muted 2% growth in FY26
(iii) elevated opex on costs related to potential acceleration of new card acquisition in FY27
STK still trades at FY27/28E PER (x) of 22.6/19.3, implying limited valuation support
April 28, 2026 09:13 Quarterly results Q4 results live: Highlights | Piramal Finance
Nomura on Piramal Fin
Buy, TP Rs 2150
Cleaning up and scaling up well
25% loan growth guidance for FY27E
ROAUM guidance of 2.5% by 4Q27E & >3% by FY28E
4Q26: Reduction of legacy book, one-off gains with slight beat on NII
Multiple levers for margin expansion: unsecured loans, gold loans, cost of fund
Stock currently trades at 1.4x one year fwd.
Jefferies on Piramal Fin
Hold. TP Rs 1940
Piramal's March Q adj. loss was Rs10.9bn vs Rs4.8bn PAT est. as it utilised one-off gains to make large provn towards legacy assets
Reported PAT was Rs5bn. AUM grew in-line; NIM expanded.
Growth business AQ was steady.
Piramal's profit & returns should improve over FY26-28e on retail AUM growth, lower CoF post rating upgrade & improving opex ratio.
However, at 1.4x FY27e BV, upside seems capped as expect subdued ROA/ROE of 2.1%/10% by FY28e.
April 28, 2026 09:13 Quarterly results Q4 results live: UltraTech Cement | Brokerages view
Goldman Sachs on Ultratech Cement
Maintain Buy; Target price ₹13,230 (vs ₹13,640 earlier)
Strong Q4 with EBITDA/t at ₹1,167 vs estimates
Volume growth at 9% YoY
India cement volumes up 18% YoY
Realizations improved ~3% QoQ
Strong cost control driving sequential EBITDA/t expansion
Brand integration of India Cements and Kesoram completed
Near-term margins impacted by higher energy costs
Long-term outlook strong with capacity expansion and efficiency
EBITDA CAGR of ~14% expected over next 2 years
CLSA on Ultratech
High Conviction O-P, TP 14000
Delivered strong 4Q with volume up 9% YoY and Ebitda/tonne of Rs1,192, both beating est.
While an extended Middle East conflict could weigh on profitability in near term, sustained cost efficiency leaves UTCEM better positioned to absorb such
Expect capacity-led volume growth & margin improvement to drive mid-to-high-teen Ebitda growth over medium term
Jefferies on Ultratech
Buy, TP Rs 14050
UTCEM ended FY26 on a strong note, with Mar-qtr EBITDA up 21% YoY, driving FY26 EBITDA growth of 36% YoY
FY26 also saw 14% vol growth, with over half of planned savings delivered
Co announced a record 85% + div payout as a special dividend, alongside crossing the 200MTPA capacity milestone
FY27 will be tougher yr amid cost headwinds, though company may still target YoY EBITDA/T growth via price hikes and cost
Savings
HSBC on Ultratech
Buy, TP Rs 14200
UTCEM reported a beat on EBITDA and PAT driven by strong volume growth, and lower costs
Special dividends (Rs 240/sh) a positive; UTCEM's capex intensity should drop sharply over FY27-29
Increase FY28-29 EBITDA est 2.4%/4.6%
April 28, 2026 09:12 Quarterly results Q4 results live: HIGHLIGHTS
AFTER MARKET HOURS🕞27-04-2026
ECO Recycling(397) 30DH/L 461/225
ConPBT:11.04 vs 4.23 vs 6.27 cr.
PAT:7.14 VS 2.05 VS 2.2 Cr
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Rossari Bio(Fv2)505 30D H/L 525/373
ConPBT:64.24 vs 42.5 vs 47.7 cr.
PAT:45.97 VS 32.77 VS 34.44 Cr
——————————————–
Websol Energy(Fv1)116.49 30DH/L 116.49/64
ConPBT:125 vs 84 vs 66 cr
PAT:124.5 VS 64.98 VS 48.27 Cr
——————————————
AGI Green(Fv2)565 30DH/L 589/465
ConPBT:152.6 vs 94.46 vs 126 cr.
PAT:115.38 VS 71.45 VS 96.61 Cr
—————————————–
The Phoenix mills(Fv2)1800 30DH/L 1835/1466
ConPAT:485.4 VS 366.16 VS 347.7 Cr
—————————————
COAL INDIA(453) 30D H/L 465/427
ConPAT:10908 VS 7166 VS 9740 Cr
—————————————
Kotyark Ind(427) 30D H/L 449/341
ConPBT:13.58 vs 4.11 vs 0.45 cr.
PAT:9.38 VS 3.16 VS 1.51 Cr
April 28, 2026 09:11 Quarterly results Q4 results live: HIGHLIGHTS
EQUITY PREVIEW:
* Adani Total Gas (ATGL): 4Q Net Income INR1.68B vs. 1.55 b y/y. (1)
* Apollo Hospitals (APHS): Says NCLT Division Bench – II, Chennai approves proposed scheme of arrangement
* AU Small Finance (AUBANK): 4Q Net Income +65% Y/y to INR8.32b (1)
* Bajaj Housing Finance (BAJAJHFL): 4Q Net Income +14% Y/y to 6.69B Rupees (1)
* Central Bank of India (CBOI): To mull FY27 fund raising plan on April 30, via FPO, rights issue, QIP or bonds
* City Union Bank (CUBK): 4Q Net Income +25% Y/y to INR3.6b, Meets Estimates
* Jindal Saw (JSAW): To set up another plant in Saudi Arabia via Jv.
* McLeod Russel India (MCLR): Approves sle of assets of some proposed tea estates
* Mahindra Holidays (MHRL): Buys Coffee Plantation Firm for $4 Million
* Nippon Life India AM (NAM): 4Q Net Income +29% Y/y to INR3.85b, Beats Estimates
* Oil & Natural Gas Corp (ONGC): Unit ONGC Petro additions says parent ONGC approves Jv. in the ratio of 50:25:25 by ONGC, MRPL, OPaL
* Phoenix Mills (PHNX): 4Q Net Income Beats Estimates
* Piramal Finance (PIRMALF): 4Q Net Income 6.03B Rupees Vs. 638.9M Rupees Y/y
* Power Grid Corp (PWGR): To consider fundraising on April 30
* Punjab & Sind Bank (PJSB): 4Q Net Income +35% Y/y to 4.22B Rupees
* Railtel Corp. (RAILTEL): Gets INR1.45b order from Eastern Coalfields
* Rallis India (RALI): 4Q Net Loss 150M Rupees, Est. Loss 282.3M Rupees
* Supreme Industries (SI): 4Q Net Income +48% Y/y to INR4.34b, Beats Estimates
* Surya Roshni (SYR): Gets INR178.9m export order from USA
* Tamilnad Mercantile (TMB): 4Q Net Income +28% Y/y to 3.74B Rupees; to pay INR12.5/shr as dividend
* UltraTech Cement (UTCEM): 4Q Net Income +20% Y/y to INR29.8b, Beats Estimates
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Published on April 28, 2026
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