ICICI Lombard – Q4 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹6,825 Cr | ▲ 13% | ₹6,051 Cr | ▼ 1% | ₹6,905 Cr |
| EBITDA | ₹686 Cr | ▲ 13% | ₹609 Cr | ▼ 20% | ₹854 Cr |
| Net Profit | ₹718 Cr | ▲ 41% | ₹510 Cr | ▲ 9% | ₹659 Cr |
| EPS | ₹14.41 | ▲ 40% | ₹10.28 | ▲ 9% | ₹13.23 |
Verdict
ICICI Lombard delivered a strong year-on-year performance with robust growth in profit and EPS, reflecting improved underwriting discipline and profitability. However, sequential softness in sales and EBITDA indicates some margin normalization during the quarter. Overall, earnings quality remains healthy with profit growth momentum intact, supporting a stable outlook for the insurance business.
HDB Financial Services – Mar FY26 Earnings Highlights
Price: ₹644 | M.Cap: ₹53,463 Cr | P/E: 21.0×
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹4,745 Cr | ▲ 11% | ₹4,266 Cr | ▲ 1.5% | ₹4,674 Cr |
| EBIDT | ₹2,748 Cr | ▲ 14% | ₹2,408 Cr | ▲ 5.0% | ₹2,616 Cr |
| Net Profit | ₹751 Cr | ▲ 41% | ₹531 Cr | ▲ 16.6% | ₹644 Cr |
| EPS | ₹9.04 | ▲ 36% | ₹6.67 | ▲ 16.5% | ₹7.76 |
Verdict
HDB Financial Services delivered a strong profitability-led quarter, with sharp year-on-year growth in net profit and steady improvement across operating metrics. Sequential momentum remained positive across all parameters, indicating stable credit performance and margin expansion. At ~21× P/E, valuations appear reasonable for a steadily scaling NBFC with improving earnings visibility.
Elecon Engineering – Q4 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹746 Cr | ▼ 7% | ₹798 Cr | ▲ 35% | ₹552 Cr |
| EBITDA | ₹158 Cr | ▼ 19% | ₹195 Cr | ▲ 45% | ₹109 Cr |
| Net Profit | ₹6.0 Cr | ▼ 96% | ₹146 Cr | ▼ 92% | ₹72 Cr |
| EPS | ₹0.27 | ▼ 96% | ₹6.53 | ▼ 92% | ₹3.21 |
| Exceptional Item | ₹-102 Cr | Major impact on profitability (Mar 2026) | |||
Verdict
Elecon Engineering reported weak YoY performance with declines across sales and EBITDA, while net profit collapsed sharply due to a large exceptional loss of ₹102 Cr.
However, QoQ operating performance improved strongly, with healthy recovery in revenue and EBITDA, indicating underlying business momentum remains stable. The sharp PAT drop is largely exceptional-led rather than operational weakness, which investors should monitor in coming quarters for normalization.
Reliance Industrial Infrastructure – Q4 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Revenue | ₹8.43 Cr | ▼ 33% | ₹12.49 Cr | ▼ 32% | Not Disclosed |
| EBITDA Margin | -14.83% | ▲ Improved | -28.34% | ▲ Improved | -19.17% |
| PBT | ₹3.70 Cr | ▲ 45% | ₹2.55 Cr | ▲ 9% | Not Disclosed |
| Net Profit (PAT) | ₹3.22 Cr | ▲ 1% | ₹3.20 Cr | ▲ 7% | Not Disclosed |
| Other Income | ₹5.29 Cr | ▼ 18% | ₹6.45 Cr | ▼ 14% | Not Disclosed |
Verdict
Reliance Industrial Infrastructure reported a weak operational quarter with revenue declining sharply both YoY and QoQ 📉. However, EBITDA margin losses narrowed significantly, indicating cost control improvement. Profitability remained largely stable, supported by other income, resulting in modest growth in PBT and PAT. Overall, the quarter reflects weak core business performance but stable bottom-line cushioning from non-operating income.
GTPL Hathway – Q4 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Revenue | ₹923.84 Cr | ▲ 3.69% | ₹890.99 Cr | ▼ 0.94% | ₹932.60 Cr |
| EBITDA Margin | 8.71% | ▼ 3.24% | 11.95% | ▼ 3.45% | 12.16% |
| PAT | ₹-13.93 Cr | ▼ Loss vs ₹10.84 Cr | ₹10.84 Cr | ▼ Loss vs ₹11.56 Cr | ₹11.56 Cr |
| PAT (After Minority Interest) | ₹-15.02 Cr | ▼ Loss vs ₹10.64 Cr | ₹10.64 Cr | ▼ Loss vs ₹11.01 Cr | ₹11.01 Cr |
| Other Income | ₹10.58 Cr | ▲ 33.25% | ₹7.94 Cr | ▲ 90.97% | ₹5.54 Cr |
Verdict 🧾
GTPL Hathway reported modest revenue growth in Q4 FY26 📊, but profitability weakened sharply due to a steep decline in EBITDA margins. The company slipped into losses at both PAT and PAT (after minority interest) levels on a YoY and QoQ basis, reflecting pressure on core operating performance despite higher other income. Overall, the quarter indicates margin stress and earnings deterioration, making recovery in profitability a key monitorable going ahead ⚠️.
Tejas Networks Ltd – Q4 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Revenue | ₹332.69 Cr | ▼ 82.55% | ₹1906.94 Cr | ▲ 8.44% | ₹306.79 Cr |
| EBITDA Margin | -35.53% | ▼ vs 6.37% | 6.37% | ▲ vs -43.76% | -43.76% |
| Net Profit (PAT) | -₹211.34 Cr | ▼ vs Loss ₹71.80 Cr | -₹71.80 Cr | ▼ vs Loss ₹196.55 Cr | -₹196.55 Cr |
Verdict
Tejas Networks reported a sharp year-on-year decline in revenue with deepening losses, indicating weak execution momentum compared to last year’s high base. However, sequential improvement in revenue and EBITDA margin suggests early signs of operational stabilization, though profitability remains under pressure. Investors will likely track order execution visibility and margin recovery in upcoming quarters closely.
