HDFC Life – Q4 FY26 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Miss / Beat |
|---|---|---|---|---|---|
| Total APE | ₹5,254 Cr | ▲ 1.3% | ₹5,186 Cr | ₹5,329 Cr | ▼ Miss |
| Value of New Business (VNB) | ₹1,261 Cr | ▼ 8.4% | ₹1,376 Cr | ₹1,269 Cr | ▼ Slight Miss |
| VNB Margin | 24% | ▼ from 26.50% | 26.50% | 23.85% | ▲ Beat |
Verdict
HDFC Life delivered a mixed Q4 FY26 performance. APE growth remained modest, while VNB declined YoY, indicating softer new business profitability. However, VNB margin beat estimates, suggesting a better product mix despite yearly compression. Overall, performance reflects stable growth but margin trend remains a key monitorable ahead.
Wipro – Q4 FY26 Earnings Highlights
| Metric | Actual | QoQ Change | QoQ Base | Estimate | Verdict |
|---|---|---|---|---|---|
| Revenue (₹) | ₹24,017 Cr | ▲ 2.73% | ₹23,378 Cr | ₹24,343 Cr | Miss |
| Revenue ($) | $2,651 Mn | ▲ 0.6% | $2,635.4 Mn | $2,666 Mn | Miss |
| IT EBIT | ₹4,155 Cr | ▲ 1.0% | ₹4,115 Cr | ₹4,158 Cr | In-line |
| EBIT Margin | 17.3% | ▼ vs 17.6% | — | 17.1% | Beat |
Verdict
Wipro delivered modest sequential growth in Q4 FY26 with revenue slightly below expectations, reflecting continued demand softness in the IT services environment. However, margin performance surprised positively, indicating strong cost discipline. Overall, results were mixed — weak topline but stable profitability, suggesting cautious near-term outlook with margin resilience as a key support factor.
HDFC AMC – Q4 FY26 Earnings Highlights
Price: ₹2,662 | M.Cap: ₹1,14,027 Cr | PE: 39.9
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,050 Cr | ▲ 17% | ₹901 Cr | ▼ 2% | ₹1,074 Cr |
| EBITDA | ₹846 Cr | ▲ 16% | ₹731 Cr | ▼ 4% | ₹877 Cr |
| Net Profit | ₹623 Cr | ▼ 2% | ₹639 Cr | ▼ 19% | ₹770 Cr |
| EPS | ₹14.55 | ▼ 3% | ₹14.94 | ▼ 19% | ₹17.98 |
Verdict
HDFC AMC delivered healthy year-on-year growth in revenue and EBITDA, reflecting continued strength in asset management flows and franchise positioning. However, the sharp quarter-on-quarter decline in net profit and EPS indicates market-linked income volatility and normalization after a strong previous quarter. Overall, the structural long-term outlook remains positive supported by steady AUM growth, strong brand positioning, and operating efficiency.
Alok Industries – Q4 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹983 Cr | ▲ 3% | ₹953 Cr | ▲ 15% | ₹858 Cr |
| EBITDA | ₹3.51 Cr | ▲ 115% | -₹23.2 Cr | ▲ 4,288% | ₹0.08 Cr |
| Net Profit | -₹193 Cr | ▼ 14% | -₹74.5 Cr | ▲ 11% | -₹218 Cr |
| EPS | ₹-0.39 | ▼ 160% | ₹-0.15 | ▲ 11% | ₹-0.44 |
| Exceptional Items* | ₹0.04 Cr | – | ₹94.1 Cr | – | – |
Verdict
Alok Industries delivered early signs of operational recovery in Q4 FY26, with EBITDA turning positive and strong sequential improvement in losses. Revenue also showed steady growth both year-on-year and quarter-on-quarter. However, net losses widened on a YoY basis and profitability remains under pressure. The company continues to be in a turnaround phase, where sustained margin expansion and consistent revenue acceleration will be key triggers for future rerating.
*Exceptional items excluded for YoY comparison impact.
Angel One – Q4 FY26 Earnings Highlights
Price: ₹293 | Market Cap: ₹26,662 Cr | PE Ratio: 29.1
| Metric | Mar 2026 | YoY Change | Mar 2025 | QoQ Change | Dec 2025 |
|---|---|---|---|---|---|
| Sales | ₹1,459 Cr | ▲ 38% | ₹1,056 Cr | ▲ 9% | ₹1,335 Cr |
| EBITDA | ₹599 Cr | ▲ 75% | ₹343 Cr | ▲ 13% | ₹529 Cr |
| Net Profit | ₹320 Cr | ▲ 84% | ₹175 Cr | ▲ 19% | ₹269 Cr |
| EPS | ₹3.52 | ▲ 82% | ₹1.93 | ▲ 19% | ₹2.96 |
Verdict
Angel One delivered a strong Q4 FY26 performance with robust year-on-year growth across revenue, EBITDA, net profit, and EPS, supported by improving operating leverage and rising retail market participation. The quarter also saw healthy sequential improvement in margins and profitability, indicating sustained business momentum. Overall, earnings visibility remains strong; however, valuations at ~29x PE suggest a portion of the growth trajectory is already priced in.
Waaree Renewable Technologies – Q4 FY26 Earnings Highlights
Price: ₹1,060 Market Cap: ₹11,063 Cr PE: 23.1×
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,102 Cr | ▲ 131% | ₹477 Cr | ▲ 29% | ₹851 Cr |
| EBITDA | ₹207 Cr | ▲ 64% | ₹126 Cr | ▲ 30% | ₹159 Cr |
| Net Profit | ₹156 Cr | ▲ 61% | ₹93.8 Cr | ▲ 30% | ₹120 Cr |
| EPS | ₹14.93 | ▲ 66% | ₹9.00 | ▲ 30% | ₹11.52 |
Note: Exceptional item of ₹-4.02 Cr in Mar-2025 ignored for YoY comparison.
Verdict
Waaree Renewable Technologies delivered exceptionally strong year-on-year growth along with robust sequential momentum, reflecting aggressive project execution and favorable sector tailwinds from rising solar EPC demand. If order inflows remain strong, earnings visibility stays healthy and the current valuation at 23.1× PE appears growth-supportive rather than stretched.
VST Industries – Q4 FY26 Earnings Highlights
Price: ₹242 | Market Cap: ₹4,110 Cr | PE: 14.1
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹457 Cr | ▲ 31% | ₹349 Cr | ▲ 23% | ₹373 Cr |
| EBITDA | ₹208 Cr | ▲ 200% | ₹69.5 Cr | ▲ 142% | ₹85.9 Cr |
| Net Profit | ₹117 Cr | ▲ 120% | ₹53.0 Cr | ▲ 94% | ₹60.2 Cr |
| EPS | ₹6.87 | ▲ 120% | ₹3.12 | ▲ 94% | ₹3.55 |
Verdict
VST Industries delivered an exceptionally strong Q4 FY26 performance with robust growth across sales, EBITDA, net profit, and EPS on both YoY and QoQ basis. The sharp 200% surge in EBITDA indicates significant margin expansion, while strong profit growth reflects improved operational efficiency. With the stock trading at a moderate PE of 14.1, valuations remain reasonable if the current earnings momentum sustains in the coming quarters.
