Q1 Earnings Snapshot 2026 – Winners, Surprises & Misses Revealed!

Verdict

MRPL reported a strong turnaround in Q1 FY27, with revenue surging 120.4% YoY to ₹38,254 crore, supported by significantly higher refining throughput and improved realizations. EBITDA jumped over six-fold to ₹1,318 crore from ₹180 crore in the year-ago quarter, while net profit recovered sharply to ₹946 crore compared with a loss of ₹271 crore a year earlier. Sequentially, however, operating performance moderated as EBITDA declined 26.0% QoQ and EBITDA margin softened to 3.45% from 7.44%, reflecting weaker refining margins during the quarter. The company also reported exceptional items of ₹472 crore, which have been excluded from the YoY growth calculations. Overall, the quarter highlights a meaningful recovery in profitability and operating performance despite softer sequential margins. With the stock trading at a P/E of 9.9, valuations remain attractive, although the sustainability of gross refining margins (GRMs) and earnings momentum will continue to be the key monitorables for investors.

Emmvee Photovoltaic Ltd delivered another strong quarter on a year-on-year basis, with revenue rising ▲ 51.4% to ₹1,556 crore and net profit surging ▲ 102.1% to ₹380 crore. EBITDA also increased ▲ 56.6%, reflecting healthy operating performance and sustained demand across its solar manufacturing business. Although revenue, EBITDA, net profit, and EPS witnessed a modest sequential decline, the company continues to maintain robust profitability and strong execution, reinforcing its positive long-term growth outlook.

Network18 Media & Investments delivered healthy year-on-year revenue growth of 10.3%, while EBITDA nearly doubled from the low base of the previous year. However, operating margins remained weak at 1.5%, and profitability continued to deteriorate with the company reporting a wider net loss both sequentially and compared to the same quarter last year. Despite the improvement in revenue, margin contraction and sustained losses indicate that earnings recovery remains a key challenge.

Reliance Industrial Infrastructure Ltd reported a weak Q1 FY27 performance. Revenue declined sharply by ▼31% YoY, while EBITDA losses widened compared with both the previous quarter and the year-ago period, reflecting weaker operating performance. Net profit and EPS also declined by around ▼8% YoY. Despite remaining profitable, the company continues to face pressure on its core operations, and investors may look for improvement in revenue growth and operating margins over the coming quarters.

Verdict

Angel One delivered a strong year-on-year performance in Q1 FY27, with revenue rising ▲ 25.3%, EBITDA growing ▲ 76.4%, and net profit more than doubling ▲ 102.6%, supported by a significant expansion in operating margins compared to the year-ago period. However, sequential performance softened, with revenue declining ▼ 2.0%, EBITDA falling ▼ 19.0%, and net profit dropping ▼ 27.8% from the March quarter, reflecting moderation in profitability despite maintaining healthy long-term growth momentum.

Verdict

Jana Small Finance Bank delivered a strong Q1 FY27 performance with healthy growth across revenue, EBITDA, net profit, and EPS. Revenue increased 22.1% YoY while EBITDA rose 34.4% YoY, resulting in margin expansion. Net profit jumped 52.0% YoY, reflecting improved operating efficiency and profitability. Asset quality remained robust, with both GNPA and NNPA declining sequentially and on a year-on-year basis, highlighting disciplined underwriting and effective credit management. Overall, the quarter demonstrates solid business momentum, improving profitability, and a stronger balance sheet.

Verdict

Himadri Speciality Chemical delivered another strong quarter, reporting robust double-digit growth in revenue, EBITDA, net profit, and EPS. Revenue increased 28.0% YoY, supported by healthy demand across key product segments, while EBITDA grew 17.6% YoY, reflecting solid operating performance. Net profit rose 27.4% YoY despite a moderation in EBITDA margin compared with the year-ago period. Overall, the company continues to demonstrate strong execution, healthy earnings momentum, and resilient profitability, reinforcing confidence in its long-term growth outlook.

Verdict

ICICI Lombard reported a healthy top-line performance during Q1 FY27, with sales rising 10.8% YoY to ₹7,088 crore and 3.9% sequentially, reflecting steady premium growth. However, profitability weakened significantly as EBIDT declined 46.8% YoY and 23.9% QoQ to ₹522 crore, indicating pressure on underwriting performance and operating margins. Net profit dropped 46.1% YoY and 26.3% QoQ to ₹403 crore, while EPS also declined to ₹8.08. Overall, the quarter was mixed, with strong revenue growth offset by a sharp contraction in earnings and margins.

Verdict

HDB Financial Services delivered a strong Q1 FY27 performance with double-digit revenue growth and robust profitability. Net profit surged 38.2% YoY, supported by healthy operating performance and continued business expansion. Asset quality also improved, with both GNPA and NNPA declining sequentially and year-on-year, reflecting better credit discipline. Overall, the quarter highlights sustained growth momentum, improving earnings quality, and a healthier loan book.

Goa Carbon reported a weak start to FY27 as revenue declined sharply by 67.3% QoQ and 67.0% YoY, leading to a sequential return to operating and net losses. EBITDA margin also slipped into negative territory at -6.7%. Despite the weak operating performance, the company reduced its losses compared with the year-ago quarter, with EBITDA loss narrowing by 43.5% and net loss improving by 17.2% YoY. Overall, the quarter reflects significant pressure on operations, although year-on-year profitability trends show modest improvement.

ICICI Prudential Life Insurance reported a healthy Q1 FY27 performance with double-digit growth in premium income and a strong recovery in operating performance. Revenue increased 12.3% YoY, while EBITDA turned positive from a loss in the previous quarter, reflecting improved operational efficiency. Although net profit declined sequentially due to the seasonally stronger March quarter, earnings remained robust on a year-on-year basis with a 27.8% increase. Overall, the company continues to demonstrate resilient business fundamentals supported by steady growth and improving profitability.

Verdict

ICICI Securities delivered a healthy performance in Q1 FY27, supported by steady revenue growth and robust operating profitability. EBITDA increased 14.1% YoY, reflecting improved operating efficiency and resilient margins. Although net profit and EPS were largely flat on a sequential basis, both recorded healthy year-on-year growth, highlighting sustained business momentum and consistent execution. Overall, the quarter underscores the company’s ability to maintain profitability while delivering stable growth across its core businesses.

Verdict

A weak quarter for Sai Silks, with revenue remaining largely flat on a YoY basis while profitability declined due to weaker operating performance. EBITDA margin contracted to 13.8% from 15.1% a year ago, reflecting pressure on operating efficiency. Net profit and EPS both witnessed double-digit declines on both a YoY and QoQ basis. Overall, the results indicate subdued demand, margin pressure, and weaker earnings performance during the quarter.

Ksolves India Ltd delivered a healthy Q1 FY27 performance, driven by strong year-on-year growth in profitability and continued margin expansion. Revenue, EBITDA, net profit, and EPS registered healthy annual growth, while EBITDA margin improved significantly by 260 bps YoY, reflecting strong operational efficiency. Sequentially, the company witnessed a modest decline in revenue, earnings, and EPS, resulting in a softer quarter on a QoQ basis. Overall, the company continues to demonstrate resilient execution, robust profitability, and healthy earnings growth despite minor sequential moderation.

Fedbank Financial Services delivered a strong Q1 FY27 performance, driven by robust growth across revenue, EBITDA, net profit, and earnings per share. Revenue increased 29.6% YoY to ₹670 crore, while EBITDA rose 33.3% YoY, reflecting improved operating efficiency. Net profit surged 52.0% YoY to ₹114 crore, supported by healthy business growth and disciplined cost management. The steady sequential improvement across key financial metrics highlights sustained momentum, positioning the company well for continued profitable growth in the coming quarters.

Verdict

Steel Strips Wheels delivered a strong Q1 FY27 performance with robust revenue growth, healthy margin expansion, and sharp improvement in profitability. Revenue increased 27.2% YoY, supported by higher volumes and improved demand, while EBITDA grew 32.8% YoY with EBITDA margin expanding to 10.7%. Net profit surged 43.3% YoY, reflecting better operating leverage and improved efficiency. Sequential growth across revenue, margins, EBITDA, and earnings indicates sustained business momentum and positions the company well for the coming quarters.