Q4 Earnings Snapshot 2026 – Winners, Surprises & Misses Revealed!

Verdict

United Breweries delivered a weak quarter with revenue and profitability missing estimates across the board. While volume growth remained steady, sharp margin compression and EBITDA decline highlight cost pressures and limited pricing power. Overall, the performance reflects subdued earnings quality with near-term headwinds on margins.

Verdict

Marico delivered a strong revenue-driven quarter with healthy double-digit growth supported by volume expansion and demand recovery. Profit came slightly ahead of expectations, but EBITDA and margins lagged estimates due to cost pressures. Overall, the performance reflects solid top-line momentum, though margin compression remains a key monitorable going forward.

Management Commentary – Rajesh Jejurikar

SUV revenue share increased by 60 bps YoY, maintaining leadership position.
Ranked as 5th largest exporter in PV + CV segment in FY26.
Strong margin delivery supported market share gains.
Tractor segment achieved highest ever billing of 5 lakh+ units in FY26.

Verdict

M&M delivered a strong beat on profit, revenue, and EBITDA, driven by robust demand in SUVs and tractors along with export momentum. However, margin contraction remains a watchpoint, indicating cost pressures or mix changes. Overall, the performance reflects solid growth momentum with leadership positioning intact, keeping the outlook constructive.

Verdict

SRF delivered a steady performance with moderate YoY growth across revenue and operating profit, while profitability saw a stronger uptick. The sharp QoQ recovery in EBITDA and net profit indicates margin expansion and improved operational efficiency. Overall, the numbers reflect a rebound quarter with improving earnings momentum.

Verdict

Coforge delivered a strong quarter with robust growth across all parameters. Revenue growth remained steady both YoY and QoQ, while profitability sharply expanded, reflected in significant EBITDA and net profit jumps. Margin improvement and operating leverage are clearly visible, making this a high-quality earnings print with strong momentum going ahead.

Verdict

Poonawalla Fincorp delivered a strong breakout quarter, with sharp growth across all parameters. The massive YoY jump in profitability indicates improved asset quality, operating leverage, and strong lending momentum. QoQ growth also remains solid, showing consistent expansion rather than one-off gains, supporting a positive outlook going forward.

Verdict

Dalmia Bharat reported a weak year-on-year performance with declines across sales, EBITDA, and profitability, indicating margin pressure and subdued demand on an annual basis. However, strong quarter-on-quarter recovery across all key metrics suggests improving operational momentum and potential cyclical turnaround going forward.

Verdict

Aeroflex delivered strong earnings momentum with robust year-on-year growth across all key metrics, supported by margin expansion and improved profitability. Sequential performance remained stable with steady QoQ growth in both revenue and earnings, indicating consistent business traction. However, the elevated valuation (PE 76x) leaves limited margin for error, making sustained growth execution critical for further upside.

Verdict

Raymond Realty delivered an explosive performance with massive YoY growth across all metrics, driven by a low base and strong project execution. QoQ numbers also show sharp acceleration in sales, EBITDA, and profitability, indicating strong momentum in real estate bookings and revenue recognition. With a low PE of 10.4 and robust earnings expansion, the company is entering a high-growth phase, though sustainability of such hyper-growth will be key to watch.

Verdict

Shilchar Technologies reported a weak quarter with sharp declines across all key metrics on both YoY and QoQ basis. The steep drop in EBITDA and profit indicates margin pressure along with lower revenue visibility. Overall, the performance reflects a clear slowdown phase, and near-term outlook appears cautious unless demand recovery or execution improves.

Verdict

AAVAS Financiers delivered a steady performance with consistent growth across all key parameters. YoY growth remains healthy, especially in profitability, indicating strong margin stability. QoQ growth is moderate but positive, reflecting stable operational momentum and continued demand in the affordable housing finance segment.

Verdict

Spandana Sphoort delivered a significant turnaround quarter with profitability returning to positive territory after heavy losses last year. Despite a sharp year-on-year decline in sales, operational performance improved meaningfully with EBITDA and net profit turning positive both YoY and QoQ. The recovery trend is encouraging, but the contraction in top-line growth remains a key monitorable going forward.

Verdict

Aadhar Housing Finance delivered a strong quarter with consistent growth across all key metrics. YoY performance remains robust, especially in profitability, indicating improving margins and operational efficiency. QoQ growth is steady, reflecting stable business momentum. Overall, the company shows healthy earnings visibility with a balanced growth trajectory.

Verdict

GHCL delivered flat revenue growth on a YoY basis, but profitability remained under pressure with sharp declines in EBITDA and net profit, indicating margin compression. However, sequential recovery is visible across EBITDA and profit, suggesting improving operational momentum. Overall, the business shows early signs of stabilization QoQ, but YoY weakness in margins remains a key concern.

Verdict

GNG Electronics delivered a strong performance with sharp YoY growth across all key metrics, especially profitability driven by margin expansion. QoQ growth remains steady, indicating consistent execution and sustained demand momentum. Overall, earnings quality looks robust with improving operational efficiency.

Verdict

Alkyl Amines delivered a flat topline performance YoY, indicating demand normalization, while margins showed mild improvement leading to EBITDA growth. Profit remained slightly under pressure YoY, but QoQ recovery across all parameters suggests improving operational momentum. Overall, a stable quarter with early signs of earnings recovery, though valuation remains on the higher side.

Verdict

Lloyds Engineering delivered exceptionally strong YoY growth across all parameters, driven by robust execution and demand momentum. However, on a QoQ basis, while revenue and EBITDA remained strong, profitability saw a decline, indicating possible margin pressure or one-off impacts in the previous quarter. Overall trend remains positive with high growth visibility, but near-term earnings volatility should be monitored.

Verdict

Emcure Pharma delivered a strong year-on-year performance with healthy growth across sales, EBITDA, and profitability. While EBITDA saw a slight sequential dip, net profit and EPS continued to improve QoQ, indicating stable operational efficiency and margin resilience. Overall, the company maintains a steady growth trajectory with consistent earnings momentum.

Verdict

Voltamp Transformers reported a weak quarter with flat sales but sharp pressure on profitability. Significant YoY and QoQ decline in EBITDA and net profit indicates margin contraction, likely due to cost pressures or weaker execution. Earnings visibility appears subdued in the near term unless margins stabilize.

Verdict

Punjab National Bank reported steady Q4 FY26 performance with consistent growth in profitability metrics. EBITDA and net profit showed strong year-on-year expansion, indicating improved operational efficiency and cost control. Revenue remained largely flat, highlighting muted topline growth.

On a sequential basis, performance was stable with marginal improvements across key metrics, suggesting sustained earnings momentum but limited near-term triggers. With a low valuation (PE 6.7), the stock remains attractive from a value perspective; however, meaningful upside will depend on stronger credit growth and margin expansion going forward.

Verdict

JP Power Ventures reported marginal revenue growth, but profitability collapsed sharply. EBITDA saw a steep decline both YoY and QoQ, indicating heavy margin pressure. The company slipped into losses this quarter, with net profit turning negative and EPS deteriorating significantly. Overall, weak operational performance and sharp earnings decline reflect a negative outlook in the near term.