PIDILITIND – Q4 FY26 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Beat/Miss |
|---|---|---|---|---|---|
| Revenue | ₹3,583.4 Cr | ▲ 14.1% | ₹3,141.1 Cr | ₹3,487 Cr | Beat ▲ |
| EBITDA | ₹833 Cr | ▲ 31.7% | ₹633 Cr | ₹763 Cr | Beat ▲ |
| EBITDA Margin | 23.2% | ▲ 310 bps | 20.1% | 22% | Beat ▲ |
| Net Profit | ₹584.2 Cr | ▲ 36.6% | ₹427.5 Cr | ₹535 Cr | Beat ▲ |
| Dividend | ₹11.5/share | — | — | — | Declared |
Verdict
Pidilite delivered a strong Q4 FY26 performance with double-digit revenue growth and sharp margin expansion, leading to earnings beating street estimates across all key parameters. Higher EBITDA growth compared to revenue reflects improved operational efficiency and a strong product mix. The dividend announcement of ₹11.5 per share further highlights management confidence and healthy cash generation.
Thermax Ltd – Q4 FY26 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Beat/Miss |
|---|---|---|---|---|---|
| Revenue | ₹3,428 Cr | ▲ 12.5% | ₹3,046 Cr | ₹3,277 Cr | Beat |
| EBITDA | ₹374.3 Cr | ▲ 24.9% | ₹299.7 Cr | ₹322 Cr | Beat |
| EBITDA Margin | 10.9% | ▲ 110 bps | 9.8% | 9.8% | Beat |
| Net Profit | ₹244.3 Cr | ▲ 18.7% | ₹206 Cr | ₹219 Cr | Beat |
| Final Dividend | ₹14/share | — | — | — | Declared |
Verdict
Thermax delivered a strong Q4 FY26 performance, beating CNBC-TV18 estimates across revenue, EBITDA, EBITDA margin, and net profit. Profitability improved sharply with EBITDA growth outpacing revenue growth, leading to healthy margin expansion. The robust operational performance along with the final dividend announcement reflects strong execution and stable business momentum.
Dabur India Ltd – Q4 FY26 Earnings Highlights
| Metric | Reported | YoY Change | YoY Base | Estimate | Beat/Miss |
|---|---|---|---|---|---|
| Revenue | ₹3,038 Cr | ▲ 7.4% | ₹2,830.1 Cr | ₹2,976 Cr | Beat ▲ |
| EBITDA | ₹461.2 Cr | ▲ 8.0% | ₹427 Cr | ₹461 Cr | Beat ▲ |
| EBITDA Margin | 15.6% | ▲ 50 bps | 15.1% | 15.5% | Beat ▲ |
| Net Profit | ₹362 Cr | ▲ 15.8% | ₹312.7 Cr | ₹356 Cr | Beat ▲ |
Verdict
Dabur India delivered a healthy Q4 FY26 performance with revenue, EBITDA, EBITDA margin, and net profit all beating street estimates. Profit growth outpaced revenue growth, indicating improved operational efficiency and better margin management. The company also reported steady expansion in EBITDA margins on a year-on-year basis, reflecting an improved product mix and effective cost control measures.
Bharat Forge – Q4 FY26 Earnings Highlights
| Metric | Actual | YoY Change | YoY Base | Estimate | Beat/Miss |
|---|---|---|---|---|---|
| Revenue | ₹4,528 Cr | ▲ 17.5% | ₹3,853 Cr | ₹4,604 Cr | Miss |
| EBITDA | ₹778 Cr | ▲ 14.3% | ₹681.3 Cr | ₹799 Cr | Miss |
| EBITDA Margin | 17.2% | ▼ 50 bps | 17.7% | 17.4% | Miss |
| Net Profit | ₹233 Cr | ▼ 17.4% | ₹282.6 Cr | ₹363 Cr | Miss |
| One-time Loss | ₹98.7 Cr | ▲ Sharply | ₹5 Cr | — | NA |
| Dividend | ₹6.5/share | ▲ Final Dividend Approved | — | — | Positive |
Verdict
Bharat Forge delivered healthy double-digit revenue and EBITDA growth in Q4 FY26, supported by strong business momentum. However, profitability came significantly below street expectations due to elevated one-time losses, which sharply impacted net profit margins. EBITDA margin also moderated on a YoY basis. Despite near-term pressure on earnings, management commentary remains optimistic with strong growth guidance and restructuring initiatives aimed at improving long-term operational efficiency.
Sonata Software – Q4 FY26 Earnings Highlights
Price: ₹271 | M.Cap: ₹7,597 Cr | PE: 14.9
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹2,536 Cr | ▼ 3% | ₹2,617 Cr | ▼ 18% | ₹3,081 Cr |
| EBIDT | ₹209 Cr | ▲ 21% | ₹173 Cr | ▲ 5% | ₹200 Cr |
| Net Profit | ₹130 Cr | ▲ 21% | ₹108 Cr | ▲ 25% | ₹104 Cr |
| EPS | ₹4.65 | ▲ 21% | ₹3.83 | ▲ 25% | ₹3.72 |
Verdict
Sonata Software reported a mixed Q4 FY26 performance. Revenue declined both YoY and QoQ, indicating softness in topline growth, while profitability improved sharply due to better operational efficiency and margin expansion. Strong growth in EBITDA, net profit, and EPS despite lower sales suggests improved execution and cost optimization during the quarter.
Britannia Industries Ltd – Q4 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Revenue | ₹4,718.92 Cr | ▲ 6.5% | ₹4,432 Cr | ▼ 5.0% | ₹4,967 Cr |
| EBITDA | ₹852.87 Cr | ▲ 5.9% | ₹805 Cr | ▼ 13.0% | ₹980 Cr |
| EBITDA Margin | 18.1% | ▼ 10 bps | 18.2% | ▼ 160 bps | 19.7% |
| Net Profit | ₹678.34 Cr | ▲ 21.1% | ₹560 Cr | ▼ 0.2% | ₹680 Cr |
| Dividend | ₹90.50/share | Declared for shareholders | |||
Verdict
Britannia Industries reported steady Q4 FY26 performance with healthy year-on-year growth in revenue, EBITDA, and net profit. Profitability remained resilient despite sequential pressure on margins and EBITDA. The strong dividend announcement of ₹90.50/share reflects management’s confidence and robust cash generation, while stable demand momentum supported overall earnings growth.
BSE Ltd – Q4 FY26 Earnings Highlights
Price: ₹3,964 | M.Cap: ₹1,61,437 Cr | PE: 65.0
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,564 Cr | ▲ 85% | ₹847 Cr | ▲ 26% | ₹1,244 Cr |
| EBIDT | ₹1,041 Cr | ▲ 115% | ₹484 Cr | ▲ 42% | ₹732 Cr |
| Net Profit | ₹795 Cr | ▲ 61% | ₹494 Cr | ▲ 33% | ₹597 Cr |
| EPS | ₹19.58 | ▲ 61% | ₹12.17 | ▲ 32% | ₹14.78 |
Verdict
BSE Ltd delivered an exceptional Q4 FY26 performance with strong growth across all parameters. Revenue surged sharply on both YoY and QoQ basis, while EBITDA more than doubled YoY, reflecting strong operating leverage and rising market activity. Net profit and EPS also posted healthy gains, indicating robust earnings momentum and continued strength in the exchange business.
Bajaj Holdings – Q4 FY26 Earnings Highlights
Price: ₹10,597 | M.Cap: ₹1,17,904 Cr | PE: 14.4
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹60.5 Cr | ▼ 58% | ₹145 Cr | ▼ 79% | ₹288 Cr |
| EBIDT | ₹23.6 Cr | ▼ 77% | ₹103 Cr | ▼ 90% | ₹247 Cr |
| Net Profit | ₹2,577 Cr | ▲ 49% | ₹1,751 Cr | ▲ 28% | ₹2,018 Cr |
Verdict
Bajaj Holdings reported a mixed Q4 FY26 performance. Operational metrics remained weak with sharp declines in Sales and EBIDT on both YoY and QoQ basis, indicating subdued core operating performance. However, Net Profit surged strongly due to higher investment income and treasury gains, showcasing the strength of its investment-led business model despite weak operating earnings.
Coromandel International Ltd – Q4 FY26 Earnings Highlights
Price: ₹1,965 | M.Cap: ₹57,953 Cr | PE: 28.9
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹6,004 Cr | ▲ 20% | ₹4,988 Cr | ▼ 32% | ₹8,779 Cr |
| EBIDT | ₹488 Cr | ▲ 19% | ₹409 Cr | ▼ 39% | ₹800 Cr |
| Net Profit | ₹115 Cr | ▼ 43% | ₹578 Cr | ▼ 76% | ₹488 Cr |
| EPS | ₹4.74 | ▼ 76% | ₹19.67 | ▼ 72% | ₹17.15 |
Verdict
Coromandel International Ltd reported healthy revenue growth in Q4 FY26 with sales and EBITDA rising strongly on a year-on-year basis. However, profitability remained under pressure as net profit and EPS declined sharply both YoY and QoQ, indicating margin stress and higher cost impact during the quarter. Sequentially, the company also witnessed moderation in revenue and operating performance after a strong Dec 2025 quarter.
Harsha Engineers International Ltd – Q4 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹474 Cr | ▲ 27% | ₹373 Cr | ▲ 16% | ₹409 Cr |
| EBIDT | ₹73.4 Cr | ▲ 109% | ₹35.2 Cr | ▲ 28% | ₹57.3 Cr |
| Net Profit | ₹47.2 Cr | ▲ 201% | ₹-2.39 Cr (Loss) | ▲ 40% | ₹33.6 Cr |
| EPS | ₹5.19 | ▲ 2096% | ₹-0.26 | ▲ 41% | ₹3.69 |
Verdict
Harsha Engineers delivered a strong Q4 FY26 performance with robust growth across revenue and profitability. EBITDA more than doubled YoY while net profit sharply improved from a loss in the base quarter, indicating significant operational recovery and margin expansion. Sequential growth also remained healthy across all parameters, reflecting strong execution and improving demand momentum.
Craftsman Automation – Q4 FY26 Earnings Highlights
Price: ₹8,637 | M.Cap: ₹20,594 Cr | PE: 52.4
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹2,226 Cr | ▲ 27% | ₹1,749 Cr | ▲ 8% | ₹2,057 Cr |
| EBIDT | ₹359 Cr | ▲ 47% | ₹244 Cr | ▲ 15% | ₹312 Cr |
| Net Profit | ₹116 Cr | ▲ 56% | ₹66.8 Cr | ▲ 8% | ₹107 Cr |
| EPS | ₹48.80 | ▲ 74% | ₹27.99 | ▲ 9% | ₹44.90 |
Verdict
Craftsman Automation delivered a strong Q4 FY26 performance with robust growth across revenue, EBITDA, net profit, and EPS on both YoY and QoQ basis. Margin expansion and strong profitability growth indicate healthy demand momentum and operational efficiency improvement. The sharp EPS growth reflects improving earnings quality and business execution.
R Systems International – Q4 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹575 Cr | ▲ 30% | ₹442 Cr | ▲ 4% | ₹555 Cr |
| EBIDT | ₹101 Cr | ▲ 43% | ₹70.5 Cr | ▲ 8% | ₹93.5 Cr |
| Net Profit | ₹65.4 Cr | ▲ 70% | ₹38.6 Cr | ▲ 80% | ₹36.4 Cr |
| EPS | ₹5.52 | ▲ 69% | ₹3.26 | ▲ 79% | ₹3.08 |
Verdict
R Systems International delivered a strong Q4 FY26 performance with healthy growth across all key parameters. Revenue growth remained robust, while profitability saw sharp expansion driven by better operational efficiency and margin improvement. The strong jump in net profit and EPS on both YoY and QoQ basis reflects improving business momentum and solid earnings traction going ahead.
Hexaware Technologies – Q4 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹3,613 Cr | ▲ 13% | ₹3,208 Cr | ▲ 4% | ₹3,478 Cr |
| EBIDT | ₹571 Cr | ▲ 8% | ₹528 Cr | ▲ 51% | ₹378 Cr |
| Net Profit | ₹352 Cr | ▲ 7% | ₹327 Cr | ▲ 21% | ₹292 Cr |
| EPS | ₹5.75 | ▲ 7% | ₹5.38 | ▲ 20% | ₹4.78 |
Price: ₹461
M.Cap: ₹28,174 Cr
PE: 19.2
Verdict
Hexaware Technologies delivered a healthy Q4 FY26 performance with steady double-digit revenue growth and improvement in profitability. Sales growth remained strong on a year-on-year basis, while EBITDA witnessed a sharp sequential recovery, indicating better operational efficiency and margin expansion. Net profit and EPS also showed consistent improvement both YoY and QoQ, reflecting stable business momentum heading into FY27.
V-Mart Retail Ltd – Q4 FY26 Earnings Highlights
Price: ₹666 M.Cap: ₹5,294 Cr PE: 42.4
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹971 Cr | ▲ 24% | ₹780 Cr | ▼ 14% | ₹1,126 Cr |
| EBIDT | ₹106 Cr | ▲ 56% | ₹68.1 Cr | ▼ 50% | ₹210 Cr |
| Net Profit | ₹11.3 Cr | ▼ 39% | ₹18.5 Cr | ▼ 87% | ₹88.0 Cr |
| EPS | ₹1.42 | ▼ 39% | ₹2.34 | ▼ 87% | ₹11.08 |
Verdict
V-Mart Retail reported strong revenue growth in Q4 FY26 with sales rising 24% YoY and EBITDA improving sharply by 56%, reflecting better operating performance and demand recovery. However, profitability remained under pressure as net profit and EPS declined significantly on both YoY and QoQ basis, indicating margin challenges and higher cost impact despite healthy topline growth.
Gravita India – Q4 FY26 Earnings Highlights
Price: ₹1,799 | M.Cap: ₹13,279 Cr | PE: 35.1
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹1,173 Cr | ▲ 13% | ₹1,037 Cr | ▲ 15% | ₹1,017 Cr |
| EBIDT | ₹113 Cr | ▲ 22% | ₹92.2 Cr | ▼ 6% | ₹120 Cr |
| Net Profit | ₹91.8 Cr | ▼ 3% | ₹94.9 Cr | ▼ 6% | ₹97.5 Cr |
| EPS | ₹12.45 | ▼ 3% | ₹12.89 | ▼ 6% | ₹13.23 |
Verdict
Gravita India reported healthy revenue growth in Q4 FY26 with sales rising strongly on both YoY and QoQ basis, indicating steady business momentum. EBITDA also showed solid yearly growth, though margins softened sequentially. Net profit and EPS declined marginally compared to both last year and previous quarter, suggesting higher costs or pressure on profitability despite strong top-line expansion. Overall, the company continues to maintain operational strength, but earnings growth remained subdued during the quarter.
Vijaya Diagnostic Centre – Q4 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹219 Cr | ▲ 27% | ₹173 Cr | ▲ 7% | ₹205 Cr |
| EBIDT | ₹95.5 Cr | ▲ 39% | ₹68.9 Cr | ▲ 11% | ₹86.0 Cr |
| Net Profit | ₹47.9 Cr | ▲ 35% | ₹34.9 Cr | ▲ 11% | ₹43.2 Cr |
| EPS | ₹4.66 | ▲ 37% | ₹3.40 | ▲ 11% | ₹4.20 |
Verdict
Vijaya Diagnostic Centre delivered a strong Q4 FY26 performance with healthy growth across revenue, EBITDA, net profit, and EPS on both YoY and QoQ basis. Margin expansion and steady profitability indicate robust operational efficiency and continued demand momentum in the diagnostics business.
Prudent Corp. – Q4 FY26 Earnings Highlights
Price: ₹2,937 | M.Cap: ₹12,182 Cr | PE: 54.9
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹361 Cr | ▲ 27% | ₹283 Cr | ▲ 5% | ₹343 Cr |
| EBIDT | ₹93.0 Cr | ▲ 35% | ₹68.8 Cr | ▲ 20% | ₹77.8 Cr |
| Net Profit | ₹59.1 Cr | ▲ 14% | ₹51.7 Cr | ▲ 3% | ₹57.6 Cr |
| EPS | ₹14.28 | ▲ 14% | ₹12.50 | ▲ 3% | ₹13.92 |
Verdict
Prudent Corp. delivered a strong Q4 FY26 performance with healthy growth across revenue and profitability. EBITDA growth outpaced sales growth, indicating operational efficiency and margin improvement. Sequential growth remained steady, reflecting continued business momentum and stable earnings delivery.
Management Commentary
Management remains optimistic about achieving 25% revenue growth with a commensurate increase in EBITDA. The company is pursuing multiple alternate business opportunities in Europe to efficiently utilize its scaled-down manufacturing footprint. Bharat Forge has also initiated restructuring of the steel business of CDP Bharat Forge and expects the process to conclude by the end of CY27.