Tata Consultancy Services – Q4 FY26 Earnings Highlights
| Metric | Actual | QoQ Change | QoQ Base | Estimate | Miss / Beat |
|---|---|---|---|---|---|
| Revenue | ₹70,698 Cr | ▲ 5.4% | ₹67,087 Cr | ₹69,370 Cr | Beat |
| EBIT | ₹17,870 Cr | ▲ 5.8% | ₹16,889 Cr | ₹17,603 Cr | Beat |
| EBIT Margin | 25.3% | ▲ 25.3% | 25.2% | 25.4% | Miss |
| Net Profit | ₹13,718 Cr | ▲ 28.7% | ₹10,657 Cr | ₹13,727.6 Cr | Miss |
| $ Revenue | $7,621 Mn | ▲ 1.5% | $7,509 Mn | $7,619.5 Mn | In-line |
| Constant Currency Growth | 1.2% | ▲ vs 1% | — | 1% | Beat |
| Attrition Rate | 13.7% | ▲ vs 13.5% | 13.5% | — | — |
| Total Contract Value (TCV) | $12 Bn | 3 Mega Deals Signed | — | — | Strong Pipeline |
| Headcount (FY26) | 5.84 Lakh | ▼ 3.9% YoY | ↓ 23,000 Employees | — | Efficiency Shift |
| Q4 Net Employee Addition | +2,356 | ▲ Sequential Addition | — | — | Positive Hiring Signal |
| Restructuring Expenses (FY26) | ₹1,388 Cr | AI Workforce Transition | — | — | Cost Optimization |
Verdict
TCS delivered a stable quarter with sequential growth across revenue, EBIT, and profit, while margins remained broadly steady. Revenue and EBIT beat estimates, though PAT and margins came marginally below expectations. Strong $12 Bn deal wins, improving constant currency growth, and rising AI-led transformation demand signal gradual recovery in enterprise tech spending. However, workforce rationalization and restructuring costs highlight continued efficiency transition into FY27. Overall bias: Structurally positive but near-term cautious on margin expansion.
G M Breweries – Q4 FY26 Earnings Highlights
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹202 Cr | ▲ 19% | ₹169 Cr | ➖ 0% | ₹202 Cr |
| EBITDA | ₹52.4 Cr | ▲ 83% | ₹28.7 Cr | ▼ 0.4% | ₹52.6 Cr |
| Net Profit | ₹54.1 Cr | ▼ 11% | ₹60.5 Cr | ▲ 29% | ₹42.0 Cr |
| EPS | ₹23.67 | ▼ 11% | ₹26.46 | ▲ 29% | ₹18.39 |
Verdict
G M Breweries delivered strong revenue and EBITDA growth on a YoY basis, indicating improved operating performance. However, net profit declined YoY, suggesting margin or other income normalization impact. On a QoQ basis, profitability rebounded sharply, with stable sales and EBITDA but a strong jump in net profit and EPS — signalling improving earnings momentum into FY27. Overall bias: operationally strong, but bottom-line consistency remains a watch factor.
Anand Rathi Wealth – Mar 2026 Earnings Highlights
Valuation Snapshot:
Price: ₹3,554 | Market Cap: ₹29,509 Cr | P/E: 75.4
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹277 Cr | ▲ 30% | ₹213 Cr | ▼ 1% | ₹279 Cr |
| EBITDA | ₹83.1 Cr | ▼ 6% | ₹88.7 Cr | ▼ 36% | ₹130 Cr |
| Net Profit | ₹102 Cr | ▲ 41% | ₹72.4 Cr | ▲ 2% | ₹99.8 Cr |
| EPS | ₹12.31 | ▲ 41% | ₹8.72 | ▲ 2% | ₹12.02 |
Verdict
Anand Rathi Wealth delivered strong YoY growth in net profit and EPS, reflecting continued client asset expansion and operating leverage. However, EBITDA weakness and sharp QoQ margin compression indicate near-term cost pressure or seasonal normalization. Overall, the structural growth trend remains positive, but the premium valuation (P/E ~75) suggests markets are already pricing in strong future expectations.
Krishana Phoschem – Q4 FY26 Earnings Highlights
Price: ₹584 M.Cap: ₹3,538 Cr P/E: 19.6
| Metric | Value | YoY Change | YoY Base | QoQ Change | QoQ Base |
|---|---|---|---|---|---|
| Sales | ₹755 Cr | ▲ 60% | ₹473 Cr | ▲ 15% | ₹659 Cr |
| EBITDA | ₹89.5 Cr | ▲ 59% | ₹56.3 Cr | ▲ 28% | ₹70.1 Cr |
| Net Profit | ₹83.1 Cr | ▲ 153% | ₹32.9 Cr | ▲ 150% | ₹33.3 Cr |
| EPS | ₹13.72 | ▲ 153% | ₹5.43 | ▲ 149% | ₹5.50 |
Verdict
Krishana Phoschem delivered a strong breakout Q4 FY26 performance with robust growth across revenue and profitability. EBITDA expansion indicates improving operating leverage, while the sharp surge in net profit and EPS reflects significant margin improvement. The strong YoY and QoQ momentum signals sustained earnings strength and supports a positive near-term outlook for the stock.
