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

Verdict

Jai Balaji Industries reported a mixed Q4 FY26 performance. Revenue growth remained healthy with sales rising 10% YoY and 31% QoQ, reflecting strong business momentum. However, profitability remained under pressure as EBITDA declined 31% YoY and net profit fell sharply by 69% YoY, indicating margin compression and higher costs compared to the previous year. On a sequential basis, earnings showed a strong recovery with EBITDA, net profit, and EPS posting significant QoQ growth, suggesting improving operational performance towards the end of FY26.

Verdict

Kellton Tech delivered healthy revenue growth in Q4 FY26, with sales rising 10% YoY and showing sequential improvement. However, profitability remained under pressure as EBITDA declined sharply both YoY and QoQ, indicating margin compression. Net profit managed marginal YoY growth but fell significantly on a sequential basis, while EPS also declined. Overall, the quarter reflected strong top-line momentum but weaker operating performance and earnings pressure, warranting close monitoring of margin recovery in coming quarters.

Verdict

Mamata Machinery reported a weak Q4 FY26 performance with a sharp decline in profitability. Revenue fell 34% YoY, while EBITDA plunged 90% and net profit almost disappeared compared to the strong base of Q4 FY25. On a sequential basis, sales improved 10%, but operating profitability deteriorated significantly, with EBITDA down 56% QoQ and net profit dropping nearly 100%. The steep margin compression and earnings decline indicate a challenging quarter despite modest revenue recovery.

Verdict

True Green Bio Energy reported a transformational Q4 FY26 performance, with revenue surging to ₹190.27 Cr from a very low base of ₹3.08 Cr in the year-ago quarter and more than doubling sequentially from ₹84.20 Cr. The company delivered a strong turnaround in profitability, posting PAT of ₹28.67 Cr compared to a loss of ₹1.35 Cr in Q4 FY25 and recording a robust 1,215% QoQ growth over ₹2.18 Cr in Q3 FY26. The sharp improvement in revenue and earnings reflects a significant scale-up in operations and highlights strong momentum in business performance.

Verdict

Rajesh Exports reported strong revenue growth during Q4 FY26, with sales rising ▲ 18.91% YoY and remaining broadly stable ▲ 0.75% QoQ. However, profitability deteriorated sharply as the company slipped into operating and net losses. EBITDA turned significantly negative at ₹-188.90 Cr compared to ₹-13.54 Cr in the year-ago quarter and ₹113.65 Cr in the previous quarter. EBITDA margin weakened to -0.08%, while PAT declined to a loss of ₹-53.50 Cr from profits reported in both the corresponding quarter last year and Q3 FY26, indicating significant pressure on operational performance despite higher revenues.

Verdict

Titagarh Rail Systems reported a mixed Q4 FY26 performance. Revenue declined on a year-on-year basis, while EBITDA margins improved, reflecting better operational efficiency. Profitability witnessed a strong turnaround from the loss reported in Q4 FY25, primarily due to the absence of significant exceptional losses that impacted the base quarter. On a sequential basis, revenue and PAT registered healthy growth, indicating improving business momentum heading into FY27. The quarter highlights stronger earnings quality and margin resilience despite softer YoY revenue performance.

Verdict

Dynacons Systems delivered a strong top-line performance with revenue growing ▲ 22.36% YoY and ▲ 18.16% QoQ. However, profitability growth remained muted as EBITDA margin contracted ▼ 290 bps sequentially. The sharp rise in depreciation expenses weighed on PBT and PAT, resulting in only low single-digit YoY earnings growth and a notable QoQ decline in profits. While business momentum remains healthy, margin pressure and higher depreciation costs impacted overall earnings quality in Q4 FY26.

Verdict

PTC India reported strong revenue growth in Q4 FY26, with sales rising 33% YoY and 14% QoQ, reflecting healthy trading volumes and business activity. However, profitability remained under pressure as EBITDA declined 7% YoY and 16% QoQ, indicating margin compression. Net profit also fell 11% YoY and 8% QoQ, while EPS witnessed a sharp decline due to the exceptionally high base in the corresponding quarter last year. Overall, the quarter showed robust top-line performance but weaker earnings and margin trends.

Verdict

UFLEX delivered a strong Q4 FY26 performance with healthy revenue growth and a sharp improvement in profitability. EBITDA grew more than 41% YoY, resulting in EBITDA margin expansion to 14.43%, up 360 bps YoY and 228 bps QoQ. Core profitability remained robust, with PBT (before exceptional items) nearly doubling on a yearly basis and surging 243% sequentially. Despite an exceptional loss during the quarter and a challenging base due to an exceptional gain in Q4 FY25, PAT still recorded double-digit YoY growth and more than quadrupled QoQ, highlighting significant operational improvement and strengthening business momentum.

Verdict

Apex Frozen Foods reported a mixed Q4 FY26 performance. Revenue declined sharply both year-on-year and quarter-on-quarter, reflecting weaker sales volumes. However, profitability improved significantly on a YoY basis, with EBITDA, PBT, and PAT posting strong growth aided by substantial margin expansion and higher other income. On a QoQ basis, profits moderated despite better margins, indicating pressure from lower revenue during the quarter. Overall, the company delivered strong earnings growth versus last year but faced sequential business slowdown in Q4 FY26.

Verdict

Prakash Pipes delivered a strong revenue performance in Q4 FY26 with healthy growth on both YoY and QoQ basis. While EBITDA margin declined due to margin pressures, profitability remained robust as PAT registered strong double-digit growth. The quarter reflects solid business momentum supported by higher sales and improved bottom-line performance despite operating margin contraction.

Verdict

Linde India reported a mixed Q4 FY26 performance. Revenue registered modest year-on-year growth of 3.79%, indicating stable demand conditions. However, profitability came under significant pressure, with EBITDA margin contracting sharply to 28.14% from 35.46% a year ago and 36.64% in the previous quarter. PAT declined 34.60% YoY and 59.94% QoQ, reflecting weaker operating performance during the quarter. Other income also fell significantly on a yearly basis, though it improved sequentially. Overall, while revenue remained resilient, margin compression and lower earnings weighed on the company’s quarterly performance.

Verdict

Jai Corp reported a mixed Q4 FY26 performance. Revenue declined on a year-on-year basis, but profitability improved significantly with EBITDA rising 56% YoY and margins expanding to 13.2% from 7.55% a year ago. PBT remained largely stable YoY while showing healthy sequential growth. Although PAT declined compared to last year, earnings recovered strongly on a quarter-on-quarter basis, indicating improved operational efficiency and margin expansion during the quarter.

Verdict

Jupiter Wagons reported a weak Q4 FY26 performance with revenue, EBITDA, and PAT declining sharply on both YoY and QoQ bases. Revenue fell to ₹780.15 Cr, while EBITDA dropped to ₹83.29 Cr, reflecting pressure on operating performance. Profitability weakened significantly as EBITDA margin contracted to 10.68% from 14.62% in Q4 FY25 and 13.02% in Q3 FY26.

Earnings were further impacted by an exceptional loss of ₹7.41 Cr, resulting in PAT declining 73.48% YoY to ₹27.21 Cr. Overall, the quarter reflects substantial pressure on both growth and margins, leading to a sharp contraction in profitability across key financial metrics.

Verdict

Jupiter Wagons reported a weak Q4 FY26 performance with revenue, EBITDA, and PAT declining sharply on both YoY and QoQ bases. Revenue fell to ₹780.15 Cr, while EBITDA dropped to ₹83.29 Cr, reflecting pressure on operating performance. Profitability weakened significantly as EBITDA margin contracted to 10.68% from 14.62% in Q4 FY25 and 13.02% in Q3 FY26.

Earnings were further impacted by an exceptional loss of ₹7.41 Cr, resulting in PAT declining 73.48% YoY to ₹27.21 Cr. Overall, the quarter reflects substantial pressure on both growth and margins, leading to a sharp contraction in profitability across key financial metrics.

Verdict

Sigachi Industries reported a mixed Q4 FY26 performance. Revenue remained largely stable with modest sequential growth, while profitability recovered sharply on a QoQ basis from a weak preceding quarter. However, YoY performance remained under pressure with significant declines in margins and PAT. The company also reported an exceptional loss of ₹1.13 Cr during the quarter. Despite the weak annual comparison, management remains optimistic and has guided for strong revenue growth of ₹650–675 Cr and EBITDA margins of 18%–20% in FY27, supported by capacity additions, API business scaling, operational efficiencies, and a stronger second-half outlook.

Verdict

KNR Constructions reported a weak operational performance in Q4 FY26, with revenue declining 29% YoY and 6% QoQ due to lower execution activity. EBITDA also fell 24% YoY, though margins remained relatively stable with a slight sequential improvement. Net profit surged sharply on a YoY basis due to the exceptionally low base of Q4 FY25, while showing modest 3% QoQ growth. Overall, the quarter reflects pressure on topline growth, but profitability remained resilient supported by stable margins and other income benefits.