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

Verdict

Reliance Industries reported strong revenue growth in Q4 FY26, supported by steady expansion in Jio Platforms and Reliance Retail. However, overall profitability remained under pressure due to margin contraction in the O2C and Oil & Gas segments amid crude volatility and higher logistics costs. Continued ARPU improvement, subscriber additions, and progress toward a potential Jio Platforms listing remain key medium-term catalysts for valuation re-rating.

Verdict

IndusInd Bank reported a strong turnaround quarter with profitability recovering sharply from last year’s loss and NII growth remaining robust at 43% YoY. Asset quality improved sequentially with lower GNPA and NNPA, indicating better balance-sheet stability. The bank also beat street estimates on both profit and NII, signaling improving operating performance and strengthening investor confidence. 📈

Verdict 🏦

IDFC First Bank delivered steady operating performance with strong NII growth and improving asset quality sequentially. Reported profitability remained muted due to the ₹483 Cr post-tax Chandigarh incident adjustment, which has been fully recognised in Q4 with no further material financial impact expected ahead.

The bank utilised ₹35 Cr contingency provisions on MFI exposure during Q4 FY26 and still carries ₹130 Cr forward into FY27, indicating conservative risk coverage and strengthening balance-sheet comfort. Lower provisions and stable sequential NIM expansion support improving earnings visibility as exceptional impacts fade.

Verdict

Hindustan Zinc delivered a strong earnings beat across net profit, revenue, and EBITDA, supported by higher metal prices and operating leverage. EBITDA margin slightly missed estimates but improved year-on-year, reflecting disciplined cost control. The ₹11/share interim dividend further strengthens shareholder return visibility. Overall, results indicate robust operational momentum and strong cash-generation strength.

Verdict

MIC Electronics reported moderate year-on-year revenue growth along with strong EBITDA expansion, reflecting improvement at the operational level. However, the sharp swing to a net loss in Q4 FY26 significantly weighed on overall profitability. The divergence between EBITDA growth and net loss suggests the impact of exceptional items, higher finance costs, or write-offs affecting earnings quality. Investors may closely track upcoming quarters for profit normalization and margin sustainability.

Verdict

Automotive Stampings delivered strong earnings momentum with robust year-on-year growth across revenue and profitability. The sharp jump in net profit and EPS indicates margin expansion and operating leverage benefits. Sequential improvement remained modest at the revenue level but profit growth QoQ was very strong, signalling improving efficiency and demand traction in the auto component segment. Overall, the quarter reflects a healthy turnaround with strengthening fundamentals.

Verdict

India Cements delivered a strong profitability turnaround in Q4 FY26, with EBITDA and net profit improving sharply both year-on-year and quarter-on-quarter. While revenue growth remained modest, margin expansion supported earnings recovery. The shift from losses in the previous quarter to profits signals operational stabilization and improving cost efficiency. However, the elevated valuation (PE 158.5) suggests strong expectations are already priced in.

Verdict

Can Fin Homes delivered steady business growth with flat QoQ operating performance, but strong profit acceleration driven by margin improvement and efficiency gains. The sharp 48% YoY and 31% QoQ jump in net profit and EPS signals improving profitability momentum. With a moderate valuation (PE 11.2) and stable loan growth profile, the results appear fundamentally supportive with improving earnings quality.

Verdict

Tanla Platforms delivered steady growth in Q4 FY26 with healthy double-digit year-on-year improvement across revenue, EBITDA, and profitability. However, quarter-on-quarter growth remained modest, indicating stable but slower near-term momentum. Margins remain resilient, suggesting operational strength despite a mature growth phase. Overall, results reflect consistent execution with a stable outlook.

Verdict

Lodha Developers delivered steady year-on-year growth across revenue, EBITDA, and net profit, reflecting continued strength in real estate demand and execution momentum. Quarter-on-quarter performance remained stable with marginal revenue growth and improvement in profitability, while EBITDA stayed largely flat. Overall, the results indicate consistent operational performance, stable margins, and sustained earnings visibility.

Verdict

MRPL reported muted topline performance with a slight YoY and QoQ decline in sales. EBITDA improved sharply YoY due to a lower base, but sequential margin pressure remained visible. Net profit declined significantly both YoY and QoQ, reflecting weak refining margins and profitability stress during the quarter. Overall, results indicate operational volatility typical of refining businesses and weak near-term earnings momentum.

Verdict

Zensar Technologies delivered steady revenue growth with strong double-digit year-on-year improvement in profitability. Despite a sequential dip in EBITDA, net profit and EPS continued to rise quarter-on-quarter, indicating operational resilience and margin stability. Overall, the results reflect consistent execution with improving earnings momentum.

Verdict

Atul Ltd delivered a strong Q4 FY26 performance with healthy double-digit growth in sales and sharp margin expansion. EBITDA and net profit registered robust year-on-year gains, supported by improved operating leverage in the chemicals segment. Sequential growth across key metrics further indicates strengthening business momentum, reinforcing a positive near-term outlook for earnings trajectory.

Verdict

Adani Green delivered a strong quarter with double-digit year-on-year growth across revenue and EBITDA, supported by capacity expansion and operating leverage. The sharp QoQ jump in net profit and EPS reflects a major recovery from the previous quarter’s weak base, indicating improving profitability momentum. Overall, results signal strengthening execution and earnings visibility in the renewable energy portfolio.

Verdict

Bhansali Engineering reported flat topline performance on a YoY basis, but delivered strong margin-led profitability growth during the quarter. EBITDA and net profit expanded sharply both YoY and QoQ, indicating improved operating efficiency and better product spreads. Despite muted sales growth, the earnings trajectory reflects strengthening fundamentals and improving profitability outlook going forward.

Verdict

Avantel Ltd delivered strong revenue growth on both YoY and QoQ basis, indicating healthy business momentum. However, margin compression impacted profitability on a yearly basis, leading to a decline in PAT YoY. Sequentially, earnings recovery remained strong, supported partly by higher other income, suggesting improving near-term operational traction but with pressure on margins to watch going ahead.

Verdict

M&M Financial Services delivered a strong profitability-led quarter with net profit and EPS more than doubling year-on-year. Operational performance remained stable quarter-on-quarter, while earnings expansion suggests improving asset quality, better margins, and strong rural financing traction. Overall, results indicate healthy momentum in the core lending business with improving efficiency trends.

Verdict

DCB Bank delivered steady double-digit profit growth with consistent improvement across operating metrics. Net profit growth outpaced revenue, indicating margin stability and operating leverage benefits. Sequential performance also remained healthy, reflecting stable credit traction and improving earnings momentum. At ~8.5x P/E, valuation appears relatively attractive among mid-cap banking peers, though sustained asset-quality improvement will remain a key monitorable.

Verdict

Shriram Finance delivered a strong Q4 FY26 performance with healthy growth across sales, EBITDA, net profit, and EPS on both YoY and QoQ basis. Profitability expansion reflects steady loan growth and improving operational efficiency. The sharp improvement in earnings quality supports a positive medium-term investor outlook, while margin sustainability and asset quality trends remain key monitorables ahead.

Verdict

L&T Finance delivered a strong Q4 FY26 performance with healthy double-digit year-on-year growth across sales, EBITDA, net profit, and EPS. Sequential growth remained steady, particularly in profitability, reflecting stable margins and continued business momentum heading into the next financial year.