4 Results Today, 25th May 2026 Highlights: Find all the latest Q4 results 2026 updates of Aditya Birla Fashion and Retail, Hitachi Energy India, Rail Vikas Nigam (RVNL), Suzlon Energy, Container Corporation of India (CONCOR), Pine Labs, Poly Medicure, TVS Supply Chain Solutions and more.
ABFRL, Hitachi Energy India, RVNL, Suzlon, CONCOR, Pine Labs, Poly Medicure and TVS Supply Chain Solutions in focus
FILTERS UPDATES
- May 25, 2026 21:30
Quarterly results
Chemplast Sanmar reports ₹45 cr net loss in Q4FY26 on exceptional charge
Chemplast Sanmar on Monday reported a consolidated net loss of ₹45 crore for the quarter ended March 2026 (Q4FY26) due to an exceptional charge of around ₹150 crore.
Chemplast Sanmar reports ₹45 cr net loss in Q4FY26 on exceptional charge
Chemplast Sanmar reports a ₹45 crore net loss in Q4FY26, citing exceptional charges; full-year loss rises to ₹280 crore.
- May 25, 2026 21:27
Quarterly results
TVS Supply Chain Solutions reports consolidated PAT of ₹18 crore in Q4FY26
TVS Supply Chain Solutions reported a consolidated net profit of ₹18 crore for the fourth quarter ended March 31, 2026, as against a net loss of ₹4 crore for the corresponding quarter last year. Revenue rose 12 per cent to ₹3,032 crore (₹ 2,499 crore). Other income was at ₹11 crore (₹13 crore).
TVS Supply Chain Solutions reports consolidated PAT of ₹18 crore in Q4FY26
TVS Supply Chain Solutions reports ₹18 crore PAT in Q4FY26, reversing losses, with revenue growth and strategic transformations underway.
- May 25, 2026 21:15
Quarterly results
Hitachi Energy India net profit rises 80% to ₹330.5 crore in March quarter
(PTI) Hitachi Energy India on Monday posted a nearly 80 per cent rise in net profit to Rs 330.5 crore during the March quarter of FY26, mainly on account of higher revenues.
It has clocked a net profit of Rs 183.9 crore during the same period a year ago, the company said in a statement.
During the latest January-March period, the company’s revenue from operations rose 46.2 per cent to Rs 2,754.1 crore from Rs 1,883.7 crore recorded in the fourth quarter of the preceding 2024-25 financial year.
- May 25, 2026 20:58
Quarterly results
Fredun Pharmaceuticals Q4 profit jumps 56% to ₹11 crore
Fredun Pharmaceuticals, a leading pharma formulation manufacturing company, reported that its net profit in the March quarter was up 56 per cent at Rs 11 crore on the back of good demand.
Fredun Pharmaceuticals Q4 profit rises 56%, announces bonus shares
Fredun Pharmaceuticals reported a 56% rise in Q4 profit, declared a dividend and announced a 2:1 bonus share issue after strong FY26 growth.
- May 25, 2026 20:18
Quarterly results
Sai Parenterals Q4 net profit at ₹13 crore
Sai Parenterals posted a manifold increase in net profit to ₹13.25 crore in the fourth quarter ended March 31, 2026 compared with ₹1.59 crore in the corresponding quarter of previous financial year.
Sai Parenterals Q4 net profit at ₹13 crore
Sai Parenterals reports Q4 net profit of ₹13 crore, up significantly from last year, with revenue doubling to ₹198 crore.
- May 25, 2026 19:59
Quarterly results
Pine Labs posts ₹113 crore profit in FY26
Pine Labs reported its first full year of profitability in FY26, marking a major milestone for the fintech major as it scaled payments, commerce infrastructure and AI-led offerings across India and international markets.
Pine Labs posts ₹113 crore profit in FY26
Pine Labs achieves ₹113 crore profit in FY26, fueled by AI innovation and global expansion in fintech services.
- May 25, 2026 19:57
Quarterly results
Yatharth Hospital Q4 profit up 15%, revenue rises to ₹341.5 crore
Yatharth Hospital & Trauma Care Services Ltd on Monday reported a 15.43 per cent year-on-year rise in consolidated net profit to Rs 44.7 crore for the March quarter of FY 2025-26.
The company had reported a net profit of Rs 38.72 crore for the January-March quarter a year ago, according to a regulatory filing. (PTI)
- May 25, 2026 19:15
Quarterly results
Ajmera Realty Q4 profit rises over two-fold to ₹59 crore
(PTI) Ajmera Realty & Infra India Ltd on Monday reported a more than two-fold jump in its consolidated net profit to Rs 58.53 crore for the quarter ended March 31, 2026.
The company’s net profit stood at Rs 24.24 crore in the year-ago period.
The total income rose to Rs 433.93 crore during the fourth quarter of FY 2025-26 from Rs 153.69 crore in the corresponding period of the preceding financial year, according to a regulatory filing.
- May 25, 2026 19:14
Quarterly results
Sarda Energy & Minerals Q4 profit surges 53 pc to Rs 155 cr
(PTI) Sarda Energy & Minerals Ltd (SEML) has posted 53 per cent rise in March quarter net profit at Rs 155 crore.
In the year-ago period, the profit stood at Rs 101 crore, a company statement said.
Total income, however, slipped to Rs 1,258 crore in the fourth quarter from Rs 1,286 crore a year ago.
- May 25, 2026 19:14
Quarterly results
Surya Roshni Q4 profit down 24% to Rs 98 cr
Steel GI pipes and lighting products maker Surya Roshni on Monday reported 24.43 per cent decline in consolidated net profit at Rs 98.3 crore for March quarter FY26.
The company had logged a profit of Rs 130.09 crore in January-March FY25, according to a regulatory filing from Surya Roshni.
Revenue from operations in the quarter was marginally up at Rs 2,163.25 crore as compared to Rs 2,145.83 crore a year ago.
- May 25, 2026 19:14
Quarterly results
Awfis Q4 profit doubles to Rs 23 cr on higher revenue
Realty firm Awfis Space Solutions Ltd on Monday reported more than two-fold increase in its consolidated net profit to Rs 23.24 crore for the quarter ended March 2026 on higher income amid strong demand for managed workspaces.
Its net profit stood at Rs 11.23 crore in the year-ago period.
- May 25, 2026 19:12
Quarterly results
Aditya Birla Fashion trims quarterly loss on rising core apparel sales
Aditya Birla Fashion and Retail reported a narrower adjusted fourth-quarter loss on Monday, helped by growth in its core fast-fashion business.
The retail and fashion unit of the Aditya Birla group posted 1.64 billion rupees ($17.22 million) as net loss after tax from continuing operations for the quarter ended March 31, from 1.71 billion rupees a year earlier
Revenue from operations rose 15.7% year-on-year to 19.90 billion rupees
- May 25, 2026 18:12
Quarterly results
Pine Labs reports Q4 profit amid Rising digital payments demand
Indian fintech firm Pine Labs posted a fourth-quarter profit on Monday, as a continued shift to digital payments drove demand.
The Temasek and Peak XV-backed company posted a profit of 593.6 million rupees ($6.23 million) for the quarter ended March 31, compared with a loss of 289.1 million rupees a year earlier. (Reuters)
- May 25, 2026 18:02
Quarterly results
Shriram Properties Q4 net profit up 65% y-o-y to ₹78.5 crore
Real estate developer Shriram Properties has seen its net profit grow 65 per cent year-on-year (y-oy-) in Q4FY26 to ₹78.5 crore. Total revenue grew by 55 per cent y-o-y to ₹662.7 crore.
Shriram Properties Q4 net profit up 65% y-o-y to ₹78.5 crore
Shriram Properties reports 65% net profit growth to ₹78.5 crore, projecting stronger sales momentum for FY27 amid rising land costs.
- May 25, 2026 15:52
Quarterly results
Q4 results live: NBCC Q4 profit rises 37% to ₹241 cr; FY26 net at ₹720 cr
NBCC Q4 profit rises 37% to ₹241 cr; FY26 net at ₹720 cr
NBCC reports a 37% Q4 profit increase to ₹241 crore, with FY26 net profit at ₹720 crore.
- May 25, 2026 15:45
Stock up
Q4 results live: Yatharth Hospitals Stock Hits 52-Week High on Record Q4 Revenue, Then Retreats
Shares of Yatharth Hospital & Trauma Care Services Limited touched a 52-week high of ₹889.90 on Monday before closing down 4.83% at ₹820.55 on the NSE.
The North India-focused hospital chain reported quarterly revenue of ₹3,416 million, a 47% jump year-on-year and the highest in the company’s listed history. Full-year revenue for FY26 came in at ₹12,072 million, up 36% from ₹8,856 million in FY25.
EBITDA for the quarter rose 37% to ₹799 million, though margins compressed by 161 basis points to 23.4% compared to the same period last year, reflecting the ramp-up costs of newer hospitals. Adjusted for those losses, EBITDA margin stood at 30.4%. Profit after tax grew a more modest 15% to ₹447 million.
Newer facilities in Greater Faridabad, Faridabad Sector-20, New Delhi, and Agra collectively contributed ₹753 million, or roughly 22% of group revenues. The company’s recently acquired Gurugram hospital — a 250-bed facility targeting an Average Revenue Per Occupied Bed (ARPOB) of over ₹50,000 — is expected to begin operations in FY27.
The company’s stock has gained over 56% in the past year.
- May 25, 2026 15:39
Quarterly results
Q4 results live: Shriram Properties Posts Record Revenue, Net Profit Crosses ₹100 Crore for First Time in FY26
Shriram Properties Limited reported its highest-ever annual revenue of ₹1,357 crore for FY26, up 39% year-on-year, as record home deliveries drove strong earnings in the fourth quarter. Net profit crossed the ₹100 crore mark for the first time, rising 30% to ₹100.8 crore.
The Bengaluru-based developer handed over 3,465 homes and plots during the year — its highest-ever — with over 1,300 units delivered in Q4 alone. This surge in handovers directly boosted revenue recognition in the quarter, where total revenues jumped 55% year-on-year to ₹662.7 crore and net profit rose 65% to ₹78.5 crore.
Customer collections hit a record ₹1,661 crore for the year, up 12% year-on-year. Sales bookings stood at ₹2,354 crore (~4.2 million sq ft) for FY26, with Q4 contributing ₹663 crore.
The company added seven new projects during the year with a gross development value of approximately ₹3,500 crore. It also resolved a long-pending land matter in Kolkata and entered Pune with its first launch at Undri, selling over 300 units.
Net debt stood at ₹438 crore, with a debt-equity ratio of 0.30x. The stock surged 9.60% to ₹92.21 on Monday on the NSE, against a previous close of ₹84.13, on volumes of 87.29 lakh shares.
- May 25, 2026 15:36
Stock up
Q4 results live: Eicher Motors surges 5% as record Q4 profit draws bullish street bets
Eicher Motors surges 5% as record Q4 profit draws bullish street bets
Eicher Motors shares rise 5% after record Q4 profit, with brokerages maintaining bullish outlooks and revised targets.
- May 25, 2026 15:35
Quarterly results
Q4 results live: Surya Roshni Shares Tumble 12% as Q4 Profit Falls 24% Despite Record Volumes
Shares of Surya Roshni Limited crashed nearly 12% on Monday to ₹216.80 on the NSE, as investors reacted negatively to the company’s Q4FY26 results, which showed a sharp year-on-year decline in profitability despite record operational volumes.
The New Delhi-based manufacturer reported consolidated net profit of ₹98 crore for the January–March 2026 quarter, down 24% from ₹130 crore in the same period last year. Revenue was broadly flat at ₹2,163 crore versus ₹2,146 crore in Q4FY25. EBITDA fell 19% year-on-year to ₹170 crore, with margins compressing to 7.9%.
The Steel Pipes & Strips segment, which accounts for the bulk of revenues at ₹1,662 crore, was the primary drag. EBITDA per tonne declined 24% to ₹5,121, hurt by steel price volatility, geopolitical disruptions in Middle East export markets during March, and weaker government-linked domestic demand.
The Lighting & Consumer Durables segment offered some relief, posting a 9% revenue jump to ₹501 crore — an all-time quarterly high — driven by strong LED and appliances demand.
On a positive note, the company ended FY26 debt-free with a net cash surplus of ₹337 crore. The board recommended a final dividend of ₹2.50 per share, taking total FY26 dividend to ₹5 per share. For FY27, management guided steel pipe volumes of approximately 11 lakh tonnes, up 21–22% year-on-year.
- May 25, 2026 15:25
Quarterly results
Q4 results live: Ajmera Realty Posts Record FY26 Sales of ₹1,701 Cr; Stock Surges 8% on Results Day
Ajmera Realty & Infra India Ltd reported its strongest annual performance on Monday, with pre-sales value jumping 57% year-on-year to ₹1,701 crore for FY26, beating its own annual guidance. The Mumbai-based developer’s stock responded sharply, rising 8.25% to ₹129.85 on the NSE by mid-afternoon, touching an intraday high of ₹141.
Total revenue for FY26 came in at ₹1,098 crore, up 46% from ₹753 crore in FY25. EBITDA grew 25% to ₹306 crore, while net profit rose 24% to ₹157 crore. Earnings per share stood at ₹7.6 for the full year.
Collections surged 71% to ₹1,103 crore, with collection efficiency improving to 65% from 60% in FY25. The company also reduced its debt-to-equity ratio to 0.53x, well below its stated guidance of 0.85x and significantly down from 1.13x in FY21.
Q4FY26 revenue came in at ₹433.9 crore, up 182% year-on-year, though EBITDA margins contracted to 25% from 30% in the same quarter last year.
The company added five new asset-light projects with a combined gross development value of ₹2,433 crore and set a FY27 pre-sales target of ₹2,200 crore. Despite Monday’s rally, the stock remains down over 19% on a one-year basis, against a 52-week high of ₹221.40 hit in November 2025.
- May 25, 2026 14:04
Stock up
Q4 results live: Crizac Shares Hit Upper Circuit After Record FY26 Earnings
Shares of Crizac Limited surged 10% to hit the upper circuit at ₹223.99 on the NSE on Monday after the Kolkata-based international student recruitment platform reported record financial results for FY26, with total income rising 21% year-on-year to ₹10,711 million.
The company’s profit after tax jumped 41.4% to ₹2,191 million for the full year, with PAT margins expanding 295 basis points to 20.5%. EBITDA grew 31% to ₹2,824 million, with margins at 27.1%.
For the fourth quarter ended March 31, 2026, total income came in at ₹3,986 million, up 14.7% year-on-year and 39.6% sequentially. Q4 PAT stood at ₹750 million, a 50.3% jump over the same quarter last year. The board declared a dividend of ₹8 per share, implying a payout ratio of roughly 64%.
The company attributed the growth to a 43% rise in applications processed, 36.5% growth in active agents, and 13.8% growth in student enrolments. During the year, Crizac completed four acquisitions, including Studies Planet for LATAM market access and a 51% stake in Global Tree Careers, alongside a US$2.5 million commitment to AI-matching platform Edumentor.
The stock, listed in July 2025, trades at a trailing P/E of 24.63 and remains well below its 52-week high of ₹387.95.
- May 25, 2026 14:00
Quarterly results
Q4 results live: Sundaram Finance Q4 profit rises 11%, full-year PAT up 19% to ₹1,834 crore; stock slips 1.77%
Sundaram Finance on Monday reported a 19% jump in standalone profit after tax to ₹1,834 crore for FY26, up from ₹1,543 crore in FY25, driven by strong disbursement growth and improving asset quality. For the fourth quarter alone, net profit grew 11% year-on-year to ₹608 crore, weighed partly by a ₹75 crore exceptional charge related to the new Labour Codes.
Despite the solid earnings, shares of the Chennai-based non-banking financial company fell 1.77% to ₹4,413.90 on the NSE by early afternoon, extending a sharp year-to-date decline of over 17%.
Assets under management expanded 16.4% to ₹59,908 crore as of March 31, 2026, while full-year disbursements grew 14% to ₹32,321 crore. Q4 disbursements rose 17% to ₹8,051 crore. Net interest income climbed 21% to ₹3,376 crore for the year.
Asset quality held steady, with gross Stage 3 assets unchanged at 1.44%, while net Stage 3 assets improved to 0.69% from 0.75% a year earlier. Return on assets improved to 3.03% from 2.85%.
The board declared a final dividend of ₹24 per share. On a consolidated basis, which includes Sundaram Home Finance, Sundaram Asset Management and Royal Sundaram General Insurance, profit after tax rose 10% to ₹2,059 crore.
- May 25, 2026 13:22
Stock down
Q4 results live: Salzer Electronics Shares Slide 6.7% Despite Strong FY26 Revenue Growth
Shares of Salzer Electronics Limited fell sharply on Monday, dropping 6.67% to ₹657.50 on the NSE, even as the Coimbatore-based electrical solutions company reported robust full-year revenue growth for FY26. The stock, which hit a 52-week high of ₹1,127 last May, has lost nearly 39% over the past year.
The company reported consolidated net revenue of ₹1,758.38 crore for FY26, a growth of nearly 24% year-on-year, driven primarily by strong demand in its Industrial Switchgear and Wires & Cables divisions. For the fourth quarter ended March 31, 2026, revenue stood at ₹474.14 crore, up 26.19% from the same period last year.
However, profitability remained under pressure. Full-year EBITDA margins contracted 108 basis points to 8.36%, while PAT grew a modest 2.49% to ₹53.77 crore. Q4 margins fell further to 6.59%, weighed down by higher input costs and expenses related to scaling new business segments.
The board has recommended a dividend of ₹2.50 per equity share for FY26.
On the strategic front, Salzer signed an MoU with Finland-based Wirepas to integrate wireless mesh technology into its smart electricity meters, signalling a push into smart energy infrastructure.
The Industrial Switchgear division remained the largest revenue contributor at 56%, followed by Wires & Cables at 38.87% for the full year.
- May 25, 2026 12:50
Quarterly results
Q4 results live: GAIL FY26 PAT down 38% to ₹6,968 crore in FY26 amid global geopolitical headwinds
GAIL FY26 PAT down 38% to ₹6,968 crore in FY26 amid global geopolitical headwinds
Energy major reports resilient operations despite softer profitability and geopolitical challenges.
- May 25, 2026 10:00
Quarterly results
Q4 results live: Prestige Estates Q4 profit jumps 10-fold to ₹250 crore, income surges to ₹4,143 crore
Prestige Estates Q4 profit jumps 10-fold to ₹250 crore, income surges to ₹4,143 crore
Prestige Estates reports 10-fold profit surge to ₹250 crore, with total income exceeding ₹4,143 crore in Q4.
- May 25, 2026 09:57
Quarterly results
Q4 results live: Allcargo Terminals posts ₹9 crore Q4 profit on higher cargo volumes
Allcargo Terminals posts Q4 profit as cargo volumes and EBITDA rise
Allcargo Terminals reported a ₹9 crore Q4 profit and 46% rise in FY26 net profit, driven by higher cargo volumes and logistics expansion projects.
- May 25, 2026 09:53
Quarterly results
Q4 results live: Page Industries Q4 net profit up 9% to ₹178.73 cr
Page Industries Q4 net profit up 9% to ₹178.73 cr
Full-year profit grows 4.75% to ₹763.82 crore amid volume growth and positive consumer sentiment
- May 25, 2026 09:51
Quarterly results
Q4 results live: Aurobindo Pharma edges past Dr Reddy’s in FY26 revenue race
Aurobindo Pharma edges past Dr Reddy’s in FY26 revenue race
Aurobindo Pharma surpasses Dr Reddy's in FY26 revenue, becoming the second-largest Indian pharma company.
The shares of Aurobindo Pharma Limited were trading at ₹1,459.80 down by ₹3.70 or 0.25 per cent on the NSE today at 9.50 am.
- May 25, 2026 09:49
Stock down
Q4 results live: Manali Petrochemicals Ltd consolidated Q4 profit more than doubles on exceptional gain
Manali Petrochemicals Ltd consolidated Q4 profit more than doubles on exceptional gain
Manali Petrochemicals Ltd reports over double Q4 profit to ₹29 crore, boosted by exceptional gains from divestments.
The shares of Manali Petrochemicals Limited were trading at ₹61.31 down by ₹1.63 or 2.59 per cent on the NSE today at 9.47 am.
- May 25, 2026 09:42
Review
Q4 results live: Analysts' review on Divis Labs
Jefferies on Divis Labs
Buy, TP Rs 7950
Q4 largely in line, with strong 21% yoy growth from Custom Synthesis (CS) and nutraceuticals (+17% YoY); however, generics reported a 7% yoy sales decline despite forex benefit
Divi’s guided for continued double-digit growth (in INR) in coming years & has plans to be a large peptide manufacturer going forward
Timelines for key CS projects remain unclear due to regulatory approvals
Kotak Inst Eqt on Divis Labs
Sell, TP Rs 5850
Delivered a 4% operating miss in 4QFY26, largely on account of a tad lower CSM growth amid muted, albeit in-line, generic API sales.
Within CSM, Divi’s ability to swiftly compensate for potentially lower Entresto sales in EU with commercial molecules will be a monitorable.
On a positive note, Divi’s client engagement stays high with multiple projects, including peptides, at various stages of development.
After having significantly upped ante on capex in FY2026 (Rs25.2 bn versus Rs14.4 bn in FY2025 and Rs10 bn in FY2024), it is guiding for capex intensity to stay elevated in FY2027E as well. However, at 49X FY2028E P/E, valuations already bake in anticipated CSM uptick.
Morgan Stanley On Divis Lab
Recommendation Overweight; Target ₹7904
Custom Synthesis to drive next leg of growth
Aims to be one of the largest players in peptides globally
Currently has the largest SPPS scale in India
Capex uptrend should lead to a revenue pickup in H2FY27
Citi On Divis Lab
Recommendation Buy; Target ₹9140
Transient Q4 Softness; Capex Ramp Up and Pipeline Strengthen Growth Outlook
Management reiterated double-digit revenue growth for FY27
Continue to view Divi’s as top pick in India pharma
Strong pipeline visibility and step-up in capex position the company well for accelerating near- to medium-term growth
- May 25, 2026 09:40
Review
Q4 results live: Analysts' views on Eicher Motors
CLSA on Eicher Motors
O-P, TP Rs 7651
Consolidated Ebitda margin was in line at 24.9% (down 57bps QoQ), with Royal Enfield (RE) facing c.90bps of commodity inflation in 4Q and a further 3.5% in 1QFY27
RE implemented price hikes of c.70bps in Jan and 170bps in Apr to partly offset the impact.
With cost optimisation and operating leverage benefits, RE remains confident in offsetting the bulk of the impact.
With utilisation nearing 90%, RE is expanding capacity via brownfield and greenfield expansion
Expect RE to outperform industry volume growth, driven by strong 350cc+ demand, & build in a 12% volume Cagr in FY26-28.
On VECV, turn cautiously optimistic on back of tough macroeconomic conditions amid ongoing Middle East crisis
GS on Eicher Motors
Buy TP Rs 8400 from Rs8000
Reported an in-line 4Q.
Revenue/EBITDA were +2%/+1% vs GSe
Gross margins were flat qoq with -90bps of commodity headwind offset by +70bps of price hike in Jan and +20bps of mix + value engineering.
Management highlighted production issues from labor & raw material/gas shortage, impacting May volumes, which are now resolved.
Current Inventory levels are thin at 7-8 days with dealer inventory running even lower.
175bps of price hike in April can offset 50% of ~300-350bps commodity impact with more offsets possible above this.
Management indicated that inquiries in May continue to be strong at +23% yoy
HSBC on Eicher Motors
Buy, TP Rs 8200
Management expects demand momentum to persist in export and domestic markets; inflation remains a near-term headwind
RE announced a greenfield expansion beyond the 2m units of annual capacity added by ongoing Cheyyar’s brownfield project
Stronger growth trajectory than industry justifies premium valuation
Morgan Stanley On Eicher Motors
Recommendation Equal-weight; Target ₹7763
Q4 – inline with estimates
Eicher expects growth momentum to continue in FY27
On exports, the company remained cautiously optimistic
Capacity enhancement - debottlenecking efforts aim to improve capacity to 1.6 million units from 1.4 million
CITI on Eicher Motors
Buy, TP Rs 8350
4Q slightly above estimates on better ASP and gross margin.
Mgmt outlook is positive for mid-segment bikes in India (Royal Enfield dominates the segment).
Healthy demand trends are manifested in strong growth in enquiry, even as Apr deliveries were impacted by manpower unavailability and LPG supply disruption.
Significant capacity addition is planned for RE- 1) current capacity is 1.46mn units/year, 2) post brownfield expansion capacity will be 2mn units by 2QFY28, 3) a greenfield facility is planned for Rs25bn
VECV demand trends are steady & new financing JV with Volvo should augment volumes
That said, cost pressures are rising, and RE price hikes undertaken thus far cover only 50% of impact
- May 25, 2026 09:38
Review
Q4 results live: Ananlysts' take on Hindalco
CITI on Hindalco
Neutral, TP Rs 1170
At Rs101.8bn (6% ahead), 4Q consol EBITDA rose 6% yoy/28% qoq
QoQ increase is attributed to better performance across divisions.
India upstream: Rs54.5bn vs. Rs48.3bn in 3Q; India downstream: Rs2.6bn vs. Rs2.3bn; Copper: Rs9bn vs. Rs6bn; Novelis: Rs42bn vs. Rs31bn.
India upstream EBITDA/t was $1,756 vs. $1,572 in 3Q and should continue to rally (spot $3,650), offset partly by 5% higher costs
Est debt should peak at $8.2bn in FY27 & fall thereafter ($6.8bn as of Mar26); estimate net D/EBITDA at 1.6x vs. 1.8x in Mar26
Global team is structurally bullish aluminium; CY27 estimate is $3,800
Maintain Neutral, given LME upside from spot may not be significant
Potential upsides such as (1) Bay Minette profitability, (2) higher India smelting capacity, and (3) captive coal are back-ended.
Kotak Inst Eqt on Hindalco
Reduce, TP Rs 1100 from Rs1000
4QFY26 consolidated EBITDA beat estimates across both copper and aluminum divisions.
Novelis’ reported EBITDA remains impacted by Oswego, which should restart hot mill ops in early June 2026—with normalization likely in 2HFY27E.
Margins should further increase in the aluminum division on elevated LME in 1QFY27E, only partially offset by higher input costs.
Coal mine cost benefit is likely to accrue only from FY2028.
Commodity price tailwind should offset project execution risks and back-ended growth over FY2027-29E.
HSBC on Hindalco
Buy, TP Rs 1430
India aluminum EBITDA +13% q-o-q; earnings across businesses should further improve
FY26 net debt increase partially driven by one-time factors; debt should decline materially from FY27 year-end
Increase EBITDA estimates by 2-6%
CLSA On Hindalco
Recommendation Outperform; Target ₹1240, Earlier Target ₹1035
Strong tailwinds; Strong beat in India
Guidance: High cost and hedging to partly offset strong LME
Novelis drives high leverage
- May 25, 2026 09:35
Quarterly results
Q4 results live: SPIC Q4 Consolidated Net Profit Rises 51.5% YoY to ₹29.49 Crore
Southern Petrochemical Industries Corporation Ltd. (SPIC) reported a consolidated net profit of ₹29.49 crore for the quarter ended March 2026, registering a growth of 51.5% year-on-year compared with ₹19.47 crore in the corresponding quarter last year, aided by operational efficiencies and contribution from equity-accounted investees.
Consolidated profit before tax rose 53.7% YoY to ₹45.98 crore from ₹29.91 crore in the year-ago period. Revenue from operations stood at ₹584.15 crore during the quarter compared with ₹754.37 crore in the corresponding period last year. Total income for the quarter was ₹595.73 crore, while profit from operations before share of profit from equity-accounted investees and tax stood at ₹41.82 crore.
Standalone Performance
On a standalone basis, the company reported a net profit of ₹26.15 crore for the March quarter compared with ₹13.09 crore in the corresponding period last year. Standalone profit before tax stood at ₹41.82 crore against ₹20.64 crore a year ago. Standalone revenue from operations stood at ₹584.15 crore compared with ₹754.37 crore in the same quarter last year.
Full-Year Performance (FY26)
For the full year ended March 2026, consolidated net profit increased 35.9% YoY to ₹211.48 crore compared with ₹155.62 crore in the previous year. Revenue from operations during the period stood at ₹2,955.97 crore.
On a standalone basis, net profit for the full year rose to ₹186.16 crore from ₹130.84 crore in the previous year, while revenue from operations stood at ₹2,955.97 crore.
Operational Highlights
During the quarter, the urea plant operated for 73 days compared with 90 days in the corresponding quarter of the previous year. Urea production and sales during the quarter stood at 1.48 lakh metric tonnes and 1.43 lakh metric tonnes respectively. For the full year, production was 7.21 lakh MT and sales were 7.14 lakh MT.
The company accounted subsidy income of ₹450.33 crore for the quarter and ₹2,426.91 crore for the year based on provisional retention price norms under the Government of India’s fertilizer policy.
The Board of Directors has recommended a dividend of ₹2 per equity share for FY26, subject to shareholders’ approval at the forthcoming AGM.
SPIC is engaged in the manufacture and sale of fertilizers and operates primarily in the urea segment, along with investments in joint ventures and associate companies in petrochemicals and energy sectors.
- May 25, 2026 09:34
Quarterly results
Q4 results live: Ramco Cements reported net income for the fourth quarter that beat the average analyst estimate.
Net income 1.46 billion rupees vs. 309.9 million rupees y/y, estimate 1.06 billion rupees (Bloomberg Consensus)
Revenue 26.06 billion rupees, +9% y/y, estimate 26.14 billion rupees
Total costs 25.16 billion rupees, +6.2% y/y
Other income 121.8 million rupees, -5.9% y/y
Dividend per share 2.50 rupees
Published on May 25, 2026
