*Stocks in News*
*KNR Constructions:* Company has secured ₹130 Crore Settlement from NHAI. (Positive)
*Karnataka Bank:* Company expands Digital Payment Services with Pine Labs Partnership (Positive)
*Seamec:* Company vessel “Seamec Agastya” returns to service and put on hire, vessel resumed operations on April 21, 2026, following successful technical redressal. (Positive)
*Advait Energy Transitions:* Company secures Rs 27.74 cr order from PTCUL (Uttarakhand), contract for replacement of old ACSR conductors with HTLS conductors on 132 kv (Positive)
*Transformers and Rectifiers Ltd:* Company chairman says new capacity addition planned at moraiya for 22,000 mva, with this expansions, the capacity of the company will be around 75,000 mva combining for all three plants. (Positive)
*Sonata Software Limited:* Company achieves AWS migration and modernization competency status; recognizes technical expertise in application migration and modernization; strengthens position as trusted partner for enterprise transformation. (Positive)
*BEML:* Company secures Rs 590 cr order from ministry of defence, contract for the supply of trawl assemblies in the normal course of business (Positive)
*Kalyani Cast:* Company approved development of Multimodal Logistics Park and Container Wagon Manufacturing Unit. (Positive)
*Mangalam Global Enterprise:* Revenues at Rs 1065.2 cr vs 542.80 cr , Net Profit at Rs 12.48 cr vs Rs 5.19 cr (YoY). (Positive)
*Tata Elxsi:* Net Profit of Rs 220.0 Cr Vs Rs 109.0 Cr, Revenue at Rs 994.0 Cr Vs Rs 953.0 Cr (QoQ). (Positive)
*PNC Infratech:* Company wins Two Highway Projects Totaling ₹3,483 Crores. (Positive)
*CG Power:* Company has received a revisionary tax demand of Rs 22 crore, which follows a previous tax demand of Rs 189 crore for AY23. (Positive)
*Motisons Jewellers:* Company has signed a Memorandum of Understanding (MoU) with Moti Developers to open a new jewellery showroom in Udaipur. (Positive)
*Aurobindo Pharma:* Board approves ₹800 Cr share buyback (Neutral)
*Shakti Pumps:* Company invests Rs 10 crore in wholly owned subsidiary Shakti EV Mobility (Neutral)
*Cyient DLM:* Q4 cons Net Profit Rs 22.4 Cr rupees vs 10.6 Cr (YoY), Q4 revenue Rs 369 cr vs 430 cr (YoY) (Neutral)
*Transformers and Rectifiers:* Q4 cons Net Profit Rs 91.40 Cr vs 94.20 Cr (Yoy), Q4 revenue Rs 783 Cr vs 670 Cr (YoY) (Neutral)
*Persistent systems:* Q4 cons net profit Rs 530 Cr vs 440 Cr (QoQ), Q4 revenue Rs 4,060 Cr vs 3,780 Cr (QoQ), Q4 EBIT Rs 660 cr vs 642 cr (QoQ). (Neutral)
*Rajratan Global:* Net Profit at Rs 17.7 cr vs 20.1 cr , Revenues at Rs 314 cr vs Rs 251 cr (YoY). (Neutral)
*Adani Ports:* Company has completes amalgamation with Adani Harbour Services, files NCLT order on Apr 21, 2026 (Neutral)
*Financials:* RBI withdraws April 1 circular on Forex risk management, interbank dealings. (Neutral)
*Indosolar:* Net Profit of Rs 42.0 Cr Vs Rs 40.0 Cr, Revenue at Rs 83.0 Cr Vs Rs 192.0 Cr (YoY) (Neutral)
*Powerica:* Net Profit of Rs 95.0 Cr Vs Rs 28.0 Cr, Revenue at Rs 763.0 Cr Vs Rs 704.0 Cr (YoY) (Neutral)
*Sunteck:* Net Profit of Rs 64.0 Cr Vs Rs 50.0 Cr, Revenue at Rs 3390.0 Cr Vs Rs 2060.0 Cr (YoY) (Neutral)
*Hindustan Zinc:* Company’s board will meet on April 24 to consider the declaration of its first interim dividend. (Neutral)
*Jayaswal Neco:* Company’s board is set to meet on April 24 to mull fundraising options, including a Qualified Institutional Placement (QIP). (Neutral)
*City Union Bank:* Bank has expanded its network by opening two new branches in Rajasthan and Gujarat, taking its total branch count to 973. (Neutral)
*Hexaware Technologies:* Company’s board is scheduled to meet on April 27 to consider its first interim dividend for FY26. (Neutral)
*JSW Energy:* JSW Mahanadi Power Co, received a Rs 1,447 crore demand for water charges from Chhattisgarh, which the company has officially challenged in the High Court. (Neutral)
*SBFC Finance:* Board will meet on April 24 to discuss the potential issuance of NCDs and other debt securities. (Neutral)
*Amber Enterprises:* Company has successfully completed the rights issue allotment in IL JIN, investing Rs 296 crore in the process. (Neutral)
*Manappuram Finance:* The open offer and preferential share issue to BC Asia Investments have concluded, making the entity an official promoter of the company. (Neutral)
*Indian Hotels:* Company has successfully completed the acquisition of Brij Hospital for a total consideration of Rs 222 crore, officially making the entity a subsidiary of the company. (Neutral)
*Mphasis:* Subsidiary has acquired TAP for CAD 10 million to bolster its service delivery capabilities. (Neutral)
List of stocks included in short term ASM Framework: 63 Moons, Lloyds Enterprises, Quality Power (Neutral)
*CIE Automotive India Ltd* Ex-Date Today, Final Dividend – Rs. – 7.0 (Neutral)
*Sanofi India Ltd* Ex-Date Today, Final Dividend – Rs. – 48.0 (Neutral)
*CRISIL Ltd* Ex-Date Tomorrow, Interim Dividend – Rs. – 9.0 (Neutral)
*Huhtamaki India Ltd* Ex-Date Tomorrow, Final Dividend – Rs. – 2.0 (Neutral)
*Schaeffler India Ltd* Ex-Date Tomorrow, Final Dividend – Rs. – 35.0 (Neutral)
*HCL Tech:* Revenue in constant currency declined 3.3% QoQ. Some of the factors that affected Q4 are expected to continue into the coming quarter (Negative)
*Cyient DLM:* Net Profit at Rs 22 cr vs 31 cr , Revenues at Rs 369 cr vs Rs 428 cr (YoY). (Negative)
*Tata Invest:* Net Profit at Rs 63 cr vs 76 cr , Revenues at Rs 39 cr vs Rs 58 cr (YoY). (Negative)
*Central Mine Planning:* Net Profit of Rs 188.0 Cr Vs Rs 277.0 Cr, Revenue at Rs 827.0 Cr Vs Rs 740.0 Cr (YoY). (Negative)
TRENT Q4 V ESTIMATES
NET PROFIT ⬆️ at ₹413 Cr vs EST ₹375 Cr
REVENUE ⬇️ at ₹5,028 Cr vs EST ₹5,060 Cr
EBITDA ⬆️ at ₹927.8 Cr vs EST ₹848 Cr
EBITDA MARGIN ⬆️ at 18.5% vs EST 16.8%
Trent Limited – Q4 HIGHLIGHTS
• Operates 1,250+ large-box stores across 321 cities including UAE
• Portfolio includes ~300 Westside stores and ~963 Zudio stores as of March 2026
• Online revenue grew ~25% in Q4FY26; now contributes 6%+ of Westside revenues
• Emerging categories (beauty, innerwear, footwear) contribute 21%+ of total revenues
• Operating EBIT margin improved to 11.5% (vs 9.7% YoY)
• FY26 performance remained resilient despite macro challenges
• Strong lifestyle brand portfolio with own brands contributing 73%+ of revenues
• Star (food & grocery) expansion slower, but acceleration plans in place
• Management remains positive on long-term growth in food & grocery segment
🟢 Overall: Positive – Strong margin expansion, steady store network growth, and rising contribution from higher-margin categories support long-term retail growth visibility
SBI LIFE INSURANCE Q4 FY26 RESULTS 📊
MARKET POSITION
• Leadership in individual NBP, IRP
• Market share: 25.5%, 22.9%
GROWTH METRICS
• APE: ₹24,270 Cr (↑ 13% YoY)
• VNB: ₹6,670 Cr (↑ 12% YoY)
• VNB Margin: 27.5% vs 27.8% YoY
PREMIUM DETAILS
• GWP: ₹1,01,290 Cr (↑ 19% YoY)
• NBP: ₹42,550 Cr (↑ 20% YoY)
• Renewal: ₹58,730 Cr (↑ 19% YoY)
• Individual NBP: ₹29,780 Cr (↑ 13% YoY)
• IRP: ₹21,900 Cr (↑ 13% YoY)
PROFITABILITY
• PAT: ₹2,470 Cr (↑ 2% YoY)
• Operating RoEV: 19.7%
• ROE: 13.7% (↓ YoY)
BALANCE SHEET
• Embedded Value: ₹80,790 Cr (↑ 15% YoY)
• EV/Share: ₹805 (↑ 15% YoY)
• AUM: ₹4.87 lakh Cr (↑ 9% YoY)
• Net Worth: ₹19,080 Cr (↑ 12% YoY)
• Solvency Ratio: 1.90x
COST STRUCTURE
• Total Cost Ratio: 10.6% (↑ YoY)
• Opex Ratio: 6.1% (↑ YoY)
• Commission Ratio: 4.4%
PERSISTENCY
• 13th Month: 87.9% (↑ YoY)
• 25th Month: 78.0%
• 49th Month: 69.1%
• 61st Month: 58.1%
DISTRIBUTION
• Bancassurance: 60%
• Agency: 29%
• Others: 11%
NETWORK
• 3.58 lakh+ agents
• 1,230 offices
CORE INSIGHT
• Strong premium growth, stable margins
• Cost pressures rising
• Market leadership intact
Impact: Positive
PERSISTENT SYSTEMS – Q4FY26 CONFERENCE CALL HIGHLIGHTS
#Q4FY26
CORE HIGHLIGHT
– Strong growth momentum with 24 consecutive quarters of revenue expansion, driven by AI-led transformation and platform-based execution
MANAGEMENT COMMENTARY
– Achieved 24th consecutive quarter of revenue growth with Q4 revenue at $436 Mn
– Strong focus on AI across engineering, business productivity, and enterprise data readiness
– ESG milestone: carbon neutrality achieved ahead of 2030 target
– Confident on long-term growth despite macro uncertainties
FUTURE OUTLOOK & GUIDANCE
– Targeting $2 Bn annual revenue run rate by end of FY27 (~$500 Mn quarterly)
– Expected steady growth despite macro volatility
– EBIT margin aspiration: 16–17% range
– Continued investment in capabilities over short-term margin maximization
INDUSTRY & MACRO TRENDS
– BFSI shifting towards AI-led transformation and capital efficiency
– Global macro uncertainty due to geopolitical tensions and inflation risks
– Increasing role of private equity in driving tech-led transformation
– Rising demand for AI-driven software engineering and data platforms
COMPETITIVE POSITIONING
– Positioned as a credible challenger to tier-1 IT firms
– Strong engineering DNA and domain expertise
– Recognized as fastest-growing IT services brand globally (Brand Finance 2026)
– Differentiation through proprietary AI platforms and IP-led approach
RISKS & CONCERNS
– Macroeconomic risks from geopolitical tensions and inflation
– Margin pressure from increased consulting and corporate development costs
– Potential AI-driven revenue compression in traditional services
– Dependence on sustained enterprise tech spending
GROWTH DRIVERS & STRATEGY
AI PLATFORM STRATEGY
– SASVA (SDLC hyperproductivity) and iORA (data readiness) as core platforms
– GenAI Hub enabling enterprise AI adoption
– 120+ patents filed to protect innovation
STRATEGIC PARTNERSHIPS
– NVIDIA collaboration in pharma simulations
– DataBricks for risk and analytics solutions
– DigitalOcean partnership for cloud and AI services
VERTICAL EXPANSION
– BFSI leading growth, followed by High-Tech and Healthcare
– Focus on deepening relationships with top clients
LEADERSHIP & CAPABILITY BUILDING
– Strategic hires to strengthen enterprise and PE channels
– Continued investment in IP and platform capabilities
CLIENT STRATEGY
– Top 50 client revenue growth at ~20.9%
– Focus on deeper, long-term engagements
FINANCIAL PERFORMANCE
Q4FY26 PERFORMANCE
– Revenue: $436 Mn (↑ 16.2% YoY)
– EBIT Margin: 16.3%
FY26 PERFORMANCE
– Revenue: $1.65 Bn (↑ 17.4% YoY)
– PAT Margin: 12.6% (strong YoY growth)
CASH & RETURNS
– OCF/PAT: 93.6%
– Cash & Investments: ~₹27,622 Mn
– Dividend: ₹40/share for FY26
MOAT CHARACTERISTICS
– Strong engineering-led business model
– Proprietary AI platforms and IP assets
– Deep client relationships and high repeat business
– Strategic partnerships enhancing capabilities
KEY INSIGHT
– Persistent is transitioning from services-led execution to a platform-led AI-driven model, enhancing scalability and differentiation
OUTLOOK
– Continued strong growth driven by AI adoption and BFSI expansion
– Margins expected to stabilize with scale and operating leverage
– Execution of AI platform strategy critical for long-term growth
CONCLUSION
– High-growth IT player with strong AI positioning and consistent execution track record.
– Achieving $2 Bn run rate and sustaining margins will be key triggers ahead.
HAVELLS Q4 HIGHLIGHTS
Healthy performance in Cables as strong growth maintained in power cables while wires saw muted growth with channel inventory normalization and a stronger YoY base
Lighting revenues stable as LED lighting prices stabilizing
Delayed summer onset with unseasonal showers impacted ECD revenues, particularly fans & air coolers
Accelerated growth in ‘others’ with strong scaleup in renewables space
Lloyd revenues moderated largely due to a strong base in the corresponding period last year and delay in summers
Co says Margins held well, except Lloyd which was impacted due to lower revenues
Switchgears margins impacted due to lag in passing of cost; expected to normalize in coming quarters
Cables margin supported by rising commodity price trend
Lighting contribution margin long term average remains 30-32%
SANGAM INDIA – Q4 RESULTS
• Consolidated Net Profit at ₹32.87 Cr (↑245.3% YoY, ↑34.3% QoQ)
• Revenue at ₹883.92 Cr (↑20.4% YoY, ↑14.1% QoQ)
• EBITDA at ₹101.78 Cr (↑76.4% YoY, ↑20.6% QoQ)
• EBITDA Margin at 11.5% vs 7.9% YoY, 10.9% QoQ
HAVELLS – Q4 SEGMENT-WISE PERFORMANCE
• LIGHTING & FIXTURES
• Revenue ₹448.72 Cr (↑1.6% YoY, ↑4.2% QoQ)
• Profit ₹95.76 Cr (↑32.1% YoY, ↑99.9% QoQ)
• Margin 21.3% vs 16.4% YoY, 11.1% QoQ
• ELECTRICAL CONSUMER DURABLES
• Revenue ₹975.61 Cr (↓2.2% YoY, ↓15.3% QoQ)
• Profit ₹100.30 Cr (↓19.6% YoY, ↓13.7% QoQ)
• Margin 10.3% vs 12.5% YoY, 10.1% QoQ
• SWITCHGEARS
• Revenue ₹735.92 Cr (↑6.4% YoY, ↑17.9% QoQ)
• Profit ₹170.77 Cr (↓3.8% YoY, ↑24.2% QoQ)
• Margin 23.2% vs 25.7% YoY, 22.0% QoQ
• CABLES
• Revenue ₹2,474.13 Cr (↑14.1% YoY, ↑10.4% QoQ)
• Profit ₹351.37 Cr (↑35.8% YoY, ↑32.4% QoQ)
• Margin 14.2% vs 11.9% YoY, 11.8% QoQ
HAVELLS
Board Approves Appointment of Former Britannia Ceo Varun Berry as an Independent Director for a first term of five years with effect from 22nd April, 2026.
Havells reports its Q4 earnings:
–Net Profit Up 40.6% At ₹734 Cr Vs ₹522 Cr (YoY)
–Revenue Up 2.4% At ₹6,687 Cr Vs ₹6,532 Cr (YoY)
–EBITDA Down 4.5% At ₹727 Cr Vs ₹761 Cr (YoY)
–Margin At 10.8% Vs 11.70% (YoY)
JPMorgan ON Maruti Suzuki India
• Maintains Overweight rating with Target Price of ₹16,130
• Stock placed on Positive Catalyst Watch
• Constructive view driven by expected revival in first-time buyer demand
• Channel checks indicate a strong outstanding order book
• Capacity ramp-up in H1FY27 likely to support market share gains
• Expects monthly domestic run-rate to improve by ~10–15% over next 3 months
Tech Mahindra – Q4 vs ESTIMATES
• Net Profit: ₹1,353 Cr vs ₹1,504 Cr est
• Revenue: ₹15,076 Cr vs ₹14,804 Cr est
• EBIT: ₹2,084 Cr vs ₹2,025 Cr est
• Margins: 13.8% vs 13.7% est
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