SBI – Q4 ASSET QUALITY & OPERATING UPDATE
📉 Profitability & Provisions
• Operating Profit ₹27,704 Cr (↓16% QoQ)
• Provisions ₹2,873 Cr (↓36% QoQ)
🏦 Asset Quality
• Gross NPA ₹73,452 Cr (↑1% QoQ)
• Net NPA ₹18,830 Cr (↑5% QoQ)
• Gross NPA Ratio at 1.49% vs 1.57% QoQ
• Net NPA Ratio stable at 0.39% QoQ
SBI Q4
NET PROFIT AT 19,683.75 CR V 18,642.59 CR YOY
NII AT 44,380 CR V 42,618 CR
SBI Q4 V ESTIMATES
NET PROFIT AT 19,683 CR V EST 19,455 CR
NII AT 44,380 CR V EST 46,487 CR
8th May 2026 Q4FY26 Results Snapshot:-
➤ Decent / Good / Blockbuster
1) MCX (Stellar)
2) Kalyan Jewellers India (Solid)
3) Rain Industries (Solid)(Margin Expansion)
4) Shipping Corporation of India (Margin Expansion)
5) Northern Arc Capital (Solid numbers)(Lending AUM up +22% YoY & +10% QoQ)(Credit Cost Improved)(ROE increased to 14.0%)(Management aims to Sustain 22–25% AUM growth)
6) Sasken Technologies (Solid numbers)
7) KP Green Engineering (SME)(Order Book ₹1,831 Cr)
8) CreditAccess Grameen (Solid)(MFI Player)(FY27 Guidance AUM Growth 20%-25% NIM 12.8%-13.2%)
9) Aditya Vision (Margin down)(Overall good numbers)
10) Grindwell Norton
11) Lloyds Enterprises
12) Tata Consumer Products (India Volume growth 16% & International business up 21%)
13) JSW Infrastructure (Cargo Handled Volume up 1%)(FY27 Guidance Revenue ₹6,850 Cr Operating EBITDA ₹3,000 Cr)(EBITDA growth ~15% in FY27)
14) L. T. Elevator (SME)(On Full FY26 basis solid numbers)
15) Advance Agrolife (Solid)(Margin Expansion)
16) Titan Company (Margin down)(Adjusted Jewellery Margins at 10.5% vs 11.9% YoY)
17) Oberoi Realty
18) Ujjivan Small Finance Bank (Solid)(FY27 guidance GLB growth around 25% RoA around 1.6%)
19) ArisInfra Solutions (Solid)(Margin Expansion)
20) Niva Bupa Health Insurance Company (GWP up 30% PAT (IFRS) up 89%)
21) Artemis Medicare Services (Good)(Margin up)
➤ Bad / Poor / Weak
1) Kalyani Steels
2) Hyundai Motor India (Margin down)(Outlook for FY27 Domestic & Export volume growth 8–10% EBITDA margins in the 11–14% range)
3) ABB India (Margin down)(Order backlog up significantly by 17%)(Strong orders momentum with 25% step up during the quarter)
4) Inspirisys Solutions (Margin down)
5)Shree Renuka Sugars
6) Monika Alcobev (SME)(Margin down)(PAT growth due to higher other income)
7) 3i Infotech (Margin down)
8) Muthoot Capital Services
➤ Mixed / Neutral / Avg
1) India Motor Parts and Accessories (Lower Tax Expense this Q4 aided PAT growth)
2) Cera Sanitaryware
3) Intellect Design Arena (Margin down)(QoQ Improvement)
4) Urban Company (Adjusted EBITDA ex-InstaHelp ₹22 Cr / 2.0% of NTV (+₹19 Cr & +160 bps YoY)(Consolidated Adjusted EBITDA loss stood at ₹98 Cr, entirely due to InstaHelp’s ₹119 Cr loss)(Targeting consolidated Adjusted EBITDA breakeven by Q3 FY28, and INR 1,000 Cr by FY31)
5) Cholamandalam Financial Holdings
6) Vedant Fashions
7) GNA Axles
8) IRM Energy (Margin Expansion)
8) Balkrishna Industries (OHT Sales Volume up 5%)
10) Swiggy (NOV up 40.7% YoY)(Consolidated Adjusted EBITDA losses improved YoY & QoQ)
11) Bank of Baroda (NII up 8.7% NIM up QoQ)(Credit Cost increased both YoY & QoQ)(Targets 12-14% loan growth in FY27)
12) Amrutanjan Health Care (Margin Expansion)(Revenue up 10.6% EBITDA up 44.3% YoY)
13) Nitin Spinners (Revenue up 2.2% EBITDA up 8.3% PAT up 23.7%)
14) Divine Hira Jewellers (SME)((Margin down)
15) Bombay Dyeing & Mfg Company (Margin Expansion)
16) Bank of India (Good)(Advances up 15.8% NII up 11% PPOP up 2.88% PAT up 14.8%)
17) State Bank of India (NIM down both YoY & QoQ)(NII +4.13% YoY & -1.35% QoQ)(Continue to expect 13-15% credit growth for FY27)(Continue to provide guidance of 3% NIM for FY27)
18) Orient Electric
19) Sika Interplant Systems (Revenue down Margin up)
20) Bajaj Healthcare
21) Mac Charles India (Numbers look robust)
𝗤𝘂𝗮𝗿𝘁𝗲𝗿𝗹𝘆 𝗥𝗲𝘀𝘂𝗹𝘁𝘀 𝗧𝗼𝗱𝗮𝘆! 📈
📅 𝗗𝗮𝘁𝗲: 09 May, 2026
📋 𝗖𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀:
– Orient Paper & Industries Ltd
– Orbit Exports Ltd
– Windsor Machines Ltd
– Evexia Lifecare Ltd
– ASM Technologies Ltd
– Blue Dart Express Ltd
– Cil Securities Ltd
– SKP Securities Ltd
– Biocon Ltd
– Sahyadri Industries Ltd
– Yaan Enterprises Ltd
– Advanced Enzyme Technologies Ltd
– SIS Ltd
– Praxis Home Retail Ltd
– Affle 3I Ltd
– Aarti Surfactants Ltd
– Utkarsh Small Finance Bank Ltd
– Hariyana Ventures Ltd
– Prabhu Steel Industries Ltd
– Solitaire Machine Tools Ltd
– Popular Estate Management Ltd
– WEP Solutions Ltd
– DMR Engineering Ltd
– Oscar Global Ltd
– Galada Power & Communication Ltd
– Durlax Top Surface Ltd
– Yash Optics & Lens Ltd
– Omfurn India Ltd
– Danish Power Ltd
– Premier Polyfilm Ltd
– Purple United Sales Ltd
– Shrem InvIT
– Sambhv Steel Tubes Ltd
– Atlanta Electricals Ltd
– Ecoline Exim Ltd
#AdvancedEnzyme reports its Q4 results:
👉Net Profit Up 62.9% At ₹43 Cr Vs ₹26.4 Cr (YoY)
👉Revenue Up 8.7% At ₹203.3 Cr Vs ₹187.1 Cr (YoY)
👉EBITDA Down 3.8% At ₹63 Cr Vs ₹65.5 Cr (YoY)
👉Margin At 31% Vs 35% (YoY)
India’s Going-Out Economy Turns into a Platform Battle; District Scales to 12 Mn Weekly Users, Challenging BookMyShow’s Monopoly
The Disruption
India’s online ticketing — long dominated by BookMyShow — is now a multi-player battleground
District (backed by Zomato): scaled from 3 million to 12 million weekly active users in under a year
District reported revenue of more than ₹970 crore in its first full financial year
Has led BookMyShow in monthly app downloads since May 2025
Flipkart (Walmart-owned) reportedly preparing to enter the segment — raising the prospect of ecommerce, food delivery, and entertainment platforms colliding in India’s hottest discretionary spending category
BookMyShow — Still Large but Pressured
Had ~12 million weekly active users (May 2025, Sensor Tower) vs District’s 3 million then — gap has now closed entirely
Live events business revenue: ₹756 crore in FY25 — nearing its ₹828 crore ticketing business
For years operated from a position of overwhelming strength — shaping convenience fees, exclusivity clauses, and revenue-sharing arrangements
That balance of power beginning to shift
The Platform Bundling War
Both District and BookMyShow moving from software toward physical event assets
Platforms increasingly bundling: movies, dining, sports, and retail into single consumer ecosystems
District: integrated ticketing with Zomato’s restaurant network, sports bookings through Play, offline retail through Stores
District Pass membership bundles all offerings — creating a larger lifestyle ecosystem
Platforms now seen as gateways into broader urban spending habits, not just ticketing tools
Data as the Moat
EY India partner Ashish Pherwani: “These platforms have huge amounts of data. They know exactly who watched the first part of a franchise and how to reach them for the second”
Eating-out and food delivery data could be utilised for selling event tickets — Zomato’s District has a structural advantage here
IPL as Battleground
District: exclusive ticketing partner for 5 of IPL’s 10 franchises — handles ticketing for ~35 league matches
BookMyShow: handles ~25 matches
“Two seasons ago, such competition barely existed”
Infrastructure Gap — India’s Structural Challenge
Unlike London or Dubai, India lacks permanent large-scale concert infrastructure
Organisers forced to repeatedly construct temporary venues and staging systems
Next phase of the battle may depend less on app downloads and more on who builds the physical backbone of India’s live-events industry
Core Theme
India’s going-out economy is no longer BookMyShow’s to define — District’s explosive growth from 3 to 12 million weekly users, Flipkart’s imminent entry, and the convergence of food delivery, ecommerce, and entertainment into lifestyle super-apps is turning online ticketing into India’s next major platform war, where data, physical asset ownership, and ecosystem bundling will matter far more than app downloads alone.
Google Explores Major AI Infrastructure and Drone/Server Manufacturing Investments in India; Follows $15 Billion Visakhapatnam AI Hub Announcement
The Development
Tech giant Google exploring investment opportunities in India across:
AI infrastructure — data centres, AI servers, cloud infrastructure
Manufacturing of servers and drones
Union IT & Electronics Minister Ashwini Vaishnaw disclosed this after meeting Google executives:
Wilson L White — VP, Global Affairs
Kara Bailey — VP, Android and Play Strategy
No investment size, timeline, possible manufacturing locations, or whether discussions have progressed beyond exploratory stage disclosed
Strategic Context — India’s AI Infrastructure Push
Centre stepping up efforts to build domestic AI computing capacity and attract investments into higher-value electronics manufacturing segments beyond smartphones
India increasingly framing AI infrastructure as a strategic national capability amid rising global demand for computing power to train and deploy generative AI models
Push to position India as a base for AI-linked infrastructure and advanced electronics manufacturing
What AI Investments Typically Involve
Industry executives: AI investments typically involve large-scale data centres, specialised AI servers, networking equipment, and cloud infrastructure
Broader Momentum
Announcement follows groundbreaking of a proposed $15 billion AI hub project in Visakhapatnam earlier this year
India pushing beyond smartphones into AI and advanced electronics manufacturing as the next phase of the electronics PLI story
Core Theme
Google’s exploration of AI infrastructure and drone/server manufacturing investments in India — coming on the heels of the $15 billion Visakhapatnam AI hub — signals that India is successfully repositioning itself from a smartphone assembly destination to a serious contender for global AI infrastructure capex, with the government actively using high-level ministerial engagement to convert exploratory discussions into committed investments.
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