Q4 Results 28th Apr Live: Maruti Suzuki, Ceat, Dalmia Bharat, AWL Agri Business, Brigade, Eternal, Castrol India, REC, Star Health to announce Q4 results, UltraTech, Coal India, ATGL, AU SFB, Nippon Life, CUB, Canara Robeco shares in focus

Quarterly results

Fabtech Technologies Q4 results live: KEY HIGHLIGHTS

Stock up

Fabtech Technologies Q4 results live: Shares jump

Fabtech Technologies reported consolidated net profit for the quarter ended March 2026 at Rs 22.05 crore compared to Rs 15.09 crore in the same quarter last year.

Board recommended final dividend of Rs 0.60 per share; and authorised for opening of Step-Down Subsidiary of the Company in the Sultanate of Oman.

Shares traded 7% higher on the NSE at Rs 174.

Stock up

Websol Energy Q4 results live: Shares at upper circuit

Websol Energy System shares traded 5% higher at the circuit of Rs 122.20.

The solar energy pioneer, announced a PAT of Rs. 125 crore for Q4FY26 as compared to Rs. 48 crore in Q4FY25, a jump of 157.9%. Revenue for the quarter stood at Rs. 401 crore, as against Rs. 173 crore during the same quarter of last fiscal, a rise of 132.1%. EBITDA margin for Q4FY26 stood at 36.4%. 

Stock up

City Union Bank Q4 results live: Shares surge

City Union Bank shares traded 5% higher at Rs 285.09, hitting a high of Rs 293.51 from the previous close of Rs 271.21. It reported net profit of ₹360 crore for the quarter ended March 2026 (Q4FY26), a 25 per cent growth compared to ₹288 crore in Q4FY25. Net interest income came in at ₹786 crore, a 31 per cent jump YoY.

Quarterly results

InfoBeans Technologies Q4 results live: Q4 profit, dividend update

InfoBeans Technologies reported standalone net profit for the quarter ended March 2026 at Rs 19.25 crore compared to Rs 12.89 crore in the same quarter last year. In FY26, the PAT stood at Rs 67.07 crore compared to Rs 46.97 crore in the year-ago period.

Board recommended final dividend of Rs 0.50 per share.

Shares traded 4% higher at Rs 192.75 on the NSE.

Stock up

Coal India Q4 results live: Shares soar over 4% in early trade following Q4

​

Coal India shares surges 4% after Q4 earnings beat

Shares of Coal India surged over 4% in early trade on Tuesday after the company reported a strong set of March quarter earnings.

​

Here’s what brokerages say | ​READ ​

Stock market

Stock market live updates, Q4 results live: Markets dip

Sensex fell 169.17 pts or 0.22% to 77,134.46 at 9.16 am after lower opening at 77,094.79 from the previous close of 77,303.63. Nifty 50 dipped by 48.40 pts or 0.2% to 24,044.30 after a flat opening at 24,049.90 from the previous close of 24,092.70.

Quarterly results

Coal India Q4 results live: Brokerages view

Jefferies on Coal India

Buy, TP Rs 500

COAL’s Mar-Q cash EBITDA grew 8% YoY, 14% above JEFe, mainly led by better FSA ASP and e-auction volumes.

An intense summer and weak rainfall are likely to boost power demand and thereby COAL’s volumes in FY27.

Higher global coal prices should lift e-auction prices too.

After 12% EPS fall over FY24-26, expect COAL’s earnings trajectory to improve with 5% CAGR over FY26-28.

Its 9.3x FY27E PE and 6% div-yield are attractive

HSBC on Coal India

Hold, TP Rs 440

Earnings beat expectations in 4QFY26 on higher other income; restatement makes y/y and q/q comparisons difficult

Inventory increased 40MT q/q, even as power plant inventory remains elevated

Employee costs declined y/y, which is a positive

Elevated inventories put a cap on E-auction premiums

Potential large cost increase ahead if diesel prices are increased

Lacking earnings catalysts given oversupplied domestic coal markets. but dividend yield supports stock price

Quarterly results

Adani Energy Q4 results live: Jefferies view

Jefferies on Adani Energy

Buy, TP Raised to Rs 1,665 from Rs1,170

Lower FY27E-28E EBITDA by 5-6% to factor some execution delays on transmission, which led to a miss on March Qtr estimates.

Management, based on won projects and bid pipeline, is confident of Rs153 bn FY26 capitalisation rising to Rs200-220 bn run-rate in FY27E & further

ramping up in FY28E-30E

Quarterly results

AU Small Finance Q4 results live: Brokerages view

Nomura on AU Small Fin BK

Neutral, TP Rs 975

4QFY26: All moving parts align in a seasonally strong quarter

Margin expansion & easing credit costs drive 1.8% ROA

Strong growth momentum; profitability to improve gradually

Asset quality shapes up well across segments in a seasonally strong quarter

Trades at 2.8x FY28F BVPS, which believe adequately captures positives.

UBS on AU Small Fin BK

Neutral, TP Rs 1150

Strong quarter; Asset Quality/NIMs improve sharply

4Q: PAT beat driven by higher NII and lower provisions

Business growth healthy, margins expanded 26bp QoQ

Management reiterates RoA guidance of 1.8%; credit cost to trend lower

Jefferies on AU Small Fin BK

Buy, TP Rs 1250

AU Bank’s Mar-Qtr profit of Rs8.3bn, up 65% YoY, was ahead of est., aided by significantly lower credit costs.

AUM grew 21% YoY, aided by strong momentum in wheels & commercial bk.

NIMs rose 24bps QoQ but may fall in coming quarters as banks raised peak deposit rates by 15-25bps.

Transition to Universal Bank is a key opportunity to aid growth and lift ROA.

See ROA rising to 1.7% in FY27E

CITI on AU Small Fin BK

Buy, TP Rs 1225

4Q PAT surging 65% YoY/25% QoQ to register RoA of 1.8% — decisively ahead of expectations.

NIMs expanded a robust 24bps QoQ to 5.96%, decomposed as: 12bps CoF tailwind, 7bps day-count benefit, and 6bps from lower slippage drag.

Notwithstanding a Rs210mn contingency provision, credit cost sustained its normalization trajectory, compressing sharply to 0.84% (vs 1.11% in 3Q), underpinned by unsecured as well as secured segments.

Mgmt reiterated confidence in sustaining 1.8% RoA on a full-year basis in FY27 (vs 1.6% in FY26), anchored by resilient growth momentum and an intensified efficiency drive.

Quarterly results

SBI Cards Q4 results live: Highlights | Brokerages view

HSBC on SBI Cards

Reduce, TP cut to Rs 500

Slower growth and pressure on nearly all core operating metrics underscored SBICARD’s 4QFY26 performance

Cut EPS estimates by 1.0/9.4% for 27/28e, respectively, cutting growth and revenue estimates

Value SBICARD at 2.3x FY28e BVPS

Jefferies on SBI Cards

Hold, TP Rs 700

SBI Cards’ March Q adj PAT fell 2% YoY to Rs5.2bn, well below our Rs6.0bn est, led by weaker NII & fee-income growth

Net slippages fell 50bps QoQ and credit cost was in line, despite building overlay provision, but receivables growth disappointed & revolver mix fell QoQ

Credit cost should ease further as card stress abates, but portfolio de-risking should cap asset growth & weigh on revolver mix, curbing earnings & returns

Cut FY27– 28E EPS by 4-6%

UBS on SBI Cards

Neutral, TP cut to Rs 780

Muted growth; Asset quality improves sequentially Q4

Miss overall; Credit cost declines but growth remains subdued

Q4 spends grew 31% YoY while receivables were up c2.0% YoY

Management expect loan growth to lag spends growth even in FY27

Stock trades at 3.5x March 2027 P/BV/21.5x PE which appears fair with no immediate catalysts

JPM on SBI Cards 

UW, TP Rs 625 

Continued to deliver AQ improvement in 4Q as well

Net slippages declined to 5.95% (vs 7.93% in 3Q) and write-offs declined to 7.7% of receivables (vs 8.4% in 3Q) with Gross Stage-3 improving q/q to 2.4% (vs 2.9% in 3Q)

Despite long awaited decline in credit costs, continue to see downside risks to earnings from 

(i) potential NIM contraction on deteriorating loan mix (lower revolver and EMIs) & risk of higher funding costs from here with rate cuts largely behind

(ii) subdued receivable growth in FY27 post muted 2% growth in FY26

(iii) elevated opex on costs related to potential acceleration of new card acquisition in FY27

STK still trades at FY27/28E PER (x) of 22.6/19.3, implying limited valuation support

Quarterly results

Q4 results live: Highlights | Piramal Finance

Nomura on Piramal Fin

Buy, TP Rs 2150

Cleaning up and scaling up well

25% loan growth guidance for FY27E

ROAUM guidance of 2.5% by 4Q27E & >3% by FY28E

4Q26: Reduction of legacy book, one-off gains with slight beat on NII

Multiple levers for margin expansion: unsecured loans, gold loans, cost of fund

Stock currently trades at 1.4x one year fwd.

Jefferies on Piramal Fin

Hold. TP Rs 1940

Piramal’s March Q adj. loss was Rs10.9bn vs Rs4.8bn PAT est. as it utilised one-off gains to make large provn towards legacy assets

Reported PAT was Rs5bn. AUM grew in-line; NIM expanded.

Growth business AQ was steady.

Piramal’s profit & returns should improve over FY26-28e on retail AUM growth, lower CoF post rating upgrade & improving opex ratio.

However, at 1.4x FY27e BV, upside seems capped as expect subdued ROA/ROE of 2.1%/10% by FY28e.

Quarterly results

Q4 results live: UltraTech Cement | Brokerages view

Goldman Sachs on Ultratech Cement

Maintain Buy; Target price ₹13,230 (vs ₹13,640 earlier) 

Strong Q4 with EBITDA/t at ₹1,167 vs estimates 

Volume growth at 9% YoY 

India cement volumes up 18% YoY 

Realizations improved ~3% QoQ 

Strong cost control driving sequential EBITDA/t expansion 

Brand integration of India Cements and Kesoram completed 

Near-term margins impacted by higher energy costs 

Long-term outlook strong with capacity expansion and efficiency 

EBITDA CAGR of ~14% expected over next 2 years

CLSA on Ultratech

High Conviction O-P, TP 14000

Delivered strong 4Q with volume up 9% YoY and Ebitda/tonne of Rs1,192, both beating est.

While an extended Middle East conflict could weigh on profitability in near term, sustained cost efficiency leaves UTCEM better positioned to absorb such

Expect capacity-led volume growth & margin improvement to drive mid-to-high-teen Ebitda growth over medium term

Jefferies on Ultratech

Buy, TP Rs 14050

UTCEM ended FY26 on a strong note, with Mar-qtr EBITDA up 21% YoY, driving FY26 EBITDA growth of 36% YoY

FY26 also saw 14% vol growth, with over half of planned savings delivered

Co announced a record 85% + div payout as a special dividend, alongside crossing the 200MTPA capacity milestone

FY27 will be tougher yr amid cost headwinds, though company may still target YoY EBITDA/T growth via price hikes and cost

Savings

HSBC on Ultratech

Buy, TP Rs 14200

UTCEM reported a beat on EBITDA and PAT driven by strong volume growth, and lower costs

Special dividends (Rs 240/sh) a positive; UTCEM’s capex intensity should drop sharply over FY27-29

Increase FY28-29 EBITDA est 2.4%/4.6%

Quarterly results

Q4 results live: HIGHLIGHTS

AFTER MARKET HOURS🕞27-04-2026

ECO Recycling(397) 30DH/L 461/225

ConPBT:11.04 vs 4.23 vs 6.27 cr.

PAT:7.14 VS 2.05 VS 2.2 Cr

————————————————-

Rossari Bio(Fv2)505 30D H/L 525/373

ConPBT:64.24 vs 42.5 vs 47.7 cr.

PAT:45.97 VS 32.77 VS 34.44 Cr

——————————————–

Websol Energy(Fv1)116.49 30DH/L 116.49/64

ConPBT:125 vs 84 vs 66 cr

PAT:124.5 VS 64.98 VS 48.27 Cr

——————————————

AGI Green(Fv2)565 30DH/L 589/465

ConPBT:152.6 vs 94.46 vs 126 cr.

PAT:115.38 VS 71.45 VS 96.61 Cr

—————————————–

The Phoenix mills(Fv2)1800 30DH/L 1835/1466

ConPAT:485.4 VS 366.16 VS 347.7 Cr

—————————————

COAL INDIA(453) 30D H/L 465/427

ConPAT:10908 VS 7166 VS 9740 Cr

—————————————

Kotyark Ind(427) 30D H/L 449/341

ConPBT:13.58 vs 4.11 vs 0.45 cr.

PAT:9.38 VS 3.16 VS 1.51 Cr

Quarterly results

Q4 results live: HIGHLIGHTS

EQUITY PREVIEW:

* Adani Total Gas (ATGL): 4Q Net Income INR1.68B vs. 1.55 b y/y. (1)

* Apollo Hospitals (APHS): Says NCLT Division Bench – II, Chennai approves proposed scheme of arrangement

* AU Small Finance (AUBANK): 4Q Net Income +65% Y/y to INR8.32b (1)

* Bajaj Housing Finance (BAJAJHFL): 4Q Net Income +14% Y/y to 6.69B Rupees (1)

* Central Bank of India (CBOI): To mull FY27 fund raising plan on April 30, via FPO, rights issue, QIP or bonds

* City Union Bank (CUBK): 4Q Net Income +25% Y/y to INR3.6b, Meets Estimates

* Jindal Saw (JSAW): To set up another plant in Saudi Arabia via Jv.

* McLeod Russel India (MCLR): Approves sle of assets of some proposed tea estates

* Mahindra Holidays (MHRL): Buys Coffee Plantation Firm for $4 Million

* Nippon Life India AM (NAM): 4Q Net Income +29% Y/y to INR3.85b, Beats Estimates

* Oil & Natural Gas Corp (ONGC): Unit ONGC Petro additions says parent ONGC approves Jv. in the ratio of 50:25:25 by ONGC, MRPL, OPaL

* Phoenix Mills (PHNX): 4Q Net Income Beats Estimates

* Piramal Finance (PIRMALF): 4Q Net Income 6.03B Rupees Vs. 638.9M Rupees Y/y

* Power Grid Corp (PWGR): To consider fundraising on April 30

* Punjab & Sind Bank (PJSB): 4Q Net Income +35% Y/y to 4.22B Rupees

* Railtel Corp. (RAILTEL): Gets INR1.45b order from Eastern Coalfields

* Rallis India (RALI): 4Q Net Loss 150M Rupees, Est. Loss 282.3M Rupees

* Supreme Industries (SI): 4Q Net Income +48% Y/y to INR4.34b, Beats Estimates

* Surya Roshni (SYR): Gets INR178.9m export order from USA

* Tamilnad Mercantile (TMB): 4Q Net Income +28% Y/y to 3.74B Rupees; to pay INR12.5/shr as dividend

* UltraTech Cement (UTCEM): 4Q Net Income +20% Y/y to INR29.8b, Beats Estimates