Good Morning!
The GIFT Nifty, an early indicator for the benchmark Nifty 50, is up 0.14% at 24,134 as of 6:17 a.m. US (S&P 500) rose 0.8% and Europe (Euro Stoxx 50) dipped 0.19%.
Indian Market Recap
India’s benchmark equity indices ended lower for the third consecutive session on Friday, pulled down by information technology and pharma stocks. The indices reported their first weekly loss after two as uncertainty over the US-Iran ceasefire and poor IT earnings and guidance weighed on sentiment.
The Nifty 50 index eventually closed at 23,898, down 1.14%. Notably, this marks the first instance in April where Nifty has declined by more than 1% in a single session. The BSE Sensex shed nearly 1,000 points or 1.3% to close at 76,664.21.
US Market Recap
US stocks ended at all-time highs on Friday following solid sales forecast from Intel Corp, which led to a rally in technology stocks, while trader optimism around the prospect of US-Iran talks rose. The Nasdaq 100 Index rose 1.9% to end at a fresh all-time closing high, with chipmakers including advanced Micro Devices Inc. and ARM Holdings Plc adding to gains. The S&P 500 Index surged 0.8% nearing a record high and complete a fourth-straight weekly advance its, longest winning streak since 2024, Bloomberg reported.
Asian Market Update
Asian markets went up on Monday as investors looked beyond tensions in the Middle East kept oil prices elevated. Japan’s Nikkei 225 gained 0.53% to hit a record high, and South Korea’s Kospi rose 1%, CNBC reported.
Commodity Check
Crude oil prices surged after US-Iran peace talks stalled, extending the closure of the Strait of Hormuz and weighing on sentiment. Brent crude jumped 2% to around $107 per barrel. Meanwhile, gold dropped around 0.6% to near $4,680 an ounce, continuing its 2.5% decline last week.
Earnings In Focus
Agi Greenpac Ltd, Astec Lifesciences Ltd, Adani Total Gas Ltd, AU Small Finance Bank Ltd, Aye Finance Ltd, Bajaj Housing Finance Ltd, Coal India Ltd, Canara Robeco Asset Management Company Ltd, City Union Bank Ltd, Prataap Snacks Ltd, Huhtamaki India Ltd, Jindal Saw Ltd, Kirloskar Pneumatic Company Ltd, Mahindra Holidays & Resorts India Ltd, Nippon Life India Asset Management Ltd, The Phoenix Mills Ltd, Piramal Finance Ltd, Punjab & Sind Bank, Rallis India Ltd, Rossari Biotech Ltd, SBI Cards and Payment Services Ltd, Supreme Industries Ltd, Tamilnad Mercantile Bank Ltd, UltraTech Cement Ltd, Unicommerce Esolutions Ltd, Varun Beverages Ltd, and Websol Energy System Ltd.
Earnings Post Market Hours
IDFC First Bank Q4 Standalone Results
- NII up 16% to Rs 5677 cr vs Rs 4907 cr YoY
- PPOP down 42% to Rs 1059 cr vs Rs 1812 cr
- Net profit up 5% to Rs 319 cr vs Rs 304 cr
- Provisions down 38% to Rs 869cr vs Rs 1398cr QoQ
- GNPA at 1.61% vs 16.69%
- NNPA at 0.48% vs 0.53%
- NIM at 5.93% vs 5.95% YoY
SBFC Finance Q4FY26 Results (YoY)
- Calculated NII up 30% to Rs 275cr vs Rs 211 cr
- Net profit up 30% to Rs 1228 cr vs Rs 944 cr
- AUM up 29% YoY to Rs 11270 cr
- Disbursements up 3% YoY to Rs 785 cr
- GNPA down 10 bps QoQ to 2.61%
- NNPA up 6 bps QoQ to 1.54%
- NIM at 10.24% vs 10.12%
Axis Bank YoY (Standalone)
- Interest Income at Rs. 32724 cr vs Rs. 31243 cr, up 4.7% YoY
- NII at Rs. 14457 cr vs Rs. 13811 cr, up 4.7% YoY
- PAT at Rs. 7071 cr vs Rs. 7118 cr, down -0.6% YoY
- Operating Profit at Rs. 10013 cr vs Rs. 10752 cr, down -6.9% YoY
- Provisions at Rs. 3522 cr vs Rs. 2246 cr, up 56.8% QoQ
- GNPA % at 1.2% vs 1.4%, improves 17 bps QoQ
- NNPA % at 0.4% vs 0.4%, improves 5 bps QoQ
RBL BANK Q4 YoY
- NII at Rs. 1671 cr vs Rs. 1563 cr, up 6.9% YoY
- PAT at Rs. 230 cr vs Rs. 68.4 cr, up 234% YoY
- Operating Profit at Rs. 955 cr vs Rs. 912 cr, up 4.8% YoY
- Provisions at Rs. 678 cr vs Rs. 639 cr, up 6.2% YoY
- GNPA % at 1.5% vs 1.9%, improves 43 bps YoY
- NNPA % at 0.4% vs 0.6%, improves 16 bps YoY
- NIM 4.41% vs 4.63% QoQ
India Cement Q4FY26 Standalone YoY
- Revenue up 2.6% to Rs 1229 cr vs Rs 1198 cr
- Ebitda at Rs 155 cr vs Rs 1 cr
- Net profit at Rs 55 cr vs net loss of Rs 64 cr
- Saw One-Time Gain Of Rs 20.5 Cr In Q4 owing to divestment of some assets
- Achieved domestic sales volume of 3.12 MT; grew 18% YoY
- Capacity Utilization at 84%
- Net Realizations improved by 3.5% QoQ
- EBIDTA/t of stood at Rs 497 Vs Rs 305 in Q3FY26
SBFC Finance Q4FY26 YoY
- Calculated NII up 30% to Rs 275cr vs Rs 211 cr
- Net profit up 30% to Rs 1228 cr vs Rs 944 cr
Can Fin Homes Q4FY26 YoY
- NII up 21% to Rs 422cr vs Rs 349 cr
- NIM at 4.19% vs 3.82%
- GNPA at 0.85% vs 0.92% QoQ
- NNPA at 0.37% vs 0.49% QoQ
DCB Bank (Q4, YoY)
- NII up 17% at Rs 655 crore versus Rs 558 crore.
- Operating profit up 12% at Rs 342 crore versus Rs 305 crore.
- Net profit up 16.1% at Rs 206 crore versus Rs 177 crore.
- Note: Gross NPA improved to 2.45% versus 2.72% QoQ, and Net NPA improved to 0.89% versus 1.1% QoQ. Provisions stood at Rs 69 crore versus Rs 67.2 crore YoY. The board approved fundraising of up to Rs 500 crore via debt and Rs 1,500 crore via equity.
IndusInd Bank (Q4, YoY)
- NII up 43% at Rs 4,371 crore versus Rs 3,048 crore.
- Operating profit at Rs 2,215 crore versus a loss of Rs 473 crore.
- Net profit at Rs 533 crore versus a loss of Rs 2,236 crore.
- Note: NIM improved slightly to 3.39% versus 3.35% QoQ. Gross NPA improved to 3.43% versus 3.56% QoQ, and Net NPA stood at 1% versus 1.04% QoQ. Provisions fell to Rs 1,484 crore versus Rs 2,417 crore YoY.
M&M Financial (Q4, Cons YoY)
- Total income up 13.5% at Rs 5,560 crore versus Rs 4,897 crore.
- Net profit up 105.2% at Rs 938 crore versus Rs 457 crore.
- Note: The board declared a dividend of Rs 7.5 per share (record date July 13) and approved raising its overall borrowing limit to Rs 1.75 lakh crore from Rs 1.5 lakh crore.
Jayaswal Neco Industries (Q4, YoY)
- Revenue up 17.8% at Rs 1,974 crore versus Rs 1,675 crore.
- Ebitda up 9.9% at Rs 376 crore versus Rs 342 crore.
- Ebitda margin down 140 bps at 19.0% versus 20.4%.
- Net profit up 87.8% at Rs 191 crore versus Rs 102 crore.
- Note: The board approved a preferential share issue worth Rs 200 crore.
L&T Finance (Q4, Cons YoY)
- Total income up 18.5% at Rs 4,771 crore versus Rs 4,027 crore.
- Net profit up 26.8% at Rs 807 crore versus Rs 636 crore.
- Note: The board declared a final dividend of Rs 2.75 per share and approved entering the pre-paid instruments business. It also approved equity fundraising of up to Rs 6,012 crore, set its NCD borrowing limit at Rs 1.2 lakh crore, and appointed COO Raju Dodti and CFO Sachinn Joshi as Whole-Time Directors.
Bhansali Engineering Polymers (Q4, Cons YoY)
- Revenue down 1.0% at Rs 342 crore versus Rs 345 crore.
- Ebitda up 33.0% at Rs 64.1 crore versus Rs 48.2 crore.
- Ebitda margin up 480 bps at 18.8% versus 14.0%.
- Net profit up 30.6% at Rs 51.6 crore versus Rs 39.5 crore.
Reliance Industries (Q4, Cons QoQ)
- Revenue up 11.0% at Rs 2.90 lakh crore versus Rs 2.60 lakh crore.
- Ebitda down 4.0% at Rs 44,141 crore versus Rs 46,018 crore.
- Ebitda margin down 240 bps at 15.0% versus 17.4%.
- Net profit down 9.0% at Rs 16,971 crore versus Rs 18,645 crore.
- Note: The board declared a dividend of Rs 6 per share. Retail revenue was up 1% sequentially at Rs 98,457 crore.
Lodha Developers / Macrotech (Q4, Cons YoY)
- Revenue up 11.6% at Rs 4,714 crore versus Rs 4,224 crore.
- Ebitda up 15.7% at Rs 1,413 crore versus Rs 1,221 crore.
- Ebitda margin up 107 bps at 29.96% versus 28.89%.
- Net profit up 9.4% at Rs 1,008 crore versus Rs 922 crore.
- Note: The board declared a dividend of Rs 4.25 per share.
MRPL (Q4, Cons QoQ)
- Revenue down 3.1% at Rs 23,949 crore versus Rs 24,712 crore.
- Ebitda down 36.0% at Rs 1,783 crore versus Rs 2,784 crore.
- Ebitda margin down 390 bps at 7.4% versus 11.3%.
- Net profit down 91.9% at Rs 117 crore versus Rs 1,451 crore.
Tanla Platforms (Q4, Cons QoQ)
- Revenue up 5.0% at Rs 1,178 crore versus Rs 1,121 crore.
- Ebit up 0.6% at Rs 159 crore versus Rs 158 crore.
- Ebit margin down 60 bps at 13.5% versus 14.1%.
- Net profit up 2.2% at Rs 134 crore versus Rs 131 crore.
- Note: The board declared a 2nd interim dividend of Rs 6 per share.
Can Fin Homes (Q4, Standalone YoY)
- Calculated NII up 21.0% at Rs 422 crore versus Rs 349 crore.
- Net profit up 48.2% at Rs 347 crore versus Rs 234 crore.
- Note: The board declared a dividend of Rs 8 per share and appointed Shailesh Kumar Singh as an Additional Director and Whole-Time Director, designated as Deputy MD.
Choice International (Q4, Cons YoY)
- Revenue up 21.2% at Rs 307 crore versus Rs 253 crore.
- Ebitda up 20.0% at Rs 116 crore versus Rs 96.2 crore.
- Ebitda margin down 30 bps at 37.7% versus 38.0%.
- Net profit up 16.7% at Rs 60.3 crore versus Rs 51.7 crore.
UCO BANK Q4
- Net Profit up 22.8% At Rs 801 Cr Vs Rs 652 Cr YoY
- NII down 3% At Rs 2,614 Cr Vs Rs 2,698 Cr YoY
- Gross NPA At 2.17% Vs 2.41% QoQ
- Net NPA At 0.27% Vs 0.36% QoQ
- Provisions At Rs 326 Cr Vs Rs 525 Cr QoQ
- Op Profit down 7.4% At Rs 1,573 Cr Vs Rs 1,699 Cr YoY
AVANTEL Q4FY26 Consolidated
- Net Profit down 20.5% At Rs 4.8 Cr Vs Rs 6 Cr YoY
- Revenue up 29.6% At Rs 63.8 Cr Vs Rs 49.3 Cr YoY
- EBITDA up 17.1% At Rs 13.6 Cr Vs Rs 11.6 Cr YoY
- EBITDA Margin At 21.3% Vs 23.6% YoY
- Enhances Borrowing Limit To Rs 350 Cr
Business Updates
Carysil
FY27-30 Outlook –
- Planed capex of Rs 120 cr
- Aim to be net debt free by 2030
- EBITDA Margin of 18-20%
- Revenue CAGR of 15-20%
- RoE and RoCE of 20%+
- Asset turnover of 3.5-4x
Stocks In News
- City Union Bank: The bank has significantly expanded its footprint, opening a total of 9 new branches across Gujarat, Andhra Pradesh, Uttar Pradesh, Tamil Nadu, West Bengal, and Karnataka, bringing its total branch network to 987.
- Wipro: The IT major has partnered with Kongsberg Digital to develop and scale AI-driven solutions tailored for the energy and utilities sector.
- KPI Green Energy: The renewable energy company has incorporated a new subsidiary, KPGC Global, with an initial capital of Rs 2 crore.
- Nippon Life AMC: The company clarified that it is not in a position to confirm or deny media reports regarding a settlement in the Yes Bank investment case, adding that there is currently no material information requiring disclosure.
- NTPC Green: The company has declared the successful commercial operations of the 7th part capacity (90 MW) of its massive 1,200 MW Khavda-II Solar Project in Gujarat.
- FACT: The company has received government approval to manufacture DAP fertilizers under the NBS scheme at both its Kochi and Udyogmandal plants, which allows it to officially claim subsidies for its output.
- Indian Hume Pipe Co: The company has received a Letter of Intent (LoI) for an order worth Rs 418 crore from the Maharashtra Government to develop a pipe distribution system in Satara.
- IndusInd Bank: The bank reports the resignation of its Chief Compliance Officer, Sachin Patange, and has appointed Sunil Kumar Singh to take over the role.
- Sun Pharmaceutical Industries: The drugmaker on Monday announced the acquisition of New York-listed Organon & Co. in an all‑cash.
- Shriram Finance: The NBFC’s board will consider a fundraising proposal via the issuance of Non-Convertible Debentures (NCDs) on a private placement basis.
- Aeroflex Enterprises: The company has acquired the remaining 49% stake in Madhura Compressors, moving to full ownership.
- Maruti Suzuki: The automaker has concluded its arguments in the ongoing Competition Commission of India (CCI) hearing, with the matter now adjourned to May 11.
- Waaree Energies: The company’s board is scheduled to meet on April 29 to discuss potential fundraising options.
- Mastek: The IT services firm has signed a Memorandum of Understanding (MoU) to sell its Chennai building property for a consideration of Rs 60 crore.
- Tega Industries: The company reports the resignation of CFO Sharad Kumar Khaitan. Shyama Prasad Ganguly has been appointed as the Interim CFO, effective May 6.
- Sunteck Realty: The real estate developer has acquired a 100% stake in Tanirika Infra for Rs 22.4 crore.
- Restaurant Brands Asia: The company plans to invest IDR 35 billion into its Indonesian subsidiary, PT Sari Burger Indonesia, to fuel regional expansion.
- IRFC: SEBI is currently considering the railway financier’s request for a waiver of a previously imposed fine.
- Abans Financial: The company’s subsidiary has decided to voluntarily delist its NCDs from the BSE, effective April 27.
- Ashiana Housing: The real estate firm has successfully issued NCDs worth Rs 43.25 crore on a private placement basis.
- Lodha Developers (Macrotech): The company continues to deleverage its balance sheet, reducing its overall debt by Rs 800 crore to Rs 5,377 crore during Q4.
- Fusion Micro Finance: The company has received exchange approval to convert 3.1 lakh partly-paid shares into fully paid-up shares, which will begin trading on April 27.
- Karur Vysya Bank: The Reserve Bank of India (RBI) has approved the re-appointment of B. Ramesh Babu as MD & CEO of the bank for a two-year term, effective July 29.
- SignatureGlobal: The real estate developer has acquired a 1.28-acre land parcel in Gurugram, Haryana, which holds a developable area of roughly 0.10 million square feet.
- IDBI Bank: The bank clarified that the ongoing strategic disinvestment process is entirely confidential and being managed by DIPAM via competitive bidding. It noted that the bank itself has no role in the negotiations and has not received any fresh updates from the government.
- Sonata Software: Samir Dhir ceases to be MD & CEO from May 8. Rajsekhar Datta Roy to replace Dhir as CEO.
- Paytm: Board approves winding-up of Paytm Payments Bank – in-line with instructions from RB
- Manappuram Finance: MD gets warning letter for delayed encumbrance disclosure. No impact on company as warning issued to MD in his personal capacity.
- Pine Labs: To acquire 100% stake in shopflo tech for up to Rs 88 crore.
- UPL: To invest $86.7 million in Sinova. The investment will increase UPLs stake to 55.81% from current 49.97%. Equity infusion is proposed to be made to address working capital requirement and reduction of debt. Sinova plays an important role in promoting and reselling UPL products in one of the main agricultural regions of Brazil.
- Sammaan Capital: No equity shares were tendered in the open offer.
- Thyrocare: Promoter reduced pledge on shares by Rs 30 crore.
- Bharat Dynamics: Delivers Wire Guide Heavy Weight Torpedo. Delivers Torpedo to NSTL at Vishakhapatnam Unit. Delivers Torpedo of Production Grade
- Alembic Pharma: Received USFDA Final Approval for Fingolimod Capsules, 0.5 mg. Fingolimod Capsules, 0.5 mg, have an estimated market size of $145 million for twelve months ending December 2025 according to IQVIA. Alembic has a cumulative total of 237 ANDA approvals (219 final approvals and 18 tentative approvals) from USFDA.
- Zydus Lif. Receives approval from DCGI to initiate Phase III trials of Zintrodiazine, a novel anti-malarial candidate.
- Polycab: Incorporates subsidiary Polycon Infra Projects to carry out Engineering, Procurement and Construction (EPC) Projects primarily in power distribution & transmission and Telecom industry business
- Rubicon Research: USFDA conducted an unannounced inspection at the Company’s R&D facility located at Concord, Ontario, Canada, from April 20, 2026 to April 24, 2026. The inspection concluded without any Form-483 being issued.
- Tata Steel: District Mining Office, Ramgarh, Jharkhand sent demand notice asking for Rs 1755 cr alleging company of excess extraction of 16.2 million metric tonnes of mineral coal during the period FY01 to FY07. The Management believes that the demand lacks justification and substantive basis. The company has filed a Revision Application challenging the Demand Notice.
Bulk & Block Deals
- ADF Foods: SBI FUNDS MANAGEMENT bought 9 lk shares at a price of Rs. 260.
- Pfizer: GOLDMAN SACHS FUNDS – GOLDMAN SACHS INDIA EQUITY PORTFOLIO sold 4.26 lk shares & PRUDENTIAL ICICI MUTUAL FUND A/C DISCOVERY FUND
- bought 4 lk shares at Rs. 4700 per share.
- Brookfield India Real Estate Trust: DEZERV INVESTMENTS bought 7.73 lk shares & NUVAMA WEALTH FINANCE sold 7.73 lk shares at Rs. 324.21 per share.
- Orient Electric: NIPPON INDIA MUTUAL FUND bought 12.85 lk shares at Rs. 185.96 per share.
- Ugro Capital: POSHIKA FINANCIAL ECOSYSTEM bought 8.89 lk shares at Rs. 107.65 per share.
- Va Tech Wabag: ISHARES GLOBAL WATER UCITS ETF bought 4.92 lk shares at Rs. 1491.53 per share.
- Yatra Online: SSPL SECURITIES sold 10 lk shares at Rs. 112.6 per share.
- List of securities shortlisted in Short – Term ASM Framework Stage: ADF Foods, Awfis Space Solutions, Bhagiradha Chemicals & Industries, Elecon Engineering Company, Exicom Tele-Systems, Marine Electricals (India), Neogen Chemicals, Venus Pipes & Tubes.
- List of securities to be excluded from ASM Framework: KRN Heat Exchanger and Refrigeration (moved from STASM to LTASM), Puravankara, Quality Power Electrical Equipments (moved from STASM to LTASM.
- NLC India: Emerged as the Preferred Bidder for Semhardih Phosphorite & Limestone Block and Raipura Phosphorite & Limestone Block in Chhattisgarh.
- JK Cement: Declared preferred bidder for limestone block’s mining lease situated in Chittorgarh, Rajasthan
- Canara Bank: An alleged fraud of Rs 7.31 crore involving theft of ornaments from gold loan accounts and their replacement with fake jewellery has come to light at a Canara Bank branch in Maharashtra’s Jalna district, police said on Sunday, April 26
Price Band
Price Band change from 10% to 5%: Atlanta Electicals, Fujiyama Power Systems
F&O Cues
- Nifty Apr futures is down 0.94% to 23,935.00 at a premium of 38 points.
- Nifty Options 3rd Feb Expiry: Maximum Call open interest at 25,000 and Maximum Put open interest at 23,000.
Securities in ban period: SAIL
ALSO READ: Markets Aren’t Ignoring The Iran War. They’re Pricing A Different Ending
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