Manu Jemini

My goal is to shift focus from tickers to businesses. I share business updates and concall analysis to help you stay ahead and build conviction. Revisit these insights to track companies and their journey. If you find value and wish to support, UPI: manu.jemini.mj@okhdfcbank

Shooting at malls. Shooting at bars. Shooting at schools. Shooting at rallies. Shooting on tourists. Shooting on diners. Shooting on babies. Shooting even at the President despite all the security. Drugs, Guns, and Crimes everywhere. And other countries are "Hellhole?" Right.

UCO Bank Q4 & FY26 Results #UCOBank #Q4FY26 #PSUBank #Nifty Note: Q4FY26 PAT growth of +22.66% YoY is driven by provision releases and opex cuts, not revenue. Operating income declined both in Q4 (-18.75% YoY) and for the full year (-2.71% YoY). Read the numbers accordingly. ━━━━━━━━━━━━━━━ 📊 Q4FY26 Financials (Rs. Crore | Standalone | Audited) ▸ Net Interest Income: Rs. 2,614 Cr (-3.11% YoY | -1.21% QoQ) 🔴 ▸ Non-Interest Income: Rs. 709 Cr (-49.07% YoY | -18.41% QoQ) 🔴 ▸ Operating Income: Rs. 3,323 Cr (-18.75% YoY | -5.46% QoQ) 🔴 ▸ Operating Expenses: Rs. 1,750 Cr (-26.81% YoY | -4.63% QoQ) ✅ ▸ Operating Profit: Rs. 1,573 Cr (-7.42% YoY | -6.37% QoQ) ▸ Provisions: Rs. 772 Cr (-26.20% YoY | -17.96% QoQ) ▸ Net Profit: Rs. 801 Cr (+22.66% YoY | +8.39% QoQ) ▸ Basic EPS (Not Annualised): Rs. 0.64 (vs Rs. 0.55 in Q4FY25) ━━━━━━━━━━━━━━━ 📊 FY26 Full Year (Standalone | Audited) ▸ Net Interest Income: Rs. 10,197 Cr (+5.89% YoY) ▸ Operating Income: Rs. 13,656 Cr (-2.71% YoY) 🔴 ▸ Operating Profit: Rs. 6,429 Cr (+6.49% YoY) ▸ Net Profit: Rs. 2,768 Cr (+13.21% YoY) ▸ EPS (FY26): Rs. 2.21 (vs Rs. 2.04 in FY25) ▸ Book Value per Share: Rs. 20.48 ▸ RoA (FY26): 0.79% (vs 0.76% in FY25) ▸ RoE (FY26): 12.26% (vs 13.09% in FY25) 🔴 ▸ NIM Global (FY26): 3.03% ▸ Credit Cost (FY26): 0.62% (vs 0.87% in FY25) ✅ ▸ Dividend Proposed: Rs. 0.44 per share ━━━━━━━━━━━━━━━ 🏦 Business Metrics (Q4FY26) ▸ Total Business: Rs. 5,90,314 Cr (+14.95% YoY) ▸ Advances: Rs. 2,62,752 Cr (+19.44% YoY | +7.87% QoQ) - Retail: +26.62% YoY | Agriculture: +26.24% YoY | MSME: +19.36% YoY ▸ Deposits: Rs. 3,27,563 Cr (+11.59% YoY) ▸ CASA: Rs. 1,17,752 Cr (+12.46% YoY) | CASA Ratio: 38.65% ✅ ▸ NIM Global: 3.00% (flat YoY | -8 bps QoQ) ▸ NIM Domestic: 3.19% (-3 bps YoY | -8 bps QoQ) ▸ Cost of Funds: 4.47% (-31 bps YoY | -1 bps QoQ) ✅ ▸ Yield on Advances (Domestic): 8.18% (-72 bps YoY | -26 bps QoQ) 🔴 ▸ RoA (Annualised): 0.87% (+10 bps YoY | +4 bps QoQ) ▸ RoE (Annualised): 13.32% (+11 bps YoY | +75 bps QoQ) ▸ Cost to Income Ratio: 52.66% (vs 58.47% in Q4FY25) ✅ ━━━━━━━━━━━━━━━ 📉 Asset Quality (Q4FY26) ▸ Gross NPA: 2.17% (-52 bps YoY | -24 bps QoQ) ✅ ▸ Net NPA: 0.27% (-23 bps YoY | -9 bps QoQ) ✅ ▸ PCR (Incl. TWO): 97.79% (+110 bps YoY | +47 bps QoQ) ✅ ▸ PCR (Excl. TWO): 87.66% (+571 bps YoY | +219 bps QoQ) ✅ ▸ Slippage Ratio (FY26): 0.78% (vs 0.92% in FY25) ✅ ▸ Credit Cost (Annualised): 0.36% (-34 bps YoY | -9 bps QoQ) ✅ ▸ Total Recovery & Upgradation (FY26): Rs. 2,944 Cr ✅ ━━━━━━━━━━━━━━━ 🎯 FY26 Guidance Execution vs Actuals ▸ Deposit Growth: guided 10-12% | actual 11.59% ✅ ▸ Credit Growth: guided 12-14% | actual 19.44% ✅ ▸ CASA %: guided 37-38% | actual 38.65% ✅ ▸ RAM Mix: guided 61-63% | actual 64.98% ✅ ▸ CD Ratio: guided 75-77% | actual 80.21% (above band) ▸ Credit Cost: guided <1.00% | actual 0.62% ✅ ▸ NIM Global: guided 2.8-2.9% | actual 3.03% ✅ ▸ GNPA: guided <2.50% | actual 2.17% ✅ ▸ NNPA: guided <0.35% | actual 0.27% ✅ ▸ Slippage Ratio: guided 1-1.25% | actual 0.78% ✅ ▸ Recovery: guided Rs. 2,200-2,700 Cr | actual Rs. 2,944 Cr ✅ FY27 Guidance: Credit growth 12-14% | Deposits 10-12% | GNPA <2.00% | NNPA <0.20% | Credit Cost <0.75% | NIM 2.8-2.9% | Slippages <1% ━━━━━━━━━━━━━━━ 🎯 Verdict: - The headline PAT of Rs. 801 Cr growing 22.66% YoY looks strong but is entirely a cost and provision story, operating income fell 18.75% YoY in Q4 and 2.71% for the full year, meaning UCO is not growing its way to better profits but cutting and releasing its way there, which is not the same thing. - NIM compression is real and persistent, domestic NIM at 3.19% is down 3 bps YoY and 8 bps QoQ, and yield on domestic advances dropped a sharp 72 bps YoY to 8.18%, which when combined with NII declining 3.11% YoY signals the bank is struggling to hold its pricing power as rates fall. - Asset quality is the genuine highlight here, GNPA at 2.17%, NNPA at 0.27%, PCR excl. TWO improving 571 bps YoY to 87.66%, slippage ratio at 0.78% for FY26, and recovery of Rs. 2,944 Cr beating its own guidance ceiling; the stress cleanup is real and credible. - FY26 guidance execution is clean across every parameter and in many cases well above the upper end of guidance, which builds management credibility, but the FY27 guidance on credit cost tightening to <0.75% and NIM staying at 2.8-2.9% implies management itself expects no NIM recovery from here. - The board approving a Rs. 2,700 Cr equity raise alongside results is a tell, capital adequacy needs shoring up even as PAT grows, and dilution risk for existing shareholders is the near-term overhang to watch.

SBFC Finance Q4 & FY26 Results #SBFC #Q4FY26 #NBFC #Nifty50 ━━━━━━━━━━━━━━━ 📊 Q4FY26 Financials (Rs. Crore | Standalone | Audited) ▸ Interest Income on Loans: Rs. 414 Cr (+28.6% YoY | +5.5% QoQ) ▸ Total Income: Rs. 454 Cr (+25.7% YoY | +6.7% QoQ) ▸ Operating Expenses: Rs. 106 Cr (+10.4% YoY | +7.1% QoQ) ▸ PPOP: Rs. 201 Cr (+37.2% YoY | +5.6% QoQ) ▸ Credit Cost: Rs. 37 Cr (vs Rs. 21 Cr in Q4FY25 | +76.2% YoY) ▸ PAT: Rs. 123 Cr (+30.1% YoY | +4.0% QoQ) ▸ Basic EPS (Not Annualised): Rs. 1.12 (vs Rs. 0.87 in Q4FY25) ━━━━━━━━━━━━━━━ 📊 FY26 Full Year (Standalone | Audited) ▸ Full Year PAT: Rs. 451 Cr (+30.6% YoY vs Rs. 345 Cr in FY25) ▸ FY26 NIM: 10.33% (vs 10.20% in FY25) ▸ FY26 RoAAUM: 4.58% (vs 4.53% in FY25) ▸ FY26 RoATE: 14.18% (vs 12.72% in FY25) ▸ FY26 Spread: 8.99% (vs 8.42% in FY25) ▸ FY26 Credit Cost / Avg AUM: 1.27% (vs 0.97% in FY25) ━━━━━━━━━━━━━━━ 🏦 Business Metrics (Q4FY26) ▸ AUM: Rs. 11,270 Cr (+29% YoY | +8% QoQ) ▸ Secured MSME Disbursements: Rs. 785 Cr (+3% YoY | +12% QoQ) ▸ Branches: 251 (+46 YoY | +21 QoQ) ▸ Yield on Loans: 17.61% (-27 bps YoY | -17 bps QoQ) ▸ Spread: 9.09% (+56 bps YoY | +5 bps QoQ) ▸ NIM: 10.24% (+12 bps YoY | -9 bps QoQ) ▸ Opex to AAUM: 3.93% (-69 bps YoY | 0 bps QoQ) ▸ RoAAUM: 4.57% (+5 bps YoY | -10 bps QoQ) ▸ RoATE: 14.48% (+134 bps YoY | -8 bps QoQ) ━━━━━━━━━━━━━━━ 📉 Asset Quality (Q4FY26) ▸ Gross NPA: 2.61% (-13 bps YoY | -10 bps QoQ) ✅ ▸ Net NPA: 1.54% (+3 bps YoY | +6 bps QoQ) 🔴 ▸ PCR: 41.64% (vs 45.69% in Q4FY25 | vs 46.21% in Q3FY26) 🔴 ▸ 1+ DPD%: 8.44% (+135 bps YoY | -28 bps QoQ) 🔴 ▸ Credit Cost / Avg AUM: 1.38% (+38 bps YoY | +9 bps QoQ) 🔴 ━━━━━━━━━━━━━━━ 🎯 Verdict: - SBFC delivered a clean Q4 with PAT up 30% YoY and PPOP up 37% YoY, and the full-year PAT of Rs. 451 Cr growing 30.6% YoY confirms this is not a one-quarter story but a sustained compounding trajectory. - The asset quality optics look mixed on the surface, GNPA improved 13 bps YoY but Net NPA actually deteriorated 3 bps YoY and PCR fell sharply from 45.69% to 41.64%, meaning the bank is holding less coverage against its stressed book which is a quiet concern. - 1+ DPD at 8.44% is up 135 bps YoY and while it improved 28 bps QoQ, the absolute level is elevated and the YoY worsening signals that the portfolio stress present in FY26 has not fully washed out yet. - Credit cost nearly doubled YoY in absolute terms (Rs. 21 Cr to Rs. 37 Cr) and the full-year credit cost of 1.27% vs 0.97% in FY25 is a meaningful step-up, PAT growth is solid but would have been stronger had credit cost stayed flat. - Opex efficiency is the clear standout with Opex/AAUM down 69 bps YoY to 3.93%, driving PPOP growth well ahead of income growth, and if credit cost normalises in FY27 from here, the operating leverage is real and earnings acceleration is on the table.

IDFC First Bank Q4 & FY26 Results #IDFCFirstBank #IDFCFIRSTB #Q4FY26 #BankingResults Note: Q4FY26 reported PAT is distorted by multiple one-time items, Chandigarh fraud charge (post-tax impact Rs. 483 Cr), Rs. 274 Cr realized loss on equity book sale, Rs. 159 Cr trading loss, and Rs. 174 Cr income tax refund boosting the tax line. Read normalized figures alongside reported numbers. ━━━━━━━━━━━━━━━ 📊 Q4FY26 Financials (Rs. Crore | Standalone | Audited) ▸ Net Interest Income: Rs. 5,677 Cr (+15.7% YoY | +3.4% QoQ) ▸ Fee & Other Income: Rs. 2,063 Cr (+21.3% YoY | +1.7% QoQ) ▸ Operating Income (ex. Trading Gain): Rs. 7,740 Cr (+17.1% YoY | +2.9% QoQ) ▸ Operating Expenses: Rs. 6,249 Cr (+25.2% YoY | +11.9% QoQ) ▸ Core Operating Profit: Rs. 1,492 Cr (-7.8% YoY | -23.0% QoQ) ▸ PPOP: Rs. 1,333 Cr (-26.4% YoY | -34.5% QoQ) ▸ Provisions: Rs. 1,143 Cr (-21.2% YoY | -18.2% QoQ) ▸ Profit Before Tax: Rs. 189 Cr (-47.6% YoY | -70.2% QoQ) ▸ Reported PAT: Rs. 319 Cr (+4.9% YoY | -36.5% QoQ) ━━━━━━━━━━━━━━━ 🔁 Q4FY26 Normalized (ex. One-Time Items) ▸ Normalized Core Operating Profit: Rs. 2,137 Cr (+32% YoY | +10% QoQ) ▸ Normalized PAT: Rs. 746 Cr (+48.4% YoY | +40% QoQ) ━━━━━━━━━━━━━━━ 📊 FY26 Full Year (Standalone | Audited) ▸ Full Year PAT: Rs. 1,636 Cr ▸ Basic EPS: Rs. 1.93 (vs Rs. 2.09 in FY25) ▸ Dividend Proposed: Rs. 0.25 per share ▸ Credit Cost (FY26): 2.13% (improved 33 bps YoY) ▸ FY26 Credit Cost % of Avg. Assets: 1.52% ━━━━━━━━━━━━━━━ 🏦 Balance Sheet & Margins (Q4FY26) ▸ Gross Advances: Rs. 2,83,747 Cr (+20% YoY | +4% QoQ) ▸ Total Loans & Advances (incl. credit substitutes): Rs. 2,90,278 Cr ▸ Total Deposits: Rs. 2,94,475 Cr (+17% YoY | +1% QoQ) ▸ CASA Deposits: Rs. 1,46,650 Cr (+24% YoY | +2% QoQ) ▸ CASA Ratio: 49.8% (+288 bps YoY | -484 bps QoQ) ▸ Net Interest Margin: 5.93% (-2 bps YoY | +18 bps QoQ) ▸ Cost of Funds: 6.00% (-51 bps YoY | -11 bps QoQ) ▸ Capital Adequacy (CRAR): 15.60% (+12 bps YoY | -62 bps QoQ) ━━━━━━━━━━━━━━━ 📉 Asset Quality (Q4FY26) ▸ Gross NPA: 1.61% (-26 bps YoY | -8 bps QoQ) ▸ Net NPA: 0.48% (-5 bps YoY | -5 bps QoQ) ▸ SMA 1+2 (RAM portfolio): 0.78% (vs 0.88% in Dec-25) ▸ Gross Slippages: down 15% QoQ | Net Slippages: down 27% QoQ ▸ MFI Gross Slippages: Rs. 96 Cr (vs Rs. 153 Cr in Q3FY26) ▸ Gross Slippages ex-MFI: 2.60% (vs 3.09% in Q3FY26) ▸ Credit Cost: 1.63% (down 42 bps QoQ from 2.05% in Q3FY26) ━━━━━━━━━━━━━━━ 🎯 Verdict: - The reported PAT of Rs. 319 Cr is not a clean number, a Rs. 174 Cr tax refund is sitting in the tax line and without it, the quarter would have looked significantly worse; the normalized PAT of Rs. 746 Cr is the honest operational read, and even that excludes three separate one-time hits landing simultaneously. - NII at +15.7% YoY and fee income at +21.3% YoY are the cleanest signals here, the core franchise is compounding well and these lines are free of distortions; the problem is opex at +25.2% YoY is eating the gains faster than revenue can cover. - Asset quality is the standout positive this quarter, GNPA down to 1.61%, MFI slippages nearly halved sequentially, SMA 1+2 down 10 bps, and credit cost falling 42 bps QoQ signal the stress cycle is visibly turning, which is what the market has been waiting for. - FY26 full year PAT of Rs. 1,636 Cr with basic EPS of Rs. 1.93 is actually lower than FY25 EPS of Rs. 2.09, the full year tells a more sobering story than any individual quarter, and the fraud alone wiped out a meaningful chunk of annual earnings. - The CASA ratio dropping 484 bps in one quarter is a structural concern even with 24% YoY absolute growth, if term deposit mix keeps rising, NIM recovery will be capped, and the bank needs deposit mix stability to sustain the NIM improvement seen this quarter.

@mindsetmachine It’s simple: smart people think they’re too smart and criticize the CCP publicly in China. Wise people, well, they don’t. Now, you know who Mr Jack Ma is.

Jack Ma on the difference between smart and wise people

Groww has all poor traders and investors?? And Kotak Securities has all rich people😂

Axis Bank Q4 & FY26 Results #AxisBank #Q4FY26 #PrivateSectorBank #Nifty ━━━━━━━━━━━━━━━ 📊 Q4FY26 — P&L ▸ NII: ₹14,457 Cr (+5% YoY | +1% QoQ) ▸ NIM: 3.62% vs 3.97% YoY & 3.64% QoQ 🔴 ▸ Fee Income: ₹6,561 Cr (+4% YoY | +8% QoQ) ✅ ▸ Trading Income: -₹606 Cr (vs +₹173 Cr Q4FY25) 🔴 ▸ Core Operating Profit: ₹10,619 Cr (+0.4% YoY | -2% QoQ) ▸ Operating Profit: ₹10,013 Cr (-7% YoY | -8% QoQ) ▸ PAT: ₹7,071 Cr (-0.6% YoY | +9% QoQ) Trading loss of ₹606 Cr vs gain of ₹173 Cr YoY = ₹779 Cr swing. This alone explains the 7% Operating Profit decline. Core business was essentially flat YoY. ━━━━━━━━━━━━━━━ 📊 FY26 Full Year ▸ NII: ₹56,048 Cr (+3% YoY) ▸ Core Operating Profit: ₹41,443 Cr (+4% YoY) ▸ Operating Profit: ₹42,817 Cr (+2% YoY) ▸ PAT: ₹24,457 Cr (-7% YoY from ₹26,373 Cr) 🔴 ▸ EPS (FY26): ₹78.31 vs ₹84.77 FY25 🔴 ━━━━━━━━━━━━━━━ 🏦 Balance Sheet ▸ Net Advances: ₹12,33,570 Cr (+19% YoY | +6% QoQ) ✅ ▸ Retail: 55% (+8% YoY) | SME: 12% (+24% YoY) | Corporate: 33% (+38% YoY) ▸ Total Deposits: ₹13,35,834 Cr (+14% YoY) ▸ Term Deposits: ₹8,06,922 Cr (+16% YoY) ▸ CASA: ₹5,28,912 Cr (+11% YoY) | CASA Ratio: 40% ✅ ▸ Total Assets: ₹18,86,850 Cr (+17% YoY) ━━━━━━━━━━━━━━━ 📈 Key Ratios ▸ Standalone ROA: 1.58% vs 1.83% YoY | FY26: 1.45% vs 1.74% 🔴 ▸ Standalone ROE: 14.74% vs 16.98% YoY | FY26: 13.15% vs 16.52% 🔴 ▸ Book Value: ₹657 vs ₹577 FY25 (+13.9% YoY) ▸ Total CAR: 16.42% vs 17.07% FY25 (declining) 🔴 ▸ Tier 1 CAR: 14.78% vs 15.07% FY25 ━━━━━━━━━━━━━━━ 🔬 Asset Quality ▸ GNPA: 1.23% vs 1.28% YoY & 1.40% QoQ ✅ ▸ NNPA: 0.37% vs 0.33% YoY (-4 bps worsened) & 0.42% QoQ ✅ ▸ PCR: 70% | Aggregated coverage: 166% (+900 bps YoY) ✅ ▸ Credit Cost: 0.37% (-13 bps YoY | -76 bps QoQ) ✅ ▸ One-time provision: ₹2,001 Cr (precautionary, not stress-related) ▸ Total cumulative provisions: ₹15,473 Cr ✅ ━━━━━━━━━━━━━━━ 🏢 Domestic Subsidiaries (FY26) ▸ Combined PAT: ₹2,051 Cr (+16% YoY) ▸ Axis Finance: ₹806 Cr (+19%) | Axis AMC: ₹596 Cr (+19%) ▸ Axis Capital: ₹259 Cr (+61%) | Axis Securities: ₹366 Cr ━━━━━━━━━━━━━━━ 💰 Capital Allocation ▸ Final Dividend: ₹1 per share (50% of ₹2 FV) ━━━━━━━━━━━━━━━ 🎯 Verdict: - The quarter looks weaker than it is. Operating Profit fell 7% YoY but the core business (Core Operating Profit) was +0.4% YoY, the decline was driven entirely by a ₹779 Cr swing in trading income. That is an important distinction. - FY26 PAT down 7% YoY is harder to explain away. NIM compression of 35 bps YoY, rising opex, and elevated provisions made FY26 a difficult year for Axis. - NIM at 3.62% is the concern. The trajectory 3.97% a year ago, 3.64% last quarter, 3.62% now, is persistently downward. The bank needs rate cycle stabilisation and CASA improvement to halt this. - GNPA improving to 1.23% QoQ is a genuine positive. The ₹2,001 Cr one-time precautionary provision adds a buffer, if it doesn't crystallise into real stress, FY27 credit costs could be lower. - Loan growth at 19% YoY with Corporate at +38% is strong but raises concentration risk questions if wholesale lending is driving the acceleration. - ROA at 1.58% and ROE at 14.74% both declining YoY, Axis continues to trail ICICI Bank meaningfully on these metrics. Closing that gap remains the key medium-term narrative for the stock.

JD Cables Limited Q4 & FY26 Business Update #JDCables #Q4FY26 #SME #CablesWires ━━━━━━━━━━━━━━━ 📊 Revenue (Unaudited Management Estimates) ▸ Q4FY26: ₹123.49 Cr (+52% YoY) ▸ FY26: ₹364.59 Cr (+45.5% YoY) ━━━━━━━━━━━━━━━ 📦 Order Book & Capacity ▸ Order Book: ~₹515 Cr (as of March 2026) ▸ Unit I utilisation: 82.43% vs ~79% FY25 ▸ Unit II utilisation: 84.56% vs ~81% FY25 ▸ Installed capacity: Unit I 6,000 kms | Unit II 22,000 kms ━━━━━━━━━━━━━━━ 🏭 Expansion ▸ New facility at Dankuni (~1.18 lakh sq ft) ▸ Investment: ₹10.45 Cr in facility + ₹7.23 Cr in plant & machinery ▸ New product lines: MVCC, AL-59, HTLS, HT cables ▸ Evolving from cable manufacturer to integrated EPC-led infrastructure player ━━━━━━━━━━━━━━━ 🎯 Verdict: - Revenue growing 52% YoY in Q4 and 45.5% for the full year is strong for an SME cable company, execution on order book is clearly happening. - Order book of ~₹515 Cr against FY26 revenue of ₹364.59 Cr = ~1.4x book-to-bill ratio, healthy revenue visibility. - Capacity utilisation above 82% on both units signals the business is close to capacity ceiling, making the Dankuni expansion timely and necessary. - No profitability data disclosed, PAT, EBITDA and margins are completely absent. Revenue growth without margin visibility limits what can be assessed from this update. - Audited results awaited, all numbers subject to final audit adjustments per the company's own disclaimer.

L&T Finance Q4 & FY26 Results #LTFinance #LTF #Q4FY26 #NBFC #Nifty ⚠️ Only consolidated PAT is audited. All other P&L figures (NII, Total Income etc.) are management representations. ━━━━━━━━━━━━━━━ 📊 Q4FY26 — Consolidated (Audited PAT) ▸ Retail Book: ₹1,19,508 Cr (+26% YoY | +7% QoQ) ▸ Consolidated Book: ₹1,21,728 Cr (+25% YoY) ▸ Retailisation: 98% of overall book ✅ ▸ NII: ₹2,549 Cr (+32% YoY)* ▸ Total Income: ₹3,041 Cr (+26% YoY)* ▸ PAT: ₹807 Cr (+27% YoY from ₹636 Cr) ✅ (Audited) *Management representation, not audited figures. ━━━━━━━━━━━━━━━ 📊 FY26 Full Year ▸ Retail Disbursements: ₹83,213 Cr (+39% YoY) — highest ever ✅ ▸ PAT: ₹3,003 Cr (+14% YoY)* — highest ever ✅ ▸ Steady-state Credit Cost: 2.54% ▸ ROA: 2.39% (before Labour Code impact) ▸ ROE: 11.33% (before Labour Code impact) *Before effect of Labour Code exceptional charge (Q3FY26). ━━━━━━━━━━━━━━━ 🚀 Q4 Disbursements — ₹24,107 Cr (+62% YoY) ▸ Rural Business Finance: ₹7,208 Cr (+41% YoY | +7% QoQ) ▸ Personal Loans: ₹3,786 Cr (+98% YoY) ▸ Housing & LAP: ₹3,134 Cr (+34% YoY) ▸ Two-Wheeler: ₹2,930 Cr (+58% YoY) ▸ Gold Finance: ₹2,779 Cr ▸ SME Finance: ₹1,838 Cr (+20% YoY) ▸ Farmer Finance: ₹2,037 Cr (+16% YoY) ━━━━━━━━━━━━━━━ 📦 Segment Book Sizes (Q4FY26) ▸ Housing & LAP: ₹30,009 Cr (+20% YoY) ▸ Rural Business Finance: ₹30,805 Cr (+17% YoY) ▸ Personal Loans: ₹14,666 Cr (+70% YoY) ▸ Two-Wheeler: ₹14,372 Cr (+17% YoY) ▸ SME Finance: ₹8,507 Cr (+30% YoY) ▸ Farmer Finance: ₹16,970 Cr (+12% YoY) ▸ Gold Finance: ₹2,845 Cr (new segment) ━━━━━━━━━━━━━━━ 📈 Key Ratios ▸ NIM + Fees: 10.47% vs 10.41% QoQ (+6 bps) ✅ ▸ WACB: 7.17% (-67 bps YoY) — lowest ever ✅ ▸ Credit Cost: 2.64% vs 2.83% QoQ (-19 bps) ✅ ▸ ROA: 2.40% (+18 bps YoY) ▸ ROE: 11.71% vs 10.13% YoY ✅ ━━━━━━━━━━━━━━━ 🔬 Asset Quality ▸ GNPA: 2.88% vs 3.29% YoY & 3.19% QoQ ✅ ▸ NNPA: 0.96% vs 0.97% YoY & 0.92% QoQ Note: NNPA worsened 4 bps QoQ — worth monitoring. ━━━━━━━━━━━━━━━ 🔭 Lakshya 2031 Targets ▸ Book Growth: >20% | Credit Cost: <2% ▸ ROA: 3%–3.2% | ROE: 16%–18% ━━━━━━━━━━━━━━━ 💰 Capital Allocation ▸ Dividend: ₹2.75 per equity share ━━━━━━━━━━━━━━━ 🎯 Verdict: - Q4 is a strong quarter. PAT up 27% YoY, disbursements up 62% YoY, and WACB at an all-time low of 7.17%, three positives firing together. - Personal Loans at +98% YoY and Two-Wheeler at +58% YoY in disbursements reflect the retail transformation taking hold at scale. - FY26 PAT of ₹3,003 Cr is the highest ever — but the qualifier "before Labour Code" is important. Including the Q3 exceptional charge, reported PAT will be lower. Always read the adjusted number clearly. - Microfinance stress navigated, management's commentary signals collections and disbursements are back near pre-crisis levels. FY27 should see normalisation. - Lakshya 2031 targets of ROA 3%-3.2% and ROE 16%-18% are ambitious from current ROA of 2.40% and ROE of 11.71%. The gap is significant and the market will watch execution closely. - Gold Finance with 330 branches and growing is a smart adjacency, high-yield, secured, counter-cyclical product that complements the existing portfolio.

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Jio Platforms Q4 & FY26 Results #JioPlatforms #Jio #Q4FY26 #Telecom #Nifty ━━━━━━━━━━━━━━━ 📊 Q4FY26 — Jio Platforms (Consolidated) ▸ Revenue from Operations: ₹38,259 Cr (+12.6% YoY | +2.7% QoQ) ▸ EBITDA: ₹20,060 Cr (+17.9% YoY | +3.9% QoQ) ▸ EBITDA Margin: 52.4% (+230 bps YoY | +60 bps QoQ) ✅ ▸ PAT: ₹7,935 Cr (+13% YoY | +4% QoQ) 📊 Jio Infocomm (Telecom arm, standalone) ▸ PAT: ₹7,317 Cr (+2.0% QoQ) ━━━━━━━━━━━━━━━ 📊 FY26 Full Year ▸ Revenue from Operations: ₹1,46,885 Cr (+14.6% YoY) ▸ EBITDA: Record high ✅ ▸ Net subscriber additions: 36 million ▸ 5G net additions: 75 million ━━━━━━━━━━━━━━━ 💰 ARPU — The Key Metric ▸ Q4FY26: ₹214 vs ₹206.2 Q4FY25 (+3.8% YoY | +0.1% QoQ) ▸ Sequential growth driven by better subscriber mix and data consumption ▸ No headline tariff hike during Q4, organic improvement only ✅ ━━━━━━━━━━━━━━━ 📶 Subscriber Metrics ▸ Total subscribers: 524.4 mn (+7% YoY | +9.1 mn in Q4) ▸ 5G subscribers: 268 mn (up from 253 mn in Q3, +15 mn QoQ) ▸ 5G as % of wireless traffic: 55% ✅ ▸ Monthly churn: 1.7% (vs 1.8% in Q3), improving ✅ ▸ Jio AirFiber: ~13 mn subscribers ━━━━━━━━━━━━━━━ 📱 Network & Usage ▸ Per capita data: 42.3 GB/user/month (vs 40.7 GB Q3 | +26% YoY from 33.6 GB) ▸ Total data consumption: 66 Bn GB (+35% YoY | +5.9% QoQ) ▸ Voice traffic: 1.54 trn mins (+3.4% YoY | +0.65% QoQ) ━━━━━━━━━━━━━━━ 🗣️ Key Statements Akash Ambani (Chairman, Jio Infocomm): "Jio is now positioned as the digital gateway to the Intelligence era. State-of-the-art connectivity and edge compute infrastructure make it the principal gateway through which AI services reach Indian consumers." Mukesh Ambani (Chairman, RIL): "I am happy to note that we are advancing steadily towards the listing of Jio Platforms." ━━━━━━━━━━━━━━━ 🎯 Verdict: - A steady, compounding quarter. No fireworks, but every metric moved in the right direction, ARPU up, margins up, subscribers up, data consumption up 35% YoY. - EBITDA growing 17.9% YoY on 12.6% revenue growth shows operating leverage is real and consistent. - ARPU at ₹214 is growing organically without a tariff hike, that's a quality signal. When the next tariff hike comes, the incremental flow-through to margins will be sharp. - 5G at 55% of wireless traffic with 268 mn subscribers is a structural positive, higher data consumption per user, better mix, and the foundation for AI services monetisation. - The IPO signal is the headline news. "Advancing steadily towards listing" from Mukesh Ambani is as close to a DRHP signal as you get. Jio's monetisation story will accelerate post-listing. - One watch point: ARPU grew just 0.1% QoQ despite no tariff cut, suggesting subscriber mix improvement is near its natural ceiling without a tariff event.

Tanla Platforms Q4 & FY26 Results #Tanla #Q4FY26 #CPaaS #Nifty ━━━━━━━━━━━━━━━ 📊 Q4FY26 — Consolidated ▸ Revenue: ₹1,177.54 Cr (+15.0% YoY | +5.0% QoQ) ▸ EBITDA: ₹191.82 Cr (+17.4% YoY | +0.7% QoQ) ▸ EBITDA Margin: 16.29% vs 15.96% YoY & 17.00% QoQ ▸ PBT: ₹166.65 Cr (+14.2% YoY | +1.1% QoQ) ▸ PAT: ₹134.32 Cr (+14.5% YoY | +2.3% QoQ) ▸ Basic EPS: ₹10.18 vs ₹8.74 YoY ━━━━━━━━━━━━━━━ 📊 FY26 Full Year ▸ Revenue: ₹4,417.71 Cr (+9.7% YoY) ▸ EBITDA: ₹723.75 Cr (+4.8% YoY) ▸ EBITDA Margin: 16.38% vs 17.15% FY25 (-77 bps) 🔴 ▸ PAT: ₹509.15 Cr (+0.4% YoY) 🔴 ▸ Basic EPS: ₹38.36 vs ₹37.76 FY25 ━━━━━━━━━━━━━━━ 🎯 Verdict: - Q4 is a decent quarter in isolation, revenue growing 15% YoY with modest margin improvement. Nothing to alarm. - The full year FY26 picture is where the concern sits. Revenue grew 9.7% but PAT grew just 0.37%, essentially flat. On a 9.7% topline growth, generating no incremental profit means cost inflation is absorbing all the revenue gain. - EBITDA margin compressed 77 bps for the full year, cost of services and employee costs growing faster than revenue. - Q4 EBITDA margin of 16.29% is also below Q3's 17.00%, sequential margin pressure continuing. - Tanla is a CPaaS business that should carry strong operating leverage as it scales. Not seeing that in the numbers right now is the concern investors will focus on. - FY27 will need both revenue acceleration and margin recovery to change this narrative.

Can Fin Homes Q4 & FY26 Results #CanFinHomes #CFHL #Q4FY26 #HousingFinance #Nifty ━━━━━━━━━━━━━━━ 📊 Q4FY26 ▸ Loan Book: ₹42,209 Cr (+10.5% YoY | +3.7% QoQ) ▸ Disbursements: ₹3,246 Cr (+32.2% YoY | +19.0% QoQ) ✅ ▸ New Approvals: ₹3,523 Cr (+32.9% YoY | +22.1% QoQ) ✅ ▸ NII: ₹422 Cr (+20.9% YoY | +0.2% QoQ) ▸ Operating Profit: ₹354 Cr (+20.0% YoY | +0.9% QoQ) ▸ PBT: ₹353 Cr (+26.5% YoY | +3.5% QoQ) ▸ Reported PAT: ₹346 Cr (+47.9% YoY | +30.6% QoQ) ▸ Adjusted PAT (ex-one-time): ~₹287 Cr (+22.4% YoY) 🔴 ▸ EPS: ₹25.96 ⚠️ Q4FY26 PAT includes ₹59.5 Cr one-time benefit (DTA of ₹46 Cr + Income Tax refund of ₹13.5 Cr). Adjusted PAT growth = +22.4% YoY, not +47.9%. ━━━━━━━━━━━━━━━ 📊 FY26 Full Year ▸ Loan Book: ₹42,209 Cr (+10% YoY) ▸ Disbursements: ₹10,531 Cr (+23% YoY) ▸ PBT: ₹1,303 Cr (+21% YoY) ▸ PAT: ₹1,086 Cr (+27% YoY) ▸ NIM: 3.93% vs 3.64% FY25 ✅ ▸ ROA: 2.58% vs 2.24% FY25 ✅ ▸ ROE: 18.16% vs 16.92% FY25 ✅ ━━━━━━━━━━━━━━━ 📈 Key Ratios (Q4FY26) ▸ NIM: 4.19% vs 3.82% YoY & 4.14% QoQ ✅ ▸ Yield on Loan Portfolio: 9.99% vs 10.11% YoY (declining) ▸ Cost of Borrowing: 7.07% vs 7.56% YoY (falling faster) ✅ ▸ Spread: 2.92% vs 2.55% YoY (+37 bps) ✅ ▸ Cost to Income: 19.84% vs 19.36% YoY (inching up) ▸ ROA: 3.29% vs 2.59% YoY ✅ ▸ ROE: 23.12% vs 18.47% YoY ✅ ▸ D/E Ratio: 6.40 vs 6.96 YoY (improving leverage) ✅ ━━━━━━━━━━━━━━━ 🔬 Asset Quality ▸ GNPA: 0.85% vs 0.87% YoY & 0.92% QoQ ✅ ▸ NNPA: 0.37% vs 0.46% YoY & 0.49% QoQ ✅ ▸ Management overlay available on GS3 ━━━━━━━━━━━━━━━ 🏠 Portfolio Mix ▸ Housing: 72% of loan book | Non-Housing (incl. CRE): 28% ▸ Housing (incl. CRE): 84% of loan book ✅ ▸ Salaried & Professional: 68% of outstanding book ✅ ▸ Avg. ticket, Housing: ₹27 lakh | Non-housing: ₹14 lakh ━━━━━━━━━━━━━━━ 🎯 Verdict: - Operationally, a good quarter. Disbursements surging 32% YoY and approvals growing 33% YoY show strong business momentum heading into FY27. - The PAT headline of +47.9% YoY must be read carefully, ₹59.5 Cr of one-time DTA and tax refund flatter the number. Adjusted growth is a more moderate +22.4% YoY, still solid but not exceptional. - NIM expansion to 4.19% is the real positive, cost of borrowing falling faster than yield compression is driving spread improvement to 2.92% (+37 bps YoY). This is genuine and structural. - Asset quality is pristine. GNPA at 0.85% and NNPA at 0.37% with both improving QoQ and YoY, for a housing finance company this is best-in-class. - Loan book growth of 10.5% YoY is decent but below the disbursement surge, suggests older book churning/prepayments are absorbing some of the new origination. FY27 disbursement momentum should translate to faster loan book growth.

DCB Bank Q4 & FY26 Results #DCBBank #Q4FY26 #PrivateSectorBank #Nifty ━━━━━━━━━━━━━━━ 📊 Q4FY26 — P&L ▸ NII: ₹655 Cr (+17% YoY | +5% QoQ) ✅ ▸ Other Income: ₹212 Cr (-3% YoY | -4% QoQ) ▸ Total Income: ₹867 Cr (+12% YoY | +2% QoQ) ▸ Operating Profit: ₹342 Cr (+12% YoY | +6% QoQ) ▸ Provisions: ₹69 Cr (+3% YoY | -7% QoQ) ✅ ▸ PAT: ₹206 Cr (+16% YoY | +11% QoQ) ✅ ━━━━━━━━━━━━━━━ 📊 FY26 Full Year ▸ NII: ₹2,457 Cr (+17% YoY) ▸ Total Income: ₹3,312 Cr (+16% YoY) ▸ Operating Profit: ₹1,296 Cr (+25% YoY) ✅ ▸ Provisions: ₹319 Cr (+53% YoY) 🔴 ▸ PAT: ₹732 Cr (+19% YoY) ━━━━━━━━━━━━━━━ 🏦 Balance Sheet ▸ Balance Sheet Size: ₹88,069 Cr (+14.66% YoY) ▸ Advances: ₹60,022 Cr (+17.58% YoY) ▸ Co-lending: +25% YoY | Construction Finance: +14% YoY ▸ AIB: +19% YoY | Retail Mortgages: +8% YoY ▸ Deposits: ₹72,583 Cr (+20.91% YoY) ▸ CASA Ratio: 22.38% vs 24.52% YoY (-214 bps) 🔴 ━━━━━━━━━━━━━━━ 📈 Key Ratios ▸ NIM: 3.39% vs 3.29% YoY & 3.27% QoQ ✅ ▸ Yield on Advances: 10.98% vs 11.54% YoY (declining) ▸ Cost of Funds: 6.89% vs 7.34% YoY (improving) ✅ ▸ Cost to Income: 60.53%, essentially flat YoY ▸ ROA: 0.97% vs 0.95% YoY & 0.91% QoQ ✅ ▸ ROE: 13.53% vs 13.57% YoY & 12.73% QoQ ━━━━━━━━━━━━━━━ 🔬 Asset Quality ▸ GNPA: 2.45% vs 2.99% YoY & 2.72% QoQ ✅ ▸ NNPA: 0.89% vs 1.12% YoY & 1.10% QoQ ✅ ▸ PCR: 78.42% vs 74.48% YoY (+394 bps) ✅ ▸ CAR: 16.55% vs 16.77% YoY ▸ Fresh slippage ratio: 2.28% vs 3.69% Q4FY25 ✅ ▸ Recoveries & Upgrades to Slippages: 109% in Q4 ✅ ━━━━━━━━━━━━━━━ 🎯 Verdict: - A steady, consistent quarter. PAT up 16%, NII up 17%, advances up 17.6%, there's nothing spectacular but nothing broken either. - NIM expansion to 3.39% is the highlight, both yield compression and cost of funds are declining, but CoF is falling faster, which is driving the spread improvement. - CASA ratio at 22.38% vs 24.52% YoY is the structural concern. DCB is growing deposits but losing low-cost deposit share, that will pressure NIMs if it continues. - Asset quality improvement is genuine. GNPA down 54 bps YoY, fresh slippage ratio nearly halved from 3.69% to 2.28%, and recoveries exceeding slippages (109% ratio), this is clean. - FY26 provisions rising 53% YoY to ₹319 Cr despite improving GNPA signals conservative provisioning build. PCR improving to 78.42% confirms that, prudent buffer building. - Cost to Income at 60.53% is stubbornly high. Until this compresses materially, ROA will remain range-bound around 0.97%.

Mahindra Finance Q4 & FY26 Results #MahindraFinance #MMFL #Q4FY26 #NBFC #Nifty ━━━━━━━━━━━━━━━ 📊 Q4FY26 — Standalone ▸ Disbursements: ₹17,184 Cr (+11% YoY) ▸ Business AUM: ₹1,34,096 Cr (+12% YoY) ▸ Total Income: ₹4,810 Cr (+13% YoY) ▸ NII: ₹2,739 Cr (+27% YoY) ▸ NIM: 7.5% vs 6.5% YoY (+100 bps) ✅ ▸ PPOP: ₹1,722 Cr (+42% YoY) ▸ Credit Cost: ₹560 Cr (+23% YoY) | Credit Cost %: 1.5% vs 1.4% ▸ PAT: ₹873 Cr (+55% YoY) ▸ ROA: 2.4% vs 1.7% YoY ✅ ━━━━━━━━━━━━━━━ 📊 FY26 Full Year — Standalone ▸ Disbursements: ₹61,118 Cr (+6% YoY) ▸ AUM: ₹1,34,096 Cr (+12% YoY) ▸ Total Income: ₹18,500 Cr (+15% YoY) ▸ NII: ₹10,108 Cr (+24% YoY) ▸ NIM: 7.1% vs 6.5% FY25 ✅ ▸ PPOP: ₹6,231 Cr (+31% YoY) ▸ Credit Cost: ₹2,441 Cr (+51% YoY) 🔴 ▸ Credit Cost %: 1.7% vs 1.3% FY25 🔴 ▸ PAT: ₹2,782 Cr (+19% YoY) ▸ ROA: 2.0% vs 1.9% FY25 ━━━━━━━━━━━━━━━ 📊 Q4FY26 — Consolidated ▸ Total Income: ₹5,560 Cr (+14% YoY) ▸ PAT: ₹940 Cr (+106% YoY) 📊 FY26 — Consolidated ▸ Total Income: ₹21,087 Cr (+14% YoY) ▸ PAT: ₹2,861 Cr (+27% YoY) ━━━━━━━━━━━━━━━ 🔬 Asset Quality ▸ Stage 3 (GS3): 3.4% (improving) ✅ ▸ Stage 2: 4.8% ▸ GS2 + GS3: 8.2% ▸ PCR on GS3: 59% (management overlay) ✅ ▸ Collection efficiency: 98% vs 97% YoY ✅ ━━━━━━━━━━━━━━━ 🏗️ Business Highlights ▸ Tractor disbursements: +63% YoY, standout performer ✅ ▸ Non-vehicle finance (SME, mortgages, leasing): +32% YoY ▸ SME AUM: ₹8,090 Cr (+32% YoY, driven by LAP) ▸ Mortgages: GS3 sustained below 3% ✅ ▸ CRAR: 18.8% | Tier-1: 16.7% ✅ ▸ Liquidity buffer: ~₹9,100 Cr ✅ ━━━━━━━━━━━━━━━ 💰 Capital Allocation ▸ Final Dividend: ₹7.50 per share (375% of ₹2 FV) ━━━━━━━━━━━━━━━ 🎯 Verdict: - A strong quarter with PAT up 55% YoY standalone and NIM expansion of 100 bps, the core lending franchise is delivering. - PPOP growing 42% on 13% income growth shows meaningful operating leverage. That is the best metric this quarter. - The full year credit cost rising 51% YoY to ₹2,441 Cr is the number that needs watching. Credit cost % at 1.7% vs 1.3% FY25 signals the book is under stress even as slippages normalise. - Tractor at +63% YoY disbursements is exceptional and reflects both pent-up demand and Mahindra Finance's stronghold in rural vehicle financing. - CV & Construction Equipment disbursements declining 16% YoY and 3-Wheelers down 25% YoY are real weak spots in the portfolio mix. - Non-vehicle finance growing 32% YoY is the right strategic diversification, reducing concentration on cyclical vehicle segment. - Collection efficiency at 98% vs 97% is a genuine improvement signal. If this sustains, credit costs should moderate in FY27.

IndusInd Bank Q4 & FY26 Results #IndusIndBank #Q4FY26 #PrivateSectorBank #Nifty ⚠️ Q4FY25 base was distorted by ₹2,329 Cr loss (derivative scandal). All YoY comparisons marked "NM" should be read in that context. Sequential (QoQ) trajectory is the correct lens for this quarter. ━━━━━━━━━━━━━━━ 📊 Q4FY26 — P&L ▸ NII: ₹4,371 Cr (+43% YoY | -4% QoQ) 🔴 ▸ Other Income: ₹1,714 Cr (NM YoY | flat QoQ) ▸ Total Income: ₹6,085 Cr (+62% YoY | -3% QoQ) ▸ Operating Expenses: ₹3,790 Cr (-11% YoY | -5% QoQ) ✅ ▸ PPOP: ₹2,295 Cr (NM YoY | +1% QoQ) ▸ Provisions: ₹1,482 Cr (-41% YoY | -29% QoQ) ✅ ▸ PAT: ₹594 Cr (NM YoY | +364% QoQ*) *Q3 PAT was ₹128 Cr — QoQ jump is real but off a low base. ━━━━━━━━━━━━━━━ 📊 FY26 Full Year — The Harder Truth ▸ NII: ₹17,982 Cr (-6% YoY) 🔴 ▸ Total Income: ₹25,211 Cr (-6% YoY) 🔴 ▸ Operating Profit: ₹9,180 Cr (-14% YoY) 🔴 ▸ PAT: ₹889 Cr vs ₹2,575 Cr in FY25 (-65% YoY) 🔴 ━━━━━━━━━━━━━━━ 🏦 Balance Sheet ▸ Loans: ₹3,15,871 Cr (-8% YoY | -1% QoQ) 🔴 ▸ Deposits: ₹3,99,931 Cr (-3% YoY | +2% QoQ) ▸ CA Deposits: ₹35,034 Cr (-14% YoY) 🔴 ▸ SA Deposits: ₹89,899 Cr (-4% YoY) 🔴 ▸ Borrowings: ₹42,789 Cr (-20% YoY | +9% QoQ) ▸ Total Assets: ₹5,43,394 Cr (-2% YoY | +3% QoQ) ▸ CRAR: 17.48% (+124 bps YoY) ✅ ━━━━━━━━━━━━━━━ 🔬 Asset Quality ▸ NNPA: 1.00% (+5 bps YoY | -4 bps QoQ) ▸ PCR: 71% (+119 bps YoY) ✅ ▸ LCR: 118% ✅ ▸ Provisions to Avg Loans: 1.89% (-96 bps YoY) ✅ ━━━━━━━━━━━━━━━ 📈 Profitability Ratios ▸ ROA: 0.45% (+36 bps QoQ) ▸ ROE: 3.63% (+284 bps QoQ) ▸ PPOP to Avg Loans: 2.93% ▸ EPS: ₹30.5 | Book Value: ₹807 ━━━━━━━━━━━━━━━ 🎯 Verdict: - Q4 PAT of ₹594 Cr is a recovery, but calling it a turnaround is premature. It is one quarter of stabilisation after a crisis. - The full year FY26 tells the real story: PAT down 65% YoY, Total Income down 6%, Operating Profit down 14%. FY26 was a deeply damaged year for IndusInd. - NII declining 4% QoQ despite stable loans signals NIM pressure continuing, the core lending engine is not yet healed. - CASA erosion is the structural concern. CA deposits down 14% YoY and SA down 4% YoY means the low-cost funding base is shrinking, which will pressure margins further. - Loan book shrinkage of 8% YoY is deliberate right-sizing but limits any near-term earnings recovery. - Provisions falling 29% QoQ and 41% YoY is positive, credit cost is normalising. That is the clearest green shoot. - FY27 will be the first real test of whether this bank can rebuild PAT toward pre-crisis levels. The base is low enough that YoY comparisons will look flattering, but absolute profitability metrics need watching.

Shriram Finance Q4FY26 Results #ShriramFinance #Q4FY26 #NBFC #Nifty ━━━━━━━━━━━━━━━ 📊 Q4FY26 Financial Performance ▸ Total Income: ₹12,527.91 Cr (+9.32% YoY) ▸ Net Interest Income: ₹6,994.08 Cr (+15.58% YoY) ✅ ▸ PAT: ₹3,013.57 Cr (+40.86% YoY) ✅ ▸ EPS: ₹16.02 (+40.77% YoY) ▸ Book Value per share: ₹349.20 (+16.67% YoY) ━━━━━━━━━━━━━━━ 📈 AUM ▸ Total AUM: ₹3,02,273.75 Cr (+14.85% YoY | +3.62% QoQ) ━━━━━━━━━━━━━━━ 📦 AUM Mix (Q4FY26) ▸ Commercial Vehicles: 46.87% (+19.49% YoY) ✅ ▸ Passenger Vehicles: 21.31% (+19.05% YoY) ✅ ▸ MSME: 13.64% (+10.24% YoY) ▸ Two Wheelers: 5.76% (+11.77% YoY) ▸ Farm Equipment: 2.28% (+32.27% YoY) ✅ ▸ Gold Loans: 2.19% (+36.92% YoY | +17.33% QoQ) ✅ ▸ Personal Loans: 3.55% (+11.52% YoY) ▸ Construction Equipment: 4.40% (-25.55% YoY | -6.40% QoQ) 🔴 ━━━━━━━━━━━━━━━ 🔬 Asset Quality ▸ GNPA: 4.58% vs 4.55% YoY & 4.54% QoQ, essentially flat 🔴 ▸ NNPA: 2.33% vs 2.64% YoY (-31 bps) & 2.38% QoQ (-5 bps) ✅ ▸ Stage 3 Coverage Ratio: 50.34% vs 43.28% YoY (+706 bps) ✅ ▸ Stage 3 ECL Provisions: ₹6,917.82 Cr (+35% YoY), rising 🔴 ━━━━━━━━━━━━━━━ 🎯 Verdict: - PAT growth of 40.86% YoY is the headline and it is genuine, driven by NII growing 15.58% with operating leverage coming through. - The GNPA story is nuanced. At 4.58%, it is essentially flat YoY (+3 bps) and QoQ (+4 bps), neither improving nor deteriorating meaningfully. For a vehicle finance NBFC of this scale, stability at this level is acceptable but not a positive signal. - NNPA improving 31 bps YoY to 2.33% is a better sign, net credit quality is improving even as gross stays flat. - Stage 3 coverage jumping from 43.28% to 50.34% (+706 bps) is the real positive on asset quality, the book is better provisioned now. - Construction Equipment AUM at -25.55% YoY is the one weak spot and needs watching in the context of the broader infrastructure capex cycle. - Gold Loans at +36.92% YoY is the fastest growing segment, reflects the industry-wide surge in gold loan demand and higher gold prices supporting collateral values. - NII growing faster (15.58%) than Total Income (9.32%), healthy sign that core lending spread is holding up.

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Sterling and Wilson Renewable Energy Q4 & FY26 Results #SWREL #SterlingWilson #Q4FY26 #RenewableEnergy #Nifty 📊 Q4FY26 ▸ Revenue: ₹1,945.61 Cr (-22.8% YoY | -7.0% QoQ) 🔴 ▸ Gross Profit: ₹234 Cr | Gross Margin: 12.0% vs 10.4% YoY ✅ ▸ EBITDA: ₹186 Cr (+60.3% YoY | +264.7% QoQ) ▸ EBITDA Margin: 9.6% vs 4.6% YoY & 2.4% QoQ ✅ ▸ PBT (ex-exceptional): ₹154.11 Cr (+77.7% YoY) ▸ PAT: ₹141.59 Cr (+157.4% YoY | +9,035% QoQ*) ▸ Basic EPS: ₹5.76 ▸ Q4 PAT is highest quarterly PAT since listing ✅ *Q3 PAT was ₹1.55 Cr, this QoQ jump is entirely base-effect. ⚠️ Revenue declined — context matters ▸ Q4 revenue fell 22.8% YoY and 7.0% QoQ ▸ Solar EPC is project-milestone driven, revenue recognition is lumpy ▸ Despite lower revenue, EBITDA and PAT hit records, margin expansion is real 📊 Revenue by Segment (Q4FY26) ▸ Domestic EPC: ₹1,641 Cr ▸ International EPC: ₹224 Cr ▸ O&M: ₹81 Cr 📊 FY26 Full Year ▸ Revenue: ₹7,548 Cr (+20% YoY), highest since listing ✅ ▸ Reported EBITDA: ₹481 Cr | Margin: 6.4% vs 4.4% FY25 ▸ Operational EBITDA: ₹444 Cr (+53% YoY) | Margin: 5.9% ▸ Gross Margin: 10.5% vs 10.1% FY25 ✅ ▸ Reported PAT: -₹296 Cr (full year loss) 🔴 ▸ Basic EPS: -₹13.25 FY26 full-year PAT loss of ₹296 Cr was entirely driven by ₹610.94 Cr exceptional charges in Q2-Q3 (litigation related). Operational performance was strong, the loss is not recurring. 📦 Order Book & Execution ▸ FY26 Order Inflow: ₹10,062 Cr (+43% YoY | 12 projects) ✅ ▸ Unexecuted Order Value: ₹11,813 Cr ✅ ▸ FY26 execution: ~4.5 GW AC commissioned, highest ever ✅ ▸ L1 bidder: Coal India 1,182 MWdc turnkey project ▸ BOS order secured: 50 MWdc from leading Indian IPP 🔋 O&M & Strategic Direction ▸ O&M portfolio: 13.5 GW (+50% YoY from ~8.7 GW) ✅ ▸ Recurring revenue visibility improving meaningfully ▸ Expanding into Wind and BESS segments ▸ Net debt reduced ₹149 Cr QoQ 🗣️ Global CEO, Chandra Kishore Thakur "FY26 has been SWREL's strongest period yet, record quarterly PAT, 4.5 GW execution, record INR 11,813 crore order book, and expanded 13.5 GW O&M platform providing unmatched revenue visibility and stability." 🎯 Verdict: - Q4 is genuinely strong in isolation. Record quarterly PAT, 9.6% EBITDA margin, and 77.7% PBT growth YoY despite lower revenue, this shows real operating leverage. - The full year PAT loss of ₹296 Cr will dominate the headline but it is entirely explained by ₹610.94 Cr in exceptional litigation charges in Q2-Q3. Strip those out and FY26 operational performance is the best in company history. - Revenue declining 22.8% YoY in Q4 is a concern even if EPC revenue is lumpy. Investors should track whether UOV conversion accelerates in FY27. - Order inflow of ₹10,062 Cr (+43% YoY) and UOV of ₹11,813 Cr provide strong FY27 visibility. - O&M at 13.5 GW growing 50% YoY is the structural positive, this is building a recurring revenue base that reduces the lumpiness risk over time. - FY27 will be the clean year. No exceptional drag, strong order book, record execution capability. That is the investment thesis.