The corporate earnings season of Q4 FY26 (January-March 2026) has seen a widely resilient performance by over 180 BSE/NSE-listed companies reporting results up to April 2026. It was a season that was set against the backdrop of a geopolitical tension, a sharp correction of an IT sector on April, and continued NIM pressure in banking. However, April earnings report figures across financials, energy and metals surpassed the forecasts by a narrow margin and provided investors with a degree of cautious optimism as they head into FY27.
Information Technology
|
Company |
Q4 Revenue |
Q4 PAT / Net Profit |
YoY Growth |
Key Metric |
FY27 Guidance |
|---|---|---|---|---|---|
|
Tata Consultancy ServicesNSE: TCS |
Rs 70,698 Cr |
Rs 13,718 Cr |
+12.2% YoY |
TCV $12 Bn; Op Margin 25.3% |
Record TCV $40.7 Bn FY26 |
|
InfosysNSE: INFY |
$5,040 Mn (Rs 46,402 Cr) |
$919 Mn |
+13% YoY |
Op Margin 20.9%; LTM TCV $14.9 Bn |
Rev 1.5–3.5% CC; Margin 20–22% |
|
WiproNSE: WIPRO |
$2,651 Mn (Rs 242.4 Bn) |
Rs 35 Bn |
+7.7% YoY |
IT Margin 17.3%; Large Deals $1.44 Bn |
Buyback Rs 150 Bn approved |
|
MphasisNSE: MPHASIS |
Rs 4,242.67Cr |
Rs 509.64 Cr |
14.4% YoY |
EBIT Margin 15.4% TCV: $407 |
14.75%-15.75% FY27 |
TCS kicked off the season with a beat on both top and bottom lines. Annualised AI revenue crossed $2.3 billion at TCS in Q4 FY26 - a landmark for India's IT sector. Infosys crossed the $20 billion annual revenue milestone for the first time, with large deal TCV surging 28% YoY to $14.9 billion. Mphasis reported a good Q4FY26 with a net profit of 14.1% YoY and a revenue growth of 14.4% YoY to 4,242.7 crores. Wipro accepted a buyback of Rs 150 billion. But a more pronounced correction in the IT stocks occurred on April 24 amidst weaker global technology spending indications, keeping the near-term performance of the sector mixed. The board-wide guidance of FY27 is cautious with 1.5-3.5% constant currency growth.
Banking & Financial Services
|
Company |
Q4 PAT |
YoY Growth |
NII / Key Metric |
Asset Quality (GNPA) |
Dividend |
|---|---|---|---|---|---|
|
HDFC BankNSE: HDFCBANK |
Rs 19,221 Cr |
+9.1% YoY |
NII Rs 33,082 Cr (+3.2% YoY) |
1.15%- |
Rs 13/share (final); Rs 15.50 total FY26 |
|
ICICI BankNSE: ICICIBANK |
Rs 13,702 Cr |
+8.5% YoY |
NIM 4.32%; GNPA record low |
1.40% - Record Low |
Rs 12/share |
|
Yes BankNSE: YESBANK |
Rs 1,068 Cr |
+44.7% YoY |
NIM 2.7% (+20 bps YoY) |
1.3% - Lowest since FY20 |
- |
|
Bajaj FinanceNSE: BAJFINANCE |
Rs 4,839 Cr |
+23% YoY |
AUM growth 20–25% YoY |
Stable |
Rs 6/share |
|
Federal BankNSE: FEDERALBNK |
Rs 1,259 Cr |
+22.2% YoY |
Steady loan & deposit growth |
Improving |
- |
|
Indian BankNSE: INDIANB |
Rs 3,103 Cr |
+5.0% YoY |
PSU Bank - stable credit growth |
Improving |
- |
|
Bandhan BankNSE: BANDHANBNK |
Rs 543 Cr |
PAT +68% YoY |
Provisions decline; asset quality ↑ |
GNPA & NNPA declining |
- |
Banking sector in India provided one of the most stable performances of Q4 FY26. In all the big major private lenders, the quality of assets has improved, provisions have decreased and credit growth has been running at 1216YoY - a hearty compost. At the ICICI Bank, provisions have taken a nose dive to almost zero Rs 96 crore (down 89% YoY), representing its contingency buffer of Rs 13,100 crore. The deposits of HDFC Bank increased 14.4% year on year, surpassing the growth in the number of loans. The critical watch to FY27 is NIM trajectory, because the deposit competition continues to squeeze the margins.
Energy, Power & Renewables
|
Company |
Q4 PAT |
YoY Growth |
Revenue |
Key Highlight |
|---|---|---|---|---|
|
Adani PowerNSE: ADANIPOWER |
Rs 4,271 Cr |
64.33% YoY |
Rs 14,223 Cr (flat YoY) |
Sharp profit surge on lower fuel costs & PLF improvement |
|
Waaree EnergiesNSE: WAAREEENER |
Rs 1,126 Cr |
74.76%YoY |
Rs 8,840 Cr (+111.8% YoY) |
Solar module demand surge; policy tailwinds |
|
Coal IndiaNSE: COALINDIA |
Rs 10,839 Cr |
11.1% YoY |
Rs 46,490 Cr |
Bellwether for India's energy demand |
|
Adani Energy SolutionsNSE: ADANIENT |
Rs 683.78 Cr |
5.66% YoY |
Rs 7,443 Cr |
Transmission + smart metering expansion |
Energy & Power was among the top-performing sectors of Q4 FY26. Adani Power's 64% PAT surge reflects lower fuel costs and improved plant load factors. The momentum of renewable energy in India was also on the rise - Waaree Energies has continued to enjoy the domestic push in solar manufacturing under the PLI schemes. Coal India is also a dividend powerhouse with a yield of 5.8%. The main risk to FY27: geopolitical tensions that keep the price of crude oil high could increase the costs of inputs of gas-based and liquid fuel players.
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