Earnings Call Transcript Summaries

AI-generated key takeaways from quarterly earnings calls of Indian listed companies. Management commentary on revenue, margins, guidance, and outlook — summarised within hours of filing.

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Amber Enterprises India Limited Q4FY26

22 May 2026

• Temporary margin pressure of 50-100 bps expected due to commodity inflation, wage hikes, currency depreciation
• Consumer Durable division grew 14% in FY26; RAC industry flat due to weather; FY27 industry volume growth expected 12-13%
• Capex FY27 expected INR1,800-2,000 Cr; net debt to rise to INR700-800 Cr by year-end

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UNO Minda Limited Q4FY26

22 May 2026

• Management expects FY27 EBITDA margin around 11% ±50 bps despite startup costs and commodity inflation
• Capex guidance for FY27 at INR 1,750 Cr; 7 of 11 projects to start or ramp up; new EV powertrain and sunroof segments to begin commercial operations
• Strategic investments in EV powertrain plants with expected revenue multiples >2x capex; new infotainment JV with INR 600 Cr SOP by FY29

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UNO Minda Limited Q4FY26

22 May 2026

• Margin guidance for FY27 around 11% ±50 bps despite startup costs and commodity/labor inflation
• Capex of INR 1,750 Cr planned for FY27; 7 of 11 projects to start/ramp-up including EV powertrain and sunroof
• FY26 consolidated revenue grew 17% y-y to INR 19,589 Cr; EBITDA up 16% at INR 2,182 Cr with 11.1% margin; PAT rose 24% to INR 1,166 Cr (normalized)

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Apollo Micro Systems Limited Q4FY26

21 May 2026

• Order book at INR1,432 Cr provides strong growth visibility; large ticket orders expected in FY27-FY28
• FY26 consolidated revenue grew 61% y-y to INR904 Cr; EBITDA +69% to INR218 Cr; PAT +91% to INR107 Cr
• EBITDA margin expanded 114 bps to 24%; PAT margin expanded 185 bps to 12% in FY26

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Wheels India Ltd Q4FY26

21 May 2026

• Management addressed questions on demand trends and margin outlook
• Insights into upcoming product launches and market expansion plans
• Discussion covered Wheels India's latest financial performance and strategic outlook

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Tata Motors Passenger Vehicles Ltd Q4FY26

20 May 2026

• India business: H2 strong rebound, 6.42 lakh units FY26, 15% y-y growth, 14%+ market share
• JLR Q4 EBIT 9.2%, cash positive GBP 829 million; FY PBT GBP 458 million, breakeven volume target 300,000 units
• FY27 outlook: Tata Motors PV expects industry-beating growth, ramp-up production, new launches, supply chain resilience

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BHARTI AIRTEL LTD. Q4FY26

20 May 2026

• Digital businesses growing 27% in FY26; B2B order book up 17%; focus on cloud, IoT, cybersecurity
• Capex FY26 India ex-passive Rs.31,000 Cr; FY27 capex expected similar; focus on transport, edge data centers
• Management cautious on tariff hikes; pricing architecture seen as broken, aiming for multi-tier plans

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Bharat Electronics Limited Q4FY26

20 May 2026

• Capex guidance INR1,000+ Cr; R&D investment INR1,600+ Cr
• Q1 FY26 revenue 44.17bn +5.19% y-y; PAT 9.69bn +24.87% y-y; EBITDA margin 29.86%
• FY26 revenue growth guidance >15%; EBITDA margin guidance >27%

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Voltas Limited Q4FY26

20 May 2026

• Projects order book INR 6,200 Cr with INR 4,500 Cr domestic; margin protected by price variation clauses
• Margin recovery expected gradually towards FY25 levels; cost reduction and localization ongoing
• Strong demand outlook for FY27 with 15-20% industry growth expected; focus on premiumization and operational efficiency

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EPack Prefab Technologies Limited Q4FY26

20 May 2026

• EBITDA margin guidance maintained at 10.5%+ for FY27 despite Q4 margin pressure from steel price rise
• Three capacity expansions underway: Mambattu line 2 operational soon, Ghiloth sandwich panel line Q3 FY27, Gujarat plant Q4 FY27
• Peak PEB capacity ~220,000 tons by FY27 end; peak revenue potential ~2,300-2,400 Cr

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Steel Authority of India Limited Q4FY26

20 May 2026

• FY27 sales volume guidance at 22 mn tons; capex guidance INR15,000 Cr for FY27, rising to INR20,000+ Cr in FY28
• FY26 crude steel production up 1% to 19.4 mn tons; sales volume grew 11% to 19.9 mn tons
• Capacity utilization target 22.5 mn tons in FY27 via debottlenecking and operational efficiency; new capacity from FY30 onwards

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Crompton Greaves Consumer Electricals Limited Q4FY26

19 May 2026

• Price increases of 7-8% taken in fans to offset cost inflation; margin recovery expected as inflation stabilizes
• FY26 ECD growth driven by SDA, fans, pumps; market share gains in water heaters and air coolers
• EBIT margin improved to ~10% in Q4 from 6.8% in H1FY26 driven by operating leverage, premiumization, pricing

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TVS Motor Company Ltd Q4FY26

19 May 2026

• FY27 capacity to increase by 1.5 million units to 8.3 million; capex guidance INR3,500 Cr including INR1,000 Cr+ for capacity
• Multiple analyst queries on growth outlook, commodity inflation, capacity expansion, and international market dynamics addressed by management
• FY26 sales volume grew 24% to 5.9 million units; revenue up 30% to INR47,270 Cr; operating PBT up 40% to INR4,975 Cr

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Kaynes Technology India Limited Q4FY26

19 May 2026

• FY26 consolidated revenue INR36.26bn +33.2% y-y; EBITDA INR5.74bn +39.8% y-y; EBITDA margin 15.8%; PAT INR3.64bn, 10% margin
• Q4 FY26 revenue INR12.43bn +26% y-y; EBITDA INR1.94bn; PAT INR912m; debt-to-equity ~0.2; EPS INR54.9 FY26
• EMS business cash flow positive INR2.5bn FY26; metering business receivables high at INR13.65bn due to installation delays

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Sheela Foam Limited Q4FY26

19 May 2026

• Mattress volumes grew 13% in Q4 and 12% in FY26; U2O segment volume grew 65%, value 111% in FY26
• Capex guidance for FY27 at INR125-150 Cr including maintenance and debottlenecking
• Debt in India (~INR300 Cr) expected to be repaid in 1-1.5 years; consolidated interest cost ~INR50 Cr

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Tata Motors Ltd Q4FY26

19 May 2026

• FY27 capex guidance 2-4% of revenue; R&D Rs. 1,700 Cr in FY26
• Fleet utilization healthy; freight demand robust despite geopolitical and commodity challenges
• FY26 revenue Rs. 77,000 Cr +11% y-y; EBITDA Rs. 10,200 Cr (margin 13.2%, +550 bps over 3 years); PBT before exceptional Rs. 8,700 Cr; Auto ROCE 72%

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Affle 3i Limited Q4FY26

18 May 2026

• FY26 EBITDA 6.1bn +26.3% y-y (margin 22.5%, +120 bps y-y); PAT 4.55bn +19.1% y-y
• Q4FY26 revenue 7.24bn +20.3% y-y; FY26 revenue 27.1bn +19.5% y-y
• FY27 outlook: 20% CAGR organic growth target; inorganic growth via acquisitions planned

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Syrma SGS Technology Limited Q4FY26

18 May 2026

• Capex INR350-400 Cr in FY27 including INR250 Cr for PCB multilayer line; PCB project commissioning expected FY28
• FY26 revenue 485.7bn INR +27% y-y; EBITDA 54.5bn INR +68% y-y; PAT 34.6bn INR +87% y-y
• FY27 revenue growth guidance 30-35%; EBITDA margin guidance 10.5-11%

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Apollo Tyres Limited Q4FY26

18 May 2026

• FY27 CapEx INR 35bn, ~80% for growth and capacity expansion; price hikes of 6-8% announced in India with more expected
• Raw material costs expected to rise mid to high teens sequentially; margin pressure near term, mitigated by price increases
• Capacity utilization at 90% in India and Europe; demand outlook strong but geopolitical volatility remains

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Vidya Wires Limited Q4FY26

18 May 2026

• FY27 volume growth expected strong with new product mix in EV, renewables, transformers; EBITDA per ton to improve
• ALCU Industries plant started Feb 7, 2026; phased ramp-up with 800 MT volume in Q4; full 36,000 MT capacity expected by Oct 2026
• Optimum capacity utilization of new plant expected at 50-60% in FY27 and ~80% in FY28

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Dixon Technologies (India) Limited Q4FY26

15 May 2026

• PLI income INR360 Cr booked FY26; receivables INR1,380 Cr; margin pressure from PLI phase-out partly offset by backward integration
• Margin profile expected slightly under pressure in FY27, with margin expansion in FY28-29 from component integration
• Working capital cycle negative 8 days; ROCE 44.8%, ROE 28.1%; capex ~INR1,000 Cr in FY27

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Hyundai Motor India Ltd Q4FY26

15 May 2026

• Covers audited standalone and consolidated financial results for FY26
• Transcript of Q4FY26 earnings call held on May 8, 2026, is available
• Management discussed quarterly and annual performance

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Titan Company Limited Q4FY26

14 May 2026

• Market share gain of 50-60 bps in FY26; formalization and brand trust key growth drivers
• Gold sourcing stable for Q1; no short-term cost increase expected on gold loans
• Q4 FY26 showed strong top-line growth across all businesses and brands

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Cartrade Tech Limited Q4FY26

14 May 2026

• FY26 revenue grew 22%, EBITDA up 70%, margin at 33%, PAT up 68% to INR243 Cr
• Consumer group revenue +30%, EBITDA +96%, PAT +55%; remarketing revenue +22%, EBITDA +57%, PAT +66%
• FY27 outlook optimistic on growth across segments; margins expected to expand; INR1,000 Cr PAT target in 4-5 years

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Swiggy Limited Q4FY26

14 May 2026

• Capex mainly on warehousing for Tier 2 expansion; expected to moderate
• Food Delivery medium-term growth guidance 18%-20% with steady state 5% EBITDA margin
• Quick commerce medium-term NOV target INR1 trillion in 3.5-5 years with 35%-50% CAGR

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Balkrishna Industries Limited Q4FY26

14 May 2026

• Q4FY26 OHT sales volume 85,820 MT +5% y-y; FY26 volume 317,356 MT
• Carbon black capacity 265,000 MTPA; full utilization; expansion to 360,000 MTPA by Q1 FY27
• FY27 volume growth expected but no guidance due to geopolitical uncertainties

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Avalon Technologies Limited Q4FY26

13 May 2026

• Transcript of Q4FY26 and FY26 earnings call held on May 7, 2026
• Management commentary on business outlook and operational highlights
• Q&A session with analysts covering growth, margins, and risks

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Blue Star Limited Q4FY26

12 May 2026

• FY27 outlook cautious; summer season started mid-April; margin pressures expected due to commodity and geopolitical risks
• Capex guidance Rs 250-350 Cr for FY27; focus on cost management and market share growth
• Price increases of ~8% taken so far in RAC; total ~13% needed to cover cost inflation; margin target 8-8.5% for FY27

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Bajaj Auto Ltd Q4FY26

12 May 2026

• Commodity inflation expected 3.5-4% revenue impact in Q1FY27; 40% offset by price hikes; currency tailwind INR94-95/USD
• FY26 revenue INR58,000+ Cr (+17%), EBITDA INR12,000+ Cr (20.5% margin), PAT INR9,825 Cr (+21%) with record volumes of 5 mn units
• Electric 2W and 3W business EBITDA margin reached double digits; Chetak capacity at 50k/month

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Bharat Forge Ltd Q4FY26

11 May 2026

• FY26 consolidated revenue INR 16,812 Cr +11%, EBITDA INR 2,921 Cr +6%
• Standalone FY26 revenue INR 8,396 Cr -5% y-y; EBITDA margin 27.5%
• FY27 India business growth guidance close to 25%

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