Earnings Call Transcript Summaries

Apollo Micro Systems Limited APOLLO Q4FY26 📝 Transcript · Capital Goods

Filed 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
No supply chain disruptions currently; global geopolitical risks monitored
R&D spend at 8% of revenue (~INR72 Cr); focus on RF, AI, inertial navigation tech
Expansion into land defense systems and explosives; first export order received

Wheels India Ltd WHEELS Q4FY26 📝 Transcript

Filed 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
Commentary on capacity utilization and supply chain status
Transcript of conference call with fund managers, analysts, and investors held on May 15, 2026

Bosch Limited BOSCHLTD Q4FY26 📞 Audio · Automobile and Auto Components

Filed 21 May 2026

Q4 FY26 EBITDA grew 20.8% YoY; FY26 EBITDA up 14.7% driven by revenue growth, material cost reduction, and expense control.
Domestic automotive segments expected steady/flattish volume growth; content per vehicle to increase with CAFE3 and ADAS regulations.
Flattish volume outlook reflects caution due to macro uncertainties and potential inflation impact.
Other expenses declined 9% YoY due to lower customer project costs and better fixed cost absorption.
FY27 outlook cautious optimism amid geopolitical risks, especially West Asia conflict impacting crude prices.
Commercial vehicle JV operations to start late FY27, with revenue from Q3 FY28.

Tata Motors Passenger Vehicles Ltd TMPV Q4FY26 📝 Transcript · Automobile

Filed 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
JLR launching Range Rover EV and new Jaguar Type 01 in H2 FY27; 78,000 expressions of interest
Exports growth target 70-100% in FY27; dealer inventory tight, waiting periods 4-8 weeks
Commodity headwinds 5-6% of revenue; cost reductions 2%, price hike 0.5% in April; further price increases considered

BHARTI AIRTEL LTD. BHARTIARTL Q4FY26 📝 Transcript · Telecom

Filed 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
FY26 consolidated revenue about Rs.2,11,000 Cr, EBITDAaL Rs.1,08,000 Cr, margin 51.2%
New growth bets: data centers (1 GW target), financial services (NBFC license), Airtel Cloud
FY26 India mobile ARPU Rs.257; focus on accelerating ARPU growth via postpaid and premiumization

Bharat Electronics Limited BEL Q4FY26 📝 Transcript · Capital Goods

Filed 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%
QRSAM order expected by Q4 FY26; major subsystem orders for MSR in Q3-Q4 FY26
Export target $120m+; aiming for 10% of turnover from exports in 5 years
Order book INR74,859 Cr as of July 1, 2025; 90% nomination, 10% competitive

Voltas Limited VOLTAS Q4FY26 📝 Transcript · Consumer Durables

Filed 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
Q4 FY26 consolidated total income INR 4,930 Cr (+1.7% y-y); net profit INR 113 Cr (-52%)
FY26 consolidated total income INR 14,483 Cr (-8% y-y); net profit INR 377 Cr (-55%)
Cooling segment led by RAC with 2.25 mn units volume; launched AI-powered Vertis Split AC series

EPack Prefab Technologies Limited EPACKPEB Q4FY26 📝 Transcript

Filed 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
FY26 revenue 1,525 Cr +35% y-y; PAT +56%; EBITDA margin ~10.5%
Debt reduced by 107 Cr; PAT margin expected to improve to ~6.5% in FY27
FY27 Prefab division revenue growth guidance at 30%, targeting ~1,920-1,950 Cr

Steel Authority of India Limited SAIL Q4FY26 📝 Transcript · Metals & Mining

Filed 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
FY26 PAT rose 51%; debt reduced by INR8,150 Cr; borrowing cost down to 6.2%
Capex projects at IISCO (INR35,000 Cr, 4.5 mn tons), Bhilai (INR30,000 Cr, 3.5 mn tons), Bokaro (INR18,000 Cr, 3 mn tons)
Q4 sales turnover INR30,541 Cr (+5% y-y); FY26 sales turnover INR110,000 Cr (+8% y-y)

Crompton Greaves Consumer Electricals Limited CROMPTON Q4FY26 📝 Transcript · Consumer Durables

Filed 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
No tax impact from Butterfly impairment; merger plans remain on track
BLDC fan portfolio growing 30%+ with new product launches; SDA kitchen appliances grew ~30% in Q4
Near-term margin pressure from inflation and investments; Rs 100 Cr annual R&D spend ongoing

TVS Motor Company Ltd TVSMOTOR Q4FY26 📝 Transcript · Automobile and Auto Components

Filed 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
FY27 growth outlook: good single-digit industry growth; scooters and EVs expected to grow faster; premium and super-premium segments strong
New product launches: Orbiter V1 & V2 EVs, TVS King Kargo Heavy Duty CNG, Norton new models launching FY27 Q2
Supply chain challenges easing; expect Q1 FY27 growth ahead of industry; commodity inflation 3-5% of revenue, 35% offset by price hikes

Kaynes Technology India Limited KAYNES Q4FY26 📝 Transcript · Capital Goods

Filed 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
Metering revenue ~25% of total; installation delays causing working capital stress, expected resolution in 3 quarters
Management acknowledges guidance misses due to geopolitical and execution delays; committed to improving execution and cash flow
Multiple analyst queries on metering business receivables and guidance; management committed to transparency and working capital improvement

Sheela Foam Limited SFL Q4FY26 📝 Transcript · Consumer Durables

Filed 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
Consolidated Q4FY26 revenue grew 24% y-y to INR1,050 Cr; FY26 revenue grew 11% to INR3,821 Cr
FY26 consolidated PAT grew 78% y-y to INR161 Cr; strong cash flow reduced net debt by INR156 Cr
Depreciation policy realigned to reflect asset useful life; FY27 consolidated depreciation ~INR140-145 Cr

Tata Motors Ltd TMCV Q4FY26 📝 Transcript · Capital Goods

Filed 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%
Q4 FY26 standalone revenue Rs. 24,500 Cr +22% y-y; EBITDA margin 13.9% (+130 bps y-y); EBIT margin 12.1%
FY26 consolidated revenue Rs. 84,000 Cr; EBITDA margin 12.3%; net cash Rs. 13,700 Cr
Growth outlook cautious; Q1 FY27 single-digit growth expected; diesel prices key monitor

Affle 3i Limited AFFLE Q4FY26 📝 Transcript · Information Technology

Filed 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
CTV and digital out-of-home included in multi-screen consumer conversion strategy
Capex for acquisitions: Board approved preferential equity issue to raise ~11bn INR
Multiple analyst queries on margin trends, AI impact, and acquisition strategy addressed

Syrma SGS Technology Limited SYRMA Q4FY26 📝 Transcript · Capital Goods

Filed 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%
Management cautious on margin guidance due to geopolitical and supply chain volatility; will revise if conditions improve
Exports grew 41% in FY26; FY27 export target INR150bn INR (+25-30%) with EU FTA benefits
Order book INR60bn with diverse verticals; 32 new customers onboarded with potential INR100bn+ revenue

Apollo Tyres Limited APOLLOTYRE Q4FY26 📝 Transcript · Automobile and Auto Components

Filed 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
Q4 FY26 consolidated revenue grew 14% y-y to INR 73.4bn; EBITDA margin 14.6%
FY26 consolidated revenue up 9% y-y; net debt/EBITDA improved to 0.4x from 3.2x in Mar 2020
Net debt/EBITDA for India improved from 1.1x to 0.7x; tax rate reduced to 25% from 34% effective FY27

Vidya Wires Limited VIDYAWIRES Q4FY26 📝 Transcript

Filed 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
FY26 revenue 18.4bn INR +24.2% y-y; EBITDA 857.8m INR margin 4.66% +35 bps y-y; PAT 576.1m INR
Multiple analyst queries on volume growth, margin trajectory, new product ramp-up addressed
Tax subsidy on new plant expected to cover 45-50% of investment over 10 years

Dixon Technologies (India) Limited DIXON Q4FY26 📝 Transcript · Consumer Durables

Filed 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
Q4FY26 revenue INR10,520 Cr; FY26 revenue INR48,893 Cr +26% y-y; EBITDA INR1,887 Cr +23% y-y; PAT INR845 Cr +20% y-y
Display JV trials start Q3FY27; mass production Q4FY27; target revenue INR5,500-6,000 Cr at double-digit margin
Mobile volumes flat FY27 without Vivo; 12-15% price growth expected; Vivo volumes pending govt approval

Hyundai Motor India Ltd HYUNDAI Q4FY26 📝 Transcript · Automobile and Auto Components

Filed 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
Includes Q&A with analysts and investors
Provides insights beyond the press release numbers

🎙 Transcript Summaries