Earnings Call Transcript Summaries

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

Titan Company Limited TITAN Q4FY26 📝 Transcript · Consumer Durables

Filed 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
FY27 jewellery sales growth guidance maintained at 15-20%, dependent on gold price trends
Margin sustainability challenged by gold price and product mix; efforts on mix and cost control ongoing
International business profitable for full year; Q4 loss due to GCC disruptions and restructuring

Cartrade Tech Limited CARTRADE Q4FY26 📝 Transcript · Consumer Services

Filed 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
No immediate M&A plans; cash reserves INR1,244 Cr; ROE impacted by cash, potential shareholder returns in 2-3 years
Elite Buyer and Verification revenue currently small but expected to become significant this year
AI-driven matchmaking, pricing, and verification tools to enhance buyer-seller experience and monetization

Swiggy Limited SWIGGY Q4FY26 📝 Transcript · Consumer Services

Filed 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
Contribution margin breakeven achieved in Q4FY26; exit March margin up 110 bps
Top quick commerce city EBITDA breakeven; store utilization ~40%, densify at 80%-90%
Quick commerce growth driven by better retention, reduced low AOV users, and monetization

Balkrishna Industries Limited BALKRISIND Q4FY26 📝 Transcript · Automobile and Auto Components

Filed 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
Capex FY26 approx INR2,800 Cr; FY27 planned capex INR1,500-1,800 Cr plus INR2,000 Cr additional approved
Price hikes 3-5% taken; further 2% planned; raw material costs up 4-5% in Q4, expected 7-8% rise in Q1 FY27
Standalone Q4 EBITDA INR663 Cr (22.9% margin); FY26 EBITDA INR2,423 Cr -10% y-y (22.7% margin)

Avalon Technologies Limited AVALON Q4FY26 📝 Transcript · Capital Goods

Filed 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
Detailed discussion on quarterly and annual financial performance
Insights into market conditions and company strategy

Blue Star Limited BLUESTARCO Q4FY26 📝 Transcript · Consumer Durables

Filed 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
Unitary Products segment revenue declined 5.1% in FY26; room AC demand picked up in March; margins improved in Q4
FY26 revenue grew 3.6% to Rs 12,402 Cr; EBITDA margin at 7.5% vs 7.3% in FY25; PAT declined 4.3% to Rs 527.3 Cr
Electromechanical projects segment revenue up 12.8% in FY26; order inflow up 35.7% in Q4

Bajaj Auto Ltd BAJAJ-AUTO Q4FY26 📝 Transcript · Automobile and Auto Components

Filed 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
KTM consolidated from Nov 2025; turnaround plan underway; BACL lending book doubled with PAT INR665 Cr
Near-term motorcycle growth expected 7-9%, led by 125cc+ and 150cc+ segments; EV 3W and 2W growth accelerating
Exports strong with 25% volume growth in Q4; Nigeria stabilizing, Latam and Asia outperforming

Bharat Forge Ltd BHARATFORG Q4FY26 📝 Transcript · Automobile and Auto Components

Filed 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%
Aerospace FY26 revenue INR 400 Cr; strong double-digit growth expected
EV investments write-off due to slower-than-expected adoption
Strong outlook for US and India CV markets despite energy price concerns

Exide Industries Ltd EXIDEIND Q4FY26 📝 Transcript · Automobile and Auto Components

Filed 11 May 2026

EBITDA margin steady at 11.7% in Q4, up 50 bps y-y; margin supported by volume growth, product mix, cost controls
FY27 lead-acid business outlook positive with high single to early double-digit growth; cautious on inflation and commodity costs
Lithium-ion plant capex Rs 1,400 Cr planned for FY27; target 85% utilization and 90% yield to match imported cell costs
Q4 FY26 revenue grew 9.4% y-y; domestic business up 12.5%; FY26 revenue up 4.1% y-y
Lithium-ion cell project: Rs 600 Cr invested in Q4, Rs 1,500 Cr in FY26; cylindrical cell samples expected May 2026; prismatic trials soon
Government support and Make in India policy critical for lithium-ion industry growth and competitiveness

Escorts Kubota Ltd ESCORTS Q4FY26 📝 Transcript · Capital Goods

Filed 11 May 2026

Commodity cost pressures expected in coming quarters; price hikes initiated but may be insufficient; margin impact possible
FY26 tractor volume highest ever at 133,670 units +15.7% y-y; exports up 33.8%
FY27 tractor industry expected flattish with 2-3% variance; Escorts confident of market share gains via new products and channel improvements
Construction equipment industry recovering; Q4 volume +9% y-y; medium-term outlook positive with infrastructure focus
Capex guidance INR350-400cr normal; INR500cr greenfield land payment; product development spend INR200-250cr
FY26 standalone revenue INR114.73bn +12.6% y-y; EBITDA INR15.13bn +28.5% y-y; PAT INR13.81bn +24.4% y-y

Hero MotoCorp Ltd HEROMOTOCO Q4FY26 📝 Transcript · Automobile and Auto Components

Filed 11 May 2026

FY27 capex ₹1,500 Cr focused on scooters, EV capacity doubling, and global parts center
Industry volume growth guidance high single-digit for FY27; scooters expected to grow faster than motorcycles
Commodity cost inflation causing short-term margin pressure; calibrated price hikes (~2%) and cost savings underway
FY26 revenue ₹46,830 Cr +15% y-y; EBITDA ₹6,871 Cr +17% y-y; PAT ₹5,268 Cr +14% y-y; EBITDA margin 14.7% including EV investments
Exports grew 41% y-y; focus on Latin America, Africa, and SAARC markets with expansion plans
Q4FY26 revenue ₹12,797 Cr +29% y-y; EBITDA ₹1,856 Cr +31% y-y; PAT ₹1,401 Cr +30% y-y

Kalyan Jewellers India Limited KALYANKJIL Q4FY26 📝 Transcript · Consumer Durables

Filed 11 May 2026

Akshaya Tritiya and wedding demand strong; April FY27 started well despite high base
Interest cost includes INR20 Cr one-off; expect INR30 Cr reduction in FY27
Operating leverage and interest savings expected to support margins in FY27
FY26 consolidated revenue INR35,740 Cr (+43% y-y); PAT INR1,350 Cr (+89%)
Board recommended dividend payout ~20% of FY26 net profit (~INR257 Cr)
FY27 plans: open 150 showrooms including 50-55 Candere; focus on franchise expansion

Mahindra Mahindra Ltd M&M Q4FY26 📝 Transcript · Automobile and Auto Components

Filed 08 May 2026

Capacity expansions: Auto ICE to 60.8k units, EV to 22k units by FY28 start; Nagpur plant on track for 2028
FY27 outlook: Tractor growth ~5%, SUV mid-to-high teens, LCV high single digits; EV margin PBIT positive
Auto volume +19%, margin +80 bps; Farm volume +24%, margin +150 bps; EV penetration reached 9.6%-10%
Q4 FY26 PAT up 42%, FY26 PAT up 35%, driven by Auto +33% and Farm +13% profit growth
AI projects delivering revenue impact: Auto product development time cut 10%, Finance disbursements +₹10,000 Cr
Long-term growth targets: Auto revenue 8x, Farm 3x, TechM 1.5-2x, Finance AUM 5x over 5 years

Ather Energy Ltd ATHERENERG Q4FY26 📝 Transcript · Automobile and Auto Components

Filed 08 May 2026

FY26 volumes up 66%, Q4 at 83,000 units; Rizta drives 75% of sales and market share rose to 18.6%
EL platform launch expected by FY27-end; new Factory 3.0 capacity of 42,000 units/month to start by Q4FY27
Supply chain inflation pressures persist; price hikes of ~INR4,000 taken in FY27 so far
Store count doubled to 700; Middle India market share quadrupled to 17.3%
Demand broadening to Tier 3 cities; non-vehicle revenues growing, especially accessories
EBITDA losses improved by 1500-1600 bps y-y; Q4 EBITDA loss at -2%

Adani Power Limited ADANIPOWER Q4FY26 📝 Transcript · Power

Filed 06 May 2026

FY27 capex INR25,000 Cr; FY28 capex INR33,000 Cr; capacity additions 1.32 GW (FY27) and 1.6 GW (FY28)
EBITDA expected to reach INR50,000 Cr by FY31 conservatively; capacity target of 42 GW by FY32 on track
FY26 power generation reached 105 billion units; power demand growth was 0.8% for FY26 and 1.6% for Q4 FY26
Thermal capacity expansion of 23.7 GW by 2032 progressing; Korba Phase-II commissioning expected Q2 FY27
Merchant capacity reduced to 5% from 16% at start of FY26; PPA provides revenue stability
Q4 FY26 EBITDA rose 27% y-y to INR6,498 Cr; FY26 EBITDA INR23,431 Cr; PAT INR12,971 Cr

ETERNAL LIMITED ETERNAL Q4FY26 📝 Transcript · Consumer Services

Filed 06 May 2026

Automation capex to increase gradually, guided by ROCE; assortment and geographic expansion key growth drivers
EBITDA guidance around $1 billion by FY29; quick commerce margin expected ~3-3.5%
Food delivery growth ~20% with 5-6% margin target; platform fee hikes support profitability
Quick commerce store additions on track for 3,000 by March; 60% CAGR growth guidance
Competitive intensity remains high across markets; focus on healthy, sustainable growth

Sona BLW Precision Forgings Limited SONACOMS Q4FY26 📝 Transcript · Automobile and Auto Components

Filed 06 May 2026

Commodity inflation and wage hikes pressure margins; margin band revised to 23-25% post railway acquisition
Management confident in stable volume visibility and pricing; supply chain constraints limit demand fulfillment currently
FY26 revenue 4,475 Cr (+26%); EBITDA 1,107 Cr (+13%); PAT 670 Cr (+11% adj.); EBITDA margin 24.7% (-270 bps y-y)
Railway business expanding product portfolio; HVAC and electric panels launched; growth expected over 3-5 years
Order book at 237 bn with 70% EV share; broad-based wins across geographies and powertrains
Q4FY26 revenue grew 47% y-y to 1,272 Cr; EBITDA +32% at 311 Cr; PAT +17% at 192 Cr; BEV revenue 359 Cr (+22%) at 39% mix

Emmvee Photovoltaic Power Limited EMMVEE Q4FY26 📝 Transcript · Capital Goods

Filed 05 May 2026

Margins and pricing stable; no material price hikes; resilient EBITDA spread going into FY27
Module capacity 10.3 GW; cell capacity 2.94 GW; FY26 module production 2,999 MW, cell production 1,520 MW; cell utilization 69.9% FY26, 79% Q4
FY26 revenue 5,049 Cr +116% y-y; EBITDA 1,734 Cr +140% y-y (margin 34%, +300 bps); PAT 1,082 Cr +193% y-y (margin 21%, +500 bps)
6 GW integrated cell-module facility commissioning: module line by end CY26, cell line by end FY27; ingot-wafer 9 GW planned from FY29
DCR mix ~30-35% in Q4; expected to increase to mostly DCR by FY28 start
Transition to G12R cells planned by end Q1 FY27 with minimal downtime

🎙 Transcript Summaries