Earnings Call Transcript Summaries

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

RELIANCE INDUSTRIES LTD. RELIANCE Q4FY26 📝 Transcript · Oil & Gas

Filed 26 Apr 2026

FY26 consolidated revenue grew 10%, EBITDA up 13.5%, consumer businesses >55% of EBITDA
FMCG FY26 revenue Rs22,000 Cr, Campa brand Rs4,700 Cr, rapid expansion in manufacturing and distribution
Oil-to-Chemicals faced supply shocks; agile crude sourcing maintained refinery throughput near capacity
Exploration & Production managing 8% production decline, LNG prices elevated due to geopolitical issues
Jio Platforms: 524m subscribers, 268m 5G users, revenue Rs146,085 Cr +14.6%, EBITDA Rs76,255 Cr +19%, 52% margin
Retail Q4 revenue Rs98,000 Cr +11% Y-o-Y, EBITDA Rs6,900 Cr, hyperlocal commerce +300% Y-o-Y

TATA CONSULTANCY SERVICES LTD. TCS Q4FY26 📝 Transcript · IT

Filed 14 Apr 2026

Management confident on FY27 growth with positive demand momentum and AI-led transformation
FY26 revenue declined 2.4% in constant currency; operating margin expanded 70 bps to 25%, highest in 4 years
HyperVault business progressing towards 1 GW AI infrastructure capacity
BFSI, Consumer, Manufacturing, Technology verticals showed mixed but improving trends
Q4FY26 revenue grew 1.2% sequentially in constant currency; operating margin 25.3%, net margin 19.4%
Q4 total contract value (TCV) $12 billion including 3 mega deals

Mahindra Mahindra Ltd M&M Q3FY26 📝 Transcript · Automobile and Auto Components

Filed 17 Feb 2026

Capacity expansions planned: 6-7k units/month added in FY27, new IQ platform capacity in 2027-28
Auto margins driven by volume, brand value, and cost control; pricing calibrated to maintain competitiveness
Commodity inflation noted; 1% price hike taken in Jan 2026; hedging mitigates some risks
EV volumes expected at 7-8k/month in FY27; new EV model BO7 launching in 2027
Tractor volumes grew 23% in Q3; subsidy impact in Maharashtra significant but expected to normalize
CAFE norms under discussion; 25% EV mix target independent of regulatory requirements

Mahindra Mahindra Ltd M&M Q2FY26 📝 Transcript · Automobile and Auto Components

Filed 07 Nov 2025

GST rate cuts expected to boost demand across tractors, LCVs, and passenger vehicles
Tractor industry growth outlook raised to low double digits; LCV growth expected double digit
Margin for Mahindra Electric improving with localization and new product launches
Q2 FY26 consolidated revenue up 22% y-y; operating profit up 28% y-y
EV segment growth remains strong; PLI incentives expected to continue till FY28
Multiple analyst queries on GST impact, CAFE norms, and EV penetration addressed with management guidance

Mahindra Mahindra Ltd M&M Q1FY26 📝 Transcript · Automobile and Auto Components

Filed 04 Aug 2025

SUV growth guidance mid to high teens maintained; new launches planned in 2026
Tech Mahindra EBIT margin 11.1%, targeting 15% in FY27; Mahindra Finance AUM +15%
Tractor volume +10%, market share 45.2%; Farm PBIT margin 19.8%
Multiple analyst queries on EV profitability and ramp-up; management confident on margin drivers and market share
Consolidated PAT up 24% to ₹4,083 Cr; ROE at 20.6% in Q1 FY26
Auto SUV volume +22%, market share 27.3%; Auto PAT +32%

🎙 Transcript Summaries