Q4 earnings tracker: How NIFTY heavyweights HDFC Bank, Reliance, SBI fared; more results awaited

The supply chain disruptions and higher oil prices towards the end of the fourth quarter, in the entire month of March 2026, have weighed down the financial performance of companies as the majority of them rely on the global supply chain and oil imports in one way or another.

Experts were factoring in the impact of the West Asia conflict on financial results in the final quarter for the year ended 2025-26, as investors looked forward to any potential relief amid a continuous downward trend in the equity markets.

NIFTY50 firms Q4 results snapshot

Overall, the performance of the bank was steady in the fourth quarter with a reduction in non-performing assets (NPAs) and a growth in core interest income for the period.

Although the overall Q4 PAT and the revenues from the Oil & Gas business took a hit, Reliance’s Oil to Chemicals operations recorded 12.3% rise in income. Other revenue portions, like Reliance Retail and Jio Platforms revenues jumped 11% and 12.4%, respectively.

Although the NII rose for the period, the lender’s domestic net interest margin (NIM) dropped by 21 basis points to 2.39% in Q4 FY2025-26, compared with 3.14% in the same period a year ago.

Airtel Africa Plc is the second-largest contributor to the overall revenues every quarter.

On a sequential basis, the net profits rolse 29% YoY, while the annual revenue from artificial intelligence crossed $2.3 billion in the same period. The firm also announced a ₹31/share final dividend for shareholders.

Collaboration with AMD, Nvidia, and Gemini, among others, were the key deals in focus in the fourth quarter.

The lender’s net profit after tax rose 8% to ₹13,701 crore, compared to ₹12,629 crore in the same period a year ago. The net interest income also witnessed a 1.99% increase in the same quarter.

On the asset quality side, ICICI Bank’s NPAs dropped 27 basis points to 1.40%, compared with 1.67% in the same period of the previous fiscal year. Shares opened higher after the results update.

Infosys’ North America business remained the largest revenue contributor, marking a 55% of the total revenue from the operations of the IT company. The company’s revenues surged 13% YoY to ₹46,402 crore from ₹40,925 crore levels a year earlier.

With more than 41 clients under the $100 million plus category, the company’s order book remains strong, with a key focus on artificial intelligence (AI) value propositions to clients to gain market share.

Although the revenues witnessed a significant rise, the operating profit margin of the company dropped to 7.83% in Q4, compared to 11% in the same period a year ago.

The company’s core jewellery business and new collections contributed to 50% YoY growth in the March quarter.

The IT firm’s board approved a ₹15,000 crore share buyback proposal to purchase 60 crore shares from existing shareholders at a face value of ₹2 per share, offering a price of ₹250 per share.

The company remains focused on pivoting to a services-as-a-software model through its artificial intelligence AI Native Business & Platforms unit.

The automaker’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose 38%, with margins improving 13.81% in the fourth quarter, compared to 12.,64%. The board recommended a ₹33/share final dividend for shareholders.

The core revenues witnessed an 18% YoY rise to ₹5,433 crore, compared to ₹4,608 crore a year ago. The FMCG firm plans to remain focused on building scale and strengthening its existing portfolio.

Axis Bank: Axis Bank reported a flat growth in Q4 PAT at ₹7,071 crore due to a sharp rise in allocations to provisions for bad debts in the quarter and trading losses. The filings showed that the lender’s total provisions and contingencies rose 159% YoY to ₹3,522 crore in the March quarter.

Although the net profits remained flat, the net interest income of the bank rose 4.7% to ₹14,457 crore, compared with ₹13,811 crore in the same period a year earlier. Axis Bank shares dropped 5% after the results update as the financial performance failed to boost investors' sentiment.

The board recommended a final dividend issue of ₹6 per share for shareholders.

Blinkit revenues skyrocketed by 674% to ₹13,232 crore in the fourth quarter, from ₹1,709 crore in the same period a year ago. While the online food ordering and delivery business segment revenues rose 33% to ₹2,737 crore, from ₹2,054 crore a year ago.

The company’s EBITDA margins improved to 5.5% in the January to March quarter, with the business delivering an absolute Adjusted EBITDA of ₹532 crore.

“APSEZ has built a strong platform to more than double revenue and EBITDA by FY31. This is underpinned by us reaching one billion tonnes of port cargo by December 2030, rapid scale-up of asset-light & asset-zero services, and expansion of marine fleet,” said Ashwani Gupta, Whole-time Director & CEO.

The statements showed that the company allocated a one-time material provision of ₹1,155 crore arising from the implementation of the new labour codes under exceptional items. Despite the fall in profits, the company has a strong order book, which recorded 28% growth over March 2025.

L&T's overall order book comprises 52% of international orders, and the remaining from the domestic market.

In the financial year 2026-27, the company expects to report a revenue growth of 1 to 4% in constant currency as the firm looks ahead at market volatility and reduced discretionary spending, among other key factors.

The company also noted that AI was causing a deflation of 2% to 3% per year in traditional segments.

The company noted that the financial performance in FY2026 represents a pivotal shift point for JFS, marking a definitive transition from foundational groundwork to sustained operational velocity across a diverse spectrum of businesses.

The average deposit per customer increased by 20% YoY to ₹1,439 in the fourth quarter of FY26. The firm also recommended a dividend of ₹0.60 per equity share with a face value of ₹10 each.

The company’s profits in the quarter come on the backdrop of lower provisions for bad loans and improvement in asset quality. The net interest income of the bank rose 8% You to ₹7,875 crore, from ₹7,284 crore in the same period a year earlier.

The NPA improved to 1.2% in the fourth quarter, compared with 1.42% in the same period a year ago.

The operational level EBITDA rose 12% YoY, while the EBITA margins expanded by 39% on a year-on-year basis. The company’s coal production witnessed a marginal decline to 239 million tonnes against 202.36 million tonnes.

The net profits rose to ₹4,839 crore, compared to ₹3,940 crore in the same quarter last year. Non-executive director of the company, Rajiv Bajaj, also decided to step down from his role in the firm.

Amid the net losses, the revenue from core operations advanced 20% to ₹32,439 crore, compared to ₹26,965 crore in the same period a year ago. The company’s EBITDA fell 2% YoY to ₹16,464 crore, from ₹16,722 a year ago.

However, the automaker’s revenue from operations increased 28% You to ₹52,449 crore, compared with ₹40,910 crore from a year ago. The company’s EBITDA advanced 27% to ₹6,157 crore, but the margins contracted by 10 basis points to 11.74%.

The company disclosed that its revenues were driven by record volume sales, improved mix and favourable currency, resulting in broad-based double-digit growth across all businesses.

The board announced a special dividend of ₹240 per share for the financial year ended 2025-26.

The financial statements showed that the demand levels and the underlying market opportunities remain strong for the company’s operations.

Due to the heavy investment in the financial markets, the company’s 16% rise in NPI was offset by the rising losses from the investment operations, in turn weighing down on the company’s profits for the period.

The company’s revenue from operations in March rose 13% YoY to ₹15,076 crore from ₹13,384 crore in the year-ago period.

The company’s core revenues rose 8.1% to ₹16,172 crore, compared with ₹14,955 crore, with ‘home care’ and ‘beauty & wellbeing’ segmental revenues contributing to the growth factor.

The company’s assets under management (AUM), including those of its wholly owned subsidiary, HDFV Pension Fund Management, stood at ₹5.3 trillion as of the fiscal year ended 2025-26.

The company’s revenues rose 5.65% to 38,493.79 crore in Q4 FY26, from earlier ₹36,432.96 crore levels.

The company’s EBITDA margins improved to 26.2% from 25.2% levels a year ago. The financial performance in the fourth quarter was fuelled by high-volume domestic sales in the market.