22 NIFTY500 stocks swing to profit in Q4FY26; Vodafone Idea, Paytm, PVR Inox lead turnaround

The fourth quarter earnings season for Indian companies turned out to be positive one as analysts noted that financial year 2026 ended on a strong note for most of the companies across large, mid and small-cap universe.

The strong performance was led by financials, metals, and oil marketing companies (OMCs), while technology, telecom, and automobiles also contributed meaningfully to earnings growth, analysts said.

Amid stable performance posted by India Inc in March quarter a total of 22 companies in the NIFTY500 basket staged a turnaround by swinging to profit. Vodafone Idea, Paytm operator One97 Communications, Godrej Industries, IndusInd Bank and PVR Inox are among the prominent companies that reported net profit compared with a net loss in the same period last year.

Vodafone Idea (Vi) operational metrics, however, show a loss of around ₹5,515 crore during the reported quarter and ₹24,059 crore for the fiscal year 2026 before exceptional items comprising relief on adjusted gross revenue (AGR).

The consolidated revenue from operations grew by about 3% to ₹11,332 crore during the reported quarter from ₹11,229 crore in Q4 FY25. Vi, after years, recorded stabilisation in customer base with monthly subscriber addition moving northward since February.

The total subscriber base of the company stood at 19.28 crore at the reported quarter. Though average revenue per user (ARPU) if Vi increased to ₹190 during the reported— lowest among private operators, the growth was highest in the industry at 8.3% on year-over-year basis driven by customer upgrades.

The sharp turnaround in March quarter came on the back of lower provisions. The bank's provisions dropped by 39% to ₹1,484 crore compared with ₹,2416.57 crore in the year-ago period.

The bank's asset quality showed a slight deterioration as its net non-performing assets, as a percentage of total advances, came in at 1% compared with 0.95% in the year-ago period.

The company's revenue from operations advanced 26% to ₹1,487 crore from ₹1,177 crore.

The company's average ticket price jumped by 22% to ₹315 and average spend per head on food and beverages jumped 32% to ₹165.

The company opened 31 new screen cross five cinemas including four screens in one cinema under the FOCO model and 18 screens in three cinemas under the asset light model.

Its revenue from operations came in at ₹2,264 crore, up 18.4% against ₹1,912 crore logged in the year-ago period.

The company, in its earnings release, said that the reported numbers for the quarter are impacted by the discontinuation of the PIDF scheme, and the FY 2026 UPI incentive is yet to be finalised. "We were able to achieve our guidance of 30-40% offset of PIDF impact in Q4 FY 2026," the company said.

The company’s net debt as of March 31 stood at ₹2,334 crore with a net debt to EBITDA of 1.09 times versus 0.93 times.

Net debt to equity was at 0.23 times compared with 0.18 times and the increase in debt was primarily due to the acquisition of the People Tree Hospital in Yeshwanthpur, Bengaluru and Shrimann Hospital in Jalandhar, Punjab, amongst other investments, Fortis Healthcare said.