Every company on the desk.

APOLLOHOSP Apollo Hospitals Enterprise Ltd↓ 3↑ 3⤴ 3Q3 FY26 Bangladesh and quick-commerce overhangs disappeared by Q3FY26; INR150cr new-hospital loss framework + GST/Amazon GMV reset emerged; 24/7 cash breakeven slipped Q4FY26 to Q1FY27; GMV growth raised 25-30% to 30-35%. AUROPHARMA Aurobindo Pharma Ltd↓ 3↑ 3⤴ 3Q4 FY26 FY26: EBITDA margin guidance lifted from 20-21% to north of 21%, US business reframed as a $2 billion target (Lannett incl.), Europe at EUR1 billion with 30% YoY Q4 growth, and biosimilars hardened to a 2030 7+3 product platform. BIOCON Biocon Limited↓ 3↑ 3⤴ 3Q4 FY26 BBL+BL merger and structured-debt arc closed Q3 (Goldman/Kotak/Edelweiss retired); Q4FY26 pivot is operating-leverage with USD bonds callable Oct 2026, Yesafili US H2 launch settlement-dated, capex-behind-us doctrine. CIPLA Cipla↓ 3↑ 3⤴ 3Q4 FY26 FY26 closed 21% EBITDA matching Q3 cut; FY27 reset to 18.5-20%; $1B FY27 reframed as exit run-rate not annual; Lanreotide alt-site filing target Q4FY26/CY27; AI transformation and biosimilars emerged. DIVISLAB Divi's Laboratories↓ 3↑ 3⤴ 3Q3 FY26 Q4 Red Sea + Biosecure tailwinds vanished; FY26 capex arced Rs.1,400cr to Rs.2,000cr to Rs.1,900cr; CS commercialization slipped late-2026 to Q3-Q4 CY27; China rebate emerged Q3; cc growth decelerated 18% to 8.6%. DRREDDY Dr. Reddy's Laboratories Ltd↓ 3↑ 3⤴ 3Q4 FY26 Q4FY26 books the first post-Lena quarter at 19.5% EBITDA; FY27 framed at ~20% base ex-sema, close to 25% with; sema CY26 cut to 6-7M units, FY27 close to 12M; capex halved to ₹2,000cr; CAR-T impaired ₹135cr. GLENMARK Glenmark Pharmaceuticals↓ 3↑ 3⤴ 4Q3 FY26 ISB 2001 arced 'advanced discussions' (Q4) to AbbVie $700M closure (Q2); India diabetes weakness (Q4) gave way to GST disruption (Q2) then 15.8% recovery (Q3); RYALTRIS scaled $80M to $100M; Glenmark 3.0 emerged Q2 with INR17-18k cr FY27 ask. LUPIN Lupin Limited↓ 3↑ 3⤴ 3Q4 FY26 FY26 closed at 29.7% EBITDA vs Q1 24-25% guide; tariffs (5->0->0->0) and adjacency drag (4->2->1->0) retired; VISUfarma+settlement+billion-dollar-defence the new narrative; FY27 reset to ~25%. SUNPHARMA Sun Pharmaceutical Industries Ltd↓ 3↑ 3⤴ 3Q4 FY26 Q4FY26 replaced the earnings call with the Organon acquisition ($11.75bn EV); Leqselvi/Unloxcyt/Semaglutide launches and Halol/MFN/Revlimid all vanished as the agenda compressed onto 2.3x debt, $350M synergies, Ranbaxy 2.0 arc. ZYDUSLIFE Zydus Lifesciences Ltd↓ 3↑ 3⤴ 3Q4 FY26 Revlimid runoff closed, Mirabegron trial overhang replaced by booked settlement; Assertio/Rolvedon US oncology deal announced, SEMA launched with Lupin+Torrent, Saro PBC NDA filed; FY27 high-teens revenue, 24%+ margin guided.

ASHOKLEY Ashok Leyland Ltd↓ 3↑ 3⤴ 3Q3 FY26 Steel-safeguard fear (Q4-Q1) dissolved as GST 2.0 emerged Q2 with 12 mentions and 'fresh CV replacement cycle' thesis hardened Q3; HIPPO/TAURUS 320-360 HP range went 0 to 7 mentions; defense revenue +84% YoY Q3. BAJAJ-AUTO Bajaj Auto Ltd↓ 3↑ 3⤴ 3Q4 FY26 FY26 closed at record INR58,000cr revenue + INR12,000cr EBITDA with 100% payout (INR4,192cr div + INR5,633cr buyback at INR12,000/sh); but Q1FY27 staged a 3.5-4% commodity inflation shock cutting growth to 7-9%. EICHERMOT Eicher Motors Ltd⤴ 3Q1 FY26 Q1FY26 was a record print — EML INR5,042cr revenue (+14.8%) and VECV 9% EBITDA (vs 7.6%) — but the rare-earth supply shock surfaced as a Himalayan-platform problem before management said it was resolved with alternative materials. ESCORTS Escorts Kubota Ltd↓ 3↑ 3⤴ 3Q4 FY26 Escorts shifted from railway divestment and emission-norm transition to record tractor volumes with captive finance launch, then pivoted to managing commodity cost pressure and El Nino risk as industry enters cyclical plateau. HEROMOTOCO Hero MotoCorp↓ 3↑ 3⤴ 3Q4 FY26 FY26 closes record-strong (rev ₹46,830cr +15%, EBITDA 14.7%). GST narrative faded; commodity drag emerged (₹2,100/unit Q4). CEO Chitale's 3-mo recalibration: ₹1,500cr FY27 capex, scooter+EV capacity doubling, 14-16% band held. HYUNDAI Hyundai Motor India↓ 3↑ 3⤴ 3Q4 FY26 From IPO-era margin caution and Pune plant drag, Q4FY26 marks the pivot: record domestic volumes, export guidance raised to 8-10%, and two new EV+ICE nameplate launches committed for FY27. MARUTI Maruti Suzuki India Ltd↓ 3↑ 3⤴ 3Q3 FY26 Industry narrative inverted from 'sluggish/affordability-stressed' (Q4FY25, Q1FY26) to 'historic 20.5% bounce on GST reform' (Q3FY26); eVitara arced from a 70,000-unit FY26 promise (Q4FY25) to 13,000 units shipped to 29 countries by December (Q3… MOTHERSON Samvardhana Motherson International Ltd↓ 3↑ 3⤴ 3Q4 FY26 Tariff fear-tape collapsed; Modules/Polymer 'transformative measures' booked as INR 328Cr; consumer electronics scaled 7.5x with GF3 queued, aerospace USD 1.6Bn book, leverage 0.8x all-time low, Honda San M&A cluster compounded. TVSMOTOR TVS Motor Company↓ 3↑ 3⤴ 3Q4 FY26 Magnet crisis closed, GST-rate-cut tailwind faded into base, PLI narrative receded; Tier-2 supply disruption emerged, capacity ramped +1.5M to 8.3M, Hyundai 3W EV JDA signed; FY26 INR47,270cr revenue + 12.9% EBITDA all-time highs.

COFORGE Coforge Ltd↓ 3↑ 3⤴ 3Q4 FY26 FY26 closed at 29.2% USD growth and 14.4% EBIT; Q4 exit-rate 16.6% drives a Q4FY26 step-up to specific 16.5-17% standalone / 15.5% consolidated EBIT and 100%+ FCF/PAT FY27 guidance, displacing the macro-uncertainty and $2B FY27 frames. HCLTECH HCL Technologies Ltd↓ 3↑ 3⤴ 3Q4 FY26 FY26 closed 3.9% / 17.2% EBIT vs raised mid-year 4-4.5%; Q4FY26 cut FY27 to 1-4% on two-client + SAP shock; AI-deflation moved from theoretical to 2-3% baked-in; Telecom + voluntary deal walk-aways emerged. INFY Infosys Ltd↓ 3↑ 3⤴ 3Q4 FY26 FY26 closed 3.1%; FY27 guide 1.5-3.5% with -1% Euro mfg client and -1% onsite drag baked in; AI compression went 1->1->12->33 mentions; vendor consolidation faded 9->3->0->1; acquisitions surged to 26. LTTS L&T Technology Services Ltd↓ 3↑ 3⤴ 3Q4 FY26 FY26 'double-digit' (Q1-Q2) walked to mid-single Q3, landed 8.3% Q4; SWC divested, 4-stream restructuring closed; Lakshya 31 emerged with 13-15% CAGR; EBIT 13.3%->15.2%; mid-16% advanced to Q4FY27 or prior. MPHASIS Mphasis Limited↓ 3↑ 3⤴ 3Q4 FY26 Mphasis exited FY26 with record $2.1Bn TCV (+68%), pipeline 2.6x since launch, FY27 guided at high-single to low-double-digit growth; Theory & Practice acquired for decision intelligence; tariff anxiety replaced by AI-first confidence. PERSISTENT Persistent Systems Ltd↓ 3↑ 3⤴ 3Q4 FY26 Tariff-uncertainty motif exits and gets replaced by Middle-East-war framing; Anthropic/Claude integration emerges as platform-of-platforms; $2bn FY27 softened to Q4-exit run-rate; BFSI elevated to dedicated speaker. TCS Tata Consultancy Services Ltd↓ 3↑ 3⤴ 3Q4 FY26 FY26 wrapped: -2.4% CC revenue but 4-year-high 25% margin, $40.7B TCV; Q4 had third sequential up-quarter, AI revenue ramped $1.5B->$2.3B, HyperVault signed OpenAI 100MW, restructuring closed, wage cycle restored to April. TECHM Tech Mahindra Ltd↓ 3↑ 3⤴ 3Q4 FY26 Tariff anxiety vanished Q2 onwards; AI shifted from 200+ agent teaser (Q1) to Orion (Q2) to 350-agent franchise + Helix (Q4); Orange Business mega-deal landed Q4; NPS leadership emerged in Q4; FY27 15% margin reiterated. WIPRO Wipro Ltd↓ 3↑ 3⤴ 3Q4 FY26 Q1 'returning to profitable growth' framing collapsed into Q4 guidance of -2% to 0%; aspirational 17-17.5% margin band retired; $15,000 cr buyback, Olam $1bn mega deal and AI-native business unit emerged as new pillars.

AUBANK AU Small Finance Bank Ltd↓ 3↑ 3⤴ 3Q4 FY26 MFI stress and credit-card correction narratives fully resolved by Q4FY26; Agentic AI emerged as the dominant strategic theme; FY26 closed at 1.8% Q4 ROA and 96 bps credit cost, meeting guidance. AXISBANK Axis Bank Ltd↓ 3↑ 3⤴ 4Q4 FY26 Q1 self-triggered INR 2,709cr technical-impact -> Q2 RBI INR 1,231cr crop-loan -> Q4 INR 2,001cr voluntary buffer for West Asia stress. NIM bled 3.80->3.62%; PAT optics juiced by INR 2,193cr Citi tax write-back. BANDHANBNK Bandhan Bank Ltd↓ 3↑ 3⤴ 3Q4 FY26 EEB stress closed: slippages 1,089->1,118->942->690cr, NIM 6.4->5.8->5.9->6.2%, ROA 0.8->0.5->0.4->1.1%; 58% secured target met a year early; Q4 PAT INR534cr (+68% YoY); ECL transition INR1,250cr over 5yrs; FY27 ROA exit 1.6-1.8%. FEDERALBNK Federal Bank Limited↓ 3↑ 3⤴ 3Q4 FY26 MFI stress resolved and FY26 ends with record profit, CASA milestone and NRI moat at 1 lakh crore each; ECL transition, West Asia risk and wealth launch replace earlier T+90/Udaan structural narratives. ICICIBANK ICICI Bank Ltd↓ 3↑ 3⤴ 3Q4 FY26 Loan growth jumped to 15.8% YoY in Q4FY26 (all-round); provisions collapsed to Rs.96cr (89% YoY drop) on retail unsecured moderation and corporate recoveries; West Asia conflict emerged as the new uncertainty after Q3FY26 agri-PSL hit. IDFCFIRSTB IDFC First Bank Ltd↓ 3↑ 3⤴ 3Q4 FY26 Q4FY26 absorbed the Rs. 646 crore fraud upfront; NIM beat (5.93% vs 5.85% guide) and credit cost fell to 1.63%; FY27 guidance set NIM stable 5.75% / credit cost 170-180 bps / top line 18-18.5%; 1% ROA called 'kissing distance' but pin refused. INDUSINDBK IndusInd Bank Ltd↓ 3↑ 3⤴ 3Q4 FY26 FY26 arc: Q1 CoE-led legacy cleanup, Q2 Rajiv arrives + Rs.872cr kitchen-sink, Q3 P.A.C.E. + 1% RoA back-end FY27; Q4 leadership in place, growth-mode pivot, West Asia + AI/GenAI emerge. KOTAKBANK Kotak Mahindra Bank Ltd↓ 3↑ 3⤴ 3Q3 FY26 RBI tech embargo arced from defining narrative (Q4FY25, 15 mentions framing FY25 as a 'rollercoaster') to lifted-and-re-launching (Q1FY26) to fully retired by Q3FY26 (1 mention); MFI stress peaked in Q1FY26 (35 mentions, 93 bps credit cost) then…

ABB ABB India Ltd↓ 3↑ 3⤴ 3Q1 FY27 Orders exploded 50% in Q1FY27 led by data centers (15-17% of intake); QCO largely resolved; EL margin compressed to 15% on copper+FOREX; MD transition to Sridhar announced Jan 2027; mid-teen EBITDA guidance refused. BHARATFORG Bharat Forge Ltd↓ 3↑ 3⤴ 3Q4 FY26 Servers parked, e-mobility written off, CDP restructuring formally initiated; aerospace doubled to INR400cr (26% of non-auto exports), defense order book at INR11,000cr; FY27 India growth pegged at 25%. BOSCHLTD Bosch Limited↓ 3↑ 3⤴ 3Q4 FY26 FY26 arc: organic OBD-2 / hydrogen / tractor growth narrative gave way in Q4FY26 to a INR9,068.70 cr inorganic pivot - silent on quarterly results, acquiring RBIC to redefine the company as a safety-and-braking powerhouse. CUMMINSIND Cummins India Limited↓ 3↑ 5⤴ 3Q3 FY26 BESS launched as new product narrative; commodity inflation and copper pressure emerged as fresh margin headwind; budget tax break became major DC catalyst; CPCB IV+ pricing settlement narrative faded as volumes normalized. LT Larsen & Toubro Ltd↓ 3↑ 3⤴ 3Q1 FY22 Q4FY20-Q1FY21 was a COVID-shock narrative dominated by labour migration, lockdown costs and an explicit refusal to guide; Q3FY21 reset on near-normal labour and the Schneider E&A divestment; by Q1FY22 management committed to low-to-mid-teens rev… SIEMENS Siemens Ltd↓ 3↑ 3⤴ 3Q2 FY26 Energy demerger arced from Board-approved (Q4FY24) to effective 1 March 2025 (Q4FY25) to retired by Q2FY26; Innomotics LV motors divested INR22B; locomotive ramp + Kavach emerged as Mobility anchor; private CapEx muted across all 4 quarters. TIINDIA Tube Investments of India Ltd↓ 3↑ 3⤴ 3Q4 FY26 EV deployment shifted from break-even timing to financing/charging-infra bottleneck; three-wheeler supply-chain in-sourced; PM E-drive first-mover certification landed; CDMO commercial start Q1 FY27.

BRITANNIA Britannia Industries↓ 3↑ 3⤴ 3Q4 FY26 Q4 broke the GST tailwind narrative: revenue +7.1% (vs ~12% Nov-Dec), West Asia/Mundra disruption erupted, fuel+laminate inflation forced calibrated price hikes, regional-competition framing went silent. GODREJCP Godrej Consumer Products Ltd↓ 3↑ 3⤴ 3Q4 FY26 Soap palm-oil crisis (Q1) -> GST destocking (Q2) -> margin recovery to 24.8% (Q3) -> crude-oil shock arrives Q4: Brent $100-110, 7-9% blended inflation, April price hikes 4-7% across categories, Q1/Q2 FY27 margin dip flagged. HINDUNILVR Hindustan Unilever↓ 3↑ 3⤴ 3Q4 FY26 12-quarter-high USG (7%) delivered; EBITDA band raised 22-23%->22.5-23.5% post Ice Cream demerger; Middle East/Brent $120 crisis newly dominant; FY27>FY26 reiterated; Glow&Lovely drag persists. MARICO Marico Ltd↓ 3↑ 3⤴ 3Q4 FY26 Copra arced Q1FY26 35-mention hyperinflation -> Q2FY26 60%-pricing candor -> Q3FY26 silence -> Q4FY26 21-mention deflation tailwind with 10% non-price-point cut; FY27 EBITDA guidance raised to high-teens vs mid-teen earlier. NESTLEIND Nestle India Ltd↓ 3↑ 3⤴ 3Q3 FY25 Narrative arc shifted from inflation-defense + new-category launches (Purina, Gerber) in Q1FY23 to RURBAN distribution build-out + Sanand factory in Q3FY23/Q2FY24 to a slowdown-and-succession quarter (Q3FY25) where Manish Tiwari was introduced a… UNITDSPR United Spirits Ltd↓ 3↑ 3⤴ 3Q2 FY26 Q4FY25 new CEO + India-UK FTA excitement gave way to Maharashtra excise shock in Q1FY26 and then MML-led volume decline in Q2FY26; P&A double-digit guidance intact but UP tailwind vs Maharashtra headwind now the defining tension. VBL Varun Beverages Limited↓ 3↑ 3⤴ 3Q4 FY26 Rain-driven India collapse in Q1FY26 gave way to AlcoBev/Carlsberg and GST 2.0 pivots in Q2FY26; Q3FY26 delivered Twizza; Q4FY26 closed with India +14.4% rebound while geopolitical crude-cost risk replaced monsoon as the dominant macro variable.

BAJFINANCE Bajaj Finance Ltd↓ 3↑ 3⤴ 3Q4 FY26 Karnataka 'political risk' retired after Q1FY26; Q3FY26 LGD-floor spike collapsed by Q4FY26; FY27 credit cost reset to 145-160bps; FREE-AI/600 agents emerged Q4; 'continuous crisis' framing replaced post-COVID undulation. CDSL Central Depository Services (India) Limited↓ 3↑ 3⤴ 3Q4 FY26 KYC rate cut (fetch -20%, creation -75%) lands as fresh CVL shock; tech cost overtakes employee cost on consol; FY26 consol PAT INR455cr vs INR526cr prior; forward-guidance refusal stays default. CHOLAFIN Cholamandalam Investment & Finance↓ 3↑ 3⤴ 3Q4 FY26 Q1 VF stress + Q2 Cobrapost gone; Q3 GST-cut tailwind now absorbed; Q4 reframes around INR200cr overlay for war-shipping risk, 8-engine diversification, AAA-rating pursuit, and a 1.5% credit-cost commitment held against 1.4% pushback. LICHSGFIN LIC Housing Finance Ltd↓ 3↑ 3⤴ 3Q4 FY26 Q4FY26 shifted from restructuring to execution: co-lending ready, retention dept launched, affordable vertical announced, April +21%. NIM guided down to 2.5-2.7%; FY26 book 4.4% vs double-digit target. MUTHOOTFIN Muthoot Finance Ltd↓ 3↑ 3⤴ 3Q4 FY26 Standalone gold AUM closed FY26 at INR1,64,000cr (+54% YoY) and PAT INR10,134cr (+95%); reported yield re-rated to 20.76% on 0.5-1% pricing hike, while AAA-NBFC competition is admitted for the first time. SBICARD SBI Cards and Payment Services Ltd↓ 3↑ 3⤴ 3Q4 FY26 Rental and ECL-refresh narratives buried; war-uncertainty and instalment-lending pivot now dominate the deck; FY27 receivables guidance withdrawn three times, NIM held at 11.1% via instalment-as-first-defense doctrine. SHRIRAMFIN Shriram Finance Ltd↓ 3↑ 3⤴ 3Q4 FY26 MUFG INR396.18bn / 20% stake closed April 8; AUM growth budgeted 18% with NIM held at 8.5%; CEO Chakravarti replaced by Parag Sharma mid-year; West Asia + fuel + monsoon now the triple uncertainty replacing US tariff anxiety.

BLUESTARCO Blue Star Limited↓ 3↑ 3⤴ 3Q4 FY26 Summer-failure year closed on 13-April reset: highest-ever Q4 revenue, 10.4% UCP margin recovery, but 13% price-hike (only 8% taken) needed to defend FY27 8-8.5% UCP target; data-center MEP path-to-RS.3,000 Cr emerged. CROMPTON Crompton Greaves Consumer Electricals Ltd↓ 3↑ 3⤴ 3Q4 FY26 Wires-as-Crompton-Armor and solar rooftop now executing (~5,000 homes); Rhion super-premium PL announced and Butterfly impaired; ECD EBIT margin recovered 6.8% H1 to 10% Q4; FY27 revenue numbers still refused. DIXON Dixon Technologies (India) Limited↓ 3↑ 3⤴ 3Q4 FY26 Q4FY26 anchors PLI sunset reality + memory-driven flat FY27 mobile volumes; specialty/industrial EMS surges to INR3-4k cr aspiration; FY27 60-65M number replaced by INR56,000 cr revenue ex-Vivo with 40-50 bps margin path. HAVELLS Havells India Ltd↓ 3↑ 3⤴ 3Q4 FY26 Q1FY26 weak-summer narrative gave way to BEE-led price hikes in Q3FY26; Q4FY26 layered West Asia war RM inflation (5-20% hikes) and Rs.283cr Goldi fair-value gain, with FY27 outlook flatly refused. POLYCAB Polycab India Ltd↓ 3↑ 3⤴ 3Q4 FY26 Volume growth collapsed from 40% (Q3) to low single digits in Q4 on Middle East/Iran-Israel-US conflict; copper-staggered-pass-through narrative dead; market share hardened to 30-31% organized; EHV on stream by end CY26. VOLTAS Voltas Limited↓ 3↑ 3⤴ 3Q4 FY26 Q4FY26 locked in FY26 damage: net profit INR 377 cr vs INR 834 cr, UCP margin 3.2% vs 8.4%. War-driven double-digit commodity inflation forces more price hikes. March 2026 a record; Q1FY27 tracking strong. FY25 margin recovery timeline refused.

AMBUJACEM Ambuja Cements Ltd↓ 3↑ 3⤴ 3Q4 FY26 Cost staircase reset to INR4,500 peak and INR250/yr glide; FY28 capacity target shifted to FY30 with explicit timeline reset admission; EBITDA per ton refusal hardened; capex execution candor surfaced. DALBHARAT Dalmia Bharat Ltd↓ 3↑ 3⤴ 3Q4 FY26 JPA acquisition narrative quietly dropped from FY28 75mt path; ED land attachment cut 90% (INR793cr to INR93cr); West Asia conflict drives INR125-150/ton Q1FY27 cost shock; FY26 record EBITDA INR3,083cr, PAT INR1,157cr (+65%). SHREECEM Shree Cement Limited↓ 3↑ 3⤴ 3Q4 FY26 Q4FY26 reversed Q3FY26's capex collapse: FY27 capex back up to INR1,500cr; Meghalaya greenfield disclosed; 11% Q4 volume rebound; Middle East fuel shock and chasing-volumes posture confirmed. ULTRACEMCO UltraTech Cement Limited↓ 3↑ 3⤴ 3Q4 FY26 Kesoram/ICL integration completes silently; narrative pivots to 200 MT milestone, INR240 dividend, 44 MT volume record; West Asia cost headwinds (bags +INR90 cr, forex MTM) are the sole new risk; efficiency target raised above INR300/ton.

BEL Bharat Electronics Ltd↓ 3↑ 3⤴ 3Q4 FY26 Q1 framed Israel-Iran shock + AI/ML posture; by Q4 narrative pivots to QRSAM (June-end), P75I 50-60% electronics share, and semiconductor 17-19% VoP risk; FY27 guide raised to 15%+/28%+/INR55,000cr. HAL Hindustan Aeronautics Ltd↓ 3↑ 3⤴ 3Q4 FY26 New CMD Ravi Kota replaces D.K. Sunil; LCA Mk1A delivery again deferred to 'August or September'; FY26 grew 7% vs 8-10% promised; order book INR2,54,538cr; SSLV/SJ-100/Safran LEAP triplet pivots HAL into global aerospace supply chain. MAZDOCK Mazagon Dock Shipbuilders Ltd↓ 3↑ 3⤴ 3Q2 FY26 P-75 additional Scorpene contract signing slipped from 'before 31st March' (Q3FY25) to 'next month hopefully' (Q4FY25) to 'haven't received an update' (Q2FY26); P-75I bid opening in Q3FY25 has not converted into a signed contract two quarters la… PARAS Paras Defence and Space Technologies↓ 3↑ 3⤴ 1Q4 FY26 PARAS hosts no public earnings calls; all BSE filings are Reg30 investor-meet notices. Conference profile shifted from Emkay/Kotak midcap to PL Capital's defence-specialist Armoured Alpha; investor count grew 42→43→65.

ADANIPOWER Adani Power Ltd↓ 3↑ 3⤴ 3Q1 FY27 Q1FY27 record PAT INR4,867cr (+47% YoY); capacity target raised 42→45 GW; nuclear aspiration doubled to 10 GW; JPVL stake + QIP enabling provision signal accelerated expansion. BHARTIARTL Bharti Airtel Ltd↓ 3↑ 3⤴ 3Q4 FY26 AGR-parity push faded to silence as Q4 dividend stepped up 50% to Rs.24, ICIL share-swap took Africa to 78%, and Mr. Mittal opened a new front: BTL back to 51% controlling stake. NTPC NTPC Limited↓ 3↑ 3⤴ 3Q4 FY26 Highest ever annual addition 9618 MW, group crossed 90 GW; SHANTI Act + Sinnar acquisition + technical-minimum 55% formalized; FY27/28/29 capacity granular; FY26 PAT INR23162cr +18%, Q4 PAT +51%. POWERGRID Power Grid Corporation of India Ltd↓ 3↑ 3⤴ 3Q4 FY26 FY26 Capex raised to Rs. 35,000 cr (delivered) + capitalization Rs. 25,000 cr+; SPV-merger restructuring emerged 0->0->2->13; Africa50 Kenya faded post-Q3 announcement; 2047 developed-nation vision + cross-border HVDC surfaced.

HDFCLIFE HDFC Life Insurance Co Ltd↓ 3↑ 3⤴ 3Q4 FY26 GST taper 300->190->110 bps delivered; HDFC Bank counter share decline emerged Q4 (mid-60s -> early-60s); AGNI variable annuity launched; INR 1,000 cr preferential capital raise replaces 'no further capital' framing. ICICIPRULI ICICI Prudential Life Insurance Co Ltd↓ 3↑ 3⤴ 3Q4 FY26 FY26 closed at 24.7% VNB margin / +10.9% VNB; GST/ITC shock absorbed (-0.5% EV); cost-to-premium 280bps narrative faded into 'waste-cutting'; commission renegotiation closed silently; persistency 84.5% misses 85% target. SBILIFE SBI Life Insurance Company Limited↓ 3↑ 3⤴ 3Q4 FY26 GST-as-structural-headwind arc closed: FY26 delivered 27.5% VoNB margin despite 1.8-1.9% full-year GST drag via par/protection surge and product-mix offset; deferred annuity and IFRS-forbearance are now the FY27 narrative pivots.

DMART Avenue Supermarts Limited↓ 3↑ 3⤴ 3Q1 FY26 Quick commerce became the dominant lens, LFL fell 9.9% to 8.4%, DMart Ready pivoted from pickup to home delivery (232 points shut), Minimax shelved, North India became Neville's focus as Anshul takes over. PAGEIND Page Industries Limited↓ 3↑ 3⤴ 3Q4 FY26 Q4FY26 volume jumped from 1.4% (Q3) to 10.8% YoY - first double-digit print in 4 quarters; athleisure correction at 'fag end'; 19-21% margin band reaffirmed despite 22% FY26 print; Q1FY27 inflation hike imminent. TITAN Titan Company Ltd↓ 3↑ 3⤴ 3Q4 FY26 Q4FY26 superlative top-line; buyer growth rebounded to 8%; LGD-threat narrative faded; Damas first-time consolidation booked INR82cr loss; FY27 guidance refused, 15-20% three-to-five-year reaffirmed.

ASTRAL Astral Ltd↓ 3↑ 3⤴ 3Q4 FY26 ADD-on-PVC catalyst dropped; CPVC backward-integration plant (40k MT, INR120cr, Dec'26 trial, Q4FY27 commercial, 200bps margin) formalised; Vision 2050 PP pivot + Ranbir Kapoor brand push + FY27 paint 25-30%. PIDILITIND Pidilite Industries Limited↓ 3↑ 3⤴ 3Q4 FY26 VAM benign supercycle ended abruptly - inflation flipped 40-50% WA basket with West Asia conflict; UVG accelerated to 15.3% in Q4 but FY27 guidance refused; paints right-to-win remains unresolved after 4 quarters. PIIND PI Industries Limited↓ 3↑ 3⤴ 3Q4 FY26 Q4FY26: PI pivots to NCE-innovator with Pioxaniliprole launch imminent; pharma CRDMO and electronic chemicals as $80-100M adjacencies; FY27 worst-case guided late-single to early-double digit; H2 export recovery is the hinge.

KPITTECH KPIT Technologies Ltd↓ 3↑ 3⤴ 3Q4 FY26 Honda cancellation and two SDV ramp-downs forced a reset; management re-anchored to 22-24% EBITDA and 50% solutions/products medium-term targets, while India-for-India and Cymotive cybersecurity emerged as new proof-points. TATAELXSI Tata Elxsi Ltd↓ 3↑ 3⤴ 3Q4 FY26 Q1FY26 Mercedes-Benz/Suzuki flagship SDV naming and Tier 1 stress framing faded by Q4FY26; FY27 double-digit aspiration walked to higher single-digit; DevStudio.ai and battery-energy-storage emerged; healthcare bottom-call missed.

HDFCAMC HDFC Asset Management Company Ltd↓ 3↑ 3⤴ 3Q4 FY26 ESOP defensiveness and SIF urgency faded; Roshi Jain exit absorbed; BER framework, AI/Rajan Anandan tech committee and private-credit first-close with IFC emerged; equity yield reset to 56 bps incl. index, 60-61 bps actively managed.

ADANIENSOL Adani Energy Solutions Ltd↓ 3↑ 3⤴ 3Q1 FY27 AESL declared a full-scale utility in Q1FY27 with Energy Solutions EBIT INR590cr; IntelliSmart adds 47M meter portfolio; Mumbai HVDC INR1,300cr/yr accruing; transmission 3x EBITDA in 36-40 months locked. ADANIENT Adani Enterprises Ltd↓ 3↑ 3⤴ 3Q3 FY26 Three-asset EBITDA unlock (Navi Mumbai+Kutch Copper+Ganga Expressway) takes centre stage with INR3,000cr+ visibility, rights issue closed at INR24,930cr, defense segment deferred to H1FY27. ADANIGREEN Adani Green Energy Ltd↓ 3↑ 3⤴ 3Q1 FY27 Merchant risk fully contracted away via 25-yr AESL PPAs; BESS scaled from 1.4 GWh to 3.5 GWh with 50 GWh FY30 ambition; curtailment headwind quantified at 5-7% EBITDA pending CY2026 transmission unlock. ADANIPORTS Adani Ports and Special Economic Zone Ltd↓ 3↑ 3⤴ 3Q4 FY26 Tariff/Gangavaram noise faded by Q4FY26; FY26 closed at 25% revenue / 20% EBITDA growth beating raised INR22,800cr guidance; Ambition 2031 (18-19% CAGR, 1bn ton, INR12-14kcr FY27 capex) is the new anchor. AMBER Amber Enterprises India Ltd↓ 3↑ 3⤴ 3Q1 FY27 Oppo mobile manufacturing entered execution; ILJIN fire disrupted Q1FY27; net debt spiked to INR1,225cr as capex ramps; Electronics 10.8% EBITDA validated the platform thesis despite PCB margin lag. ASIANPAINT Asian Paints Ltd↓ 3↑ 3⤴ 3Q3 FY26 Volume rebuilt 1.8% Q4FY25 to 7.9% Q3FY26 with 8-10% band telegraphed; PBDIT band 18-20% held; volume-value gap, B2B and premiumization emerged while Home Decor, distribution and white-cement faded. ASTERDM Aster DM Healthcare↓ 3↑ 3⤴ 3Q4 FY26 Kerala recovered from decline to record revenue; QCIL merger cleared NCLT with 96.7% approval; A&T cluster EBITDA doubled; cardiology joined oncology as a second specialty growth pillar. BAJAJFINSV Bajaj Finserv Ltd↓ 3↑ 3⤴ 4Q4 FY26 Bajaj Life 2.0 completed: NBM rose from 11.1% to 24.5% over four quarters; Allianz 26% stake fully bought back making insurance 100% Bajaj; BAGIC held ~100% combined ratio while ranking #1 private player on GDPI. BAJAJHFL Bajaj Housing Finance Ltd↓ 3↑ 3⤴ 3Q3 FY26 Q3FY26 NTI compression revised down to 8-10 bps from 15-20 bps; Sambhav SBU AUM hit 5,000+ cr scaling to 600cr/mo (vs 250cr Q2); attrition stuck at 20%; FY27 reversion to 24-26% AUM growth conditional on rate stabilization. BANKBARODA Bank of Baroda↓ 3↑ 3⤴ 3Q4 FY26 Loan-growth guidance upsized for the first time in the year (11-13% to 12-14%); floating provision exploded 400 cr to 1,500 cr on IT-refund deployment; geopolitical/West Asia overlay reframed the international book conversation. BEML BEML Limited↓ 3↑ 3⤴ 3Q4 FY26 Vande Bharat sleeper delivered, order book hit Rs.15,900cr all-time high and exports $107M record, but Rs.250cr legacy corrections halved PAT 50%; Q1FY26 20% CAGR promise quietly abandoned. BSE BSE Limited↓ 3↑ 3⤴ 3Q4 FY26 FY26 closed at Rs.5,148cr (+59%); SGF contribution lowered 5%->3.5% after crossing 150% threshold; cash share stuck at 7-8% blamed on SOR pendency; monthly contracts surged to 14 mentions Q4 with 5x volume. CANBK Canara Bank↓ 3↑ 3⤴ 3Q4 FY26 Narrative reset: CASA / rate-cut transmission anxiety (Q1FY26) faded; ECL Rs. 10,000 cr quantum + gold-loan 20%-of-book emerged; MD-CEO seat still acting; Q4 NIM 9 bp recovery / 2.5-2.6% defended. CENTRALBK Central Bank of India↓ 3↑ 3⤴ 3Q4 FY26 Outgoing MD's 'no sub-6% corporate, RAM-only' stance flipped under Kalyan Kumar: corporate book +23% Q3, +14.5% Q4; co-lending and BC MAXX vanished; ECL scaled Rs.250cr/q to Rs.1,525cr; DTA hit Rs.632cr. CGPOWER CG Power and Industrial Solutions↓ 3↑ 3⤴ 3Q4 FY26 Power Systems surged from 43% growth Q1 to 50% Q4 with 287bps margin expansion; US data-centre order emerged as proof of export strategy; EV motors and QIP narratives fully faded; Railway drag persisted all four quarters. COCHINSHIP Cochin Shipyard Ltd⤴ 3Q1 FY26 Q1FY26 confirms the post-aircraft-carrier reset — ship-repair revenue guides to ~Rs.1,500cr (vs Rs.1,875cr last year) while two strategic MoUs (HD KSOE merchant ships, Drydocks World UAE repair) seed a 3-5 year horizon. DATAPATTNS Data Patterns India Ltd↓ 3↑ 3⤴ 3Q4 FY26 Order book dropped from INR1,868cr (Q3) to INR926cr as INR1,100cr conversions slipped past quarter-end; EBITDA margin floor raised from 35-40% to 38-40%; INR1,900cr single-vendor repeat pipeline emerges as new visibility anchor. DEEPAKNTR Deepak Nitrite Ltd↓ 3↑ 3⤴ 3Q4 FY26 Q4 EBITDA margin snaps back to 18% (vs 11% Q3) on pre-positioned feedstock buying ahead of Middle East war; nitric acid stuck at 45% utilization; MIBK/MIBC slips to Q2FY27; ADD removal lands; polycarbonate pushed to June 2028. DELHIVERY Delhivery Ltd↓ 3↑ 3⤴ 3Q4 FY26 Q4FY26 closes the Ecom chapter with 10,400 cr revenue, 1B parcels, FCF positive 89 cr (1yr ahead), Express ROIC 16% bridging to 25%+ steady-state; AGV automation + LLM deployment replace dynamic pricing as the operational differentiation narrative. DLF DLF Ltd↓ 3↑ 3⤴ 3Q4 FY26 FY26 closed at INR 20,143cr presales (guidance met) with zero gross debt achieved; FY27 framed as INR 20k cr trajectory + INR 8,200cr DCCDL+DLF rental exit; Tyagi pivoted from presales to margins/FCF as the headline metric. DRLAL Dr Lal PathLabs Ltd↓ 3↑ 3⤴ 3Q4 FY26 E-commerce/competitive-intensity alarm (7 Q1 mentions) vanished; radiology pilot and Sovaaka emerged Q2-Q3; guidance stepped from 11-12% to early-to-mid-teens as Suburban recovery and network maturation converged in Q4. ETERNAL Eternal Ltd↓ 3↑ 3⤴ 3Q4 FY26 Story rotated from 1P transition hope to competitive-war reality: 100% QC growth guidance was quietly abandoned, replaced by a 3-year 60% CAGR commitment as irrational competition persisted through Q4. FORTIS Fortis Healthcare Limited↓ 3↑ 3⤴ 3Q4 FY26 FY26 closed: INR9,128cr revenue +17.3%, EBITDA INR2,085cr +31.3% (22.8% margin). FY27 hospital 15%+ + 150bps margin guided; Onco CGHS Punjab cap emerges new drag. IHH 50% + INR10,000cr equity confirmed. GAIL GAIL (India) Ltd↓ 3↑ 3⤴ 3Q3 FY26 Transmission FY26 guide cut 138-139 (Q4) to 124-125 MMSCMD (Q3); marketing PBT walked from Rs.4,500cr min to Rs.4,000cr+; tariff finally landed at Rs.65.69 (Rs.1,200cr/yr); MNJPL fertilizer Rs.21,000cr emerged Q3. GODREJPROP Godrej Properties Ltd↓ 3↑ 3⤴ 3Q4 FY26 FY26 closed at INR34,171cr bookings (105% of guidance), FY27 guided to INR39,000cr; FY28 ROE-20% reaffirmed; Ashok Vihar still uncertain; dividend initiated and 5% buyback done; FY27 FCF deferred to BD-quantum dependency. GRASIM Grasim Industries Limited↓ 3↑ 3⤴ 3Q4 FY26 Birla Opus scaled from India's #3 paint brand to near-#2, cleared 10% market share, and handed off to a new CEO; CWIP opacity gave way to three price hikes and a clear #2-then-Rs.10k-then-profit ladder. GRSE Garden Reach Shipbuilders & Engineers Ltd↓ 3↑ 3⤴ 3Q4 FY26 FY26 best-ever: revenue Rs.7,002cr (+38%), PAT Rs.748cr (+42%), 8 warships delivered; order book fell to Rs.15,324cr signalling execution strength; NGC contract (Rs.33,000cr) awaiting June signing; Rs.1,50,000cr RFP pipeline live. HDFCBANK HDFC Bank Ltd↓ 3↑ 3⤴ 3Q4 FY26 FY26 closed at 12% loan growth vs 13.5% system (below target); LDR/CD-ratio framing pivoted from 'glide path' (Q1-Q3) to 'not a constraint' (Q4); AI platform emerged as ROA-thesis pillar; March-18 governance event acknowledged but contained. HGINFRA H.G. Infra Engineering Ltd↓ 3↑ 3⤴ 4Q4 FY26 FY26 ended with only INR1,300cr new orders vs INR10,000cr target; Q4 margin collapsed to 9.37%; CBI topic dropped from the call; Welspun INR3,940cr BOQ EPC win replaces the cancelled MSRDC anchor. HINDALCO Hindalco Industries↓ 3↑ 3⤴ 3Q4 FY26 INR600cr copper anchor formally walked-down as INR907cr record print emerges; sulfuric-acid windfall replaces TC/RC pain; Aditya pots calendarized Dec'27/'28; FY27 India capex INR12,000cr, peak net debt INR80-90,000cr. HINDZINC Hindustan Zinc Limited↓ 3↑ 3⤴ 3Q4 FY26 Q4FY26 delivered all-time high EBITDA INR7,747cr and net cash INR5,594cr; 2x expansion consolidated into 1M-ton Rajasthan smelter; silver guidance flat at 680 tons despite $100/oz silver; critical minerals revived with 'clear timelines'. INDHOTEL Indian Hotels Company Ltd↓ 3↑ 3⤴ 3Q4 FY26 Clarks/ANK&Pride M&A noise faded; Q2 renovations drag (Taj Palace 150 rooms) bridged into Q4 standalone RevPAR +12%; Q4 hit by West Asia conflict (~INR40-50 cr consol); FY27 guided 12-14% with 7-9% like-for-like. INDIGO InterGlobe Aviation (IndiGo)↓ 3↑ 3⤴ 3Q3 FY26 December IROP crisis dominated Q3 with 2,500+ cancelled flights, DGCA penalty and Rs15.5bn exceptional provisions; CASK guidance revised up to mid-single digit while AOG/MRO themes vanished. INOXWIND Inox Wind Ltd↓ 3↑ 3⤴ 3Q4 FY26 FY26 missed at INR4,500cr (vs INR5,000cr guide) due to ECS disruption; pivoted to 75-80% equipment supply from 100% turnkey; Inox Clean 14 GW by FY29 anchors 2/3 execution; IRSL demerger NCLT-approved. IOB Indian Overseas Bank↓ 3↑ 3⤴ 1Q4 FY26 FY26 net profit Rs.5,208cr (+56%); Op profit all-time high Rs.10,026cr; advances +24.16% to Rs.3.10L cr; GNPA 2.14%→1.42%; NIM 3.04→3.32→3.33% domestic; ROE 16.28→20.42%; CRAR 19.78%; CD ratio peak 84.45% Q3; GOI holding 92.44%. IOC Indian Oil Corporation↓ 3↑ 3⤴ 3Q4 FY26 US-Iran conflict reshapes the narrative in Q4FY26: GRM disclosure paused, LPG losses surged to Rs. 670/cylinder by May 2026, but record PAT of Rs. 36,802 cr (FY26) and Project SPRINT savings of Rs. 2,200 cr signal operational resilience. IRCTC Indian Railway Catering and Tourism Corporation↓ 3↑ 3⤴ 3Q4 FY26 From election-special catering drag to FY26 record revenue (Rs.5,215cr, +12%): catering surged 27%, tourism 19%; Q4 exceptional items (CSR Rs.31cr, ECL Rs.16cr, Rs.48cr legacy gap) masked a 27.33% quarter to reveal normalized 30% full year. IRFC Indian Railway Finance Corporation↓ 3↑ 3⤴ 3Q4 FY26 IRFC pivoted from single-client railway NBFC to government-ecosystem lender: Q1FY26 NIM jumped 1.31 to 1.51 as diversification fired; FY26 beat all guidance; FY27 targets double-digit growth across top line, bottom line, EPS and NIM. JINDALSTEL Jindal Steel Limited↓ 3↑ 3⤴ 3Q4 FY26 Capex era closed at 15.6 MTPA; 1.5x leverage 'red line' breached to 1.66x; value-added mix slid 72%->73%->66%->61% as ramp-up dominated; first FY27 guidance issued (11-11.5 MT prod, 10.5-11 MT sales). JIOFIN Jio Financial Services Limited↓ 3↑ 3Q4 FY26 Core ops decisively crossed treasury (14% FY25 -> 52/55/54% Q2-Q4 FY26 share); Neural Agentic Marketplace relaunched JioFinance app; NBFC AUM Rs.217cr->Rs.25,700cr (149x); maiden Rs.0.60 dividend. JKCEMENT JK Cement Ltd↓ 3↑ 3⤴ 3Q4 FY26 Central India 6mtpa commissioned; Jaisalmer 7mtpa greenfield underway with H1FY28 commit at INR3,630cr; net debt/EBITDA at 1.45; paint near breakeven; incentive income guided to INR250cr for FY27. JUBLFOOD Jubilant FoodWorks Ltd↓ 3↑ 3⤴ 3Q4 FY26 Q4FY26 was a cost-inflation stress call: LPG at 100-120 bps, labour code plus state wages at 40-50 bps; gross margin held at 75.5% but duration-of-pressure guidance was withheld; dine-in/takeaway still the unresolved structural overhang. KAYNES Kaynes Technology India Limited↓ 3↑ 3⤴ 3Q4 FY26 Guidance credibility collapsed — INR4,500cr to INR3,600cr in one year; metering/AMISP OCF hit INR600cr negative; OSAT PM-inaugurated and PCB ramp-up begins at revised FY27 targets of INR250-300cr and INR300-400cr respectively. KPIGREEN KPI Green Energy Ltd↓ 3↑ 3⤴ 3Q4 FY26 FY26 closed 56% YoY (vs 60-70% commit); CMD guidance retreated to 40-50% till FY30; Sundrops IPO formally moved to FY27; Botswana 500 MW set for Dec'27; Khavda still on partial billing; CERC+GERC trading + green-bond platform debuted. LAURUSLABS Laurus Labs Ltd↓ 3↑ 3⤴ 3Q4 FY26 ARV guidance upgraded from INR2,500 cr to INR2,800 cr; CDMO scaled to INR2,080 cr full-year with 50%/FY30 target hardened; peptide capacity committed; US tariff concern faded after Q1FY26. LODHA Macrotech Developers Ltd↓ 3↑ 3⤴ 3Q4 FY26 NCR entry executed, Bangalore graduated to growth phase, and Palava data center committed to 1 GW BTS build; primary guidance metric pivoted from presales to 20% PAT CAGR by Q4FY26. M&M Mahindra & Mahindra↓ 3↑ 3⤴ 3Q4 FY26 GST cut framing peaked Q2-Q3 then faded to 3 mentions by Q4; rare-earth and urban-slowdown frames retired; AI exploded 0->57 mentions, memory-chip/resilience emerged as the new supply-risk template; F27 outlook cut tractor to 5%. MAHABANK Bank of Maharashtra↓ 3↑ 3⤴ 3Q4 FY26 MAHABANK closed FY26 at INR7,019cr net profit (+27%), NIM 3.91% vs 3.75% guidance; gold loan/co-lending became the defining growth engine before a CLM1 regulatory freeze in Q4; QIP optionality resolved via government OFS. MAXHEALTH Max Healthcare Institute Ltd↓ 3↑ 3⤴ 3Q4 FY26 Q4FY26 added Kalinga (250 beds, Bhubaneswar) and INR 1,400cr Shaheed Path Lucknow greenfield; CGHS oncology drag now structural at 21-22% share; Gurgaon slipped to end-FY27. MCX Multi Commodity Exchange of India Limited↓ 3↑ 3⤴ 3Q4 FY26 Q1FY26 debut record INR406 cr (+60% YoY) set the table; tech outage and BULLDEX launch dominated Q2; bullion +4x drove the FY26 doubling to INR2,302 cr; by Q4, structural-growth thesis and competition risk replaced product-launch narrative. METROPOLIS Metropolis Healthcare Ltd↓ 3↑ 3⤴ 3Q4 FY26 FY26 closed at 13.7% organic growth (above 12-13%) + 25.9% organic margin (+140 bps); Core delivered the promised high-single-digit Q4 EBITDA; 3-year vision reset to 14-15% CAGR + 27-28% group EBITDA + 100 mini hubs. MTARTECH MTAR Technologies Ltd↓ 3↑ 3⤴ 3Q4 FY26 FY27 guidance RAISED 50%->80% with 24% EBITDA; AI data-center customer (INR400-500cr) and oil&gas plant (INR450-500cr) emerged; tariff anxiety, Kaiga anticipation and 8K->30K hot-box numerics faded. NHPC NHPC Limited↓ 3↑ 3⤴ 3Q4 FY26 FY26 gen +16% to 29,619 MU; PAT +25% Rs.3,766cr; Rs.450cr deferred at 80% AFC; Teesta-V restart June'26 adds Rs.400cr AFC; FY27 capacity +2,994 MW hydro; regulated equity Rs.18,309cr to Rs.30,672cr. NYKAA FSN E-Commerce Ventures Ltd↓ 3↑ 3⤴ 3Q4 FY26 Q1FY26 establishes the 4-quarter baseline: 26% GMV, Beauty EBITDA at 9%, Fashion at -6.2% (from -9.2%); House of Nykaa INR2,700cr GMV; by Q4FY26, INR10,000cr revenue, EBITDA at 8.4%, Fashion positive, ROCE 21.2%. OBEROIRLTY Oberoi Realty Ltd↓ 3↑ 3⤴ 3Q4 FY26 Q4FY26 announced Q1FY27 Three Sixty North Gurugram debut + 4-launch quarter; Bandra 11-acre BD confirmed; West Asia cost pressure (2-3%) within contingency; Three Sixty West Worli 10 vs 17 units YoY. PAYTM One 97 Communications (Paytm)↓ 3↑ 3⤴ 3Q4 FY26 Q1 debut of GAAP EBITDA positivity and 60% CM gave way to PIDF shock (Q3) and AI-driven FY27 revenue guidance >22% plus first explicit Postpaid ramp (Q4). PFC Power Finance Corporation Ltd↓ 3↑ 3⤴ 3Q4 FY26 PFC FY26 peak profit INR20,051cr +16%; spread narrows to 2.46%; PFC-REC merger targeting April 2027; prepayment drag cuts loan growth to 7% vs guided 10-11%; NPA at historic low 0.15% net. PNB Punjab National Bank↓ 3↑ 3⤴ 3Q4 FY26 DTA tax shock and Rs.850cr PSLC embarrassment gave way to ECL build (INR2,045cr cumulative), three new fee verticals, and a NIM guidance walk-down from 2.8-2.9% to 2.6-2.7%. POLICYBZR PB Fintech Ltd↓ 3↑ 3⤴ 3Q4 FY26 Health premium surged 65%→60%→79%→68% YoY through four quarters; GST cut triggered a demand step-change in Q2; Paisabazaar swung from credit losses to EBITDA-positive Q4; QIP raised then acquisition thesis abandoned within 90 days. RECLTD REC Ltd↓ 3↑ 3⤴ 3Q2 FY26 Q1FY26 set 12% growth guidance and net-zero NPA target by FY26-end; Q2FY26 confirmed both on track while Kaleshwaram prepayment wiped 52% of Stage-2 and DISCOM debt restructuring emerged as a new macro risk. RELIANCE Reliance Industries Ltd↓ 3↑ 3⤴ 4Q4 FY26 Strait of Hormuz supply shock (18 mentions) colonised Q4FY26; golden-decade doubling framing evaporated by Q3; Reliance Intelligence / AI arc built Q2→Q4 while Jio IPO pivoted from absent to 'fairly imminent'. RVNL Rail Vikas Nigam Limited↓ 3↑ 3⤴ 3Q4 FY26 Revenue surged 47.6% QoQ in Q4FY26 but EBITDA margin crashed to 5.83%; onerous contracts and JV reconciliation are the culprits; FY27 guidance raised to 15-20% growth while Vande Bharat margin undisclosed across all 4 calls. SAIL Steel Authority of India Ltd↓ 3↑ 3⤴ 3Q4 FY26 FY27 capex hardened to INR15,000cr then INR18-19,000cr FY28 with 3-plant program (IISCO+Bhilai+Bokaro); employee cost ramp into Q4FY27 pay-revision emerged; one-time Q1 stock valuation noise faded as promised. SBIN State Bank of India↓ 3↑ 3⤴ 3Q4 FY26 Yes Bank monetization done, QIP done, tariff narrative replaced by West Asia conflict; FY26 lands at 12.88% net profit growth, 3% domestic NIM, 1.49% GNPA; FY27 credit guidance 13-15%, ECL transition formalized for 1-Apr-2027. SIEMENSENG Siemens Energy India Ltd↓ 3↑ 3⤴ 3Q2 FY26 First investor meet post-listing: transmission dominates (84bn orders, 64% mix) with VSC-only HVDC strategy and 19.3% EBITDA; green hydrogen and gas turbine localization both deferred as volume-insufficient. SJVN SJVN Limited↓ 3↑ 3⤴ 3Q4 FY26 Installed capacity 2,466 -> 4,196 MW (Buxar Unit 1 Nov'25, Bikaner 1000 Dec'25, Dhubri Feb'26); 25,000/50,000 MW vision under review; FY26 PAT INR 1,008cr (+4%); SGEL loss INR 258cr. SOLARINDS Solar Industries India Ltd↓ 3↑ 3⤴ 3Q4 FY26 Defense doubled to INR1,008cr (134% YoY) lifting Q4 EBITDA margin to 28.5%; FY27 guided to INR14,000cr top-line and >INR4,500cr defense; INR1,600cr working capital build flagged as strategic inventory for geopolitical risk. SONACOMS Sona BLW Precision Forgings Ltd↓ 3↑ 3⤴ 3Q4 FY26 Q1FY26 worst-quarter-since-IPO (4 headwinds) fully reversed by Q4: HRE magnet ban engineered around, JNT JV shelved, European competitor insolvencies drove record RFQ pipeline, and Q4 hit best-ever revenue, EBITDA, PAT, and BEV share. SRF SRF LimitedQ3 FY26 Single-quarter Q3FY26 wiring: Fluorochemicals record quarter on China quota-led HFC firmness; Specialty Chemicals pressured by Chinese pricing; capex arc into pharma plant 2 (Dahej) and Odisha refrigerants reaffirmed. SUZLON Suzlon Energy Limited↓ 3↑ 3⤴ 3Q4 FY26 FY26 60% commitment delivered: revenue INR16,679cr +54%, EBITDA INR3,022cr +63%. New CEO Ajay Kapur (ex-Ambuja). AP PIA extended 2yrs (2.1GW). Blue Sky Europe launched. Q4 OB 5.9GW flat. TATACAP Tata Capital Limited↓ 3↑ 3⤴ 3Q4 FY26 Q4FY26 closed FY26 with all guided metrics met or exceeded: 28% AUM growth ex-MF (vs 22-25% guide), 36% PAT (vs 32-35%), 0.9% consolidated credit cost; war-driven MSME caution emerges as the new watchpoint. TATACONSUM Tata Consumer Products Ltd↓ 3↑ 3⤴ 3Q4 FY26 Q4 closed the FY26 reset: tea margins normalized, Sampann +69%/growth>INR4,000cr, EBITDA +100bps to 14.6%, +50-75bps FY27 commit; Capital Foods exports + Brazil tariff narratives quietly retired. TATAPOWER Tata Power Company↓ 3↑ 3⤴ 3Q4 FY26 Mundra SPPA signed with Gujarat (4 states in 4-6 weeks); FY26 capex INR13kcr vs INR25kcr guided; pivot to hybrid+storage RTC for Tata Steel and data centres; nuclear 2x220MW SMR with NPCIL DPR in 6 months. TATASTEEL Tata Steel Ltd↓ 3↑ 3⤴ 3Q4 FY26 UK 4QFY26-exit-breakeven unwound across four quarters as cost program lands 95% at Rs 10,868 cr; Netherlands CGP going-concern flag surfaces in Q4, downstream 50-60% mix anchors FY27 Rs 20,000 cr capex. TATATECH Tata Technologies Ltd↓ 3↑ 3⤴ 3Q4 FY26 From Q1 tariff-driven softness (-3.2% rev, 16.1% margin) to Q4 inflection (+12% CC, 16% margin, 8% organic + 4% ES-Tec); FY26 narrative pivot from anchor-led to broad-based with FVP wins, ES-Tec/VW, Japan entry. TECHNOE Techno Electric & Engineering Company Ltd↓ 3↑ 3⤴ 3Q2 FY26 Chennai DC shifted from 'AI unicorn interest / IaaS launch' hype (Q3FY25) to operational revenue in Nov (Q2FY26); FGD quietly dropped; 50GW stranded-renewables framing emerged as new EPC demand driver. TITAGARH Titagarh Rail Systems Ltd↓ 3↑ 3⤴ 3Q3 FY26 Passenger rail emerges as the dominant narrative with wagon leasing license, high-speed corridors and MRVC entering the discussion, while shipbuilding gets demerged and Firema moves to Italian State Railways buyout. TMPV Tata Motors Passenger Vehicles Ltd↓ 3↑ 3⤴ 3Q4 FY26 Narrative arc: tariff shock (Q1) -> cyber wipeout + guidance cut (Q2) -> Sierra breakout + China structural (Q3) -> Q4 cash positive, FY26 EBIT landed 0.7%, breakeven cost-out program (GBP1.7bn / 300k units) anchors FY27 thesis. TORNTPHARM Torrent Pharmaceuticals Ltd↓ 3↑ 3⤴ 3Q3 FY26 JB Pharma closed at 48.8% stake with INR400-450cr cost synergy committed; Brazil Sema walked back from Q4FY25 first-wave optimism to 3rd-5th launch by Q3FY26; Germany supplier disruption now 3-4 quarters from resolution with no timeline visibility. UCOBANK UCO Bank↓ 3↑ 3⤴ 3Q4 FY26 FY26 credit beat 19.44% vs 12-15% band; FY27 guidance retained 12-14% credit / 2.8-2.9% NIM despite 3.03% delivered; ECL+contingency+COVID buffer Rs.1,900cr (vs Rs.2,500-3,000cr need); Q1 QIP deferred; West Asia exposure ~Rs.100cr. UNIONBK Union Bank of India↓ 3↑ 3⤴ 3Q3 FY26 Guidance refusal under Manimekhalai (8.6% loan growth vs 11-13% miss) gave way under new MD Pandey to four-pillar NIM defense holding 2.76% despite 125 bps rate cuts; ECL gap quantified at INR 4,200-4,300 crores. VEDL Vedanta Limited↓ 3↑ 3⤴ 3Q4 FY26 Short-seller defense and US tariff framing (Q1) and the JAL power bid (Q2) vanished as demerger execution dominated from Q3 onward; Athena fatal incident emerged Q4 alongside copper brand fee cut to 0.75% and HZL OFS-funded fast-track deleveraging. VODAFONEIDEA Vodafone Idea Ltd↓ 3↑ 3⤴ 3Q2 FY26 Q1FY26→Q2FY26: subscriber loss worsened (0.5M→1M), ARPU grew (Rs.177→Rs.180), 5G expanded to 29 cities; AGR overhang added as major block on bank funding; new CEO Abhijit Kishore replaced Akshaya Moondra mid-Q. YESBANK Yes Bank Ltd↓ 3↑ 3⤴ 3Q4 FY26 Loan growth: 12-15% (Q1) -> 10% (Q2) -> 8% (Q3) -> 13-15% (Q4); SMBC stake 0%->24.2%->24.9%; 1% ROA delivered Q4 (+gratuity adj); NIM bottomed Q2 at 2.5%, expanded to 2.7% by Q4.