Q4 FY2026 Quarterly Result Highlights of HDFC Bank, ICICI Bank, Havells India and Cyient DLM

HDFC Bank Q4 FY2026 Results Highlights: PAT rises 9% & NII growth at 3.8% YoY

• Net Profit: ₹19,221 crore, beating street estimates of ~₹19,000–19,100 crore.
• Net Interest Income (NII): ₹33,080 crore, up 3.8% YoY, appearing weak against some estimates.
• Asset Quality: Improved significantly, with Gross NPA (GNPA) at 1.15% and Net NPA at 0.38%.
• Loan growth was 12.1% YoY and 4.1% QoQ, led by corporate (5.1% QoQ), small and mid-market (5.3%), and agriculture (5.3%). Retail loan growth was 2.3% QoQ.
• Dividend: Final dividend of ₹13 per share declared.
• Margins: Pressure on Net Interest Margin (NIM) remained a focal point for analysts.
• Deposits: Reported strong deposit growth. Total deposits rose 8.6% QoQ and 14.4% YoY, driven by a focus on granular retail deposits. Term deposits below INR 30 mn constituted 47% of incremental inflows.
• CASA improved to 34.1% from 33.6% in Q3FY26.
• The loan-to-deposit ratio fell to 94.6% from 98.7%.
• Asset quality improved across the board. Gross NPA came in at 1.15%, better than the estimate of 1.2%. Gross slippages were INR 6,200 crore against an estimate of INR 7,480 crore.
• Recoveries came in at INR 4,600 crore, ahead of the INR 4,130 crore estimate.
• Provisions fell to INR 2,610 crore from an estimated INR 2,940 crore.
• Post-merger, liability penetration in home loans improved from 36% to 50%, with 60 to 65% of customers now routing EMIs through HDFC Bank accounts.
• Stock Verdict: Negative
• Brokerage Target Prices After Q4 FY2026 Result
• Min Target Price = 896
• Max Target Price=1200
• Average Target Price=1023
  20 Apr 2026 Prabhudas 1100
  20 Apr 2026 Morgan Stanley 1025
  20 Apr 2026 JPMorgan 990
  20 Apr 2026 CLSA 1200
  20 Apr 2026 Jefferies 1050
  20 Apr 2026 BofA 950
  20 Apr 2026 Citi 1020
  20 Apr 2026 Deven Choksey Target 1011
  20 Apr 2026 Geojit BNP Paribas Reco Target 896
  20 Apr 2026 Axis Direct Target 975
  20 Apr 2026 IDBI Capital Target 960
  20 Apr 2026 Anand Rathi 967
  20 Apr 2026 ICICI Direct Target 1050
  20 Apr 2026 BOB Capital Markets Ltd. Target 1047
  20 Apr 2026 Motilal Oswal 1100

ICICI Bank Q4 FY2026 Results Highlights: PAT & NII rises 8.5% YoY

• Net Profit: ₹13,702 crore (8.5% YoY rise), surpassing estimations of around ₹12,900-13,000 crore.
• Net Interest Income (NII): Increased by 8.43% YoY to ₹22,979 crore.
• Provisions: Dropped 89.2% year-on-year and 96.2% sequentially to ₹96.16 crore, significantly boosting profitability.
• Asset Quality: Improved with a steady Net Interest Margin (NIM) of 4.32%.
• Loan Growth: Total advances increased by 15.8% YoY
• Dividend: The Board declared a dividend of ₹12 per equity share
• Stock Verdict: Neutral
• Brokerage Target Prices of ICICI Bank After Q4 FY2026 Result
• Min Target Price = 1150
• Max Target Price=1825
• Average Target Price=1692
• 21 Apr 2026 Deven Choksey Reco Target 1691
• 20 Apr 2026 Axis Direct 1700
• 20 Apr 2026 IDBI Capital Target 1616
• 20 Apr 2026 BOB Capital Markets Ltd. Target 1781
• 20 Apr 2026 Prabhudas Lilladhar Target 1825
• 19 Apr 2026 Motilal Oswal 1750
• 20 Apr 2026 Citi 1720
• 20 Apr 2026 Morgan Stanley 1705
• 20 Apr 2026 Kotak 1800
• 20 Apr 2026 UBS 1720
• 20 Apr 2026 CLSA 1700
• 20 Apr 2026 Investec 1625
• 20 Apr 2026 Nomura 1620
• 20 Apr 2026 JP Morgan 1600
• 20 Apr 2026 Bernstein 1550
• 20 Apr 2026 Jefferies 1670

Cyient DLM Q4 FY2026 Result Highlights

• Electronic manufacturing services (EMS) firm Cyient DLM Ltd reported a net profit of ₹22.4 crore for the fourth quarter ended March 31, 2026, down 27.7% YoY.
• Revenue dipped 13.8% YoY to ₹369 crore from ₹428 crore.
• EBITDA slid 25% at ₹42.9 crore from ₹57.2 crore a year ago. The EBITDA margin came in at 11.6%, compared with 13.4% in Q4FY25.
• eported a closing order book of ₹2,416.6 crore, the highest in the last eight quarters, with a book-to-bill ratio above one across all four quarters and QoQ order book growth of 15% driven by a sustained book-to-bill ratio of 1.2
• Stock Verdict: Positive
• Brokerage Target Prices of Cyient DLM After Q4 FY2026 Result
• Min TP = 350
• Max TP = 470
• Avg TP = 396
• 23 Apr 2026 JP Morgan 400
• 23 Apr 2026 Macquarie 350
• 23 Apr 2026 Deven Choksey Target 390
• 22 Apr 2026 Prabhudas Lilladhar Target 370
• 21 Apr 2026 Motilal Oswal Target 470

Havells India Q4 FY2026 Result Highlights: Weak Revenue Growth

Havells India Q4 FY2026 results showed a ~40% YoY rise in net profit to approximately ₹723–734 crore, driven largely by a one-time gain from investment, while revenue grew marginally by ~2.5% to ₹6,705 crore.
Net Profit: Increased by 40% YoY to ₹723–734 crore, driven by a ₹283 crore gain from the Goldi Solar investment.
Revenue: Rose 2.47% YoY to ₹6,705 crore.
EBITDA/Margins: EBITDA dropped 3.6%–4.4% YoY to ₹728–729 crore, with margins contracting by 70 bps to 10.9%.
Dividend: Final dividend of ₹6 per share, bringing the total for FY26 to ₹10.
Segmental Performance & Notes:
Cables & Wires: Recorded a 14% value growth and 6% volume growth, driven by industrial cables.
Lighting: Reported flat revenue but a sharp margin spike.
Lloyd segment revenue stood at ₹1,514 crore, down 19% year-on-year from ₹1,870 crore last year.

Stock Verdict: Negative

Brokerage Target Prices of Havells India After Q4 FY2026 Result

Min TP = 1340
Max TP = 1615
Avg TP = 1487
26 April 2026 Motilal 1340
26 April 2026 ICICI Securities 1615
26 April 2026 Prabhudas Lilladher 1505