Q4 FY2026 Quarterly Result Highlights of IndiaMart InterMESH, NSDL, KFIN Tech, Waaree Energies & Unicommerce eSolutions

IndiaMart InterMESH Q4 FY2026 Result: Revenue 14% up

• IndiaMART InterMESH Ltd reported its financial results for the fourth quarter (Q4) and full year ending March 31, 2026, highlighting strong revenue growth overshadowed by a significant drop in net profit due to increased expenses and reduced other income.

Consolidated Financial Highlights (Q4 FY2026)

• Revenue from Operations: Grew 14% year-on-year (YoY) to ₹404 Crore, compared to ₹355 Crore in Q4 FY25.
• Net Profit: Dropped 72.2% YoY to ₹50.2 Crore, down from ₹180.6 Crore in the same quarter last year.
• EBITDA: Rose slightly to ₹132.6 Crore, with margin compression to 32.8% from 36.7% in Q4 FY25.
• Collections from Customers: Grew 10% YoY to ₹595 Crore.

• Deferred Revenue: Increased to ₹1,965 Crore, representing a 17% YoY growth.
• Cash and Investments: Stood at ₹3,280 Crore as of March 31, 2026.
• Full Year FY2026 Highlights
• Total Income (FY26): Rose to ₹1,773 Crore, a 6.8% increase.
• Annual Net Profit: Declined to ₹474.7 Crore, down from ₹550.7 Crore in FY25.
• Dividend: The board recommended a total dividend of ₹60 per equity share (₹30 final + ₹30 special), with a record date of June 19, 2026.

Operational Highlights (Q4 FY2026)

• Unique Business Enquiries: Registered 27 million enquiries.
• Supplier Storefronts: Grew to 8.7 million, a 5% increase YoY.
• Paying Suppliers: Reached 220K at the end of the quarter.

Key Takeaways and Commentary

• Profit Dip Reasons: The sharp decline in profit was driven by increased operational expenses (up 19% YoY) and lower other income compared to previous quarters.
• AI Focus: CEO Dinesh Agarwal stated the company is focusing on AI adoption for cataloging, matchmaking, and conversational tools to improve platform efficiency.
• Busy Infotech: The subsidiary reported high growth, with revenue increasing 44% YoY to ₹119 Crore for the full year.
• Stock Verdict: Neutral

NSDL Q4 FY2026 Result: Revenue up 26% but PAT flat

• National Securities Depository Ltd (NSDL) announced its Q4 FY2026 results showing significant top-line growth but flat profitability due to rising costs.

Key Highlights (Consolidated, Q4 FY2026 YoY)

• Revenue from Operations: Increased 26% to ₹458.25 crore, up from ₹360 crore in the previous year’s Q4.
• Net Profit (PAT): Grew marginally by 0.6 to ₹90.1–₹90.3 crore (various sources report slightly different figures, highlighting flat to modest growth).
• EBITDA/Margins: EBITDA fell 3.2% to ₹103.9 crore, with margins compressing to 22.7% from 29.9% in the previous quarter.
• Dividend: The board declared a second dividend since its listing, at ₹4 per equity share for FY26, resulting in a payout of nearly ₹80 crore.
• Full Year (FY26) and Operational Highlights
• Consolidated Net Profit: Increased by 10.8 for the full year to ₹380 crore. Total Income (FY26): Rose to ₹1,660.2 crore, up 8.1% year-on-year.
• Market Position: Held a 86.1% market share by total demat custody value as of March 31, 2026.
• User Growth: Added 49.4 lakh new Beneficial Owner (BO) accounts, bringing total market share to 15.4\%.
• New Initiatives: Launched a “Women Demat Plan” on April 1, 2026, offering a three-year waiver on settlement fees for new women account holders.
• Margin Pressure: While revenue surged by over 26%, net profit grew at a much slower rate (0.6%–8%), indicating increased operational costs.
• Stock Verdict: Negative

KFIN Tech Q4 FY2026 Result: Revenue up 23% & PAT flat

• KFin Technologies Q4 FY26 results showed strong growth, with revenue rising 23% year-on-year, though profit saw a slight dip and margins shrank. The company declared a ₹12 dividend per share. Key highlights include a 32.5% market share, 23% YoY growth in total Average Assets Under Management (AAUM), and strong international business growth exceeding 100% YoY.
• Key Financial Highlights (Q4 FY26):
• Revenue from Operations: ₹347.33 crore (up 22.9% YoY, down 6.35% QoQ).
• Profit After Tax (PAT): ₹81.15 crore (down 4.6% YoY, down 11.79% QoQ).
• EBITDA Margin: 37.0% (down from 43.2% in Q4 FY25).
• Dividend: ₹12 per share recommended.
• Operational Highlights:
• Segment Performance: Domestic mutual fund investor solutions contributed ₹215.5 crore, while international and other investor solutions recorded strong growth (up 27% YoY).
• International Business: Now accounts for nearly 20% of overall revenue, growing by over 100% YoY.
• Market Share: Held a 32.5% share in domestic mutual funds.
• Client Acquisition: Added 880 new corporate clients for issuer solutions.
• NPS: Subscriber base grew 32.2% YoY to 1.67 million.
• Stock Verdict: Negative

WAAREE Energy Q4 FY2026 Result: Net Profit Up 71% but Margin falls

• Waaree Energies reported strong Q4 FY26 results, with consolidated net profit surging 71.4% year-on-year (YoY) to ₹1,061 crore and revenue jumping 112% to ₹8,480 crore. The company declared a final dividend of ₹2 per equity share, reflecting significant growth in its solar business and increased operational capacity.

Key Highlights (Q4 FY26 vs Q4 FY25):

• Net Profit: Surged 71.4% to ₹1,061 crore.
• Revenue: Increased 111.8% to ₹8,480 crore.
• EBITDA: Up 70.9% to ₹1,577 crore.
• EBITDA Margin: 18.6%.
• Dividend: Final dividend of ₹2 per share declared.

Performance Drivers:
Robust Growth: Driven by a surge in the solar business, with revenue more than doubling.
Capacity Expansion: The company continued to expand its solar module and cell manufacturing capacity.
Full Year Performance: Total FY26 revenue reached ₹26,536.77 crore, with EBITDA of ₹6,616.79 crore, surpassing earlier guidance.

Stock Verdict: Negative

Unicommerce eSolutions Q4FY2026 Result: Profit Flat

• Unicommerce eSolutions Ltd reported a 8.3% quarter-on-quarter (QoQ) decrease in its consolidated revenues for Q4 FY 2025-26. On a year-on-year (YoY) basis, it witnessed a growth of 14.0%. However, its significant 51.6% revenue increase to ₹204.3 crore for fiscal year 2026, driven by its AI strategy. 
• Its expenses for the quarter were down by 1.6% QoQ and up 12.9% YoY.
• The net profit decreased 54.1% QoQ and increased 1.5% YoY.
• The company’s cash reserves more than doubled to ₹81.3 crore, supported by operational cash flow of ₹47.0 crore.
• In contrast, the fourth quarter saw more subdued revenue growth of 14% to ₹51.6 crore. Higher employee and infrastructure costs led to total expenses of ₹46.9 crore, with profit remaining largely flat at ₹3.4 crore. Adjusted EBITDA margins decreased slightly to 18.5% from 19.6% year-on-year. The company attributed this compression to investments in its Shipway platform, while Uniware’s standalone margins grew substantially to 40.8%.
• Market Context and Valuation: Unicommerce operates in India’s fast-growing SaaS market, projected to reach USD 102.15 billion by 2035 with a 27.30% CAGR. Its ‘AI-first’ strategy aligns with broader IT sector trends where AI services are key to contract wins.
• However, Unicommerce’s valuation, with a P/E ratio of 41x-57x, is a premium compared to larger IT firms like TCS or Infosys (15-17x P/E). It is comparable to Persistent Systems (40.15x) and Coforge (37.59x) but higher than peers like Ivalue Infosolutions (14.24x).
• Recent returns on equity (ROE) are reported at 25-33% and return on capital employed (ROCE) around 31-36%, though earlier figures were lower.
• Despite strong revenue growth, maintaining market share in the broader Indian SaaS sector could be challenging if growth rates do not consistently exceed industry averages, as one report noted a slower revenue CAGR compared to the industry.
• Concerns Over Margins, Valuation, and Competition: The Q4 margin compression, stemming from investments in platforms like Shipway, pressures profitability in the short term. This raises questions about the company’s ability to balance aggressive expansion with operational efficiency.
• Unicommerce’s premium valuation, especially its P/E ratio, looks high compared to its historical ROE/ROCE and the stock’s recent decline. The market for AI-driven SaaS solutions is increasingly competitive, with both large tech firms and startups vying for share. Reliance on specific platforms like Shipway also presents a concentrated risk.
• Looking ahead, Unicommerce eSolutions plans to continue growth across its products, focusing on scaling the Shipway platform. The company is also considering selective acquisitions.
• Analyst forecasts project earnings growth of 29.8% annually and revenue growth of 16.3% annually, with an expected future return on equity of 18.1%. Unicommerce stated it achieved the ‘Rule of 40’ in FY26, signifying a balance between growth and profitability.
• Growth Drivers: The company continues to focus on its SaaS-based e-commerce enablement software, serving clients like Lenskart, Mamaearth, and Myntra.
• Stock Verdict: Negative