Q4 FY2026 Quarterly Result Highlights of Adani Enterprises, Adani Ports, CAMS, Dmart & ICICI Lombard

Adani Enterprises Q4 FY2026 Result: Revenue up 20% but turns to loss

• Adani Enterprises acts as the Adani Group’s incubator of its various new and capital-heavy businesses, such as solar cell, module, green hydrogen production, data centres, copper, defence, as well as its roads and highways, mining services, airports, and aviation maintenance, repair, and overhaul (MRO) divisions.
•  Adani Enterprises reported a consolidated net loss of Rs 220.7 crore (attributable to the owners) in Q4 FY26, from a net profit of Rs 3,845 crore in the same quarter a year ago. The conglomerate’s revenue from operations for the fiscal fourth quarter jumped 20.3 percent year-on-year to Rs 32,439.3 crore.
• The company swung into a net loss this year primarily due to an exceptional gain of Rs 3,945.7 crore in the same quarter a year ago following a stake sale in AWL Agri Business (formerly Adani Wilmar).
• Further, expenses rose faster than revenue, at 23.5 percent to Rs 32,458.3 crore, eroding profitability. However, operating performance remained relatively steady.
• EBITDA rose 3 percent year-on-year to Rs 4,479 crore during the quarter, even as total income increased 20 percent to Rs 33,187 crore. In a release, the company said that the results for the quarter were affected by the commissioning of the Navi Mumbai International Airport, as well as the Kutch Copper plant.
• Adani Enterprises acts as the Adani Group’s incubator of its various new and capital-heavy businesses, such as solar cell, module, green hydrogen production, data centres, copper, defence, as well as its roads and highways, mining services, airports, and aviation maintenance, repair, and overhaul (MRO) divisions. A number of its businesses remain in the development stage, with incremental revenues for the group.
• In an investor presentation, Adani Enterprises noted that 68 percent of its FY26 EBITDA came from its core infrastructure business, including airports, roads and highways, renewable energy, and data centres. Mining, metals, and other services formed 21 percent of EBITDA for the year.
• Income during the quarter for the airports business, housed under Adani Airport Holdings, grew by 21 percent, with EBITDA growing by a significant 75 percent over the same period.
• For FY26, revenue from the airports division grew by 28 percent, while EBITDA increased by 55 percent. Passenger movements for the quarter were flat year-on-year at 24.7 million. The company operates eight airports, of which it owns two, both in Mumbai.
• In the solar energy and green energy ecosystem, which forms part of the company’s subsidiary Adani New Industries Ltd (ANIL), income for the quarter grew by 41 percent to Rs 5,168 crore, with the same growing by 9 percent for the fiscal to Rs 15,563 crore. Sales of both solar modules and wind turbines grew for the quarter, as well as in the year.
• During the year, the roads and highways division under Adani Road Transport added three new road projects, taking its portfolio to 20. The company also constructed most of the recently-inaugurated Ganga Expressway in Uttar Pradesh, including through subcontracting arrangements.
• Stock Verdict: Neutral
• Brokerage Target Price:
• May26- Jefferies=2800

Adani Ports Q4 FY26 results: Revenue up 26% and PAT up 10% YoY

• Adani Ports & Special Economic Zone (APSEZ) reported strong Q4 FY26 results, with a 10.44% YoY increase in consolidated net profit to ₹3,329 crore. Revenue rose 26.5% YoY to ₹10,738 crore, driven by robust cargo volumes and operational performance.
• The board recommended a dividend of ₹7.50 per share.
• Key Q4 FY26 Results & Highlights
• EBITDA: Grew 20% YoY to ₹6,020 crore, with a 56% margin.
• Dividend: Recommended final dividend of ₹7.50 per equity share of ₹2 each.
• Operational Milestone: Handled a record 500 MMT cargo in FY26.
• Future Outlook: The company aims for 1 billion metric tons cargo handling by 2030 and projects FY27 revenue growth of 11%–16%.
• Key Growth Drivers
• Domestic Ports: Revenue increased by 26% year-on-year (Y-o-Y).
• International Ports: Revenue surged 58% Y-o-Y.
• Logistics & Marine: Logistics revenue grew 10% Y-o-Y, while marine segment revenue rose 101% Y-o-Y.
• Domestic ports revenue was up 13%, led by a 10 bps increase in overall market share and 23% RoCE versus 21% in FY25.
• International ports revenue was up 34%, driven by NQXT Australia’s addition & CWIT Colombo ramp-up. EBITDA jumped 180%, while the EBITDA margin reached an all-time high of 29%.
• The logistics revenue jumped 55%, led by an accelerated ramp-up in Trucking and International Freight Network services and 10% RoCE versus 6% in FY25.
• Finally, the marine revenue susurged 134% while EBITDA grews 125%, led by 136 vessel count at 13% RoCE.
• Management Commentary
• Whole-time Director & CEO Ashwani Gupta called the company’s performance resilient during the quarter, underscoring the disciplined execution of its strategy in a challenging geopolitical environment and ongoing global tariff uncertainty. “We surpassed our FY26 guidance, led by record 500 MMT port cargo volumes. Logistics and Marine businesses also grew rapidly at 55% and 134% respectively during the year. While this represents meaningful progress, our journey is far from complete,” he said.
• “PSEZ 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. Disciplined capital allocation will ensure that future capex is funded via internal accruals, while preserving flexibility for selective inorganic growth,” Gupta said.

• Stock Verdict: Positive
• Brokers Target of Adani Ports
• May26- Jefferies=1980,
• Nomura=1930 (CAGR Rev 19%, EBITDA 18% in FY26-FY31)
• BoB=1820,
• ICICI Dir=2050,
• Motilal=1900

CAMS Q4 FY26 results: Revenue & PAT up 11% YoY

• Computer Age Management Services Ltd (CAMS), which acts as a registrar and transfer agent for mutual funds, reported a 10.9% year-on-year rise in consolidated net profit for the fourth quarter at ₹126 crore, compared with ₹114 crore in the same period last year.
• Revenue for the quarter increased 11% year-on-year to ₹395.2 crore from ₹356.2 crore earlier.
  
• Earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 14.9% to ₹183.1 crore from ₹159.4 crore a year ago. EBITDA margin improved to 46.3% from 44.8% in the corresponding period last year.
• Enterprise revenue rose 11% year-on-year and 1.3% sequentially, while mutual fund business revenue remained stable on a quarter-on-quarter basis. EBITDA rose to a record ₹183.66 crore, with EBITDA margin at 46.5%, supported by improved operational efficiency and higher automation.
• In the mutual fund business, CAMS assets under management stood at ₹55.1 lakh crore in Q4 FY26, with a market share of about 68% and year-on-year growth of 21%, in line with the industry.
• Equity assets rose to a record ₹30.5 lakh crore, taking its share to 67%, up 90 basis points year-on-year. Equity net sales stood at ₹1,01,294 crore during the quarter, taking segment share to 76.3% from 71% in the previous quarter.
• New SIP registrations rose 46% year-on-year to 1.26 crore in Q4 FY26, while annual SIP registrations for FY26 stood at 4.7 crore, up 17% over the previous year. SIP collections crossed ₹20,000 crore in March and rose 24% year-on-year to ₹58,889 crore in Q4 FY26.
• Live SIPs grew 17% year-on-year, taking market share to 64.1% from 57% a year earlier. CAMS’ unique investor base crossed 4.76 crore during the quarter, up 18% year-on-year. Transaction volumes for FY26 stood at 107 crore, up 20% year-on-year.
• During the quarter, four SIFs launched their maiden funds, taking the total number of SIFs serviced to six, with eight more launches expected in the coming months. In GIFT City, CAMS-serviced retail fund assets under management stood at $35.3 million
• The non-mutual fund business contributed 15.3% to enterprise revenue in Q4 FY26. CAMSPay reported 22.8% year-on-year revenue growth during the quarter and added more than 20 new clients. CAMS Alternatives posted 25.4% year-on-year revenue growth, with assets under management crossing ₹3.1 lakh crore and more than 50% share of the outsourced market. The business added 44 new mandates, including 14 new logos.
• CAMS KRA reported 28% year-on-year revenue growth despite industry-wide pressure on new account openings, supported by the addition of two major broking houses during the quarter.
• CAMSRep reported 6% year-on-year revenue growth, aided by new client additions and higher active user engagement. Bima Central doubled its active user base in FY26, adding 12.6 lakh users and maintaining a 40% insurance repository market share.
• CAMS has recommended a final dividend of ₹4.00 per equity share, subject to approval of shareholders at the ensuing Annual General Meeting (AGM).
• Stock Verdict: Positive

D-Mart Q4 FY2026 results: Net profit up 19.2% and Revenue up 19%

• Avenue Supermarts Ltd, which owns and operates the retail chain D-Mart, has reported a 19.17% YoY rise in its consolidated net profit at Rs 656.42 crore in Q4 FY26.
• Revenue from operations increased 18.9 per cent to Rs 17,683.86 crore during the quarter under review. It was at Rs 14,871.86 crore in the corresponding quarter last fiscal.
• PAT (profit after tax) margin stood at 3.7% in Q4FY26 as compared to 3.7 per cent in Q4FY25.
• In the entire FY26, Avenue Supermarts registered a profit of Rs 2,969.86 crore, up 9.7 per cent. Total consolidated income rose 15.8 per cent to Rs 68,894.84 crore during the financial year ended March 2026.
• EBITDA grew 26.7% YoY to Rs 1,210.5 crore, slightly ahead of estimates of Rs 1,200 crore. Operating margins expanded to 6.85 percent from 6.42 percent in the year-ago period, indicating some improvement in cost efficiencies.
• Commenting on the performance of the brick and mortar business, Managing Director & CEO Anshul Asawa said that gross margins saw slight improvement, and costs were largely in line with business growth.
• Two-year-old and older D-Mart stores grew by 10.8 per cent during Q4 FY26 as compared to 8.1 per cent in Q4 FY25.
• Geopolitical tensions led to some spike in consumer buying during the month of March 2026, which normalised towards the end of the month. Our business has largely not witnessed any supply chain disruptions thus far. We opened 58 new stores during the quarter and also reached the landmark achievement of 500 D-Mart stores,” he said.
• About its online platform D-Mart Ready, Avenue E-Commerce CEO Vikram Dasu said that it has discontinued operations in one city during the quarter. As of March 31, 2026, it was operating in 18 cities.
• Stock Verdict: Positive

ICICI Lombard General Insurance Q4 FY2026 Result: Total Income up 17% and PAT 7%

• ICICI Lombard General Insurance (ICICIGI) reported its Q4 FY2026 results with a 7.3% year-on-year increase in net profit to ₹547 crore.
• Total income rose 17.1% YOY to ₹6,618.76 crore, driven by strong Gross Direct Premium Income (GDPI) growth of 18.2%.
• Key Financial Highlights (Q4 FY2026):
• Net Profit: ₹547 crore, up 7.3% from ₹510 crore in Q4 FY2025.
• Total Income: ₹6,618.76 crore, up 17.12% YoY.
• GDPI (Gross Direct Premium Income): Grew 18.2% (1/n basis) to ₹73.40 billion, surpassing the industry growth rate of 10.9%.
• Combined Ratio: Improved to 101.2% in Q4 FY26 compared to 102.5% in Q4 FY25.
• Solvency Ratio: Stood at 2.67x, well above the regulatory requirement of 1.50x.
• Dividend: Recommended a final dividend of ₹7 per equity share (face value ₹10 each).
• Key Performance Drivers:
• Health Insurance Growth: Retail health insurance grew by over 50%.
• Loss Ratios: Stable at 66%.
• Motor Segment: Posted 12% growth in H2 FY26, picking up from slower H1 growth.
• Investment Income: Total investment book saw unrealized gains turn negative to ₹1,000 crore due to weak equity and bond markets.
• The company stated that the combined ratio, while improving, remained above the 100% break-even point. The results indicate robust top-line growth with a stable bottom line despite challenging market conditions for investments
• Stock Verdict: Negative