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

Varun Beverages Q4 FY2026 Result: Profit rises 20% to ₹879 crore, revenue up 18.3%

• Varun Beverages (VBL) reported strong Q4 FY2026 results, with consolidated net profit rising 20.14% YoY to ₹878.71 crore.
• Revenue grew 18.33% to ₹6,721.53 crore, driven by 16.3% volume growth to 363.4 million cases.
• Net Profit: ₹878.71 crore vs. ₹731.35 crore in Q1 2025 (calendar year).
• Revenue from Operations: ₹6,721.53 crore vs. ₹5,680.12 crore (approx) in the previous year.
• Volume Growth: Total sales volume grew 16.3% to 363.4 million cases.
• Realization: Net realization per case improved by 1.6% at the consolidated level.
• Sales volume in the quarter grew 16.3 per cent to 363.4 million cases from 312.4 million cases in Q1 2025, driven by volume growth of 14.4 per cent in India and 21.4 per cent in international territories.
• Gross margins also improved by 62 basis points at 55.2% in Q1 2026. This improvement was supported by early stocking of key raw materials despite the inflationary raw material environment.
• Stock Verdict: Positive

Reliance Industries Q4 FY2026 Results Highlights: Revenue up 9.8% & EBITDA up 11.8% YoY

• The companyy recorded high revenue at Rs 11,75,919 crore, up 9.8 percent Y-o-Y.
• JPL revenue grew 14.7 percent, RRVL revenue grew 11.8 percent and O2C revenue grew 5.7 percent.
• The record high EBITDA came in at Rs 2,07,911 crore, up 13.4 percent Y-o-Y.
• EBITDA margin at 17.7 percent.
• Record high PAT (including share of Associates and JVs) at Rs 95,754 crore, up 17.8% Y-o-Y.
• Jio Platforms report higher Average Revenue Per User (ARPU) increased to Rs 214 with higher customer engagement and better subscriber mix.
• Segment Performance: Oil-to-chemicals (O2C) revenue grew 12.4% YoY on higher crude prices, but margins were under pressure. Jio platforms and Retail continued to show robust growth, with Jioplatorms having 524 million total subscribers.
• Dividend: The board recommended a dividend of ₹6 per equity share for the full financial year ended March 31, 2026.
• Shareholder Value: For the full year FY26, net profit grew 16% to ₹80,775 crore, and revenue rose 9.75% to ₹10,75,675 crore.
• The earnings were impacted by weaker performance in the energy segment amid pressures in the West Asia region.
• Stock Verdict: Neutral
• Brokerage Target Prices of Reliance Industries After Q4 FY2026 Result
  Min TP 1610
  Max TP 1803
  Avg TP 1707
• 04-26-2026 Prabhudas Lilladhar 1635
  04-25-2026 BOB Capital Markets Ltd. 1610
  04-25-2026 Motilal Oswal 1655
  04-25-2026 Morgan Stanley 1803
  04-25-2026 CLSA 1800
  04-25-2026 Nuvama 1765
  04-25-2026 Nomura 1680

Shriram Finance Q4 FY2026 results: Net profit rises 41%

• Standalone PAT (₹ Cr)3,014 +40.9% Beat all estimates
• Consolidated PAT (₹ Cr) 3,021 +41.3% Strong across portfolio
• NII (₹ Cr) 6,994 +15.6% Diversified interest income
• AUM (₹ Lakh Cr) 3.02 +14.85% ₹3L Cr milestone crossed
• ROA % 3.63% +43 bps
• Net Profit (PAT): Increased 40.9% year-on-year to ₹3,014 crore, driven by robust performance across diversified product lines.
• Net Interest Income (NII): Grew by over 15% YoY to around ₹6,994 crore.
• Assets Under Management (AUM): Total AUM rose to ₹3,02,274 crore, showing strong 14.9% yearly growth.
• Profitability Metrics: Return on Assets (ROA) stood at 3.63%, and Return on Equity (ROE) at 19.13%.
• Dividend: A final dividend of ₹6 per share was announced for FY26, bringing the total annual payout to ₹10.80 per share.
• Asset Quality: Gross Non-Performing Assets (GNPA) stood at 4.58%, maintaining stable credit performance
• total revenue from core operations increased by 9.2% to ₹12,509 crore in the fourth quarter, compared year-on-year with ₹11,454 crore in the same quarter of the previous financial year.
• The company’s interest income for the March quarter rose by 12% to ₹12,087 crore in the financial year ended 2025-26
• EPS rose to ₹16.02 per share in the fourth quarter, YoY
• Stock Verdict: Positive
• Brokerage Target Prices of Shriram Finance After Q4 FY2026 Result
• Min TP 1100
• Max TP 1250
• Avg TP = 1187
  27 Apr 2026 IDBI Capital Target 1196
  27 Apr 2026 Axis Direct 1200
  26 Apr 2026 ICICI Direct 1200
  26 Apr 2026 Kotak 1100
  26 Apr 2026 HDFC 1100
  26 Apr 2026 Morgan Stanley 1250
  26 Apr 2026 Macquarie 1220
  26 Apr 2026 UBS 1220
  26 Apr 2026 Jefferies 1210
  26 Apr 2026 HSBC 1200
  26 Apr 2026 Nomura 1200
  26 Apr 2026 Citi 1180
  26 Apr 2026 CLSA 1150

HDFC AMC Q4 FY2026 results: Net profit rises 41%

• Net Profit: ₹622.66 crore, down 2.48% year-on-year (YoY) and down 19% quarter-on-quarter (QoQ).
• Revenue from Operations: ₹1,051.51 crore, up 17% YoY, but decreased 2.2% QoQ.
• Dividend: Final dividend of ₹54 per share declared for FY26.
• AUM: Closing AUM stood at ₹8,440 billion, with QAAUM at ₹9,275 billion.
• Market Share: Held a 13.0% share in actively managed equity-oriented funds.
• For the full financial year 2026,profit increased 16.2% to ₹2,859.36 crore, indicating strong annual performance despite a softer Q4.

• Stock Verdict: Neutral
• Brokerage Target Prices of HDFC AMC After Q4 FY2026 Result
• Min TP 3000
• Max TP 3200
• Avg TP = 3112
  04-17-2026 Motilal Oswal 3170
  04-17-2026 BOB Capital Markets Ltd. Target 3175
  04-17-2026 Prabhudas Lilladhar 3000
  04-17-2026 ICICI Direct 3200
  04-17-2026 Deven Choksey Target 3063
  04-16-2026 Deven Choksey 3063