STOCKWATCH
·
QMeter

Meter

Quarterly Results Intelligence

Utkarsh Small Finance Bank Ltd15 May 2026
Q4

Utkarsh Small Finance Bank Ltd

UTKARSHBNKFY2615 May 2026
Sentiment:Bullish
Short-term:Cautiously Optimistic
Long-term:Optimistic
Market:Neutral
Revenue
Net Profit
OPM

Management Guidance

Management guided FY27 as a consolidation year to build on recent momentum, targeting loan book growth of 25-30% in the coming years. They aim to increase the secured lending portfolio to 55%, maintain NIMs above 8%, and reduce credit costs to 2-2.5% by FY28. The long-term goal is to achieve a Return on Equity (ROE) of approximately 15% and a Net NPA ratio below 1% by FY28, signaling a clear path to sustained profitability.

P/L Statement (in crores)

Press Releases

Gokul Agro Resources Ltd

Gokul Agro: FY26 Audited Results, ₹430 Cr CAPEX Approved

Gokul Agro Resources Limited's Board of Directors approved the Audited Financial Results (Standalone and Consolidated) for the quarter and year ended March 31, 2026.

15 May, 5:02 pm
Gland Pharma Ltd

Gland Pharma Q4FY26: PAT Up 97% YoY, Revenue Up 22%

S

Srinivas Sadu

Our strong FY26 performance, reflected in consolidated revenue growth of 14.5% and an adjusted EBITDA margin of 26%, underscores the progress we are making across the businesses including Cenexi. The 38% adjusted EBITDA margin of base business has been supported by robust growth in the CDMO segment, alongside new product launches and improved profitability across our existing portfolio, driven by ongoing cost-efficiency initiatives. We remain confident in sustaining this momentum, supported by a pipeline of complex product launches and the continued ramp-up of CDMO partnerships.

15 May, 4:52 pm
SANJIVANI PARANTERAL LTD.

Sanjivani Paranteral FY26: EBITDA at ₹114 mn, PAT at ₹66.94 mn

A

Ashwani Khemka

FY26 has been a year of steady operational progress and focused execution for Sanjivani Paranteral Limited. The commencement of commercial production at our newly established IV Fluid Infusion Plant in Pune marks a significant milestone in strengthening our manufacturing capabilities and expanding our healthcare product portfolio. Equipped with advanced technology and sustainable infrastructure, the facility is expected to improve operational efficiency, enhance product quality, and support growing demand across domestic and export markets. Our continued focus on quality manufacturing, disciplined cost management, and long-term customer relationships has enabled us to maintain stable business performance in a dynamic operating environment. This expansion further strengthens our market presence and positions the Company for scalable and sustainable long-term growth as we move into FY27. We remain committed to evaluating new growth opportunities and strategic initiatives aimed at enhancing operational scale and creating long-term value for all stakeholders.

15 May, 4:16 pm
NOIDA TOLL BRIDGE COMPANY LTD.

Noida Toll Bridge FY26: Net Profit ₹384.81 Lakhs

Noida Toll Bridge Company Limited reported Standalone Profit after Tax attributable to Shareholders of Rs 390.28 Lakhs for Q4 FY26, a decrease compared to Rs 1,535.57 Lakhs in Q4 FY25.

15 May, 3:54 pm
SOLAR INDUSTRIES INDIA LTD.

Solar Industries FY26 Revenue at ₹9838 Cr, Up 30% YoY

M

Manish Nuwal

We are happy to report that Solar Industries India Limited has delivered a landmark performance, clocking its highest-ever quarterly and annual sales of ₹3053cr and ₹9838cr respectively, despite no growth in domestic mining market. We have also achieved the highest ever quarterly EBIDTA & PAT at ₹870cr & ₹556cr registering growth of 59% & 61%yoy and highest ever yearly EBIDTA & PAT at ₹2750cr & ₹1737cr registering growth of 35% each in the year FY26. We achieved our EBITDA margin at around 28.51% for the quarter and 27.95% for the year. These numbers were propelled by strong sales from international and defence businesses, relentless focus on our high-value chain products and operational efficiencies.

15 May, 3:07 pm
ALEMBIC PHARMACEUTICALS LTD.

Alembic Pharma: FY26 Revenue from Operations at ₹6,651.38 Cr

Alembic Pharmaceuticals reported Q4 FY26 revenue from operations at ₹1,718.74 crore, marking a 9.43% year-on-year increase compared to Q4 FY25.

15 May, 2:47 pm
Nava Ltd

Nava Ltd Standalone Profit Jumps 116% to ₹911 Cr

Standalone Profit After Tax (PAT) for FY26 increased by 116% year-on-year to ₹911 crore.

15 May, 2:22 pm
Kaka Industries Ltd

Kaka Industries H2 FY26: PAT Up 56.3% YoY

M

Mr. Chintan Bodar

We are pleased to report a strong set of results for H2 FY26 and for the full financial year FY26. The consistent improvement across our key financial metrics — revenue, EBITDA, and PAT — is a testament to our focused execution on operational efficiency, product mix improvement, and disciplined capital allocation. During H2 FY26, Net Sales grew 35.2% year-on-year to INR 1,383.4 Mn, while EBITDA margins expanded by 45 basis points to 13.5%, reflecting our sustained focus on value-added product offerings and cost optimization initiatives across our manufacturing operations. PAT margins for the half year improved meaningfully by 97 basis points year- on-year to 7.2%, driven by strong operating leverage and controlled financing costs. On a full year basis, FY26 has been a landmark year for Kaka Industries. Net Sales crossed INR 2,632 Mn — a 33.1% growth over the prior year — while PAT surpassed INR 187 Mn, growing 46.0% year-on-year with PAT Margin expanding by 63 basis points to 7.1%. The full year EPS of Rs. 13.74 per share, representing a 45.9% growth over FY25, reflects the strong earnings accretion delivered to our shareholders. Looking ahead, we remain committed to sustaining this growth trajectory through continued investment in our product capabilities, capacity expansion, and strengthening our distribution and customer relationships. We are confident in our ability to deliver long-term, sustainable value to all stakeholders.

15 May, 2:05 pm
Mukta Agriculture Ltd

Mukta Agriculture: FY26 Audited Results Approved

Mukta Agriculture Limited reported zero revenue from operations for both the quarter and the full financial year ended March 31, 2026.

15 May, 1:59 pm
Solara Active Pharma Sciences Ltd

Solara: Q4'26 Revenue Highest in 8 Quarters, Up 40% YoY

S

Sandeep Rao

Our overall performance for Q4'26 reflects a sequential growth of 12% and YoY growth of 40%. We recorded the highest Revenue, Gross margin & EBITDA in the last eight quarters. Notably, the Base business is already demonstrating superior profitability, operating at a ~26% EBITDA margin with gross margins of ~54% which reinforces the objective we established at the start of the year to pivot the business from a phase of reset to one defined by sustainable, profitable and reliable growth. However, we continue to be challenged by the Ibuprofen business which is demonstrating weak profitability, operating at a negative 21% EBITDA margin with gross margins of ~23%. Given the persistent headwinds on this business, we have appointed bankers to evaluate strategic options for this business to ensure optimal long-term value creation. Despite the significant crisis in the middle east and its impact on global business, the underlying fundamentals of the base business continue to remain strong, supported by a resilient operating model and a healthy product mix across regulated markets.

15 May, 1:27 pm

Earnings Call Recordings

Management Sentiment

Positive Outlook

Veefin's Transformation: From SCF Niche to Global BFSI Platform with an $80M Pipeline

Veefin Solutions Ltd · VEEFIN

Sentiment: BullishShort Term: Very OptimisticLong Term: Very OptimisticTone: ConfidentRisk: Medium

Management Guidance

Management provides very optimistic guidance for FY27, focusing on execution and monetization rather than new product development. They expect to convert at least 25% of their $80 million qualified pipeline within the next six months, with capital expenditures expected to be lower than in FY26. The PSB Xchange platform is transitioning to a 'throughput phase' with transaction flows anticipated this quarter, and the overall growth outlook for the next two years is projected to be 'much better' than the strong performance of the previous two years.

15 May, 5:07 pm

Atlanta Electricals: Record Growth & Debt-Free Status Fuel Confident EHV and Export Expansion

Atlanta Electricals Ltd · ATLANTAELE

Sentiment: BullishShort Term: Very OptimisticLong Term: Very OptimisticTone: ConfidentRisk: Medium

Management Guidance

Management reiterates its target of approximately 40% CAGR revenue growth, supported by a robust unexecuted order book of INR 2,493 crores. EBITDA margins are expected to remain stable as investments in new product development for 400kV and 765kV transformers offset gains from operating leverage and a richer product mix. Key strategic priorities for FY27 include successfully prototyping EHV products, aggressively expanding into export markets, and operationalizing new facilities for inverter duty transformers and backward integration, all funded by strong internal accruals on a now debt-free balance sheet.

15 May, 4:10 pm

Park Medi World's Record FY26 & Confident Outlook on Capital-Efficient Expansion

Park Medi World Ltd · PARKHOSPS

Sentiment: BullishShort Term: OptimisticLong Term: Very OptimisticTone: ConfidentRisk: Medium

Management Guidance

Management guides for significant bed capacity growth to 5,460 by March 2028, funded by strong internal cash flows with a total capex of approximately INR 500 crores. They anticipate a 5-6% net revenue benefit from the CGHS rate hike in FY'27 and expect new hospitals to ramp up without diluting overall margins. The company also projects a gradual shift in payor mix from 80% government schemes towards a 70/30 split with private and cash segments.

15 May, 5:00 pm

Bank of India FY26: Robust Growth & Asset Quality Gains Temper Margin Pressure, Eyes 1% ROA

BANK OF INDIA · BANKINDIA

Sentiment: BullishShort Term: OptimisticLong Term: OptimisticTone: ConfidentRisk: Medium

Management Guidance

Management guides for robust FY27 global advances growth of 15-16% and deposit growth of 13-14%, targeting a full-year Return on Assets (ROA) of 1%. The bank aims to improve its global Net Interest Margin (NIM) to a range of 2.70-2.75% by increasing its portfolio of high-yielding RAM and MCLR-linked advances while growing its low-cost CASA deposit base through strategic initiatives. The focus remains on strengthening the deposit franchise, maintaining a balanced CD ratio, and investing in digital infrastructure to drive long-term performance.

15 May, 4:49 pm

Hyundai India's FY27 Growth Blueprint: New SUVs & EV to Drive 8-10% Growth Amid Margin Pressures

Hyundai Motor India Ltd · HYUNDAI

Sentiment: BullishShort Term: OptimisticLong Term: Very OptimisticTone: ConfidentRisk: Medium

Management Guidance

Management guides for robust 8-10% volume growth in both domestic and export markets for FY'27, aiming to significantly outpace the industry. This growth will be driven by two new nameplate launches—a localized mass-market compact EV and a mid-size ICE SUV—supported by an aggressive capex of INR 7,500 crores. Despite acknowledging near-term commodity and geopolitical headwinds, the company is confident in maintaining its EBITDA margin guidance of 11% to 14% through calibrated pricing actions, cost optimization, and improved plant utilization.

15 May, 4:32 pm

Satin Creditcare: Strong FY26 Results & Diversification Fuel Confident Growth and Upgraded Targets

Satin Creditcare Network Ltd · SATIN

Sentiment: BullishShort Term: OptimisticLong Term: Very OptimisticTone: ConfidentRisk: Medium

Management Guidance

Management guides for strong FY27 consolidated AUM growth of 25-30% (15-20% for the standalone MFI business), supported by a targeted improvement in standalone credit costs to 3-3.5%. The company expects overall profitability (ROA) to improve from FY26 levels. Strategically, the long-term consolidated AUM target has been significantly raised to INR 32,000 crores by 2030, with a continued focus on diversification to achieve a 30% non-MFI portfolio mix.

15 May, 1:36 pm

Privi Chemicals: Strong FY26 Fuels Confident Growth, Margin Stability, and Strategic Capex

Privi Speciality Chemicals Ltd · PRIVISCL

Sentiment: BullishShort Term: OptimisticLong Term: Very OptimisticTone: ConfidentRisk: Medium

Management Guidance

Management guides for 20% revenue growth in the upcoming fiscal year, with a long-term target of INR 5,000 crore in revenue and INR 1,000 crore in EBITDA within 3-4 years. They expect to sustain robust EBITDA margins around 25%, supported by operational efficiencies and a richer product mix from new capacities and value-added products. Strategic priorities include the phased commissioning of significant capex, deepening backward integration, and developing a long-term, high-potential biotechnology platform.

15 May, 1:10 pm

CarTrade Tech: Record FY26 Profits, Bullish Outlook on AI-Powered Monetization and 4x PAT Goal

CarTrade Tech Ltd · CARTRADE

Sentiment: BullishShort Term: OptimisticLong Term: Very OptimisticTone: ConfidentRisk: Medium

Management Guidance

Management is very optimistic about the future, expecting growth momentum to continue and margins to expand across all business segments in the coming year. The company is focused on accelerating OLX growth through new AI-driven monetization initiatives like 'Elite Buyer' and 'Verification', which are expected to become significant revenue contributors. Strategically, the company has set a long-term objective to grow its Profit After Tax from INR 243 crores to approximately INR 1,000 crores within the next four to five years.

14 May, 7:57 pm

Strong D2C Growth & Margin Expansion Fuel Bullish FY27 Outlook

Northern Arc Capital Ltd · NORTHARC

Sentiment: BullishShort Term: OptimisticLong Term: OptimisticTone: ConfidentRisk: Medium

Management Guidance

Management guides for robust AUM growth of 22% to 25% for FY27, driven by the strategic shift to the direct-to-customer business, which is targeted to reach 65% of AUM. They are targeting a Return on Assets (ROA) of over 3% and aim to achieve a Return on Equity (ROE) of 15-17% within the next 8-10 quarters. Credit costs are expected to remain stable in the 2.7% to 2.8% range, reflecting disciplined, risk-calibrated growth and improving portfolio quality.

14 May, 7:07 pm

Patel Logistics: Strong Profit Growth Fueled by Air Cargo Boom and New Subsidiary Expansion

PATEL INTEGRATED LOGISTICS LTD.-$ · PATINTLOG

Sentiment: BullishShort Term: OptimisticLong Term: Very OptimisticTone: ConfidentRisk: Medium

Management Guidance

Management projects continued growth momentum, driven by its core air freight business capitalizing on structural industry expansion in airports and aircraft capacity. The company has launched a new subsidiary, Rajpat Logistics, which is expected to add approximately 25% to current revenues within three years with a target ROCE above 15%. Patel will maintain its asset-light model, focusing on leveraging technology to enhance productivity and shareholder value, supported by a strong, debt-free balance sheet and a dividend payout of ~30% of PAT.

14 May, 6:26 pm

Cautious Outlook

Utkarsh Bank's Turnaround: Strategic Pivot Drives Asset Quality Recovery and Confident Growth Outlook

Utkarsh Small Finance Bank Ltd · UTKARSHBNK

Sentiment: BullishShort Term: Cautiously OptimisticLong Term: OptimisticTone: ConfidentRisk: Medium

Management Guidance

Management guided FY27 as a consolidation year to build on recent momentum, targeting loan book growth of 25-30% in the coming years. They aim to increase the secured lending portfolio to 55%, maintain NIMs above 8%, and reduce credit costs to 2-2.5% by FY28. The long-term goal is to achieve a Return on Equity (ROE) of approximately 15% and a Net NPA ratio below 1% by FY28, signaling a clear path to sustained profitability.

15 May, 5:18 pm

Navigating Near-Term Headwinds with Aggressive Long-Term AI & Data Center Investments

AURIONPRO SOLUTIONS LTD. · AURIONPRO

Sentiment: NeutralShort Term: Cautiously OptimisticLong Term: OptimisticTone: CautiousRisk: High

Management Guidance

Management is not providing specific FY27 revenue guidance at this time due to geopolitical uncertainty in the Middle East, but expects to grow ahead of the industry rate by a meaningful number. The company anticipates a short-term period of higher upfront capitalized investments (INR 150-200 crores) to build out its AI-native software stack, leading to temporary balance sheet and working capital pressure. While margins are not planned to dip significantly, the focus is on capturing long-term growth opportunities in AI, data centers, and transit, with a strong order book of over INR 1800 crores supporting this strategy.

15 May, 4:48 pm

Artemis Targets 2000 Beds by 2029, Fueled by Strong FY26 Results & Strategic Expansion

Artemis Medicare Services Ltd · ARTEMISMED

Sentiment: BullishShort Term: Cautiously OptimisticLong Term: Very OptimisticTone: ConfidentRisk: Medium

Management Guidance

Management is guiding for an aggressive expansion from 800 to over 2,000 beds by 2029, driven by new hospitals in Raipur (Q1 FY27) and South Delhi (FY29). While the new Raipur facility is expected to cause a temporary 1-1.5% drag on consolidated EBITDA margins with an initial INR 18-20 crore loss, this is anticipated to be offset by strong performance from the flagship Gurugram unit, which is guided for 15-17% revenue growth. The company also has board approval for a INR 700 crore fundraising initiative to support further expansion through new projects.

15 May, 3:38 pm

Record FY26 Performance & Strong Growth Outlook Tempered by Macroeconomic Headwinds

Advanced Enzyme Technologies Ltd · ADVENZYMES

Sentiment: BullishShort Term: Cautiously OptimisticLong Term: OptimisticTone: ConfidentRisk: Medium

Management Guidance

Management expects the steady, broad-based growth momentum from FY26 to continue into the new fiscal year, aspiring for double-digit revenue growth. EBITDA margins are guided to remain largely stable, with a potential 1-2% variability, despite acknowledging near-term margin pressures from rising input and logistics costs. Strategically, the company will focus on innovation driven by its new R&D center, expanding its operational footprint, and launching new products, with India expected to be a key growth driver while the U.S. market faces challenges.

15 May, 3:19 pm

Chola MS: Navigating FY26 Headwinds with a Clear Strategy for Profitability Rebound

Cholamandalam Financial Holdings Ltd · CHOLAHLDNG

Sentiment: NeutralShort Term: Cautiously OptimisticLong Term: OptimisticTone: ConfidentRisk: Medium

Management Guidance

Management did not provide specific quantitative guidance but reiterated a medium-to-long-term target of 15%+ ROE. This recovery is predicated on improving the high motor OD loss ratio through recent 7-8% pricing corrections, with positive effects expected within six months. The company plans to restore top-line growth by re-entering the crop insurance business and will continue its strategic focus on the car segment while prudently managing its commercial and 2-wheeler portfolios.

15 May, 3:13 pm

Pidilite: Record Volume Growth Meets Significant Inflationary Headwinds from Geopolitical Risks

PIDILITE INDUSTRIES LTD. · PIDILITIND

Sentiment: BullishShort Term: Cautiously OptimisticLong Term: OptimisticTone: ConfidentRisk: High

Management Guidance

Management is focused on systematically increasing underlying volume growth but acknowledges significant uncertainty for FY27 due to major raw material inflation (40-50%) stemming from geopolitical conflict. The company is implementing calibrated and significant price hikes to pass on absolute cost increases, while remaining committed to its 20% to 24% EBITDA margin corridor. The primary strategic priority is to maintain growth momentum and continue demand generation activities despite the inflationary pressures.

15 May, 2:31 pm

Confident Execution: Orient Electric Drives Growth & Margin Expansion Amidst Inflationary Headwinds

Orient Electric Ltd · ORIENTELEC

Sentiment: BullishShort Term: Cautiously OptimisticLong Term: OptimisticTone: ConfidentRisk: Medium

Management Guidance

Management anticipates improved demand in Q1FY27, driven by a favorable summer forecast, and will continue implementing calibrated price increases to counter significant commodity inflation while protecting market share. The company remains committed to its '3-wall strategy' focusing on premiumization, diversification, and distribution to drive growth. A continued focus on cost discipline and operational execution underpins management's commitment to achieving double-digit EBITDA margins in the medium term.

15 May, 12:11 pm

Medi Assist's Tech-First Strategy Drives Growth; Margin Recovery and International Expansion in Focus

Medi Assist Healthcare Services Ltd · MEDIASSIST

Sentiment: BullishShort Term: Cautiously OptimisticLong Term: OptimisticTone: ConfidentRisk: Medium

Management Guidance

Management anticipates technology and international business growth to continue at or above FY26's strong pace, while the core business aims to grow in line with or better than the industry. No explicit margin guidance was provided, but the company highlighted recent quarterly EBITDA margin expansion and expects to realize further synergies from the Paramount integration, which is on track for completion within the next one to two quarters. The strategic focus remains on leveraging its AI and technology platforms for domestic leadership and targeted international expansion.

15 May, 11:09 am

Wonderla's Record Q4 Fueled by Chennai Park, Eyes Cautious Growth and Tier-1 Expansion

Wonderla Holidays Ltd · WONDERLA

Sentiment: BullishShort Term: Cautiously OptimisticLong Term: OptimisticTone: ConfidentRisk: Medium

Management Guidance

Management is optimistic about the FY27 growth outlook, driven by a full year's contribution from the new Chennai park and improving performance across the portfolio. While near-term uncertainty in discretionary spending is acknowledged, the company expects EBITDA margins to improve towards historical levels of ~40% as new parks mature. The long-term strategy is focused on expanding into Tier 1 cities with plans to add at least 2-3 new parks over the next five years, though near-term capex is limited to INR 35-40 crores for sustaining activities.

15 May, 10:37 am

NOCIL: Strong Volume Rebound Tempered by Margin Pressure, Eyes Recovery via Price Hikes & ADD

NOCIL LTD. · NOCIL

Sentiment: NeutralShort Term: Cautiously OptimisticLong Term: OptimisticTone: ConfidentRisk: Medium

Management Guidance

Management guides for a sustained positive momentum with double-digit volume growth in the coming years, viewing Q4 as a new base. They are actively implementing price hikes to counter raw material inflation and target an EBITDA margin improvement of approximately 150 basis points from the FY26 base. This recovery is expected to be driven by operating leverage from higher volumes, cost efficiencies, and the ramp-up of new capacity, while awaiting a final decision on anti-dumping duties.

15 May, 10:25 am