Corporate Actions
Dividend
16-Apr-26
ENERGYINF: Income Distribution (InvIT)
17-Apr-26
MUTHOOTFIN: Interim Dividend
22-Apr-26
CIEINDIA: Final Dividend – Rs. – 7.00
SANOFI: Final Dividend – Rs. – 48.00
23-Apr-26
CRISIL: Interim Dividend
SCHAEFFLER: Final Dividend – Rs. – 35.00
IPO
—
Buyback
Aurobindo Pharma: Ex-Date: 17-Apr-26
Bonus Issue
—
Stock Split
Pashupati Cotspin: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 17-Apr-26
String Metaverse: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 24-Apr-26
Right Issue
Gujarat Cotex: Open: 10-Apr-26; Close: 08-May-26
Gravity India: Open: 27-Apr-26; Close: 25-May-26
Open Offer
ADC India Communications: Open: 02-Apr-26; Close: 17-Apr-26
Manappuram Finance: Open: 06-Apr-26; Close: 20-Apr-26
Indo Borax & Chemicals: Open: 10-Apr-26; Close: 24-Apr-26
Sammaan Capital: Open: 17-Apr-26; Close: 30-Apr-26
Consolidation of Shares
Sanmit Infra: Ex-Date: 30-Apr-26
Spin Off
Prima Plastics: Ex-Date: 17-Apr-26
ANAND RATHI SHARE AND STOCK BROKERS: FY26 STRONG, FY27 LOOKS MORE BALANCED
#Q4FY26
Performance
– FY26 consolidated revenue stood at ₹9,322 million, up 10.2% YoY.
– FY26 PAT came in at ₹1,293 million, up 24.8% YoY.
– Q4 EBITDA margin was 43.2%.
– Q4 PAT margin was 16.2%.
– Dividend proposed: ₹5 per share.
Business Mix
– Full-year mix was 51% broking and 49% non-broking.
– In Q4, non-broking contributed 53% of revenue.
– Revenue mix within broking was 51% Equity Cash, 41% F&O, and 8% Others.
– Distribution income rose 44.1% YoY.
– MTF book stood at ₹11,019 million, up 61% YoY, though it fell 10.53% QoQ due to RBI norms and weak markets.
Management View
– Management called FY26 a memorable year, helped by the September 2025 IPO that raised ₹745 crore.
– The tone was confident, disciplined, and transparent.
– Leadership highlighted the move from a broking-led model to a balanced structure.
– The company is positioning itself as investment-focused, not speculative.
– It continues to stress a relationship-led and phygital model.
Guidance
– Revenue growth target is 15% to 20% YoY.
– Non-broking growth is guided at 40% to 45%.
– Broking growth is guided at around 15%.
– The company aims for a 50:50 revenue split between broking and non-broking.
– MTF book target is ₹15,000 million by FY27.
Risk And Regulation
– RBI policy changes reduced bank-led working capital routes.
– This forced temporary control on MTF growth.
– Nifty fell around 15% in Q4 FY26, hurting sentiment.
– The MTF book declined 10.53% during the quarter.
– The company restricts its MTF-eligible stock basket to under 1,000 stocks for risk control.
– It also notes competitive pressure in MTF interest rates, though demand remains strong.
Growth Drivers
– A corporate agency license has opened insurance distribution.
– The company has begun life and health insurance distribution.
– Distribution income is being driven by cross-selling of mutual funds, PMS, AIF, and bonds.
– Expansion into Tier 2 and Tier 3 markets remains a key priority.
– About 60% of broking customers already use the digital platform.
Client Base
– 83% of active clients are above 30 years of age.
– 42% of clients have been with the firm for more than 5 years.
– Management sees this as evidence of a mature, relationship-driven franchise.
– The focus is on financialization of household savings in India.
– The company believes its customer mix supports stable long-term growth.
Balance Sheet
– Debt-to-equity improved to 0.62 from 1.88 in FY25.
– The IPO strengthened the balance sheet and working capital.
– Management maintains zero NPAs in the MTF book for over eight years.
– This remains a key credibility point in a volatile market.
– The long-term stance is positive, even if near-term MTF growth stays choppy.
Market Context
– India’s demat accounts rose sharply from 15.14 crore in March 2024 to 22.2 crore by February 2026.
– Mutual fund AUM also increased nearly 25% YoY.
– SEBI’s tighter leverage rules may create short-term discomfort.
– Management views those rules as necessary for a sustainable ecosystem.
– Global volatility and FII outflows caused market consolidation, but the structural growth story remains intact.
Current Market Quote
– The stock was last quoted at ₹3,654.50, with a market cap of about ₹30,339.9 crore.
– The stock’s trailing dividend yield was 0.00 in the latest quote.
View
– The core story is a transition from brokerage dependence to a more diversified wealth and distribution model.
– The strongest positives are balance-sheet strength, zero-NPA discipline, and non-broking growth.
– The main near-term watchpoints are regulatory pressure, MTF slowdown, and market volatility.
– Overall, the setup remains constructive for long-term compounding.
TODAY’S Q4 RESULTS
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CRISIL
HDFC AMC
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ICICI AMC Q4 FY26: RESILIENT GROWTH, BUT MARGIN HEADWINDS AHEAD
#Q4FY26
Performance
– Revenue from operations rose 19.5% YoY to ₹1,517 crore in Q4 FY26.
– PAT increased 10.4% YoY to ₹763 crore.
– PAT fell 16.8% QoQ due to negative other income from MTM losses.
– FY26 PAT rose 24% YoY to ₹3,298 crore.
– Operating profit before tax for FY26 stood at ₹1,128 crore, up 30.2% YoY.
– Operating margin improved to 37.66 bps in FY26 vs 35.9 bps in FY25.
– Final dividend declared: ₹12.4 per share.
Market And Business
– Nifty50 fell 14.5% during the quarter, creating a challenging market backdrop.
– Total industry AUM grew 21.1% YoY to ₹81.62 trillion.
– ICICI AMC’s total market share stood at 13.5%.
– Active scheme market share was 13.7%.
– Equity and equity-oriented market share was 14.2%.
– Equity-oriented hybrid market share was 26.7%.
– The company said its net flow market share in equity is higher than its AUM market share.
– Passive AUM grew 48.3% YoY to ₹1.84 trillion.
– SIP/STP transactions rose to ₹51.04 billion in March 2026, up 30.6% YoY.
– Blended yield declined from 47.5 bps to 46.1 bps because of a higher passive and ETF mix.
Management Commentary
– Management said performance remained resilient despite a difficult market.
– The tone was transparent, cautious, and confident.
– Equity returns have been subdued for 18 months.
– Investors are being guided toward dynamic asset allocation funds in uncertain markets.
– The company highlighted its digital edge and ability to acquire young first-time investors through fintech partnerships.
– Management emphasized alternates, international expansion, and maintaining strong net flow market share in equity.
Growth Drivers
– Alternates business is a major focus.
– Investment management rights are being transferred from ICICI Venture.
– This adds ₹46.28 billion in fee-paying committed funds across private equity and affordable real estate.
– The company is expanding internationally with a retail FME branch in Gift City.
– A dedicated office has also been set up in Dubai.
– ICICI AMC is working on 4 to 5 new product ideas.
– One or two product launches may happen next month, subject to regulatory approval.
– Specialized Investment Funds such as long-short strategies are being developed.
– The new SIF ticket size target is ₹10 lakh, aimed at bridging mutual funds and PMS.
Costs And Risks
– A regulatory TER change effective April 1, 2026 may impact margins by 3 to 4 bps.
– Management is discussing steps to mitigate this impact.
– Other income was negative at ₹0.89 billion this quarter due to market-linked MTM losses.
– Employee cost dropped this quarter, but ESOP debits will start hitting the P&L from FY27.
– ESOP amortization guidance is about ₹640–680 million for FY27.
– FY28 amortization is expected at ₹360–400 million.
– FY29 amortization is expected at ₹180–220 million.
– Geopolitical uncertainty remains a reason for cautious positioning.
– Market volatility can continue to affect both sentiment and non-core income.
Outlook
– SIP and lumpsum inflows remained stable between March and early April.
– No major demand slowdown was seen at the ground level.
– The mutual fund industry continues to benefit from digital-first young investors.
– Management sees mutual funds becoming the primary investment vehicle for young Indians.
– The passive category is also growing strongly, led by gold and silver products.
– FY26 showed strong operational resilience despite sharp market correction.
– Competitive positioning remains strong because of scale, product depth, and digital distribution.
– Near-term margin pressure is the key watchpoint, but the long-term growth story remains intact.
TEJAS NETWORKS Q4 FY26: TECHNOLOGY STORY IS STRONG, FINANCIAL STORY IS STILL STRESSED
#Q4FY26
Performance
– FY26 revenue was ₹1,130 crore.
– FY26 net loss was ₹999 crore.
– Q4 revenue was ₹333 crore.
– Q4 net loss was ₹211 crore.
– The results were described by management as disappointing.
– Management said FY26 was a year of consolidation and transformation.
Management View
– Leadership shifted the narrative from BSNL execution to global product scaling.
– Management expressed confidence in its technology stack and patent portfolio.
– The tone was transparent but cautious.
– The company avoided firm profitability or revenue guidance.
– Management said FY27 should deliver far better financial results.
Order Book And Visibility
– Order book ended at ₹1,514 crore.
– This excludes the potential BSNL add-on order.
– The BSNL add-on discussion is for 18,000 sites.
– No purchase order has been received yet.
– This remains a key near-term volume trigger.
Balance Sheet Stress
– Net debt stood at ₹3,531 crore.
– Receivables were ₹3,258 crore.
– Inventory was ₹2,438 crore.
– Combined receivables and inventory are above ₹5,000 crore.
– Management acknowledged serious balance-sheet strain.
– Analysts also flagged debt-funded R&D and intangible investment concerns.
Technology And Growth
– Tejas is positioning itself for the AI-led network infrastructure cycle.
– The company sees strong demand for 400G and 800G edge connectivity.
– It expects AI traffic to exceed 60% of total network traffic by 2035.
– Edge inferencing is becoming a major theme.
– The company believes 50% of new AI traffic may be processed at edge nodes.
Product And Partnerships
– Wireless growth is expected to scale in FY27.
– Optical and routing products are being commercially scaled.
– NEC and Rakuten partnerships are being used to expand international reach.
– A global customer order for 5G massive MIMO radios was signed.
– Revenue from that contract is expected in FY27.
– Tejas launched a hyperscalable DCI product.
– It also introduced an ultra-compact WDM system with 76 Tb per single fiber pair.
Innovation
– Tejas filed 63 patents in Q4.
– Total patents filed reached 676.
– The focus is on wireless innovation and SEPs.
– Management is leaning on indigenous deep-tech development.
– BharatNet, South Asia, and the Americas are key geographic focus areas.
Risks
– FY26 delays in large customer projects hurt revenue sharply.
– Memory prices are rising.
– Chip lead times remain a challenge.
– The company is still loss-making while spending heavily on intangibles and R&D.
– Profitability is more of a goal than a firm near-term guide.
– Investors should treat the turnaround as high risk and execution-dependent.
Current Market Quote
– The stock was last quoted at ₹304.95, with a market cap of about ₹10,891.5 crore.
– The stock’s trailing P/E was 28.31 based on the latest quote data.
View
– The core issue is simple: strong technology, weak current financials.
– The BSNL add-on and NEC monetization are the two biggest watchpoints.
– Until receivables improve and losses narrow, the stock remains a speculative turnaround story.
– The long-term AI-network theme is real, but the near-term balance-sheet stress is also real.
ICICI PRUDENTIAL LIFE Q4 & FY26: RETAIL PROTECTION DRIVES VNB AND PAT UPSIDE
#Q4FY26
Performance
– FY26 PAT rose 34.6% YoY to ₹16 billion, helped by a ₹1.14 billion gain from sale of the pension‑fund subsidiary.
– VNB grew 10.9% to ₹26.29 billion, with VNB margins improving 190 bps to 24.7%.
– APE grew 9.54% in Q4.
– FY26 ROE was 11.9%; management targets steady ROEs in the 13–14% band over the long term.
Growth And Product Mix
– Retail protection is the core growth engine, up 60.5% YoY in Q4 and 50.9% in H2 FY26.
– Protection contributes to a multi‑decade structural opportunity, with only 13% of the addressable population currently covered.
– Savings and annuity segment has longer policy terms (26 → 29 years) and annuity stabilised at ~7% of retail mix.
– Focus on high‑sum‑assured ULIPs, which are less sensitive to equity‑market volatility.
Distribution And Strategy
– Management pivoted to a granular “micro‑market” strategy, narrowing down to specific customer segments and channel fits.
– Agency and direct channels declined versus a high base in annuity and unit‑linked products last year.
– New‑business growth is more concentrated in bancassurance and corporate‑owned channels.
– Deepening proprietary branch footprint and expanding the NRI franchise via Gift City and online channels.
Digital And Cost Efficiency
– AI and ML are embedded across underwriting, KYC (face‑match), claims and customer‑support emails.
– Operating cost‑to‑premium ratio improved by 40 bps to 12.1% through productivity gains.
– 99.3% claim settlement ratio and 0.22% early‑claim ratio underline strong operational discipline.
Regulation And Macro
– 2025‑26 GST‑reform wave boosted retail‑protection premiums; industry retail‑sum‑assured growth post‑reform is about 2.5× pre‑reform.
– High bank‑FD rates are competing with non‑par life products, pushing some customers into deposits.
– Management adopted a “wait and watch” stance for FY27 guidance due to geopolitical uncertainty.
Risks And Concerns
– Negative persistency variance of ₹2.64 billion, mainly from a 100% premium‑back annuity product, as volatility and liquidity needs triggered higher lapses.
– Input‑tax‑credit unavailability post‑GST reforms pressured underlying operating assumptions and margins.
– March 2026 West Asia conflicts dented new‑business momentum late in the quarter.
Capital And Solvency
– Solvency ratio at 227.3%, well above the 150% regulatory requirement.
– Embedded Value grew 10.5% to ₹529.89 billion, underpinned by 3.14 trillion INR in AUM.
– Balance sheet is robust; earnings are primarily driven by new‑business VNB rather than capital gains.
View
– Positive mid‑to‑long‑term story: strong VNB growth, retail‑protection leadership, and disciplined cost management.
– Near term, watch for VNB‑quality (persistency, annuity mix), GST‑related margin drag, and FY27‑guidance clarity.
– Rating is constructively biased, with valuation sensitive to FY27 VNB‑growth and persistency normalisation.
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