Q4 Results 11th May Highlights: Canara Bank Q4 profit dips, UPL, PVR Inox, Shyam Metalics profit rise, JSW Energy, IHCL, Abbott, JB Chemicals, Nuvama, Syrma SGS Tech, Anant Raj, JBM Auto to announce Q4 results

BofA Securities on Pidilite

Underperform, target price raised to ₹1,475

Fourth‑quarter results were solid, but the operating environment is shifting – we need to monitor how the company handles macro‑economic volatility and cost pressures.

With input‑cost inflation running at 40‑50%, margins may slip to the lower end of the guided range despite two price increases already implemented.

Price sensitivity and competitive intensity remain key areas to watch.

Furthermore, the current valuation offers little upside.

Goldman Sachs on Pidilite

Buy, target price ₹1,700

The company posted a very strong Q4FY26, delivering 15% revenue growth driven entirely by underlying volume expansion.

Management noted there was no channel stocking, and April demand trends remained robust, mirroring the strength seen in Q4FY26.

Growth stems from healthy performance in the core adhesives portfolio and stronger momentum in tile adhesives and waterproofing segments.

The firm faces 40‑50% input‑cost inflation and has rolled out roughly 12‑13% price hikes.

Citigroup on Britannia

Buy, target price cut to ₹6,500

Britannia reported a subdued Q4, with revenue and EBITDA each up 6%.

The performance was affected by:

1) The West Asia conflict disrupting exports (previously manufactured in Oman), creating a 2‑2.5% drag in Q4.

2) Ongoing dual pricing in the market as Parle kept odd price points (₹4.5/₹9) after GST reductions.

The company is shifting export production to Mundra (Gujarat), expected by mid‑May, which could keep a 2‑3% impact into Q1.

We anticipate pricing distortions to ease as industry players raise prices to counter commodity inflation.

Overall, pressures should ease in the near term, with growth improving from Q2.

CLSA on Britannia

Hold, target price ₹5,569

Consolidated sales grew 7.1%, falling short of estimates.

Profit before tax missed forecasts by 14%, dragged by weaker sales growth and a lower‑than‑expected EBITDA margin, as continued brand‑building investments lifted other expenses by 17%.

Volume rose 5.5% year‑on‑year; low‑price packs (representing 60‑65% of the India business) faced pressure in wholesale and rural channels due to dual pricing.

Additionally, while the first two months of Q4FY26 showed around 9% growth, logistical issues at Britannia’s Oman unit impacted March.

Britannia has moved production to the Mundra plant and expects its international business to recover midway through Q1FY27.

BofA Securities on Britannia

Neutral, target price cut to ₹5,820

Q4 growth and earnings fell short, hit by competitive pressure (dual pricing affecting low‑unit‑price packs) and overseas supply constraints.

The company is taking corrective steps, but the positive GST‑cut narrative has yet to materialise (perhaps due to timing of management changes).

Earnings trimmed by 3%.

Growth is likely to edge upward; commodities, competition, and execution remain watch‑outs.

Macquarie on ABB

Downgraded to Underperform from Neutral, target price ₹5,470

First‑quarter results were markedly below expectations, with EBITDA/PAT down 27%/25% even though sales rose 6%. Margins slipped 580 basis points year‑on‑year.

The margin decline stemmed from sluggish execution, higher input costs, an adverse revenue mix, and foreign‑exchange movements; margin recovery may take time.

New orders jumped 25% year‑on‑year, buoyed by a large order while base orders grew only 9%.

We trim EBITDA margin guidance by 50 basis points for CY26E/CY27E/CY28E and lower PAT by 6%/6%/8% respectively.

Jefferies on ABB

Downgraded to Underperform, target price ₹5,915

ABB restated its March quarter financials to reflect the divestiture of its robotics business.

EBIT excluding robotics missed estimates by 29%.

Ex‑robotics, EBITDA margin fell 576 basis points YoY to 12.8%, pressured by weak gross margins as rising commodity costs could not be fully passed on.

We expect industrial capex growth, excluding power transmission and distribution, to remain subdued.

Consequently, a return to ABB’s historical high EBITDA margins of 18‑19% looks unlikely.

BofA Securities on ABB

Underperform, target price ₹4,764

ABB India completed the sale of its robotics business; ex‑robotics revenue growth slowed to 6% YoY (4.3% below BofA’s estimate).

Margins contracted 576 basis points YoY due to raw‑material cost inflation and a shift in revenue mix, while order growth stayed strong at 25% YoY.

We cut estimates owing to margin pressure and the robotics segment divestment; valuations remain elevated.

Citigroup on ABB

Sell, target price ₹5,200

EBITDA fell 19% YoY and came in 16% below comparable estimates on a margin miss.

The margin shortfall echoes the YoY contraction seen in June Q25, driven by commodity inflation, INR depreciation, competitive pressures, selective price cuts, and execution slip‑ups linked to the Middle‑East conflict.

Orders were robust (+25% YoY), though we believe this is already reflected in the stock price.

Citigroup on MGL

Buy, target price ₹1,400

MGL reported Q4 EBITDA of ₹2.6 bn (‑26% qoQ), in line with estimates.

Although volumes were slightly ahead (+6% YoY), this was offset by marginally weaker‑than‑expected margins.

Net income came in at ₹1.3 bn (‑35% qoQ), also broadly in line.

FY26 EPS stood at ₹86 per share (FY25: ₹105/sh).

MGL declared a final dividend of ₹18 per share (full‑year dividend ₹30/sh).

While LNG supply disruptions tied to Middle‑East tensions continue to pose near‑term volume and margin risks, recent government policy initiatives remain supportive of longer‑term CGD sector growth, keeping us positively inclined on the stock.

BofA Securities on MGL

Buy, target price ₹1,330

Q4 EBITDA of ₹2.6 bn missed consensus by 13%; volumes grew +6% YoY, but gas‑cost/FX volatility pressured margins amid disruptions.

Near‑term EBITDA margins are likely to stay below Q4 levels due to higher blended gas costs (pooled/Brent‑linked) and INR depreciation.

Recent policy tweaks to boost growth, especially in D‑PNG and I&C‑PNG segments; FY27 capex guided at ₹12 bn.

Jefferies on Mahanagar Gas

Recommendation Underperform; Target ₹1,020, Earlier Target ₹900

EBITDA down 22% YoY, 6% below estimates.

Margins sharply hit by rising gas costs and higher OPEX.

Volume growth slowed to 6% with declines for three consecutive quarters.

Qatar North Field expansion postponed to late CY2027–early CY2028.

FY27E PAT cut by 23% and FY28E PAT cut by 7%.

We model a 17% YoY PAT decline for FY27.

Jefferies on Adani Energy Solutions

Recommendation Buy; Target ₹1,665, Earlier Target ₹900

Growth outlook bolstered by a healthy order book and steady distribution expansion.

EBITDA delivery expected to stay robust.

Capital structure remains manageable.

Downside Risks: Inability to sustain interest rates, loss of market share.

Jefferies on Cement Sector

Top picks: UltraTech Cement, JK Cement

The cement sector is showing early signs of capital discipline.

Leading players are trimming expansion plans to address weak capacity utilisation.

Capex discipline emerging – Shree Cement (₹3,000 cr to ₹1,500 cr) and Ambuja Cement (30‑35% cut, delay in 140 MTPA).

Shift from volume to profitability focus; sustainability hinges on maintaining discipline during upcycles.

BofA on Escorts Kubota

Recommendation Neutral, Target ₹3,500, Earlier Target ₹3,700

Cycle and cost pressures cap near‑term upside.

Softening tractor cycle warrants a pause in the near term, even as medium‑term prospects stay promising.

Margin drag appears larger than anticipated.

Morgan Stanley on Urban Company

Recommendation Underweight, Target ₹128, Earlier Target ₹120

Q4: Strengthening the moat

Solid execution and strong intent to win the instant‑services market.

The biggest takeaway is that the business’s moats have become even stronger than before.

We see the battle for the instant market turning into a serious contest, with private peers raising substantial capital.

Investment levels could remain elevated for an extended period.