Q4 FY26 Earnings Today: HDB Financial Jumps 41%, Insurance Steady, Telecom Misses

Hey folks, earnings season is officially kicking off, and April 15 delivered a classic mixed bag that perfectly captures the mood of Indian markets right now: financials showing real resilience while some cyclicals and execution-heavy names remind us that not every story is smooth sailing.

The standout? HDB Financial’s blockbuster numbers that screamed “we’re built different” in a high-rate environment.

But a sharp miss at Tejas Networks served as a reality check on post-BSNL normalization. Here’s the balanced, no-fluff take across large, mid, and small caps — with what actually matters for your portfolio.

Large-Cap Resilience in Financials

ICICI Lombard General Insurance delivered a steady, no-drama quarter — exactly what investors love from a market leader. PAT rose 7% YoY to ₹547 crore, with total income at ₹6,619 crore. The board approved a ₹7 per share dividend. In a sector where combined ratios and investment income drive the show, this 7% growth signals healthy underwriting and steady inflows without fireworks — solid for insurance exposure if you’re playing the long game on rising penetration.

HDB Financial Services (technically mid-cap but HDFC Bank’s NBFC arm with serious large-cap vibes) stole the show. Net profit jumped 41.4% YoY to ₹751 crore (vs ₹531 crore last year).

NII grew 21.6% to ₹2,399 crore, net total income up 17% to ₹3,063 crore, and NIM held strong at 8.23%. Asset quality stayed pristine with low Stage 3, and they declared a ₹2 per share final dividend.

This isn’t just a beat — it’s a loud vote of confidence in retail lending and vehicle finance amid sticky rates.

If your portfolio has NBFC weight, this is the kind of print that supports re-rating and gives comfort that credit costs won’t spike.

Mid-Cap Highlights: Industrials Hold the Line

Elecon Engineering (industrial gears and material handling) showed why order books matter more than one soft quarter. Consolidated revenue came in at ₹746 crore (down 6.5% YoY), but EBITDA margin stayed healthy at 21.2%. Reported PAT was ₹108 crore on consolidated basis (after a one-time ₹102 crore goodwill impairment); standalone net profit fell to ₹97 crore from ₹125 crore last year. FY26 full-year PAT, however, jumped nicely to ₹477 crore.

The real story? Order intake of ₹657 crore and a robust open order book of ₹1,292 crore — plenty of visibility ahead. Chairman & MD Prayasvin Patel highlighted strategic global alliances, R&D push, and scaling the high-growth MHE division.

They proposed a ₹1.50 dividend. For mid-cap industrials watchers, this is a “buy the dip on execution” setup — strong backlog means FY27 could look very different if capex cycles revive.

Small & Mid-Cap Surprises (and One Sharp Miss)

Tejas Networks delivered the biggest disappointment of the day. Revenue collapsed 82% YoY to just ₹333 crore (after a massive BSNL-driven base last year), leading to a widened net loss of ₹211 crore (vs ₹72 crore loss YoY) and EBITDA turning negative. This is classic post-big-order normalization — BharatNet and private 5G orders haven’t fully stepped up yet. Shares were volatile but the print underscores near-term pressure in telecom equipment. If you’re in tech hardware, watch the order book commentary closely; this isn’t structural weakness, but it does delay the rebound narrative.

Other smaller names like Reliance Industrial Infrastructure, GTPL Hathway, Lotus Chocolate, and a handful of micro-caps (Citi Port, Continental Controls, etc.) also reported, but none moved the needle like the above.

GTPL’s cable broadband steady-state and a few SME surprises were there, but volume was light compared to the financials and industrials action.

Sector Themes & Market Mood

Financials (NBFCs + insurance) clearly led the early earnings narrative — resilience in margins and asset quality despite high system CD ratios. Industrials showed margin discipline and backlog strength even as topline softened.

Telecom/execution cyclicals felt the pinch of base effects and delayed order flows.

Overall takeaway? Q4 FY26 is shaping up as “quality over quantity” — beats where management execution was sharp, misses where external projects normalized.

This sets a cautious-but-constructive tone for the broader season: banks and NBFCs could anchor sentiment, while capex-linked names need to prove order conversion.

What this means for your portfolio: If you’re overweight financials or selective industrials with strong books, today’s prints are tailwinds. Avoid chasing pure cyclical recovery plays without order visibility. Valuations remain premium in many mid-caps, so focus on earnings delivery over hope.

Standout Earnings Highlight of the Day

HDB Financial Services — the clearest high-conviction beat. 41% YoY PAT jump to ₹751 crore, 22% NII growth, pristine asset quality, and a dividend. This is the kind of result that reinforces confidence in the retail lending cycle and could spark fresh interest in the broader NBFC space.

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