Q4 FY26 earnings: Top stock movers and key numbers

Why Q4 FY26 results are moving stocks

Q4 FY26 earnings have triggered sharp, stock-specific moves across the Indian market, as investors weighed profit growth, margin pressure, dividends, and outlook cues. The reactions have not been uniform, with several counters rising on strong profit prints or corporate actions, even as others fell despite revenue growth. A key feature of this season has been dispersion, where the market has rewarded companies with clean beats, improving profitability, or clear capital return signals.

This pattern played out across sectors ranging from oil marketing and mining to autos, exchanges, telecom, and financials. In many cases, the price action reflected positioning and expectations rather than only the headline year-on-year growth number. The week also reinforced how sensitive sentiment remains to near-term earnings quality, especially when broader indices are volatile.

Market context: mixed earnings, mixed tape

A broader earnings wrap on the NIFTY50 constituents described a “mixed bag” for the January to March quarter of FY25-26, with supply chain disruptions and higher oil prices cited as part of the backdrop. Separately, earnings commentary around the same period highlighted a gap between weak index returns and stronger corporate prints, with FY26 Nifty 50 return cited at -4.33% in that discussion.

On earnings breadth, multiple snapshots pointed to an improvement in the proportion of companies reporting positive results in the March 2026 quarter, but with different figures cited across sources. One data point put the positive result ratio at 57.0% for Mar-2026 (up from 46.0% in Dec-2025), while another summary cited 58.0%. A separate thread cited 63.0% for the March quarter and also suggested mid-caps led on positivity, with large-caps lagging on the same measure.

The common message across these summaries was that topline momentum looked better in several pockets, but earnings outcomes were uneven and company-specific.

Oil marketing and energy: IOC and HPCL in focus

Indian Oil Corporation (IOC) shares saw an uptick after the company reported a 78% year-on-year jump in Q4 FY26 net profit to ₹14,458 crore. Revenue grew 7% to ₹237,000 crore (₹2.37 lakh crore). The combination of strong profit growth and steady revenue expansion supported the positive stock reaction.

Hindustan Petroleum Corporation Limited (HPCL) announced a final dividend of ₹19.25 per share, described as its highest payout in five years, with August 14 set as the record date. Shares gained 4% after the announcement, even as the stock was noted to be down in 2026. For Q4 FY26, HPCL reported a 46% rise in standalone net profit to ₹4,902 crore.

These moves underlined how dividends can shift near-term sentiment, particularly in energy names where profitability can be cyclical and headline earnings are closely tracked.

NLC India: record high on profit surge and dividend recommendation

NLC India shares rallied 18% to a fresh record high after the company posted a 189% year-on-year surge in Q4 net profit to ₹1,394 crore. Revenue rose 32%, and the board recommended a final dividend. The company also reported record annual coal production and its highest-ever full-year profit.

The stock reaction reflected a mix of factors visible in the update: a sharp quarterly profit jump, an improving revenue trend, and shareholder returns through a recommended final dividend. The mention of record annual coal production also added an operational milestone that investors tend to track in resource-linked PSUs.

MCX: record high as earnings jump alongside bullion strength

Multi Commodity Exchange (MCX) shares surged over 3% to a record high, extending recent gains attributed to strong Q4 results and rising gold and silver prices. MCX was reported to have delivered a sharp earnings expansion, with one update describing a fourfold net profit increase and a threefold revenue jump. Another update quantified net profit as up 291% year-on-year, while noting that revenue more than tripled amid higher participation and growth across commodity segments.

Even with the broader market described as weak in parts of the period, MCX’s move suggested investors were willing to pay up for operating leverage when volumes and participation remain supportive.

Auto reactions: Tata Motors CV, Tata Motors PV, TVS Motor, Bajaj Auto

Tata Motors commercial vehicle (CV) shares jumped 3% on Friday, recovering from earlier losses, even as Q4 earnings were described as not impressing the market. The company reported a 70% year-on-year increase in standalone net profit to ₹2,406 crore.

Tata Motors Passenger Vehicles shares also jumped significantly after reporting a profit drop for Q4 FY26, while revenue from operations increased. The update highlighted the divergence between profit and revenue trends, but did not provide specific revenue numbers.

TVS Motor’s Q4FY26 results showed net profit up 19% to ₹772 crore and revenue rising 30% to ₹15,053 crore. Despite that, TVS Motor shares were also described as falling over 4% after the results, signalling that the market may have been pricing in more, or that other line items drove caution.

Bajaj Auto shares rose over 3% after it reported its highest-ever quarterly profit of ₹2,746 crore for Q4FY26, up 34% year-on-year. Brokerage commentary was cited as bullish following the print.

Pharma and healthcare: mixed signals across names

Gland Pharma shares rallied after the company reported a 97% year-on-year surge in Q4 profit and strong revenue growth, driven by its CDMO business. The board also announced a ₹20-per-share final dividend for FY26.

Dr. Reddy’s Laboratories, in contrast, reported a sharp 86% year-on-year drop in Q4FY26 consolidated net profit to ₹221 crore, compared with ₹1,587 crore a year ago.

Cipla shares surged, extending gains to nearly 11% in two sessions, after several brokerages turned bullish despite a weak Q4 performance. The stock hit an intraday high of ₹1,432.10 as investors focused on future growth prospects rather than near-term earnings pressure.

Banks and financials: steady to soft prints, stock-specific moves

Canara Bank shares rose after the lender reported a consolidated net profit of ₹4,506 crore for Q4FY26, down 10% year-on-year and 13% sequentially.

Among large private lenders mentioned in the earnings wrap, HDFC Bank recorded a 9% increase in Q4 PAT to ₹19,221 crore, compared with ₹17,616 crore a year ago, with commentary pointing to reduced NPAs and growth in core interest income. SBI was described as posting a 5.5% rise in Q4 PAT and a 3.13% rise in NII, while another earnings snapshot listed SBI’s NII at ₹44,380 crore (+4.1% YoY) and PAT at ₹19,684 crore (+5.6% YoY), along with a final dividend of ₹17.35 per share.

Punjab National Bank shares jumped after the lender reported a 14% rise in net profit for Q4 FY26, and brokerages maintained ‘Buy’ ratings, though some target prices were revised.

Consumer, tech, and new-age: Swiggy, Airtel, GCPL, CarTrade

Bharti Airtel shares rose over 2% despite a 34% year-on-year fall in March-quarter consolidated net profit to ₹7,325 crore.

Swiggy shares plunged 7% after it reported a Q4 FY26 net loss of ₹800 crore. Another update on the same results said Swiggy narrowed its losses to ₹800 crore in Q4 FY26, driven by a 45% revenue surge and the food delivery business’s strongest growth in 15 quarters.

Godrej Consumer Products Ltd (GCPL) reported a 9.67% increase in consolidated net profit to ₹451.77 crore, while total consolidated income rose 7.9% to ₹15,444.07 crore. CarTrade Tech reported a 54% year-on-year jump in Q4FY26 consolidated net profit to ₹64.6 crore, while revenue from operations rose nearly 20% to ₹203.1 crore.

Key data points at a glance

What the reactions say about this earnings season

The week’s moves showed that markets are rewarding a mix of factors, not just year-on-year profit growth. Dividend announcements and record dates, as seen in HPCL, can drive sharp short-term price responses. In other cases, operational milestones and record highs, such as NLC India’s annual coal production and record full-year profit, can add to the momentum.

At the same time, price reactions like TVS Motor’s decline despite double-digit profit and revenue growth highlight how expectations matter. Similarly, Airtel’s rise despite a profit drop and Cipla’s surge despite a weak quarter showed the market’s willingness to look beyond a single quarter when broker commentary or perceived medium-term drivers dominate.

Conclusion

Q4 FY26 earnings updates produced a wide range of outcomes across sectors, with IOC, NLC India, MCX, HPCL and Bajaj Auto among the notable gainers on strong profit prints or dividends, while Swiggy and TVS Motor saw negative reactions. With more results and brokerage responses still unfolding, investors are likely to keep focusing on earnings quality, the durability of margins, and clear shareholder return signals such as final dividends and record dates.