Q4 results today: Airtel, Cipla, DLF in focus

A busy earnings day for India Inc.

India’s March-quarter reporting season stays in sharp focus on Wednesday, May 13, with at least 100 companies scheduled to announce Q4FY26 results. Heavyweights across telecom, autos, real estate, financial services, energy and pharmaceuticals are on the calendar, keeping trading activity centred on earnings expectations and early numbers.

Among the widely tracked names expected to report are Bharti Airtel, Tata Motors, DLF, Power Finance Corporation (PFC), Cipla and Hindustan Petroleum Corporation (HPCL). Other companies due to declare results include Oil India, Bharti Hexacom, Tube Investments of India, NLC India, GlaxoSmithKline Pharmaceuticals, LIC Housing Finance, Inventurus Knowledge Solutions, TVS Holdings, Kaynes Technology India and several more.

With multiple management conference calls typically scheduled after results, investors are also watching for commentary on demand conditions, margins, and business outlook. Some companies may announce dividends alongside their quarterly numbers.

Early market moves ahead of Q4 announcements

Trading in a few key names was mixed ahead of earnings.

DLF shares traded higher ahead of its Q4 results, quoted at ₹576.65 on the NSE, up 1.31%. Power Finance Corporation shares also gained, trading at ₹442.55 on the NSE, up 0.42%.

TVS Motor Company, however, was under selling pressure around 11:40 am, trading at ₹3,511.70 on the NSE, down 1.38%. Bharti Airtel shares traded higher ahead of the company’s March-quarter earnings announcement, though the report cited no specific price level.

Overall, shares of the earnings-heavy docket traded mixed as the market positioned for results.

Companies scheduled to report on May 13

The results calendar includes many large and mid-cap companies. Key names scheduled to release Q4FY26 earnings on May 13 include:

• Bharti Airtel
• TVS Motor Company
• Power Finance Corporation
• Tata Motors
• DLF
• Cipla
• Oil India
• Hindustan Petroleum Corporation
• Bharti Hexacom
• Tube Investments of India
• NLC India
• GlaxoSmithKline Pharmaceuticals
• LIC Housing Finance
• Inventurus Knowledge Solutions
• TVS Holdings
• ZF Commercial Vehicle Control Systems India
• Kaynes Technology India
• OneSource Specialty Pharma
• DCM Shriram
• Crompton Greaves Consumer Electricals
• Redington
• eClerx Services
• Kirloskar Brothers
• JSW Paints
• Signatureglobal (India)
• Metropolis Healthcare
• Sharda Cropchem
• Bombay Burmah Trading Corporation

Bharti Airtel: what analysts expect in Q4FY26

Telecom major Bharti Airtel is expected to deliver a steady operational performance in Q4FY26. Analysts cited robust subscriber additions, ongoing premiumisation in the wireless business, and stable momentum in broadband as factors supporting earnings.

Brokerages also noted that despite fewer days on a sequential basis, the impact may be offset by higher 4G and 5G upgrades, improved subscriber mix, and strengthening data monetisation trends. Airtel’s India wireless operations are expected to continue outperforming peers, supported by mobile broadband additions and sustained growth in average revenue per user (ARPU).

On a consolidated basis, revenue and operating profit are expected to remain healthy, with stable performance in Africa operations and continued traction in home broadband.

Airtel preview numbers (QoQ, consolidated)

Market expectations shared in the report point to modest sequential growth.

• Revenue seen up 1.2% to ₹54,614 crore versus ₹53,982 crore
• EBITDA seen up 3% to ₹31,707 crore versus ₹30,783 crore
• EBITDA margin seen at 58.1% versus 57%
• Net profit seen up 16% at ₹7,690 crore versus ₹6,631 crore

Cipla: margin pressure flagged due to product mix

Cipla is expected to report a sharp year-on-year decline in profit and margins in Q4FY26, weighed down by the absence of key product contributions. While domestic formulations are expected to show healthy traction, the lack of revenue from gRevlimid and lower Lanreotide sales in the US market are expected to compress profitability.

Sequentially, both topline and bottom line are expected to remain under pressure due to a weaker product mix and rising operating costs. Cipla is scheduled to announce its Q4FY26 results on Wednesday, May 13, 2026.

Brokerages tracked by Business Standard expect Cipla’s March 2026 quarter revenue to decline marginally to ₹6,665 crore, compared with ₹6,730 crore in the year-ago period. On a sequential basis, the topline is expected to fall 5.8% from ₹7,074.5 crore reported in Q3FY26.

Cipla preview numbers (YoY, consolidated)

The report also listed consensus preview estimates for the quarter.

• Revenue may fall 0.43% to ₹6,701 crore versus ₹6,730 crore
• EBITDA may fall 28% to ₹1,106 crore versus ₹1,538 crore
• EBITDA margin expected at 16.5% versus 23%
• Net profit may fall 41% to ₹716 crore versus ₹1,214 crore

HPCL posts Q4FY26 numbers; final dividend declared

Among the early earnings updates, Hindustan Petroleum Corporation reported a sequential improvement in profitability.

For Q4FY26 (QoQ), HPCL reported:

• Net profit up 20.4% at ₹4,902 crore versus ₹4,073 crore
• Revenue down 0.2% at ₹114,000 crore versus ₹115,000 crore
• EBITDA up 27.9% at ₹8,978 crore versus ₹7,019 crore
• EBITDA margin at 7.8% versus 6.1%

HPCL also announced a final dividend of ₹19.25 per equity share. The report noted that reported net profit, revenue, EBITDA and margin were above the estimates listed alongside those figures.

Key data table: stock moves and earnings previews

Market impact: what investors are watching today

The sheer number of Q4FY26 announcements concentrates attention on two immediate variables: reported earnings versus expectations and management commentary on the next few quarters. In early trade, price action reflected that positioning is stock-specific, with DLF and PFC trading higher while TVS Motor traded lower.

For Bharti Airtel and Cipla, the market focus is likely to be on whether numbers align with the preview trajectory. Airtel’s expectations point to sequential growth in consolidated revenue, EBITDA and net profit, alongside a higher EBITDA margin. Cipla’s expectations, in contrast, emphasise pressure on margins and profits due to product mix and the absence of key product contributions.

HPCL’s reported QoQ jump in net profit and EBITDA, alongside a final dividend announcement, adds to the day’s earnings-driven activity in the energy pack.

Context from prior earnings: Tata Power’s Q4FY25 numbers

Outside the May 13 docket, Tata Power had reported results earlier, showing a year-on-year decline in profitability and revenue for the March quarter of FY25-26. The company reported a 4.5% fall in consolidated net profit to ₹996 crore versus ₹1,043 crore a year earlier, while revenue from operations declined 12.8% to ₹14,900 crore versus ₹17,096 crore.

Conclusion

May 13 is shaping up as a high-density Q4FY26 earnings day, with results from Bharti Airtel, Cipla, DLF, PFC, Tata Motors and HPCL among the most watched. With more than 100 companies scheduled to report, investors will track headline numbers, margins, dividends where announced, and management commentary through post-results interactions.