Q4 Results 2026: 400+ Firms Due, Key Names May 28

Earnings season: a packed May 28 calendar

India’s Q4 results season remains busy, with more than 400 companies scheduled to announce financial results for the quarter ended March 31, 2026 on Thursday, May 28. The day’s list spans autos, defence, pharma, IT services, ports, cables, hotels, commodities, and retail.

Automobile and defence stocks are expected to be closely watched on May 28, as Ashok Leyland, Bharat Dynamics and Alkem Laboratories are among the prominent names slated to report. Investors typically track these updates for clues on demand trends, margin movement, and management commentary on the upcoming year’s outlook.

Companies expected to report on May 28

The May 28 list includes several mid and large-cap names across sectors. The set of expected reporters includes Ashok Leyland, Apar Industries, Alkem Laboratories, Bharat Dynamics, ITI, MMTC, Finolex Cables, Relaxo Footwears, Happiest Minds Technologies and Hawkins Cooker, among others.

A broader list of companies scheduled for May 28 also includes Procter and Gamble Hygiene and Health Care, Avanti Feeds, Deepak Fertilisers And Petrochemicals Corporation, Banco Products (India) and Gujarat Pipavav Port. The overall mix makes May 28 relevant not only for headline results but also for reading across consumer demand, industrial activity, and export-linked segments.

Why Ashok Leyland is a key result to track

Ashok Leyland sits at the intersection of economic activity and freight demand, which is why its quarterly commentary is often tracked closely during results season. The earnings calendar also places it alongside other widely tracked names during the week, such as Oil and Natural Gas Corporation (ONGC), Asian Paints, Suzlon Energy and Rail Vikas Nigam Ltd (RVNL), among others.

Beyond the headline numbers, the market typically looks for operating performance indicators such as operating income, net income, and expense control. For Ashok Leyland, the data provided for the quarter labelled “Mar 25” shows an increase in operating income and net income compared with the previous quarter (“Dec 25”) and the year-ago period (“Mar 24”).

Ashok Leyland quarterly financial snapshot (as provided)

The following quarterly table (figures in ₹ crore, except per share values) shows the reported line items for the fiscal periods listed.

What the company had said earlier about FY2025 performance

In a company update dated Chennai, May 23, 2025, Ashok Leyland said it delivered its highest-ever quarterly and annual revenues, EBITDA, and PAT for Q4 and the full year FY2025.

For Q4 FY25, the company reported EBITDA margin of 15% with EBITDA of ₹1,791 crore, compared with 14.1% and ₹1,592 crore for the same period last year. It also reported operating PBT at ₹1,671 crore versus ₹1,471 crore in the same period last year, and PAT of ₹1,246 crore versus ₹900 crore in Q4 last year. The same update stated cash generated during the quarter was ₹3,284 crore.

Broker expectations for Jan-March 2026 (ICICI Securities)

Alongside reported numbers, broker previews are also shaping expectations into May 28. ICICI Securities’ estimates for the automobile sector include expectations for Ashok Leyland’s Jan-March 2026 quarter.

As per the brokerage estimates cited, Ashok Leyland’s net profit is expected at ₹1,462.5 crore, up 16.1% year-on-year and up 32.4% quarter-on-quarter. Net sales are expected to rise 19.1% year-on-year and 23% quarter-on-quarter to ₹14,183.3 crore. EBITDA is estimated at ₹2,127.5 crore, up 18.8% year-on-year and 38.6% quarter-on-quarter.

Day-wise results lineup: May 25 to May 29

This week’s earnings list spans multiple heavyweights, keeping traders and long-term investors focused on sector-level signals.

Market impact: what investors usually track on May 28

With autos, defence, pharma, and consumer names reporting on the same day, attention often shifts from single-stock results to cross-sector reads. For autos and industrials, changes in operating income, expenses, and EBITDA expectations are commonly tracked, especially when broker estimates are available.

For Ashok Leyland specifically, the data shared includes revenue (₹14,695.55 crore for the period labelled Mar 25) and profitability lines such as operating income (₹2,498.80 crore) and net income (₹1,130.09 crore). Separately, the ICICI Securities preview for Jan-March 2026 sets out expected net sales of ₹14,183.3 crore and expected EBITDA of ₹2,127.5 crore, which can shape how market participants compare reported performance against estimates.

Analysis: why this results cluster matters

A single-day cluster of results can influence how investors interpret demand conditions across the economy, because the reporting companies serve different end markets. Defence results can provide context on execution and deliveries, pharma results often highlight domestic and export demand conditions, and IT services results can add colour on client spending.

For Ashok Leyland, the presence of both historical disclosures (FY2025 commentary) and current-quarter expectations (Jan-March 2026 estimates) puts added focus on whether profitability trends and cash generation remain consistent. The earnings week also includes companies such as ONGC, Asian Paints, and RVNL, which means investors have multiple reference points for interpreting broader business sentiment.

What to watch next

May 28 will be a key day in the Q4 results calendar, given the number of companies scheduled to report and the mix of sectors involved. Investors will also track the subsequent results releases on May 29, including Asian Paints, Natco Pharma, Glenmark Pharma, IPCA Laboratories, BEML and JM Financial.

The next concrete milestone is the set of official quarterly result announcements due on May 28, after which management commentary and published financial statements will provide greater clarity on quarter-end performance.