ITC reported a 72.68% year-on-year decline in consolidated net profit to ₹5,387.97 crore for the fourth quarter ended March 2026, compared with ₹19,727.37 crore posted in the corresponding quarter last year. According to reports from Business Standard, net sales (excluding excise duty) declined 5.04% YoY to ₹17,628.89 crore during the quarter under review. However, recent Q4FY26 results showed a 4.9% increase in net profit to ₹5,113 crore versus ₹4,875 crore in the previous year, with revenue declining 7% to ₹16,050 crore from ₹17,249 crore. The company's EBITDA margin improved significantly to 40.03% compared to 34.7% YoY, with EBITDA up 7.3% to ₹6,425 crore.
Max Healthcare Institute reported a 7.27% increase in net profit to ₹342.22 crore for Q4 FY26, compared with ₹319 crore in the corresponding quarter last year. As reported by Business Standard, revenue from operations rose 12.20% YoY to ₹2,142.89 crore during the quarter. Honasa Consumer delivered strong results with a 177% jump in consolidated net profit to ₹69.2 crore from ₹25 crore, while revenue increased 23.1% to ₹657 crore in Q4 FY26 over Q4 FY25.
Aurobindo Pharma reported a 2% increase in consolidated net profit to ₹921.3 crore from ₹903.5 crore, while revenue rose 5.6% to ₹8,853.3 crore in Q4 FY26 over Q4 FY25. According to Business Standard, FSN E-Commerce Ventures (Nykaa) delivered exceptional performance with a 286.5% jump in consolidated net profit to ₹78.4 crore from ₹20.3 crore, while revenue rose 28.4% to ₹2,648.2 crore in Q4 FY26 over Q4 FY25.
GAIL (India) reported a 38.4% decline in standalone net profit to ₹1,262.2 crore on a 2.6% fall in revenue from operations to ₹34,772.5 crore in Q4 FY26 over Q4 FY25. As reported by Business Standard, GMM Pfaudler turned around with a consolidated net profit of ₹17.2 crore against a loss of ₹27 crore in the same quarter last year, while revenue rose 17% to ₹943.6 crore in Q4 FY26 over Q4 FY25.
Following ITC's Q4 results, multiple brokerages issued mixed recommendations with Jefferies cutting its target price to ₹350 from ₹400, citing concerns over the impact of sharp tax hikes in Q1FY27. Citi maintained its Sell rating with a target of ₹290, highlighting regulatory overhang and structural risks. JPMorgan and Macquarie both maintained Neutral ratings with targets of ₹325 and ₹330 respectively, while Morgan Stanley maintained Equal-weight at ₹346. The brokerages noted that while ITC reported strong Q4 performance driven by cigarette sales, the real test lies in Q1FY27 when the full impact of the tax increase will be visible. Price hikes are expected to be only partial while volumes and margins face significant pressure.
