India’s Q4 FY26 earnings season shifts into high gear on Tuesday, April 28, as 45 BSE- and NSE-listed companies, including Maruti Suzuki India and Eternal (formerly Zomato), release their January–March 2026 results. The day follows a packed Monday on which 48 companies reported, headlined by Coal India’s 11% profit jump. Trent, often grouped in this cluster, already disclosed its numbers on April 22.
Coal India: Profit Beats Bearish Forecasts
Coal India posted a net profit of ₹10,839 crore for Q4 FY26, an 11.15% rise year-on-year from ₹9,751.6 crore in Q4 FY25. Revenue from operations climbed 5.8% to ₹46,490 crore, while EBITDA expanded 6.2% to ₹12,673.2 crore. EBITDA margin held flat at 27%, indicating that cost pressures largely offset revenue gains.
The numbers delivered a decisive blow to the bearish case. Equirus Securities had projected an adjusted EBITDA decline of 8.7% year-on-year to ₹10,250 crore, citing weaker e-auction realisations and elevated coal inventories at power plants, and maintained a SHORT rating with a March 2027 target price of ₹370. Coal India’s board also approved a final dividend of ₹5.25 per share for FY26.
Adani Total Gas: Growth Delivered Despite West Asia Disruptions
Adani Total Gas (ATGL) reported strong double-digit volume and revenue growth for Q4 FY26, with steady EBITDA expansion, despite geopolitical tensions from West Asia since late February 2026 disrupting energy supply chains and raising gas procurement costs.
PNG home connections crossed 13.1 lakh, touching over 5 million lives daily. Industrial and commercial connections grew to 11,529, adding 429 new consumers during the quarter. Cumulative steel pipeline network reached 28,005 inch-kilometers across its 34 authorised geographical areas.
On the new business front, Fermented Organic Manure sales in Q4 FY26 were 50% higher than the combined total of the first three quarters, with cumulative FY26 FOM volumes exceeding 1,500 tonnes, a sign that ATGL’s diversification beyond city gas is gaining commercial traction.
Trent: Already Reported — Bonus Shares and ₹6 Dividend Announced
Trent’s results are not a Tuesday event. The Tata Group retailer reported Q4 FY26 results on April 22, with consolidated net profit rising 33% year-on-year to ₹413 crore. Merchandise sales grew 21% in Q4 and 19% for full-year FY26. The operating EBIT margin improved to 11.5% in Q4 FY26 versus 9.7% a year earlier.
The board announced Trent’s first-ever bonus share issue in a 1:2 ratio, one additional share for every two held alongside a dividend of ₹6 per share for FY26. Total store count reached 1,286, with 131 net additions in Q4 alone, comprising 109 Zudio and 22 Westside outlets. The board also approved enabling capital-raise authority of up to ₹2,500 crore through a rights issue or other permissible routes.
Maruti Suzuki: Street Expects ₹52,207 Crore Revenue, PAT Near ₹4,330 Crore
Maruti Suzuki India’s board meets on April 28 to approve audited Q4 FY26 and full-year FY26 financials and to consider a dividend. An analyst and investor earnings call is scheduled at 5:45 PM IST.
JM Financial estimates Q4 FY26 revenue at ₹52,207.1 crore, up 28.4% year-on-year from ₹40,673.80 crore in Q4 FY25. EBITDA is projected at ₹6,359.3 crore, up 49.1% year-on-year, with EBITDA margin at 12.2%. PAT is estimated at ₹4,329.4 crore, up 17.7% from ₹3,711.1 crore. The analysts expect EBITDA margin to contract 20 basis points sequentially due to higher commodity prices and logistics costs, partially offset by operating leverage.
The macro backdrop is supportive. After a 5.8% volume decline in H1 FY26, Maruti’s domestic volumes surged 22% in Q3 FY26, outperforming an industry rebound of 20.5%, driven by GST rate cuts of 5–10% that reignited small-car demand. The company surpassed its full-year FY26 export target of 4 lakh units as early as February, with an order backlog of approximately 1.75 lakh units at the time.
Eternal (Zomato): PAT Seen Up 263% YoY; New CEO’s First Full Quarter in Focus
Brokerages tracked by Business Standard estimate Eternal’s Q4 FY26 net profit at an average of ₹141.75 crore, up 263% year-on-year from ₹39 crore a year ago and up 39% sequentially from ₹102 crore in Q3 FY26. Revenue is expected to spike approximately 208% year-on-year to ₹17,724.3 crore and 9% quarter-on-quarter from ₹16,315 crore in Q3 FY26.
Key investor watchpoints are Blinkit’s volume share, food delivery gross order value growth, and FY27 guidance. An earnings call is scheduled at 5:00 PM IST, where analysts are expected to probe competition intensity, quick commerce strategy, and management’s outlook for the new fiscal year. Deepinder Goyal resigned as CEO and Managing Director effective February 1, 2026, with Albinder Singh Dhindsa taking over as the new Chief Executive Officer. This makes Q4 FY26 the first full quarter under Dhindsa’s leadership, adding an additional layer of scrutiny to management commentary.
The Broader Week Ahead
A total of 208 companies are scheduled to declare Q4 FY26 results from April 27 to May 2. April 29 brings Bajaj Finance, Adani Power, and Vedanta, while April 30 features Hindustan Unilever, Adani Ports, Adani Enterprises, and Bajaj Finserv. Avenue Supermarts and Kotak Mahindra Bank report on May 2.
With most brokerages expecting margin commentary rather than revenue growth to be the swing factor for stock reactions, the earnings calls on Tuesday evening will carry as much weight as the headline numbers themselves.
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Frequently Asked Questions
Q1. What is Coal India’s Q4 FY26 dividend per share?
Coal India’s board recommended a final dividend of ₹5.25 per equity share for FY26, subject to shareholder approval at the upcoming Annual General Meeting.
Q2. What is Maruti Suzuki’s expected profit in Q4 FY26?
JM Financial estimates Maruti Suzuki’s Q4 FY26 profit after tax at ₹4,329.4 crore, up 17.7% year-on-year from ₹3,711.1 crore in Q4 FY25, with revenue estimated at ₹52,207.1 crore, up 28.4% year-on-year.
Q3. Who is the new CEO of Eternal (Zomato)?
Deepinder Goyal resigned as CEO, Director, and Managing Director of Eternal effective February 1, 2026. Albinder Singh Dhindsa took over as the new Chief Executive Officer.
Q4. What is Trent’s bonus share ratio for FY26?
Trent announced its first-ever bonus share issue in a 1:2 ratio; shareholders receive one additional equity share for every two shares held alongside a final dividend of ₹6 per share for FY26, both announced on April 22, 2026.
Q5. How many companies are reporting Q4 FY26 results on April 28, 2026?
45 companies are scheduled to declare Q4 FY26 results on April 28, 2026, making it one of the two heaviest single-day reporting sessions of the week, after 48 companies that reported on April 27.
