Maruti Suzuki, on April 28, reported its highest-ever quarterly revenue of ₹52,462 crore and then watched its stock fall more than 2% as net profit dropped 6.4% year-on-year to ₹3,659 crore. The contradictory record sales and falling margins set the tone for a results-heavy Wednesday, April 29, when Bajaj Finance, Bharti Airtel, and Adani Power all declare Q4 FY26 numbers, and Eternal’s 346% quarterly profit jump competes with a full-year profit that actually fell below FY25 levels.
Maruti Suzuki: Record Revenue, Profit Miss, and a Pending Orders Problem
Maruti’s Q4 FY26 consolidated net profit came in at ₹3,659 crore, down 6.4% from ₹3,911 crore a year ago. The primary cause was a mark-to-market impact on investments. Revenue from operations surged 28.21% to ₹52,462 crore, its highest-ever quarterly revenue, compared to ₹40,920 crore in Q4 FY25.
The margin compression is the story. PAT margin fell to 7.31% from 10.07% in Q4 FY25, a contraction of 276 basis points despite 28% revenue growth. This signals pricing pressure and rising input costs that volume alone could not offset. Shares fell over 2% to ₹12,953 on BSE, pulling market cap to ₹4.07 lakh crore.
The full-year picture is stronger. Maruti recorded its highest-ever total sales of 2,422,713 units in FY26, with domestic sales of 1,974,939 units and exports of 447,774 units. A record dividend of ₹140 per share was declared. Management added that sales were constrained by production capacity limits, with approximately 190,000 pending customer orders at year-end, including nearly 130,000 in the small car segment now taxed at the reduced 18% GST rate.
The overlooked detail: Exports of the made-in-India e-VITARA, Maruti’s first battery electric vehicle, reached 44 countries in FY26. Maruti’s first EV is being sold globally before it has fully ramped up domestically, a strategic reality that most profit-miss coverage has ignored.
Eternal: 346% Quarterly Profit Jump — But Full-Year Profit Actually Fell
Eternal, the parent of Zomato and Blinkit, reported Q4 FY26 consolidated net profit of ₹174 crore, up 346% from ₹39 crore a year ago. Revenue from operations jumped 196.5% to ₹17,292 crore, from ₹5,833 crore in Q4 FY25.
The quarterly headline is real. The full-year headline is not what it appears. For FY26, Eternal’s consolidated profit was ₹366 crore, lower than ₹527 crore in FY25. Annual profitability declined even as revenue nearly tripled to ₹54,364 crore. The company is absorbing the cost of aggressive expansion; the quarterly surge reflects timing, not a sustained margin turn.
On operational specifics: food delivery net order value grew 18.8% year-over-year. Blinkit’s food delivery segment reported an adjusted EBITDA margin of 5.5% with an absolute EBITDA of ₹532 crore. The Going-out segment (District) narrowed its adjusted EBITDA losses to ₹81 crore, down from ₹121 crore in the previous quarter.
Key projections: Blinkit CEO Albinder Dhindsa projected Nov. growth above 60% CAGR over the next three years, implying more than 4x current scale. Founder Deepinder Goyal noted that 109 million Indians completed transactions worth over $10 billion through Blinkit, District, and Zomato in FY26. Shares settled 1.09% higher at ₹258.28 on NSE.
Investor note: Track adjusted EBITDA and segment-level profitability rather than consolidated PAT as the more meaningful measure of operational progress.
Bharti Airtel: Results Due Today — ARPU Trajectory Is the Real Test
Bharti Airtel declares its Q4 FY26 results today. Kotak Securities and Emkay Global estimate revenue in the range of ₹44,000–46,000 crore and PAT of ₹3,000–3,600 crore for the quarter, implying roughly 3% sequential revenue growth.
The Q3 FY26 baseline is high: consolidated revenues of ₹53,982 crore, up 19.6% year-on-year, with EBITDA up 25.2% to ₹31,144 crore and India EBITDA margin at 60.4%.
What actually moves the stock: Airtel trades around ₹1,680 on NSE, more than 11% below its 52-week high of ₹1,900. A results beat alone will not close that gap. Management’s signal on a potential tariff hike cycle and FY27 ARPU guidance is the catalyst that matters. Watch for commentary on competition from Reliance Jio and whether subscriber growth momentum holds.
Bajaj Finance: The Parent Reports Today — Do Not Confuse With the Subsidiary
A clarification that matters: Bajaj Housing Finance, the listed subsidiary, already reported on April 27, posting a 14% rise in net profit to ₹669 crore with AUM growing 23% to ₹1.40 lakh crore. That is a separate listed entity. Bajaj Finance Ltd., the parent NBFC, holds its board meeting today to approve Q4 FY26 results and consider a final dividend. A conference call is scheduled for 6:00 PM IST.
In Q3 FY26, Bajaj Finance’s headline net profit fell 6.3% due to a one-time ₹265 crore gratuity charge, but core metrics were strong: NII surged 21% to ₹11,318 crore and AUM grew 22% to approximately ₹4.86 lakh crore. Analyst consensus from Motilal Oswal and ICICI Securities projects Q4 PAT in the range of ₹4,400–4,700 crore, with AUM growth of 28–30% year-on-year.
Three numbers that move the stock: loan growth, net interest margin, and gross NPA ratio. Any deterioration in asset quality would ripple immediately into private-sector financials, which have been Nifty’s weakest segment this month. A clean set of numbers with stable margins could lift Bank Nifty — today’s decisive index.
Adani Power: Numbers Today, Management Context Tomorrow
Adani Power declares its Q4 FY26 results today, April 29. Antique Stock Broking estimates revenue of approximately ₹16,800 crore and PAT of ₹3,200 crore, implying double-digit year-on-year growth driven by higher generation volumes and an improved plant load factor.
The structural risk today: the earnings conference call has been rescheduled to April 30, 2026. The market reacts to raw numbers without management commentary on fuel costs, state distribution company receivables, or new capacity timelines. That gap between data and context increases the probability of exaggerated intraday moves. Hold off on conviction reads until the April 30 call.
The Session’s Common Thread
All five stocks share the same risk on Wednesday: markets that react to headline PAT numbers will miss the guidance that actually sets direction for FY27. Maruti’s EV ramp and margin recovery path, Eternal’s full-year profitability trajectory, Airtel’s ARPU and tariff cycle, Bajaj Finance’s asset quality, and Adani Power’s fuel cost structure are each more consequential than the quarterly PAT line. The Sensex closed at 76,886.91 on April 28, down 416 points, making stock-level precision more valuable than index positioning today.
Frequently Asked Questions
1. Why did Maruti Suzuki’s profit fall even though revenue hit a record high in Q4 FY26?
Maruti’s Q4 FY26 consolidated net profit fell 6.4% to ₹3,659 crore primarily because of a mark-to-market impact on investments. The PAT margin compressed 276 basis points to 7.31% from 10.07% a year ago despite 28% revenue growth, pointing to rising input costs and pricing pressure. The revenue surge, driven by record quarterly sales of 676,209 units, was real, but it was not enough to offset the margin erosion.
2. What is the difference between Bajaj Finance and Bajaj Housing Finance results?
They are two separately listed companies. Bajaj Housing Finance (the subsidiary) already declared Q4 FY26 results on April 27, reporting a 14% profit rise to ₹669 crore with AUM up 23% to ₹1.40 lakh crore. Bajaj Finance (the parent NBFC) declares its Q4 FY26 results on April 29. Investors tracking the parent should not confuse the two; the subsidiary numbers do not directly reflect the parent’s consumer lending, AUM, NPA, or NIM performance.
3. Did Eternal (Zomato) actually become profitable in FY26?
Eternal reported a profit of ₹366 crore for the full financial year FY26, but this was lower than the ₹527 crore profit reported in FY25, meaning annual profitability declined even as Q4 FY26 profit jumped 346% year-on-year. The company is in aggressive expansion mode, and revenue nearly tripled to ₹54,364 crore in FY26. Investors should track adjusted EBITDA and segment-level profitability rather than consolidated PAT alone as the more meaningful measure of operational progress.
4. When will Adani Power give guidance on Q4 FY26 earnings?
Adani Power declares its Q4 FY26 numbers on April 29, but the earnings conference call where management will address fuel costs, plant load factor, state receivables, and capacity expansion plans has been rescheduled to April 30, 2026. Traders reacting to today’s headline numbers will be doing so without management commentary, which may cause exaggerated intraday moves in both directions.
5. Will Airtel hike tariffs again in FY27?
Management has not committed to a timeline. Kotak Securities and Nomura both expect another tariff hike round in the second half of FY27, driven by the need to sustain India’s EBITDA margins above 60% and fund 5G capex. Today’s results call will be the first formal opportunity for management to signal whether that timeline has shifted.
