Mumbai, April 30, 2026 — India’s heaviest earnings day of the season is here. Bajaj Finance’s standalone PAT rose 23% year-on-year to ₹4,840 crore for Q4FY26, according to its BSE exchange filing on April 29, with consolidated AUM crossing ₹5 lakh crore for the first time. Adani Power booked a 64% profit surge driven by lower tax expenses, and HUL reports its full-year numbers in a few hours. Vedanta is an entirely different story; today is technically the last day to buy the stock and get four free demerged companies along with it. Markets opened with a mixed signal on all of them.
Bajaj Finance Q4FY26: AUM Milestone, But NIM Warning Buried in Guidance
Consolidated AUM crossed ₹5,09,975 crore as of March 31, 2026, 22% higher than ₹4,16,661 crore a year ago. That’s the headline. Standalone NII rose 20% to ₹10,716 crore, and loan loss provisions fell to ₹1,953 crore from ₹2,142 crore in Q4FY25. Provisioning relief did a lot of the heavy lifting here; strip that out, and the underlying business looks solid but not spectacular.
Asset quality was mixed, not clean. Standalone Gross NPA crept up to 1.27% from 1.18% a year ago, while net NPA improved marginally to 0.52% from 0.56%. Manageable numbers, but the direction on gross NPA is worth watching in the next two quarters as unsecured loan stress across the NBFC sector works its way through.
What’s actually moving the stock today is buried in the FY27 guidance. Bajaj Finance is projecting AUM growth of 22-24% for FY27 and guiding net loan losses between 1.45% and 1.60%, but it flagged that NIM will see a small decline as the RBI rate cut cycle passes through the book faster on the lending side than the funding side. That NIM compression warning is not being talked about enough. Rajiv Bajaj will step down as non-executive director at the July 30 AGM, a board change that landed quietly alongside a ₹6-per-share final dividend.
Adani Power Q4FY26: Profit Looks Better Than It Is
Adani Power reported consolidated net profit of ₹4,271 crore for Q4FY26, up 64% YoY from ₹2,599 crore in the year-ago period. Impressive number. Less impressive when you look at what drove it. Reported EBITDA rose 27% YoY to ₹6,498 crore, but that number includes ₹930 crore of prior-period income recognised in the quarter. Stripping that out, continuing EBITDA was up a more modest 9.3% YoY to ₹5,573 crore, with revenue from operations flat at ₹14,223 crore against ₹14,237 crore in Q4FY25. The profit jump came from lower tax expenses, not from operational expansion. Average market-clearing prices on the IEX Day Ahead Market fell 12.4% in Q4; that’s the real operational headwind management is working against, and it doesn’t show up in the headline PAT.
The more important number is on the balance sheet. Total debt rose to ₹53,556 crore as of March 31, 2026, from ₹38,335 crore a year ago, with net debt at ₹45,022 crore versus ₹31,023 crore previously. That’s ₹14,000 crore of incremental net debt in a single year. The company is funding its 23.7 GW capacity expansion pipeline and has issued ₹7,500 crore of NCDs in Q4 alone. Mahan Phase II is 86% complete, Raipur at 54%, and Raigarh at 47%, so the spending is real and the assets are coming. But the stock closed 2% lower yesterday at ₹219.10 after briefly touching a record high of ₹226.25; the market clearly read the flat revenue before the headline PAT.
HUL Q4FY26: What to Watch When Numbers Drop Today
Systematix estimates revenue at ₹16,108 crore, up just 2.8% YoY, with EBITDA expected to fall 4.2% and margins dipping 54 basis points to 23.2% on account of palm oil inflation hitting soaps and skin care. That’s the base case. Nirmal Bang is slightly more optimistic, with PAT seen rising 3.6% YoY to ₹2,581 crore, but the range across brokerages is tight.
The number that will actually move the stock: underlying volume growth. LFL volume growth is expected at 3% YoY on a base of just +2% last year, with rural improvement described as gradual post-GST-related trade disruption. Three percent volume growth is not what investors who bought HUL up 14% in the past month were hoping to hear. Management commentary on whether palm oil cost inflation has peaked and whether rural is actually recovering uniformly or still patchy by state will be the real substance of the analyst call.
Vedanta and Adani Enterprises: Today Is a Calendar Event, Not Just a Results Day
Adani Enterprises reports its Q4FY26 and full-year numbers today with an investor call at 5:00 PM IST. Last quarter’s profit jumped to ₹5,627 crore on the back of the Adani Wilmar stake sale. Analysts do not expect a comparable exceptional item in Q4, making this the first clean read on the core business in several quarters.
Vedanta is different again. New F&O contracts will be introduced today following the demerger effective May 1, 2026, with April 30 acting as the ex-date under T+1 settlement. Shareholders holding Vedanta as of today’s close receive one share each in Vedanta Aluminium Metal, Talwandi Sabo Power, Malco Energy, and Vedanta Iron and Steel. Expect positioning-driven volatility throughout the session; this is a corporate action day, not a fundamentals day.
Bajaj Finance is up 15% and HUL 14% in the past month; both stocks are priced for beats that the consensus numbers barely support. The US Federal Reserve rate decision and US GDP data drop later today.
Also Read:
- Bajaj Finance Emerges as Nifty’s Top Performer in 2025 with 36% Return, Adds ₹1.5 Lakh Crore to Investor Wealth
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Adani Power Hits Record ₹216 on Summer Demand, Gas Supply Shock
FAQ
What is Bajaj Finance’s FY27 AUM guidance and NIM outlook?
AUM growth of 22-24% for FY27, with net loan losses guided between 1.45 and 1.60%. Management has flagged a small NIM decline as rate cuts reprice lending yields faster than funding costs ease.
Why did Adani Power profit jump 64% when revenue was flat?
Revenue was nearly unchanged at ₹14,223 crore vs. ₹14,237 crore in Q4FY25. EBITDA fell 1.67% YoY. The profit surge came from lower tax expenses, not core operational growth.
Why does today matter for Vedanta shareholders specifically?
April 30 is effectively the ex-date for Vedanta’s demerger into four entities. Under T+1 settlement, only shareholders holding today get one share each in the four new listed companies when they begin trading.
