Bharat Electronics posted a ₹2,225 crore Q4 FY26 profit on May 19 as ZEE Entertainment swung from a ₹188 crore net profit to a ₹104 crore net loss in the same quarter, two results that define a split earnings season with the Nifty still unable to reclaim 24,000. Apollo Hospitals and Lenskart report today (May 20), while Hindalco is scheduled for May 22. This is the defining week of India’s Q4 FY26 results calendar.
BEL Delivers, ZEE Takes a ₹302 Crore Inventory Hit
Check here: BHARAT ELECTRONICS NSE Stock Price Today
BEL’s quarter was clean. Revenue from operations rose 11.74% year-on-year to ₹10,224 crore in Q4 FY26, and consolidated net profit climbed 4.61% to ₹2,225 crore. The board recommended a final dividend of ₹0.55 per share. Defence order execution continues to convert reliably into earnings, no surprises.
ZEE needs more unpacking. The headline is a ₹104 crore consolidated net loss in Q4 FY26 against a ₹188.4 crore net profit in Q4 FY25, a genuine profit-to-loss reversal. Revenue fell 7.3% to ₹2,024.8 crore. But the primary culprit wasn’t the top line; it was a ₹302.2 crore one-time charge recognised after ZEE revised its estimate for consumption of premiere movie inventory, debited directly to operational cost. That single line pushed total expenses up 19.6% year-on-year to ₹2,341.8 crore. Strip that charge out, and the picture looks considerably different.
What the headline loss buried: ZEE5 turned operationally profitable for the second consecutive quarter, delivering 53% revenue growth year-on-year in FY26. Subscription revenue actually rose to ₹1,024.7 crore from ₹986.5 crore in the year-ago period. It is the advertising business, down 3.5% to ₹808 crore, pressured by Middle East crisis-related pullback in March ad spending, that remains the structural drag. The board declared a ₹2 per share dividend for FY26.
Q4 FY26 May 20, 2026
| Stock | Revenue (₹ cr) | Rev YoY | PAT (₹ cr) | PAT YoY | Key Detail |
|---|---|---|---|---|---|
| BEL | 10,224 | +11.7% | 2,225 | +4.6% | Final dividend ₹0.55/share declared |
| ZEE | 2,025 | –7.3% | –104 | Profit → Loss | ₹302 cr movie inventory charge; ZEE5 profitable Q2 |
| BPCL | 1,34,896 | +6.3% | 3,191 | –0.7% | ₹4,349 cr exceptional impairment (BPR subsidiary) |
| Hindalco | 64,890 | +16% | 5,283 | +66.4% | India results May 22; Novelis restart late Q2 CY26 |
| Maruti | — | — | — | — | Kharkhoda Plant 2 live May 18; total capacity 26.5L units/yr |
| Apollo | Q4 FY26 results declared today—investor call May 21, 3 PM IST | Q3 FY26 PAT: ₹502 cr (+35% YoY) | |||
BEL and ZEE results declared May 19. BPCL standalone figures. Hindalco consolidated Q4 FY26 estimate; India board results due May 22. All data from BSE/NSE regulatory filings and exchange disclosures.
BPCL: Revenue Up, But a ₹4,349 Crore Impairment Killed the Bottom Line
BPCL’s Q4 FY26 standalone revenue grew 6.3% year-on-year to ₹1,34,896 crore, that’s a solid top-line print. But standalone net profit came in at just ₹3,191 crore, marginally below ₹3,214 crore in Q4 FY25. The gap is almost entirely explained by one item: BPCL booked an exceptional impairment charge of ₹4,349 crore during the quarter, against nil exceptional items in Q3 FY26, linked to changes in the commercial prospects of certain oil and gas blocks held by subsidiary Bharat PetroResources Limited.
Sequentially, that charge caused net profit to drop 58% from ₹7,545 crore in Q3 FY26. On a consolidated basis, PAT actually rose 28% year-on-year. Diesel marketing margins slipped into negative territory at ₹1.0 per litre in Q4 FY26, against a positive ₹3.7 per litre in Q3 FY26, a quarter-on-quarter erosion that adds another layer of pressure heading into FY27. Investors need to separate the one-time impairment from the underlying OMC operations to get a fair read on BPCL’s business trajectory.
Hindalco’s 66% Profit Jump Comes With a $1.5 Billion Asterisk
Hindalco’s consolidated Q4 FY26 numbers are strong on the surface, revenue at ₹64,890 crore, up 16% year-on-year; net profit at ₹5,283 crore, a 66.4% jump that beat the IBES consensus estimate of ₹4,497 crore. The India standalone business is genuinely performing well, with Q4 standalone net profit at ₹4,184 crore and EBITDA margin at 36.3%.
The Novelis drag, however, is real and quantified. The Oswego, US facility, hit by fires in September and November 2025, continues to weigh on scrap utilisation and cash flow. Hindalco has confirmed the estimated total free cash flow impact of the Oswego disruption at between $1.3 and $1.6 billion. Restart of the mill is targeted for late Q2 of the calendar year 2026. Kotak carries a Sell rating on the stock with an ₹800 target, citing net debt rising as a result of fire-related cash outflows. Full India consolidated results are scheduled for May 22.
Apollo Hospitals: The Clock Starts on HealthCo’s Listing
Apollo Hospitals declares Q4 and full-year FY26 results today after market hours; an investor call follows on May 21 at 3 PM IST. Base to benchmark against: Q3 FY26 PAT was ₹502 crore on ₹6,477 crore revenue, up 35% year-on-year. Analyst consensus pegs Q4 revenue at ₹5,500–5,900 crore and PAT at ₹320–380 crore. HSBC target stands at ₹9,000. Apollo already paid a ₹10 interim dividend per share in February; watch for the final dividend announcement tonight. Key trigger on the May 21 call: any update on Apollo HealthCo’s listing, previously guided for Q4 FY27, and FY27 bed addition guidance across four new hospitals in Hyderabad, Kolkata, Bangalore, and Gurgaon.
Lenskart’s Earnings Call Is an IPO Scouting Mission
Lenskart, backed by SoftBank and ADIA, holds its Q4 and full-year FY26 investor earnings call at 5 PM IST today. As a private company, no exchange filings precede this. FY26 was an aggressive international expansion year, the Middle East and Southeast Asia markets both saw significant scale-up. The call is one of the few official windows institutional investors get to probe management on profitability trajectory, unit economics by geography, and most critically, IPO timing. Any commentary on a listing timeline or DRHP filing will define near-term secondary market activity in Lenskart’s unlisted shares. Lenskart’s last disclosed valuation stood at approximately $4.5 billion, with SoftBank and ADIA among its largest backers.
Maruti Adds 2.5 Lakh Units of Capacity—Market Shrugged
Maruti Suzuki announced on May 18 that its second Kharkhoda plant had started commercial production, adding 2.5 lakh units of annual capacity and taking total group capacity across all sites to 26.5 lakh units per year. The stock fell 2.37% to ₹12,912 the same morning. Long-range capacity story or near-term demand concern, the market chose the latter.
When the full Kharkhoda complex is eventually built out, it will produce up to 10 lakh vehicles per year from a single site, placing it among Suzuki’s largest manufacturing hubs globally. The third plant at Kharkhoda has already been approved, with an investment commitment of ₹7,410 crore. Maruti currently manufactures the Brezza and Victoris at the Kharkhoda facility, both high-demand SUV segments where waiting periods remain elevated.
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Frequently Asked Questions
Q1. Why did ZEE Entertainment swing to a net loss in Q4 FY26 after posting a profit a year ago?
ZEE reported a ₹104 crore consolidated net loss in Q4 FY26, reversing from a ₹188.4 crore net profit in Q4 FY25. The primary cause was a ₹302.2 crore one-time charge after ZEE revised its estimate for premiere movie inventory consumption, which pushed total expenses up 19.6% year-on-year to ₹2,341.8 crore. Advertising revenue also fell 3.5% to ₹808 crore. The partial offset: ZEE5 turned operationally profitable for the second consecutive quarter with 53% annual revenue growth, and subscription income rose to ₹1,024.7 crore.
Q2. Why did BPCL’s net profit drop sharply in Q4 FY26 despite revenue growing 6.3%?
BPCL booked an exceptional impairment charge of ₹4,349 crore in Q4 FY26, against zero in Q3 FY26, tied to changes in commercial prospects of oil and gas blocks held by its subsidiary Bharat PetroResources Limited. That charge reduced standalone net profit to ₹3,191 crore versus ₹7,545 crore in the previous quarter. Stripping the impairment out, underlying operations remain stable, though diesel marketing margins slipped into negative territory at ₹1.00 per litre during the quarter.
Q3. When will the Novelis Oswego plant reopen and what is the financial damage to Hindalco?
Hindalco has confirmed a restart timeline of late Q2 calendar year 2026 for the Oswego facility, which was damaged in fires in September and November 2025. The company estimates the total free cash flow impact at between $1.3 billion and $1.6 billion. India standalone results, which show Q4 FY26 net profit at ₹4,184 crore with a 36.3% EBITDA margin, give investors the clearest view of Hindalco’s business independent of the Novelis disruption. Full India consolidated results are due May 22, 2026.
