Indian markets closed lower for the second consecutive session on Tuesday, May 5, with the BSE Sensex shedding 251 points to 77,017 and the Nifty falling 86 points to 24,032, according to exchange data. Selling was concentrated in financials, consumer, and realty stocks. Global headwinds, crude above $110 a barrel, and a rupee near 95 to the dollar did the damage. The session ended flat on conviction and heavy on anxiety. Wednesday’s focus shifts sharply to corporate action: Bajaj Auto holds its board meeting today to consider what would be its first share buyback in two years, alongside Q4 FY26 results. Paytm also reports. And Hero MotoCorp’s blowout numbers from Tuesday evening still need unpacking.
Hero MotoCorp: Numbers That Beat, Led by EVs
Hero MotoCorp reported Q4 FY26 consolidated net profit of Rs 1,401 crore, up 30% year-on-year from Rs 1,081 crore. Revenue from operations rose 29% to Rs 12,797 crore. EBITDA climbed 31% to Rs 1,856 crore from Rs 1,416 crore a year earlier. Volume sold in the quarter was 17.14 lakh units, a 24% jump year-on-year.
The buried lead is the EV business. VIDA, Hero’s electric mobility arm, achieved its highest-ever retail sales in FY26, posting 190% year-on-year volume growth. That number doesn’t get enough attention in most coverage. It means Hero is no longer just defending its commuter base; it is building a second growth engine in EVs while simultaneously expanding internationally. The company now operates across 52 countries, entering new markets in Europe and the United Kingdom. The Harley-Davidson tie-up contributed too: dispatch volumes rose 26% year-on-year.
Total dividend for FY26 stands at Rs 185 per equity share, comprising an interim dividend of Rs 110 and a final dividend of Rs 75 per share.
L&T: Not a Miss — a Base Effect
Also Read: LARSEN & TOUBRO NSE Stock Price Today
Larsen & Toubro reported Q4 FY26 consolidated net profit of Rs 5,326 crore, down 3% from Rs 5,497 crore in Q4 FY25. That decline is entirely a base issue. The year-ago quarter included an exceptional gain, and management confirmed limited impact from the West Asia conflict on a post-results call.
Revenue grew 11% to Rs 82,762 crore. International revenues of Rs 43,747 crore contributed 53% of the total. The order book hit an all-time high of Rs 7,40,327 crore as of March 31, reflecting 28% year-on-year growth. For the full year FY26, order inflows rose 22% to Rs 4,35,590 crore and revenue grew 12% to Rs 2,85,874 crore.
EBITDA rose 5% to Rs 8,610 crore, though margins slipped to 10.4% from 11% due to cost pressures and changes in execution mix. The board recommended a final dividend of Rs 38 per share, with record date set for May 22, 2026. That compares with Rs 34 per share declared in each of the prior two years. Management guided for 10–12% revenue growth and stable margins for FY27, flagging West Asia tensions as a potential drag on H1 performance.
Bajaj Auto: Buyback Is the Real Story Today
Bajaj Auto’s board meets Wednesday, May 6, to consider Q4 FY26 results, an interim dividend, and, most significantly, a share buyback proposal. This would be the company’s first buyback in nearly two years. The last one in 2024 was priced at Rs 10,000 per share. As of April 30, 2026, the stock was trading at Rs 9,994, almost exactly at that prior buyback price, which is why retail investors are paying close attention.
March 2026 sales came in at 445,377 units versus 369,823 units in March 2025, a 20% year-on-year increase. Analyst consensus for Q4 FY26 PAT sits in the Rs 2,549–2,585 crore range, with revenue estimated at Rs 15,422–15,538 crore, up 27–28% year-on-year, per HDFC Securities. Buyback terms, price, size, and record date will only be known after the board meeting outcome today.
Paytm: Q4 Results Today, PPBL Is a Dead Issue
One97 Communications (Paytm) holds its board meeting today, May 6, to approve Q4 FY26 audited results. The earnings call is scheduled for May 7.
The biggest overhang heading into results is the RBI’s cancellation of Paytm Payments Bank’s (PPBL) banking licence. The RBI cancelled PPBL’s licence under Section 22(4) of the Banking Regulation Act, effective April 24, 2026, and has said it will apply to wind up the bank before the High Court. Markets briefly panicked. But the numbers say otherwise. Paytm stated it had already fully impaired its investment in PPBL as of March 31, 2024, meaning there is no direct financial impact on the parent company. Bernstein noted that PPBL’s operations had been suspended for more than a year and that Paytm had already created a clean separation, with no one-off charges expected. Emkay Global reached the same conclusion independently.
For context: in Q1 FY26, Paytm posted its first-ever consolidated profit of Rs 122.5 crore, reversing a loss of Rs 839 crore in Q1 FY25. Revenue grew 28% year-on-year to Rs 1,917 crore. Goldman Sachs maintains a Buy on the stock with a Rs 1,400 target and forecasts around 14% year-on-year revenue growth for Q4. The question investors want answered from today’s results: whether profitability held through Q4 or if it was a one-quarter story.
Bharti Airtel: May 13 Is the Date to Watch
Also Read: BHARTI AIRTEL NSE Stock Price Today
Bharti Airtel has its board meeting on May 13 to approve Q4 FY26 audited results. Institutional activity around the stock has been notable this week; analyst consensus holds a Buy, with 12-month price targets ranging from Rs 1,800 to Rs 2,100. A single block trade on the NSE, per exchange data, was worth Rs 88.39 crore, involving roughly 4.7 lakh shares at Rs 1,877 per share.
FAQs
Is Bajaj Auto’s 2026 buyback confirmed?
Not yet. The board meets May 6 to consider the proposal. Price, size, and record date will only be disclosed after the meeting. The previous buyback in 2024 was priced at Rs 10,000 per share, which is near the current market price of Rs 9,994.
Does the RBI’s PPBL cancellation hurt Paytm’s Q4 FY26 results?
No. Paytm fully impaired its investment in PPBL as of March 31, 2024. The company has no current business arrangements with PPBL, and all services, including UPI, Soundbox, and payment gateway, continue uninterrupted. Bernstein and Emkay both confirmed no financial or operational impact.
Why did L&T’s profit fall despite an all-time high order book?
The 3% profit decline was entirely due to an exceptional gain of Rs 475 crore recorded in Q4 FY25 that inflated last year’s base. The underlying order book of Rs 7.4 lakh crore is at an all-time high, and the board raised the dividend to Rs 38 per share from Rs 34 in prior years.
Next triggers: Bajaj Auto board outcome and buyback terms today, Paytm Q4 PAT vs. Goldman’s 14% revenue growth estimate, Airtel board May 13, and L&T dividend record date May 22.
