Infosys announces Q4 FY26 results at 3:45 p.m. IST with FY27 guidance as the market-moving number. Tata Capital considers its first-ever dividend; IEX reports 24% volume growth despite a 20% profit decline; Adani Green heads to April 28 with a ₹900 crore grid-related EBITDA shortfall to explain
Infosys releases Q4FY26 audited results on April 23, 2026, at 3:45 p.m. IST, followed by an analyst call at 5:30 p.m. IST, the most watched IT earnings event of the season. Infosys shares closed 3.4% lower at ₹1,268 on April 22, with the stock down over 21% year-to-date, making FY27 revenue guidance the number that matters far more than quarterly profit. Three other companies, Tata Capital, Indian Energy Exchange, and Adani Green Energy, report on April 23 or within days.
INFOSYS: ONE NUMBER DECIDES EVERYTHING
The Nifty IT index is down nearly 20% year-to-date. Against that backdrop, quarterly PAT is secondary. The FY27 constant currency guidance range is the sole market-moving output today.
After guiding 4.5–5% constant currency growth for FY26 and delivering approximately 4.2%, Motilal Oswal Financial Services expects FY27 guidance of 1.5–4.5% constant currency year-over-year, with the bear case reflecting U.S. tariff headwinds and the bull case assuming deal ramp-up acceleration. Guidance below 4% constant currency could trigger a 10–15% stock decline. Any guidance above 5% would be a significant positive catalyst and, based on the analyst consensus target of ₹1,700–1,900, could drive an 8–12% near-term recovery from current levels.
On the quarterly print: net profit is expected at ₹7,490–7,510 crore, up 4–5% year-on-year but down 1–3% sequentially. EBIT margin is forecast at 21.1–21.4%, up 8–10 basis points, aided by rupee depreciation and Project Maximus cost savings. HCL Technologies’ Q4FY26 missed revenue, down 3.3% quarter-on-quarter to $3,682 million, with net new deal wins collapsing 35% year-on-year, raising the stakes for Infosys to prove demand weakness is not sector-wide. A Q4 total contract value of $4 billion or above would signal strong FY27 revenue visibility. Infosys is also expected to declare a final dividend of approximately ₹22 per share for FY26, subject to board approval.
TATA CAPITAL: FIRST-EVER DIVIDEND AS A PUBLIC COMPANY
Tata Capital was listed in October 2025 after raising ₹15,512 crore at ₹326 per share; reports Q4FY26 results on April 23 and will consider its first dividend as a public company. Kotak Institutional Equities expects net interest income of ₹3,400.6 crore, up 16.2% year-on-year, with net interest margins contracting 10 basis points to 5.2%. JM Financial projects a net profit of ₹1,539.6 crore, up 54% year-on-year. Nomura holds a Buy with a ₹400 target; JM Financial carries an Add at ₹350. The stock stood at ₹342 on April 23, 8% below its all-time high of ₹367.65 hit on January 20, 2026. No specific dividend amount has been declared; based on JM Financial’s profit estimate, a token inaugural payout of ₹1–2 per share is within range and meaningful as a signal, not an income play.
IEX: VOLUME UP 24%, PROFIT DOWN 20%
Indian Energy Exchange reports Q4FY26 results on April 23. Motilal Oswal Financial Services forecasts revenue at ₹536.3 crore, up 10% year-on-year, with EBITDA at ₹475.5 crore at an 89% margin but net profit down 20% year-on-year to ₹110 crore, with PAT margins contracting to 21%. The profit decline despite top-line growth reflects higher regulatory and tax provisions. Traded electricity volumes are forecast to rise 24% year-on-year to 39.3 billion units, per Motilal Oswal. IEX’s board approved an interim dividend of ₹1.50 per equity share for FY26 with a record date of February 4, 2026, per the company’s exchange filing. A final dividend for FY26 will be considered today. The stock at ₹127.70 on April 23 remains over 40% below its 52-week high of ₹215.40 hit in June 2025.
ADANI GREEN: APRIL 28 — THE ₹900 CRORE GRID QUESTION
Adani Green Energy’s board meets April 28, 2026. ICICI Securities expects Q4 FY26 revenue of ₹3,221.6 crore, up 19.1% year-on-year, with EBITDA at ₹2,821 crore and net profit recovering to ₹202.7 crore from near-zero ₹5 crore in Q3 FY26. The FY26 story, however, is defined by a transmission shortfall: generation grew only 35% year-on-year despite 48% capacity growth, forcing ICICI Securities to trim its FY26 EBITDA estimate to ₹10,700 crore from ₹11,600 crore, a ₹900 crore reduction directly caused by grid curtailment in Rajasthan and Khavda. Management has confirmed 1 GW of augmentation already commissioned in Rajasthan, with 2–3 GW from Khavda expected near-term. If that capacity comes online in FY27, the ₹900 crore gap recovers. Analyst targets range ₹1,000–1,400 against a current price of approximately ₹940. At ₹940, the stock trades at a 33% discount to the midpoint analyst target of ₹1,200, the grid resolution is not priced in, but neither is the execution risk of the Khavda timeline.
Also Read: Adani Power Hits Record ₹216 on Summer Demand, Gas Supply Shock
Frequently Asked Questions
What time are Infosys Q4FY26 results today?
Results at 3:45 p.m. IST, press conference at 4:30 p.m. IST, and analyst call at 5:30 p.m. IST on April 23, 2026.
What FY27 guidance will move the Infosys stock?
Below 4% constant currency triggers a 10–15% decline. Above 5% is a significant positive catalyst, per Motilal Oswal Financial Services. The base case range is 1.5–4.5%.
Is Tata Capital paying a dividend in FY26?
The board considers its first-ever dividend on April 23. JM Financial estimates net profit at ₹1,539.6 crore for Q4 FY26; a ₹1–2 per share inaugural payout is within range, though no amount is declared.
When are Adani Green Energy Q4 results and the key number?
April 28, 2026. ICICI Securities’ revised FY26 EBITDA of ₹10,700 crore versus its earlier ₹11,600 crore estimate is the grid-shortfall gap to watch. Management commentary on Khavda transmission resolution is the recovery signal for FY27.
