Coal India reported Friday that April production fell 9.7% to 56.1 million tonnes from 62.1 MT a year ago, the steepest April decline in recent years, as peak summer power demand hits record highs. On the same day, Nestle India CMD Manish Tiwary told Livemint that milk, wheat, and fuel costs are rising and that price hikes may follow if commodity pressure persists. Those two macro signals land alongside Q4 results from 11 companies, including Kotak Mahindra Bank’s 13% profit jump and ideaForge’s 7x revenue surge. Here is what each result means for the stock.
KOTAK MAHINDRA BANK
Net profit rose 13% year-on-year to ₹4,027 crore for Q4FY26. Net Interest Income grew 8% to ₹7,876 crore. Fresh slippages fell sharply from ₹1,605 crore in December to ₹1,018 crore in March. Provisions dropped 36% sequentially. Gross NPA improved to 1.2% from 1.42% last quarter; net NPA improved to 0.25% from 0.31%.
NIM compressed 30 basis points to 4.67% from 4.97% a year ago. Management told CNBC-TV18 that the deposit market will tighten in FY27, and NIM reduction will continue, gradually but certainly. They also declined to rule out re-entering the IDBI Bank bid once the process reopens, which is the longer-term watch for this stock.
AVENUE SUPERMARTS (DMART)
Revenue grew 19% year-on-year to ₹17,683 crore. EBITDA rose 27% to ₹1,210 crore. Margin expanded to 6.84% from 6.42% last year. Management said gross margins saw slight improvement and costs are broadly in line with business growth. A brief spike in consumer buying occurred in March; geopolitical tension drove some pantry-loading but normalized by month-end. No supply chain disruptions reported so far this quarter. The company opened 58 stores in Q4 and discontinued DMart Ready operations in one city. That last move has gone largely unnoticed but signals continued pruning of the quick-commerce experiment.
MAZAGON DOCK SHIPBUILDERS
Revenue grew 21% year-on-year to ₹3,850 crore. EBITDA jumped 355% to ₹543 crore. Margins expanded to 14.1% from 3.8% a year ago. FY26 revenue growth of 14% beat guidance.
Read sequentially, it is a weaker story. Revenue up just 7% from last quarter. EBITDA down 38%. Margins contracted nearly 10 percentage points. A ₹193 crore provision write-back is shouldering significant weight on the profitability line. Production costs climbed to 73% of revenue from 64% last year. The P75I submarine order update remains the single biggest stock-specific catalyst; watch for any announcement this week.
INDUS TOWERS
Revenue slipped 0.6% sequentially, growing 4.8% year-on-year. EBITDA margin came in at 55.1%, down from 55.3% last quarter, hurt by higher repair and maintenance costs and worsening energy spreads. Dividend at ₹14 per share missed street expectations.
The bigger risk is a Master Service Agreement with a customer that has expired without renewal. IIFL Research published a note following the results putting the bear case at ₹50 per share if the customer exits entirely. Renewal talks are ongoing but unconfirmed as of the filing date.
VODAFONE IDEA
The Department of Telecom cut Vodafone Idea’s AGR dues 27% to ₹64,046 crore from ₹87,695 crore, per the official notification. The market had been expecting a 50% reduction, the shortfall means ₹23,649 crore more in AGR liability than analysts had modelled. Spectrum dues of approximately ₹49,000 crore remain payable over the next three years. Total spectrum debt stands at roughly ₹1.2 lakh crore. Emkay Global had previously flagged that without at least a 50% AGR cut, the company’s path to operational breakeven in FY27 becomes materially harder to execute.
NESTLE INDIA
Q4FY26 consolidated profit jumped 27% year-on-year to ₹1,110.9 crore. Revenue from operations grew 22.6% to ₹6,747.79 crore, the strongest quarterly growth in nearly a decade, driven by double-digit volume increases and over 50% higher advertising and sales promotion spending.
The concern going into FY27 is on costs. CMD Manish Tiwary told Livemint that the company is seeing commodity inflation in milk and wheat, with fuel described as “a curveball.” He said price hikes are possible if input costs persist: “Of course, if it persists, while we do want more volume-led growth, we might have to make some price adjustments.” Nuvama Institutional Equities has forecast 3–4% price hikes in Q1FY27 if raw material inflation continues. EBITDA margin in Q4 was 26.3%. Rural markets, which account for 23–26% of Nestlé’s portfolio, remain a key growth focus. Tiwary noted no downtrading is visible yet: consumers remain cautious, but demand for trusted brands is holding.
COAL INDIA
Coal India’s April 2026 production came in at 56.1 MT, down 9.7% from 62.1 MT in April 2025, per a BSE filing dated May 1, 2026. Offtake, coal supplied to customers, fell 2% to 63.2 MT from 64.5 MT a year ago. The 7.1 MT gap between offtake and production means the company drew down stockpiles to meet demand, not a sustainable position heading into peak summer.
The subsidiary-level picture is stark. Bharat Coking Coal’s output plunged 41.3% to 2 MT. Northern Coalfields, a key power plant supplier, fell 23.6% to 9.3 MT. South Eastern Coalfields was the lone bright spot, up 9.3% to 15.3 MT. For full-year FY26, Coal India produced 768.1 MT, down 1.7% from 781.1 MT in FY25. Coal accounts for over 70% of India’s electricity generation. A production shortfall of this scale during peak summer demand raises the risk of higher imported coal costs, a cost that ultimately feeds through to the power sector.
IDEAFORGE
Revenue jumped 7x year-on-year to ₹141 crore. Net profit flipped from a ₹26 crore loss to ₹60 crore profit. EBITDA came in at ₹62 crore against an EBITDA loss of ₹22 crore a year ago. EBITDA margin at 44%.
The number that stands out most is material cost, down to 11% of revenue from 67% a year ago and 51% in the December quarter. That is a structural shift in the cost base, not a quarterly blip. The company executed 40% of its overall order book this quarter, as guided. FY26 order inflows totalled ₹530 crore. FY27 has opened with ₹314 crore already in the book.
ZEN TECHNOLOGIES
Revenue fell 45.2% to ₹178 crore. EBITDA dropped 63% to ₹51 crore. Margin narrowed to 28.6% from 42.5% last year. Net profit fell to ₹31 crore from ₹101 crore a year ago. The board approved Dr. Sreenivas Rao Yellamanchali as Chief Technology Officer effective May 6, 2026, a leadership appointment arriving in the middle of a sharp operational reset.
CENTRAL BANK OF INDIA
NII grew 17% year-on-year to ₹4,002 crore. Net profit fell to ₹724.4 crore from ₹1,033 crore a year ago. Gross NPA was broadly stable at 2.67% from 2.7% last quarter. Net NPA ticked up to 0.49% from 0.45%. The profit decline is explained by two things: a drop in other income and a provision spike, NPA provisions jumped to ₹647 crore from ₹276 crore last quarter. The credit cost trajectory is the number to track going forward.
CDSL
Total income fell 20% sequentially to ₹268 crore. Net profit dropped 40% from the previous quarter to ₹80 crore. The decline is IPO-driven; listing-related charges dried up as primary market activity slowed. The depository added 2.7 crore new demat accounts during FY26, taking the total past 18 crore. Demat custody value fell to ₹77 lakh crore from ₹85 lakh crore last quarter, tracking the broader market correction. Income recovery is directly tied to primary market revival.
APL APOLLO TUBES
Revenue grew 14.1% to ₹6,076 crore. Operating profit rose 39% to ₹318 crore. EBITDA per tonne hit a multi-quarter high of ₹5,525 versus ₹4,864 a year ago; that per-tonne improvement signals pricing power is holding even as volumes grow 8.8%. The company turned net cash positive, closing FY26 with a ₹1,530 crore cash balance. Final dividend declared at ₹8.5 per share.
ADANI ENTERPRISES
Net loss of ₹220.7 crore versus net profit of ₹3,844.9 crore last year. Revenue grew 20.3% to ₹32,439.3 crore. EBITDA flat at ₹3,731 crore. EBITDA margin compressed to 11.5% from 13.8% last year. Adani Enterprises has not filed a segment-level breakdown of the loss in its exchange disclosure as of publishing time. The ₹4,065 crore swing from profit to loss on revenue that grew 20% points to a below-EBITDA charge, either financing costs, exceptional items, or both, but no figure has been confirmed by the company.
EQUITAS SMALL FINANCE BANK
Net profit surged to ₹213 crore from ₹42 crore a year ago. NII grew 18.2% to ₹980 crore. Gross NPA improved to 2.6% from 2.75% last quarter. Net NPA improved to 0.72% from 0.92%. The profit jump of 5x year-on-year is the largest single-quarter recovery the bank has reported since FY23.
Also Read: NESTLE INDIA NSE Stock Price Today
AVENUE SUPERMARTS NSE Stock Price Today
FAQ
Why did Coal India’s production fall in April 2026?
Production dropped 9.7% to 56.1 MT from 62.1 MT in April 2025, per a BSE filing dated May 1. The sharpest declines came from Bharat Coking Coal (down 41.3%) and Northern Coalfields (down 23.6%). The company drew on stockpiles to meet offtake demand of 63.2 MT, a 7.1 MT gap between production and supply. Source: Coal India BSE filing, Business Standard.
What did Nestle India say about prices in FY27?
CMD Manish Tiwary told Livemint that milk, wheat, and fuel costs are rising and that price hikes are possible if pressure persists. Nuvama Institutional Equities forecasts 3–4% price hikes in Q1FY27. Nestle’s Q4FY26 EBITDA margin was 26.3%. The company is targeting volume-led growth but has not ruled out selective price increases. Source: Livemint interview, Nuvama Research.
What is the quantified downside risk on Indus Towers?
IIFL Research has flagged ₹50 per share as the bear case impact if the customer whose MSA has expired decides to exit entirely. The agreement covers a portion of Indus Towers’ tower base. Renewal talks are ongoing but unconfirmed. Source: IIFL Research note.
