The Reserve Bank of India cancelled the banking licence of Paytm Payments Bank Limited (PPBL) effective April 24, 2026, under Section 22(4) of the Banking Regulation Act, 1949, the single most consequential regulatory action among the stocks that will drive Monday’s opening trade. At the same time, Mukesh Ambani’s Reliance Industries reported an 8.1% year-on-year decline in net profit for Q4FY26, dragging down expectations for India’s largest listed conglomerate even as revenue surged.
Here is what investors need to know about each key stock before the April 27 opening bell.
Paytm (One 97 Communications)
The RBI stated that PPBL’s affairs were conducted in a manner detrimental to the interest of the bank and its depositors and that management conduct was prejudicial to public interest. The regulator will approach the High Court to initiate winding-up proceedings for the entity. Crucially, however, One 97 Communications, the publicly listed Paytm parent, clarified in an exchange filing that it has zero exposure to PPBL and no material business arrangements with it. The company had already fully impaired its investment in PPBL as of March 31, 2024. The RBI separately confirmed that PPBL holds sufficient liquidity to repay all depositors in full. Services including the Paytm app, UPI, QR payments, Soundbox, and card machines remain fully operational and are entirely unaffected by the bank’s closure.
Reliance Industries (RIL)
RIL posted a net profit of Rs 20,616 crore in Q4 FY26, down 8.1% year-on-year from Rs 22,343 crore. Revenue rose 12.9% to Rs 3.25 lakh crore. EBITDA slipped marginally to Rs 48,588 crore, with margins contracting 200 basis points to 14.9% from 16.9% a year earlier. The board recommended a dividend of Rs 6 per share for FY26. Jio Platforms’ revenue rose 14.7% year-on-year, with EBITDA up 18.8%, while Reliance Retail revenue grew 11.8% YoY with EBITDA at Rs 27,033 crore. The drag came from the oil-to-chemicals segment, where lower KG-D6 gas volumes weighed on margins.
IDFC First Bank
IDFC First Bank reported a 4.9% year-on-year rise in net profit to Rs 318.9 crore, while net interest income rose 15.7% year-on-year to Rs 5,677.2 crore for Q4 FY26. Gross and net non-performing assets both declined. However, the reported profit significantly understates core business performance: the bank absorbed a one-time post-tax fraud impact of Rs 483 crore during the quarter, stemming from a Haryana branch embezzlement of deposit balances, with the bank paying out Rs 645.59 crore to affected customers. Stripping out this one-time charge, the bank’s normalised profit after tax stands at Rs 746 crore, a 145% jump year-on-year, indicating the core franchise remains strong. Management confirmed no further losses are expected from this incident.
Manappuram Finance
SEBI issued an administrative warning letter to VP Nandakumar, Chairman and Managing Director of Manappuram Finance, in his personal capacity. The warning relates to a delayed disclosure of encumbrance or pledge of shares for transactions carried out between September 21 and 24, 2018. The disclosure was made on October 11, 2018, a delay of seven days. Under Regulation 7(2) of SEBI’s Prohibition of Insider Trading Regulations, 2015, every promoter, member of the promoter group, designated person, and director of a listed company is required to disclose transactions relating to acquisition, disposal, or pledge of securities to the company within two trading days. Nandakumar’s disclosure arrived seven trading days late more than three times beyond the regulatory deadline. No financial penalty was levied in this instance, but administrative warnings are placed on the regulatory record and can affect institutional governance scores.
Sun Pharma
Sun Pharmaceutical Industries’ Q4 FY26 results are scheduled for May 19, 2026; they have not yet been released. Analyst estimates from brokerages including MOFSL, YES Securities, and JM Financial project Q4 PAT in the range of Rs 2,900–3,200 crore against Q3 FY26 PAT of Rs 2,980 crore. The stock was trading at approximately Rs 1,640 in early April 2026, against a 52-week high of Rs 1,958. Any near-term catalyst will depend on US specialty revenue growth and margin trends when the company reports next month.
Market Context
The BSE Sensex closed Friday 999.79 points lower at 76,664.21, while the Nifty50 fell 275.10 points to 23,897.95, driven by sustained foreign outflows and West Asia tensions. FPIs have pulled ₹1.75 lakh crore from Indian equities in 2026 so far, according to exchange data, making foreign institutional behaviour the dominant pressure variable for index-level moves. The US Federal Reserve’s policy decision, due this week, is the primary global catalyst analysts are watching for direction. This backdrop makes earnings quality rather than macro momentum the deciding factor for individual stock moves this week.
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FAQ
Is the Paytm app still working after the RBI cancelled Paytm Payments Bank’s licence?
Yes. The Paytm app, Paytm UPI, QR payments, Soundbox devices, card machines, and Paytm Money are fully operational. The licence cancellation applies only to Paytm Payments Bank, a separate entity. One 97 Communications (the listed company) confirmed no financial impact.
Why did RIL’s profit fall despite revenue growth in Q4 FY26?
EBITDA margins contracted 200 basis points to 14.9% due to weakness in the oil-to-chemicals segment, where lower KG-D6 gas volumes and volatile energy prices weighed on profitability even as Jio and Retail segments posted strong growth.
What does SEBI’s warning to Manappuram’s CMD mean for the stock?
An administrative warning carries no financial penalty but signals that SEBI views pledge disclosure delays seriously. It may prompt institutional investors to reassess governance scores, particularly given that the relevant transactions date to 2018.
When will Sun Pharma Q4 FY26 results be declared?
Sun Pharma’s board meeting to approve Q4FY26 results is scheduled for May 19, 2026. Analyst consensus estimates PAT between Rs 2,900 and Rs 3,200 crore.
