Indian markets surged past 24,000 on May 26, 2026. Here is what drove Premier Energies, Suzlon, Hindalco, ONGC, Paytm, and IRFC, and what investors must watch next.
Markets Break the 24,000 Wall—Nifty Eyes 24,600 Next
Indian equity markets snapped a multi-week consolidation on Monday, May 26, 2026, with the Nifty 50 surging past the 24,000 mark, backed by positive global cues and easing geopolitical concerns. Analysts at domestic brokerages now see the index moving toward the 24,400–24,600 zone in the near term, with the earlier resistance at 23,800 flipping to immediate support in any dip scenario.
Against that backdrop, six names are generating significant action for very distinct corporate reasons.
Key Numbers at a Glance
| Stock | Event | Key Figure | Direction |
|---|---|---|---|
| Premier Energies | Promoter stake sale | ₹2,413 Cr block deal | Flat (+0.16%) |
| Suzlon Energy | Q4 FY26 results | Revenue +45% YoY to ₹5,468 Cr | Positive |
| Hindalco Industries | Q4 FY26 results | PAT −50.8% YoY to ₹2,597 Cr | Mixed |
| ONGC | Board meets today | FY26 results + dividend decision | Watch |
| Paytm (One 97) | European expansion | EUR 9 million investment in Paytm Europe | Positive |
| IRFC | Metro financing | ₹13,527 Cr Hyderabad Metro loan | +2.94% |
Premier Energies: ₹2,413 Crore Block Deal — Who Sold, Who Bought
Promoters of Premier Energies executed one of the largest block deals of the year on Monday. Four members of the Saluja family, Surenderpal Singh Saluja, Manjeet Kaur Saluja, Charandeep Singh Saluja, and Jasveen Kaur Saluja, collectively offloaded a 5.3 percent stake at ₹955 per share, with the total transaction value clocking ₹2,413 crore on the NSE.
Twenty-two institutional investors absorbed the sale, with Quant Mutual Fund as the largest buyer at 40.83 lakh shares (₹390 crore), followed by Nomura India Investment Fund Mother Fund at 25 lakh shares (₹238.75 crore) and Smallcap World Fund at 24.44 lakh shares (₹233.49 crore).
The market’s verdict was clear, shares ended virtually flat at ₹985, up just 0.16 percent. Institutional demand swallowed the supply without a dent. That tells you something.
What stood out was the backdrop to the sale. Premier Energies had just reported strong Q4 FY26 results; consolidated net profit rose 64.45 percent year-on-year to ₹456.83 crore, on revenue from operations of ₹2,230.30 crore (up 37.6 percent YoY). For the full year FY26, PAT climbed 61.1 percent to ₹1,509.68 crore. The order book stood at ₹14,010 crore as of March 31, 2026.
Beyond solar, the company is quietly building a transformer business. Subsidiary Transcom’s capacity is expected to rise nearly sevenfold to 16.75 GVA by July 2026, with a focus on high-margin HV and EHV segments.
Meanwhile, Elara Securities maintains an “Accumulate” rating with a revised target of ₹1,052, describing Premier Energies as “set to lead by FY28” among India’s solar equipment manufacturers, aided by a ₹5,100 crore FY27 capex plan across cells, ingot-wafer manufacturing, batteries, and inverters.
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Suzlon Energy: Revenue Up 45% — The Profit Dip Is Misleading
Q4 FY26 revenue of ₹5,468 crore, up 45 per cent year-on-year. Net profit of ₹1,114 crore, down 5.6 per cent year-on-year. On the surface, that looks like a contradiction. It is not.
The profit decline has one explanation: a smaller deferred tax credit. Suzlon received a deferred tax benefit of ₹284 crore this quarter versus ₹601 crore in Q4 FY25. That accounting difference accounts for the entire apparent shortfall.
Profit before tax, the cleaner operating measure, actually rose 51 percent year-on-year to ₹833 crore. EBITDA grew 39 per cent to ₹964 crore, though margin dipped modestly to 17.6 per cent from 18.4 per cent a year ago.
Sequentially, the quarter looks even better. Revenue jumped 29 per cent from ₹4,228 crore in Q3 FY26, and net profit surged 150 per cent from ₹445 crore.
For the full year FY26, profit before tax rose 67 percent to ₹2,422 crore. The company delivered its highest-ever annual India deliveries at 2,456 MW and highest-ever quarterly deliveries at 830 MW in Q4.
The order book stood at approximately 5.9 GW, among the highest in the industry, and net cash improved to ₹2,384 crore as of March 31, 2026.
Suzlon CFO Rahul Jain noted the company maintained healthy financial flexibility heading into FY27 after the strong cash build. The S144 wind turbine platform has now accumulated approximately 9 GW of cumulative order intake, cementing its position as the dominant product in India’s wind market.
Hindalco: Record Revenue, Halved Profit — The Novelis Fire Is the Story
The headline numbers look alarming. Profit after tax collapsed 50.8 per cent year-on-year to ₹2,597 crore in Q4 FY26, from ₹5,284 crore in the same period last year. Investors seeing that number without context would be right to worry. With context, it reads differently.
Revenue from operations hit a record ₹78,133 crore, up 20.4 per cent year-on-year and 17.5 per cent sequentially. EBITDA reached an all-time high of ₹11,197 crore, up 8.8 per cent year-on-year. Profit before tax, before exceptional items, rose 16 per cent year-on-year and 40 per cent sequentially to ₹7,622 crore. These are genuinely strong numbers.
The profit crash traces to one event: the Oswego plant fire at Novelis, Hindalco’s US-based aluminium rolling subsidiary. Net exceptional expenses from the Oswego incidents totalled ₹4,565 crore in Q4. Raw material costs also surged 38.2 per cent year-on-year to ₹55,890 crore, compressing reported margins. The net debt-to-EBITDA ratio rose to 1.83x from 1.06x a year ago, a number worth watching.
India operations, though, delivered records across every segment. Aluminium upstream quarterly EBITDA hit ₹5,448 crore, up 13 percent, with EBITDA per tonne reaching an all-time high of $1,756. Aluminium downstream sales were 124,000 tonnes, up 18 percent, with EBITDA at an all-time high of ₹255 crore.
Looking ahead: Novelis has maintained its long-term EBITDA per tonne guidance of $600-plus. The Oswego hot mill is expected to begin commissioning ahead of schedule, and the Bay Minette greenfield plant in the US, a key growth driver, had its cold mill commissioned in March 2026, with the hot mill expected in the second half of calendar 2026. The board recommended a final dividend of ₹5 per share for FY26.
ONGC: Board Meets Today — FY26 Results and Dividend on the Table
All eyes on ONGC’s board meeting today. The agenda: approval of FY26 audited results and a recommendation on the final dividend. ONGC declared a second interim dividend of ₹6.25 per share in February 2026, taking total interim payouts for FY26 to ₹12.25 per share, the highest in its history. What the final dividend adds to that figure is the day’s key watch point for income investors.
On the strategic front, ONGC has entered a technical alliance with BP to deploy advanced recovery technologies at Mumbai High, India’s largest offshore oil field. The initiative aims to stabilise production from a mature asset that has faced declining output for years.
Simultaneously, ONGC is pursuing joint bids with BP and Reliance Industries in ongoing domestic oil and gas exploration rounds, focusing on the Krishna Godavari Basin where all three firms have overlapping interests.
Paytm Moves Into Europe — Luxembourg Entity to Get EUR 9 Million
This one moved quietly, but it matters for the medium-term thesis.
One 97 Communications, the parent company operating under the Paytm brand, disclosed on Monday that its subsidiary Paytm Cloud Technologies will invest EUR 9 million into Paytm Europe Payments S.A., a wholly-owned entity incorporated in Luxembourg on January 12, 2026.
The investment increases Paytm Europe’s paid-up capital to support its business funding requirements, with the transaction expected to close by June 30, 2026.
Luxembourg matters here, it is the regulatory gateway for European Union payment services under the PSD2 framework, meaning a licence obtained there allows Paytm to operate as a payment institution across all 27 EU member states.
This is an early but deliberate step toward building cross-border payment rails outside India. Paytm reported a consolidated net profit of ₹184 crore in Q4 FY26, a meaningful turnaround, and the European move signals management is now thinking about the next growth leg.
IRFC: ₹13,527 Crore Metro Deal Marks a New Chapter
IRFC signed a ₹13,527 crore term loan agreement with L&T Metro Rail Hyderabad to refinance the debt obligations of the Hyderabad Metro Rail project, the single largest metro financing deal executed by the corporation.
Shares rose 2.94 per cent to an intraday high of ₹101.08 on Monday, recovering nearly 16 per cent from their 52-week low of ₹87 hit on March 30, 2026.
This is not a one-off. IRFC has been formally expanding its mandate beyond railway rolling stock to urban infrastructure, and the Hyderabad deal is the clearest execution of that strategy yet.
On May 22, IRFC also closed a JPY-equivalent $1.1 billion external commercial borrowing with a consortium including SBI, HDFC Bank, Sumitomo Mitsui Banking Corporation, and DBS Bank, giving it low-cost international capital to deploy into large-ticket infrastructure projects.
FAQ
Q: Why did Suzlon’s net profit fall even though revenue grew 45 percent in Q4 FY26?
The decline is entirely a tax accounting effect. Suzlon received a deferred tax benefit of ₹284 crore this quarter versus ₹601 crore in Q4 FY25. Profit before tax, the true operating measure, rose 51 percent year-on-year to ₹833 crore. The underlying business is significantly stronger than the net profit headline suggests.
Q: Is the Premier Energies promoter stake sale a warning sign?
The market said no. Shares closed at ₹985, up 0.16 per cent after the ₹2,413 crore block, absorbed by 22 institutional investors. The company’s Q4 FY26 PAT was ₹456.83 crore, up 64.45 per cent YoY, with an order book of ₹14,010 crore. Elara Securities has a target price of ₹1,052 with an “Accumulate” rating.
Q: Why did Hindalco’s profit drop 51 percent despite record revenue in Q4 FY26?
Two reasons: a one-time exceptional charge of ₹4,565 crore related to the Novelis Oswego plant fire, and a 38.2 per cent surge in raw material costs to ₹55,890 crore. Excluding the exceptional item, profit before tax rose 16 per cent year-on-year. Novelis maintains its long-term EBITDA per tonne guidance of $600-plus.
The immediate trigger to watch: ONGC’s final dividend announcement from today’s board meeting and Suzlon’s stock reaction in Tuesday’s session as the market fully prices in a quarter where profit before tax rose 51 percent, a number most retail investors have not yet focused on.
