Summary:
Equity markets in India had a tough time in Q4 of 2026. The Nifty 50 index was down by 14.5% in this quarter. The Sensex also lost 15.6% over this period. The war in West Asia affected supply chains and hence crude oil prices were high. The rupee also weakened against the dollar. FII outflows reached record high this quarter with over ₹170,616.41. However, some stocks did well over this period. Stocks in the energy, metal, and shipping industries rallied sharply over this period. The rise in commodity prices was beneficial to energy and metal stocks. The rise in freight rates to historic highs also benefited the shipping industry. One stock in the power sector had a strong order book and hence was well ahead of the market. Five stocks, namely Hitachi Energy India, National Aluminium Company, GE Shipping, MRPL, and ONGC, were the gainers in Q4 of FY26, when the market was going in the opposite direction.
Hitachi Energy India’s shares closed Q4 FY26 at ₹24,235 on March 30, 2026, with an appreciation of 32.35% over the quarter. The shares have achieved a 52-week high of ₹26,325 on March 10, 2026. The market capitalization was ₹1,08,021 crore.
Hitachi Energy India recorded revenue of ₹ 2,168 crore in Q3 FY26, an increase of 29.6% over the previous year. EBITDA profit doubled to ₹ 338.4 crore, with margins rising to 15.6% from 10.1%. PAT rose by 90.3% to ₹261.4 crore. PAT for the nine months ended December 2025 was ₹657.4 crore, an increase of 228.5% over the previous year. The order book stood at ₹29,872 crore, with significant wins in transformer, grid automation, renewable energy, and metro traction projects.
Hitachi Energy India Limited was incorporated in 2019 as a joint venture between the two companies, Hitachi and ABB's power grid division.
National Aluminium Company’s share price closed Q4 FY26 at ₹386.10 on March 30, 2026, with a 22.8% appreciation during Q4 FY26. The stock has also recorded a 52-week high of ₹431.50 on January 29, 2026.
National Aluminium Company has recorded its highest-ever quarterly net profit of ₹1,601 crore in Q3 FY26, compared to ₹1,583 crore in Q3 FY25. The total income for Q3 FY26 stood at ₹4,925 crore, compared to ₹4,761 crore in Q3 FY25. For the nine months ended December 2025, NALCO has recorded a 26% growth in its net profit to ₹4,098 crore and a 11% growth in its revenue from operations to ₹12,830 crore. The company has also recorded its highest-ever production of bauxite, alumina hydrate, and aluminium cast metal during Q3 FY26. NALCO has also paid a second interim dividend of ₹4.50 per share for FY26.
In February 2026, NALCO also introduced its new product, IA91 Grade Aluminium Alloy Ingot, a silicon-based casting alloy, applicable in automotive, electrical, and industrial segments.
In Q4 FY26, strikes in Iran disrupted aluminium production facilities in the UAE and Bahrain, pushing up aluminium prices and providing a fillip to the stock.
National Aluminium Company Limited, incorporated in 1981, is a Navratna CPSE under the Ministry of Mines, with integrated bauxite mining, alumina refining, and aluminium smelting operations.
MRPL's share prices closed for Q4FY26 at ₹179.84 on March 30, 2026, a gain of 18.3% over its closing price of ₹152.03 on December 31, 2025. The stock recorded its 52-week high at ₹212.31 on March 6, 2026. Its market capitalisation was at ₹31,519 crore.
On March 3, 2026, MRPL's board approved an interim dividend of ₹4 per equity share for FY2025-26. The record date for this dividend was fixed at March 11, 2026. In this quarter, MRPL chartered a vessel called Aqua Titan, carrying Russian crude oil, initially destined for China, but it was diverted to New Mangalore Port. MRPL benefited from this arrangement, acquiring competitively priced crude oil.
MRPL was initially incorporated as a joint venture between the AV Birla Group and Hindustan Petroleum Corporation Ltd. It is currently a subsidiary of ONGC. MRPL refines crude oil and is also engaged in petrochemicals, aviation fuel, and petroleum products.
The closing price of the shares of ONGC as on March 30, 2026, i.e., the end of Q4 in the financial year 2026, stood at ₹. 284.65, an appreciation of 18.4% over the closing price of ₹. 240.38 on December 31, 2025. The shares of the company registered a new high of ₹. 293.00 on March 2, 2026, while the shares registered a new low of ₹. 205.00. The market capitalization of the company stood at ₹. 3,58,098 crore.
Several developments in the company ensured that the shares remained in focus during the quarter under review. On January 27, 2026, the company entered into contracts for building ships with Samsung Heavy Industries, through its joint venture with Mitsui O.S.K. Lines of Japan, to build two very large ethane carriers, which would be used to transport ethane to the country's downstream industries. On the same date, the company entered into an agreement with Reliance Industries to share infrastructure facilities for deepwater operations in the Krishna Godavari basin and Andaman offshore, including rigs, marine vessels, pipelines, and processing facilities. The company has announced payment of the second interim dividend of ₹. 6.25 on the equity shares of the company for the financial year 2025-26, with February 18, 2026, as the record date.
ONGC is the largest oil and natural gas producing company in the country, producing about 71% of the country's oil and natural gas.
Great Eastern Shipping's share prices closed at ₹1,414.70 on March 30, 2026, an increase of 25.3% over ₹1,129 on December 31, 2025. The stock recorded a high of ₹1,509 on March 13, 2026. The market capitalization was at ₹20,957 crore.
For Q3FY26, consolidated revenues for Great Eastern Shipping stood at ₹1,737 crore, an increase over ₹1,501 crore reported in Q3FY25. The company reported a net profit of ₹777 crore for Q3FY26, an increase over ₹569 crore reported in Q3FY25. EBITDA for Q3FY26 was at ₹1,082 crore, an increase over ₹826 crore reported in Q3FY25. For the nine months ended December 2025, consolidated net profit for Great Eastern Shipping was at ₹1,808 crore.
What gave further boost to this stock was an increase in global tanker freight rates. The freight rate for a Supertanker moving between the Middle East and China rose to an all-time high of $4,23,736 per day. The global average Supertanker rate rose to $2,80,941 per day, an all-time high. The Strait of Hormuz, through which a fifth of global oil supply moves, was closed for regular traffic due to attacks on ships in the region. Ships had to take longer routes, thus keeping rates high.
Great Eastern Shipping, along with its subsidiaries, provides Indian shipping and offshore oil drilling services.
References:
https://www.bseindia.com/xml-data/corpfiling/AttachHis/0a80fe67-957f-44bb-9281-b8bd4babaefe.pdf
https://www.bseindia.com/xml-data/corpfiling/AttachHis/4d51175a-735d-44d5-96eb-303b8ec8b829.pdf
https://www.bseindia.com/xml-data/corpfiling/AttachHis/cdc05ff3-212e-45b1-9db0-ecc5f199c30d.pdf
https://www.bseindia.com/xml-data/corpfiling/AttachHis/673f7584-663d-46c0-b67e-9591563708e0.pdf
https://www.bseindia.com/xml-data/corpfiling/AttachHis/92a52c2e-0d4b-4912-9171-1daade3b1ab5.pdf
https://nsearchives.nseindia.com/corporate/HitachiEnergy_05022026171711_Binder2.pdf
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