Taking Stock of Q4FY2026 Results

Once again, it’s the time for financial reckoning for India Inc. as Q4 FY2026 and full-year FY2026 results have started coming in.

The season kicked off around the 10th of April, so we’re barely a fortnight in and only 76 companies from the Nifty 500 universe have declared their numbers so far.

It would be premature to draft a report card, since results will keep flowing in till the end of May, but we looked at the numbers anyway.

We grouped the Nifty 500 companies into three buckets—Top 100, Next 150, and the Next 250—to get a sense of where things stand.

Here’s what emerged: Sales growth appears modest across categories and while profit looks attractive in some segments, it’s most likely magnified by the rupee depreciation, particularly since these early results include those of all the large IT companies and outliers like CPCL, which can skew the aggregate picture.

So, I’ll reiterate, it’s too early to draw any firm conclusions.

That said, things will start getting interesting from here on. As more results come in, clearer trends will emerge—and we’ll keep tracking them.

The good news is that valuations for the Nifty 500 seem to be in a comfortable zone. The PE for the Nifty 500, when compared to its 10-year average does not appear stretched.

Let’s see how the season unfolds.

I’m interested in knowing what you’re seeing in the numbers so far.