Quarterly Earnings Overview

The latest results for Q4 FY26 reveal a gradual improvement in the proportion of companies reporting positive earnings. At 50.0%, the share of positive results has edged higher compared to 46.0% in December 2025, 44.0% in September 2025, and 42.0% in June 2025. This steady uptick suggests a cautious but growing confidence among corporates amid a challenging macroeconomic backdrop.

However, the distribution of positive results varies significantly by market capitalisation. Large caps have lagged with only 17.0% reporting positive earnings, while mid caps have maintained a 50.0% positivity rate. Small caps continue to lead the pack with 60.0% of companies beating expectations, underscoring the resilience and growth potential in this segment.

Sectoral and Market Cap Leaders

Among large caps, ICICI AMC from the capital markets sector emerged as a top performer, demonstrating strong operational metrics and profit growth. The mid cap segment was led by HDB Financial Services, a prominent NBFC, which reported solid earnings growth driven by improved asset quality and higher disbursements.

Small caps showcased impressive performances with Waaree Renewables in the power sector delivering robust quarterly profits, reflecting the ongoing shift towards renewable energy investments. Other notable small cap performers included SG Finserve (NBFC) and Bajaj Consumer (FMCG), both of which posted significant earnings growth and operational improvements.

Spotlight on Bajaj Consumer Care Ltd.

Among the 11 results declared in the last 24 hours, Bajaj Consumer Care Ltd. stood out with an outstanding financial performance for Q4 FY26. The company’s financial score improved markedly from 25 to 32 over the past three months, signalling a strong bullish sentiment since 1 April 2026 when the stock was rated Bullish at Rs 362.90.

Bajaj Consumer’s profit before tax excluding other income (PBT LESS OI) surged by 141.87% to Rs 71.57 crores, while profit after tax (PAT) more than doubled, growing 105.3% to Rs 63.60 crores. The company also recorded its highest-ever PBDIT at Rs 76.51 crores and operating profit to net sales ratio at 23.42%, highlighting operational efficiency gains.

Net sales rose 30.41% to Rs 326.66 crores, the highest quarterly figure to date, supporting an EPS of Rs 4.87, also a record high. These metrics collectively underscore Bajaj Consumer’s strong market positioning and effective cost management during the quarter.

Aggregate Profit Growth and Trends

The aggregate profit growth across the 54 companies reflects a cautious recovery. While exact aggregate profit figures are not disclosed, the rising proportion of positive results and notable earnings growth in key sectors indicate improving corporate profitability. The mid and small cap segments, buoyed by NBFCs and power companies, have been the primary drivers of this momentum.

Large caps, despite their size and market influence, have struggled to maintain earnings momentum, with only 17.0% reporting positive results. This divergence may be attributed to sector-specific headwinds and global economic uncertainties impacting heavyweight companies more acutely.

Sectoral Patterns and Outlook

The capital markets sector, represented by ICICI AMC, continues to benefit from increased market activity and asset management inflows. NBFCs, particularly in the mid and small cap space, have shown resilience with improved asset quality and credit growth, as exemplified by HDB Financial Services and SG Finserve.

The power sector’s small cap leaders like Waaree Renewables are capitalising on the accelerating shift towards sustainable energy, supported by government incentives and rising demand for clean power. FMCG companies such as Bajaj Consumer Care are benefiting from robust consumer demand and efficient cost controls, driving margin expansion.

Upcoming Earnings to Watch

Investors should keep an eye on the upcoming results from Billionbrains Garage Ventures Ltd, Bank of Maharashtra, and Ugro Capital Ltd, all scheduled to report on 20 April 2026. These companies operate in diverse sectors and could provide further insights into the evolving earnings landscape for Q4 FY26.

Conclusion

The Q4 FY26 earnings season presents a nuanced picture with a gradual improvement in positive results, led by mid and small caps. Sectoral leaders in capital markets, NBFCs, power, and FMCG have demonstrated strong earnings growth and operational efficiencies, while large caps face ongoing challenges. Investors would do well to focus on companies with clear growth drivers and improving profitability metrics as the market navigates a complex macroeconomic environment.

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