Updated: May 11, 2026. Q4 FY26 earnings season is complete. 220+ companies have reported with AI analysis available.

Track AI management signals → StockMirror Market Calendar

Season Summary — May 2026

Metric Q4 FY26 Season
Companies with AI analysis 220+
Sector comparison deep-dives 15 sectors
Top IT signal TCS $12B TCV record; mid-caps outperformed
Top Banking signal MFI stress resolved; NIM cycle troughed
Top FMCG signal HUL best growth in 12 quarters; rural recovery
Top Infra signal Cemindia ₹29K cr order book; government capex flowing
Top surprise HFCL $1.1 billion hyperscaler fibre contract

See all 15 sector comparisons below →

Reported — Key Numbers

TCS Q4 FY26 — April 15

India's largest IT company delivered a landmark quarter.

Metric Q4 FY26 YoY
Revenue ₹70,698 crore +4.5%
Operating margin 25.3% +80 bps
Deal TCV (total) $12.2 billion Record
AI TCV $2.3 billion —

What stood out: The $12.2B TCV is a record. Management called out AI as a structural demand driver — not a one-quarter event. Margin at 25.3% is a 4-year high. The question for FY27: can volume growth accelerate to match the deal pipeline?

Full TCS Q4 FY26 analysis →

HCL Technologies Q4 FY26 — April 14

Metric Q4 FY26 YoY
Revenue ₹30,246 crore +8.4%
EBIT margin 18.4% +40 bps
FY27 guidance 4.5–5% CC —

What stood out: Among the first Tier-1 IT companies to provide FY27 guidance — 4.5–5% CC growth, signalling steady but not accelerating demand. Products & Platforms (HCL Software) remains the margin engine. ER&D services growth is a key metric to watch through FY27.

Full HCL Tech Q4 FY26 analysis →

Wipro Q4 FY26 — April 17

Metric Q4 FY26 YoY
IT Services revenue $2.65 billion -0.2% CC
Full year revenue $10.5 billion -1.6%
Operating margin 17.3% -30 bps QoQ
Order booking $3.5 billion +3.2% QoQ
Buyback ₹15,000 crore —

What stood out: The ₹15,000 crore buyback at ₹250/share (5.7% of equity) is the headline. Revenue declined for the full year — the BFSI client issue in Americas 2 and delayed deal ramps were the primary drags. Q1 FY27 guided at -2% to 0% CC — Wipro enters FY27 in recovery mode. The "Wipro Intelligence" AI-native pivot is the medium-term story.

Full Wipro Q4 FY26 analysis →

HDFC Bank Q4 FY26 — April 18

Results declared. Earnings call pending — AI analysis will follow once the transcript is processed.

HDFC Bank Q4 FY26 analysis →

Tejas Networks Q4 FY26 — April 21

Metric Q4 FY26 / FY26 Context
Q4 Revenue ₹333 crore +8% QoQ
FY26 Revenue ₹1,103 crore Weak year after project delays
Q4 PAT -₹211 crore Loss-making quarter
FY26 PAT -₹909 crore Management called FY26 disappointing
Order Book ₹1,514 crore Excluding BSNL

What stood out: this was one of the more candid calls of the season. Management explicitly described FY26 as disappointing, pointed to delayed projects as the main revenue problem, and acknowledged real balance-sheet strain. The FY27 recovery case rests on order-book conversion, collections, and tighter cost discipline.

Full Tejas Networks Q4 FY26 analysis →

GTPL Hathway Q4 FY26 — April 21

Metric Q4 FY26 / FY26 Context
Q4 Revenue ₹934.4 crore +4% YoY
Q4 EBITDA ₹90.8 crore Margin compression vs Q3
PAT Negative in Q4 Hit by one-time items
Cable Subscribers 8.70 million Flat
Broadband Subscribers 1.06 million Flat QoQ

What stood out: the quarter was weak, but management framed the pain as partly one-time and shifted attention to FY27. The strategic emphasis is now on HITS rollout, aggressive MSO acquisitions, and returning broadband growth while keeping capex elevated.

Full GTPL Hathway Q4 FY26 analysis →

This Week — April 21–25

The biggest week of the Q4 FY26 season. Infosys and Reliance — India's most-watched IT company and largest company by market cap — both report.

Full week preview → Earnings This Week: April 21–25, 2026

The Numbers Everyone Is Watching

Infosys FY27 guidance (April 23): In Q3 FY26, Infosys guided 4.5–5% CC for FY26. The Q4 result confirms full-year performance. The critical question: what does FY27 guidance say about enterprise IT demand recovery? A 6–8% guide signals confidence; 4–6% signals more of the same.

Reliance Q4 EBITDA and Jio ARPU (April 24): Three moving parts — Jio ARPU trajectory post tariff hikes, Retail recovery (Q3 showed early signs), and O2C margins under global crude volatility. The board dividend announcement will also move the stock.

Tech Mahindra turnaround (April 22): Is revenue growth YoY positive? Are margins expanding structurally? Two years into CEO Mohit Joshi's transformation plan, Q4 is a reality check.

Season Schedule — April & May

Week 1: April 14–18 ✅

Company Date Status
HCL Technologies Apr 14 ✅ Results + call done
TCS Apr 15 ✅ Results + call done
Anand Rathi Wealth Apr 15 ✅ Results + call done
Wipro Apr 17 ✅ Results + call done
Nuvoco Vistas Apr 17 ✅ Results done
HDFC Bank Apr 18 📋 Results done, call pending

Week 2: April 21–25 🔜

Company Date Key Watch
Persistent Systems Apr 21 Revenue growth momentum — fastest-growing mid-cap IT
Tata Elxsi Apr 21 Auto ER&D slowdown exposure
360 ONE WAM Apr 21 AUM growth + margin
Tech Mahindra Apr 22 Turnaround — YoY revenue positive?
L&T Technology Services Apr 22 Auto + aerospace ER&D bellwether
Havells India Apr 22 Summer demand — fans, ACs, ECD division
SBI Life Insurance Apr 22 New Business Premium, VNB margin
Tata Communications Apr 22 Enterprise data services growth
Infosys Apr 23 FY27 guidance — the season's most-watched number
Cyient Apr 23 Defence + aerospace order flows
UTI AMC Apr 23 AUM + profitability in strong market
Reliance Industries Apr 24 Jio ARPU, Retail, O2C, dividend
Zensar Technologies Apr 24 North America revenue recovery
Tanla Platforms Apr 24 Enterprise messaging volume + margin
Adani Green Energy Apr 24 Capacity addition vs target

Week 3: April 27–30 📅

Company Date Key Watch
UltraTech Cement Apr 27 Volume growth + cost per tonne
Adani Total Gas Apr 27 CNG volume + margins
Castrol India Apr 28 Premium lubricant mix shift
Dalmia Bharat Apr 28 Expansion capex + utilisation
Maruti Suzuki Apr 28 CNG/EV mix, export trajectory
Federal Bank Apr 29 NIM trajectory + deposit costs
Mphasis Apr 29 DXC channel + direct client growth
Adani Power Apr 29 Capacity utilisation + merchant prices
HUL Apr 30 Volume recovery in urban consumption
Adani Ports Apr 30 Cargo volume + Mundra throughput
ACC Apr 30 Cement volume + energy cost trends

Sector Themes to Watch

IT Services

Three quarters after the demand slowdown began, Q4 FY26 is the first quarter where deal TCV (TCS $12.2B record) and management commentary suggests a genuine inflection. The question is execution — does Q1 FY27 revenue start reflecting the deal wins? Infosys' FY27 guidance will set the tone.

Companies reporting: Infosys (Apr 23), Persistent Systems (Apr 21), Tech Mahindra (Apr 22), L&T Technology Services (Apr 22), Tata Elxsi (Apr 21), Cyient (Apr 23), Zensar (Apr 24)

Banking & Financial Services

HDFC Bank has already reported — the earnings call will provide colour on loan growth and NIM. Federal Bank (Apr 29) is a key mid-cap banking read. Strong equity markets through Q4 FY26 will benefit AMCs (UTI, Nippon Life) and wealth managers (Anand Rathi, 360 ONE WAM).

Companies reporting: HDFC Bank (call pending), UTI AMC (Apr 23), Federal Bank (Apr 29), SBI Life (Apr 22)

Industrials & Cement

UltraTech (Apr 27) and ACC (Apr 30) report in the same week — the back-to-back read will give a clear sector picture. Maruti Suzuki (Apr 28) is the passenger vehicle read. Strong infrastructure spending should support Adani Ports (Apr 30) volumes.

Consumer

Havells (Apr 22) is the summer demand bellwether — Q4 is the most important quarter for ECD (fans, ACs). HUL (Apr 30) will confirm whether the urban consumption recovery management flagged in Q3 held through Q4.

Key Signals to Follow

Management Confidence Across IT

After Q3 FY26, StockMirror's AI analysis showed:

  • TCS: High confidence — "$12B TCV is not a single-quarter event"
  • Wipro: Neutral — cautious on near-term, confident on transformation
  • HCL Tech: High confidence — products business providing earnings stability

Q4 adds Infosys and Tech Mahindra to complete the Tier-1 IT picture.

Deal TCV vs Revenue Realisation

The gap between announced deals and revenue showing up in results is the key Q4 FY26 tension across IT. TCS' record TCV ($12.2B) should translate to FY27 revenue acceleration — but by how much and when?

Follow Every Earnings Call Live

As each company reports, StockMirror processes the earnings call transcript and publishes AI analysis covering:

  • Management Sentiment and Confidence signals
  • Revenue driver breakdown (Volume / Price / Mix / Execution)
  • Full Q&A tone analysis — direct, confident, or evasive
  • All analyst questions and management answers

Open the Market Calendar → live Q4 FY26 tracker

Season Complete: All 15 Sector Comparisons

Q4 FY26 earnings season is complete. StockMirror has published deep-dive AI analysis across 15 sectors — each comparing 3-14 companies on the metrics that matter: order books, EBITDA margins, management confidence, FY27 outlook.

Technology & Digital Infrastructure

Financials

Consumer & FMCG

Industrial & Infrastructure

Energy & Healthcare

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Disclaimer: Earnings dates sourced from NSE/BSE announcements and company filings, subject to change. Financial data from company-reported results and earnings call transcripts. Not financial advice.