Axis Bank, IndusInd Bank and RBL Bank and other banking stocks are in the spotlight today following the announcement of their quarterly earnings.
Most of these banks reported mixed March quarter earnings with steady rise in net interest income (NII), while profitability has dropped or remained in low-single digit.
Axis Bank fall nearly 5% after higher provisions
Axis Bank shares declined nearly 5% in early morning trades reacting to its Q4FY26 earnings. The private lender reported flat growth in Q4 net profit to ₹7,071 crore, down 0.6% YoY, mainly due to a sharp spike in provisions and a trading loss. Total provisions and contingencies rose 159% YoY to ₹3,522 crore during the quarter.
Net interest income up 4.7% YoY to ₹14,457 crore compared to ₹13,811 crore in a year-ago period, while net interest margins (NIM) stood at 3.62%. Asset quality improved, with gross NPAs declining to 1.23% (down 17bps QoQ) and net NPAs to 0.37% (down 5bps QoQ). Slippages moderated sharply, and credit costs improved sequentially.
Axis Bank advances saw a rise of 19% YoY and 6% QoQ to ₹12.34 lakh crore, led by strong growth in corporate and SME segments. Along with the results, Axis Bank also announced final dividend of ₹1 per share for its shareholders.
IndusInd Bank turn profitable in March quarter
IndusInd Bank shares rose over 6.1% intraday to hit a day high of ₹899.9 apiece on NSE after the private lender swung back to profitability with net profit of ₹594 crore compared to loss of ₹2,236 crore in the year-ago period due to lower provisions, which fell sharply by 38.6% YoY to ₹1,484 crore during the quarter.
IndusInd Bank net interest income (NII) increased 43.4% YoY to ₹4,372 crore, driven by a low base and improved interest income dynamics. Net interest margin (NIM) improved to 3.39% from 2.25% a year-ago.
Gross non-performing assets (NPA) ratio improved to 3.43% from 3.56% in the previous quarter, while net NPA improved to 1.00%, indicating better underwriting in the microfinance segment. IndusInd Bank declared a final dividend of ₹1.50 per share, which is the first dividend in nearly two years.
RBL Bank Q4 net profit jumps 234% YoY
RBL Bank shares declined 4.7% intraday despite reporting 234% YoY jump in net profit to ₹230 crore, driven by 13% YoY drop in provisions to ₹678 crore. NII rose by 7% YoY to ₹1,671 crore, aided by strong advances growth of 23% YoY. Gross NPA improved to to 1.45% from 1.88% QoQ, while Net NPA dropped to 0.39% from 0.55% in the previous quarter.
RBL Bank net advances grew 23% YoY and 11% QoQ to ₹114,232 crore, while total deposits for the company grew 25% YoY and 16% QoQ to ₹139,018 crore. The lender also declared a dividend of ₹ 1 per share of ₹10 face value.
IDFC First Bank reports stable Q4 earnings
IDFC First Bank shares rose 3.6% intraday and hit a day high of ₹69.7 apiece on NSE after the bank reported steady growth in the March quarter. In Q4FY26, IDFC First Bank reported 4.9% YoY rise in net profit to ₹319 crore driven by growth in core business.
Net interest income (NII) surged 15.7% YoY to ₹5,677 crore, supported by 20% loan growth (reaching ₹2.90 lakh crore), while asset quality improved during the quarter as Gross NPA fell to 1.61% from 1.69% sequentially and net NPA stood at 0.48% from 0.53%. The board of directors of the bank announced a dividend of ₹0.25 per share.
DCB Bank report robust 17.4% YoY growth in NII
Another private bank, DCB Bank saw strong traction as its shares rose 6.4% intraday before witnessing profit booking. Private sector lender reported a 16% increase in net profit to ₹206 crore, driven by robust NII growth during the March quarter.
Net interest income (NII) rose 17.4% YoY to ₹655 crore. Meanwhile, Asset quality improved sequentially, with the gross NPA ratio declining to 2.45% from 2.72% in the previous quarter. Net NPA ratio also eased to 0.89% from 1.10% QoQ. DCB Bank announced final dividend of ₹1.45 per share for FY26
Second-most Spoken Language in India: Language is the heartbeat of human connection. There are more than 7,100 languages spoken worldwide.
Tamil and Sanskrit are among the oldest, while newer languages like Esperanto were created artificially. Looking at the most diverse country in the world, India stands out with 22 official languages and 121 major ones. Hindi is the most spoken, but do you know which language comes next? In this article, let's explore the history and cultural importance of that language.
Which Is The Most Spoken Language In India After Hindi?
Bengali is the second-most-spoken language in India, with about 9.72 crore speakers, accounting for 8.03% of the population according to the 2011 Census. Most people speak it in West Bengal and Tripura, where it has strong historical and cultural roots. Outside India, Bengali is the national language of Bangladesh. It is part of the Indo-Aryan language family and developed from Magadhi Prakrit and Sanskrit.
Bengali is often praised for its sweet sound and was the first Indian language to earn a Nobel Prize in Literature, thanks to Rabindranath Tagore. Its script is derived from Brahmi and is the fifth-most widely used writing system in the world, indicating its wide influence.
5 Lesser-Known Facts About Bengali
It is the 7th most spoken language in the world, with over 230 million speakers worldwide (native and non-native).
Linguistically, Bengali is often cited as one of the "sweetest" languages because it is non-tonal and features many "O" sounds (rounded vowels), making it sound melodic to the human ear.
UNESCO declared February 21 as International Mother Language Day to honour the 1952 Bengali Language Movement.
Outside of India and Bangladesh, Bengali is the most spoken immigrant language in many parts of the United Kingdom (like Tower Hamlets).
While its core is Sanskrit-based (Tatsama), about 5% to 8% of modern Bengali vocabulary consists of Persian, Arabic, and Turkish loanwords.
In a unique diplomatic gesture, Sierra Leone designated Bengali as an honorary official language in 2002 to thank Indian peacekeepers for their support during the country's civil war.
Top 7 Most Spoken Languages In India (After Hindi)
Here is the list of the top 7 most spoken languages in India based on the Census of India 2011, which remains the most credible official source.
Rank
Language
Native Speakers (Mother Tongue)
Total Speakers (Incl. L2/L3)
Main Regions (India)
Global Presence
1
Bengali
9.72 Crore
10.72 Crore
West Bengal, Tripura, Assam
Bangladesh, the UK, the USA, and Saudi Arabia
2
Marathi
8.30 Crore
9.90 Crore
Maharashtra, Goa
Israel, Mauritius, USA
3
Telugu
8.11 Crore
9.41 Crore
Andhra Pradesh, Telangana
USA (fastest growing), Malaysia
4
Tamil
6.90 Crore
7.70 Crore
Tamil Nadu, Puducherry
Sri Lanka, Singapore, Malaysia
5
Gujarati
5.54 Crore
6.00 Crore
Gujarat, Dadra & Nagar Haveli
UK, USA, Kenya, Canada
6
Urdu
5.07 Crore
6.30 Crore
UP, Bihar, Telangana, Delhi
Pakistan, UAE, UK
7
Kannada
4.37 Crore
5.90 Crore
Karnataka
USA, Australia, Singapore
Conclusion
Bengali is the second-most spoken language in India and is the main language for more than 97 million people. Its importance comes not only from the number of speakers but also from its strong cultural heritage. Bengali is also the seventh most spoken language in the world, linking India to the global community, especially through its ties with Bangladesh.
Infosys Ltd., the second-largest outsourcer, forecast annual sales growth below analysts’ estimates on Thursday, following a profit miss at smaller rival HCL Technologies Ltd. two days earlierEarnings from India’s bellwether software services exporters have reinforced investor concerns about the sector’s growth prospects, signaling that the downturn in their stocks has further to run.Infosys Ltd., the second-largest outsourcer, forecast annual sales growth below analysts’ estimates on Thursday, following a profit miss at smaller rival HCL Technologies Ltd. two days earlier.
Both stocks declined, with the latter hit by at least half a dozen analyst downgrades. A gauge of the sector plunged more than 5 per cent on Friday to close at its lowest level since June 2023.
The market reaction underscores the two-pronged challenge being faced by India’s $315 billion tech industry — a weak global macroeconomic environment amid the Iran war that has weighed on discretionary tech spending, and the rapid rise of artificial intelligence, which is threatening to disrupt their business models.The selloff in stocks has deepened since Tata Consultancy Services kicked off earnings on April 9, with nearly $115 billion now wiped off the value of the IT gauge over four months. That has also acted as a key drag on India’s broader market given that tech shares carry a weightage of about 10 per cent in the benchmark NSE Nifty 50 Index.“We continue to be cautious on the sector,” Surendra Goyal, an analyst at Citigroup Inc., wrote in a note, citing high competitive intensity and continued impact of AI on existing business.Given the fears of AI-driven disruption, a crucial metric for investors is how effectively India’s IT outsourcers adapt — both in how quickly they embed AI into their own delivery models and how successfully they reposition themselves in the value chain.Infosys has sought to capitalize on the rapid progress of AI by embedding the technology into its offerings in a bid to curb costs and convince corporations to maintain or enhance their IT budgets. Larger rival TCS has partnered with OpenAI to build AI data centers in India, and now its nearing more such deals with other tech giants.
The companies rose to prominence in the late 1990s by helping Western firms solve the Y2K bug, which had threatened computer chaos at the turn of the millennium. Since then, they have survived fluctuations in global growth from a series of crises, as well as the dawns of new technologies from mobile telecommunications to cloud computing.For some market watchers, the monthslong selloff has made valuations attractive. The IT gauge is trading at less than 17 times its one-year forward earnings, down from 30 at the start of last year. The benchmark Nifty 50 trades at more than 18 times.“This is a sector with no price froth, little valuation excess, and a weak business cycle already reflected in prices,” said Sahil Kapoor, a strategist at DSP Mutual Fund. “At current prices, terminal-value risk appears limited, and we remain overweight.”Still, the decline in share prices following the latest earnings shows investors want to see more concrete results before turning positive. The NSE Nifty IT Index is now down almost 25% in 2026, making it the worst-performing sector gauge in India. It is trailing the Nifty 50 for a second year.“Discretionary and non-AI technology spending is under pressure, as clients are delaying large, multi-year projects due to economic uncertainty and unclear returns from AI,” said Anurag Rana, senior technology analyst at Bloomberg Intelligence. “Companies lack visibility beyond a single quarter, with CFOs unable to provide clear medium-term guidance amid ongoing uncertainty.”
"Geopolitical an crude oil risk remain but are fading. Long-term India story is stronger than near-term noise," said Bolinjkar in an interview with Mint. Bolinjkar also suggest investment strategies, keeping the current market construct in mind and recommends top stocks to buy from banking, power, and defence sectors. Edited excerpts:
We have no dearth of headwinds. How should we invest now?
The current environment is challenging but not unprecedented for India. Geopolitical risks, crude oil price spike, and FII outflows have historically been temporary shocks, with DIIs providing strong counter-buying support.
Markets have already seen sharp rebounds (Nifty surged nearly 3-4% in single sessions in early April 2026 on ceasefire news). Stick to disciplined, long-term investing rather than trying to time the bottom.
Accumulate fundamentally sound companies into quality large-cap and select mid-cap space. Focus on domestic consumption, capex, and export-resilient themes.
Weak rupee is a tailwind for exporters and makes Indian assets cheaper for global investors (potential FII return trigger).
Avoid leverage or concentrated bets; maintain 10-20% cash for dips. Prioritise sectors less sensitive to oil (renewables, defense, banking/financials over pure cyclicals like aviation and refineries initially).
India's structural growth story (earnings CAGR nearly 12-15%, policy support, DII flows) remains intact. This is a volatility phase, not a structural breakdown-we still see upside potential once oil/geopolitics stabilise.
Don't you think the impact of higher crude oil prices will linger for at least the next one quarter?
Yes, an end or meaningful de-escalation of the US-Iran conflict (ceasefire since nearly April 8, though strained by Hormuz issues and blockade talks) could trigger a relief rally, as seen in the sharp April 8 surge when oil cooled and risk appetite returned.
For sustainability, the ceasefire talks should progress, and crude should stay below $100 per barrel.
But the higher oil price impact will likely linger for at least the next 1-2 quarters-India imports 85-90% of its crude oil demand, so elevated prices feed into inflation, CAD widening, and RBI policy caution.
Expect some margin pressure on oil-marketing companies and many other sectors using crude derivatives as key raw materials, an indirect hit to consumption.
Markets price in "hope" quickly; reality (earnings impact in Q1-Q2 FY27) may cap the rally unless FIIs return and domestic growth accelerates.
Has the market hit the bottom? What is the make-or-break level for Nifty 50?
We have seen a sharp selloff (Nifty dipped to nearly 22,182 in early April) followed by a strong rebound (now hovering at 24,000 zone as of mid-April).
Technically, early-April lows look like a capitulation point (historical April bottoming tendency + bullish divergence on RSI).
But it's not confirmed until we sustain above key resistance (nearly 24,000-24,500) with rising volumes and FII inflows.
Make-or-break level is 23,000-23,500 (psychological + recent support cluster). A decisive close below this on high volume would signal deeper correction toward 22,000-22,500.
If the price stays above this range, and oil prices ease, it could gain strength and move toward 25,000 or higher.
Have you revised your Nifty target? Where do you see the Nifty 50 by the end of 2026?
We align with the 26,000-27,000 consensus. However, this recovery will be purely based on:
- Earnings growth (12-15% CAGR) from financials, capex cycle, and consumption recovery.
- India's relative outperformance vs. global peers in a slowing world.
Valuations are elevated but justified by growth premium; any correction creates entry points.
Is it the right time to bet on IT stocks? If yes, should we focus on only the bigger players?
No, we are cautious on Indian IT sector. Indian IT firms have largely stayed service-oriented, with limited product innovation, R&D investment, and proprietary AI capabilities, risking margin pressure and limited revenue visibility. Future will depend on their AI partnerships, deal pipelines, and scale to adapt the AI.
What sectors are you bullish on at this juncture? What are your top picks for the next one year?
Top themes (in order of conviction):
- Financials/banking due to Low interest rates + credit growth + low NPAs.
- Defense due to Atmanirbhar + export push.
- Power and renewables/green energy due to policy push + PLI.
- Select FMCG and pharma/healthcare (defensive + exports).
Overall stance: Stay invested, add on dips, tilt toward domestic + export-resilient large-caps. Geopolitical an crude oil risk remain but are fading. Long-term India story is stronger than near-term noise.
Source: Mint
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of the expert. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
Paytm, Wipro, Mastek, and NLC India amid strategic partnerships, acquisitions, and regulatory updatesWipro Ltd has announced a strategic partnership with Kongsberg Digital, a global leader in advanced engineering and industrial digitalisation, to jointly deploy next-generation AI-powered Digital Twin solutions for the Energy & Utilities sector. Together, Wipro and Kongsberg Digital will provide organisations with a unified environment that brings together physics-based engineering models, real-time operations, and enterprise AI.Mastek said it had entered a Memorandum of Understanding for the sale of a commercial building with an approximate built-up area of 1,57,233 sq. ft. on leased land admeasuring 15.50 acres at Mahindra World City SEZ, Chengalpattu, Chennai. The aggregate consideration of ₹60 crore is to be received in two tranches in accordance with the terms of the said MoU. The company did not disclose the buyers’ identity
Ampvolts Ltd, one of India’s leading electric vehicle infrastructure providers, will develop and operate 17 high-capacity electric charging hubs in industrial and logistics corridors in Western India, in partnership with Cholamandalam Leasing Ltd. The infrastructure will support the deployment of Montra Electric RHINO 5538 EV trucks, enabling long-haul electric freight movement at scale by addressing the critical challenge of reliable charging for heavy-duty EVs
One 97 Communications (Paytm) has issued a formal clarification to stock exchanges following a major regulatory development involving its associate entity, Paytm Payments Bank Limited (PPBL). The company confirmed that the Reserve Bank of India (RBI) has cancelled the banking licence of PPBL, effective from the close of business on 24 April 2026. The company has moved quickly to reassure users and stakeholders that its core services remain fully operational and uninterrupted. It emphasised that its suite of digital payment and financial services is no longer dependent on PPBL.NLC India Limited (NLCIL), which participated in the Tranche-V auction of Critical and Strategic Minerals conducted by the Ministry of Mines and emerged as the Preferred Bidder for Semhardih Phosphorite & Limestone Block and Raipura Phosphorite & Limestone Block, Balod District, Chhattisgarh, has received a composite licence from the Mineral Resources Department, Govt. of Chhattisgarh.Innovision has received a Letter of Award (LoA)/Order through a competitive bidding process for the supply of additional external sources of skilled, semi-skilled and unskilled labour from the Office of Superintending Engineer (Operation) Circle, MP East Zone Electricity Distribution Co. Ltd, Rampur, Jabalpur.Quality Power Electrical Equipments Ltd has received a significant order for the supply of Reactors. The order is for a Data Centre project in the United States of America and the identity of the customer has been withheld pursuant to a binding Non-Disclosure Agreement with the awarding entity.Pine Labs has announced the acquisition of Shopflo, a next-generation online checkout optimisation platform trusted by over 1,000 e-commerce brands and powering seamless experiences for more than 60 million consumers. This acquisition marks a defining step in Pine Labs’ evolution into a full-stack payments and commerce platform – one that now serves merchants seamlessly across both offline and online channels
Gold prices declined on Monday (April 27), weighed down by safe-haven inflows into the US dollar. A stronger dollar makes the yellow metal less appealing to investors.
As of 5:10 am, spot gold was down 0.7 per cent, or USD 32.2, trading at USD 4,677.26. Prices had already slipped by over 1.5 per cent in the previous week. On the domestic front, gold futures for June on the Multi-Commodity Exchange settled 0.1 per cent higher at Rs 1,52,799.
Dollar strength pressures gold
The US dollar index, which measures the greenback against a basket of currencies, was trading 0.1 per cent higher at 98.63. A stronger dollar makes gold more expensive for foreign buyers, reducing its appeal in international markets.
Geopolitical tensions and oil price surge
Rising geopolitical uncertainty also influenced market sentiment. US President Donald Trump has cancelled envoys Steve Witkoff and Jared Kushner's trip to Pakistan for talks related to the Iran conflict.
This development pushed oil prices higher, with both Brent and WTI crude rising nearly 2 per cent. Oil prices are now trading above USD 100 per barrel.
Higher oil prices add inflation pressure
The rise in oil prices contributes to inflationary pressures, making goods and services more expensive. In response, central banks may keep interest rates elevated to combat inflation.
A prolonged high-interest-rate environment reduces the appeal of gold, as it does not offer any yield, thereby putting further pressure on bullion prices.
Focus on upcoming FOMC meeting
Apart from developments in the Middle East, investors are closely watching the upcoming Federal Open Market Committee (FOMC) meeting, scheduled to begin on April 28, with a decision expected by April 29.
According to the CME FedWatch tool, there is a 100 per cent probability that the Federal Reserve will keep interest rates unchanged.
Inflation data in focus
Market participants will also keep a close eye on inflation data from the world's largest economy, expected later this week, which could provide further cues on the Federal Reserve's policy path.
City-wise 24K, 22K and 18K Gold rate (Per 10 Grams)
City Name
24k gold price India (10 grams)
22k gold price India (10 grams)
18k gold price India (10 grams)
Gold Price in Chennai
154910
142000
118500
Gold Price in Bengaluru
154040
141200
115530
Gold Price in Delhi
154190
141350
115680
Gold Price in Mumbai
154040
141200
115530
Gold Price in Kerala
154040
141200
115530
Gold Price in Kolkata
154040
141200
115530
Gold Price in Hyderabad
154040
141200
115530
Gold Price in Patna
154090
141250
115580
Gold Price in Lucknow
154190
141350
115680
Gold prices are largely uniform across major Indian cities, with minor variations. Chennai records the highest 24k price at Rs 1,54,910, while most others cluster around Rs 1,54,040 to Rs 1,54,190. Similar consistency exists in 22k and 18k rates, indicating stable nationwide pricing with slight regional premiums likely due to local demand and taxes.
Today gold rate by IBJA
The India Bullion and Jewellers Association (IBJA) sets the daily "base price" of gold in India, which serves as the national benchmark for bullion rates. In simple terms, IBJA rates act as the reference price across the country. Below is a breakdown of gold prices based on different purity levels (carats) as defined by IBJA.
Purity by carat
Morning rates
Evening rates
24 carat gold
Rs 1,51,479 per 10 grams
-
23 carat gold
Rs 1,50,872 per 10 grams
-
22 carat gold
Rs 1,38,755 per 10 grams
-
18 carat gold
Rs 1,13,609 per 10 grams
-
14 carat gold
Rs 88,615 per 10 grams
-
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. We suggest readers and investors to consult their financial advisors before making any money-related decisions.)
Industry raises governance, succession concerns over potential age cap increase to 70. A proposal within the Securities and Exchange Board of India (SEBI) to raise the upper age limit for managing directors (MDs) and chief executives of market infrastructure institutions (MIIs), to be more aligned with the corporate sector, has met with resistance from industry participants, according to people familiar with the discussions.The proposal suggested increasing the current age cap from 65 to 70 years for top executives at MIIs, including stock exchanges such as the National Stock Exchange of India (NSE), BSE Ltd , Metropolitan Stock Exchange of India (MSE), commodity exchanges like National Commodity and Derivatives Exchange (NCDEX) and Multi Commodity Exchange of India (MCX), as well as the two depositories and clearing houses.
Sources said the proposal is currently at a discussion stage, with SEBI seeking industry feedback before moving forward with public consultation.
The discussions have also exposed divisions within SEBI, with two distinct views among officials, a source said.The proposal comes at a time when Sundararaman Ramamurthy, managing director and chief executive of BSE, is among the incumbent MII heads approaching the current age threshold of 65. The tenure of Arun Raste, Managing Director & Chief Executive Officer of National Commodity & Derivatives Exchange, ends this June.“The current limit ensures timely transition and avoids overdependence on individuals. This discipline should not be diluted for at best one immediate beneficiary,” a source said.Industry pushbackRelaxing the age cap is expected to weaken succession planning and institutional renewal.“Extending the age limit could delay leadership transitions and affect the pipeline for next-generation executives,” said a senior exchange official. “In a country of India’s scale, it is difficult to argue that capable leadership options are scarce. Fresh perspectives are increasingly valuable, especially as markets become more technology-driven.”Another source said, “These are not ordinary companies. They operate critical market infrastructure. Stability is important, but so is periodic refresh in leadership.”Regulatory frameworkAt present, SEBI regulations for MIIs prescribe both tenure limits and an upper age cap of 65 for MDs and CEOs. While executives can typically serve fixed terms, often up to five years per appointment, subject to board and regulatory approval, the age limit acts as a hard stop.These norms are part of a governance framework tightened over the past decade to address concerns around ownership, control, and conflicts of interest at systemically important market institutions.MIIs are subject to stricter fit-and-proper norms and governance standards, as they are treated as public utilities given their central role in price discovery, clearing and settlement, and overall market stability.Any move to revise the age cap would require SEBI board approval and public consultation. An email sent to SEBI seeking comments did not elicit a response.
In a market that often chases growth and quick gains, dividend income tends to stay in the background. Yet, dividends play an important role in long-term investing. They provide regular cash flows to investors. More importantly, when these payouts are reinvested, they quietly add to compounding. Over time, this combination of income and reinvestment can meaningfully enhance overall returns.
Dividend-paying companies also reflect a certain financial discipline. These are businesses that generate surplus cash and choose to share it with shareholders. Instead of deploying all profits back into expansion, they return a portion consistently. This creates a steady income stream. It also offers some cushion during periods when price returns may be uncertain.
One such investor who appears to allocate capital through this lens is Radhakishan Damani. He is best known as the founder of DMart (Avenue Supermarts) and as a long-term investor in Indian equities. Over the years, his approach has been associated with patience, discipline and a strong focus on business fundamentals. While his core success comes from building a high growth retail business, DMart, his listed portfolio also reflects how capital is deployed across different types of companies.
This article builds on that idea. It focuses on a set of stocks in his portfolio that stand out for their dividend track record. The selection is not based on yield alone. It looks at consistency of payouts and the ability of these businesses to generate surplus cash over time. Together, these stocks help explain how dividend-paying companies fit into a broader capital allocation strategy.
#1 VST Industries: High-Growth Core and Efficiency Gains
VST Industries is engaged inter-alia in manufacture and trading of cigarettes, tobacco and tobacco products.
As of March 2026, Radhakishan Damani holds 29.1% stake of VST Industries. This is his shareholding pattern in VST Industries for the past eight quarters.
Radhakishan Damani Shareholding Pattern in VST Industries (June 2024 – March 2026)
Jun-24
Sep-24
Dec-24
Mar-25
Jun-25
Sep-25
Dec-25
Mar-26
34.7%
29.1%
29.1%
29.1%
29.1%
29.1%
29.1%
29.1%
source: screener.in
Q3 FY26 Performance: Navigating Inflation with 120% Profit Growth
VST Industries reported a steady performance in the March quarter, supported by stable demand in the cigarette segment and a recovery in execution during the second half of the year. Revenue for Q3 FY26 stood at Rs 689 crore, up 51.4% year-on-year (YoY), reflecting strong growth in sales realisation and improved operating momentum. Net profit for the quarter came in at Rs 117 crore, up 120.8% YoY, translating into a robust year-on-year growth.
The performance comes despite a challenging operating environment. The company faced cost pressures due to inflation in key raw materials, particularly tobacco leaf, along with regulatory changes in taxation. However, focused cost management and strategic procurement helped offset some of these pressures. The cigarette portfolio also saw gradual traction in the mid-premium segment, aided by new product launches and brand interventions aimed at improving market positioning.
Efficiency & Dividends: The Impact of the Integrated Azamabad-Toopran Facility
On the operational front, VST has completed the integration of its Azamabad facility with the Toopran manufacturing unit. The integrated plant is now fully operational and is expected to improve efficiency, reduce costs and support long-term growth. The company has also been investing in digital initiatives across its distribution network and supply chain, aimed at strengthening reach and improving execution across markets.
Dividend remains a key highlight for the company.
For FY26, the board has recommended a final dividend of Rs 12 per share, with July 10, 2026 set as the record date. At the current price, the dividend yield is a very attractive 4.7%.
The company has declared 26 dividends since 2001, indicating a consistent track record of returning cash to shareholders.
The payout reflects a steady pattern of distribution in recent years. It is supported by strong cash generation and the relatively low capital intensity of the core business.
The overall positioning reflects a business that balances growth with shareholder returns. While the company is working to strengthen its presence in the mid-premium segment and improve operating efficiency, it continues to generate surplus cash. This allows it to maintain regular dividend payouts, making it a relevant example in portfolios where dividend income and reinvestment play a role alongside capital appreciation.
In the past year, the share price of VST Industries tumbled 22%.
VST Industries 1 Year Share Price Chart
source: screener.in
#2 Advani Hotels and Resorts (India): The Debt-Free Seasonal Compounder
Incorporated in 1987, Advani Hotels and Resorts (India) is in the hosppitality business. Its sole property is the Caravela Beach Resort in Goa.
As of March 2026, Radhakishan Damani holds 4.18% stake of Advani Hotels and Resorts India. This is his shareholding pattern in Advani Hotels and Resorts India for the past eight quarters.
Radhakishan Damani Shareholding Pattern in Advani Hotels and Resorts India (June 2024 – March 2026)
Jun-24
Sep-24
Dec-24
Mar-25
Jun-25
Sep-25
Dec-25
Mar-26
4.18%
4.18%
4.18%
4.18%
4.18%
4.18%
4.18%
4.18%
source: screener.in
Seasonal Resilience: How Caravela Beach Resort Drives Q3 Revenue
Advani Hotels & Resorts (India) reported a recovery in performance during the December quarter, supported by seasonal strength in the hospitality sector. Revenue for Q3 FY26 stood at Rs 36 crore, compared to Rs 35 crore in the corresponding quarter last year, reflecting marginal YoY growth. Net profit for the quarter came in at Rs 11 crore, broadly in line with Rs 12 crore reported a year ago, indicating stable earnings despite cost pressures.
The improvement follows a weak monsoon quarter, highlighting the seasonal nature of the business. Demand typically picks up in the second half of the year, particularly in leisure-driven destinations like Goa. The company continues to rely on its flagship Caravela Beach Resort, which remains central to its operations. Occupancy and pricing trends during peak months support revenue visibility, while repeat clientele provides some stability to demand.
Debt-Free Discipline: Funding Growth Through Internal Accruals
On the operational front, the company maintains a conservative approach. It remains largely debt-free and continues to fund upgrades through internal accruals. Management has indicated a preference for gradual improvements rather than aggressive expansion. This keeps capital intensity low and supports cash generation over time.
Dividend remains a key highlight.
The company declared an interim dividend of Rs 1.00 per share with a record date of January 30, 2026. This follows earlier payouts of Rs 0.90 and Rs 1.00 per share during FY25, taking the total dividend declared over the past 12 months to Rs 1.90 per share. The company has declared 28 dividends since 2006, indicating a consistent track record of returning cash to shareholders.
On a trailing basis, the dividend yield offered by the company is an attractive 3.5%.
The overall positioning reflects a business that balances cyclical growth with steady payouts. While performance remains linked to tourism demand and seasonality, the consistent dividend track record makes it relevant in portfolios where income generation and reinvestment play a role alongside capital appreciation.
In the past year, the share price of Advani Hotels & Resorts (India) is down 13.1%.
Advani Hotels & Resorts (India) 1 Year Share Price Chart
source: screener.in
Relative Value: Why These Gems are Trading Below Historic Averages
Let’s now turn to the valuations of the companies in focus, using the Enterprise Value to EBITDA multiple as a yardstick.
Valuations of Companies in focus
Sr No
Company
EV/EBITDA Ratio
5-Year Average EV/EBITDA
Industry Median
ROCE
ROE
1
VST Industries
8.8
11.9
12.5
28.2%
21.1%
2
Advani Hotels and Resorts India
13.2
14.2
14.4
45.3%
34.4%
source: screener.in
In terms of return ratios, both companies are doing well, but the reasons are different.
VST Industries reports a return on capital employed (ROCE) of 28.2% and return on equity (ROE) of 21.1%. Its business runs on steady demand and does not need much capital.
Advani Hotels reports a higher ROCE of 45.3% and ROE of 34.4%. This comes from better use of its assets and stronger performance during good tourism periods.
Valuations for both are below their usual levels. VST Industries is trading at an EV/EBITDA of 8.8, compared to its five-year average of 11.9 and the industry median of 12.5.
Advani Hotels is at 13.2, lower than its five-year average of 14.2 and close to the industry median of 14.4. This shows that prices have not moved up much despite steady numbers.
The businesses are quite different. VST operates in a stable segment, which helps it generate consistent cash and pay regular dividends. Advani Hotels is linked to tourism, so performance depends on seasons and travel demand. Even then, it has managed to keep return ratios strong and continue payouts.
The US Fed interest rate decision would also be keenly tracked by investorsThe geopolitical situation in West Asia, particularly developments around the Strait of Hormuz, Q4 earnings from corporates and crude oil prices are the major factors to drive sentiments in the stock market in a holiday-shortened week ahead, analysts said.Stock markets would remain closed on Friday for Maharashtra Day.
Looking ahead, markets are expected to remain highly news-driven and volatile, with key focus on developments in US-Iran negotiations, trends in crude oil prices, and broader global cues. Stability or a decline in oil prices could help ease macro concerns and support risk sentiment, while any escalation or prolonged disruption in the Strait of Hormuz may trigger renewed volatility and profit booking," Ponmudi R, CEO - Enrich Money, an online trading and wealth tech firm, said.
The ongoing Q4 earnings season is expected to act as a key catalyst for stock-specific price action, with market participants closely tracking reported numbers, forward guidance, and sectoral outlooks to reassess earnings visibility and valuation comfort across segments, he added.The standoff in the Strait of Hormuz has kept crude oil prices higher, reinforcing inflation concerns.The US Fed interest rate decision would also be keenly tracked by investors.Hariprasad K, Research Analyst and Founder, Livelong Wealth, said, "The continued escalation in West Asia, particularly around the Strait of Hormuz, and the breakdown of US-Iran negotiations have introduced a significant event risk premium into global markets. This uncertainty is directly feeding into crude oil prices, with Brent hovering near USD 107 per barrel."For India, this remains the single most critical macro variable, as elevated oil prices not only pressure inflation and the rupee but also weigh on corporate profitability across sectors." From a corporate standpoint, the week is heavy on earnings, which will drive stock-specific action, he said.
Reliance Industries Limited on Friday reported a 12.5 per cent decline in March-quarter net profit, as the global energy crisis weighed on its core oil-to-chemicals business, offsetting gains in its consumer-facing telecom and retail segments."Domestically, March 2026 Industrial Production (IIP) data releases on April 28, while foreign exchange reserves come on May 1. Globally, the US Federal Reserve policy decision on April 29, along with US Q1 GDP advance estimate and ISM Manufacturing PMI will set the tone," Santosh Meena, Head of Research at Swastika Investmart Ltd, said.However, the biggest macro swing factor remains the geopolitical situation in West Asia, particularly developments around the Strait of Hormuz and US-Iran tensions, which continue to drive crude oil price volatility and influence inflation and margin concerns, he added.Key results include UltraTech Cement, Coal India, Varun Beverages on April 27, Maruti Suzuki on April 28, Bajaj Finance and Adani Power on April 29, and a packed Thursday featuring Hindustan Unilever, Adani Ports, Adani Enterprises, and Bajaj Finserv, Meena said.Last week, the BSE benchmark Sensex tanked 1,829.33 points or 2.33 per cent, and the NSE Nifty dropped 455.6 points, or 1.87 per cent."Global developments continued to dominate market direction, with ongoing uncertainty around the West Asia crisis and concerns over supply disruptions keeping crude oil prices elevated," Ajit Mishra – SVP, Research, Religare Broking Ltd, said.
Oracle Financial Services Software Limited is in the news as it has declared an interim dividend of Rs 270 per share for its shareholders.
The significant dividend amount indicates its strong market presence. The stock is in focus as it recorded strong rally in recent days, as it jumped around 18 per cent over the past one month. In the last one month, the stock gave 25 per cent returns. Importantly, Oracle’s financial are very good as the IT giant is completely debt-free.
Oracle Financial Services Software Limited declared an interim dividend of Rs 270 per share, with a record and ex-date of May 7, 2026. To benefit from this dividend, investment decisions must be made before the record date.
Oracle Financial Services Software Limited on BSE as of 24 April 2026
Oracle Financial Services Software Limited, a majority-owned subsidiary of Oracle, announced the results of Q4 2025-26 and year ended March 31, 2026 on 22 April.
The IT giant declared its Net profit jumped 38.1% sequentially to Rs 841.7 crore in the January-March quarter of FY26, while revenue went up by 5.1% to Rs 2,065.2 crore. The company’s Profit before tax was recorded at Rs 1,120.1 crore in the last quarter of the previous financial year, recording a jump of 33.5% as against Rs 839 crore in Q4 of 2024-25.
Oracle Financial Services Software’s operating income recorded 39% YoY growth as it reached Rs 1,049 crore. The company’s revenue from IT solutions and consulting services was recorded at Rs 194.6 crore.
source: News9
(Disclaimer: This article is only meant to provide information. News9 does not recommend buying or selling shares or subscriptions of any IPO, Mutual Funds)
Indian indices - Sensex and Nifty - closed in red after two straight weeks of gains, dragged down by rising geopolitical tensions and subdued earnings commentary from major IT firms.
After a brief early rise, benchmark indices stayed under pressure for most of the week due to sustained selling. As a result, the Nifty 50 slipped 1.87% to end at 23,897.95, while the Sensex dropped 2.33% to settle at 76,664.21.
Stock Market Outlook next week
According to Ponmudi R, CEO, Enrich Money, markets are expected to remain highly news-driven and volatile, with key focus on developments in U.S.-Iran negotiations, trends in crude oil prices, and broader global cues.
Ponmudi noted that stability or a decline in oil prices could help ease macro concerns and support risk sentiment, while any escalation or prolonged disruption in the Strait of Hormuz may trigger renewed volatility and profit booking. Currency movements and global market trends will also play a crucial role in shaping direction.
"Overall, while there is potential for recovery on positive triggers, the sustainability of any upmove will depend on geopolitical de-escalation, moderation in crude oil prices, and sustained buying interest. Until clearer directional cues emerge, markets are likely to remain range-bound with a cautious bias, warranting a disciplined and risk-managed approach," he said.
Top 5 triggers for the Indian stock market
1] US Fed meeting
The Federal Open Market Committee (FOMC) is set to meet on April 28-29, with markets expecting interest rates to be kept unchanged for a third consecutive meeting.
The Federal Reserve's benchmark rate currently stands between 3.5% and 3.75%. Policymakers had already opted to pause in January and March, following three quarter-point rate cuts during their meetings last fall.
"The US Federal Reserve's policy decision will be a key event, providing cues on interest rate trajectory and liquidity conditions," said Ajit Mishra, SVP, Research, Religare Broking, in a note.
2] Q4 results 2026
The earnings season is all set to continue for the third week as more than 200 companies are scheduled to release their financial results for the quarter ending on March 31, 2026.
Maruti Suzuki, Eternal (Zomato), Ultratech Cement, Vedanta, Adani Enterprises, and Hindustan Unilever are some of the marquee companies to report their Q4 results 2026 next week.
"The ongoing Q4 earnings season is expected to act as a key catalyst for stock-specific price action, with market participants closely tracking reported numbers, forward guidance, and sectoral outlooks to reassess earnings visibility and valuation comfort across segments. Performance of heavyweight stocks and key sectors will remain critical in influencing overall index direction," Ponmudi added.
3] US-Iran war
The ongoing US-Iran war will continue to be one of the key driving factors for the stock market, as Donald Trump called off a planned visit by US officials to Pakistan for discussions on the Iran conflict on Saturday, shortly after Iran's delegation departed from Islamabad.
The US president said that special envoy Steve Witkoff and his son-in-law Jared Kushner would be wasting "too much time," adding that if Iran wished to engage, "all they have to do is call."
Earlier, Iran's Foreign Minister Abbas Aragchi met with Pakistani mediators, stating afterwards that he had conveyed Iran's stance on ending the war but remained uncertain whether the US was "truly serious about diplomacy."
Diplomatic progress has remained limited despite Trump extending a ceasefire-originally set to expire on April 22-to allow more time for negotiations.
4] Crude oil prices
Oil prices swung sharply in volatile trading on Friday but ended the week higher, as market participants balanced concerns over supply disruptions with hopes that renewed U.S.-Iran peace talks could ease those risks.
Brent crude futures settled at $105.33 per barrel, up 26 cents or around 0.3%, while US West Texas Intermediate futures closed at $94.40 per barrel, down $1.45 or 1.5%. On a weekly basis, Brent advanced roughly 16%, and WTI climbed nearly 13%.
5] FII outflows
Foreign investors (FIIs or FPIs) were net sellers of Indian equities worth ₹8,828 crore on April 24, marking their largest outflow since April 7. Meanwhile, domestic institutional investors (DIIs) remained net buyers, purchasing shares worth ₹4,701 crore, as per provisional exchange data.
During the session, DIIs bought equities worth ₹21,560 crore and sold ₹16,859 crore. In comparison, FIIs acquired shares worth ₹9,837 crore but offloaded equities totaling ₹18,665 crore.
So far this year, FIIs have recorded net sales of ₹2.25 lakh crore, whereas DIIs have been net buyers to the tune of ₹2.79 lakh crore.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies. We advise Readers and investors to check with certified experts before making any investment decisions.
Indian equity markets endured a volatile and distinctly negative week from April 20 to 24, 2026, as fragile early stability gave way to sustained selling pressure amid weak global cues, disappointing earnings signals and persistent foreign fund outflows.
Trading began on a subdued note on April 20, with benchmark indices moving in a narrow range as investors balanced mixed global signals against domestic factors. The Sensex hovered around the 78,500 mark while the Nifty 50 held above 24,300, reflecting cautious optimism but little conviction. This tentative stability, however, quickly eroded as the week progressed, with sentiment turning increasingly risk-averse.
A key overhang through the week was relentless selling by foreign institutional investors, which weighed heavily on market breadth and momentum. The outflows coincided with a firming US dollar and rising bond yields globally, prompting capital rotation away from emerging markets, including India. At the same time, the rupee remained under pressure, further dampening investor confidence.
"The markets exhibited a mixed performance during the week, ultimately closing on a weaker note, as an initial recovery attempt lost momentum amid resurfacing geopolitical tensions between the US and Iran and continued disruptions in the Strait of Hormuz. While early signs of stabilization emerged on expectations of de-escalation and selective buying interest, indices encountered selling pressure at higher levels, reflecting a cautious undertone," said Ponmudi R, Chief Executive Officer at Enrich Money, a SEBI - registered online trading and wealth tech firm.
According to him, the price action remained volatile, with intermittent dip-buying observed. However, he added, the absence of strong follow-through limited the prospects of a sustained breakout, and overall the broader trend remained under pressure, with supply emerging at elevated levels and capping upside momentum.
Global factors added to the unease, particularly the sharp rise in crude oil prices, which climbed above the psychologically important $100-per-barrel mark amid geopolitical tensions. For an oil-importing economy like India, this raised concerns over inflation, fiscal pressures and the current account deficit, triggering caution among institutional investors.
"The shift in sentiment was primarily driven by stalled progress in US.-Iran negotiations and ongoing restrictions in the Strait of Hormuz, which continued to keep supply concerns elevated. Brent crude oil prices remained firm, trading in the $103-107+ range, as disruptions persisted despite the ceasefire extension," says Ponmudi.
Although select global cues offered intermittent support, investors largely remained cautious, limiting aggressive positioning and resulting in a range-bound market structure with a downside bias at higher levels. Adding to this, U.S. envoys are set to travel to Pakistan for renewed talks with Iranian officials, though uncertainty around the outcome remains high, he added.
The earnings season failed to provide comfort
The information technology sector emerged as the biggest drag on the indices after weak forward guidance from major companies such as Infosys and HCLTech signalled a slowdown in global demand. This led to a sharp correction in IT stocks, pulling the broader market lower and reinforcing concerns about earnings visibility in export-oriented sectors.
Selling pressure intensified toward the latter half of the week, culminating in a sharp decline on Friday, April 24. The Sensex fell by nearly 1,000 points to close at 76,681.29, while the Nifty 50 dropped 275 points to settle at 23,897.95, slipping below key psychological and technical levels. The fall was broad-based, with banking, IT and metal stocks leading the losses.
Broader markets mirrored the weakness, though with slightly lower intensity. Midcap and smallcap indices also declined, indicating that the risk-off sentiment was not confined to large-cap stocks. Market breadth remained negative through most sessions, underscoring the extent of the sell-off.
Despite the overall weakness, there were limited pockets of resilience. Select defensive and consumption-oriented stocks showed relative strength, supported by stable earnings and consistent demand outlooks. This suggested a gradual shift by investors toward safety and earnings visibility in an otherwise uncertain environment.
For the week as a whole, the Sensex and Nifty 50 ended with notable losses of over 2 percent and nearly 2 percent respectively, marking a clear reversal from the earlier consolidation phase. The decline reflected a convergence of adverse factors, including global macroeconomic pressures, elevated commodity prices, disappointing corporate guidance and sustained foreign investor selling.
By the end of the week, market sentiment had turned distinctly cautious, with indices closing near their weekly lows and investors bracing for further volatility. The near-term outlook remains contingent on global developments, particularly crude oil trends, currency movements and the trajectory of foreign fund flows, as well as the evolving earnings picture.
India's IT majors end FY26 with steady profits but slowing growth
