Infrastructure Sector — Q4 FY26 Earnings Overview
18 companies reported. 18 bullish, 0 neutral, 0 bearish.
Average revenue growth: 25.2%
Sector sentiment: bullish
Aggregate revenue: ₹21,894 Cr
Average margin: 14.9%
Company Results
| Company | Revenue | YoY | Margin | Sentiment |
|---|---|---|---|---|
| Adani Ports | ₹10,738 Cr | +25% | — | bullish high |
| Mahindra Logistics | ₹1,791 Cr | +14% | 6.0% | bullish high |
| Oberoi Realty | ₹1,750 Cr | — | — | bullish medium |
| Keystone Realtors | ₹1,596 Cr | — | 5.0% | bullish high |
| JSW Infrastructure | ₹1,522 Cr | +19% | 51.0% | bullish high |
| Raymond Realty | ₹1,157 Cr | +29% | 20.0% | bullish high |
| Hindustan Construction | ₹992 Cr | -18% | 17.0% | bullish medium |
| Blue Water Logistics | ₹386 Cr | +96.8% | 11.4% | bullish high |
| Arisinfra Solutions | ₹343 Cr | +55% | 8.8% | bullish high |
| Sunteck Realty | ₹339 Cr | +32% | 28.0% | bullish high |
| Sri Lotus Developers | ₹308 Cr | +62% | 39.4% | bullish high |
| Effwa Infra | ₹253 Cr | +36.8% | 15.6% | bullish high |
| Indus Infra Trust | ₹188 Cr | — | — | bullish high |
| Man Infraconstruction | ₹146 Cr | — | 13.0% | bullish high |
| Current Infraprojects | ₹116 Cr | +76% | 14.0% | bullish high |
| Patel Integrated Logistics | ₹97 Cr | +11.68% | 3.8% | bullish high |
| Tara Chand Infralogistic | ₹90 Cr | +14.9% | 34.7% | bullish high |
| Aditya Birla Real | ₹83 Cr | — | — | bullish high |
Key sector risks this quarter
Current Infraprojects · high
Despite strong revenue growth, operating cash flow remained negative due to 45-60 day payment cycles and site stock holding.
Effwa Infra · highOrder book concentrated with JSW (313 cr) and other large PSUs; loss of any key client could impact revenue.
Hindustan Construction · highOrder intake of ₹5,654 Cr in FY26 was significantly below expectations, indicating execution challenges or conservative bidding.
Mahindra Logistics · highWest Asia war causing trade lane disruptions, higher freight premiums, and insurance costs, impacting freight forwarding business near-term.
Sri Lotus Developers · highA project in Kurla (GDV ~₹600 crore) is pending final hearing at the Supreme Court; an unfavorable outcome could result in loss of the project.