Manufacturing Sector — Q4 FY26 Earnings Overview
32 companies reported. 23 bullish, 3 neutral, 6 bearish.
Average revenue growth: 29.7%
Sector sentiment: bullish
Aggregate revenue: ₹1,59,144 Cr
Average margin: 12.6%
Company Results
| Company | Revenue | YoY | Margin | Sentiment |
|---|---|---|---|---|
| JSW Steel | ₹51,100 Cr | — | 19.0% | bullish high |
| UltraTech Cement | ₹25,799 Cr | — | — | bullish high |
| Hyundai Motor India | ₹18,916 Cr | +5.4% | 10.4% | bullish high |
| Jindal Steel | ₹16,218 Cr | — | 18.0% | bullish high |
| Ambuja Cements | ₹10,915 Cr | — | — | bearish high |
| Shree Cement | ₹6,101 Cr | — | — | bullish high |
| Bharat Forge | ₹4,528 Cr | +11% | 17.0% | bullish high |
| Tata Chemicals | ₹3,438 Cr | -2% | 8.0% | bearish high |
| Berger Paints India | ₹2,868 Cr | +6.7% | 18.3% | bullish high |
| Chambal Fertilisers | ₹2,785 Cr | +14% | 9.2% | bullish medium |
| CIE Automotive India | ₹2,612 Cr | +16% | 15.0% | bullish high |
| Craftsman Automation | ₹2,226 Cr | — | — | neutral medium |
| PCBL Chemical | ₹2,066 Cr | — | 12.0% | neutral medium |
| Kansai Nerolac Paints | ₹1,954 Cr | +7.6% | — | neutral medium |
| Himadri Speciality Chemical | ₹1,288 Cr | +14% | 21.7% | bullish high |
| India Cements | ₹1,229 Cr | — | 12.0% | bullish high |
| Punjab Chemicals | ₹1,030 Cr | +14.4% | 11.5% | bullish high |
| Sagar Cements | ₹787 Cr | +20% | — | bullish medium |
| Atlanta Electricals | ₹748 Cr | +81.7% | 20.0% | bullish high |
| Privi Speciality Chemicals | ₹722 Cr | +15.29% | 25.0% | bullish high |
| Acutaas Chemicals | ₹433 Cr | +40.3% | 42.4% | bullish high |
| Archean Chemical Industries | ₹301 Cr | -9% | 15.0% | bearish medium |
| Quality Power Electrical | ₹281 Cr | +57% | 11.0% | bullish high |
| Ndr Auto Components | ₹229 Cr | +19% | 12.0% | bullish high |
| PPAP Automotive | ₹176 Cr | +18.6% | 9.6% | bullish medium |
| ideaForge Technology | ₹141 Cr | +594.6% | 52.6% | bullish high |
| Patil Automation | ₹95 Cr | — | 15.0% | bullish high |
| Abha Power | ₹62 Cr | — | 8.6% | bearish medium |
| Emmforce Autotech | ₹59 Cr | +27% | 20.0% | bullish high |
| Delta Autocorp | ₹38 Cr | — | — | bearish high |
| Orient Cement | — | — | — | bearish high |
| Vardhman Special Steels | — | — | — | bullish high |
Key sector risks this quarter
Abha Power · high
Insert prices are cyclical with railway contract renewals; further downside cannot be ruled out despite management's view that prices have bottomed.
Abha Power · high70-80% of revenue is railway-dependent (direct + OEM), exposing the company to sector-specific downturns.
Delta Autocorp · highA 20 crore government order expected in FY26 did not materialize due to elections and government changes; only 8-10 crore may convert in FY27.
Delta Autocorp · highThe three-wheeler industry is shifting from L3 to L5 vehicles, causing demand slowdown and inventory buildup; Delta's three-wheeler sales fell 22% YoY.
Emmforce Autotech · highAchieving ₹30 crore from a ~₹4 crore base requires rapid ramp-up; analyst questioned visibility.