Top 5 Indian Stocks Q4 Results FY26: SBI, Laurus Labs, Maruti Suzuki, Bajaj Finserv and Aster DM Healthcare
Q4 FY26 report covers SBI, Laurus Labs, Maruti Suzuki, Bajaj Finserv, and Aster DM Healthcare in a clean list-wise format.
Article Information
Author: Kartalks Research Desk
Reviewed by: Kartalks Editorial Team
Content Type: Stock results analysis, company fundamentals, technical overview, and investment education
Sources: NSE, BSE, company exchange filings, quarterly results, investor presentations, annual reports, SEBI updates, and official public sources
Last Updated: May 9, 2026
1) SBI | CMP: ₹1,019
Q4 FY26 at a glance
- Q4 net profit: ₹19,684 crore
- Q4 net interest income: ₹44,380 crore
- FY26 operating profit: ₹1,23,015 crore
- FY26 ROA / ROE: 1.12% / 18.57%
- Gross NPA / Net NPA: 1.49% / 0.39%
- Dividend: ₹17.35 per share
- No bonus announced with Q4 results.
What investors should analyse
- Loan growth stayed healthy, with advances up 16.87% YoY and domestic advances up 16.33%.
- Retail, SME and agriculture books all showed strong momentum, which is a good sign for business diversification.
- Deposit growth was solid at 11.03%, while CASA ratio remained at 39.46%, which matters for funding cost stability.
- Asset quality kept improving, and that remains one of the biggest positives in SBI’s story.
Management and business read
- SBI maintained FY27 loan growth guidance of 13% to 15% and expects NIM around 3%, which shows management is still reasonably confident.
- The weak spot in Q4 was treasury income, which was hit by higher bond yields and forex-related pressures.
- That is why the quarter looked operationally steady but not exciting enough for the market, and the stock sold off after results.
Fundamentals and balance-sheet check
- P/E: 11.6
- Dividend yield: 1.70%
- ROE: 15.0%
- For a bank, debt-equity is not the best valuation lens. Investors should focus more on NIM, GNPA, NNPA, capital adequacy, deposits, and credit growth.
- SBI’s capital adequacy ratio was 15.4% and CET1 was 12.29%, which keeps the balance sheet comfortable.
Technical view
- SBI fell sharply after results, even though core operating metrics were stable.
- At around ₹1,019, the stock is below its 52-week high of ₹1,235 and above its 52-week low of ₹779, so the chart is not broken, but near-term momentum is clearly softer.
Investment opportunity and stock forecast
- SBI still looks like a value-oriented large banking play with improving asset quality and strong business scale.
- Near-term upside may remain capped if margins stay soft, but long-term investors may still like the mix of scale, profitability, and relatively moderate valuation.
- My view: good long-term core banking stock, but not the strongest momentum pick immediately after Q4.
Peer comparison
- HDFC Bank
- ICICI Bank
- Bank of Baroda
- Canara Bank
- Punjab National Bank
2) Laurus Labs | CMP: ₹1,228
Q4 FY26 at a glance
- Q4 revenue: ₹1,812 crore
- Q4 EBITDA: ₹523 crore
- EBITDA margin: 28.9%
- Q4 profit after tax: ₹279 crore
- YoY PAT growth: 19%
- Dividend: second interim dividend of ₹1.20 per share
- No bonus announced.
What investors should analyse
- Laurus’ quarter was more about profitability improvement than just sales growth.
- CDMO growth remained strong, which is important because that segment usually gets better market attention than plain commodity-like pharma growth.
- API revenue improved, while formulations stayed mixed, so investors should keep watching business mix.
Management and business read
- Management said Q4 performance was supported by commercial supplies for NCE programs, new product ramp-up, and continued strength in ARV leadership.
- The company also stressed portfolio transformation and investment in new technologies and integrated capabilities.
- That makes Laurus more interesting as a specialized pharma execution story rather than a plain low-margin volume play.
Fundamentals and balance-sheet check
- P/E: 74.6
- ROCE: 17.7%
- ROE: 18.2%
- Based on the latest balance-sheet figures, borrowings were about ₹2,518 crore against equity plus reserves of about ₹5,300 crore, implying an inferred debt-equity ratio near 0.48. This is a reasonable inference from the reported balance-sheet numbers.
Technical view
- At around ₹1,228, Laurus is trading very near its 52-week high of ₹1,238, far above the 52-week low of ₹576.
- That tells you the market is already rewarding the earnings turnaround.
- Strong charts are positive, but they also mean expectations are now higher.
Investment opportunity and stock forecast
- Laurus now looks like a high-momentum pharma stock with better margins and stronger execution.
- The opportunity is clear if CDMO and integrated offerings keep scaling well.
- The risk is also clear: valuation is no longer cheap.
- My view: strong reported quarter, strong chart, but new investors should respect valuation after the rerating.
Peer comparison
- Divi’s Laboratories
- Dr. Reddy’s Laboratories
- Aurobindo Pharma
- Cipla
- Sun Pharma
3) Maruti Suzuki | CMP: ₹13,726
Q4 FY26 at a glance
- Q4 sales volume: 6,76,209 units
- Q4 net sales: ₹50,078.7 crore
- Q4 EBIT: ₹4,409.2 crore
- Q4 net profit: ₹3,590.5 crore
- Dividend: ₹140 per share
- No bonus announced.
What investors should analyse
- Net sales crossed the ₹50,000 crore mark for the first time in a quarter.
- Sales volume growth stayed healthy, and the company also reported strong exports.
- The key concern was profitability: profit slipped even though revenue was strong, mainly because of raw material costs and lower other income.
Management and business read
- Management highlighted better small-car demand after GST changes and said pending orders at year-end were about 190,000 units, including nearly 130,000 small cars.
- The company also announced plans to invest $1.48 billion to expand capacity by 500,000 units in FY27.
- That is a strong long-term demand signal, even though margin pressure remains a near-term issue.
Fundamentals and balance-sheet check
- P/E: 29.4
- ROCE: 19.0%
- ROE: 14.4%
- Maruti remains almost debt free. Latest balance-sheet figures show borrowings of roughly ₹102 crore against equity plus reserves of over ₹1.07 lakh crore, implying an inferred debt-equity ratio close to zero.
Technical view
- At around ₹13,726, the stock is below its 52-week high of ₹17,372 but comfortably above the 52-week low of ₹12,016.
- The chart is not at breakout highs, but it did show resilience because investors focused more on demand visibility than on one quarter’s margin pain.
Investment opportunity and stock forecast
- Maruti still looks like one of the best long-term passenger-vehicle leaders in India.
- The bullish case is demand, exports, capacity expansion, and strong brand positioning.
- The caution point is margins, because raw-material pressure can still hurt earnings.
- My view: strong business, decent long-term setup, and better suited for investors who can look beyond short-term margin volatility.
Peer comparison
- Tata Motors
- Mahindra & Mahindra
- Hyundai Motor India
- Eicher Motors
4) Bajaj Finserv | CMP: ₹1,818
Q4 FY26 at a glance
- Consolidated Q4 PAT: about ₹2,539 crore
- Revenue growth: about 6% YoY
- PAT growth: about 5% YoY on reported basis
- Dividend: ₹1.50 per share, including a special component for the centenary year
- No bonus announced.
What investors should analyse
- Bajaj Finserv’s reported numbers were affected by temporary mark-to-market losses in insurance investments.
- Management said that if those MTM effects are adjusted, revenue growth would have been about 14% and PAT growth about 24%.
- That means the reported quarter looked softer than the underlying businesses actually were.
Management and business read
- Management said AI investments are beginning to improve efficiency, even though those investments can pressure short-term ratios.
- Solvency remained healthy, with Bajaj General around 302% and Bajaj Life around 266%.
- Underlying group strength remains tied to Bajaj Finance’s customer franchise, asset quality, and insurance scaling.
Fundamentals and balance-sheet check
- P/E: 29.3
- ROCE: 10.5%
- ROE: 13.2%
- For a financial-services holding company, plain debt-equity is less useful than solvency, underwriting quality, AUM, and asset quality.
- Still, the latest consolidated balance sheet shows very large borrowings, which is normal for this type of financial structure and should be interpreted carefully, not like a manufacturing company’s debt load.
Technical view
- At around ₹1,818, the stock is below its 52-week high of ₹2,195 and above its 52-week low of ₹1,597.
- That puts it in a mid-range chart zone rather than a clear breakout or breakdown.
- Near-term sentiment may remain mixed until the market fully looks through the MTM noise.
Investment opportunity and stock forecast
- Bajaj Finserv remains a diversified financial-services story with exposure to lending, life insurance, and general insurance.
- The big positive is that underlying growth still looks healthy even when reported numbers appear muted.
- My view: good medium-term story, but not as straightforward as Bajaj Finance because investors must understand the holding-company and MTM effects.
Peer comparison
- HDFC Life
- SBI Life
- ICICI Lombard
- ICICI Prudential Life
- Bajaj Finance
5) Aster DM Healthcare | CMP: ₹742
Q4 FY26 at a glance
- Q4 revenue: ₹1,182 crore
- Operating EBITDA ex-Kasaragod: ₹253 crore
- EBITDA margin ex-Kasaragod: 21.7%
- Normalised PAT ex-Kasaragod: ₹153 crore
- No bonus announced with Q4 results
- The company already had a dividend track record in FY26, but the bigger market focus is now the merger-led expansion story.
What investors should analyse
- Revenue growth stayed strong at 18% YoY, which is a good sign in a sector where execution quality matters a lot.
- Margin expansion was even more important than top-line growth.
- Investors are now studying Aster less as a standalone hospital chain and more as a future combined healthcare platform with Quality Care.
Management and business read
- Management said the merger with Quality Care is progressing toward completion in Q1 FY27, and shareholder approval stood at 96.68%.
- On a pro forma combined basis, Aster plus Quality Care would have 10,623+ beds across 28 cities, with a pipeline of around 4,445 additional beds.
- That creates one of the strongest expansion stories in listed Indian hospitals right now.
Fundamentals and balance-sheet check
- P/E: 94.2
- ROCE: 11.4%
- ROE: 10.7%
- Latest balance-sheet figures imply borrowings of about ₹2,220 crore against equity plus reserves of around ₹4,576 crore, which suggests an inferred debt-equity ratio near 0.49.
- This is manageable, but investors should still track leverage as hospital expansion needs capital.
Technical view
- At around ₹742, Aster is very close to its 52-week high of ₹770, far above the ₹519 low.
- That tells you the market is already rewarding the merger-led growth story and recent operating momentum.
Investment opportunity and stock forecast
- Aster looks like a high-growth hospital stock with expanding margins and a major structural trigger through the Quality Care combination.
- The upside case is scale, occupancy leverage, city expansion, and better profitability.
- The main caution is valuation, because much of the optimism is already reflected in the price.
- My view: one of the most interesting hospital stories in the market, but investors should respect the rich valuation after the rerating.
Peer comparison
- Apollo Hospitals
- Fortis Healthcare
- Max Healthcare
- Narayana Health
- Global Health
Final stock takeaway
- Best value among the five: SBI
- Best momentum pharma name: Laurus Labs
- Best long-term auto franchise: Maruti Suzuki
- Best diversified financial story: Bajaj Finserv
- Best hospital growth trigger: Aster DM Healthcare
5 FAQs
Q1) Which stock posted the strongest Q4 momentum?
Laurus Labs and Aster DM Healthcare showed the sharpest operating momentum in this list.
Q2) Which stock looks cheapest on valuation?
SBI looks the cheapest here on P/E compared with the others.
Q3) Which stock is best for dividend-focused readers?
Maruti Suzuki stands out with a ₹140 per share dividend, while SBI also declared a strong dividend.
Q4) Which stock has the richest valuation right now?
Aster DM Healthcare and Laurus Labs both look expensive on trailing valuation, with Aster also trading near its 52-week high.
Q5) Which stock looks most suitable for long-term investors?
For long-term investors, Maruti Suzuki and SBI look the most balanced on business quality, scale, and valuation comfort.
Further reading
Q4 Results FY26: 5 Important Indian Stocks
Stock Market 101 – Lesson 28: Market Cycles Explained
Corporate Actions Made Simple for Beginners Stock Market 101-Lesson 15
Disclaimer:
This article is for educational purposes only and is not investment advice. Stock prices, quarterly results, margins, management outlook, and market sentiment can change quickly. Please do your own research or consult a SEBI-registered financial advisor before making any investment decision.