HSIE Results Daily 28th Apr'26: UltraTech Cement, Lodha Developer, and more Companies Result Analysis

HDFC Securities Institutional Equities (HSIE) analyses results of UltraTech Cement, Lodha Developers, AU Small Finance Bank, L&T Finance, SBI Cards and Payment Services, Supreme Industries, Piramal Finance, City Union Bank, Can Fin Homes, Tanla Platforms. 

UltraTech Cement Q4FY26 delivered 9% volume growth and a 19‑quarter high EBITDA of INR 1,253/MT, aided by price recovery and lower costs. Strong capacity expansion, cost efficiencies, and green energy initiatives underpin expected FY26-28E volume and EBITDA CAGRs of 9% and 20%.

Lodha Developers reported strong Q4FY26 presales of INR 58.9bn, nearing a INR 50bn quarterly run rate. FY27 presales target stands at INR 240bn with 32-34% EBITDA margins, supported by robust BD, Gurgaon JV expansion, and infrastructure-led demand at Palava.

AU Small Finance Bank reported better‑than‑expected Q4FY26 results, driven by strong advance (+25% YoY) and deposit growth, lower funding costs, and improving asset quality (GNPA 2%). Growth was led by secured retail loans, while margins may rise gradually. Credit costs are guided at 90bps for FY27.

L&T Finance posted better‑than‑expected Q4FY26 earnings, driven by strong loan growth (+24.5% YoY) and mild NIM expansion. While credit cost normalization is underway, targets under “Lakshay 2031” appear ambitious given portfolio risks.

SBI Cards reported slightly below‑estimate Q4FY26 earnings, as muted receivables growth (2% YoY) offset benefits from easing credit costs, which declined 66bps QoQ to 7.7%. Conservative customer acquisition and lower revolving balances continue to pressure growth and returns.

Supreme Industries posted strong Q4FY26 results with 17% YoY revenue growth and sharp margin expansion to 17.7%, driving ~50% YoY EBITDA/APAT growth. While FY27 volume guidance is robust, near‑term challenges include channel destocking and potential inventory losses.

Piramal Finance delivered another quarter of steady improvement, with AUM and disbursements rising 26% and 39% YoY, driven by retail and Wholesale 2.0. Incremental provisioning strengthens legacy book resilience. While efficiency and growth aid earnings, lower leverage caps RoE upside.

City Union Bank delivered a strong Q4FY26 earnings beat, driven by robust loan (+26% YoY) and deposit growth, stable margins at 3.9%, and improved CASA. While provisioning increased, growth momentum remains healthy across MSME and secured retail.

Can Fin Homes delivered strong Q4FY26 results, aided by higher NIMs (4.19%), negligible credit costs, and robust disbursement growth (+32% YoY), led by southern markets. Loan growth outlook remains healthy despite competition. Earnings estimates are revised for higher NIMs.

Tanla Platforms delivered a better‑than‑expected Q4, with revenue up 15% YoY, driven by a sharp enterprise recovery and sustained OTT growth. Enterprise volumes rebounded after seven quarters, while OTT (31% of revenue) remains a key growth engine.

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