Veritas (India) Q4 FY26 Results (BSE: 512229)
Signal: Revenue declined
The read
Consolidated revenue surged 215% QoQ to Rs 3,112.63 Cr in Q4FY26, but PAT was nil as trading profits were offset by losses in subsidiaries. Full-year revenue fell 24% YoY to ~Rs 3,113 Cr, and EPS (seemingly full-year) dropped 83% to Rs 7.35. The disparity between zero quarterly PAT and positive EPS suggests the reported EPS reflects the full year, not the quarter. The standalone parent continues to report losses. An emphasis-of-matter paragraph highlights the subsidiary's integrated manufacturing complex financing, a potential future capex risk.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,112.63 Cr | -24.1% | 215.1% |
| EBIT | ₹46.83 Cr | -69.7% | |
| Net profit | ₹0 Cr | -100.0% | |
| EPS | ₹7.35 | -82.6% | |
| EBIT margin | 1.5% |
P&L walk
Q4 revenue surged 215% QoQ but EBITDA margin contracted to 2.8% and PAT hit zero, highlighting thin margins and subsidiary-level offset.
Key positives
- Sequential revenue growth of 215% QoQ to Rs 3,112.63 Cr.
- Board recommended dividend of Re 0.05 per share (5%).
Key concerns
- Consolidated PAT of zero for Q4 despite huge revenue – margin drastically thin.
- Full-year revenue declined 24.1% YoY, continuing multi-year downtrend.
- EPS reported as Rs 7.35 does not reconcile with zero PAT – potential reporting confusion.
- Standalone parent loss-making; operating cash flow negative for FY26.
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