Maxgrow India Q4 FY26 Results (BSE: 521167)
Signal: Steady quarter
The read
The headline inflection is the scale-up to ₹22426.34 crore of consolidated revenue and ₹450.28 crore of PAT in Q4FY26, following Q3FY26 revenue of ₹6106 crore and PAT of ₹111 crore in the prior results series; however, the 2% EBITDA margin and standalone revenue of ₹0 crore make subsidiary-level economics and governance oversight the central trajectory questions. Other income of ₹0.01 crore and zero tax do not explain the profit increase.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹22,426.34 Cr | 713.2% | N/A |
| EBIT | ₹450.36 Cr | 790.0% | |
| Net profit | ₹450.28 Cr | 1416.6% | |
| EPS | ₹138.63 | 1447.2% | |
| EBIT margin | 2% |
P&L walk
Consolidated revenue reached ₹22426.34 crore, up 713.2% YoY, with EBITDA of ₹451.45 crore growing 789.7% and EBITDA margin at 2%; PAT rose 1416.6% to ₹450.28 crore, while other income was only ₹0.01 crore and therefore did not drive earnings.
Segments
No segment table was disclosed, but the ₹22426.34 crore consolidated revenue and ₹450.28 crore PAT versus standalone revenue of ₹0 crore and PAT loss of ₹1.18 crore show that earnings sit almost entirely in subsidiaries or other consolidated entities.
Key positives
- Consolidated revenue rose 713.2% YoY to ₹22426.34 crore, extending the sharp scale-up visible from ₹2758 crore in Q4FY25 to ₹6106 crore in Q3FY26.
- EBITDA increased 789.7% YoY to ₹451.45 crore and EBIT increased 790.0% to ₹450.36 crore, indicating that operating profit growth kept pace with the revenue expansion.
- PAT rose 1416.6% to ₹450.28 crore while other income was only ₹0.01 crore and tax was zero, so reported earnings were not materially dependent on treasury income or an exceptional item.
- EPS growth of 1447.2% to ₹138.63 slightly exceeded PAT growth of 1416.6%, with no dilution warning from the PAT-to-EPS cross-check.
Key concerns
- The consolidated EBITDA margin was only 2% despite revenue of ₹22426.34 crore, leaving limited visibility on the quality and sustainability of the enlarged operating base.
- Standalone revenue was zero and standalone PAT was a ₹1.18 crore loss, meaning the consolidated ₹450.28 crore profit is almost entirely dependent on subsidiaries or other consolidated entities.
- The filing does not disclose volumes, realisations, segment performance, working capital, asset base or cash flow, limiting assessment of the drivers behind the 713.2% revenue growth.
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