Infosys, HCL Tech, Reliance Industries Among Firms to Report Q4 2026 Earnings
Indian Market Set for Busy Week as Over 60 Companies Report Q4 Results
The fourth quarter results season is in full swing, with more than 60 companies set to report their financial results for the quarter ending on March 31, 2026, in the coming week. This includes marquee companies such as Infosys, HCL Technologies, Reliance Industries, Tech Mahindra, Trent, Axis Bank, and Adani Green Energy.
Market participants will initially react to results from banking heavyweights such as HDFC Bank and ICICI Bank, followed by several key companies including HCL Technologies, Infosys, Tech Mahindra, Havells, IndusInd Bank, M&M Finance, and Shriram Finance. Earnings commentary, particularly on margins and demand outlook, will be closely tracked.
The Indian market has been on a positive note, with both key Indian benchmark indices - Sensex and Nifty 50 - ending the shortened trading week on a positive note, extending their winning streak to a second consecutive week. The gains were supported by easing geopolitical tensions and a pickup in investor risk appetite. Optimism surrounding a potential US-Iran peace agreement lifted market sentiment, while resilient domestic fundamentals further reinforced the rally.
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Despite intermittent volatility, the broader trend stayed firmly upward, with mid- and small-cap stocks outperforming the benchmarks. Consequently, both the Sensex and Nifty climbed more than 1%, closing the week at 78,493.54 and 24,353.55, respectively.
Q4 Results Preview: Key Highlights
| Company | Q4 Results Preview |
|---|---|
| Infosys | 0.7% quarter-to-quarter (QoQ) CC decline in 4Q, near the top end of the guidance |
| Operating margin to remain flat despite performance bonus payouts and visa cost impact | |
| Initial FY27 revenue growth guidance band of 1.5-4.5% YoY cc | |
| HCL Technologies | Revenue decline of 1.7%, yoy growth of 4.4% |
| Reported EBIT margin of 17.7%, underlying EBIT margin of 18.5% | |
| FY2027E revenue guidance of 3-5% revenue growth excluding the acquisition of HPE's telco solutions group | |
| Reliance Industries | Consolidated EBITDA to rise 11% YoY to ₹484 billion |
| Standalone EBITDA to rise by 20% YoY to ₹181 billion |
The brokerage firms Motilal Oswal and Kotak Institutional Equities have forecasted the Q4 results for Infosys and HCL Technologies, respectively. Motilal Oswal anticipates Infosys to clock a 0.7% quarter-to-quarter CC decline in 4Q, near the top end of the guidance. The firm further expects operating margin to remain flat despite performance bonus payouts and visa cost impact.
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Kotak Institutional Equities has forecasted HCL Technologies' revenue to decline of 1.7% and yoy growth of 4.4%. Growth will be led by the IT business (+1.1%), offset by a seasonal decline in product revenues. Expect reported EBIT margin of 17.7% and underlying EBIT margin of 18.5%.
Meanwhile, Motilal Oswal anticipates Reliance Industries' consolidated EBITDA to rise 11% YoY to ₹484 billion. The firm further expects standalone EBITDA to rise by 20% YoY to ₹181 billion.
The list of companies to declare Q4 earnings 2026 from April 20 to April 25 is as follows:
| Date | Companies |
|---|---|
| April 20 | |
| April 21 | |
| April 22 | |
| April 23 | |
| April 24 | |
| April 25 |
Investor Takeaway
Investors should focus on earnings commentary, particularly on margins and demand outlook, from key companies.
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