Indian markets are expected to open positive on Monday after holidays. As per reports, FIIs have been strong buyers during the last couple of trading sessions. Private banks have reported strong quarterly numbers while technology major Infosys has issued cautious guidance. We can expect selling pressure in technology stocks and banking stocks could see buying.

While leading banks posted resilient numbers backed by stable net interest margins and improved credit offtake, tech firms like Infosys and Tata Elxsi are battling macro uncertainties and muted guidance. Meanwhile, consumer-oriented platforms like Just Dial are quietly gaining momentum, and Coal India is betting big on innovation-driven mining solutions. Here's an in-depth look at the standout performers and the market signals they’re sending for FY26.

ICICI Bank: Strong Growth Anchored by Stable Core Operations

ICICI Bank capped off FY25 on a robust note, with its consolidated net profit rising 15.7% YoY to Rs. 13,502 crore in the March quarter. The bank’s net interest income (NII) expanded 11% to Rs. 21,193 crore, up from Rs. 19,093 crore a year earlier, while its non-interest income (excluding treasury) jumped 18.4% to Rs. 7,021 crore.

What further stood out was the moderate increase in provisions to Rs. 891 crore, compared to Rs. 718 crore in the previous year. This indicates a stable asset quality outlook and efficient risk provisioning. Analysts are likely to remain bullish as the bank maintains growth without compromising profitability or risk metrics.

Yes Bank: Earnings Soar on Lower Provisions and Lending Traction

Private sector lender Yes Bank reported a stellar 63% jump in Q4FY25 net profit to Rs. 738 crore, as reduced provisioning provided a significant earnings tailwind. On an annual basis, the bank recorded a 92.3% surge in net profit to Rs. 2,406 crore for FY25.

Core fundamentals were solid: NII rose 5.7% YoY to Rs. 2,276 crore during the March quarter, driven by 8.1% growth in advances and a marginal 0.1% improvement in net interest margin (NIM) to 2.5%. The results suggest that Yes Bank may finally be shaking off its legacy issues and inching toward sustained profitability.

HDFC Bank: Strong Bottom Line, but Loan Pricing Pressures Persist

India’s largest private lender posted a 7% YoY rise in consolidated net profit to Rs. 18,835 crore for the March quarter, supported by 10.3% NII growth to Rs. 32,070 crore. The bank also reported a 5.4% growth in gross advances during the quarter.

However, management flagged pressure in the home and corporate lending segments, stemming from intense pricing competition, which is starting to impact growth momentum. While margins remain healthy at 3.5%, the bank’s cautious tone suggests that navigating competitive pressures will be critical for FY26.

HDFC Life: VNB Expands, But Q4 APE Slightly Disappoints

HDFC Life Insurance ended FY25 with robust performance across key metrics. The insurer posted an 18% rise in individual Annualized Premium Equivalent (APE) and a 13% increase in Value of New Business (VNB). Despite this, Q4 APE stood at Rs. 5,186 crore—3% below analyst expectations.

The shortfall highlights intensifying competition in the life insurance space, though the full-year momentum remains healthy. Investors may look for further clarity on product innovation and distribution strategy going into FY26.

Just Dial: Steady Digital Growth Drives Bottom Line

Digital search platform Just Dial reported a solid 36.2% YoY increase in Q4 net profit to Rs. 157.6 crore, compared to Rs. 115.7 crore in the same quarter last year. Revenue rose 7% YoY to Rs. 289.2 crore, reflecting consistent advertiser and user growth.

These numbers underscore Just Dial’s successful digital monetization efforts and efficiency gains. With increasing penetration in Tier II and Tier III markets, the company could continue to build on its bottom-line strength in the coming quarters.

Coal India: Innovative Underground Mining Pact with Rs. 7,040 Cr Implication

Coal India’s subsidiary SECL has inked a transformative Rs. 7,040 crore agreement with TMC Mineral Resources to pioneer paste-filling underground mining technology. This technique uses a mixture of fly ash, cement, and other materials to fill mined-out voids—reducing the need for surface land acquisition and mitigating land subsidence risks.

The project reflects Coal India’s pivot toward more sustainable and technically advanced mining methods. If executed efficiently, this could enhance output without disrupting local ecosystems or displacing communities—earning ESG points and long-term investor confidence.

Jio Financial Services: Lending and Leasing Drive Topline Growth

Jio Financial Services reported a 18% YoY growth in Q4FY25 revenue to Rs. 493.2 crore, propelled by momentum in digital lending, leasing, and financial services. Net profit rose slightly to Rs. 316 crore, from Rs. 310.6 crore a year ago.

The moderate bottom-line expansion suggests rising costs linked to scale-up efforts. However, with Reliance’s ecosystem support and increasing digital penetration, Jio Financial appears poised for stronger growth as fintech adoption accelerates in India.

Tata Elxsi: Transportation Weakness Weighs on Earnings

Tata Elxsi posted a 13.4% QoQ decline in net profit to Rs. 172.4 crore for Q4FY25, largely attributed to persistent challenges in its transportation vertical. Global trade tensions and geopolitical instability have curtailed growth in automotive software services—one of the firm’s core segments.

While Tata Elxsi remains a long-term digital engineering play, investors may temper expectations in the near term until demand visibility improves in its key verticals.

Infosys: Muted FY26 Guidance Disappoints the Street

India’s second-largest IT firm, Infosys, cut its revenue growth guidance for FY26 to 0–3% in constant currency terms, down from its earlier range of 4.5–5%. The muted forecast fell short of Street expectations, which were banking on 2–4% growth.

Infosys also declared a final dividend of Rs. 22 per share, signaling continued shareholder commitment despite near-term challenges. The company remains under pressure from weak discretionary spending in key geographies, forcing it to re-evaluate resource allocation and growth strategies.

Conclusion: Market Sentiment Hinges on Sector-Specific Trends

From the earnings trends of India’s top corporates, a few themes stand out. The banking sector continues to deliver reliable profits, supported by rising credit demand and prudent cost management. In contrast, IT and tech services are grappling with macro pressures, subdued client spending, and sector-specific slowdowns.

Companies like Just Dial and Coal India are showing strength through digital growth and technological innovation, respectively. Meanwhile, Jio Financial’s entry into formal lending ecosystems signals growing competition in digital finance.

As FY26 begins, investors would do well to align their portfolios with sectors showing structural growth and companies demonstrating strategic adaptability.