Thursday’s session opens with three distinct catalysts: HAL’s audited FY26 results hitting the board table this morning, Zydus outbidding a rival suitor for a US oncology firm at a 75.8% premium, and Airtel delivering ₹55,383 crore in quarterly revenue despite a YoY profit dip explained entirely by exceptional items.
Stocks in Focus: HAL (Results Today) | TATA MOTORS CV ▲33.8% | BHARTI AIRTEL PAT ▼33.5% | ANANT RAJ (Demerger Study) | ZYDUS LIFE ($166M Deal)
Thursday Setup
Thursday opens with Dalal Street staring at a heavy earnings calendar and three stock-specific triggers that each carry their own momentum. The Nifty 50 has been under selling pressure for four sessions running. Wednesday provided brief respite, the index hit an intraday low of 23,262 before recovering to close at 23,412, a gain of 33 points (0.14%), according to NSE data. The index has now largely filled the technical gap around 23,150. Analysts flag 23,600–23,700 as the next resistance band where selling is likely to resume. Participants are being advised to align positions with that ceiling before placing fresh longs today.
Bharti Airtel — Profit Dip Misleads; Operations Tell a Different Story
Airtel reported Q4 FY26 results after market hours on Wednesday, May 13. The headline profit number, a 33.5% YoY decline to ₹7,325 crore, is the wrong place to start. That fall is driven by exceptional items, not deteriorating operations. Net income before exceptional items actually rose 38.7% YoY to ₹7,245 crore, according to the company’s exchange filing.
| Metric | Value | Change |
|---|---|---|
| Q4 Revenue | ₹55,383 Cr | +15.7% YoY / +2.6% QoQ |
| EBITDA | ₹32,038 Cr | +16.9% YoY |
| EBITDA Margin | 57.8% | +60 bps vs 57.2% last year |
| ARPU | ₹257 | +5% YoY vs ₹245 |
| Net Profit (statutory) | ₹7,325 Cr | −33.5% YoY (exceptional items) |
| Net Income (pre-exceptional) | ₹7,245 Cr | +38.7% YoY |
| Final Dividend | ₹24/share | FY26 declared |
India remains the engine. Revenue from the India segment climbed 7.7% YoY to ₹39,566 crore, with the mobile segment up 8.3%. Smartphone data customers grew 20 million YoY, now accounting for 80% of all mobile users.
The Homes business, broadband, and connected services, surged 37.3% YoY, adding 1.1 million customers to take the total base to 14.2 million. That is the segment most analysts are watching for the next leg of monetisation.
There was a separate corporate development buried in the results announcement. Airtel’s board approved hiking its stake in Airtel Africa from 62% to approximately 78% through a share swap with promoter entity ICIL, issuing 14.67 crore new shares at ₹1,923 apiece.
Management described the deal as EPS accretive. The Africa stake hike tightens promoter control at the subsidiary level ahead of what could be a more active capital cycle there.
Tata Motors CV — Profit Beat, Margin Miss
The commercial vehicle arm of Tata Motors posted Q4 FY26 results that split market attention two ways. Net profit rose 33.8% YoY to ₹33.8 crore, and revenue increased 19.4% to ₹26,098 crore. EBITDA rose 8.6% to ₹2,640 crore — but margins compressed to 10.12% for the quarter. A final dividend of ₹4 per share was declared.
| Metric | Value | Change |
|---|---|---|
| Net Profit | ₹33.8 Cr | +33.8% YoY |
| Revenue | ₹26,098 Cr | +19.4% YoY |
| EBITDA | ₹2,640 Cr | +8.6% YoY |
| EBITDA Margin | 10.12% | Compressed QoQ |
| Final Dividend | ₹4/share | Declared |
The margin compression is the number that will drive the earnings call conversation. Revenue growth outpacing EBITDA growth by this spread points to cost pressure, likely freight, raw materials, or a mix shift toward lower-margin CV segments. Analysts will want a quarter-by-quarter cost breakdown before forming a directional view on the stock.
Zydus Lifesciences—Outbid a Rival, Paid a 75.8% Premium
This is the most event-driven story in Thursday’s market. Zydus Lifesciences confirmed on May 13 that it will acquire US-based Assertio Holdings (Nasdaq: ASRT) in an all-cash deal at $23.50 per share, total consideration of approximately $166.4 million (around ₹1,570 crore), per the company’s SEC 8-K filing.
The deal required Zydus to displace an earlier suitor: Garda Therapeutics had two successive bids, $18/share in April, then $21.80/share on May 4, both rejected by Assertio’s board in favour of Zydus.
| Deal Metric | Detail |
|---|---|
| Acquirer | Zydus Worldwide DMCC (subsidiary of Zydus Lifesciences) |
| Target | Assertio Holdings Inc. (Nasdaq: ASRT) |
| Offer Price | $23.50 per share (all-cash) |
| Total Consideration | ~$166.4 million (~₹1,570 crore) |
| Premium to Unaffected Price | 75.8% (vs March 20, 2026 close) |
| Premium to Garda’s First Bid | 30.6% (vs $18.00/share, April 8) |
| Premium to Garda’s Revised Bid | 7.8% (vs $21.80/share, May 4) |
| Assertio Trailing Revenue | ~$102 million (last 12 months) |
| Regulatory Approvals Required | None |
| Expected Close | Q2 2026 |
| Financing Condition | None — fully guaranteed by Zydus entity |
Assertio’s focus is oncology supportive-care therapies, treatments managing side effects from cancer treatment rather than direct cancer drugs. Zydus gets a ready-made US commercial platform and a branded specialty portfolio, moving its US exposure meaningfully beyond pure generics.
Dr Sharvil Patel, Managing Director of Zydus Lifesciences, said the acquisition would strengthen the company’s “specialty and oncology footprint in the US.”
Separately, Zydus’s board meets on May 19 to consider a share buyback, which would be its third in four years, after 2022 and 2024. An outbound acquisition of $166 million and a potential buyback in the same week signals active capital deployment on both ends of the balance sheet. Watch how the stock prices that combination at Thursday’s open.
Anant Raj — The Demerger That Could Re-Rate the Stock
Anant Raj’s board on May 11 approved FY26 results and simultaneously constituted a committee, led by the MD and including the CFO, COO, and chief business officer, to evaluate splitting its real estate and data centre businesses into separate entities.
The committee formation is not a demerger announcement; it is a formal feasibility study. But it matters because the two segments operate with fundamentally different capital profiles, risk structures, and investor bases.
| Metric | Value |
|---|---|
| FY26 Revenue | ₹2,579 Cr |
| FY26 Net Profit | ₹557 Cr |
| Q4 Net Profit | ₹147 Cr (+22.5% YoY) |
| Data Centre Capacity Target | 357 MW IT load by 2032 |
| Planned Data Centre Investment | ₹20,000 Cr |
| QIP Raised | ₹1,100 Cr (nil deviation confirmed) |
| Final Dividend | Re.1/share |
Here is the non-obvious angle. The QIP monitoring report for March 31, 2026 confirmed nil deviation in use of the ₹1,100 crore raised, capital deployed as committed. But the ₹20,000 crore data centre pipeline dwarfs what has been raised so far.
If the data centre entity is demerged and separately listed, it could attract institutional capital at standalone data centre valuation multiples, a materially different pricing framework than a real estate holding company. That valuation gap is what makes the demerger worth watching. Anish Sarin, grandson of founder Ashok Sarin, was also appointed as Whole-time Director at the same board meeting.
HAL — Board Meets Today, Results Pending, Earnings Call Tomorrow
Hindustan Aeronautics Limited holds its board meeting today to consider audited Q4 and full-year FY26 results, per BSE intimation dated May 4, 2026. Q4 FY26 numbers are not yet public as of this writing.
| Confirmed Data Point | Value |
|---|---|
| Q3 FY26 Net Profit | ₹1,867 Cr (+30% YoY) |
| Q3 FY26 Revenue | ₹7,699 Cr (+10.7% YoY) |
| Order Book (end FY25) | ₹2.54 lakh Cr |
| Market Cap | ~₹3.09 lakh Cr |
| Citi Target Price | ₹5,560 (Buy rating) |
| Earnings Call | May 15, 2026 · 4:00 PM IST (hosted by Ambit Capital) |
The order book stood at ₹2.54 lakh crore at end-FY25, up nearly 35% from ₹1.89 lakh crore a year prior. Citi maintains a Buy rating with a ₹5,560 target, citing the F414 engine programme as a medium-term pipeline trigger for the Tejas Mk2. An investor call hosted by Ambit Capital is scheduled for May 15. Today’s audited numbers will set the direction.
Read Next: HPCL Q4 Results: 46% Profit Jump, Rs 19.25 Dividend Declared
FAQ
Q: Why did Airtel’s net profit fall 33.5% when revenue grew 15.7%?
Because of exceptional items in the P&L. Net income before exceptional items rose 38.7% YoY to ₹7,245 crore. EBITDA grew 16.9% and margins expanded 60 bps to 57.8%. The YoY profit fall is a reporting artefact, not an operational decline.
Q: What does Zydus get from buying Assertio, and what did it pay relative to competitors?
Zydus pays $23.50/share ($166.4 million total) for a US oncology-focused commercial platform with approximately $102 million in trailing annual revenue. That is a 30.6% premium over Garda’s first bid and a 75.8% premium to Assertio’s unaffected March 20 price. No regulatory approvals are required. The deal closes in Q2 2026.
Q: Where are the Nifty support and resistance levels traders are watching on May 14?
The gap around 23,150 is now largely filled following Wednesday’s intraday low of 23,262. The index closed at 23,412 per NSE data. Analysts cite 23,600–23,700 as the sell zone on any bounce. A sustained move above that band with meaningful volume would shift the short-term bias from bearish to neutral.
