Mumbai, India — Investors across Dalal Street are closely watching a major earnings day for India’s public sector companies as four key state-run giants — Power Finance Corporation, Hindustan Petroleum Corporation Limited, Oil India Limited, and NLC India Limited — are scheduled to announce their Q4 FY26 and full-year FY26 financial results on May 13, 2026.
The earnings are expected to offer important clues about the health of India’s energy, infrastructure financing, oil refining, and power generation sectors at a time when the country is accelerating its infrastructure push and energy transition agenda.
Analysts believe management commentary, dividend announcements, future guidance, and operational performance will be more critical than headline profit numbers.
PFC: Investors Eye Loan Growth, Asset Quality and Dividend
State-run power sector lender Power Finance Corporation is expected to remain one of the strongest performers among PSU financial institutions.
In Q4 FY25, the company reported a net profit of ₹8,358 crore, supported by healthy loan growth and improving asset quality. Its loan book crossed ₹11 lakh crore, reflecting strong demand from India’s power infrastructure and renewable energy sectors.
For Q4 FY26, analysts estimate profit after tax (PAT) between ₹6,300 crore and ₹7,000 crore. Market participants will closely monitor:
- Growth in renewable energy financing
- Net Interest Margin (NIM) trends
- Gross and Net NPA levels
- FY27 disbursement guidance
- Final dividend announcement
PFC continues to benefit from India’s aggressive transmission and power infrastructure expansion. Analysts say the stock remains attractive for long-term investors seeking stable growth and strong dividend yields backed by government support.
HPCL: Refining Margins and Fuel Demand in Focus
Oil marketing major Hindustan Petroleum Corporation Limited will likely see earnings influenced by fluctuations in crude oil prices and refining margins.
In the same quarter last year, HPCL posted standalone net profit of ₹3,355 crore with Gross Refining Margins (GRM) of US$8.44 per barrel, supported by strong refinery throughput and healthy marketing margins.
For Q4 FY26, analysts expect:
- PAT between ₹1,600 crore and ₹2,200 crore
- Revenue around ₹1.1 lakh crore
- GRM in the range of US$7–9 per barrel
Investors are expected to focus on:
- Domestic fuel demand growth
- Inventory gains or losses
- Marketing margins
- Refinery utilization rates
- Future capex plans
Despite volatility linked to global crude prices, analysts believe HPCL remains a strong play on India’s long-term energy consumption growth story, particularly for investors comfortable with cyclical movements in the oil sector.
Oil India: Production Growth and Crude Price Trends Key
Upstream energy company Oil India Limited is expected to report relatively stable earnings despite fluctuations in international crude oil prices.
During Q4 FY25, the company reported consolidated net profit between ₹1,310 crore and ₹1,591 crore, impacted by softer crude realizations. However, Oil India achieved record oil and gas production during the fiscal year.
For Q4 FY26, analysts estimate:
- Revenue between ₹5,500 crore and ₹6,000 crore
- PAT in the range of ₹1,200 crore to ₹1,500 crore
The market will closely track:
- Oil and gas production volumes
- Realization trends
- Capital expenditure plans
- Renewable energy investments
- FY27 production guidance
Analysts say Oil India continues to offer a balanced energy exposure through traditional hydrocarbons and gradual diversification into renewable energy projects. The company’s strong dividend track record also remains a key attraction for long-term investors.
NLC India: Renewable Expansion to Remain Major Trigger
Mining and power generation PSU NLC India Limited is increasingly drawing investor attention due to its transition toward green energy.
In Q4 FY25, the company posted net profit between ₹468 crore and ₹482 crore, marking a sharp year-on-year jump driven by stronger power revenue and improved operational margins.
Street expectations for Q4 FY26 include:
- Revenue between ₹3,400 crore and ₹4,300 crore
- PAT between ₹350 crore and ₹530 crore
- EBITDA margins of approximately 18–22%
Key focus areas include:
- Solar and wind energy capacity additions
- Mining output
- Operational efficiency
- Renewable project execution
- Margin sustainability
Analysts believe NLC India’s combination of conventional power assets and expanding renewable energy portfolio positions it well for India’s evolving energy landscape.
Broader Market Implications
The Q4 FY26 earnings from these major PSUs are expected to provide a broader picture of how India’s government-backed companies are managing:
- Energy transition challenges
- Global crude price volatility
- Infrastructure financing demand
- Renewable energy investments
- Operational efficiency improvements
Market experts say investors should focus not only on quarterly profits but also on management guidance for FY27, dividend payouts, capex plans, and long-term growth strategies.
Many PSU stocks have emerged as strong dividend-paying defensive plays over the past two years, attracting both institutional and retail investors amid market volatility.
With expectations already partly priced into valuations, analysts warn that sharp post-results movements may create fresh buying opportunities for long-term investors.
The companies are expected to announce results either before market hours or after trading closes on May 13, 2026. Investors are advised to track official filings on BSE India and NSE India for confirmed financial results and management commentary.
