Q4 Scorecard: Ather Energy Loses Rs234 Cr; UPL’s FY26 Forecasts Underwhelm

A host of India Inc. heavyweights wrapped up Q4 FY25 on May 12, delivering a mixed bag of earnings across sectors. Ather Energy narrowed its loss and grew revenue due to strong demand for Rizta scooters. At the same time, UPL posted healthy top-line growth but disappointed on net income.

In chemicals, SRF outperformed estimates, whereas consumer-facing names like PVR INOX and Jyothy Labs grappled with margin pressures. Speciality-chemicals players DCW and Usha Martin produced resilient earnings, and niche issuers Morepen Laboratories and Zaggle Prepaid posted divergent results.

Let’s understand their results, then deep dive into each company’s performance and market reaction.

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Ather Energy: Narrowed Loss, Robust Growth

Ather Energy reported a Q4 FY25 net loss of Rs234 cr, narrowed from Rs283 cr a year earlier, as strong demand for its “Rizta” scooters drove a 29% jump in revenue to Rs676 cr. Quarterly expenses rose 12.6%, allowing operational leverage to compress losses further. 

Government registration data shows Ather’s sales climbed 13.4% YoY. Meanwhile, the Hero MotoCorp-backed EV maker is expanding its dealership network in northern and western India ahead of a new production platform that should lower per-unit costs and pave a path to profitability in FY26,. Shares rallied 3.3% on the announcement, reflecting investor optimism about margin recovery.

UPL: Top-Line Beat Meets Bottom-Line Miss

Agrochemicals giant UPL posted Q4 FY25 revenue of Rs15,570 cr, up 11% YoY and above street estimates, but net income of Rs896 cr fell well short of the Rs1,313 cr forecast.

 A one-off Rs275 cr hit for VAT disallowance and restructuring charges tilted the bottom line. Various rating agencies reaffirmed UPL’s “BB” rating. Still, they assigned a Negative Outlook, warning that its FY26 EBITDA interest coverage ratio could remain around 2.7×—below peer norms—and temper leverage metrics. UPL declared a Rs6/share dividend, signalling confidence in free-cash-flow generation, but elevated net debt of Rs13,860 cr continues to draw scrutiny.

Chemicals Standouts: SRF Shines, DCW Recovers

SRF delivered a standout quarter, with PAT up 24.6% to Rs526 cr and revenue rising 20.8% to Rs4,313 cr, driven by strong speciality-chemicals and packaging films volumes . EBITDA jumped 38% to Rs 957 cr, reflecting healthy pricing and mix benefits. Meanwhile, DCW returned to black in Q4, posting PAT of Rs30 cr versus a loss last year, as PVC and coated-fabric segments recovered; revenue was Rs538 cr, down 13.5% on softer commodity prices .

Consumer & Entertainment: Mixed Performances

• PVR INOX reported a net loss of Rs106 cr, wider than the prior year’s Rs90 cr, with revenue steady at Rs1,250 cr despite a 10.5% rise in average ticket prices; an uneven film slate and weak urban demand weighed on F&B and admissions .

• Jyothy Labs saw PAT dip 2.4% to Rs76 cr on revenue of Rs667 cr, up 1.1%; higher raw-material costs in fabric-care and dishwashing squeezed margins .

• Bajaj Electricals bucked the trend with PAT surging 101.5% to Rs59 cr and revenue up 6.5% to Rs1,265 cr, boosted by a one-time gain and resilient home-appliances demand; full-year PAT, however, eased 2% to Rs133 cr .

Pharma & Fintech: Divergent Outcomes

• Morepen Laboratories reported Q4 PAT of Rs20 cr (–29.3%) on revenue of Rs466 cr (+10.1%), as margin pressure in its pharmaceutical formulations business offset volume gains; the board approved a final dividend of Rs0.20/share.

• Zaggle Prepaid delivered a 57.6% jump in PAT to Rs32 cr on revenue growth of 50.5% to Rs411 cr, driven by broader SaaS adoption in corporate payments; rising ESOP costs tempered EBITDA margins.

Usha Martin: Steady Industrial Resilience

Steel-wire specialist Usha Martin posted a 5% drop in PAT to Rs101 cr with revenue up 8.1% to Rs896 cr, as softer cable-and-wire volumes offset gains in speciality products; the board recommended a Rs3/share dividend.

Market Reaction & Outlook

• Shares of SRF, Zaggle Prepaid and Ather Energy rose 2–3% after their results beat expectations, while PVR, INOX and Jyothy Labs traded lower amid sector headwinds.

• UPL shares inched up ~3.1% post-earnings, buoyed by the dividend but capped by a Negative Outlook and net-income miss.

• Investors will scrutinise upcoming management calls—particularly UPL’s FY26 guidance and leverage trajectory, as well as Ather’s platform rollout and path to profitability in H2 FY26.

Conclusion

The May 12 earnings season laid bare a bifurcated landscape: chemicals and fintech platforms continue to outperform on structural tailwinds, while consumer discretionary and capital-intensive names navigate content cycles, raw-material headwinds, and margin pressures. As companies update FY26 guidance, the market will reassess valuations based on actual margin recovery and leverage trajectories.

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