Q4FY26 Earnings: Coforge Surges 8%, L&T Slips

Q4FY26 Earnings Season Splits the Market By 10:30 am on May 7, the trading floor had already made its verdict. [Coforge](/stock/COFORGE) (NSE: COFORGE) was up 8% on the BSE, touching levels that would have seemed ambitious just a quarter ago. A few screens over, [Larsen & Toubro](/stock/LT) (NSE: LT) had quietly slipped 2%, weighed down by a profit dip that no record-breaking order book could fully mask. Welcome to Q4FY26 earnings season — where 75-plus companies reported in a single session and every stock told a different story. Coforge's numbers were hard to argue with. Quarterly net profit more than doubled year-on-year, powered by a sharp jump in order inflows that suggests demand for mid-tier IT services remains intact despite global macro headwinds. The Noida-based company has quietly built a reputation for execution over the past three years — its BFS and travel verticals doing most of the heavy lifting. An 8% single-day move on strong results is a reaction, not a surprise. The stock had been building toward this. Hero MotoCorp (NSE: HEROMOTOCO) added 2.6%, its gain more measured but arguably more meaningful given how much anxiety surrounded domestic two-wheeler demand heading into the quarter. Better-than-expected retail numbers from the April-June transition period gave investors something to hold onto. For a company that sells close to 5 million units a quarter, even marginal beats on volume guidance move the needle. L&T's Margin Problem Is the Real Story The [L&T](/stock/LT) result deserves more attention than the stock's 2% decline might suggest. Net profit fell 3% despite the company sitting on a record order book of ₹7.4 trillion. That's not a small number — it represents years of execution runway. The problem is execution itself. Middle East project disruptions, likely tied to geopolitical friction and contractor delays across Gulf infrastructure sites, compressed margins enough to drag the bottom line even as the top line held. This is a struc...