NEW YORK — Apple Inc. (NASDAQ: AAPL) shares rose modestly to $293.84 in midday trading Tuesday, up 0.40% or $1.16, as investors continued rewarding the tech giant’s strong fiscal second-quarter 2026 performance and aggressive capital return program. The stock has climbed steadily since its April 30 earnings beat, trading near recent highs and reflecting confidence in Apple’s iPhone momentum, record services growth and accelerating artificial intelligence strategy.

Apple reported fiscal Q2 revenue of $111.2 billion, up 16.6% year-over-year, and earnings per share of $2.01, both surpassing Wall Street forecasts. iPhone sales surged 22% to $57 billion, marking the strongest March quarter in company history. Services revenue reached a record $30.98 billion, while gross margin expanded to an all-time high of 49.3%. The board authorized a massive $100 billion share repurchase program and raised the quarterly dividend to $0.27 per share.

The results triggered a strong post-earnings rally, with shares jumping nearly 4% in early May trading. Tuesday’s modest advance extends that positive momentum, even as broader market caution lingers over geopolitical risks and elevated valuations across big tech. Apple’s market capitalization remains above $4.3 trillion, cementing its position as one of the world’s most valuable companies.

CEO Transition and AI Focus

Apple also announced a major leadership change: hardware engineering chief John Ternus will succeed Tim Cook as CEO on September 1, 2026, with Cook transitioning to executive chairman. The smooth succession plan has been well-received by investors, providing continuity while signaling fresh energy as Apple ramps up its artificial intelligence efforts.

R&D spending climbed to a record $11.4 billion in the quarter, representing over 10% of revenue as the company accelerates investments in on-device AI, generative models and new hardware features. Analysts expect AI enhancements in iOS 19, Siri upgrades and future iPhone models to drive the next growth cycle. Wedbush’s Dan Ives has highlighted the “AI opportunity” as a multi-year catalyst, recently raising his price target to a Street-high $400.

iPhone 18 Anticipation Builds

Attention is shifting toward the iPhone 18 lineup expected in September 2026. Supply chain reports suggest Apple is holding pricing steady despite rising memory costs tied to AI demand, while preparing significant camera, display and AI performance upgrades. Stronger-than-expected iPhone 17 demand in the March quarter has fueled optimism that the next generation could sustain double-digit growth.

Services remain a high-margin growth engine, with Apple Music, iCloud, App Store and AppleCare continuing to scale globally. Greater China revenue rebounded strongly, up more than 28% year-over-year, signaling stabilization in a key market.

Analyst Sentiment and Valuation

Wall Street remains overwhelmingly bullish. Consensus price targets cluster between $325 and $400, with recent upgrades from BofA, Goldman Sachs and others citing sustained iPhone strength, services expansion and AI upside. The stock trades at a forward P/E around 33-35, which many view as reasonable given Apple’s consistent execution and massive cash generation.

Technical analysts note Apple has cleared key resistance levels and is forming higher highs. Support sits near $280-$285, with resistance around recent highs near $294-$300. The $100 billion buyback program is expected to provide ongoing tailwinds by reducing share count and supporting the price.

Risks and Challenges

Investors remain attentive to several headwinds. Regulatory scrutiny in the EU and U.S., potential China tensions, and a competitive AI landscape could create volatility. Rising R&D and capex commitments may pressure near-term margins, though management has guided for continued gross margin strength in the mid-to-high 47% range.

Broader market dynamics, including interest rates and geopolitical developments, also influence sentiment. However, Apple’s resilient business model — blending premium hardware with high-margin services and an expanding ecosystem — has historically weathered economic uncertainty well.

Outlook for Remainder of 2026

With the WWDC 2026 developer conference approaching in June, excitement is building around new AI features and software updates. Management has guided for mid-teens revenue growth in the current quarter, setting up a potentially strong back half of the year centered on iPhone 18 momentum.

For long-term investors, today’s modest gain reflects steady accumulation in a fundamentally strong name. Apple’s combination of record profitability, massive capital returns and clear AI roadmap keeps it among the most important holdings in technology portfolios. As the company navigates its leadership transition and invests heavily for the future, Wall Street largely expects continued outperformance.

As midday trading continued Tuesday, AAPL held near session highs with solid volume. The coming weeks will bring more color on AI progress, iPhone demand trends and capital allocation priorities. For now, Apple’s ability to deliver consistent beats and shareholder returns reinforces its status as a blue-chip growth powerhouse even at elevated valuations.

The tech titan remains a core holding for many, with 2026 shaping up as another pivotal year driven by innovation, services expansion and artificial intelligence integration across its ecosystem.

NEW YORK — Microsoft Corp. (NASDAQ: MSFT) shares climbed modestly to $409.01 in midday trading Tuesday, up 0.88%, as investors digested the software giant’s robust fiscal third-quarter 2026 results and continued optimism around its artificial intelligence and cloud leadership despite elevated capital spending. The move comes after a period of consolidation, with the stock rebounding from recent lows amid broader tech sector rotation.

Microsoft reported fiscal Q3 revenue of $82.9 billion, up 18% year-over-year and beating analyst expectations of roughly $81.4 billion. Adjusted earnings per share reached $4.27, exceeding forecasts of $4.06. Intelligent Cloud revenue jumped 30% to $34.7 billion, driven by Azure growth of 40% (39% constant currency). Productivity and Business Processes rose 17%, while More Personal Computing was roughly flat.

CEO Satya Nadella highlighted AI momentum, noting the company’s AI business has surpassed a $37 billion annual revenue run rate. Azure AI services and Copilot adoption continue accelerating across enterprise customers, with strong uptake in both commercial and consumer segments.

Heavy AI Investments Fuel Long-Term Bets

Microsoft guided for full-year capital expenditures around $190 billion in calendar 2026, driven primarily by AI data center buildout and infrastructure needs. While the spending level has raised near-term margin concerns for some investors, analysts largely view it as necessary infrastructure for sustained leadership in cloud and AI.

The company’s deepened partnership with OpenAI remains central. Recent updates to the commercial agreement, including revenue share caps, have been interpreted positively as both companies prepare for potential future monetization at scale. Microsoft also continues expanding its own AI models and tools across Azure, Microsoft 365 and GitHub.

Analyst Optimism Remains High

Wall Street consensus on Microsoft stays strongly bullish. Recent price target increases have pushed the average well above $500, with several firms citing 50-60% upside potential over the next 12-18 months. Key drivers include Azure’s market share gains, Copilot monetization progress, and long-term AI infrastructure returns.

The stock trades at a forward price-to-earnings multiple in the mid-20s, which many consider attractive relative to growth projections. Microsoft’s diversified business — spanning cloud, productivity software, gaming, LinkedIn and consumer products — provides resilience that few peers match.

Technical Picture and Market Context

MSFT has shown resilience after pulling back from 2025 highs near $555. Support levels sit near $390-$400, with resistance around recent swing highs near $420-$430. Tuesday’s modest gain occurred on solid volume, reflecting steady institutional buying amid broader market caution tied to geopolitical tensions and oil prices.

Year-to-date performance has lagged some megacap peers due to heavy AI spending, but recent rebound signals renewed investor confidence. Short interest remains manageable, limiting squeeze risk but keeping the name active among retail traders.

Strategic Position in AI Era

Microsoft’s early and substantial investment in OpenAI, combined with its Azure infrastructure, positions it uniquely in the AI value chain. The company is integrating AI deeply across its product portfolio — from Copilot in Office apps to GitHub Copilot for developers and consumer-facing tools. Enterprise adoption metrics remain strong, with commercial bookings and backlog providing multi-year visibility.

Nadella has emphasized “agentic AI” — autonomous systems capable of complex tasks — as the next major wave. Microsoft is investing aggressively to lead in this area while maintaining strong relationships with customers wary of single-vendor dependency.

Risks and Challenges Ahead

Investors remain mindful of execution risks on massive capex plans, potential slowdowns in hyperscaler spending, and intensifying competition in AI from Google, Amazon and emerging players. Regulatory scrutiny in Europe and antitrust matters in the U.S. also represent ongoing overhangs.

However, Microsoft’s balance sheet strength, consistent cash flow generation and history of disciplined capital allocation provide a significant buffer. The company returned over $10 billion to shareholders through dividends and buybacks in the quarter alone.

Outlook for Remainder of 2026

With fiscal Q4 results expected in late July, focus will turn to Azure growth sustainability, Copilot monetization updates and any commentary on 2027 guidance. Analysts project continued double-digit revenue growth, with AI contributing an increasingly visible portion of results.

For long-term investors, today’s modest advance reflects confidence in Microsoft’s foundational role in enterprise AI and cloud computing. While short-term volatility tied to spending concerns or market rotations is likely, the company’s competitive moats and execution track record keep it among the most favored megacap technology names.

As midday trading continued Tuesday, MSFT held near session highs with steady buying interest. The coming weeks will bring more AI conference updates, industry events and economic data that could influence sentiment. For now, Microsoft’s ability to deliver consistent beats while investing for the future reinforces its status as a core holding in growth portfolios.

The tech powerhouse remains at the center of the artificial intelligence transformation, balancing near-term spending pressures with powerful long-term tailwinds in cloud, productivity and AI services.

TUCSON, Ariz. — Pima County Sheriff Chris Nanos vowed Tuesday that the investigation into the suspected abduction of 84-year-old Nancy Guthrie will not go cold, offering the strongest public assurance yet that authorities remain actively pursuing leads as the case reached the painful 100-day milestone without an arrest or confirmed proof of life. The mother of NBC “Today” co-anchor Savannah Guthrie vanished from her Catalina Foothills home north of Tucson on the night of Jan. 31, 2026, in what officials describe as a targeted kidnapping.

“This case will not go cold,” Nanos said firmly in a recent interview. “We will resolve it.” The sheriff reiterated that investigators are making progress and described recent developments as “really great,” though he declined to provide specifics to protect the integrity of the ongoing probe. His comments come amid mounting public frustration, criticism of the investigation’s pace, and growing pressure on his leadership.

Nancy Guthrie was last seen around 9:45 p.m. on Jan. 31 after a family member dropped her off following dinner. She was reported missing the next day around noon. Security footage captured a masked, armed individual tampering with her Ring doorbell camera shortly before she disappeared. Blood confirmed to be hers was found on the doorstep, and her phone, purse and critical medications were left inside the home.

Family’s Heartbreaking Plea on Mother’s Day

On Mother’s Day, Savannah Guthrie shared an emotional Instagram tribute featuring decades of family photos and videos. “Mother, daughter, sister, Nonie — we miss you with our every breath,” she wrote. “We will never stop looking for you. We will never be at peace until we find you.” The post renewed calls for tips and highlighted the $1.2 million reward, including $1 million from the family, for information leading to her mother’s safe return.

A mysterious note left at a makeshift memorial near the home added another layer of intrigue. It read in part, “Your Mom would be ashamed if she knew what you did… TAKE NANCY HOME.” Authorities have not confirmed any connection to the case.

DNA Evidence and Forensic Focus

Investigators continue processing DNA from gloves recovered near the home, with advanced testing underway at both local and FBI laboratories. Officials have described the evidence as promising but have not publicly identified any suspects or persons of interest. Human remains discovered nearby were confirmed to be prehistoric and unrelated. Purported ransom demands in Bitcoin surfaced early but their authenticity remains unverified.

The sheriff’s task force, working closely with the FBI, has reviewed thousands of tips and hours of footage. Nanos has pushed back against criticism, including comments from FBI Director Kash Patel questioning the initial handling, insisting coordination has been strong and progress is being made behind the scenes.

Expert Analysis and Investigation Challenges

Retired FBI profilers have described the kidnapping as unusually sophisticated for a random crime, citing the targeted disabling of security systems. Some experts believe the lack of frequent public updates is a deliberate strategy to avoid tipping off the perpetrator. Others note that major cases often move methodically, with breakthroughs coming after prolonged quiet work.

The case has captivated national attention, blending celebrity interest with the universal fear of losing an elderly loved one. It has spotlighted vulnerabilities for seniors living alone and prompted renewed discussions about home security in affluent suburbs. Extreme summer heat in Arizona raises additional concerns for any potential search efforts or Nancy Guthrie’s well-being if she remains alive.

Public Appeals and Reward

Authorities urge anyone with information — no matter how small — to contact the FBI at 1-800-CALL-FBI, the Pima County Sheriff’s Department at 520-351-4900, or submit tips anonymously. The reward remains fully available and does not require public identification.

Despite the 100-day mark, Nanos and his team reject any notion that momentum has slowed. “Every day they get closer,” he said, emphasizing continued collaboration with multiple agencies. Local leaders have raised questions about the sheriff’s handling, with some pushing for accountability, but the investigation remains active and ongoing.

For the Guthrie family, every passing day deepens the anguish while strengthening their resolve. Savannah Guthrie’s public pleas underscore a simple message: someone knows something that could bring Nancy home. The abduction has already altered Hollywood’s polished image of swift crime-solving, reminding the public that real investigations can stretch for months or years.

As day 101 begins, Sheriff Nanos’s vow offers a flicker of hope amid uncertainty. Whether recent developments lead to a breakthrough or the case tests the limits of patience and resources remains to be seen. For now, Tucson and the nation continue watching, hoping the next development brings answers rather than another painful milestone.

The sheriff’s determination sends a clear message: Nancy Guthrie’s disappearance has not been forgotten, and law enforcement will not rest until the case is solved.

The £100m plans include a new hydrogen powered furnace at 7 Steel in Cardiff

Owners of Cardiff-based steel maker 7 Steel have confirmed £100m investment plans.

The investment, up to 2030, includes £30m for a new hydrogen-ready furnace, which would be the first large scale industrial application of hydrogen in steel manufacturing in the UK.

Czech investment company Sev.en Global Investments acquired the business from Spanish firm Celsa last year. The business makes steel from scrap steel through its electric arc furnace mill operation.

The £100m investment also covers plant upgrades, technology improvements and wider operational development.

The new furnace will be operational next year but will not initially be using hydrogen.

The Cardiff plant, which also serves as the firm’s UK headquarters, recycles domestic scrap into low-carbon steel for construction, infrastructure, transport and energy projects. Its products, such as rebar and mesh, have gone into some of the UK’s most recognisable buildings and infrastructure, including The Shard, Wembley Stadium, the Heathrow Terminal 5 extension, Hinkley Point C nuclear power station and rail’s HS2.

The investment arrives at an important moment for British steel. The UK Government, which is nationalising the last remaining heavy steelmaking plant in Scunthorpe, has set out plans to build 1.5 million new homes and upgrade infrastructure, both of which will require significant volumes of steel. Sev.en GI says the new policy direction reinforces its case for long-term investment in the sector.

Alan Svoboda, chief executive of Sev.en Global Investments, said: “As the long-term owners of 7 Steel UK, we recognise the strategic importance of a robust independent British steel sector.”

“Steel is a strategic industrial opportunity which requires continuity and a willingness to invest through the cycle. That is exactly how we invest.”

Beyond capital investment, Sev.en GI has said it is committed to the workforce. 7 Steel UK pays 1.5 times the UK median salary and continues to train the next generation of engineers, helping to keep skilled industrial jobs in Cardiff and across the UK.

7 Steel employs over 1,600 people across the UK, with 1,050 based in Wales, of which 800 are in Cardiff. It has 14 sites including four fabricator sites in Neath, Newport, Crumlin, and Whiteheads in Newport, which employ 250. The Cardiff site produces more than one million tonnes of steel a year, making it the UK’s third biggest steel producer.

The operation in the Tremorfa area of Cardiff has been owned and operated by some of the biggest names in British industry such as Guest Keen & Nettlefolds (GKN) before becoming British Steel in 1970.

The blast furnace side of the operations closed in 1978 with the remaining works going through a variety of owners. Previous owners Celsa acquired it in 2003.

Key Manchester Airport link could boost links across the North West and Yorkshire

A small piece of HS2 in Greater Manchester is being resurrected – and it could unlock a wave of future transport improvements across the north.

When former Tory Prime Minister Rishi Sunak confirmed that the northern leg of HS2 was all but dead in late 2023, it sparked huge backlash and frustration.

The move, announced during the Conservative Party conference being held in Manchester at the time, killed hopes of a faster train link from Greater Manchester to London.

Mr Sunak told Tory conference in October 2023: “I say to those who backed the project in the first place, the facts have changed and the right thing to do when the facts change is to have the courage to change direction.

“I am ending this long-running saga. I am cancelling the rest of the HS2 project and in its place, we will reinvest every single penny – £36 billion – in hundreds of new transport projects in the North and the Midlands.”

But now one small section of HS2 in the north – which includes a link between Manchester Airport and Manchester Piccadilly station – is being brought back.

It forms part of the High Speed Rail (Crewe – Manchester) Bill, relating to phase 2b of HS2, which is being ‘repurposed’ with a focus on improving rail connections across the north.

The move is expected to feature in the King’s speech on Wednesday, which sets out the new laws being planned by the government.

Creating the new link in Greater Manchester is a crucial part of wider transport plans across the north, insiders say, and would pave the way for a new Manchester to Liverpool line in phase two of the £45 billion Northern Powerhouse Rail programme.

One source described a new Manchester Airport to Piccadilly connection as the ‘key part’ of the future Manchester to Liverpool connection – a piece of the puzzle which is ‘non-negotiable’ and needs to happen to unlock the rest of the project.

So the High Speed Rail (Crewe – Manchester) Bill featuring in the King’s speech on Wednesday could signal a major step forward for a raft of planned railway improvements in northern England.

Henri Murison, chief executive of the Northern Powerhouse Partnership, told the Local Democracy Reporting Service: “We’re expecting there may be good news on Wednesday, this is critical because it will enable not just to be connected to Manchester city centre as part of the wider Manchester-Liverpool scheme, but also will in the end connect Yorkshire better to the airport.”

It’s understood that the government decided to repurpose the current High Speed Rail (Crewe – Manchester) Bill rather than creating a new one to save the time and money that has already been put into the plan.

Transport secretary Heidi Alexander outlined the plan in Parliament in February.

She told MPs that the High Speed Rail (Crewe – Manchester) Bill ‘has been refined’ with a new purpose, and that the Bill itself is the ‘mechanism by which planning consent for the eastern part of the new route between Liverpool and Manchester can be granted.’

She added: “The Bill will have the necessary powers to deliver the section of Northern Powerhouse Rail into Manchester via Manchester airport, including new stations at Manchester Piccadilly and Manchester airport itself.

“We are now seeking to progress the Bill to make the best use of the significant progress it has already made.”

A new Manchester-Liverpool railway line has long been touted as essential to boosting connectivity across the north, as well as keeping the economy in good health.

READ MORE: Why business must back Piccadilly underground plans: Manchester leaders push ‘transformational’ scheme as they prepare for MIPIMREAD MORE: Biggest rail boost in a generation: £45bn Northern Powerhouse Rail scheme confirmed with plans for new Manchester-Birmingham line

The plan for a Manchester-Liverpool route could cut journey times between the north west’s two biggest cities to as little as 35 minutes, alongside increasing the number and frequency of trains – something Andy Burnham previously said could turn Piccadilly Station into the ‘King’s Cross of the North’.

Part of the wider project includes plans for an underground Piccadilly station. As Greater Manchester Mayor Andy Burnham said at the start of this year: “Finally, we have a government with an ambitious vision for the North, firm commitment to Northern Powerhouse Rail and an openness to an underground station in Manchester city centre.

“Today marks a significant step forward for Greater Manchester. We’ll now work at pace to prove the case for an underground station and work up detailed designs for the route between Liverpool and Manchester.”

The transport secretary said of the High Speed Rail (Crewe – Manchester) Bill in February that it is ‘important to crack on and get it done’ given the wider ambitions for the north of England.

This small section of HS2 in Greater Manchester set to be resurrected in the King’s speech on Wednesday could be the key to unlock it all.

SYDNEY — Australia’s annual inflation rate cooled to 4.3% in the 12 months to May 2026, down from 4.6% in March, offering the first clear sign that the recent surge driven by global energy shocks may be peaking. The Australian Bureau of Statistics released the May Consumer Price Index data on Wednesday, showing headline CPI rising 0.8% in the month, with easing fuel prices providing some relief even as underlying pressures in housing and services remain sticky.

The trimmed mean measure of underlying inflation held at 3.4%, still well above the Reserve Bank of Australia’s 2-3% target band. While the modest decline in headline inflation was welcomed by markets and households, economists caution that progress toward the target will likely be gradual, with the central bank expected to hold rates steady at 4.35% for the foreseeable future.

The data comes as the RBA navigates a complex environment of lingering global uncertainty from the U.S.-Iran conflict, domestic capacity constraints, and a resilient labour market. Governor Michelle Bullock has repeatedly stressed that inflation is “likely to stay above target for some time,” a message reinforced in the central bank’s latest Statement on Monetary Policy.

Key Drivers in May CPI

Fuel prices, the main culprit in the earlier spike, began to moderate in May as global oil markets stabilised somewhat following diplomatic efforts around the Strait of Hormuz. Petrol contributed a smaller 6.8% year-on-year increase compared with 8.9% in March. However, housing costs remained elevated at 6.7%, driven by rents and construction materials, while food inflation ticked up slightly to 3.4%. Services inflation eased marginally to 3.5%.

The quarterly CPI rose 1.3% in the three months to May, slightly softer than expected but still highlighting persistent price pressures in non-tradable sectors of the economy.

RBA Policy Stance

Markets now assign only a low probability of further rate hikes in 2026, pricing in the first cut possibly in early 2027. The RBA has signalled it will remain data-dependent, watching closely for signs that second-round effects from higher energy and wage costs are embedding. Economists at major banks forecast headline inflation to trend toward 3.8% by year-end before slowly returning to the target band by late 2027.

Cost-of-Living Impact on Households

For Australian families, the May figures bring modest relief after months of painful increases at the pump and in grocery aisles. However, real wages continue to lag inflation in many sectors, and higher interest rates are squeezing mortgage holders. Consumer confidence remains subdued, with retail spending growth slowing and many households tightening budgets.

The federal government’s cost-of-living relief measures, including energy rebates and targeted welfare adjustments in the 2026-27 Budget, are providing some buffer, but Treasurer Jim Chalmers has acknowledged that inflation remains a “live challenge” for ordinary Australians.

Sector and Market Reactions

The ASX 200 reacted positively to the softer-than-feared inflation print, with rate-sensitive sectors such as real estate and consumer discretionary posting gains. The Australian dollar eased slightly against the greenback as traders adjusted expectations for the RBA’s near-term path. Bond yields dipped modestly, reflecting lower rate-hike probabilities.

Business groups welcomed the cooling trend but warned that prolonged high inflation and interest rates could weigh on investment and hiring. Small business owners, in particular, report difficulty passing on costs without losing customers.

Outlook for Coming Months

Economists will watch the June and July CPI releases closely for confirmation that the disinflation trend is taking hold. Key risks include renewed oil price volatility from the Middle East, persistent rental inflation, and wage growth that could fuel services prices. On the positive side, global supply chain normalisation and moderating demand could help ease goods inflation further.

The RBA’s next meeting in early July will be closely scrutinised. Most forecasters expect the bank to hold rates steady while continuing to monitor incoming data. Any signs of renewed acceleration could prompt a hawkish shift, while sustained cooling would open the door for eventual easing.

Broader Economic Implications

Australia’s inflation challenge in 2026 reflects a global story of post-pandemic supply adjustments compounded by geopolitical energy shocks. The country’s relatively strong labour market and commodity export strength have provided some insulation, but the cost to households has been significant. Policymakers face the difficult task of engineering a soft landing without tipping the economy into recession.

For consumers, the message remains one of cautious optimism. While May’s data shows the worst of the recent surge may be behind us, returning to the RBA’s target will take time and continued vigilance on both monetary and fiscal fronts. Families are advised to continue monitoring budgets, locking in fixed rates where possible, and watching upcoming CPI releases for further direction.

As Australia moves through the second half of 2026, the inflation trajectory will play a central role in shaping interest rates, household spending, business investment and overall economic growth. The May figures mark an encouraging step, but the journey back to price stability is far from over.

Economists and markets will now turn their attention to June data and the RBA’s July meeting for the next important signals on the path ahead.

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The company’s revenue from operations in Q4FY26 was down 12% to Rs 7,516 crore versus Rs 8,506 crore in the corresponding quarter of the previous financial year.

The company’s board recommended a final dividend of Rs 8 per equity share for the financial year 2025-26, subject to approval of shareholders at the ensuing Annual General Meeting. The company has set the record date for determining eligible shareholders on July 10, 2026.

The profit after tax (PAT) was down 81% on a sequential basis from Rs 1,190 crore in Q3FY26 while topline declined 14% quarter-on-quarter from Rs 8,727 crore in the October-December quarter of FY26.

However, revenue increased 3% for the full year ended March 31, 2026 to Rs 33,593 crore from Rs 32,553 crore in the year ago period.

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Growth was broad-based across key markets, except for North America which declined primarily on account of lower Lenalidomide sales and a one-time Shelf Stock Adjustment (SSA) of Rs 450 crore related to the product. Favourable foreign exchange rate movements further supported overall growth.
Excluding the one-time SSA, consolidated revenues were at Rs 7,970 crore billion in Q4FY26, a decline of 6.3% YoY and 8.7% QoQ and Rs 34,050 crore in FY26, a growth of 4.6% YoY.Gross Margin for Q4FY26 at 44.8%, a decline of 1,074 basis points (bps) YoY and 881 bps QoQ. For FY26 it stood at 52.8%, a decline of 573 bps YoY.

The YoY decline for the quarter was primarily on account of reduced sales of Lenalidomide, price erosion in North America and Europe Generics and a one-time SSA impact indicated earlier. FY26 was further impacted by one-time new Labour Code related provision in Q3FY26.

Excluding the one-offs related to SSA and new Labour Codes, gross margin for Q4FY26 at 48% and FY26 at 53.5%.