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# Daily Filing Digest — Monday, 12 Oct 2026
- URL: https://www.moatmarginresearch.com/daily-filing-digest-2026-10-12/
- Published: 2026-10-14T01:54:57.000Z
- Updated: 2026-10-14T01:54:57.000Z
- Description: 12 Oct 2026: HCLTech Q2 margin 18.2%; RBL Bank profit up 170%, ROE 4.43%; a ₹6,462 crore Forest Department notice to Bombay Burmah; Nazara changes its MD.
- Author: A K Karthikeyan
- Tags: Daily Filing Digest

**HCLTech reported Q2: revenue of ₹35,620 crore, an operating margin of 18.2% and a ₹12 interim dividend. RBL Bank's profit rose 170% to ₹482 crore in the quarter after Emirates NBD took 60% of the bank on 18 June, while its return on equity was 4.43%, against 4.44% a year ago. Bombay Burmah received a Tamil Nadu Forest Department notice with a provisional computation of ₹6,462.12 crore. Nazara allotted shares worth about ₹731 crore on the day its board approved moving its founder out of the managing director's post, subject to shareholders' approval, and accepted its CFO's resignation. Bank of India declared its ₹575.40 crore Future Enterprise account a fraud, fully provided. And Gammon India made 13 filings of old results in one day.**

## The ones to read first

- **HCL Technologies** [reported Q2 FY27](https://nsearchives.nseindia.com/corporate/HCLTECH%5F12102026170757%5FInvestorRelease%5F5.pdf), consolidated:

|                         | Q2 FY26       | Q2 FY27                |
| ----------------------- | ------------- | ---------------------- |
| Revenue                 | ₹31,942 crore | ₹35,620 crore (+11.5%) |
| EBIT (operating profit) | ₹5,550 crore  | ₹6,465 crore           |
| EBIT margin             | 17.4%         | 18.2%                  |
| Net income              | ₹4,235 crore  | ₹5,132 crore (+21.2%)  |

- In dollars, revenue was $3,724 million, up 2.2% on a year ago. In constant currency it grew 2.6% on a year ago and 2.3% on the June quarter.
- The EBIT margin is after restructuring costs of 84 basis points (0.84 of a percentage point), against 55 basis points a year ago.
- New deal bookings were $3,258 million. What the company calls Advanced AI revenue was $219 million. Headcount was 2,30,339, a net addition of 6,450 in the quarter.
- Guidance for FY27: revenue growth of 2.5% to 4.0% in constant currency and an EBIT margin of 17.5% to 18.5%.
- The board [declared an interim dividend](https://nsearchives.nseindia.com/corporate/HCLTECH%5F12102026165747%5FFinancialResults.pdf) of ₹12 a share. Record date 16 October, payment 26 October.
- The same day it [announced a partnership with Anthropic](https://nsearchives.nseindia.com/corporate/HCLTECH%5F12102026160157%5FRelease12October2026.pdf): a dedicated Anthropic business unit with a centre of excellence, and Claude to be built into some HCLSoftware products, including HCL BigFix and HCL AppScan. No financial terms are stated. (Disclosure: we use Anthropic's Claude in preparing this digest.)
- **RBL Bank** [reported Q2 FY27](https://nsearchives.nseindia.com/corporate/RBLBANK%5F12102026164837%5FIntimationPressReleaseQ2FY2627Signed.pdf), standalone: net profit of ₹482 crore against ₹179 crore a year ago. Net interest income rose 37% to ₹2,131 crore. The net interest margin (what it earns on loans and investments less what it pays for funds, as a share of assets) was 4.61%, against 4.51% a year ago and 4.13% in the June quarter.  
  - Advances were ₹1,42,314 crore, up 42% on a year ago and 22% on the June quarter. Deposits were ₹1,56,272 crore, up 34%.
  - The [investor presentation](https://nsearchives.nseindia.com/corporate/RBLBANK%5F12102026165116%5FIntimationInvestorPresentationQ2FY2627Signed.pdf) says deposit growth excluding FCNR deposits (foreign-currency deposits of non-residents) was 6%, and that its secured retail advances include ₹103 billion (₹10,300 crore) of loans against FCNR(B) deposits.
  - Gross NPA (bad loans as a share of all loans) was 1.02% against 2.32%. Credit cost (money set aside for loans that may not be repaid) was ₹771 crore against ₹503 crore.
  - Return on equity (profit as a share of shareholders' funds) was 4.43% against 4.44% a year ago. Total capital adequacy (capital as a share of risk-weighted assets) was 30.1%, down from 33.3% at the end of June.
  - The [results](https://nsearchives.nseindia.com/corporate/RBLBANK%5F12102026163624%5FBoardMeetingOutcomeQ2FY2627resultssigned.pdf) record that Emirates NBD invested ₹26,015.77 crore on 18 June 2026 for 60% of the bank. The merger of Emirates NBD's India branch into the bank awaits RBI approval. The auditors' limited review conclusion is unmodified.
- **Bombay Burmah Trading Corporation** [received a notice](https://nsearchives.nseindia.com/corporate/Shelly%5F12102026185610%5FSEIntimation%5F12102026.pdf) from the Tamil Nadu Forest Department with a provisional computation of ₹6,462.12 crore, for re-computed lease rent and other charges on leased forest lands. It concerns the company's former tea estate at Singampatti.  
  - The notice calls for objections and offers a hearing. The filing states the computation is subject to the company's objections and a reasoned final order.
  - The filing states the liability, if any, has not crystallised, that it is premature to quantify it, and that the company reserves its right to contest any order. Its earlier disclosure on the matter was dated 26 August 2026.
- **Nazara Technologies** [allotted 2,38,81,711 shares](https://nsearchives.nseindia.com/corporate/NAZARA%5F12102026184557%5FBMOutcomeFinal.pdf) at an issue price of ₹306 each to five individuals, raising ₹730.78 crore. The largest allottee took 1,90,67,969 shares.  
  - The board approved putting up to USD 77 million (about ₹742.72 crore, the filing's conversion) into its UK subsidiary, to fund the second tranche of the price for Bluetile Games and Bestplay Systems.
  - Founder Nitish Mittersain moves from managing director to founder and non-executive director from the close of 12 October, subject to shareholders' approval. Mithun Sacheti becomes an executive director. The letter names no new managing director.
  - CFO Rakesh Shah resigned with effect from 15 October to take up an opportunity outside the company; Arun Agrawal becomes CFO on 16 October. Whole-time director Rohit Sharma will leave on 11 January 2027.
  - The board approved converting loans to two wholly owned subsidiaries into equity: up to about ₹129.35 crore at Smaaash and up to GBP 23 million (about ₹294.40 crore) at Nazara UK.
- **Swan Defence and Heavy Industries** (formerly Reliance Naval and Engineering) [reported its half year](https://nsearchives.nseindia.com/corporate/SWANRNEL%5F12102026211130%5FSDH%5FPress%5FRelease%5Fand%5FPresentation.pdf), consolidated: revenue from operations of ₹99.46 crore against ₹39.99 crore, a pre-tax loss of ₹38.37 crore against ₹3.48 crore, and a profit after tax of ₹524.78 crore.  
  - The profit comes from the tax line. The [results table](https://nsearchives.nseindia.com/corporate/SWANRNEL%5F12102026175926%5FSDHIL%5FOutcome%5F12102026.pdf) shows an excess provision of earlier years written back of ₹563.15 crore; the pre-tax loss plus that write-back gives the reported profit (our arithmetic). The filing says this is a tax provision carried over from Triumph Offshore's books, written back because it was no longer considered necessary.
  - The auditor's limited review conclusion is not modified. The review report notes that interim figures for three subsidiaries were not available and are left out of the consolidated results; the auditor says they are not material to the group.
  - The firm order book was about ₹6,500 crore at 30 September: six chemical tankers for Rederiet Stenersen, four ammonia dual-fuel bulk carriers for Energy ONE (deliveries from FY30), four harbour tugs for Svitzer (from early 2028) and a training ship for the Royal Navy of Oman.
  - Year-ago figures are restated for the merger of Triumph Offshore.

## Q2 results

- **ICICI Prudential Asset Management** [reported](https://nsearchives.nseindia.com/corporate/AMCSECRETARIAL%5F12102026173412%5FICICIAMCOutcomeofboardmeeting.pdf) profit after tax of ₹888.96 crore for the quarter against ₹837.99 crore a year ago, on revenue from operations of ₹1,673.79 crore against ₹1,439.06 crore. Profit was ₹964.63 crore in the June quarter. Interim dividend: ₹30 a share, record date 21 October. The year-ago figures are restated and, the filing says, were not audited or reviewed.  
  - Its [presentation](https://nsearchives.nseindia.com/corporate/AMCSECRETARIAL%5F12102026175241%5FICICIAMCInvestorpresentation.pdf) puts quarterly average mutual fund assets at ₹11,608.19 billion (about ₹11.61 lakh crore), a 13.3% share of the industry's mutual fund assets. For the half year, annualised (scaled up to a full year), operating revenue was 0.53% of assets and operating profit before tax 0.37% of assets (the presentation calls this the operating margin). Fees and commission expense for the half year rose 25.2%. Full read: [ICICI Prudential AMC Earns 53 Paise a Year on Every ₹100 It Manages, and Keeps 37 Before Tax](https://www.moatmarginresearch.com/icici-pru-amc-what-a-fund-house-keeps/)
- **Swaraj Engines** [reported](https://nsearchives.nseindia.com/corporate/SWARAJENG%5F12102026123112%5FSELRESULTSF27Q2.pdf) profit after tax of ₹60.57 crore against ₹49.68 crore, on revenue of ₹635.19 crore against ₹504.04 crore. It sold 61,216 engines against 51,164\. Operating profit was ₹86.45 crore, a margin of 13.6% against 13.5% (our arithmetic).
- **Plastiblends India** [reported](https://nsearchives.nseindia.com/corporate/PLASTIBLEN%5F12102026201551%5FSE%5FCL%5FUFR%5FQ2%5FSEP2026%5FFull.pdf) profit after tax of ₹10.65 crore against ₹7.44 crore a year ago and ₹14.95 crore in the June quarter, on revenue of ₹228.84 crore, up 18.81% on a year ago. The EBITDA margin (operating profit before depreciation, as a share of revenue) was 8.18%, against 7.46% a year ago and 10.98% in the June quarter. The company says it chose to absorb part of higher costs and will pass them on in coming quarters. The review conclusion is unmodified.
- **Adroit Industries (India)**, listed on 30 September, [reported its June quarter](https://nsearchives.nseindia.com/corporate/ADROIT%5F12102026164546%5FPress%5FRelease.pdf), consolidated and unaudited: revenue of ₹34.11 crore against ₹33.22 crore a year ago and profit after tax of ₹7.49 crore against ₹5.67 crore. The EBITDA margin was 30.93%.

## Deals and capital

- **Sun Pharma**'s board [approved issuing up to ₹10,000 crore](https://nsearchives.nseindia.com/corporate/SUNSEC%5F12102026195625%5FBMOutcome12October2026.pdf) of listed, unsecured non-convertible debentures (bonds) to selected investors rather than the public (a private placement), in one or more instalments (tranches). Terms will be set tranche by tranche.  
  - Independent director Gautam Doshi [resigned with immediate effect](https://nsearchives.nseindia.com/corporate/SUNPHARMA%5FROID%5F100278%5FKMP%5FDoc.zip), citing personal reasons. The letter came from a firm, Rashmikant and Partners, writing on his behalf. It said he could not send it himself on account of "circumstances beyond his control". He confirmed there are no other material reasons. He also left the boards of subsidiaries, including Taro Pharmaceuticals U.S.A.
- **TD Power Systems** [closed its qualified institutions placement](https://nsearchives.nseindia.com/corporate/TDPOWERSYS%5F12102026220859%5FDraft%5FOutomce%5Fletter%5F-%5F3nd%5FFRC%5FMeeting%5FAllotment%5F.pdf), a sale of new shares to institutions: 77,41,935 shares at an issue price of ₹775, raising about ₹600 crore. Shares in issue rise to 32,14,48,795 from 31,37,06,860.
- **Tata Motors Passenger Vehicles** [signed a definitive agreement](https://nsearchives.nseindia.com/corporate/TATAMOTORSSJS%5F12102026155833%5FNSEBSETraverse.pdf) with Stellantis India. Stellantis gets access to Tata's product technology and vehicle architecture to develop vehicles for more than 50 markets, to be made at Fiat India Automobiles, their 50:50 joint venture. No financial terms are stated.
- **Vikran Engineering**'s subsidiary [signed a loan of up to ₹2,941.19 crore](https://nsearchives.nseindia.com/corporate/VIKRAN123%5F12102026192105%5FIntimation%5Fof%5FAgreement%5F-%5FNOPL%5F-%5FIREDA.pdf) with IREDA for a 969 MWac solar project at 152 locations in Maharashtra, estimated to cost ₹4,201.70 crore. Vikran's own construction contract on the project is ₹3,517.98 crore. Its corporate guarantee is yet to be executed.
- **Jio Credit** (debt-listed) [approved doubling its borrowing limit](https://nsearchives.nseindia.com/content/debt/WDM/jiofinanceltd%5F12102026190835%5FOutcome.pdf) to ₹1,00,000 crore from ₹50,000 crore, subject to shareholders' approval, and raising the debentures it may issue in FY2027 to ₹50,000 crore from ₹15,000 crore. CFO Harini Anand resigned with effect from 2 November; Saurabh Ghugre takes over on 3 November.
- **CreditAccess Grameen** [signed a USD 175 million syndicated loan](https://nsearchives.nseindia.com/corporate/CREDITACC%5F12102026161704%5FPressRelease12102026.pdf) from ten lenders, led by Standard Chartered Bank and DBS Bank. It says about 24% of its liabilities are foreign borrowings. Pricing is not stated.
- **Jubilant Pharmova**'s board [approved up to ₹800 crore of debentures](https://nsearchives.nseindia.com/corporate/JUBLPHARMA%5F12102026123531%5FOutcome%5Fof%5FBoard%5FMeeting%5F12102026.pdf) of up to five years, and will ask shareholders to allow up to ₹2,500 crore of such debt outstanding at any time over one year.
- **Embassy Developments** [allotted 3,25,18,900 warrants](https://nsearchives.nseindia.com/corporate/EMBDL%5F12102026114201%5FEDL%5FSE%5FIntimation%5FWarrants%5FAllotment%5Fs.pdf) (rights to take shares later at a fixed price) to promoter-group company Embassy Property Developments at ₹111.51 each and received ₹90.65 crore, 25% of the price. The rest is payable on conversion within six months. The full issue comes to about ₹362.62 crore (our arithmetic).
- **Shankara Building Products**: the [open offer](https://nsearchives.nseindia.com/corporate/team%5Fsandeshc%5F12102026162141%5FSHANKARA.zip) (a public offer to buy shares from other shareholders) by The Ballygunge Family Trust and the persons acting with it closed. Holders offered 76,31,407 shares and 63,04,825 (26% of the company) were accepted at ₹150 each, about ₹94.57 crore. The acquirers now hold 75.52%, up from 49.52%; the public holds 24.48%.
- **Transport Corporation of India** [sent its buyback offer letter](https://nsearchives.nseindia.com/corporate/ak%5Fbansal%5Ftcil%5Fcom%5F12102026210254%5FTCIL.pdf): up to 15,62,500 shares (2.03%) at ₹960 each, up to ₹150 crore, by tender from 15 to 22 October. Promoters have said they do not intend to take part. Small shareholders can tender 32 shares for every 257 held; others 25 for every 418.
- **Kothari Sugars and Chemicals** [proposes to merge into](https://nsearchives.nseindia.com/corporate/KOTARISUG%5F12102026183738%5F1%5FIntimationofNoticeofShareholders.pdf) **Kothari Petrochemicals**. Shareholders and unsecured creditors of [both companies](https://nsearchives.nseindia.com/corporate/KOTHARIPET%5F12102026180919%5F1%5FIntimationofNoticeofShareholders.pdf) vote at tribunal-ordered meetings on 13 November; the scheme then needs the tribunal's sanction and other approvals. Holders would get 1 Kothari Petrochemicals share for every 5 Kothari Sugars shares. Promoters hold 73.53% of the sugar company and 72.22% of the petrochemicals company; the notice shows 72.50% after the merger.
- **Goodluck India**'s board [agreed in principle](https://nsearchives.nseindia.com/corporate/GOODLUCK%5F12102026125629%5FBM%5Foutcome%5F12102026.pdf) to widen a planned merger. Goodluck Green Energy was already to be merged into the company, with in-principle approval on 11 July; the board now proposes to merge its material subsidiary Goodluck Defence and Aerospace as well. The filing says the terms, structure and financial effect are still to be evaluated, and no share ratio is set. Separately the subsidiary [was named the sole technically qualified bidder](https://nsearchives.nseindia.com/corporate/GOODLUCK%5F12102026202927%5FIntimation%5FGDAL%5FPress%5FRelease.pdf) to supply 155 mm artillery shells to Munitions India; no order, quantity or value is stated.
- **PTC India Financial Services** [named a nodal officer](https://nsearchives.nseindia.com/corporate/PFS%5F12102026193904%5FOutcmeofBMsigned.pdf) to assist its parent, PTC India, which said on 19 May that it would again explore monetising its investment in the company. The filing states this is not approval of any sale. The board also extended Rajiv Malhotra's additional charge as managing director and CEO by a year, from 1 December 2026 to 30 November 2027, subject to shareholders' approval.
- **Puravankara** [signed a joint development agreement](https://nsearchives.nseindia.com/corporate/PURVA%5F12102026121738%5FSEintimation.pdf) for 12.76 acres at Sathanur, North Bengaluru. It puts the project's estimated gross development value (GDV, the company's measure of what the project could sell for) at ₹2,500 crore, with about 1.90 million sq ft of saleable area.
- **Bhagyanagar India** [signed a memorandum](https://nsearchives.nseindia.com/corporate/BHAGYANGR%5F12102026175201%5FBIL-Board%5FMeeting%5FOutcome.pdf) to sell 7,260 square yards of its land at Uppal, Hyderabad, for ₹60 crore and to develop the remaining 12,820.52 square yards jointly, keeping 30% of the saleable area. It needs shareholders' approval; final documents are due within six months.
- **BlackBuck** [will move its Loads business](https://nsearchives.nseindia.com/corporate/ZINKA2015%5F12102026155433%5FAnnouncement%5Funder%5FRegulation%5F30.pdf) to a wholly owned subsidiary by slump sale (a sale of a whole business for one price), at net asset value. The business had revenue of ₹88.74 crore in FY26, 12.6% of the company's standalone total income.
- **Power Grid** acquired three project companies after winning their bids: [Jam Khambhaliya REZ Transmission](https://nsearchives.nseindia.com/corporate/POWERGRID1%5F12102026214537%5FJamKhambhaliya.pdf), [Lakadia C Power Transmission](https://nsearchives.nseindia.com/corporate/POWERGRID1%5F12102026214346%5FLakadiaC.pdf) and [Lakadia II Power Transmission](https://nsearchives.nseindia.com/corporate/POWERGRID1%5F12102026173004%5FBSENSEReg30acquisitionDt12102026REC.pdf), for about ₹19.22 crore, ₹19.94 crore and ₹18.43 crore, each subject to adjustment on audited accounts, the filings state. The projects are substations and high-voltage lines to carry power from renewable energy zones in Gujarat. The Lakadia C substation and lines are in Maharashtra; the other two projects are in Gujarat. **Ceigall India** [signed to buy another](https://nsearchives.nseindia.com/corporate/ceigall%5F12102026183051%5FAcquisition%5Fof%5FJKJPTL%5F12102026.pdf), Jam Khambhaliya Jamnagar Power Transmission, for about ₹18.40 crore, a condition of the project it won on 2 September. The filings give no project cost.
- **Capital Infra Trust**, an infrastructure investment trust, [signed agreements](https://nsearchives.nseindia.com/content/debt/WDM/CAPINVIT%5F12102026212600%5FSE%5FIntimation%5FSPA%5FExecution.pdf) to buy 100% of six highway companies from its sponsor, Gawar Construction. It refers to its postal ballot outcome of 9 September. The filing gives no price.
- **K.M. Sugar Mills** [completed the demerger](https://nsearchives.nseindia.com/corporate/KMSUGAR%5F12102026210814%5FREG30%5FSUBSIDIARY%5FCESSATION%5F%5F1%5F.pdf) of its distillery division: K M Spirits and Allied Industries allotted 1,84,00,034 shares to the company's shareholders and ceased to be its subsidiary on 12 October.
- **Hindustan Composites** [declared a special interim dividend](https://nsearchives.nseindia.com/corporate/HINDCOMPOS%5F12102026164607%5FHCLOutcomeBM12102026.pdf) of ₹21 a share on a face value of ₹5\. Record date 16 October.
- **Orkla India** [called a press report](https://nsearchives.nseindia.com/corporate/ORKLA2025%5F12102026181059%5FSIGNEDCLARIFICATION.pdf) that it is evaluating a deal for the snacks brand Farmley speculative. It added that it evaluates strategic opportunities in the ordinary course and that there is no definitive proposal to disclose.

## Orders

- **Ircon International** [received a letter of acceptance](https://nsearchives.nseindia.com/corporate/IRCON%5F12102026180029%5FSTXINTIMATIONsigned.pdf) from East Central Railway for a ₹862.46 crore contract for track work on the Gomoh to Koderma and Gaya to Son Nagar sections, part of the third and fourth line of the Son Nagar to Andal project. It is to be done in 365 days.
- **Lumino Industries**, listed on 3 September, [said it has won ₹496 crore of orders](https://nsearchives.nseindia.com/corporate/LUMINO123%5F12102026123127%5FIntimation%5Fof%5FPress%5FRelease%5Ffor%5FNew%5FOrder.pdf) since listing: ₹339 crore for conductors and cables and ₹157 crore for an underground cabling contract. It puts its order book at ₹3,215 crore.
- **Aequs** [signed long-term supply agreements](https://nsearchives.nseindia.com/corporate/AEQUSLIMITED%5F12102026184917%5FRevised%5FPress%5FRelease%5Ffor%5FSafran%5FAgreement.pdf) with three Safran companies for machined superalloy parts and landing gear components for the Airbus A320, A330 and A350 and the Boeing 787\. It now supplies six Safran entities. The release gives no contract value.
- **Azad Engineering** [was awarded a two-year rate contract](https://nsearchives.nseindia.com/corporate/AZAD2356%5F12102026154351%5FCovering.pdf) by BHEL for gas-turbine blades, with an estimated value of about ₹52.68 crore, to be executed by 9 October 2028\. The filing says the company executed a similar rate contract earlier, in May, which it did not disclose then because it judged the order not material; it now treats the combined value and duration as material.
- **Almondz Global Securities** and **Avonmore Capital & Management Services** each said that Almondz Global Infra Consultant, a subsidiary of the first and a step-down subsidiary of the second, [won ₹154 crore of orders](https://nsearchives.nseindia.com/corporate/ALMONDZ%5F12102026133941%5Fpressrelease%5FAGSL.pdf) in the half year, against ₹72 crore a year ago. Its order book is past ₹400 crore ([Avonmore's filing](https://nsearchives.nseindia.com/corporate/AVONMORECAPITAL%5F12102026133727%5Fpressrelease%5FACMS.pdf)).

## Capacity and operations

- **Tata Power Renewable Energy** [commissioned 419 MW](https://nsearchives.nseindia.com/corporate/KSTPCL%5F12102026102915%5FPR12102026.pdf) of utility-scale projects in Q2 against 182 MW a year ago, taking its operating portfolio to 7.2 GW. It expects more than 2 GW in the second half ([its own filing](https://nsearchives.nseindia.com/content/debt/WDM/TPREL655%5F12102026100952%5FNSEIntimationPressRelease.pdf)).
- **GHCL** [began commercial production of liquid bromine](https://nsearchives.nseindia.com/corporate/GHCL%5F12102026141339%5FGHCL%5FIntimation%5FUR30%5FCommencement%5FLaunch%5FProduct%5FBromine%5FOctober2026.pdf), a new product for it, at Rajula in Amreli district, Gujarat. Capacity is 2,800 tonnes a year. The filing gives no investment figure.
- **Indian Hotels** [signed 47 hotels and opened 20](https://nsearchives.nseindia.com/corporate/bakhtawar%5Firani%5Ftajhotels%5Fcom%5F12102026172700%5Fpress%5Frelease.pdf) in the half year. Its portfolio was 670 hotels at 30 September: 390 operating and 280 in the pipeline.
- **Juniper Green Energy** [fully commissioned](https://nsearchives.nseindia.com/corporate/JGEL2025%5F12102026212707%5F2026%5F10%5F12-%5FReg%5F30-%5FJGEL%5FCommissiong%5F5%5FMW%5FWind.pdf) its 150 MW wind-solar project for Gujarat Urja Vikas Nigam. Its operating capacity is about 2,745 MWp, with about 603 MWh of battery storage.
- **Hatsun Agro Product** [filed a Reuters interview](https://nsearchives.nseindia.com/corporate/HATSUN%5F12102026185527%5FAnnouncement.pdf) with its chairman. He expects revenue of about ₹12,000 crore this year, from ₹10,000 crore, and ₹14,000 crore to ₹15,000 crore next year. He said milk prices have risen 20% to 22% in 15 months, and that the company plans to invest ₹1,000 crore this year.
- **Zydus Lifesciences**' US subsidiary, Zydus Therapeutics, [presented a further analysis](https://nsearchives.nseindia.com/corporate/Cadilahc%5F12102026175251%5FPressRelease12102026.pdf) of its Phase 3 trial of saroglitazar in a liver disease, primary biliary cholangitis. The release calls it a post hoc exploratory analysis (one done after the trial, not a test the trial was designed for) of US and non-US patients. The drug is not approved and is under review by the US regulator; Zydus Therapeutics plans a US launch by March 2027 if it is approved.

## Regulators and incidents

- **Bank of India** [declared its account with Future Enterprise Ltd. a fraud](https://nsearchives.nseindia.com/corporate/BANKINDIA2%5F12102026183224%5FFuture%5FFraud.pdf) and reported it to the RBI. The filing states the amount outstanding is ₹575.40 crore and the provision held is ₹575.40 crore. The account was already a non-performing asset.

## Ratings

- **Panama Petrochem**: CARE [raised its outlook to Positive](https://nsearchives.nseindia.com/corporate/PANAMAPET%5F12102026214119%5Fintimation.pdf) and kept the long-term rating at CARE A+. CARE notes that the group's total operating income for April to June was ₹1,735.15 crore against ₹693.22 crore a year ago, with a PBILDT margin (profit before interest, lease rentals, depreciation and tax, as a share of income) of 22.35% against 7.91%, after raw-material prices rose 50% to 60%.  
  - CARE calls that margin exceptional and one-off, helped by gains on stock bought earlier, and says margins are expected to return to about 8% to 10% over FY28 and FY29.
- **Nova Agritech**: CARE [declined the company's request to reconsider](https://nsearchives.nseindia.com/corporate/NOVA%5F12102026182310%5FIntimation.pdf) and kept its ₹30.99 crore of long-term bank facilities at CARE BBB-; Stable, which its table marks as downgraded from CARE BBB; Negative. The company's covering letter words this as a reaffirmation with a revised outlook.  
  - CARE cites regulatory disruption to the bio-stimulants business (the company's covering letter calls it a government-imposed stay), consolidated FY26 operating income of ₹261.59 crore against ₹294.13 crore, and an average collection period of 252 days against 186 days.
- **Arvind**'s subsidiary Arvind Envisol was [upgraded by CARE](https://nsearchives.nseindia.com/corporate/ARVIND1%5F12102026120403%5FArvind.pdf) to CARE A-; Stable from CARE BBB+; Stable for the long term and to CARE A2+ from CARE A2 for the short term, on ₹143.50 crore of bank facilities in all (our arithmetic). Its PBILDT margin (profit before interest, lease rentals, depreciation and tax, as a share of income) rose to 12.86% in FY26 from 5.53%.
- **Amir Chand Jagdish Kumar (Exports)**, which sells Aeroplane basmati rice, was [upgraded by Infomerics](https://nsearchives.nseindia.com/corporate/ACJKEL12%5F12102026191515%5FIntimation.pdf) to IVR A+/Stable from IVR A/Positive. The long-term bank facilities it covers were raised to ₹220 crore from ₹120 crore. The outlook (the agency's view of where the rating may go next) moved from Positive to Stable. The short-term rating of IVR A1 on ₹795 crore was reaffirmed.
- **S J Logistics (India)** (NSE Emerge) was [assigned CARE BBB; Stable](https://nsearchives.nseindia.com/corporate/SJLOGISTICS%5F12102026184442%5FCare%5FRating.pdf) on ₹100 crore of bank facilities in all (our arithmetic), with a short-term rating of CARE A3+ on ₹80 crore of them. CARE puts the group's FY26 total operating income at ₹654.55 crore against ₹502.52 crore, and its PBILDT margin (profit before interest, lease rentals, depreciation and tax, as a share of income) at 18.37% against 15.04%.

## Governance

- **Gammon India** made 13 results filings on NSE in one day, going back to FY24\. Some are revisions or repeat copies for the same period. The auditors' report notes that trading in its shares is suspended.  
  - The latest, for the [December 2025 quarter](https://nsearchives.nseindia.com/corporate/GAMMONIND%5F12102026160721%5FOutcome%5Fof%5FBoard%5FMeeting%5F13022026.pdf), shows a standalone loss of ₹318.18 crore on revenue from operations of ₹0.11 crore. Finance costs were ₹290.31 crore.
  - The auditors' review conclusion is qualified. The basis they give includes ₹989.91 crore of penal interest and charges that the company treats as contingent and has not booked; the auditors say they cannot state whether a provision is needed.
  - Separately, and without qualifying on this point, the auditors report a material uncertainty about the company continuing as a going concern: lenders recalled all loans in earlier years, and at 31 December 2025 current liabilities exceeded current assets by ₹12,353.84 crore.
  - For [FY25](https://nsearchives.nseindia.com/corporate/GAMMONIND%5F12102026152820%5FOutcome%5Fof%5FBoard%5FMeeting%5Fdated%5F02-08-2025%5Ffor%5FMarch%5F2025%5FResults%5F.pdf) the standalone loss was ₹1,078.14 crore on total income of ₹28.19 crore. The audit opinion is qualified on two matters: claims of ₹30 crore that the company carries as receivable, which the filing records as the 10th time in audited accounts, and penal interest charged by lenders, the 7th time.
  - A [revision to the June 2025 quarter](https://nsearchives.nseindia.com/corporate/GAMMONIND%5F12102026182057%5FOutcome%5Fof%5FBoard%5FMeeting%5F%5FRevised%5FJune%5F2025%5FResults.pdf) moves a ₹126.28 crore exchange gain out of other income; the consolidated loss for that quarter is ₹193.63 crore.
- **Kajaria Ceramics**: promoter-group members [sold shares on the market](https://nsearchives.nseindia.com/corporate/KAJARIACER29%5F10122026105831%5F53900.zip) on 29 and 30 September. The Chetan Kajaria family trust went from 16.46% to 15.00% and the Rishi Kajaria family trust from 16.46% to 15.82%. The filing's table shows the promoter group at 45.79%, against 48.13% at its last disclosure. The sales on 29 and 30 September add up to 40,00,000 shares, about 2.55% of the company (our arithmetic). The net fall is smaller because the table also counts purchases by other family members since that disclosure.
- **Ultramarine & Pigments**: promoter-group member Thirumalai Chemicals [sold 9,50,000 shares](https://nsearchives.nseindia.com/corporate/ULTRAMAR%5F10122026105723%5F53907.zip), 3.25% of the company, on 30 September. It now holds 6.13%.
- **Kapston Services**: promoter and managing director Srikanth Kodali [sold 9,12,913 shares](https://nsearchives.nseindia.com/corporate/SRIKANTH%5F10122026111242%5F53882.zip), 3% of the company, on 29 and 30 September. His holding with his spouse fell to 65.92% from 68.92%.
- **Horizon Industrial Parks**: lenders' agent Deutsche Bank [disclosed an encumbrance](https://nsearchives.nseindia.com/corporate/HORIZONIND%5F10122026122917%5F53840.zip) (a restriction on shares given to lenders as security) over 217,36,52,856 shares, 75.40% of the company, held by three BREP Asia holding companies. The filing says the parents of those companies pledged their shares in them, and the three companies agreed to covenants "in the nature of encumbrance" on their Horizon shares. The security is dated 28 September and backs a term loan of up to USD 480 million to those companies.
- **Agastya Energy and Infrastructure** [is asking shareholders](https://nsearchives.nseindia.com/corporate/SANGINITA%5F12102026205017%5FIntimation%5FNotice%5FPostal%5FBallot%5FNotice.pdf) to approve related-party dealings of up to ₹550 crore with IMC Solar BDN LLP and up to ₹600 crore with BN UP Kusum Solar1, in each of which it holds 49% through a subsidiary. The limits cover sales and purchases, services, loans, investments and guarantees up to its next annual general meeting. The notice states that whole-time director Gaurav Tripathi and CFO Amit Kalra are designated partners in the LLP, and that Mr Tripathi is a director of the second company. The notice puts the limits at 312% and 340% of its FY26 standalone turnover, and shows nil turnover for both entities. Voting ends 13 November.
- **Vedanta Power** [replied to voting recommendations](https://nsearchives.nseindia.com/corporate/VedantaPower%5F12102026163121%5FVPLIIASSEDisclosureSigned.pdf) from the proxy adviser IiAS on its postal ballot. It says vesting under its stock option scheme is 100% performance-linked and also needs continued employment. It puts its proposed related-party dealings at ₹921 crore with Vedanta Aluminium Metal and ₹48.6 billion (₹4,860 crore) with Vedanta Limited. Of the second figure, ₹8.42 billion (₹842 crore) is expense recoveries and reimbursements, which it says mainly arise from the transfer of the Sakti thermal power plant from Vedanta Limited.
- **Agri-Tech (India)** [reported a half-year loss](https://nsearchives.nseindia.com/corporate/AGRITECH%5F12102026163022%5FQ2FY27%5FATL%5FFR%5F121026%5F%5FSIGN.pdf) of ₹32.87 lakh. The figure is standalone. The auditor's review conclusion is qualified. The basis is that no interest has been charged or provided on inter-corporate loans to Tech India Nirman Ltd. The auditor says this does not comply with Section 186 of the Companies Act, and that the loan's value and the period's result are misstated by an amount that management has not quantified and the auditor could not work out. The matter is pending before the Supreme Court, the filing states. For scale, all loans and advances (the filing gives no separate figure for this loan) are ₹88.76 crore of total assets of ₹101.06 crore.
- **Shanthala FMCG Products** (NSE Emerge): the board [took on record the final forensic audit report](https://nsearchives.nseindia.com/corporate/SHANTHALA%5F12102026184943%5FOutcome%5F12102026.pdf) from GuruJana Consulting LLP. The filing does not state what the report found or why it was commissioned.
- **Emkay Tools** (NSE Emerge): the board [accepted the resignation of its statutory auditor](https://nsearchives.nseindia.com/corporate/EMKAY%5FTOOLS%5F12102026122656%5F12102026%5FOutcome%5Fof%5FBM%5F23082025%5FSigned.pdf), P S Thakre & Co., effective 24 September, and appointed Vijay Agrawal and Co. The board letter refers to detailed reasons in the auditor's resignation letter; the text we read does not set them out.
- **United Polyfab Gujarat** [disclosed](https://nsearchives.nseindia.com/corporate/UNITEDPOLY%5F12102026153327%5FID%5FResignation%5FIntimation.pdf) that three additional directors, all independent, resigned on 29 September, for personal reasons, the filing states.
- **Indo Borax & Chemicals** [is asking shareholders](https://nsearchives.nseindia.com/corporate/INDOBORAX%5F12102026194133%5FPostal%5FBallot%5FIntimation.pdf) to let it give security for borrowings within its ₹400 crore limit. The notice says this may include a pledge of its shares in Kronox Lab Sciences, in which it recently acquired a controlling interest, "as may be required". Voting runs to 11 November.

## People

- **JK Paper**'s nomination and remuneration committee [approved Gunjan Shah's appointment](https://nsearchives.nseindia.com/corporate/JKPAPER%5F12102026140713%5FREG%5F30%5FSenior%5FManagement.pdf) as President (Paper), and his inclusion in senior management from 12 October, subject to board approval. He was managing director and CEO of Bata India for five years.
- **SML Mahindra**: CFO Pushkar Patwardhan [leaves on 19 October](https://nsearchives.nseindia.com/corporate/SMLISUZU%5F12102026164801%5FOutcomeofBoardMeeting12102026SIGNEDPMFINAL.pdf). Manaswini Goel is interim CFO to 31 December; Surender Kalra takes over on 1 January 2027.
- **GSP Crop Science**: CFO Pranav Chitre [resigned](https://nsearchives.nseindia.com/corporate/GSP123%5F12102026173651%5FIntimationResignation.pdf); his last day is 30 October. No successor is named.
- **Cohance Lifesciences** [received central government approval](https://nsearchives.nseindia.com/corporate/SUVENPHARMROHIT%5F12102026194926%5FSE%5Fdisclosure%5FCG%5FApproval%5FUmang%5FVohra.pdf) for the appointment of Umang Vohra as chairman and group CEO.
- **Saurashtra Cement** [appointed Anurag Tiwari](https://nsearchives.nseindia.com/corporate/Saurashtra%5F12102026191037%5FOutcomeofboardmeeting12102026.pdf) managing director-designate from 16 October. The filing calls it a proposed succession arrangement, not a statutory office.
- **Windlas Biotech**: Vivek Dhariwal, an independent director and chairman of the board, [resigned](https://nsearchives.nseindia.com/corporate/WINDLAS%5F12102026184904%5FBSE%5FUP%5F12102026.pdf) from the close of 12 October, citing personal reasons and prior commitments, the filing states. Two independent directors were appointed the same day.

## Dates to note

- **15 to 22 October**: Transport Corporation of India's buyback is open.
- **16 October**: record date for HCLTech's ₹12 dividend (paid 26 October) and for Hindustan Composites' ₹21 special dividend. It is also the record date [Ashapura Intimates Fashion fixed](https://nsearchives.nseindia.com/corporate/AIFL2020%5F12102026172045%5FOutcome%5Fof%5FBoard%5FMeeting.pdf) for a capital reduction under a tribunal order of 3 June 2025; the filing gives no ratio.
- **21 October**: record date for ICICI Prudential AMC's ₹30 dividend.
- **5 November**: Emkay Tools' extraordinary general meeting.
- **6 November**: record date for [Knowledge Marine & Engineering Works' share split](https://nsearchives.nseindia.com/corporate/KMEW%5F12102026173016%5FFixation%5Fof%5FRecord%5FDate-s.pdf), one share of ₹5 into five of ₹1.
- **11 and 13 November**: voting closes at Indo Borax (11th) and Agastya Energy (13th).
- **13 November**: Kothari Sugars and Kothari Petrochemicals shareholders vote on their merger.
- **By March 2027**: Zydus's planned US launch of saroglitazar, if approved.

## What we're not reporting

- The rest of NSE's day: about 30 earnings-call and board-meeting notices, quarterly certificates, half-yearly debt statements and interest payments, newspaper advertisements of results, transfers of shares inside promoter families, stock options, ESG scores, routine appointments below the top team, store openings and press releases without figures. Small orders, small subsidiary investments and routine debenture issues are also left out. The list, with a reason for each, is in our coverage notes.
- Emcure Pharmaceuticals' board outcome is a scanned image that our system could not read. We will report it once it is read.
- No BSE document was opened. BSE carried 748 filings we did not open, many from companies that also file on NSE and are covered above; 359 are quarterly depository certificates. By headline the rest include board-meeting notices and outcomes, small-company results, changes in management and open offers. Among them: Elitecon International's board approval to raise funds from institutions, Brijlaxmi Leasing's withdrawal of an open offer, a public announcement of an open offer for Inani Securities, Hazoor Multi Projects' toll-collection award from NHAI, Organic Recycling Systems' contract for a subsidiary, Tamboli Industries' subsidiary qualifying with a customer, and changes to the objects of Fabino Enterprises and EKI Energy Services.

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> Educational research, not investment advice. Every item above is drawn from the company's own filing on NSE, read from the primary document; unit conversions are ours. No buy/sell recommendations, no price targets, no share prices. Moat & Margin is not a SEBI-registered Research Analyst or Investment Adviser.