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# Daily Filing Digest — Saturday, 17 Oct 2026
- URL: https://www.moatmarginresearch.com/daily-filing-digest-2026-10-17/
- Published: 2026-10-18T05:38:45.000Z
- Updated: 2026-10-18T05:38:45.000Z
- Description: 17 Oct 2026: HDFC, ICICI, Axis, Yes Bank Q2 results; auditors qualify Yes Bank's review over AT-1; ED searches R&B Denims; DRI at United Spirits.
- Author: A K Karthikeyan
- Tags: Daily Filing Digest

**A Saturday of bank results. ICICI Bank's profit rose 20.1% and Axis Bank's 38%, but both say part of their deposit and loan growth came from FCNR(B) dollar deposits raised in the RBI's swap window; without them, ICICI's deposits grew 17.0%, not 27.1%. HDFC Bank's profit rose 5.2%, and its Deputy MD Kaizad Bharucha is leaving at year-end. Yes Bank's auditors qualified their review because the results do not yet reflect the Supreme Court's AT-1 judgment. The Enforcement Directorate searched R&B Denims and its promoters, and the DRI searched United Spirits.**

## The ones to read first

- **ICICI Bank** [reported](https://nsearchives.nseindia.com/corporate/ICICI2022%5F17102026152039%5FNSEBSE17102026.pdf) Q2 profit of ₹14,843 crore, up 20.1% ([presentation](https://nsearchives.nseindia.com/corporate/ICICI2022%5F17102026164525%5FBSENSE17102026.pdf)).

  - Deposits grew 27.1%; excluding FCNR(B) deposits, 17.0%. Loans grew 30.0%; excluding loans made by its overseas branches against FCNR(B) deposits, 24.1%.
  - Net interest margin fell to 4.18%, from 4.36% in Q1 (4.28% excluding interest on a tax refund) and 4.30% a year ago.
  - Its CASA ratio, the share of cheap current and savings deposits, was 35.8%, which the bank says reflects "the increase in the term deposit base due to FCNR (B) deposit inflows".
- **Axis Bank** [reported](https://nsearchives.nseindia.com/corporate/AXISBANK1%5F17102026130712%5FPressRelease%5FIR%5FPPT%5FQ2FY27Signed.pdf) profit of ₹7,003 crore, up 38%, with net interest income up 12%.

  - It raised ₹1,018 bn of FCNR(B) deposits, including ₹438 bn backed by advances from its overseas branches and ₹449 bn backed by standby letters of credit.
  - Net interest margin was 3.36%, or 3.47% excluding the FCNR(B) effect. Deposits grew 21% and advances 23%; the period-end CASA ratio fell to 36% from 40%.
- **HDFC Bank**'s [results](https://nsearchives.nseindia.com/corporate/HDFCBANK%5F17102026135520%5FOutcomeofBMResults%5F17oct2026.pdf): standalone profit ₹19,610 crore, up 5.2% from ₹18,641 crore.

  - Net interest income (interest earned less interest expended) was about ₹34,619 crore, up 9.7% (our arithmetic). Deposits rose about 18.8% and advances about 16.4% (our arithmetic from the balance sheet). Gross NPA 1.11%.
  - The filing gives no FCNR(B) split and no margin; the bank's presentation is on its website.
  - Deputy MD Kaizad Bharucha [has asked to leave](https://nsearchives.nseindia.com/corporate/HDFCBANK%5F17102026161248%5FStockexchangeintimation%5FLV%5FKB.pdf) from 31 December 2026; the request goes to the RBI.
- **Yes Bank**: its joint auditors [issued a "Qualified Conclusion"](https://nsearchives.nseindia.com/corporate/YESBANK%5F17102026191757%5FSE%5FIntimation%5FSigned.pdf) on the Q2 results because they do not reflect the Supreme Court's 15 October judgment on the \~₹8,415 crore AT-1 write-down; the bank is still evaluating its effect.

  - Q2 [profit](https://nsearchives.nseindia.com/corporate/YESBANK%5F17102026201157%5FSE%5FIntimation%5Fsigned.pdf) was ₹1,080 crore, up 65%. Advances grew 23.7%; normalised for foreign-currency loans tied to FCNR(B), 17.6%. CET1 13.7%.
  - Crisil and India Ratings upgraded its long-term ratings to AA+ (Stable) from AA−.  
Full read: [Q2 Bank Results: What the Dollar Deposits Cost](https://www.moatmarginresearch.com/q2-bank-results-fcnr-margin-cost/)
- **R&B Denims**: the Enforcement Directorate [searched](https://nsearchives.nseindia.com/corporate/RBDENIMS%5F17102026174415%5FIntimation%5Fof%5FED%5FSearch.pdf) its registered office in Surat from 16 October, and the premises of its promoters. The company says there is no material impact at present.
- **United Spirits**: the Directorate of Revenue Intelligence [searched several locations](https://nsearchives.nseindia.com/corporate/MCDOWELL%5F17102026192537%5FSEDisclosure%5F17102026%5FSd.pdf) on 16 October under the Customs Act; the company understands it is part of an "industry-wide" exercise.

## Other banks

- **IDBI Bank**: [profit ₹2,205 crore](https://nsearchives.nseindia.com/corporate/MANESHJ%5F17102026145022%5FSE%5FPressRelase%5FResults%5F17102026.pdf), up 14% excluding last year's one-off ₹1,699 crore NSDL gain; net interest margin 4.11%, up 40 bps; gross NPA 2.12%.
- **Central Bank of India**: [profit ₹1,469 crore](https://nsearchives.nseindia.com/corporate/CENTRALBK%5F17102026140229%5FFinal%5FSE%5FPress%5FRelease.pdf), up 21.1%; net interest income +26.3%; gross NPA 2.39%.
- **Punjab & Sind Bank**: [profit ₹412 crore](https://nsearchives.nseindia.com/corporate/PSB%5F17102026191019%5Fbsense17102026pr.pdf), up 39.7%; advances +19.3% against deposits +13.0%; gross NPA 2.09%.

## Results and updates

- **Himadri Speciality Chemical**: [H1 revenue ₹3,123 crore](https://nsearchives.nseindia.com/corporate/HSCL%5F17102026190443%5FPressReleaseQ2FY27Stockex17102026.pdf), up 43%; profit ₹460 crore, up 29%. Its [presentation](https://nsearchives.nseindia.com/corporate/HSCL%5F17102026190250%5FInvestorpresentationQ2FY27Stockex17102026.pdf) sets out the proposed demerger of a group company's tyre business into Himadri.
- **ixigo**: [gross transaction value ₹5,304 crore](https://nsearchives.nseindia.com/corporate/IXIGO%5F17102026130906%5FRegulation%5F30%5FEarningsRelease%5F17102026.pdf), up 22%; revenue ₹321 crore, up 13%; adjusted EBITDA ₹23.6 crore, down 17%; profit a record ₹63.4 crore.
- **Kross**: [Q2 revenue ₹235.1 crore](https://nsearchives.nseindia.com/corporate/8910457293%5F17102026193018%5FInvestor%5FPresentation%5F30092026.pdf), up 79.6%; profit ₹19.7 crore.
- **Alembic Pharmaceuticals**: [USFDA final approval](https://nsearchives.nseindia.com/corporate/APLLTD%5F17102026183635%5FIntimation%5FPress%5FRelease%5F171026%5FSigned.pdf) for an ear-drop suspension with an estimated US market of US$110 million (IQVIA).

## Deals and capital

- **JSW Steel**: the NCLT [sanctioned the merger](https://nsearchives.nseindia.com/corporate/DivyaMascarenhas%5F17102026105940%5FJSWSLSEIntimationforOrdersanctioningPSLMergerOct2026.pdf) of Piombino Steel into JSW Steel; it takes effect when the order is filed.
- **Zen Technologies** [will buy 51.98%](https://nsearchives.nseindia.com/corporate/ZENTEC%5F17102026195446%5FCogknit%5FReg30%5FBoard%5FOutcome%5F17Oct2026%5F%5FClean%5F.pdf) of Cogknit Semantics for up to ₹135.15 crore in cash.
- **Gravita India** [will invest about ₹94.42 crore](https://nsearchives.nseindia.com/corporate/GRAVITA%5F17102026164938%5FIntimationFINAL17102026.pdf) in the rights issue of its copper subsidiary Rashtriya Metal Industries.
- **Apollo Pipes** [allotted 20 lakh shares](https://nsearchives.nseindia.com/corporate/APOLLOPIPE%5F17102026104211%5FIntimationAllotmentsigned.pdf) on conversion of warrants, ₹110 crore in all.
- **Kellton Tech** [approved a rights issue](https://nsearchives.nseindia.com/corporate/KELLTONTEC%5F17102026183420%5FKTSL%5FBM%5F17102026.pdf) of up to ₹160 crore.
- **Bajaj Finserv** [set up Bajaj Reinsurance](https://nsearchives.nseindia.com/corporate/walimbelk%5F17102026170249%5FSEIntimationIncorporationofReinsurance17Oct2026.pdf), a wholly owned reinsurance company, subject to regulatory approvals.
- **TVS Srichakra** [will spend ₹49.20 crore](https://nsearchives.nseindia.com/corporate/TVSSRICHAK%5F17102026122250%5FReg%5F30%5FIntimation%5Ffor%5FCapacity%5Fenhancement.pdf) on capacity at its Madurai and Uttarakhand plants from January 2027.
- **GPT Infraprojects**: a subsidiary [won a ₹134.11 crore](https://nsearchives.nseindia.com/corporate/GPTINFRA%5F17102026103405%5FPressReleaseintimationContractwin13411Cr171026.pdf) Western Railway signalling contract; order book ₹5,651 crore.

## Courts, tax and regulators

- **JSW Cement**: the Orissa High Court [set aside a 2020 amendment](https://nsearchives.nseindia.com/corporate/JSWCL%5F17102026190654%5FSE%5FIntimation%5F-%5FOdisha%5FMatter.pdf) that had excluded cement units from state GST reimbursement, and ordered its claim, with interest, to be settled within four weeks.
- **Kalpataru**: a subsidiary [received a GST show-cause notice](https://nsearchives.nseindia.com/corporate/ravi%5Fsah%5F17102026114752%5FReg%5F30%5FDisclosure%5FSCN%5FKPL.pdf) for ₹73.85 crore plus interest and penalty, for FY26.
- **Borosil Renewables**: Customs [confiscated imported equipment](https://nsearchives.nseindia.com/corporate/BORORENEW12%5F17102026142319%5FINTIMATION.pdf) valued at ₹14.14 crore over its classification, redeemable on a ₹30 lakh fine, with penalties of ₹30.3 lakh.
- **Zodiac Energy**: the Gujarat High Court [quashed a GST demand](https://nsearchives.nseindia.com/corporate/ZODIAC%5F17102026173844%5FReg%5F30%5FGST%5FOrder%5F.pdf) for FY19.
- **Indo Amines** may [restart its Mahad plant](https://nsearchives.nseindia.com/corporate/INDOAMINES%5F17102026155241%5FStock%5FIntimation%5FRevocation%5FOrder%5FIndo.pdf), except one product, under conditions set by the pollution control board; operations were suspended from 15 August.
- **Shalby**'s Jabalpur hospital [may resume](https://nsearchives.nseindia.com/corporate/SHALBYLTD%5F17102026150350%5F60Withdrawalofsuspension.pdf) after a fire on 11 October; the affected floor stays shut for now.

## People

- **RP Tech**: Deloitte Haskins & Sells [ceased as joint statutory auditor](https://nsearchives.nseindia.com/corporate/RASHI2024%5F17102026102026%5FCessation%5Fof%5FAuditors%5F-%5FSE%5FIntimation%5Fsigned.pdf) because it is no longer eligible under Section 141(3)(e) of the Companies Act.

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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; derived figures are our arithmetic and are labelled. No buy/sell recommendations, no price targets, no share prices. Moat & Margin is not a SEBI-registered Research Analyst or Investment Adviser.