Daily Filing Digest — Saturday, 17 Oct 2026

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 Q2 profit of ₹14,843 crore, up 20.1% (presentation).

  • 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 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: 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 from 31 December 2026; the request goes to the RBI.

• Yes Bank: its joint auditors issued a "Qualified Conclusion" 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 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

• R&B Denims: the Enforcement Directorate searched 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 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, 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, up 21.1%; net interest income +26.3%; gross NPA 2.39%.
• Punjab & Sind Bank: profit ₹412 crore, 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, up 43%; profit ₹460 crore, up 29%. Its presentation sets out the proposed demerger of a group company's tyre business into Himadri.
• ixigo: gross transaction value ₹5,304 crore, 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, up 79.6%; profit ₹19.7 crore.
• Alembic Pharmaceuticals: USFDA final approval 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 of Piombino Steel into JSW Steel; it takes effect when the order is filed.
• Zen Technologies will buy 51.98% of Cogknit Semantics for up to ₹135.15 crore in cash.
• Gravita India will invest about ₹94.42 crore in the rights issue of its copper subsidiary Rashtriya Metal Industries.
• Apollo Pipes allotted 20 lakh shares on conversion of warrants, ₹110 crore in all.
• Kellton Tech approved a rights issue of up to ₹160 crore.
• Bajaj Finserv set up Bajaj Reinsurance, a wholly owned reinsurance company, subject to regulatory approvals.
• TVS Srichakra will spend ₹49.20 crore on capacity at its Madurai and Uttarakhand plants from January 2027.
• GPT Infraprojects: a subsidiary won a ₹134.11 crore Western Railway signalling contract; order book ₹5,651 crore.

Courts, tax and regulators

• JSW Cement: the Orissa High Court set aside a 2020 amendment 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 for ₹73.85 crore plus interest and penalty, for FY26.
• Borosil Renewables: Customs confiscated imported equipment 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 for FY19.
• Indo Amines may restart its Mahad plant, except one product, under conditions set by the pollution control board; operations were suspended from 15 August.
• Shalby's Jabalpur hospital may resume after a fire on 11 October; the affected floor stays shut for now.

People

• RP Tech: Deloitte Haskins & Sells ceased as joint statutory auditor because it is no longer eligible under Section 141(3)(e) of the Companies Act.

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.