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# Daily Filing Digest: Wednesday, 21 Oct 2026
- URL: https://www.moatmarginresearch.com/daily-filing-digest-2026-10-21/
- Published: 2026-10-22T01:04:59.000Z
- Updated: 2026-10-22T01:04:57.000Z
- Description: 21 Oct 2026: SBI discloses customer records exposed on the dark web; Blinkit makes a ₹184 crore EBITDA profit; Alkem starts a forensic audit.
- Author: A K Karthikeyan
- Tags: Daily Filing Digest

**A heavy results day. Eternal's quick-commerce arm Blinkit made an Adjusted EBITDA profit of ₹184 crore on order value up 79%, and the company now plans more than 3,500 Blinkit stores by March 2027\. SRF's profit rose 31% on last year but fell by a third from June, and its board approved a ₹600 crore battery-foil plant. State Bank of India disclosed that customer records with personal details had been exposed on the dark web. Alkem Laboratories began a forensic audit by Grant Thornton into alleged misappropriation of funds by a former employee. The Enforcement Directorate fined TBO Tek ₹22.22 crore under FEMA, and its two joint managing directors ₹2.47 crore each. And Tata Communications said a Spanish court annulled a VAT demand and penalty totalling about €33.6 million against its Spanish subsidiary.**

## The ones to read first

- **Eternal** (formerly Zomato): its [shareholders' letter](https://nsearchives.nseindia.com/corporate/ZOMATO%5F21102026152512%5FSHLsigned.pdf) reports B2C net order value up 54% to ₹35,644 crore and consolidated Adjusted EBITDA of ₹666 crore, up 197%.

  - Blinkit's order value grew 79.3% to ₹20,940 crore; its Adjusted EBITDA was ₹184 crore (0.9% of order value), against a ₹156 crore loss a year ago. It added 308 net new stores to reach 2,751, and now expects "to cross 3,500 stores by March 2027" and about 5,000 by March 2028.
  - Zomato's food-delivery order value grew 21.5%; its margin slipped to 5.5% of order value. The [results](https://nsearchives.nseindia.com/corporate/ZOMATO%5F21102026153325%5FOutcomeSIGNED.pdf) show consolidated revenue of ₹24,138 crore and profit of ₹125 crore, against ₹65 crore a year ago.
  - The [board](https://nsearchives.nseindia.com/corporate/ZOMATO%5F21102026152051%5FOutcomeSIGNED.pdf) also approved moving the Going-out business into one subsidiary, Zomato Entertainment, and swapping its stake in Adonmo for about 4.4% of Mygate, valued at ₹156 crore.
  - Full read: [Eternal Q2: Blinkit's 0.9% Margin and the Agent Question](https://www.moatmarginresearch.com/eternal-q2-blinkit-margin-agents/)
- **SRF**: the [results](https://nsearchives.nseindia.com/corporate/ekta%5Fmaheshwari%5F21102026145316%5FResultsSep26.pdf) show consolidated revenue of ₹4,904 crore, up 35% on last year but down 3% from June, and profit of ₹509 crore, up 31% on last year but down 33% from June's ₹759 crore (quarter-on-quarter changes are our arithmetic).

  - The chemicals segment margin narrowed to 25.4% from 27.6% in June; films and foil fell to 9.7% from 17.3% (our arithmetic). The [press release](https://nsearchives.nseindia.com/corporate/ekta%5Fmaheshwari%5F21102026151307%5FPressReleaseF.pdf) says films demand "was moderated by inventory build-up following heightened buying activity amid the volatility witnessed in Q1".
  - The board [approved](https://nsearchives.nseindia.com/corporate/ekta%5Fmaheshwari%5F21102026145942%5FSEIntimationCapexSRFAltech.pdf) a ₹600 crore plant for battery-grade aluminium foil at Jetapur, Madhya Pradesh, in two ₹300 crore phases due by September 2028 and September 2030.
  - Full read: [SRF Q2: Up on Last Year, Down a Third on June](https://www.moatmarginresearch.com/srf-q2-margin-quarter-on-quarter/)
- **State Bank of India**: the bank [disclosed](https://nsearchives.nseindia.com/corporate/SBIN%5F21102026084938%5FBSE%5FNSE%5F21102026.pdf) "an incident involving the loss of certain data". On 16 October its threat-intelligence provider, the Defence Cyber Agency and CERT-In alerted it to suspected exposure of customer data on the dark web. In a preliminary analysis of about 375,000 records, it identified 3,897 customer records with personal information, including mobile numbers, dates of birth, names, email and home addresses, and branch and customer identifiers.

  - The bank says the incident has no material impact on its core operations, financial performance or business continuity. It has engaged a CERT-In-empanelled agency to investigate the source and extent.
- **Alkem Laboratories**: the [audit committee approved](https://nsearchives.nseindia.com/corporate/ALKEM%5F21102026215316%5FReg30Disclosurefinalsigned.pdf) a forensic audit "in connection with a recent incident involving alleged misappropriation of funds by a former employee of the Company". Grant Thornton Bharat will review procurement done by the former employee and "independently investigate the suspected irregularities in certain transactions". The filing gives no amount.
- **TBO Tek**: the Enforcement Directorate's adjudicating authority [imposed penalties](https://nsearchives.nseindia.com/corporate/9810411243%5F21102026191256%5FSEIntimation21012026.pdf) under FEMA of ₹22,21,63,535 on the company and ₹2,46,84,837 on each of its two joint managing directors, for contravention of Section 3(c) of the Act. The company says it is examining the order with legal counsel.
- **Tata Communications**: the National Court of Spain [annulled](https://nsearchives.nseindia.com/corporate/TATACOMM%5F21102026163706%5F18534.pdf) a Spanish Tax Agency demand on its subsidiary TC Spain of €15.51 million in VAT and interest plus a €18.10 million penalty. The company says the matter "has not attained finality".

## Q2 results

- **KEI Industries**' [presentation](https://nsearchives.nseindia.com/corporate/KEI%5F21102026173110%5FEarning%5FPresentation%5FSep%5F26.PDF) gives revenue of ₹3,777 crore, up 38.5%, and profit of ₹262 crore, up 29%. EBITDA of ₹401 crore was below June's ₹415 crore, and the EBITDA margin fell to 10.62% from 13.04% in June and 11.43% a year ago. Inventory rose to ₹3,604 crore from ₹2,401 crore in March, and cash fell to ₹698 crore from ₹1,513 crore. Pending orders are about ₹5,185 crore.  
  - Full read: [KEI Q2: Sales Up 39%, Margin and Cash Down](https://www.moatmarginresearch.com/kei-q2-cable-margin-inventory/)
- **Indian Hotels (IHCL)** [reported](https://nsearchives.nseindia.com/corporate/bakhtawar%5Firani%5Ftajhotels%5Fcom%5F21102026170451%5FPress%5FRelease.pdf) consolidated revenue of ₹2,566 crore, up 21%, EBITDA of ₹788 crore (30.7% margin) and profit of ₹349 crore, up 23%. It raised its FY2027 consolidated revenue growth guidance to 15–17% from 12–14%. Standalone, RevPAR in full-service same-store hotels grew 28% and the operating EBITDA margin rose 400 basis points to 38.9%.
- **Mahindra & Mahindra Financial Services** [reported](https://nsearchives.nseindia.com/corporate/M%5FMFIN%5F21102026181125%5Fpressrelease%5FSIGEND.pdf) standalone profit of ₹882 crore, up 55%, on disbursements up 22% and AUM up 15% to ₹1,46,512 crore. Credit cost fell to 1.6% from 2.2%; Stage 3 assets were 3.4% against 3.9% a year ago.
- **Vishal Mega Mart** [reported](https://nsearchives.nseindia.com/corporate/VMMP2024%5F21102026130523%5FDisclosure%5FPress%5FRelease%5FVMM%5FOct%5F2021.pdf) consolidated revenue of ₹3,398.5 crore, up 14.0%, with same-store sales growth of 5.4%. Its operating EBITDA margin fell to 7.7% from 8.5%, which it puts down to festivals moving from the September quarter to the December quarter; adjusted profit rose 6.4% to ₹172.0 crore.
- **LMW** [reported](https://nsearchives.nseindia.com/corporate/LAXMIMACH%5F21102026143129%5FFILINGFINRES30092026.pdf) standalone revenue of ₹1,127.52 crore against ₹776.03 crore a year ago, and profit of ₹87.21 crore against ₹45.14 crore.
- **Adani Green Energy**'s [results](https://nsearchives.nseindia.com/corporate/ADANIGREEN%5F21102026142038%5FOutcomeBM21102026.pdf) show consolidated power-supply revenue of ₹4,019 crore against ₹2,776 crore a year ago, up 45% (our arithmetic), and profit of ₹747 crore against ₹644 crore (₹983 crore in June).
- **Aye Finance** [reported](https://nsearchives.nseindia.com/corporate/AYEFINANCE%5F21102026120101%5FAYE%5FPR.pdf) profit of ₹86.7 crore, up 151%, on AUM up 26% to ₹7,597 crore. Credit cost fell for a seventh straight quarter, to 3.8%; gross NPA was 4.2%.
- **International Gemological Institute (IGI)**'s [presentation](https://nsearchives.nseindia.com/corporate/IGIINDIA%5F21102026163244%5FSE%5FIP.pdf) shows certification revenue up 32% to ₹387.5 crore on 4.35 million reports (up 26%), led by lab-grown diamond jewellery (up 47%); the average price per report rose 4% to ₹891\. EBITDA rose 39% to ₹244.5 crore and profit 43% to ₹185.8 crore (₹ million figures converted to crore).
- **Aditya Birla Sun Life AMC**'s [consolidated results](https://nsearchives.nseindia.com/corporate/ABSLAMC%5F21102026140813%5FFinancials%5FStandalone%5Fand%5FConsolidated%5Fresults.pdf) show revenue from operations of ₹483.81 crore, up 5%, and profit of ₹220.98 crore, down 8% from ₹241.32 crore (growth rates are our arithmetic).

## Deals and capital

- **Sagility**'s US subsidiary [signed an agreement](https://nsearchives.nseindia.com/corporate/SAGILITY%5F21102026212037%5FIntimationChirokAcquisitionsigned.pdf) to buy Chirok Health, a US clinical-documentation and medical-coding firm with US$9.0 million of revenue in 2025, for up to US$32.35 million in cash, of which US$20.0 million is paid at closing.
- **Mohite Industries**' board [approved](https://www.bseindia.com/xml-data/corpfiling/AttachLive/fda22ff3-453b-4348-9517-dac8f168c891.pdf) selling its spinning unit, with the land, buildings and machinery, in one or more tranches, subject to a special resolution by postal ballot (cut-off date 23 October). The filing says the unit brought in ₹8,453.63 lakh (about ₹84.5 crore), 85.10% of revenue, in FY2025-26, and had a negative net worth of ₹3,559.45 lakh.
- **Persistent Systems** [opened its QIP](https://nsearchives.nseindia.com/corporate/PERSISTENTUSER1%5F21102026192219%5FPersistentSEOutcomeQIPissueopeningOct212026V3signed.pdf) with a floor price first stated as ₹5,550 a share, then [corrected](https://nsearchives.nseindia.com/corporate/PERSISTENTUSER1%5F21102026195926%5FPersistentUpdateonSEOutcomeQIPissueopeningOct212026signed.pdf) to ₹5,761\. Separately, Crisil [assigned](https://nsearchives.nseindia.com/corporate/PERSISTENTUSER1%5F21102026205156%5FPSLIntimationofCreditRatingNCDsd.pdf) 'Crisil AA+; Rating Watch with Developing Implications' to its proposed debentures.
- **Kajaria Ceramics** [said](https://nsearchives.nseindia.com/corporate/KAJARIACER%5F21102026123120%5FClarification.pdf) it is not in any discussions or negotiations, and has no plans, to acquire Asian Granito India, calling the media reports speculative.
- **Jindal Photo** [received in-principle approval](https://nsearchives.nseindia.com/corporate/JINDALPHOT%5F21102026195058%5FIntimation%5Fof%5Fdelisting.pdf) from BSE and NSE for the voluntary delisting of its shares. The filing gives no price or timetable.
- **DB (International) Stock Brokers**' board [approved](https://nsearchives.nseindia.com/corporate/DBSTOCKBRO%5F21102026170845%5FBMOutcome21102026.pdf) transferring its retail broking and depository business (except HNI clients) to Choice Equity Broking and its distribution business to Choice Wealth, for ₹5 crore, subject to shareholders at an EGM on 18 November.
- **EPL**'s board [approved](https://nsearchives.nseindia.com/corporate/Sonia%5FGupte%5F21102026174411%5FOutcomeOfBMReclassificationSd.pdf) reclassifying Epsilon Bidco, which now holds no shares, from promoter to public, subject to the exchanges.
- **SeshaSayee Paper and Boards**: ACIF-1 [sold](https://www.bseindia.com/xml-data/corpfiling/AttachLive/8F74BA53%5FCC91%5F4713%5F8F9F%5FB270478C93F7%5F173541.pdf) 13,03,649 shares (2.067%) in the open market, cutting its holding to 3.297% from 5.364%.

## Orders and operations

- **Kalpataru Projects (KPIL)** [won orders](https://nsearchives.nseindia.com/corporate/KALPATPOWR%5F21102026084653%5FSEIntimationPR21102026.pdf) of about ₹2,349 crore in power transmission and buildings; it says FY27 order inflows so far have crossed ₹22,000 crore.
- **Larsen & Toubro** [won two orders](https://nsearchives.nseindia.com/corporate/PAM%5F21102026094637%5FPressRelease21102026.pdf) it classifies as "Large" (₹2,500 to ₹5,000 crore): Common Central Secretariat buildings 4 and 5 in New Delhi for the CPWD, and two 47-floor office towers at Amaravati for the Andhra Pradesh government.
- **Bharat Electronics** [received](https://nsearchives.nseindia.com/corporate/BEL%5F21102026181543%5FPress%5Frelease%5F21102026.pdf) orders worth ₹1,011 crore since 13 October, including low-level lightweight radars, communication equipment, sonar and jammers.
- **Transrail Lighting** [won](https://nsearchives.nseindia.com/corporate/TRANSRAIL%5F21102026082603%5FTLLPressrelease21102026.pdf) orders worth ₹927 crore, led by 765 kV and 400 kV transmission lines in India.
- **Sigma Advanced Systems** (formerly Megasoft) [won](https://nsearchives.nseindia.com/corporate/MEGASOFT%5F21102026100925%5FDisclosure%5FReg%5F30%5F-%5F20261021%5Fsigned.pdf) a US$19.7 million (about ₹174 crore) order from a North American customer serving NATO for 155 mm artillery ammunition subsystems.
- **Seamec** [signed](https://nsearchives.nseindia.com/corporate/SEAMECLTD%5F21102026170338%5FNSEBSECharterwithHALforSEAMECANANT2102026.pdf) a charter of about 1,225 days for its vessel SEAMEC ANANT with HAL Offshore, a related party, for ONGC work, worth about US$55 million excluding GST.
- **Zydus Lifesciences** [received US FDA approval](https://nsearchives.nseindia.com/corporate/Cadilahc%5F21102026110803%5FPressRelease21102026.pdf) for a generic estradiol and levonorgestrel skin patch for menopause symptoms, designated a Competitive Generic Therapy and eligible for 180 days of exclusivity. The company cites US sales of about US$45.7 million a year (IQVIA).
- **Dr. Reddy's Laboratories** [received DCGI approval](https://nsearchives.nseindia.com/corporate/DRREDDY%5F21102026094355%5FDRL%5FSE%5Fintimation%5FPress%5Frelease%5F21102026%5Fsigned.pdf) for Zytorvi (toripalimab), with cisplatin and paclitaxel, for first-line treatment of advanced oesophageal squamous cell carcinoma, its second approved use in India. It licenses the drug from Junshi Biosciences for 21 countries.
- **Grasim Industries** [started commercial production](https://nsearchives.nseindia.com/corporate/GRASIM%5F21102026145138%5FSEIntimationCommencement.pdf) at its 50,000-tonne-a-year epichlorohydrin plant at Vilayat, Gujarat.
- **NHPC** [declared commercial operation](https://nsearchives.nseindia.com/corporate/NHPC%5F21102026204931%5FSTX%5FUpdate%5FSubansiri%5FCOD%5FUnit5%5F.pdf) of unit 5 (250 MW) of the 2,000 MW Subansiri Lower project from 23 October; five of eight units are now running.
- **Ceigall India**: NHAI [noted financial close](https://nsearchives.nseindia.com/corporate/ceigall%5F21102026151006%5FFinancial%5F%5Fclosure%5F21102026.pdf) for its ₹2,160 crore hybrid-annuity road project in Bihar (Sahebganj–Areraj–Bettiah, 78.942 km).
- **Powerica** [received a letter of intent](https://nsearchives.nseindia.com/corporate/PowericaNSE%5F21102026180104%5FIntimation%5FSE.pdf) from Gujarat Urja Vikas Nigam for a 50 MW wind power project.
- **Advait Energy Transitions** is a member of a consortium led by Eleven Power that [received an electricity distribution licence](https://nsearchives.nseindia.com/corporate/ADVAITENERGY%5F21102026154500%5FAETL%5FSEintimation%5Fs.pdf) from the Haryana regulator for the Gurugram and Nuh districts.

## Ratings and rates

- **Karur Vysya Bank** [cut its lending benchmark rates](https://nsearchives.nseindia.com/corporate/KARURVYSYA%5F21102026183621%5FMCLR%5F%5F%5F21102026%5FDSC.pdf) by 0.20 percentage points (our arithmetic) from 22 October; the one-year MCLR falls to 9.25% from 9.45%.
- **Aegis Logistics**: CARE [placed](https://nsearchives.nseindia.com/corporate/AEGISCHEM%5F21102026191826%5FALL%5FCredit%5FRating21102026%5FSigned.pdf) its long-term bank facilities (CARE AA) on Rating Watch with Developing Implications and reaffirmed CARE A1+ short term. The letter gives no reason. Shareholders voted the same day at an EGM on borrowing limits and fund-raising.
- **Reliance Industries**: ICRA [assigned](https://nsearchives.nseindia.com/corporate/PVIVINMA%5F21102026204310%5FSE%5FICRA.pdf) \[ICRA\] AAA/Stable.

## Regulators and the fine print

- **Aadhar Housing Finance**: Executive Vice Chairman Deo Shankar Tripathi [opted for early retirement](https://nsearchives.nseindia.com/corporate/AHFL2021%5F21102026230429%5FIntimation%5FDST.pdf) from 21 October; the board made him interim non-executive chairperson from 22 October.
- **P N Gadgil Jewellers**: in a [postal ballot](https://nsearchives.nseindia.com/corporate/PNGJEWELLERS%5F21102026195950%5FIntimationofvotingresultsandreport2.pdf), institutional shareholders voted 59.5% against the new employee stock option plan (PNG ESOP 2026). It passed with 94.78% of all votes cast in favour, carried by the promoter group's votes.
- **Laxmi Dental**: its US subsidiary [received a tariff refund](https://nsearchives.nseindia.com/corporate/LAXMI%5F21102026200432%5FIntimation%5Fof%5FTariff%5FRefund.pdf) of US$0.63 million (about ₹5.92 crore) from US Customs and Border Protection, following the US Supreme Court's directions to refund excess tariffs.
- **Shah Investor's Home**, a broker, [reported](https://nsearchives.nseindia.com/corporate/SHAHINVESTORS%5F21102026185512%5FSystem%5FShut%5FDown.pdf) a complete outage of its trading system from 3:05 p.m. on 21 October; it says service is restored and the cause is being assessed.
- **eMudhra** [said](https://nsearchives.nseindia.com/corporate/EMUDHRA2008%5F21102026105726%5FPress%5FRelease%5F21102026.pdf) browser root programmes are distrusting eight of its intermediate certificate authorities in its global TLS business, after a researcher found that a flaw in an April 2025 key-generation ceremony had produced weak keys. It says its infrastructure was not compromised, no data was breached, its India digital-signature business is unaffected, and the TLS business is about 1% of revenue, but that the matter "may have some reputational risks on eMudhra which cannot be quantified".
- **Sterling and Wilson Renewable Energy** [settled](https://nsearchives.nseindia.com/corporate/SWSOLAR%5F21102026221853%5FKenyaUpdate.pdf) a Kenya Revenue Authority assessment for 2020–2023: the demand falls from about ₹26.50 crore (with interest and penalties) to about ₹2.66 crore of principal.
- **Fujiyama Power Systems** (UTL Solar) [said](https://nsearchives.nseindia.com/corporate/UTLSOLAR2024%5F21102026180600%5FClarification%5FChina%5FSolar%5FExport%5FRestrictions%5F.pdf) China's proposed curbs on exporting solar-cell technology should not affect its 1.2 GW cell plant at Ratlam, because the machinery has already been delivered; commissioning remains planned for the June 2027 quarter (Q1 FY2027-28).
- **AMD Industries**: the CFO, Sanjeev Kumar Singhal, [resigned](https://nsearchives.nseindia.com/corporate/AMDIND%5F21102026172212%5FSIGNEDSEIntimationCFO21102026.pdf) with effect from 21 October; the letter gives no reason.

## Dates to note

- **22 October**: Karur Vysya Bank's new MCLR rates take effect.
- **23 October**: NHPC's Subansiri Lower unit 5 starts commercial operation.
- **18 November**: DB (International) Stock Brokers' EGM on the business transfer.
- **20 November**: HDFC Bank's postal ballot (re-appointment of an independent director) closes.

## What we're not reporting

The rest of the day was routine: notices of results meetings (Bank of Baroda, LIC Housing Finance, SAIL, PVR INOX, Suzlon, REC, Hyundai Motor India and many others), call transcripts and recordings for results reported earlier (Tech Mahindra, HDFC AMC, Angel One, 360 ONE, ICICI Life, Indian Bank, CCL, E2E Networks), newspaper copies, compliance certificates, trading-window closures and small-company results.

BSE documents not on disk, so not read (headlines only): a CONCOR GST penalty order for FY2019-20 (amount not in the headline; a separate FY2018-19 GST appeal order totalling about ₹5.80 crore was read and is small for the company); an income-tax recovery update at Indrayani Biotech; purchase orders at Shayona Engineering (no value in the headline); a reported insider-trading violation at A-One Steels India (no details in the headline); Magnus Steel and Infra's rights issue (record date 27 October); a director's resignation at Unishire Urban Infra; promoter disclosures at Cineline India, S H Kelkar and Afcom Holdings; Smruthi Organics' receipt of an ANVISA (Brazil) inspection report (outcome not in the headline); Future Consumer's note on delayed results; Bharat Parenterals' subsidiary Innoxel Lifesciences starting commercial supply to the US; and Vintage Coffee and Beverages' promoter pledges (the headline puts them at 12.36% of the promoters' holding). Three Mangal Credit filings are on disk but are images with no readable text.

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> Educational research, not investment advice. Every item is drawn from the company's own exchange filing, read from the primary document; derived figures are our arithmetic, labelled as such. No buy/sell recommendations, no price targets, no share prices. Moat & Margin is not a SEBI-registered Research Analyst or Investment Adviser.