Daily Filing Digest: Thursday, 22 Oct 2026

A heavy results day. Swiggy's food delivery made a record ₹341 crore of Adjusted EBITDA, but its quick-commerce arm Instamart lost ₹895 crore as it spent to speed up growth; the company says that loss has peaked. Havells grew sales 34.6%, led by cables, but its cable margin fell almost four points, which it blames on falling aluminium prices. HPCL returned to a ₹3,483 crore profit on a refining margin of US$32.15 a barrel, and its results show ₹18,049 crore of LPG under-recoveries it has not booked as receivable. Pirelli agreed with Balkrishna Industries (BKT) that BKT will make up to 800,000 Pirelli-branded car tyres in India by 2030, with a possible 50:50 joint venture plant to follow. Nippon Life India AMC paid ₹96.76 crore to settle SEBI's case over its funds' Yes Bank AT-1 bonds. The National Housing Bank appointed a forensic auditor for SRG Housing Finance. And Amagi Media Labs disclosed an extortion attempt by a hacker claiming to hold its network data.

The ones to read first

• Swiggy: its shareholders' letter reports B2C order value up 24.6% to ₹20,793 crore and a consolidated Adjusted EBITDA loss of ₹760 crore, against ₹651 crore in June.

  • Food delivery: order value up 17.7% to ₹10,054 crore; Adjusted EBITDA a record ₹341 crore (3.4% of order value), against ₹240 crore a year ago.
  • Instamart: net order value up 13.4% from June to ₹6,594 crore; the contribution margin fell to –1.0% of order value and the Adjusted EBITDA loss widened to ₹895 crore from ₹778 crore in June. The letter says: "We believe the Adjusted EBITDA losses to have peaked out in Q2FY27."
  • Instamart will start owning inventory from mid-Q3 FY27 now that domestic ownership exceeds 58%, which the company says could add about 80 basis points to its contribution margin.
  • The results show revenue from operations of ₹7,571 crore and a loss of ₹922 crore, against ₹1,092 crore a year ago. The press release text gives Instamart's NOV as ₹6,954 crore; its own headline bullet and the letter give ₹6,594 crore.
  • Full read: Swiggy Q2: Food Profit Peaks, Instamart Loses ₹895 Crore

• Havells India: the information update gives standalone revenue of ₹6,417 crore, up 34.6%, EBITDA of ₹576 crore, up 30.5%, and profit of ₹353 crore, up 11.1% (results).

  • Cables grew 47.9% to ₹2,999 crore, but their contribution margin fell to 13.9% from 17.7%; the company says the "fall in aluminium prices during Q2 weighed on margins". Switchgear's margin rose to 38.1%.
  • Operating cash flow for the half year was –₹160 crore, and cash fell to ₹1,190 crore from ₹2,351 crore in March.
  • Full read: Havells Q2: Cables Grow 48%, Their Margin Falls

• Hindustan Petroleum (HPCL): the press release gives a gross refining margin of US$32.15 a barrel, against US$8.80 a year ago, and standalone profit of ₹3,483 crore, against ₹3,830 crore. After June's loss, the half year shows a standalone loss of ₹8,044 crore.

  • The results say profitability was hit by "supressed marketing margins on certain petroleum products". They also show a cumulative unrecognised LPG "negative buffer" of ₹18,048.82 crore at 30 September, up from ₹12,798.67 crore in March: losses on domestic LPG for which no compensation has been recognised. Six instalments of an earlier ₹7,920 crore government compensation, ₹3,960 crore, were booked in the half year.
  • Full read: HPCL Q2: Profit Returns, ₹18,049 Crore of LPG Losses Wait

• Nippon Life India Asset Management: the board noted that the company paid ₹96.76 crore in the quarter to settle SEBI's show-cause notice over its funds' past investments in Yes Bank AT-1 bonds: ₹89.08 crore (with interest) for reversing management fees and ₹7.68 crore as the settlement amount. The settlement order is awaited. The payment is an exceptional item, so standalone profit fell to ₹316.70 crore from ₹338.42 crore, while revenue rose to ₹746.80 crore from ₹611.70 crore.

• SRG Housing Finance: the National Housing Bank has appointed ASA & Associates LLP as forensic auditor "to conduct a forensic audit of the Company". The filing gives no reason or scope.

• Amagi Media Labs disclosed "an extortion attempt by a threat actor claiming to have obtained operational and network configuration data" relating to some of its systems, with a threat to publish it unless paid. It says there has been no disruption to its services, no evidence of impact on customers so far, and it expects no material financial impact at this stage.

Q2 results

• Colgate-Palmolive (India) reported net sales of ₹1,692 crore, up 12.2%, and profit of ₹342 crore against ₹328 crore; excluding one-offs, profit grew 5.5%. Gross margin rose 40 basis points to 69.6%. The board declared an interim dividend of ₹24 a share and noted the resignation of its marketing head, Gunjit Jain.
• Chennai Petroleum (CPCL) reported profit of ₹2,271 crore against ₹732 crore, on a gross refining margin of US$20.41 a barrel against US$9.04.
• Adani Energy Solutions reported profit of ₹1,364 crore against ₹557 crore and EBITDA of ₹3,548 crore, up 67%. Its smart-meter order book stands at 24.6 million meters.
• Adani Total Gas reported CNG and PNG volumes of 315 million standard cubic metres, up 12%, with revenue up 34% and EBITDA up 12%.
• Jindal Stainless' presentation shows consolidated revenue of ₹12,874 crore, up 18%, EBITDA of ₹1,433 crore, up 3%, and profit of ₹898 crore, up 11%. The press release adds that the board approved merging four group companies (Chromeni Steels, Rabirun Vinimay, JSL Super Steel and Jindal United Steel) into Jindal Stainless, and that CARE upgraded its long-term borrowings to AA+ (Stable) from AA.
• CreditAccess Grameen's presentation shows profit of ₹502 crore, up 298.7%, on AUM up 19.5% to ₹30,946 crore; gross NPA was 1.79%. It now guides for 20–25% AUM growth in FY27.
• Jammu & Kashmir Bank reported profit of ₹546.36 crore, up 10.6%, with gross NPA at 2.23% and net NPA at 0.51%.
• Sagility reported revenue of ₹2,032.1 crore, up 22.5% (12.2% in constant currency), at an adjusted EBITDA margin of 26.3% (₹ million figures converted to crore).
• BlueStone Jewellery reported revenue up 43.9% and EBITDA of ₹97.1 crore, up 127%; the board also approved raising up to ₹300 crore through debentures.
• Garware Hi-Tech Films reported consolidated revenue of ₹634.09 crore against ₹511.82 crore and profit of ₹139.87 crore against ₹106.52 crore.
• Mahindra Lifespace Developers' presentation gives residential pre-sales of ₹1,988 crore for the half year, up 66%.
• Hatsun Agro Product reported revenue of ₹2,897.64 crore, up 19.36%, and profit of ₹115.69 crore against ₹109.54 crore.
• Nuvoco Vistas reported revenue of ₹2,790 crore, up 13.5%, on cement volumes of 4.7 million tonnes, up 9%; profit rose 78% to ₹65 crore.
• Orient Cement's results show revenue of ₹565 crore against ₹643 crore a year ago and profit of ₹32 crore against ₹49 crore.
• Rallis India reported flat revenue of ₹858 crore; profit fell to ₹85 crore from ₹102 crore and EBITDA to ₹126 crore from ₹154 crore.
• Sapphire Foods (KFC and Pizza Hut franchisee) reported revenue of ₹888.0 crore, up 19.6% (our arithmetic), and a small loss of ₹1.5 crore, against a ₹12.8 crore loss a year ago (₹ million figures converted to crore).

Deals and capital

• Balkrishna Industries (BKT) and Pirelli signed a strategic agreement: in a first phase, BKT will produce "up to 800,000 Pirelli branded tyres by 2030" for cars in one of its new plants, to Pirelli's standards. A second phase envisages, subject to conditions, a 50:50 joint venture and a plant for high-value car tyres under both brands, for India and export. It is BKT's entry into passenger-car tyres; Pirelli has only a commercial presence in India today. The board outcome says the offtake is priced at raw material at actuals plus conversion costs, backed by a minimum annual offtake from Pirelli, and that the joint venture is to be incorporated by 31 December 2030, subject to conditions. No money figures are given.
  • Full read: BKT and Pirelli: Car Tyres at Cost Plus, a JV Later
• 360 ONE WAM allotted 2,05,02,939 shares to UBS AG at ₹1,030 each on conversion of all its warrants, after receiving the balance ₹1,583.85 crore. In all, about ₹2,112 crore (our arithmetic).
• Ola Electric: two investors, Motilal Oswal Financial Services and Calliope Capital Advisors, applied for all 2,38,55,476 rights entitlements renounced to them by promoter-group members ANI Technologies and Indus Trust, on the first day of the rights issue.
• Kilitch Drugs agreed to sell its entire holding in its Ethiopian subsidiary Kilitch Estro Biotech to HarmeeCare Pharmaceuticals, a state-owned enterprise set up under the laws of Ethiopia's Oromia Regional State, for US$12.855 million. The subsidiary brought in ₹47.57 crore, 20.20% of the company's revenue, last year and had negative net worth of ₹8.43 crore. The board also approved converting up to ₹57 crore of loans to the subsidiary into equity.
• Rane Holdings will subscribe ₹80.85 crore to a rights issue of ZF Lifetec Rane Automotive India, its 49%-owned joint venture with ZF, at ₹1,567 a share.
• Petronet LNG signed a binding term sheet with Gruner Renewable Energy for a 50:50 joint venture to build 10 compressed-biogas plants of 18 tonnes a day each, at an estimated ₹1,200 crore.
• Dalmia Bharat Sugar and Industries: its Tanzanian subsidiary Eagle Agrotech Tanzania signed a US$87.5 million term loan with CRDB Bank for the US$132 million sugar plant (3,500 tonnes of cane a day, with a 20 MW co-generation unit) approved in July. The Indian parent will back 51% of the principal with a standby letter of credit.
• Pitti Engineering's board approved ₹450 crore of capex, in phases to FY2030-31, to raise sheet-metal capacity to 1,60,000 tonnes a year from 1,08,000 and consolidate its Karnataka lamination plants.
• NTPC: Life Insurance Corporation of India raised its holding to 7.004% from 5.002% through market purchases of 19,41,37,077 shares between 10 October 2025 and 19 October 2026.
• Peak XV Partners sold 1,07,55,495 shares (3.30%) of Honasa Consumer (Mamaearth) on 30 September, cutting its holding to 11.50% from 14.80%.
• NewQuest Asia Fund IV sold 1,50,00,396 shares (2.56%) of Shadowfax Technologies, cutting its holding to 6.69% from 9.26%.

Orders and operations

• Magellanic Cloud: its subsidiary Provigil Surveillance emerged as the lowest (L1) bidder for Bank of Maharashtra's e-surveillance tender covering more than 1,550 sites, a bid of about ₹115 crore. It is not yet an order.
• Allied Blenders and Distillers began commercial operations at its malt distillery at Rangapur, Telangana, with approved capacity of about 4.4 million bulk litres a year, to make malt spirit for its whiskies in-house.
• eMudhra's board decided to withdraw from the global SSL/TLS certificate business, about 1% of revenue, a day after disclosing that browsers would distrust eight of its certificate authorities.
• JTEKT India approved adding about 0.8 million units a year of constant-velocity-joint capacity at Jalisana, Gujarat, by August 2028, to an existing 1.2 million running at about 90% utilisation. The cost is still to be finalised.
• Augmont Enterprises: a fire caused by a short circuit hit the Jaipur jewellery plant of its material subsidiary Ideal Fiscal Services on 22 October. The company reports "certain casualties / injuries", a disruption to manufacturing and an estimated loss of about ₹2 crore, which it says is insured.

Ratings and the fine print

• Archean Chemical Industries: Crisil downgraded its long-term bank facilities to Crisil A-/Stable from Crisil A/Negative; the rated amount rose to ₹1,531 crore from ₹265 crore. The readable part of the filing gives no reason.
• Kirloskar Electric: Crisil upgraded its ₹115.63 crore of bank facilities to Crisil BB/Stable from Crisil B+/Stable, and the short-term rating to Crisil A4+.
• Ramco Systems: ICRA upgraded its long-term rating to A-(Stable) from BBB+(Stable) and its short-term rating to A2+ from A2, on ₹150 crore of bank facilities.
• Indo Amines: Maharashtra's GST department began inspection and search proceedings under Section 67 of the state GST Act at the company's registered office on 22 October. The company says it is cooperating.
• Dalmia Bharat: in a postal ballot, 36.1% of institutional votes went against the remuneration of managing director Gautam Dalmia, and 34.5% against that of managing director Puneet Yadu Dalmia, for 2026–28. Both special resolutions passed, with 89.84% and 90.30% of all votes in favour.
• Kopran: an EU GMP inspection of its Khopoli formulation plant closed with no critical or data-integrity observations, but one major and some minor observations, which the company will answer.
• Anand Rathi Wealth: a postal ballot seeks approval for related-party transactions of up to ₹1,200 crore, buying and selling debentures and securities until March 2027, with Aligned Investment, a company the notice says is controlled by the spouse of joint CEO Feroze Azeez. It estimates about ₹96 crore of revenue from them. A second resolution changes the company's objects clause. Voting runs from 26 October to 24 November.

Dates to note

• 28 October: record date for Nippon Life India AMC's ₹9.50 interim dividend.
• 26 October to 24 November: e-voting on Anand Rathi Wealth's related-party and objects-clause resolutions.
• 5 January 2027: the Securities Appellate Tribunal's next hearing on Bhageria Industries' promoters' appeal against a 2023 SEBI order; the order stays suspended until then (filing).

What we're not reporting

The rest of the day was routine: notices of results meetings (Vedanta, Coal India, JSW Energy, NTPC Green, Info Edge, Divi's, Ipca, NCC, Chambal Fertilisers, National Aluminium and many others), earnings-call schedules and recordings, newspaper copies, compliance certificates, trading-window closures, ESOP allotments and small-company results.

Not read, so not reported:

• BSE documents not on disk (headlines only): Embassy Office Parks REIT, Anantam Highways Trust and Cube Highways Trust each filed a disclosure of a material issue with no detail in the headline; Elantas Beck India's CFO resigned (no name or date in the headline); Jivial Industries' board approved changing the objects of its IPO proceeds; Zelio E Mobility's and Sayaji Hotels' voting results (no outcome in the headline); exchange queries on price or volume moves at Fractal Analytics, Comfort Intech, Ashapuri Gold Ornament and several small companies.
• Fairchem Organics: the board approved buying two adjoining plots of land from its chairman and managing director and his relatives; the NSE outcome we read gives no price.
• Zydus Wellness: the exchange asked the company to clarify news reports that FSSAI has issued it notices over product claims; there was no reply document to read.

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.