Daily Filing Digest: Friday, 23 Oct 2026

A heavy results day. Welspun Corp's US arm won a pipe order of about ₹5,500 crore for a gas pipeline that will feed a hyperscaler's data centre. Tata Motors, now the commercial-vehicle company, grew truck and bus revenue 42% while its EBITDA margin fell 90 basis points, with the company citing commodity cost pressures, as its Iveco takeover nears settlement. IndusInd Bank made a ₹1,242 crore profit against a ₹437 crore loss a year ago. Dr Reddy's revenue slipped 1.5% as US sales of lenalidomide fell away, and its EBITDA margin dropped to 20.6% from 26.7%. Infosys grew 1.3% in dollars but 10.7% in rupees. BPCL is carrying ₹17,334 crore of LPG losses it has not booked as revenue. And the Directorate of Revenue Intelligence searched Tilaknagar Industries in an industry-wide review of bulk Scotch imports.

The ones to read first

• Welspun Corp: its US subsidiary Welspun Tubular LLC secured an order of about ₹5,500 crore from a midstream company for coated line pipes for a natural-gas pipeline in the Permian basin. The filing says the pipeline will serve "a data centre complex of one of the A-Grade Hyper scalers". The order will be executed from its US plant in FY29, and takes the global order book to a record of about US$5.25 billion (about ₹50,000 crore).

• Tata Motors (formerly TML Commercial Vehicles): the results show standalone revenue of ₹23,930 crore, up 42%, with the EBITDA margin down 90 basis points to 11.7%; the company says margin held from June "despite the significant impact from rising commodity costs". Free cash flow was ₹4,606 crore. Wholesales rose 42% to 135.1K units, and its domestic CV market share for the half year was 36.2%.

  • Iveco: the tender offer stays open until 26 October and settlement is scheduled for 30 October; the investor presentation shows 35% of shares tendered as of 22 October, at an offer price raised to €14.40 from €14.10.
  • Full read: Tata Motors Q2: Trucks Grow 42%, Margin Falls 90 bps

• IndusInd Bank reported a net profit of ₹1,242 crore against a net loss of ₹437 crore a year ago, and up 51% on a normalised ₹824 crore in June. Net interest income was ₹4,569 crore and the margin 3.23%, against 3.32%. Gross NPA fell to 2.73% from 3.25% in June, and provisions halved to ₹1,223 crore. The capital ratio is 16.59%.

  • Full read: IndusInd Bank Q2: Back to Profit, Margin Still Slipping

• Dr Reddy's Laboratories: its results presentation gives revenue of ₹8,671 crore, down 1.5%, and says "Reported YoY growth declined 1.5% due to lower lenalidomide sales"; excluding lenalidomide in North America, the company reports double-digit growth in its base business. North America revenue fell to ₹2,489 crore from ₹3,241 crore. EBITDA was ₹1,783 crore, 20.6% of revenue against 26.7% a year ago, and profit attributable to shareholders ₹925 crore; diluted EPS fell to ₹11.1 from ₹17.3. It also discloses two new USFDA Form 483s after pre-approval inspections in October, with 2 and 3 observations, at its FTO-11 and FTO-9 formulation plants in Andhra Pradesh.

  • Separately, the company appointed Akhil Ravi as Head, API and Services from 13 November; the filing says he is a related party, as son-in-law of Co-Chairman and MD G V Prasad.
  • Full read: Dr Reddy's Q2: Lenalidomide Fades, the Margin Follows

• Infosys reported revenue of US$5,145 million, up 1.3% on a year ago, and ₹49,244 crore, up 10.7% in rupees. The operating margin was 21.0%, unchanged, and free cash flow US$928 million. The board declared an interim dividend of ₹26 a share.

  • Full read: Infosys Q2: 1.3% in Dollars, 10.7% in Rupees

• Tilaknagar Industries: the Directorate of Revenue Intelligence began a search under Section 105 of the Customs Act on 22 October. The company says it relates to an "industry-wide review being undertaken with regards to the applicability of HSN Code for import of bulk Scotch".

Q2 results

• Bharat Petroleum (BPCL) reported standalone profit of ₹4,993.17 crore against ₹6,442.53 crore a year ago, on revenue of ₹1,57,778.58 crore; after June's loss, the half-year profit is ₹1,031.04 crore. Like HPCL, it carries a cumulative LPG "negative buffer" of ₹17,334.40 crore, up from ₹12,318.52 crore in March, which it has not recognised as revenue; ₹3,796.98 crore of a ₹7,594 crore government compensation was booked in the half year. The auditors note that BPCL did not have the required number of independent directors throughout the half year. Its board also approved a subsidiary, with authorised capital of up to ₹4,900 crore, for the proposed refinery and petrochemical complex at Ramayapatnam, Andhra Pradesh.
  • Full read: BPCL Q2: A $32 Refining Margin, a Smaller Profit
• Shriram Finance reported standalone profit of ₹3,677.03 crore against ₹2,307.18 crore, declared an interim dividend of ₹6.50 a share and will seek approval to renew its limit for privately placed debentures of up to ₹35,000 crore.
• JSW Steel's presentation shows revenue of ₹54,486 crore, adjusted EBITDA of ₹9,941 crore and net profit of ₹5,359 crore, with record crude steel output of 7.27 million tonnes and sales of 7.46 million tonnes. Net debt is 1.28 times EBITDA. The board approved a 5 MTPA expansion at the Sambalpur plant of JSW JFE Steel, its 50:50 joint venture with JFE.
• Coforge reported revenue of ₹61,708 million (about ₹6,171 crore, our arithmetic), up 53.6%, or 40.1% in dollars, and an EBIT margin of 16.0%. It raised its FY27 EBIT margin guidance to 16% from 15.5% and signed eight large deals. The quarter includes the acquired Encora: organic constant-currency growth was 3.8% from June, borrowings rose to ₹56,457 million from ₹6,082 million a year ago, and EPS grew 18.3% (fact sheet). Both documents say a US Form F-1 registration for certain Coforge securities has been filed with the SEC but is not yet effective. The board proposes Price Waterhouse Chartered Accountants LLP as statutory auditor for five years.
  • Full read: Coforge Q2: Encora Lifts Revenue 54%, EPS 18%
• CG Power and Industrial Solutions reported standalone sales of ₹3,505 crore, up 32%, and profit of ₹450 crore, up 46%, with order intake of ₹8,016 crore, up 90%, and a backlog of ₹21,820 crore. The board approved ₹68 crore for 10,000 MVA of extra power-transformer capacity and about ₹300 crore to expand capacity for OIP bushings at Ambad.
• Shree Cement reported consolidated revenue of ₹5,897 crore against ₹4,761 crore, but EBITDA rose only to ₹1,016 crore from ₹974 crore, and profit fell to ₹263 crore from ₹310 crore. Domestic volume grew 18% to 9.31 million tonnes. Its UAE subsidiary commissioned a 3.0 million-tonne cement mill.
• SBI Cards and Payment Services reported profit of ₹778 crore against ₹445 crore, while total revenue rose 3% to ₹5,302 crore and receivables fell 2% to ₹58,376 crore. The auditors' review report carries an emphasis of matter on an additional ₹100 crore impairment allowance held above its expected-credit-loss model.
• Bank of India reported profit of ₹3,202 crore, up 25.34%, with gross NPA at 1.60% and net NPA at 0.42%.
• Godrej Properties booked ₹8,008 crore of sales in the quarter and ₹16,659 crore in the half year, up 7%.
• Torrent Pharmaceuticals: its standalone results, now including J B Chemicals after the merger, show revenue of ₹4,145 crore against ₹2,762 crore and profit of ₹498 crore against ₹597 crore.
• Oracle Financial Services Software reported revenue of ₹1,907 crore, up 7%, and net income of ₹702 crore, up 29%.
• Jindal Steel reported standalone revenue of ₹15,270.45 crore against ₹12,108.60 crore and profit of ₹860.65 crore against ₹920.67 crore.
• Steel Strips Wheels' presentation shows record quarterly revenue of ₹1,930 crore, EBITDA of ₹235 crore and profit of ₹119 crore; the board approved a greenfield wheel plant at Chhatrapati Sambhajinagar of about ₹1,400 crore over 60 months.
• Sterlite Technologies (STL) reported record revenue of ₹2,529 crore and an open order book of ₹35,274 crore, and says it signed multi-year supply agreements with hyperscalers and telecom operators.
• Crisil reported September-quarter revenue of ₹1,095.2 crore, up 20.2%, and profit of ₹204.5 crore, up 5.9%.
• Banks and lenders: DCB Bank's profit rose 29% to ₹236 crore with gross NPA at 2.29%; CSB Bank's profit rose 14% to ₹183 crore, with gold loans up 36% to ₹22,303 crore; Jana Small Finance Bank raised its FY27 profit-growth guidance to 100% from 80% after a half-year profit of ₹326 crore, equal to all of last year.
• SBI Funds Management's presentation shows quarterly operating income of ₹23,361 million and operating profit of ₹17,972 million.
• Mahindra Logistics reported revenue of ₹2,095 crore, up 24%, EBITDA of ₹124 crore at a 5.9% margin, and profit of ₹26.2 crore.
• Westlife Foodworld (McDonald's west and south) reported revenue of ₹7.47 billion, up 16%, on same-store sales growth of 10.1%; operating EBITDA rose 29% to ₹981 million.
• Shakti Pumps reported half-year revenue of ₹16,047 million, up 24.5%, but says "Margins during the period moderated due to lower realisations, higher raw material costs and elevated logistics expenses"; half-year profit was ₹901 million.
• TruAlt Bioenergy reported half-year revenue of ₹1,437.98 crore, up 243%, and says its proposed sustainable aviation fuel plant at Srikakulam has secured a ₹150 crore grant sanction under the PM JI-VAN Yojana.
• Newgen Software reported revenue of ₹422 crore, up 5%, and profit of ₹87 crore, up 6%; SaaS revenue grew 36% to ₹63 crore.
• Shree Digvijay Cement reported a quarterly loss of ₹1,627.32 lakh on revenue of ₹27,930.79 lakh.

Deals and capital

• Atul's board approved an open-market buyback of up to ₹90 crore at no more than ₹7,500 a share, and proposes Price Waterhouse as statutory auditor for five years.
• Bajaj General Insurance (Bajaj Finserv's subsidiary) named Deepak Reddy CEO-designate, to take over as MD and CEO from 1 April 2027, subject to IRDAI approval; Tapan Singhel leads until 31 March 2027, in line with IRDAI's 15-year limit.
• Adani Green Energy calls an EGM on 16 November to approve related-party transactions and borrowing of up to ₹40,000 crore above its paid-up capital and free reserves.
• Kissht (OnEMI Technology) allotted 2,64,93,882 shares at ₹314.11 in its preferential issue, raising about ₹832.20 crore (our arithmetic); in-principle approval was reported on 20 October.
• Embassy Developments allotted 1,10,00,000 shares to promoter-group company Embassy Property Developments on conversion of warrants at ₹111.51, receiving the balance ₹91,99,57,500.
• Graphite India subscribed ₹58,70,84,478.75 (about ₹58.71 crore, our arithmetic) for 7,78,575 rights shares of Godi India, which researches supercapacitors and battery materials, raising its holding to 52.68% from 45.76%.
• Trent: its subsidiary Nahar Retail Trading Services signed a binding term sheet to sell all of Netria Property Holdings to TreBits Investment Trust for ₹11.25 a share, subject to the trust's initial public offer.
• Sancode Technologies: a subsidiary agreed to buy all of Cirtek Electronics Corporation of the Philippines for US$20,200,000 in two tranches.
• Great Eastern Shipping contracted to buy a 2015-built Very Large Gas Carrier of about 82,000 cbm, due to join the fleet in Q3 FY27.
• Jupiter Life Line Hospitals' board approved buying about 11,452.07 square metres of hospital land in Pune for ₹150 crore.
• Paradeep Phosphates signed an MoU with the Government of Odisha, intending to invest ₹4,750 crore in new chemical and fertiliser facilities.
• Jupiter Wagons signed a non-binding MoU with Poland's PESA to explore passenger rolling stock for India.
• ideaForge Technology: its US subsidiary terminated its joint-venture agreement with First Breach Inc. for First Forge Technology, because closing had not happened before the long-stop date.
• Open offers: four acquirers offer ₹2 a share for 26% of Charms Industries; for RR MetalMakers, SEBI had the acquirers raise the offer price to ₹36.83 from ₹23.85, including ₹12.98 of compensatory interest.
• Stake changes: Life Insurance Corporation cut its holding in Info Edge to 2.993% from 5.008% through market sales; Tikona's erstwhile promoter Gaurav Goyal sold 1,70,80,288 shares (56.13%) under the share purchase agreement and open offer; REA India raised its stake in Aurum PropTech to 24.49% through a share swap; Mayuka Holdings pledged 13.21% of MosChip Technologies to Infina Finance; FMR and Fidelity funds crossed 5% of Samhi Hotels (5.06%).

Orders and operations

• KEC International won new orders of ₹1,006 crore across transmission, civil and cables, including a 400 kV line in Oman.
• Jyoti Structures won a ₹689.93 crore (excluding GST) GETCO order for the 765 kV Pachchham–Saykha transmission line in Gujarat, to be built in 42 months.
• GK Energy received a letter of award from MSEDCL for 14,000 solar water pumps worth ₹330.29 crore including GST, to be executed in 60 days.
• ARSS Infrastructure Projects: its joint venture won an East Central Railway order of ₹239,59,95,539.39 (about ₹239.60 crore) to double 29.50 km of track in Dhanbad Division.
• Oil India discovered natural gas in the shallow-water KG-DSF/GSKW/2018 block in the Krishna-Godavari basin, with a maximum flow of 2 lakh standard cubic metres a day on testing.
• Vikram Solar says its 9 GW TOPCon cell plant at Gangaikondan, Tamil Nadu, is on schedule to produce its first cells in December 2026.
• DiGiSPICE Technologies: its material subsidiary Spice Money received the RBI's in-principle authorisation to operate as a Payment Aggregator-Physical.
• Godrej Consumer Products began commercial production at its plant in Kendal, Indonesia.
• Power Grid commissioned its Koppal-II and Gadag-II renewable-energy transmission project, with commercial operation from 23 October.

Ratings and the fine print

• Schaeffler India: police dropped the only non-bailable charge against CEO and MD Harsha Gopal Kadam, who was released on bail on 22 October; the Bombay High Court stayed further investigation on 23 October.
• Bajaj Housing Finance: CFO Gaurav Kalani resigned "due to personal reasons and for pursuing growth opportunities outside the organization", effective 22 January 2027.
• Whirlpool of India: at its material subsidiary Elica India, MD and CEO Pralhad Bhutada leaves when his term ends on 31 March 2027, and the CFO has resigned for personal reasons.
• The Investment Trust of India: CEO Amit Gopal Malpani resigned with effect from 22 October.
• ONGC: the Cabinet approved Executive Director Sunil Kumar as chairman, from on or after 7 December 2026.
• SecureKloud Technologies: SEBI's Recovery Officer issued prohibitory orders against promoters R S Ramani and Suresh Venkatachari over unpaid penalty dues, barring them from disposing of attached properties.
• TeamLease Services: the Gujarat High Court stayed EPFO proceedings against TeamLease Skills University until the next hearing on 1 December.
• Setco Automotive: the auditors issued a qualified conclusion because its overseas subsidiaries' figures are unaudited and management-certified.
• Shiva Cement (a JSW Cement company): the auditors flag a material uncertainty on going concern after a half-year loss of ₹4,420.01 lakh.
• Sobha: the Commissioner (Appeals) of Central Tax, Kochi, ruled on the tax department's appeal against an earlier order in Sobha's favour, over valuation in the "supply of capital goods to distinct persons"; the tax involved is ₹297.59 million plus interest and penalty, and Sobha will appeal to the GST Appellate Tribunal.
• Ashima: agreed to settle its HDFC Bank and BBK litigation by paying ₹18 crore, receiving about ₹4.06 crore back from HDFC Bank.
• Drug inspections: Gufic Biosciences got three Form 483 observations after a USFDA pre-approval inspection of its Pithampur plant near Indore; Gland Pharma got four at Dundigal, which it says "are procedural in nature"; Cipla's InvaGen plant in New York closed its inspection with zero observations.
• Patanjali Foods: Madhya Pradesh's food-safety authority ordered the recall of a batch of cow ghee as unsafe; the company is appealing.
• Zydus Wellness replied to the exchanges on reports that FSSAI had sent it a notice over product claims, saying its label statements are factual and substantiated.
• Ratings: Crisil upgraded IFB Industries' debentures to AA/Stable from AA-/Positive; Crisil downgraded Sintercom India to BB-/Stable, citing a longer working-capital cycle; India Ratings and Crisil rated Torrent Power's proposed ₹2,500 crore NCDs AA+/Stable.

Dates to note

• 26 October: Iveco tender offer closes; settlement on 30 October (Tata Motors).
• 29 October: record date for Shriram Finance's ₹6.50 interim dividend.
• 2 to 6 November: bidding window for Jindal Photo's delisting offer, at a floor price of ₹1,119.50 (letter of offer).
• 3 November: record date for Infosys' ₹26 interim dividend, paid on 11 November.
• 16 November: Adani Green Energy's EGM on borrowing and related-party approvals.
• 1 December: next Gujarat High Court date in TeamLease Skills University's EPFO matter.

What we're not reporting

The rest of the day was routine: notices of results meetings, 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): Grasim answered BSE's query on a report that the Bombay High Court quashed a ₹329 crore tax claim; Automobile Corporation of Goa filed a public announcement for a buyback (no size in the headline); Deepak Builders and Engineers' promoter filed reasons for an encumbrance; Unitech International called a meeting of its committee of creditors; Capital Infra Trust and Raajmarg Infra Investment Trust each filed a disclosure of a material issue with no detail in the headline; Vikram Kamats Hospitality partly reopened its Silvassa resort and closed a Bharuch hotel; new listings of Zetwerk Manufacturing, Tonbo Imaging, Sahajanand Medical Technologies, Bonfiglioli Transmissions, Shree Vasu Logistics and Shellz India; and exchange queries on price moves at Pind Hospitality, Vans Electroengineerings, Globalspace, Imec Services and several other small companies.

Correction, 25 October 2026: the Tata Motors line was corrected after publication. The filings do not size the commodity effect, so the 90-basis-point margin fall is no longer attributed to steel and rubber; the article's title changed to match.

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.