Daily Filing Digest: Sunday, 25 Oct 2026

Bharat Coking Coal swung to a ₹123.74 crore profit in the September quarter from a ₹52.99 crore loss, but the quarter includes ₹386.50 crore of performance-incentive and compensation income, and its half-year profit is lower, at ₹55.65 crore against ₹123.88 crore. Adani Power's quarterly profit more than doubled to ₹7,019 crore, with ₹2,422 crore of one-time income from past dues inside it; on its own "continuing" basis its EBITDA margin was lower than a year ago (our arithmetic). RailTel's revenue rose 20% while its profit fell 10%. Grasim said the Bombay High Court quashed an income-tax reassessment notice that alleged ₹329 crore of income had escaped assessment; the company says ₹329 crore is that alleged income, not a tax demand. Senco Gold signed to take a 68% stake in August Jewellery, owner of the Melorra brand, for ₹68 crore.

The ones to read first

• Bharat Coking Coal: the results and the results presentation show July–September revenue from operations of ₹4,412.58 crore against ₹3,173.25 crore, and a profit after tax of ₹123.74 crore against a loss of ₹52.99 crore. The presentation says the revenue includes "Recognition of PI and compensation of ₹386.50 Cr" (performance incentive and compensation), against nil a year earlier; without that income the quarter would have been a pre-tax loss of about ₹201 crore (our arithmetic, before any related costs). For the half year, profit before tax fell to ₹82.71 crore from ₹199.34 crore, coal production fell 12.51% to 13.78 million tonnes, and overburden removal fell 20.66%. Washed coal sold at ₹12,680.84 a tonne in the quarter against ₹9,437.15, which the company ties to higher international coal prices. The auditors' review conclusion is unmodified.

  • Full read: Bharat Coking Coal Q2: ₹386.5 Cr Incentive Lifts Profit

• Adani Power: the board's results (23 October, with the auditors' unmodified limited review conclusion on the consolidated statement) and the earnings presentation, filed on 25 October for a call on 26 October, show profit after tax of ₹7,019 crore for the quarter against ₹2,906 crore. Tax was a net credit of ₹230.60 crore, including a ₹1,211.43 crore reversal of earlier-years current tax that note 17 ties to the amalgamation of ten wholly owned subsidiaries. Reported revenue (total income) was ₹19,951 crore, which includes ₹2,422 crore of one-time prior-period income that the presentation describes as "realisation of past dues from customer" and the results notes tie to earlier years and Discom settlements. On its continuing basis, revenue was ₹17,528 crore, up 28.51%, and EBITDA ₹6,321 crore, up 18.53%; EBITDA as a share of continuing revenue was 36.1% against 39.1% (our arithmetic). Fuel cost rose 41.76% on 11.50% more power sold. Net debt was ₹45,846 crore at 30 September against ₹45,022 crore at 31 March.

  • Full read: Adani Power Q2: ₹2,422 Cr One-Time Income, Margin Slips

Results

• RailTel Corporation: the board approved standalone results for the quarter showing revenue from operations of ₹1,146.14 crore (₹1,14,614 lakh), up 20.5% from ₹951.36 crore (our arithmetic), and profit after tax of ₹68.56 crore against ₹76.07 crore, down 9.9% (our arithmetic). Project expenses rose to ₹722.12 crore from ₹560.93 crore, and exceptional items were ₹32.17 crore against ₹16.13 crore; the filing does not say what the exceptional items are. It declared an interim dividend of ₹1 a share (10%), with a record date of 30 October and payment on 20 November.
• Nesco: the newspaper extract of consolidated results shows total income from operations of ₹252.57 crore against ₹263.58 crore a year earlier (down 4.2%, our arithmetic) and profit after tax of ₹105.21 crore against ₹118.91 crore (down 11.5%, our arithmetic). For the half year, profit after tax was ₹205.17 crore against ₹215.05 crore. Only an extract is published in the newspaper, so no segment detail is available from this document.
• Tinna Rubber and Infrastructure: the updated investor presentation (first filed at 12:20 and re-filed as an updated version at 17:58) says "Consolidated Q2FY27 revenue, EBITDA and PAT grew 31%, 37% and 45% YoY", and that first-half consolidated EBITDA surpassed ₹63 crore and PAT reached ₹38 crore. Debt fell 9% to ₹111 crore from ₹121 crore at March.
• Monolithisch India (SME): the presentation shows consolidated quarterly revenue of ₹53.6 crore (up 88.2%), EBITDA of ₹15.8 crore and PAT of ₹11.2 crore (up 145.1%); for the half year, revenue was ₹100.8 crore and PAT ₹21.2 crore. It makes premixed silica ramming mass for induction furnaces in steelmaking.

Deals and capital

• Senco Gold signed on 25 October the share subscription and shareholders' agreements to take 68% of August Jewellery Private Limited, which owns the Melorra brand, for ₹68 crore in cash, invested in tranches; the filing calls it a primary investment in which fresh shares are issued. Completion is indicated for February 2027, subject to conditions precedent. The overall acquisition, including a promoter-group entity, would be 79% of the company, and the promoter group has an interest in it as a creditor. August Jewellery's turnover was ₹9,792.91 lakh in 2025-26 (about ₹97.93 crore, our arithmetic), against ₹3,324.87 lakh in 2024-25 and ₹17,362.71 lakh in 2023-24. It has 20 stores, and Senco currently manages them as master franchisee.
• Transworld Shipping Lines signed a Memorandum of Agreement, through its wholly owned subsidiary Transworld Sea-Connect IFSC, to buy two vessels, OEL Surya for US$22,030,000 and OEL Varun for US$20,750,000 (US$42.78 million together, our arithmetic), from Orient Express Lines Inc. The filing says the buyer and seller are "under common ultimate ownership / control", that this is a related-party transaction, and that it is on an arm's-length basis.
• Arvind said a garment plant in Varanasi, its first in Uttar Pradesh, was inaugurated by Prime Minister Narendra Modi. It was built with an investment of about ₹150 crore, has a stated revenue potential of ₹250 crore, and is expected to employ over 1,000 people, mainly women. Arvind says it will use its own knitted fabric.

Tax, contracts and rates

• Grasim replied to NSE and BSE about a news report that the Bombay High Court had quashed a ₹329 crore tax claim. The report, on NDTV Profit, was headlined "Bombay HC Quashes Rs 329 Crore Tax Claim Against Grasim Over Vodafone Idea Rights Issue". Grasim says that on a writ petition it filed, the High Court on 22 October quashed the income-tax reassessment notice dated 30 June 2026 (under section 148) and the consequential reassessment proceedings. The notice alleged that ₹329 crore of income from its participation in Vodafone Idea's FY2019-20 rights issue had escaped assessment. The company says ₹329 crore is that alleged income, not a tax claim or demand, so the report is factually incorrect to that extent; that the notice only proposed reassessment and determined no tax; that the potential tax of Rs. 114 crores, at the maximum marginal rate of 34.944%, would in any case have been below its materiality threshold; and that the matter has no financial or operational impact.
• SEPC said on 24 October it received hard copies of letters from the Executive Engineers of Jharkhand's drinking-water and sanitation divisions rescinding the agreements for seven ongoing rural water supply projects. It is "contacting the respective departments" and considering dispute resolution and arbitration. The filing does not give the contracts' value.
• GIC Housing Finance raised its benchmark prime lending rate by 25 basis points, to 17.95% from 17.70%, from 1 November 2026. The board approved it by circular resolution on 24 October.

Votes and ratings

• SKP Bearing Industries (NSE Emerge) said its postal ballot to move from the SME platform to NSE's Main Board passed with the requisite majority, per the scrutinizer's report (the cover letter does not give the percentages).
• Royal Sundaram General Insurance: ICRA reaffirmed AA+ with a stable outlook on its ₹50 crore of subordinated debt.

Dates coming up

• 28 October: ECL Finance's board meets to consider its unaudited results for the quarter and half year ended 30 September.

What we're not reporting

The rest of the NSE list was routine: share allotments on ESOP exercise, newspaper copies of results already reported, investor-call recordings and notices, small-company presentations and the items listed above under "Deliberately NOT reported".

Not read, so not reported:

• BSE-only items from the Alagu witness crawl (headlines only, no document read): Kilburn Office Automation's chairperson and director resigned (Yogesh Ramniwas Mandhani); Bharat Parenterals filed a revised EGM voting result and the approval of a preferential issue by shareholders at its 23 October EGM; Fratelli Vineyards filed a notice about its rights issue; Crescentis Capital called a fund-raising committee meeting for 29 October on a rights issue; Konndor Industries filed receipt of a sub-contract order (value not in the headline); board-meeting notices from GMR Airports and Moschip Technologies (28 October) and Entertainment Network (India) (3 November); small filings from Alphalogic Techsys, iStreet Network, Diksat Transworld, Galada Power & Telecommunication and Netripples Software.

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.