Daily Filing Digest — Tuesday, 27 Oct 2026

Maruti Suzuki sold a record 696,654 units but its profit fell 26.9%, while material cost rose to 79.9% of net sales from 75.7%. L&T booked record orders of ₹1,47,665 crore, yet its EBITDA rose only 1%. Waaree Energies' operating EBITDA margin fell to 17.8% from 23.2%, with a ₹360.40 crore US tariff refund inside revenue and no quarter stated. SAIL's profit rose to ₹1,773.73 crore from ₹426.79 crore, while its auditors noted a board short of independent directors. Tata Motors' offer for Iveco became unconditional, with acceptances taking it to 89.42% of Iveco's share capital net of treasury shares. In the fine print: HDFC Bank's CEO changed hands; public institutions cast 82.87% of their votes against Privi Speciality Chemicals' merger, which still passed; and Sky Gold disclosed, only in the notes to its results, up to ₹10.70 crore of unauthorised transfers at a subsidiary, tied to a deep-fake compromise of an employee's devices.

The ones to read first

• Maruti Suzuki reported record quarterly sales of 696,654 units, up 26.5%, and standalone net sales of ₹50,615.5 crore (converted from ₹ million), up 26.1%, but operating EBITDA fell 6.3% to ₹4,763.3 crore and profit after tax fell 26.9% to ₹2,414.9 crore (all standalone, with last year restated for the merger of Suzuki Motor Gujarat). The investor presentation puts material cost at 79.9% of net sales against 75.7% a year earlier and operating EBITDA margin at 9.4% against 12.7%; the company's listed negatives are adverse commodity prices "in the context of West Asia conflict", adverse foreign exchange and lower non-operating income from mark-to-market losses on invested surplus, set against improved realisation, operating leverage and cost reduction. Domestic market share rose 2.2 percentage points to 40.8%, and the company says "demand continued to outpace supply", with pending bookings of about 200,000 units; exports were 108,119 units against 110,487. The results carry an unmodified review report and a note that the company cannot yet estimate its obligation under the end-of-life vehicle rules because the certificate pricing and measurement framework is not yet available; the board also approved the incorporation of a not-for-profit Section 8 subsidiary, the Osamu Suzuki Centre of Excellence Foundation (not yet incorporated; Registrar of Companies approval required), with ₹1 lakh of initial capital, for manufacturing-skills training.
  • Full read: Maruti's Record Quarter: Volumes Up 26.5%, Material Cost Up to 79.9% of Sales.
• Larsen & Toubro reported a record quarterly order inflow of ₹1,47,665 crore, up 28%, and a consolidated order book of ₹8,53,514 crore, 54% international. Revenue was ₹78,750 crore, up 16%, and profit ₹5,202 crore, up 33%, but its presentation shows EBITDA of ₹6,845 crore, up only 1%, as the margin fell to 8.7% from 10.0%; it cites lower margins across the portfolio and a higher share of projects, products and manufacturing revenue. Other income rose to ₹2,306 crore from ₹1,384 crore, including a one-time gain on selling a business at L&T Technology Services. By segment, Energy-Conventional's margin fell to 7.4% from 8.2% (more orders at an early stage of execution in CarbonLite Solutions), Infrastructure to 5.7% from 6.2%, while Manufacturing & Products rose to 15.7% from 13.5%. The Hyderabad Metro sale is now expected by 31 December. L&T also won two design-and-build packages (track and electrical systems; signalling, telecom and platform doors) for Dhaka Metro Line 1; it classes the order as "Major", its band for ₹5,000 crore to ₹10,000 crore, and gives no exact value.
  • Full read: L&T's Profit Rose 33%. Its EBITDA Rose 1%..
• Waaree Energies reported consolidated revenue of ₹7,517.7 crore for the September quarter, up 23.9%, but operating EBITDA fell 5.1% to ₹1,335.2 crore, so the margin dropped to 17.8% from 23.2%, and profit was ₹753.6 crore, down 14.2%. For the half year, revenue was ₹15,449.5 crore, up 47.3%, and profit ₹1,645.5 crore, flat (down 0.3%); its order book is about ₹59,200 crore. Retail revenue was ₹5,753.0 crore in the half year against ₹1,976.8 crore, and cell production reached 1.1 GW in the quarter. The results notes say the group booked ₹360.40 crore of refunds of US reciprocal (IEEPA) tariffs as other operating revenue, and ₹25.13 crore as a reduction in the cost of assets and inventory, "during the period"; the note does not say which quarter, and the press release does not say whether operating EBITDA includes the refund. The same notes say US Customs has issued a notice of determination of evasion covering entries under anti-dumping and countervailing duty orders, for which it has sought an administrative review; the parent company's note adds that US Customs "has affirmed the Company position about not using the Chinese cell in the export of goods to USA over the period covered by investigation" while highlighting certain entries that need further review; the notes say no further adjustment has been made pending the outcome, beyond the ₹294.78 crore provision booked last year. Through its subsidiary it also completed the purchase of a 55% stake in Associated Power Structures for ₹1,225 crore on 18 June 2026, consolidated from that date. Separately, the board approved buying Waaree Green Data Centers and its two subsidiaries for ₹1 lakh in cash from its subsidiary Waaree Renewable Technologies, a related-party deal the company says is at arm's length; the company says it is "evaluating entering into the business" of data centres. A sales-department general manager was warned and directed to disgorge ₹4.34 lakh of profit to SEBI's investor fund, which the report says was remitted on 26 October 2026 after selling shares in June and buying back within six months without pre-clearance (insider-trading report).
  • Full read: Waaree: Margin Down 5.4 Points, Tariff Refund Undated.
• Syngene International's Q2 revenue was ₹833 crore (₹8,327 million), down 9% from ₹911 crore a year earlier but up 13% on Q1; operating EBITDA (company measure, excluding other income) was ₹147 crore at an 18% margin against 22% a year ago and 12% in Q1. Profit after tax was ₹32 crore after a ₹6 crore (net of tax) exceptional charge for employee termination benefits, against ₹67 crore a year ago and a ₹9 crore loss in Q1. In the press release CEO Siddharth Mittal calls the margin "in line with expectations", "primarily reflecting lower Zoetis revenues and forex hedge losses", and says that without the hedge loss it "would be in the mid-20s range"; the deck shows a net foreign-exchange loss of ₹61 crore against ₹12 crore.
  • It signed its first manufacturing agreement for the Bayview (Baltimore) biologics site, with drug-substance manufacturing expected next financial year; the results note shows ₹4,876 million (₹487.6 crore) of capital work in progress at that site, including ₹1,246 million of pre-operative costs that management considers eligible for capitalisation. The auditors' review report carries no qualification.
  • A management-change filing lists the CFO, Deepak Jain, leaving for personal reasons (the press release says he stays at least until the Q3 results; the filing says the timeline is to be agreed), the Head of Strategy, Ajay Tandon, resigning from 30 October, and the Heads of Chemistry and Biology leaving senior-management status as Discovery Services moves under the Chief Scientific Officer.
  • Full read: Syngene's Margin Fell Four Points. Its Currency Line Rose Six Points of Revenue..
• ACC reported consolidated revenue of ₹5,689 crore against ₹6,005 crore a year earlier, on 9.72 million tonnes of cement against 10.0 million, and operating EBITDA of ₹401 crore against ₹846 crore, so the margin fell to 7.0% from 14.1% and EBITDA per tonne to ₹414 from ₹849. Profit after tax was ₹93 crore against ₹1,119 crore, a base the company says included a ₹659 crore income-tax provision reversal and ₹205 crore of interest on a tax refund. Chief executive Vinod Bahety said "the reported numbers are not strictly comparable due to the impact of MSA", and the release ties the per-tonne figure to "higher MSA volumes with Ambuja"; (ACC's earlier filings call the MSA a Master Supply Agreement); none of the documents read sizes its effect on ACC's EBITDA. The results show exceptional items of ₹71 crore this quarter and ₹95 crore for the half-year, voluntary-severance costs, while the company has temporarily suspended manufacturing at certain facilities. They also show inter-corporate deposits of ₹4,403 crore (₹503 crore in the quarter) given to Ambuja Cements, which the note calls the ultimate holding company, at 8% a year, repayable by 31 March 2027, under shareholder approval of 1 April 2026, and the auditors draw attention to a Competition Commission case pending in the Supreme Court. Shareholders approved the merger into Ambuja on 29 September, and it now goes to the NCLT.
  • Full read: ACC's Margin Halved; Ambuja MSA's EBITDA Effect Unsized.
• SAIL reported standalone revenue from operations of ₹31,997.51 crore for the September quarter, up 19.8% (our arithmetic), on sales volume of 5.16 million tonnes against 4.91 million. Its press release gives EBITDA (company-defined) of ₹4,561 crore against ₹2,829 crore and profit after tax of ₹1,773.73 crore against ₹426.79 crore, after an exceptional charge of ₹72.69 crore (₹216.70 crore for the half year, which note 6 attributes to voluntary retirement compensation). Sales to government agencies, booked at provisional prices until a final price is agreed, were ₹2,712.55 crore in the quarter and ₹23,456.97 crore cumulatively; a footnote says the half-year and cumulative figures include ₹309.03 crore provided for a downward revision of rail prices for 2024-25. In the fine print, the joint auditors say the board lacks the required number of independent and non-executive directors and has no woman director, so the board and its audit and nomination committees did not comply with the Companies Act and listing rules; their conclusion is not modified. They also draw attention to the provisional-price sales, the voluntary-retirement charge and a note on the 2024 suspension of two directors and some officials over policy and pricing decisions, which the note says was revoked in June 2024 and is not expected to have a material impact. The notes carry ₹3,083.66 crore of sub-grade iron-ore fines inventory at the Gua mines (31.83 million tonnes), for which sale clearances are still awaited.
  • Full read: SAIL Q2: ₹1,773.73 Crore Profit, and the Notes Behind It.
• Radico Khaitan reported standalone net revenue of ₹1,745.1 crore, up 16.8% (gross revenue of ₹5,582.7 crore less ₹3,837.6 crore of excise duty, our arithmetic from the results), EBITDA of ₹356.5 crore, up 51.0%, at a 20.4% margin against 15.8%, and net profit of ₹230.9 crore against ₹139.0 crore. Volume of its Prestige & Above brands rose 35.8% to 5.28 million cases while Regular & Others fell 9.7% to 4.55 million; gross margin was 48.0% against 43.6%. The company says it built up grain stocks to blunt rising grain prices, which supported the quarter and raised working capital; net debt was ₹175.4 crore, down ₹68.7 crore from March. Managing Director Abhishek Khaitan said "We upgrade our Prestige & Above volume growth guidance to 30% and reiterate EBITDA margin guidance of around 20% for FY27." Separately, the Directorate of Revenue Intelligence visited its Delhi corporate office and its Rampur plant on 26 October, which the company says it understands is part of an industry-wide exercise, with no impact "as of now"; and the board made CFO Dilip Kumar Banthiya a whole-time director for three years from 28 October (subject to shareholder approval) and Saket Somani deputy CFO.
  • Full read: Radico Khaitan's 20% Margin and the Product Mix.
• Mazagon Dock Shipbuilders reported standalone revenue from operations of ₹2,228.1 crore (converted from ₹ lakh) for the quarter, down 23.9% (our arithmetic) from ₹2,929.2 crore, and profit after tax of ₹340.2 crore against ₹715.4 crore, a fall of 52.4% (our arithmetic). The provisions line was an expense of ₹413.2 crore against a net credit of ₹25.2 crore a year earlier, while cost of materials fell to ₹623.1 crore from ₹1,200.7 crore; the notes to the results do not comment on the fall, and the company is exempt from segment reporting. The board declared an interim dividend of ₹5 per share (face value ₹5), with a record date of 3 November and payment by 26 November.
  • Full read: Mazagon Dock: Standalone Profit Fell 52%. One Line Moved ₹438 Crore..
• Sky Gold and Diamonds, a B2B gold jewellery maker, plans to raise up to ₹1,800 crore through equity shares by way of one or more qualified institutions placements and/or any other permissible mode; its board approved the proposal on 27 October, subject to approvals including shareholders at an extraordinary meeting on 18 November. The notice lists working capital, debt repayment, subsidiaries, capital spending and acquisitions as uses, with no split. It also reported consolidated revenue of ₹2,390.66 crore for the September quarter, up 61.0% (our arithmetic), profit after tax of ₹129.35 crore against ₹66.99 crore, and EBITDA (company-defined) of ₹189.8 crore at a 7.94% margin against 6.7% (press release). Finance costs rose to ₹25.50 crore from ₹17.58 crore. In note 6 of the results, a wholly owned subsidiary, Starmangalsutra, was involved in a fraud incident with unauthorised fund transfers of up to ₹10.70 crore; the note says an employee's company-issued phone and laptop were compromised using "very advanced deep-fake methodologies"; a cyber-police complaint was filed, ₹3.35 crore was recovered and the remaining ₹7.35 crore is an exceptional item. The press release does not mention this.
  • Full read: Sky Gold's ₹1,800 Crore Raise and a Fraud Only in Note 6.
• Tata Motors (formerly TML Commercial Vehicles): its Dutch subsidiary's offer for Iveco Group drew 238,157,212 shares, 87.81% of Iveco's share capital, which would give it 89.42% net of treasury shares. The final results say the offer has become "fully effective and unconditional"; at €14.40 a share (the €14.10 original plus €0.30 added on 9 October) the tendered shares are worth about €3.43 billion (EUR 3,429,463,852.80), payable on 30 October (provisional results).
  • The acceptance period reopens for five trading days, 2 to 6 November, with payment for those shares on 13 November. The stated aim is delisting: above 90% but under 95% it will start a voluntary purchase procedure, at 95% or more a Dutch squeeze-out, and otherwise a post-offer demerger and liquidation already approved by Iveco's meeting of 16 October.
  • On the 23 October results call (transcript, filed 27 Oct), CEO Girish Wagh put the commodity cost effect at "almost 540 bps" year on year and expects 150 to 200 bps more in Q3. The company has raised prices four times this year (about 1% in January, 2% in April, 2.5% in July, 1% to 2% from 1 October), which he says "doesn't cover the commodity increases that we have seen". CFO GV Ramanan's margin bridge shows a variable-cost headwind of ₹1,416 crore, 590 bps of EBIT margin, offset by volume and mix (₹1,159 crore) and realisation (₹1,017 crore). The Indonesia order is about 70,000 vehicles, supplied at 4,500 to 5,000 a month.
  • Amazon and Tata Motors announced a plan to deploy 3,000 electric trucks, starting with Tata Ultra E.7 trucks in Delhi; Tata supplies the trucks and Amazon's carrier partners own and operate them. The release gives no order value.

Results and updates

• Allied Blenders and Distillers reported consolidated income from operations of ₹1,152 crore, up 15.8%, on a record 10.0 million cases (9.0 million a year earlier), but EBITDA of ₹143 crore rose only 10.0% and the margin slipped to 12.4% from 13.1%; profit after tax was ₹69 crore, up 9.7%. The investor presentation shows the gross margin rose to 45.3% from 44.4%, which it says came from premiumisation and backward integration, and says the EBITDA margin fell because "planned investments in people, core brands and newly established luxury portfolio" more than offset it; the company says that excluding a ₹29 crore supply-chain disruption hit, EBITDA would have been ₹172 crore at a 14.9% margin (its own like-to-like measure). Net debt to EBITDA was 2.2 times against 1.7 times in March. In the results the auditors draw attention, without modifying their conclusion, to a Canteen Stores Department demand of ₹33.99 crore (converted from ₹3,398.72 lakh) that the company is contesting in arbitration, and to tax and interest of ₹26.08 crore and ₹19.38 crore booked in FY26 after an Income Tax search (converted from lakh). The board also proposed a postal ballot on a revision in the Vice Chairperson Resham Chhabria J Hemdev's pay from 1 April 2026, without giving the new amount.
• Aditya Birla Sun Life AMC's call transcript (the call was held on 21 October): managing director and CEO A. Balasubramanian gave total revenue of about ₹526 crore against ₹506 crore and profit after tax of about ₹221 crore against ₹241 crore for the quarter. Its mutual fund quarterly average assets were ₹4.42 lakh crore, up 4%, and equity mutual fund assets about ₹2.09 lakh crore, up 9%; overall average assets including alternates reached ₹11.06 lakh crore, up 140%, a jump he says includes mandated money from ESIC and EPFO. September SIP contributions were ₹1,094 crore.
• Acutaas Chemicals reported consolidated revenue of ₹4,369 million (₹436.9 crore, converted), up 42.7%, with a gross margin of 62.1% against 55.8% and EBITDA of ₹1,760 million (₹176.0 crore), up 84.6%, at a 40.3% margin against 31.1%; profit after tax was ₹1,231 million (₹123.1 crore), up 71.4%. The presentation shows advance (pharmaceutical) intermediates revenue up 53.1% to ₹4,020 million and specialty chemicals down 20.0% to ₹349 million; it calls the commodity-chemicals decline part of a strategy to phase those products out, and says its BFC business was hit by a change of ownership at a US customer. Executive Chairman and Managing Director Naresh Patel raised FY27 revenue-growth guidance to around 30% from 25% and EBITDA-margin guidance to 38–40%. The results notes say a South Korea semiconductor-materials plant, in which a subsidiary has invested about ₹200 crore (KRW 30 billion), opened in August and was in trial runs at 30 September.
• Ador Welding's call transcript (held on 23 October): management gave quarterly revenue of about ₹345 crore, up 23%, a gross margin of 34.2%, EBITDA up 9% and a first-half EBITDA margin of 11.2%. Managing Director and CEO Aditya Malkani said "approximately 80% of the reason that you're seeing a gross margin dip has to do with quite severe inflation in costs across the board", with 15–20% from its growth plan, and that he expects a recovery; management says it has taken calibrated price increases. The board declared an interim dividend of ₹7.5 a share.
• Astec LifeSciences's newspaper extract of its results shows a standalone loss after tax of ₹37.43 crore for the quarter against ₹24.45 crore a year earlier (converted from lakh), on total income from operations of ₹72.62 crore against ₹74.82 crore; the half-year loss was ₹56.17 crore. The extract says its auditors expressed an unmodified review conclusion.
• AWL Agri Business (formerly Adani Wilmar) reported consolidated revenue of ₹22,202 crore, up 26% on underlying volume growth of 14%, and normalised operating EBITDA (EBITDA excluding other income) of ₹623 crore, up 11%; profit after tax was ₹239 crore against ₹245 crore, which it attributes to minimum corporate tax computed on the revenue of its Bangladesh subsidiary. Food and FMCG revenue rose 32% to ₹2,216 crore at a 3.2% margin, within its 3–4% guidance; the presentation shows that segment's EBITDA of ₹71 crore was down 7%. Edible oil EBITDA was about ₹4,100 a tonne on 5% volume growth, and industry essentials about ₹4,300 a tonne.
• Bajaj Auto reported standalone revenue from operations of ₹20,003 crore, up 34%, EBITDA of ₹4,172 crore, up 37%, at a 20.9% margin against 20.5%, and profit after tax of ₹3,354 crore, up 35%. Volumes rose 20% to 15.49 lakh units: exports up 41% to 7.79 lakh while domestic units rose only 4% to 7.70 lakh. The company says currency tailwind, operating leverage and cost control made up for only a partial recovery of input inflation through pricing, and that its electric portfolio, at about 200,000 units against 82,000, is now one-third of domestic revenues. Its notes say it cannot yet reliably estimate its obligation under the end-of-life vehicle rules because the certificate pricing is not notified.
• Bajaj Healthcare's call transcript (held on 19 October) has the CFO giving revenue of ₹175.9 crore, up 18.9%, formulations at ₹41.7 crore against ₹22.9 crore, export API up 28.5% to ₹62.6 crore and domestic API down to ₹71.6 crore from ₹76.3 crore. Gross margin was 48.3% and EBITDA ₹32.1 crore at 18.2%; an analyst put the gross-margin fall at about 225–250 basis points on the West Asia crisis, and the CFO attributed the steady EBITDA margin to product mix. Managing Director Anil Jain said the aim is revenue of ₹900–1,000 crore by FY29 with an EBITDA margin of 18–21%.
• Bharat Bijlee reported standalone revenue of ₹736.16 crore against ₹473.44 crore (up 55.5%, our arithmetic) and profit after tax of ₹46.04 crore against ₹28.23 crore. Power systems revenue rose to ₹440.11 crore from ₹259.76 crore, but its segment result rose only to ₹49.18 crore from ₹38.03 crore, a margin of about 11.2% against 14.6% (our arithmetic); industrial systems revenue was ₹296.05 crore against ₹213.68 crore and its segment result ₹30.00 crore against ₹13.90 crore, about 10.1% against 6.5%. Borrowings were ₹395.04 crore at 30 September against ₹301.00 crore at 31 March, and the auditor's review has no qualification.
• Bharat Seats reported revenue from operations of ₹709.22 crore against ₹458.60 crore a year earlier (up 54.6%, our arithmetic) and profit after tax of ₹15.20 crore against ₹9.90 crore (converted from lakh); finance costs fell to ₹2.26 crore from ₹2.99 crore. Its notes say an Income Tax search demand of ₹20.11 crore for earlier years was cut to ₹2.45 crore by the appeals commissioner, which the department is appealing, with a ₹7.57 crore demand for 2022-23 still pending and new penalties of ₹2.71 crore under appeal; the auditor draws attention to the matter without modifying its conclusion. The board also proposed a postal ballot to raise the limit for related-party transactions with NDR Auto Components, giving no amount, and approved up to ₹0.99 crore for a 26% stake in a solar power vehicle for captive supply in Haryana, due by the first quarter of 2027-28.
• Century Enka reported standalone Q2 revenue from operations of ₹558.23 crore (₹55,823 lakh), up 36.6% from ₹408.70 crore (our arithmetic), but cost of materials consumed rose faster, to ₹373.24 crore from ₹232.45 crore (66.9% of revenue against 56.9%, our arithmetic). Profit before tax was ₹27.51 crore against ₹25.66 crore, and earnings per share were ₹8.53 against ₹10.33. The auditor repeats an emphasis of matter on an excise dispute: a demand of ₹229.27 crore was cut to ₹7.30 crore plus interest and an equal penalty, the company's Supreme Court appeal is pending, and no provision is made. Consolidated revenue is the same.
• Capri Global Capital reported standalone Q2 revenue from operations of ₹1,398.03 crore, up 61.2%, and profit of ₹353.31 crore, up 66.9% (converted from ₹ million; percentages our arithmetic). Consolidated profit was ₹418.33 crore against ₹235.99 crore. Standalone impairment on financial instruments rose to ₹70.11 crore from ₹19.92 crore. The standalone ratios it reports are gross NPA 1.26%, net NPA 0.85% and capital adequacy 22.72%; the auditors' review conclusion is unmodified.
• Cipla reported Q2 consolidated revenue from operations of ₹7,404 crore, down 2% from ₹7,589 crore, EBITDA of ₹1,388 crore (18.7% margin) against ₹1,895 crore (25.0%), and profit attributable to owners of ₹877.54 crore against ₹1,351.17 crore, down about 35% (our arithmetic; results, EBITDA as the company defines it). Against the June quarter revenue rose 4% and the EBITDA margin about 200 basis points, the company says. North America revenue fell 19% to ₹1,643 crore ($172 million), India rose 12% to ₹3,516 crore, and "API and Others" fell 59% to ₹107 crore; net cash was ₹9,823 crore. The deck lists the US FDA approval of gAdvair Diskus, an exclusive US licensing and supply partnership with Qilu Pharmaceutical for a Keytruda biosimilar, and an exclusive licence from CTTQ for a bispecific HER2 antibody-drug conjugate.
• Concord Biotech reported consolidated Q2 revenue of ₹309.1 crore, up 25.1%, EBITDA of ₹104.4 crore, up 18.0%, and profit of ₹69.6 crore, up 10.3% (results). Gross margin fell to 76.2% from 80.2% and EBITDA margin to 33.8% from 35.8%, which the company puts down to "higher input costs & change in product mix"; API revenue rose 30% to ₹250.2 crore while formulations rose 6% to ₹58.9 crore, and domestic revenue rose 42% against 8% for exports. It completed a USFDA inspection of its Unit II formulation facility with one minor procedural observation it calls unrelated to GMP, got two ANDA approvals, and fixed 4 November as the record date for a 1:1 bonus issue.
• Dynamic Cables reported standalone Q2 revenue of ₹363.2 crore, up 29%, "operating profit" of ₹36.3 crore, up 18%, and profit of ₹22.1 crore, up 13% (results). Its operating margin was 10.0%, against 11.0% a year ago and 10.9% in the June quarter. The order book is about ₹829 crore, net debt ₹81.8 crore (₹58.2 crore at 31 March), and the managing director says the new plant, where machinery is installed, will contribute from the second half.
• Eternal's call transcript (call of 21 October, posted 27 October): Chief Financial Officer Akshant Goyal said food-delivery competition was higher than in previous quarters, "partly also driven by Zomato", and that "over the next 1 or 2 years, we expect the margins to remain flattish" as it reinvests in growth. On quick commerce he said the new stores will be mostly in smaller cities and that Blinkit's net order value is about ₹9 lakh per store per day against a steady-state guidance of about ₹11 lakh; asked about the $1 billion adjusted EBITDA guidance for FY29, he said "We maintain that guidance as of now." About 90-95% of its quick commerce range is first-party, and its unmonetised dark.ai, a privacy-focused LLM, is accounted for in the "Others" segment.
• FDC reported Q2 consolidated revenue from operations of ₹572 crore, up 21.0%, EBITDA (excluding other income) of ₹64 crore at an 11.2% margin against 7.1%, and profit after tax of ₹49 crore against ₹28 crore. Domestic formulations grew 22.6% to ₹467 crore, international formulations 28.5% to ₹75 crore, and APIs fell 4.8% to ₹28 crore. The board approved a buyback of up to 24,00,000 shares (1.47% of paid-up capital) at ₹500 a share, up to ₹120 crore, through a proportionate tender offer; the record date is 13 November and the promoters, who hold 69.66%, intend to participate.
• Gallantt Ispat's call transcript (the call is dated 21 October in the transcript): Q2 revenue of ₹1,146 crore was up 13% from ₹1,013 crore, but EBITDA fell to ₹111 crore (9.64% margin) from ₹185 crore (16.19%) in the June quarter and ₹135 crore (12.91%) a year earlier, and profit after tax to ₹61 crore from ₹89 crore. Management blames a planned shutdown at Gorakhpur to integrate expanded capacity, an unplanned extension of a power-plant shutdown and higher input costs; TMT sales were 1,65,000 tonnes against about 1,92,000 in the June quarter. The expanded Gorakhpur capacity (1 to 1.23 million tonnes) is expected from November, it was awarded a coal block in Singrauli in August, it carries no term loans on its ₹3,000 crore programme (₹650 crore spent so far), and it will present a larger growth plan in Q4 FY27.
• Gandhar Oil Refinery reported record consolidated Q2 revenue of ₹1,847 crore, up 73%, EBITDA of ₹288 crore against ₹66 crore, and profit of ₹186 crore against ₹40 crore. First-half manufacturing volumes were nearly flat at 2,63,899 kilolitres against 2,61,524, while the company puts its gross margin spread at ₹29,128 per kilolitre, 3.0 times a year ago and in line with the June quarter (our reading: the gain is in the spread, not volume). The results show profit after a ₹21.29 crore exceptional charge for stock lost and repairs after July flooding at its Silvassa unit, with the insurance claim not booked as income; management says West Asia developments hit base oil availability, pricing and shipping, and its deck says CRISIL reaffirmed A+/Stable and raised rated bank facilities to ₹1,014 crore.
• Godrej Properties's call transcript (call of 23 October): Chairperson Pirojsha Godrej said Q2 total income rose 38% to ₹2,575 crore but EBITDA fell 72% to ₹171 crore and net profit 62% to ₹154 crore; for the half year income rose 13% to ₹3,912 crore while EBITDA fell 53% to ₹717 crore and net profit 50% to ₹504 crore, which he put down to "the back-ended nature of deliveries this year". Bookings were ₹8,008 crore in the quarter, down 6% year on year, and ₹16,669 crore in the half. He expects ₹15,000 crore of collections and ₹7,000 crore of operating cash flow in the second half, and positive free cash flow and a 20% reported return on equity in FY28.
• Gravita India reported consolidated Q2 revenue of ₹1,427 crore, up 38%, on volume up 3%; EBITDA (adjusted for currency and metal hedging results and credit-loss items, as the company defines it) of ₹143.37 crore, up 28%, a 10.04% margin against 10.80%; and profit of ₹102.01 crore, up 6%, a 7.15% margin against 9.27%. The results note that the acquired copper business (Rashtriya Metal Industries) makes the figures not comparable with last year; standalone revenue fell to ₹786.91 crore from ₹852.20 crore and standalone profit to ₹47.34 crore from ₹87.22 crore. The board declared an interim dividend of ₹7.70 a share (record date 3 November), and the company stopped the operations of its subsidiary Gravita Metal Inc., moving its business to other plants, which it says has no material impact.
• GP Petroleums (IPOL lubricants) reported standalone Q2 revenue of ₹340.75 crore against ₹152.35 crore a year earlier, and profit of ₹15.27 crore against ₹5.47 crore; profit was lower than the ₹21.19 crore of the June quarter. The segment table shows the jump is largely trading (base oil, bitumen, RPO and fuel oil): trading revenue was ₹119.92 crore (₹17.88 crore a year ago) with a segment profit of ₹4.42 crore (a loss of ₹0.18 crore), while manufacturing revenue was ₹220.83 crore (₹134.47 crore) and its segment profit ₹16.62 crore, down from ₹25.85 crore in the June quarter. The press release gives EBITDA of ₹21.04 crore at a 6.2% margin (5.4% a year earlier) and cites a board approval to raise up to ₹130 crore through NCDs and OCDs from RevX Special Credit Opportunities Fund II. In the half year, the cash flow statement shows trade receivables up ₹82.29 crore and net cash from operations of minus ₹5.29 crore.
  • The board also made Arjun Verma (until now whole-time director; the profile calls him the CFO) managing director for three years, subject to shareholder approval, and re-designated Ayush Goel from chairman and managing director to executive chairman.
• Honeywell Automation India reported standalone Q2 revenue of ₹1,223.9 crore, up 6.5% (converted from ₹12,239 million), and profit of ₹133.7 crore, up 11.9% from ₹119.5 crore and down from ₹150.7 crore in the June quarter (our arithmetic). Our reading of the margin: operating profit before other income (profit before exceptional items and tax plus finance costs and depreciation, less other income) was about 12.7% of revenue against about 11.4% a year earlier. Employee costs rose 12.7% to ₹227.2 crore, and net cash from operations in the half year fell to ₹42.5 crore from ₹241.8 crore (converted from ₹ million). It has one segment and no subsidiaries.
• Huhtamaki India reported net sales of ₹748.1 crore for July-September 2026 (the company's third quarter; year ends December), up 23.7%, but EBIT before exceptional items of ₹52.1 crore, "broadly in line" with last year, at a 7.0% margin on net sales (our arithmetic: about 8.6% a year earlier). The managing director, Kamal Taneja, credits volume growth and "pass through of material cost increases". The results show profit of ₹29.7 crore against ₹36.8 crore after a ₹9.6 crore exceptional charge to consolidate its pressure-sensitive labels operations at two plants and close one (₹3.57 crore accelerated depreciation and ₹6.03 crore employee settlement accrual); nine-month EBIT before exceptional items was ₹152.8 crore, up 22%, and includes ₹8.8 crore of extra depreciation booked in Q1 for FY24 and FY25 after the company found it had used the wrong method, which it judged not material.
• IFB Industries reported consolidated Q2 revenue from operations of ₹1,575.78 crore, up 15.0%, but profit of ₹38.34 crore against ₹50.79 crore, down 24.5% (our arithmetic). The segment table shows the home appliances segment earned ₹33.32 crore before interest and tax on revenue of ₹1,220.86 crore, against ₹54.24 crore on ₹1,092.64 crore a year ago (about 2.7% against 5.0% of segment revenue, our arithmetic), while engineering earned ₹36.21 crore (₹29.19 crore). Its share of loss in its associate IFB Refrigeration was ₹6.56 crore against ₹1.76 crore. Standalone profit was ₹39.56 crore against ₹49.75 crore.
• IndiaMART InterMESH reported consolidated Q2 revenue from operations of ₹429 crore, up 10%, and net profit of ₹91 crore, up 10% from ₹83 crore but down from ₹172 crore in the June quarter (our arithmetic, from ₹ million). Standalone revenue was ₹389 crore, up 8%, which the company says was "primarily driven by improvement in realization from paying suppliers"; paying suppliers were 217,000, down 2% on the year, and standalone EBITDA ₹156 crore at a 40% margin. The results show other income of minus ₹7.6 crore against plus ₹106.7 crore in the June quarter, and the accounting-software subsidiary Busy Infotech earned a segment profit of ₹3.2 crore against a loss of ₹0.5 crore.
• Indoco Remedies reported consolidated Q2 revenue from operations of ₹506.92 crore, up 7.4%, and EBITDA of ₹46.4 crore at 9.2% of net sales (company figures, from ₹ million). Before exceptional items it still made a loss of ₹12.95 crore (₹13.00 crore a year ago); profit of ₹19.47 crore, against a loss of ₹9.21 crore, comes from a ₹37.14 crore exceptional gain, of which ₹36.63 crore is the sale of its Andheri (East) property and ₹0.51 crore is a trademark licence fee. The managing director says regulated international formulations grew 21.1% in the quarter. Separately, its CRO AnaCipher received ANVISA (Brazil) approval for its clinical and bioanalytical facilities.
• Indus Towers reported consolidated Q2 revenue of ₹8,516 crore, up 4.0%, EBITDA of ₹4,633 crore, up 0.4% (54.4% margin), and profit of ₹1,793 crore, down 2.5%. It says the year-ago quarter had a ₹195 crore write-back of provision for doubtful receivables; return on capital employed fell to 19.1% from 26.3%. Towers rose 5.6% to 270,480 and co-locations 5.9% to 440,153 (sharing factor 1.63), but sharing revenue per tower per month fell 2.0% to ₹66,532. The results note that an unnamed large customer is paying an amount equal to its monthly billing and that the group does not book straight-lining (revenue equalisation) income on that customer's lease rentals because of its financial condition.
• Iris Clothings (Doreme kidswear) reported Q2 total income of ₹62.22 crore, up 40.3%, and profit of ₹5.08 crore, up 23.3%; EBITDA of ₹9.47 crore was up 34.4%, which is about 15.2% of income against 15.9% a year ago (our arithmetic). The results show the growth was financed: in the half year inventories rose ₹18.95 crore, cash flow from operations was minus ₹16.13 crore, and short-term borrowings were ₹42.12 crore against ₹20.06 crore at March. They also say it is acquiring 51% of Infinia Lifestyle Private Limited for ₹57.12 crore, ₹32.12 crore in 77,08,183 new shares at ₹41.67 and ₹25 crore in cash, approved by shareholders on 3 August and still subject to regulatory approvals.
• ixigo (Le Travenues Technology)'s call transcript (call held 19 October; results were out then) shows what sits under the record profit: group CFO Saurabh Devendra Singh gives reported Q2 profit of ₹63.42 crore, which includes a one-time ₹40.66 crore gain from selling part of its Freshbus stake on 13 August, while adjusted EBITDA fell 17% to ₹23.58 crore. Revenue from operations rose 13% to ₹320.96 crore; flights revenue fell 8% as the gross take rate dropped from 9.4% to 7%, and hotels, now reported separately, had gross transaction value of ₹111.34 crore and a segment loss of ₹1.21 crore.
• JSW Cement reported consolidated Q2 revenue of ₹1,912 crore, up 33%, on volume up 26% to 3.93 million tonnes (cement up 39%), but operating EBITDA of ₹277.8 crore was up only 4%, or ₹708 a tonne; profit was ₹77.6 crore. The presentation shows EBITDA excluding the North region at ₹821 a tonne, cement realisation down 3.4% from June, raw material plus power and fuel cost 19.2% a tonne higher on the year, and net debt of ₹4,287 crore, 3.26 times trailing EBITDA. The North region's Nagaur unit ran at 75% utilisation with positive EBITDA.
  • The board approved a 2.0 million tonne GGBS mill at Vijayanagar (about ₹509 crore, by May 2028) and a 2.0 million tonne grinding mill at Dolvi (about ₹569 crore, by October 2028), both funded by internal accruals and debt, with the company's capacity at 64% utilisation. A corporate guarantee of up to ₹60 crore goes to IndusInd Bank for a facility to subsidiary JSW Green Cement.
  • The results note that June-quarter other income included a ₹55.21 crore gain from a joint-venture stake dilution; the press release says JSW Cement will issue 5 shares for every 41 Shiva Cement shares in its proposed merger with the listed subsidiary, expected in 12-14 months. The IPO monitoring agency reports no deviation from the stated uses of the ₹1,600 crore issue, with ₹22.9 crore of the Nagaur allocation unspent (converted from ₹229.05 million).
• JSW Infrastructure reported consolidated revenue of ₹1,481 crore, up 17%, operating EBITDA of ₹674 crore, up 11%, and profit of ₹328 crore against ₹369 crore a year earlier, which it ties to unrealised forex losses from rupee depreciation. Ports revenue rose 9% to ₹1,202 crore but ports EBITDA rose only 2% to ₹594 crore (a 49.4% margin, our arithmetic); logistics EBITDA rose to ₹81 crore from ₹25 crore, at a 28.9% margin against 15.2%, as the rail fleet grew from 42 to 78 rakes. The results include NCR Rail Infrastructure, bought through insolvency and controlled from 10 September, accounted provisionally. CARE's monitoring report shows ₹1,055.61 crore of the ₹6,555 crore raised from institutions in June spent by 30 September, with ₹5,499.39 crore unutilised and held in fixed deposits.
• Jubilant Ingrevia reported consolidated revenue of ₹1,394 crore, up 24%, EBITDA of ₹221 crore, up 51%, at a 16% margin, and profit of ₹111 crore, up 61%, with no exceptional items in the quarter. Specialty Chemicals had EBITDA of ₹140 crore on revenue of ₹560 crore (25% margin); Chemical Intermediates EBITDA rose 226% to ₹64 crore on better realisations, while Agrochemicals stayed under pressure from China's overcapacity. The results record a binding term sheet to buy 40% of ZettaOne Technologies, an electronics manufacturing services firm, for about ₹189.2 crore (INR 18,920 lakh); the company says the shareholders' agreement is still to be concluded.
• Kanpur Plastipack (FIBC bulk bags) reported consolidated total income of ₹240.2 crore, up 44.2%, EBITDA of ₹26.6 crore, up 58.5%, at an 11.1% margin against 10.1%, and net profit from continuing operations of ₹16.1 crore against ₹7.9 crore (converted from ₹ million). Europe was 65% of its geographic mix and food 44% of end markets. Its results show no exceptional items; other income was ₹3.9 crore in the quarter against ₹1.3 crore a year earlier (converted from lakh). Heavy rain has pushed back some building and machine-commissioning dates, with the new Unit 3 FIBC building now due by 30 October.
• Kirloskar Brothers reported consolidated revenue of ₹1,277 crore, up 24%, EBITDA of ₹143 crore, up 16%, at an 11.2% margin against 12.0%, and profit of ₹75 crore, up 4% (converted from ₹ million). Orders received were ₹2,047 crore, up 68%, and the order book ₹4,628 crore at 30 September, up 30%. The presentation shows gross margin fell to 49.2% from 53.6%; its EBITDA includes other income of ₹18.9 crore. The results show no exceptional item this quarter.
• Kirloskar Pneumatic reported its order book at ₹2,040 crore on 1 October, up 10% from ₹1,863 crore at the start of the year. Its standalone results show quarterly revenue from operations of ₹319.7 crore against ₹378.1 crore, and profit before exceptional items of ₹39.6 crore against ₹57.0 crore (converted from ₹ million). An exceptional gain of ₹11.0 crore, from a state agency acquiring 7,200 square metres of its Nashik land for a ring road, lifted profit before tax to ₹50.6 crore; profit after tax was ₹39.8 crore against ₹43.2 crore. The managing director says geopolitical tensions and shipping disruptions delayed export dispatches and caused "deferred order finalizations". It also signed an MoU with Kobe Steel of Japan to explore oil and gas opportunities; it sets no financial terms.
• Knack Packaging reported consolidated revenue of ₹294.8 crore, up 52.5%, EBITDA of ₹49.8 crore, up 29.9%, and profit of ₹25.0 crore, up 21.2% (converted from ₹ million). Its EBITDA margin fell to 16.35% from 19.2%, which it blames on polymer and freight costs, saying customer price increases should show in realisations from Q3. Its EBITDA includes other income (₹9.7 crore this quarter against ₹2.3 crore in Q1); without it the margin is 13.6% against 16.6% a year ago (our arithmetic). A Mexican joint venture cost it ₹2.6 crore in the quarter. The presentation announces a renewed three-year contract with an unnamed international customer worth about ₹150 crore a year (60 million bags); the results show no exceptional item this quarter.
• LT Foods reported consolidated quarterly total revenue of ₹3,253 crore (including other income), up 17%, EBITDA of ₹358 crore, up 13%, at an 11.0% margin against 11.4%, and profit of ₹180 crore, up 10%. For the half year, revenue was ₹6,414 crore, up 22%, and gross margin fell 190 basis points to 32.5%, which it attributes to a change in shipment terms with related parties from CIF to C&I; EBITDA margin fell 50 basis points to 11.2% on remodelling of the organic business and higher brand investment. Its results show no exceptional item.
• Lumax Industries' newspaper extract of its results (board meeting 26 October) shows consolidated revenue from operations of ₹1,341.84 crore, up 33% from ₹1,008.60 crore, and profit after tax and exceptional items of ₹51.99 crore against ₹35.64 crore (converted from lakh). Exceptional items added ₹16.5 crore to pre-tax profit (our arithmetic: ₹69.57 crore after against ₹53.12 crore before); the extract does not say what they were. Only the newspaper extract was filed on 27 October; we have not read the full results.
• Macpower CNC Machines reported quarterly revenue of ₹120.3 crore, up 40.4%, EBITDA of ₹19.9 crore, up 40.8%, at a 16.6% margin against 16.5%, and profit of ₹13.5 crore, up 43.7% (converted from ₹ million). Its pending order book was ₹476 crore (management says up 36% on a year earlier), about 40% from its NEXA series, and it guides for revenue growth of more than 35% this year. It is spending about ₹50 crore on a new plant on 13 acres at Chhapra, due to be operational by the second quarter of FY28, with backward integration into critical components.
• Mahindra Logistics' call transcript (results reported 23 October) adds that its Rivigo express business had its first EBITDA-positive quarter since acquisition, ₹2.3 crore on revenue up 69% to ₹169 crore; the call says the year-earlier quarter was a loss of about ₹9 crore. Adjusted EBITDA margin, after removing the Ind AS 116 accounting effect, rose to 2.9% from 1.8%, and consolidated net cash was ₹308 crore. Its standalone other income includes a one-time ₹15 crore dividend from a subsidiary, which drops out on consolidation.
• Mankind Pharma's newspaper extract of its results (board meeting 26 October) shows consolidated revenue from operations of ₹4,337.86 crore, up 17.3% from ₹3,697.16 crore, and profit after exceptional items and tax of ₹716.12 crore against ₹520.18 crore, up 37.7%; profit before exceptional items and tax was ₹929.11 crore against ₹624.02 crore. The extract does not itemise the exceptional items. We have read only the extract, not the full results.
• Maral Overseas reported quarterly revenue of ₹301.3 crore, up 20.7%, and a profit before tax of ₹7.5 crore against a loss of ₹3.1 crore a year earlier (converted from lakh). Other income was ₹6.9 crore, so profit before tax excluding it was about ₹0.6 crore (our arithmetic). Yarn segment profit before interest rose to ₹13.2 crore from ₹6.9 crore; the garment segment's loss narrowed to ₹0.5 crore from ₹4.6 crore. The board also approved capex of up to ₹180 crore, funded by bank finance and internal accruals, to modernise the Sarovar plant, including a melange yarn unit (290 tonnes a month), with phases running to 2030, and raised its planned investment in a 15 MW captive solar project, a 26% stake in Asawata Energy, to ₹3.64 crore from ₹2.60 lakh.
• MedPlus Health Services reported consolidated Q2 revenue from operations of ₹2,037.1 crore (converted from ₹ million), up 21.3% (our arithmetic), but profit after tax of ₹56.1 crore was almost flat against ₹55.5 crore. Pre-tax profit was ₹70.1 crore against ₹68.9 crore, so pre-tax profit as a share of revenue fell to 3.4% from 4.1% (our arithmetic). By segment, retail profit fell to ₹55.8 crore from ₹59.2 crore on revenue of ₹1,995.8 crore, while diagnostics profit rose to ₹4.9 crore from ₹0.2 crore on revenue of ₹41.1 crore; half-year profit after tax was ₹89.2 crore against ₹97.8 crore.
• Max Financial Services said its subsidiary Axis Max Life's value of new business was ₹1,180 crore in the half-year, up 21%, with a margin of 25.4% (up 210 bps) and individual adjusted first-year premium of ₹4,368 crore, up 12%; for Q2 the value of new business was ₹734 crore, up 15%, at a 27.0% margin (presentation). Consolidated profit after tax was ₹100.3 crore for the quarter against ₹5.9 crore a year earlier and ₹218.6 crore for the half-year against ₹92.3 crore (results). The notes record that SEBI's final order of 24 August 2026 disposed of its proceedings on past Axis Max Life share transactions without directions or penalty, and that the board's in-principle plan to merge the company into Axis Max Life still needs approvals including IRDAI's.
• Mahindra Holidays & Resorts India's transcript of its 21 October results call (results themselves were out then; this is the late-filed transcript) has the managing director saying total sales value including upgrades grew 6% to ₹141 crore, upgrade value grew 26% to ₹83 crore and average unit realisation grew 43% to ₹13.4 lakh. It exited six resorts in the quarter, taking the network to 5,762 keys across 106 resorts (a net fall of 103 keys), with 442 keys under renovation, and plans about 1,000 gross keys in the next six months; resort revenue grew 15%, "the highest it has been in the last 8 quarters". The CFO gave standalone EBITDA of ₹124 crore against ₹141 crore and profit of ₹43 crore against ₹52 crore, and said the Finnish unit's strategic review is in progress.
• Morepen Laboratories reported consolidated Q2 revenue from operations of ₹746.5 crore (converted from ₹ lakh), up 81% from ₹411.6 crore, and profit after tax of ₹88.9 crore against ₹41.0 crore, which last year included ₹25.8 crore of exceptional income. Its press release says CDMO revenue was ₹253 crore against ₹58 crore in Q1, 52% of combined API and CDMO revenue, as the ₹825 crore global CDMO mandate is in regular commercial supply, and quotes managing director Sanjay Suri that "the first phase of capacity expansion has been completed at 614 KL, ahead of schedule", with 800 KL targeted by Q2 FY28 (presentation). Read against the results: the release's "revenue" of ₹755 crore matches total income (₹755.2 crore), not revenue from operations; its 17.45% EBITDA margin is on that total income (EBITDA of ₹131.8 crore is our arithmetic from the results); and selling and distribution expense rose to ₹78.3 crore from ₹13.9 crore. The results notes also say a High Court order of 14 October quashed a GST show cause notice for ₹117.94 crore, so a ₹317.37 crore contingent liability at 31 March no longer exists, and CARE's monitoring report on the ₹200 crore 2024 QIP shows ₹7.98 crore unspent, with the capex timeline extended twice and a stated risk of cost overrun.
• Navkar Corporation filed its parent JSW Infrastructure's media release: Q2 revenue from operations of ₹1,481 crore, up 17%, operating EBITDA of ₹674 crore, up 11%, and profit after tax of ₹328 crore against ₹369 crore, which JSW Infrastructure attributes primarily to unrealised forex losses from rupee depreciation. Its logistics segment's EBITDA was ₹81 crore against ₹25 crore with a margin of 28.9% against 15.2%, driven in the company's words by rail logistics, with the rake fleet at 78 against 42 and 110 targeted by March 2027. The presentation shows Navkar Corp's own Q2 revenue at ₹223 crore against ₹162 crore and operating EBITDA at ₹33 crore against ₹24 crore.
• Neochem Bio Solutions reported standalone half-year revenue from operations of ₹68.92 crore (converted from ₹ lakh) against ₹45.83 crore a year earlier, and profit after tax of ₹7.85 crore against ₹5.48 crore, with an unmodified review report. The board also appointed Harshit Shah as chief financial officer and Vikram Nair as chief commercial officer from 27 October; Pradip Solanki ceases as CFO and moves to a senior management role.
• NIIT Limited reported consolidated Q2 revenue of ₹98.2 crore (converted from ₹ million), up 3% on the previous quarter and down 6% on a year ago, with company-defined EBITDA of ₹2.7 crore against ₹1.3 crore. The results show a pre-tax loss before exceptional items of ₹0.79 crore against a profit of ₹4.9 crore, a loss after tax of ₹1.84 crore against a profit of ₹0.65 crore, and other income of ₹8.5 crore against ₹13.6 crore. AI offerings were 12.4% of revenue against 9% in Q1, and the board recommended Price Waterhouse Chartered Accountants LLP as statutory auditors for five years from the 2027 annual general meeting, replacing S.R. Batliboi & Associates LLP; Anish Sarkar became CEO from 14 October.
• Omaxe reported consolidated Q2 revenue from operations of ₹575.5 crore against ₹320.8 crore, and a pre-tax loss of ₹7.08 crore against ₹216.46 crore a year earlier; the loss attributable to owners was ₹25.14 crore against ₹166.61 crore, and finance costs were ₹36.6 crore against ₹64.7 crore. Consolidated other equity remained negative at ₹1,107.71 crore at 30 September (₹1,084.42 crore negative at March). Standalone profit after tax was ₹50.49 crore, with other income of ₹85.37 crore, and the standalone cash flow shows ₹72.47 crore of dividend income for the half-year; the auditors' review report is unmodified.
• OneSource Specialty Pharma reported consolidated Q2 revenue of ₹516.2 crore (converted from ₹ million), up 37%, and EBITDA of ₹163.3 crore, with margin at 31.6% against 28.3%; it attributes the growth to "new DDC capacity, strong MSA execution and multiple product launches across all business segments". Reported profit after tax was ₹57.5 crore against ₹10.5 crore a year earlier, and adjusted profit (excluding exceptional items and ₹344 million of scheme-related intangible amortisation, company-defined) was ₹93.7 crore against ₹44.9 crore (results). The deck reaffirms its FY28 outlook of $400 million organic revenue and $160 million EBITDA; separately the board moved Dr Claudio Albrecht from independent to non-executive non-independent director, subject to shareholder approval.
• Optimystix Entertainment India (an NSE Emerge SME listed on 14 August) reported standalone half-year revenue from operations of ₹71.75 crore (converted from ₹ lakh) against ₹72.18 crore a year earlier, and profit after tax of ₹14.60 crore against ₹11.62 crore. The IPO fresh issue of ₹87.5 crore had ₹42.43 crore used by 30 September, mainly for working capital (₹24.20 crore) and offer expenses, with ₹45.07 crore unspent in fixed deposits and no deviation from the stated objects.
• PG Electroplast reported consolidated Q2 revenue of ₹933.88 crore, up 42.5%, and profit of ₹13.67 crore against ₹2.76 crore (results). EBITDA was ₹69.14 crore against ₹44.68 crore, a 7.4% margin against 6.8%, but gross contribution (sales less raw-material cost, the company's measure) fell to 17.8% of sales from 21.6%. The company puts this down to commodity prices: pricing in the industry is typically on a "per-unit rupee margin basis", so higher input costs lower the percentage while per-unit economics stay stable, and it says cost increases were fully passed through to customers. For the half-year, sales were ₹2,967.83 crore, up 37.4%, and EBITDA ₹225.37 crore against ₹184.10 crore (the press release prints ₹255.37 crore, which does not match its own presentation or the results tables). The new washing-machine plant in Greater Noida (1.8 million a year) is online, and the company hopes two new facilities start commercial production in the fourth quarter.
• Piramal Pharma reported consolidated Q2 revenue of ₹2,617 crore, up 28%, EBITDA of ₹385 crore against ₹224 crore, a 14.7% margin against 11.0%, and a net profit of ₹5 crore against a loss of ₹99 crore. Contract manufacturing (CDMO) revenue rose 36% to ₹1,424 crore, complex hospital generics 32% to ₹849 crore (the Kenalog acquisition now contributes) and consumer healthcare 13% to ₹359 crore. The company says the margin gain came from higher capacity utilisation, operating leverage and cost optimisation. Profit before tax was ₹82 crore against a loss of ₹46 crore, but a tax charge of ₹77 crore took most of it away (results). It raised its FY27 outlook to revenue growth of 19% to 20% with "meaningfully higher profitability". Net debt rose to ₹4,859 crore from ₹4,164 crore at March, and it lifted its stake in vaccines and biologics maker Yapan Bio to 74% for about ₹76.09 crore. Its Bayer distribution agreement for consumer healthcare ends in December 2026, with "no material impact expected on FY27 guidance".
• Quick Heal Technologies reported consolidated Q2 revenue of ₹64.93 crore against ₹83.52 crore a year earlier (₹44.99 crore in June) and profit after tax of ₹5.80 crore against ₹7.91 crore. Its EBITDA was ₹2.3 crore, a 3.5% margin, against ₹9.2 crore and 11.1%. The operating line was a loss: before other income, the quarter shows a loss of about ₹3.5 crore (our arithmetic, matching the presentation's EBIT of ₹(3.5) crore), and profit comes from ₹8.34 crore of other income and a ₹1.47 crore tax benefit. For the half-year revenue was ₹109.92 crore against ₹140.75 crore, with a loss before tax of ₹2.99 crore against a profit of ₹3.28 crore. The CFO said total receivables fell to ₹97.8 crore from ₹106.6 crore in June. The auditors' review is unmodified.
• Raymond, now an engineering company after demerging lifestyle and real estate, reported Q2 total income of ₹683 crore, up 21%, and EBITDA of ₹103 crore against ₹79 crore; the year-ago figure includes a one-time gain of about ₹13 crore on a land sale. Consolidated net profit was ₹32.06 crore (converted from ₹3,206 lakh) against ₹13.89 crore, which last year came after a ₹167.40 crore exceptional charge and a ₹162.17 crore tax credit (results). Aerospace & Defence revenue rose 72% to ₹139 crore at a 21.0% EBITDA margin, the same as last year; Precision Technology & Auto Components revenue rose 15% to ₹471 crore, with a 13.0% margin against 13.9% including the land gain (presentation). It reports a net cash surplus of ₹77 crore. The notes say shareholders have approved a further preferential issue of 33,28,686 warrants to Minerva Ventures Fund at ₹645 each (₹214.70 crore), awaiting exchange approval. CARE's monitoring report says the ₹82.72 crore upfront money from July's warrants issue (66,57,373 warrants at ₹497 to a promoter-group entity) was unspent at 30 September, held as ₹80 crore of fixed deposits and ₹2.72 crore of mutual funds, with no deviation from the stated objects.
• Raymond Realty reported consolidated Q2 total income of ₹757 crore against ₹706 crore, up 7%, EBITDA of ₹115 crore against ₹101 crore (a 15% margin), and profit after tax of ₹53.06 crore against ₹60.18 crore (converted from ₹ lakh). Booking value rose 98% to ₹902 crore with no new launches in the quarter, and collections rose 67% to ₹682 crore (the company's measures). Net debt was ₹912 crore, a debt-to-equity ratio of 0.8x; of ₹44 crore of interest cost, ₹17 crore went to government authorities for additional FSI and approvals. It kept its FY27 EBITDA margin guidance of 17% to 19% and plans two Mahim projects with a combined ₹4,100 crore of development value (presentation). CARE reaffirmed its A+ rating with a stable outlook.
• REC published its September-quarter results in a newspaper clipping: standalone profit after tax of ₹3,391.18 crore against ₹4,425.86 crore a year earlier (down 23.4%, our arithmetic) and ₹4,149.46 crore in June, on total income from operations of ₹14,727.69 crore against ₹15,084.13 crore. Consolidated profit was ₹3,477.73 crore against ₹4,414.93 crore. Net worth was ₹94,324.91 crore and debt-to-equity 5.60. The clipping gives no reason for the fall. The second interim dividend of ₹3.50 a share has a record date of 30 October.
• Pitti Engineering's call transcript (call held 23 October) gives its quarter: standalone (after merging two subsidiaries in September, with earlier periods restated) total income of ₹581 crore, up 16.3%, adjusted EBITDA of ₹91 crore, up 13%, a 15.8% margin, and adjusted profit of ₹36 crore against ₹43 crore. MD and CEO Akshay S Pitti cited a ₹4.61 crore foreign-exchange loss and higher consumables, packing and fuel costs, and said the year-ago quarter had ₹21 crore of Maharashtra incentive income that the company has deferred to next year. Lamination and assembly volume was 21,600 tonnes, up 26%; data centres were 7% of revenue. He said the ₹450 crore capex the board has just approved, with the earlier ₹290 crore, makes ₹740 crore and a revenue potential of about ₹3,800 crore by FY31, with blended EBITDA "in the vicinity of 17% plus" at Q2 raw-material prices, and held the FY27 lamination volume target of 82,000 tonnes.
• Paramount Communications published results in newspaper extracts: revenue from operations of ₹560.40 crore in Q2 against ₹427.57 crore a year earlier (up 31.1%, our arithmetic) and profit after tax of ₹24.24 crore against ₹13.26 crore, with almost identical standalone and consolidated figures. Half-year profit was ₹43.94 crore against ₹32.26 crore. The extract gives no segment or margin detail.
• Route Mobile reported consolidated revenue from operations of ₹1,179.67 crore for the September quarter, up 5.4% (our arithmetic), and net profit of ₹82.55 crore against a loss of ₹18.83 crore a year earlier, when exceptional write-offs of ₹135.87 crore (advances to messaging vendors) were booked. Profit before the exceptional item and tax fell to ₹100.93 crore from ₹137.87 crore. Revenue less purchases of messaging services was ₹263.95 crore against ₹247.10 crore (our arithmetic). In the India segment, revenue was ₹302.22 crore against ₹225.68 crore (before inter-segment eliminations) but the segment result fell to ₹27.11 crore from ₹32.15 crore. Operating cash flow for the half year was ₹33.34 crore against ₹202.88 crore. The board declared a second interim dividend of ₹4 a share (record date 2 November) and rescinded its May decision to vary the use of IPO proceeds, so ₹650 million (₹65 crore) stays earmarked for office premises in Mumbai.
• Saj Hotels (an NSE SME-platform hotel company) reported a half-year loss of ₹39.68 lakh against a profit of ₹100.18 lakh a year earlier, on revenue from operations of ₹736.55 lakh against ₹763.46 lakh (standalone; consolidated figures are the same). It says the loss is primarily due to limited operations at its Mahabaleshwar resort, after it ended its long-term lease with Mahindra Holidays & Resorts India to run the resort itself; a major portion is under renovation and operations are expected to resume by the end of the third quarter. Of the ₹1,700 lakh of IPO money meant for expanding resorts, ₹726.68 lakh was unutilised at 30 September.
• Sapphire Foods (KFC and Pizza Hut franchisee; results reported 22 October) said on its earnings call that growth comes first, ahead of margin. KFC same-store sales grew 14% (Group CEO Sanjay Purohit said "close to double-digit" after the Navratri date shift), gross margin was 67.7%, up 50 basis points, and restaurant EBITDA 14.5%. Pizza Hut same-store sales grew 5%, gross margin was 76.3%, up 190 basis points, but restaurant EBITDA was a loss of 2.8%, which the CFO tied largely to energy costs. Consolidated adjusted EBITDA was ₹62.4 crore, up 39%, a 7.1% margin. Executive Director and CFO Vijay Jain said "we don't mind losing a few basis points in gross margin from here on, if it can give us even better SSSG", and Purohit said "cost inflation, we believe, will peak in Q3 FY '27". Both brands took 2% to 3% price rises earlier this year and management says it will be careful about more. It keeps its 60 to 80 KFC openings guidance, plans no Pizza Hut openings in 2026, and says it is "waiting for the CCI approval" before it can align Pizza Hut strategy with Devyani.
• SBI Life reported half-year profit after tax of ₹1,274.17 crore against ₹1,088.96 crore, up 17.0% (our arithmetic), and a September-quarter profit of ₹549.23 crore against ₹494.59 crore, up 11.0% (our arithmetic; results). For the half year, value of new business (VoNB) was ₹32.7 billion (₹3,270 crore, converted), up 19%, at a 27.9% margin against 27.8%, and annualised premium equivalent was ₹117.5 billion (₹11,750 crore, converted), up 18%. ULIPs were 51% of annualised premium equivalent against 57%, non-participating products 45% against 38%, and bancassurance 53% of the channel mix against 57%. The total cost ratio rose to 11.7% from 10.9%, 13th-month persistency was 87.6% against 87.1%, 61st-month persistency fell to 58.7% from 60.6%, and the solvency ratio was 1.97. Indian embedded value was ₹873.5 billion (₹87,350 crore, converted), up 15%.
• Schaeffler India reported standalone revenue from operations of ₹30,058 million (₹3,005.8 crore, converted) for the quarter to 30 September, up 27.4% on a year earlier and 12.1% on the previous quarter. Profit before tax was ₹4,970 million (₹497.0 crore), up 20.4%, but the margin slipped to 16.5% from 17.5%; net profit was ₹3,704 million (₹370.4 crore). Managing Director and CEO Harsha Kadam said "Earnings quality was marginally impacted by rising input costs and weakening INR, but our mitigation measures helped us manage the impact partially". The results carry an unmodified review report from Price Waterhouse Chartered Accountants LLP. Separately, the company disclosed a GST order received on 22 October from the Indore adjudication branch disallowing 10% of input tax credit on goods sent from Hosur to its Madhya Pradesh warehouse, for 2020-21 to 2023-24, with a penalty of ₹13.85 crore; it says the impact is not material and it is filing an appeal.
• SG Mart reported consolidated revenue of ₹1,561.84 crore for the September quarter, down 8.4% from ₹1,704.25 crore (our arithmetic), but profit before tax of ₹69.06 crore against ₹33.15 crore and net profit of ₹54.0 crore against ₹26.5 crore (our arithmetic from the results). Its presentation gives EBITDA (company-defined) of ₹72.0 crore against ₹28.0 crore, a 4.6% margin against 1.6%, on volumes of 251,000 tonnes against 282,000 (EBITDA per tonne about ₹2,869 against ₹993, our arithmetic). Its mix moved: steel profiles, which had no revenue a year earlier, brought ₹202.4 crore and solar structures ₹88.3 crore against ₹61.1 crore, while the service-centre (trading) business fell to ₹1,249.7 crore from ₹1,359.1 crore. Net cash was ₹700 crore against ₹750 crore at March, and annualised return on capital employed 25.3% against 15% for FY26. The board also approved buying 24.5% of SG Enterprise Solutions, a shared-services company, from promoter-group firm S Gupta Holding for ₹1.225 lakh, and up to ₹10 crore more in its subsidiary SG Buildkart.
• Siyaram Silk Mills reported standalone revenue from operations of ₹813.48 crore for the September quarter, up 15.3% (our arithmetic), but profit before tax fell to ₹99.17 crore from ₹115.21 crore and profit after tax to ₹74.96 crore from ₹86.98 crore, down 13.8%. Other income was ₹14.54 crore against ₹37.16 crore, and finance costs ₹11.98 crore against ₹8.89 crore, including a ₹2.89 crore provision for the dividend on its new preference shares. On 25 August it gave shareholders a bonus of 9% cumulative redeemable preference shares: 4 Series I and 3 Series II shares of ₹10 each for every ₹2 equity share, redeemable at the end of the third and fifth year, a total issue of about ₹318 crore funded from ₹317.59 crore of general reserve. They are shown as non-current borrowings (₹314.61 crore at 30 September, converted from ₹ million); listing has been applied for. The auditors draw attention, without qualifying, to recurring losses and a reduced net worth at its subsidiary Cadini S.R.L. A first interim dividend of ₹4 a share has a record date of 31 October, and its press release says 61 retail stores are open against a target of 70 by FY27.
• SMC Global Securities reported in its earnings presentation consolidated September-quarter revenue of ₹532.5 crore, up 20.9%, EBITDA (company-defined) of ₹101.6 crore, up 20.4%, at a 19.1% margin against 19.2%, and profit after tax of ₹28.2 crore, up 34.4%. Its lending arm's gross NPA was 3.02%, its yield 15.87% against 14.30% in March, and its margin-funding book (including T+5 receivables) is over ₹1,200 crore at 14-15%; interest cost for the quarter was ₹60.4 crore against ₹51.4 crore.
• Star Health reported a September-quarter profit after tax of ₹264.81 crore against ₹79.58 crore, on insurance revenue of ₹5,073.77 crore, up 15.4% (our arithmetic), and gross written premium of ₹5,274.96 crore, up 19.2% (our arithmetic). The claims ratio was 68.95% against 71.51% and the combined ratio 91.97% against 94.52%; the solvency ratio was 2.05 against 2.15. The previous quarter's profit was ₹549.74 crore.
• Sterling Tools reported standalone September-quarter revenue from operations of ₹225.89 crore against ₹169.93 crore, up 32.9% (our arithmetic), and profit before exceptional items and tax of ₹17.69 crore against ₹16.60 crore. Profit after tax was ₹13.63 crore against ₹19.80 crore, which included a ₹9.50 crore exceptional gain. In its press release it gives EBITDA (company-defined) of ₹27.7 crore, up 8.2%, a 12.1% margin, and says the margin was hit by higher commodity and other input costs amid the West Asia conflict, after its earlier low-cost inventory ran out, with the OEM pass-through arrangements expected to recover costs with a lag. It raised its FY27 capital spending plan to about ₹135 crore. On a consolidated basis, quarterly profit after tax was ₹3.0 crore on total income of ₹252.6 crore. Chief Financial Officer Anish Agarwal resigned from that post from 26 October, to focus on business development as a whole-time director; Vice President Finance Amit Dhadda becomes CFO from 27 October.
• Tanla Platforms reported consolidated Q2 revenue of ₹1,352 crore, up 25.3% on a year ago, gross profit of ₹353 crore (up 23.1%), EBITDA of ₹214 crore (up 20.8%) and profit after tax of ₹146 crore (up 17.1%). Gross margin slipped to 26.1% from 26.6% a year ago (deck), and the ValueFirst overseas business, bought on 28 July for ₹163.28 crore (converted from ₹16,327.73 lakh, of which ₹12 crore in cash) and consolidated from 1 August, added ₹28.5 crore of revenue at lower profitability, says the chairman's letter. Enterprise revenue grew 27.2% but the platform business only 6.4%, which the letter ties to delay in India's consent-framework rules. A first interim dividend of ₹6 a share was declared (record date 2 November); a ₹46.90 crore tax demand over the 2018-19 Karix purchase is under appeal, with ₹8.89 crore deposited and indemnified by the seller.
• Tribhovandas Bhimji Zaveri (TBZ) reported standalone Q2 revenue of ₹705 crore (₹7,053.53 million), up 2.5%, with gross margin down to 14.2% from 16.9% and EBITDA of ₹47 crore against ₹63 crore (converted from ₹ million); profit after tax halved to ₹15.43 crore from ₹30.70 crore. The company says Navratri moved into Q3 and that costs stayed at 7.6% of revenue, so the fall in EBITDA margin to 6.7% came from gross margin; first-half revenue was up 17.9% to ₹1,546 crore. The results note says GRT Jewellers has Competition Commission approval (13 October) for buying the promoters' 74.12%, with an open offer for 25.88% at ₹249.61 a share.
• Transport Corporation of India reported consolidated Q2 revenue from operations of ₹1,388 crore (₹13,880 million), up 15% from ₹1,205 crore, and profit after tax of ₹116.9 crore, up 3%, including ₹21.7 crore as share of joint ventures and associates; its press release quotes ₹13,979 million as "revenue", which is total income. Seaways segment revenue rose to ₹184 crore from ₹142 crore while segment profit rose only to ₹59.8 crore from ₹53.3 crore (about 33% of revenue against 37%, our arithmetic). The board approved debentures of up to ₹300 crore, named a CEO-designate for Seaways, and the notes say the buyback of up to 15,62,500 shares at ₹960 (up to ₹150 crore), approved on 29 September, is in progress.
• Swastika Infra's first analyst call (transcript, call held 21 October): CFO Biren Parnami gave Q2 revenue of ₹188 crore, up 42%, EBITDA of ₹27 crore, up 62%, and profit after tax of ₹16 crore, up 75%, with first-half revenue of ₹207 crore up only 5% after a slow Q1 that management attributes to unstable input prices and supply. The unexecuted order book is about ₹1,420 crore (2.8 times FY26 revenue), including a roughly ₹600 crore Maharashtra order funded by the ADB; it is 85% distribution, 8% renewable and 6% transmission. Management expects full-year growth in line with last year and EBITDA margin to normalise to around 14%, with no exact guidance given.
• Sunteck Realty's Q2 deck shows consolidated revenue of ₹321 crore, up 27%, EBITDA of ₹89 crore, up 13% (margin 28% against 31%), and profit after tax of ₹57 crore, up 17%. Pre-sales were ₹824 crore, up 17%, collections ₹371 crore and net cash-flow surplus ₹154 crore, down 7%. Net debt to equity rose to 0.09x from 0.06x at March, with borrowings of ₹940 crore against ₹774 crore.
• Unimech Aerospace reported consolidated revenue from operations of ₹1,230.0 million (₹123.0 crore, converted), up 98% from ₹619.8 million, EBITDA of ₹490.1 million (₹49.0 crore) against ₹185.4 million, a 39.8% margin against 29.9%, and profit after tax of ₹317.7 million (₹31.8 crore), up 103%. The presentation says the numbers include Hobel Bellows, bought for ₹450 crore in cash, from 1 May 2026; neither document splits out Hobel's share of revenue or profit. The headline "order book up 8-times" is ₹8,546 million (about ₹855 crore) including long-term agreements and award letters of about ₹589 crore; confirmed purchase orders alone are ₹266 crore against ₹105 crore a year ago, up 153%. The company says it signed a 10-year long-term agreement with Honeywell Aerospace and got a roughly US$43 million award letter from an aerospace Tier-1 maker. The monitoring agency report and deviation statement show the ₹250 crore IPO proceeds fully used; with shareholder approval of December 2025, ₹61.29 crore went to a new acquisitions, joint ventures and greenfield object, and the agency notes that more than 40% of gross proceeds has gone to general corporate purposes and unidentified acquisitions, above the 35% limit in the issue rules, done under a special resolution. The board outcome also approves buying the 60.8 lakh Hobel shares held by its wholly owned subsidiary Innomech, an internal restructuring.
• United Breweries reported consolidated revenue of ₹4,623.0 crore for the September quarter (gross of excise duty; ₹4,623 crore is converted from 4,62,301 lakh), up 23.7% from ₹3,737.3 crore, and profit of ₹134.8 crore against ₹46.3 crore, with no exceptional items in either quarter. Excise duty was ₹2,085.6 crore against ₹1,684.5 crore, so revenue after excise was about ₹2,537.4 crore against ₹2,052.8 crore (our arithmetic). Profit before tax, before exceptional items, was ₹182.7 crore against ₹65.8 crore; other income included ₹36.89 crore of interest on income-tax refunds, and finance costs doubled to ₹28.3 crore from ₹14.7 crore. Its auditors again draw attention to two matters without modifying their conclusion: the ₹751.83 crore Competition Commission penalty, stayed by the Supreme Court and not provided for, with ₹187.62 crore deposited and whose recovery the company cannot determine with certainty; and the Bihar plant, where the lease cancellation is still being resolved under the state's amnesty scheme and ₹55.87 crore of assets is carried. The company says seasonality means profit does not accrue evenly through the year.
• UltraTech Cement's Q2 call transcript, filed on 27 October for the call held on 19 October, has Chief Financial Officer Atul Daga saying volume grew 13.8% against industry growth of close to 10%, capacity utilisation was 71% against 66%, and fixed costs rose 4% in absolute terms. Fuel cost went from ₹45 a bag to ₹51.5, and he says average trade prices were broadly in line with the first quarter, with a second-half-of-September rise leaving spot realisations about 5% above the second-quarter average. Domestic capacity is now 204.7 million tonnes after 4.6 million tonnes were added in September, with the 240 million target kept. On the margin target he says: "Business as usual is what my expectation is to deliver that INR1,400" of EBITDA a tonne by March 2028. Net debt to EBITDA was 1.26 times at September-end against 0.94 times in March; he expects it below 1 by March. The new wires and cables business (Ultravolt) has had about ₹1,100 crore of its planned ₹1,800 crore spent or committed, and he says the expenses attributable to it this quarter were "not material at all".
• Vedanta Iron and Steel (demerged from Vedanta Ltd on 1 May 2026; comparatives are restated for the iron-ore undertaking) reported consolidated revenue from operations of ₹2,788 crore for the September quarter, down 2%, EBITDA of ₹83 crore, up 56%, at a 3% margin, and a loss of ₹324 crore against ₹477 crore. The results show a loss before exceptional items and tax of ₹283 crore against ₹443 crore, and finance costs of ₹171 crore against ₹431 crore, a ₹37 crore stamp-duty exceptional item on land transfers in the demerger, and EBITDA was well short of finance costs plus ₹218 crore of depreciation (our reading). For the half year, EBITDA rose 54% to ₹598 crore on revenue of ₹6,450 crore, up 8%, and the loss was ₹203 crore against ₹622 crore; the company's EBITDA bridge shows ₹632 crore from higher realisations offset by ₹416 crore from input costs, mainly coking coal. Net debt is ₹2,763 crore, 1.3 times EBITDA before ₹973 crore of inter-company loans; CRISIL assigned AA/Stable. Subsidiary ESL Steel received a GST demand-cum-show cause notice for ₹11.77 crore of tax and input credit for FY2022-23 to FY2023-24 (notice), which the company says should not have a significant impact.
• Vardhman Special Steels reported revenue from operations of ₹600.05 crore for the September quarter, up 38.81%, on rolled-product volume of 70,440 tonnes, up 26.84%, EBITDA including other income of ₹83.86 crore, up 48.48%, and profit of ₹52.49 crore, up 51.88%. Other income was ₹14.74 crore, which includes ₹10.48 crore of state government incentives recognised this quarter against ₹7.15 crore a year ago (results); without other income EBITDA was about ₹69.1 crore against ₹45.3 crore (our arithmetic). The company credits volume, realisations, GST refund, cheaper raw-material stock carried from the prior quarter and the new Kocks block and reheating furnace. Trade receivables rose to ₹410.61 crore from ₹277.84 crore at March (presentation). The board also appointed, subject to members' approval, Iwao Shimamoto of Aichi Steel Corporation as a non-executive, non-independent director under its investment agreement with Aichi.
• Varmora Granito (first call since its 29 September listing) said on its call of 23 October that average realisation was 21% higher in the September quarter, of which about 3.5% is product mix and "the rest is our price hike"; it says it took about 14% in price in the first quarter and 3% to 3.5% in the second, against input costs up "14% to 15%". Utilisation was 89% in the second quarter against 63% in the first, and vitrified tiles were 82% of first-half volume against 75%. First-half volume was 15.04 million square metres against 17.63, with export revenue down about 18% on container shortages and a sold-off subsidiary, Simola, contributing ₹9 crore of revenue against ₹60 crore. It also moved depreciation from the written-down-value to the straight-line method with machine life of 10 years instead of 15; Chairman and Managing Director Bhavesh Varmora put the effect at "INR14 crores difference you can assume at the PAT level". Guidance: about 15% value growth and 10% volume growth for the year if exports recover, and no new capex.
• The Ugar Sugar Works posted a September-quarter loss of ₹33.37 crore against a loss of ₹32.17 crore, on sales of ₹350.0 crore against ₹425.3 crore (converted from lakh). Sugar segment revenue rose to ₹213.7 crore from ₹158.6 crore, while industrial alcohol revenue fell to ₹134.8 crore from ₹254.2 crore, turning that segment from a profit of ₹6.19 crore to a loss of ₹7.46 crore; co-generation lost ₹5.06 crore. The company notes its business is seasonal. Borrowings fell to about ₹447 crore from ₹668 crore in March as inventory was sold.
• Vidhi Specialty Food Ingredients published in the newspapers its September-quarter standalone results, approved on 26 October: income from operations of ₹137.0 crore against ₹75.0 crore, up 82.7% (our arithmetic), profit before tax of ₹23.66 crore against ₹15.01 crore, and profit of ₹17.63 crore against ₹10.70 crore (converted from lakh). The newspaper extract has no notes.
• Sterlite Technologies (STL), in its call transcript of 23 October: operational EBITDA for the quarter was ₹685 crore at a 27.1% margin, with reported EBITDA of ₹846 crore including a one-time net gain of ₹161 crore from a US tariff refund; the data-centre segment was 33% of first-half revenue; net cash was ₹703 crore; CRISIL upgraded its long-term rating to AA from AA- (stable). The chief financial officer, Ajay Jhanjhari, said the company is upgrading its FY29 EBITDA margin target to about 30% from 27%, keeping the FY29 revenue target at ₹20,000 crore, and the open order book of ₹35,274 crore has about ₹3,021 crore due in the third quarter. Already reported on 23 October (revenue ₹2,529 crore, order book ₹35,274 crore); only the margin target, the tariff-refund split and the rating are new.

Banks and lenders

• Ashiana Housing: CARE Edge upgraded its issuer rating and six listed debenture issues, together ₹397.25 crore (our arithmetic), to CARE A+; Stable from CARE A; Stable. The rating letters are dated 26 October.
• BPCL: Crisil reaffirmed AAA/Stable on its ₹1,05,000 crore bank facilities (A1+ for the short-term part) and reaffirmed or assigned AAA/Stable on ₹10,000 crore of non-convertible debentures for future issuance. It also reaffirmed A1+ on commercial paper of ₹1,000 crore, ₹3,000 crore and ₹6,000 crore (the last for future issuance).
• Canara Bank: the RBI granted permission on 27 October to exercise the call option on ₹1,500 crore of Basel III Additional Tier 1 bonds (ISIN INE476A08134), subject to the terms of issue; the bank says it is in the process of exercising it. The filing gives no coupon or call date.
• Dharani Sugars and Chemicals disclosed a default on 30 September of ₹14.82 crore of principal to National Asset Reconstruction Company (NARCL), with interest default shown as zero. Its borrowings total ₹347.53 crore: ₹267.36 crore from NARCL at 12.00%, repayable up to 31 December 2029, and ₹80.17 crore from the Sugar Development Fund at 5.75%, with a tenure shown up to 3 April 2026.
• Home First Finance reported profit after tax of ₹170 crore for Q2, up 29.1% on a year earlier and 6.5% on the June quarter, with assets under management of ₹18,010 crore, up 27.0%, and record disbursements of ₹1,705 crore. Spread, excluding co-lending, slipped to 5.2% from 5.3% (company-defined), cost to income improved to 30.8% from 32.0% a year ago, gross stage 3 loans were 1.7% (1.9%) and credit cost was 40 basis points; the capital adequacy ratio fell to 39.8% from 42.6% in June. The board approved Rinkoo Somani as chief financial officer from 27 October and a postal ballot to appoint Vineet Taneja as an independent director; the joint auditors' review opinion is unmodified.
• IL&FS Transportation Networks told the exchanges it could not pay the final ₹60 crore principal and ₹2.84 crore interest (₹2,83,97,589) due on 27 October on its 9.44% unsecured debentures (Tranche XVIII, ISIN INE975G08215, issue size ₹250 crore, 47 investors). A second filing covers Tranche XXV Option III (9.45%, ₹75 crore issue, 10 investors): part principal of ₹3.75 crore and interest of ₹62.5 lakh unpaid. The company cites the NCLAT moratorium order of 15 October 2018 and its "Red Entity" classification, and says it can pay only through the NCLAT-approved interim distributions; the latest, in April 2026, paid ₹15.84 crore and ₹4.58 crore on the two tranches.
• Jammu & Kashmir Bank's call transcript (call held 22 October, results already out): MD and CEO Amitava Chatterjee gave quarterly profit of ₹546 crore, gross and net bad loans of 2.23% and 0.51%, net interest margin of 3.22% for the half year and cost of deposits of 4.85%, and said it is raising ₹1,000 crore of equity and ₹500 crore of debt "at an opportune time". He guided FY27 return on assets "to be around 1.20%" against about 1% in the first half, which he accepted means about 1.4% in the second half, and pointed to recoveries from written-off accounts (₹25 crore this quarter) and a special one-time settlement scheme as levers.
• JM Financial Credit Solutions (unlisted; listed debentures) reported standalone Q2 profit of ₹82.20 crore against ₹67.37 crore a year earlier, after a ₹16.27 crore reversal of impairment provisions in the quarter. Gross bad loans were 12.11% (13.15% in June, 12.79% a year ago), net bad loans 1.63%, capital adequacy 41.65%, and debenture security cover 1.59 times. The board declared an interim dividend of ₹270 a share, a cash outflow of ₹76.32 crore; the CFO, Vishal Solanki, leaves on 31 October after an internal restructuring and Sabyasachi Ray takes over on 1 November. The company put ₹162.59 crore into a rights issue of its subsidiary JM Financial Asset Reconstruction Company, raising its holding to 84.87% from 81.77%, and renamed its standalone segment "Private Markets".
• LEAP India: India Ratings upgraded its wholly owned subsidiary Taron Material Handling's ₹200 crore (INR 2,000 million) bank facilities to IND A+ (Stable) from IND A for long term and IND A1+ from IND A1 for short term, following a similar action on the parent. The agency says the group's consolidated EBITDA margin was 49.7% in FY26 (51.2% in the June quarter), and that of the ₹4,800 million raised in the August IPO, ₹3,600 million went to debt prepayment.
• Mahindra & Mahindra Financial Services' call transcript, for a call held on 21 October (results reported that day): Managing Director and CEO Raul Rebello said credit cost has stayed within the range of 1.3% to 1.7% the company has called out (1.6% in the quarter) and that an ₹852 crore buffer, created for El Niño and the West Asia crisis, remains. He said 282 districts are classed as drought-prone and collection staffing is being increased there, and that profit growth near 70% is not sustainable: loan growth of 16% to 18% is the guide, and credit cost has been optimised.
• Manba Finance reported quarterly total revenue from operations of ₹97.7 crore, up 25.7%, and profit after tax of ₹13.7 crore, up 20.5% from ₹11.4 crore (converted from lakh; our arithmetic for the growth rates). Profit before tax rose 42.5% to ₹21.7 crore, but tax took ₹8.0 crore against ₹3.8 crore, including a ₹2.5 crore deferred tax charge against ₹0.56 lakh. The board also approved raising up to ₹200 crore of debt securities on private placement, declared a second interim dividend of ₹0.25 a share (record date 6 November) and named independent director Neelam Tater chairperson in place of N R Parameshwaran.
• PTC India Financial Services reported Q2 profit of ₹44.04 crore against ₹88.14 crore (results). It booked a ₹51.17 crore impairment charge on financial instruments against a ₹56.89 crore reversal a year earlier, so profit before tax fell to ₹17.02 crore from ₹117.63 crore; a ₹27.02 crore tax credit (including ₹15.99 crore for earlier years) took profit after tax to ₹44.04 crore. Loan assets were ₹3,684 crore (₹3,697 crore a year earlier, ₹2,946 crore in June), sanctions ₹3,098 crore and disbursements ₹1,595 crore against ₹326 crore; gross Stage III loans fell to ₹126 crore from ₹193 crore (presentation). It technically wrote off one loan of ₹187.91 crore (75% provided) and a ₹61.12 crore equity investment in an associate (already fully provided). The auditors draw attention to RBI's 30 September deadline to hold at least 75% of assets in infrastructure finance to keep its NBFC-IFC status: it had not met the threshold at 30 September, says it has met it as of the results date, and holds an independent accountants' certificate dated 23 October; the opinion is not modified. Ratings are CRISIL A/Negative and ICRA A-/Stable.
• Punjab & Sind Bank's call transcript (call held 19 October; results were reported 17 October) adds detail. Its CRO, Dheeraj Kumar Gaur, said the move to expected-credit-loss provisioning is expected to cost about 5% of net worth, around ₹700 crore in all, including mark-to-market on held-to-maturity investments, with a net effect on the capital ratio "almost negligible"; he sees extra provisioning of 0.5% to 0.6% afterwards. An executive director said the bank holds ₹7,344 crore of technically written-off accounts and has recovered ₹247.88 crore from them so far this year. The MD and CEO said overall SMA has fallen from above 9% to below 4%, that the bank has approvals to raise capital mainly through a QIP and has appointed merchant bankers, waiting for "the right opportunity", and, asked about consolidation chatter, that he is "not aware or not privy to any information on this matter".
• Shriram Finance (results reported 23 October) said on its earnings call that disbursements were ₹54,079.02 crore, up 25.71%, assets under management ₹3,29,021.72 crore, up 16.96%, net interest income ₹8,661.04 crore against ₹6,266.84 crore, and the net interest margin 9.52% against 8.19%. Gross stage 3 loans were 4.65% against 4.57%, credit cost 2.03% against 1.68%, and the cost-to-income ratio 22.52% against 27.76%. Executive Vice Chairman Umesh Revankar said the margin is boosted for now by the new capital and is "likely to remain at this level maybe for another one quarter or two", falling to about 9% in the medium term, and that "our guidance will remain at 2% credit cost", with up to 30 to 40 basis points more in weak-monsoon areas for a short time. Growth guidance is now 15% to 17% against 18%. MSME is 28% unsecured, and it says higher stage 2 and 3 loans in gold loans come from newly introduced EMI and interest-serving repayment. Asked about reports of an alleged unauthorised loan account in Kerala, management said it would take the question offline.
• Tata Capital reported consolidated Q2 profit of ₹1,660 crore, up 51% from ₹1,097 crore, on assets under management of ₹3,08,030 crore, up 26% (32% excluding motor finance). Net total income rose 24% to ₹4,676 crore, the cost-to-income ratio fell to 35.3% from 39.7% and annualised credit cost to 0.9% from 1.3%. The motor-finance book inherited from Tata Motors Finance keeps shrinking, to ₹23,591 crore or 7.7% of AUM, ₹9,922 crore lower than in March 2025, and its gross stage 3 ratio rose to 8.7% from 7.9% at June, against 1.9% for the whole group (presentation). The board raised its medium-term note programme from USD 2 billion to USD 3 billion, and the results note records a July agreement to buy about 88.6% of gold-loan lender Yogakshemam Loans, still awaiting regulatory approvals.
• Tata Capital Housing Finance (wholly owned by Tata Capital; listed debt) reported Q2 profit of ₹552.23 crore against ₹439.61 crore, with assets under management of ₹95,098 crore, gross stage 3 loans of 0.68% (0.77% a year ago), debt-to-equity of 6.65 times and capital adequacy of 17.56%. The board also approved a second five-year term for independent director Sujit Kumar Varma from 1 February 2027, subject to shareholders.
• TVS Credit Services reported Q2 profit after tax of ₹243 crore, up 19%, on total income of ₹2,029 crore, up 14%, with assets under management of ₹33,818 crore, up 22%. The standalone results show profit of ₹243.24 crore against ₹204.68 crore, impairment cost of ₹295.38 crore against ₹332.95 crore, gross stage 3 loans of 2.1% against 2.9% and net stage 3 of 1.0% against 1.4%, and capital adequacy of 19.0%. A note says the board approved on 5 August merging Home Credit India Finance, STPL Trading and Services and TVS Housing Finance into it, awaiting approvals; it raised ₹1,190 crore of debentures in the quarter.

Deals and capital

• AAA Technologies: M7 Global Fund PCC (cell: Dewcap Fund), a non-promoter holder, sold 7,65,000 shares (5.96%) in the open market on 6 and 7 October, cutting its holding to 2,92,470 shares (2.28%) from 10,57,470 (8.24%). The company's share capital is 1,28,26,800 shares.
• Aditya Birla Lifestyle Brands: ICICI Prudential Mutual Fund, a non-promoter holder, bought 60,00,000 shares (0.49%) in the open market on 7 October, taking its holding past 5%, to 6,66,55,682 shares (5.46%) from 4.97%.
• Ambani Orgochem (SME): shareholders at the 26 October extraordinary meeting approved a preferential issue of up to 43,92,500 convertible warrants at ₹100 each, up to ₹43.925 crore (25% payable up front, the rest within 18 months), to nine allottees, subject to exchange approval. Promoter Rakesh Shah is to take 30,00,000 of them, which would lift his holding to 55.33% from 48.94% if all are converted. The meeting also reclassified unissued preference shares as equity and adopted new articles.
• Atul's public announcement of its buyback, published on 27 October after the board approved it on 23 October: an open-market buyback through the exchanges of up to 1,20,000 shares (0.41%) at no more than ₹7,500 a share, up to ₹90 crore, from holders other than promoters. The minimum it must use is ₹67.50 crore, 75% of the maximum.
• Avalon Technologies' board approved a preferential issue of up to 19,37,808 warrants at ₹2,193.20 each, up to about ₹425 crore, to a single investor, Zollner Elektronik AG, which would hold 2.82% on full conversion. A quarter is payable at allotment and the rest within 18 months, and it needs shareholder approval at an extraordinary meeting on 21 November; Crisil Ratings is the monitoring agency.
• Balkrishna Industries (BKT)'s transcript of its 22 October call on the Pirelli agreement: Joint Managing Director Rajiv Poddar said offtake is to begin in calendar 2027 and scale to 800,000 Pirelli-branded car tyres a year by 2030, at its Bhuj plant, and that "there is no need of any further capex" because its machinery can make the tyres. A 50:50 joint venture for a dedicated plant is the second phase, on conditions, and he said it has until 2030 to announce work on it.
• Bandhan Bank denied a Moneycontrol report of 27 October, headlined "First Abu Dhabi Bank scouts for acquisition in India", that named it as a target: it says it is "not involved in any such discussion" and that the article's reference to it "is factually incorrect".
• BikeWo Green Tech signed a memorandum of understanding with Green Drive Auto Services (Green Drive Mobility) to build an electric logistics platform with "at least 5,000 electric trucks" over the coming years. BikeWo has "expressed its intent to progressively invest up to ₹150 crore" in Green Drive Mobility, subject to agreed commercial terms, approvals and definitive arrangements; the release says Green Drive runs over 350 electric trucks and about 8,000 electric two-wheelers.
• Choice International said its broking subsidiary Choice Equity Broking Private Limited allotted 42,25,350 compulsorily convertible preference shares to NH Investment & Securities of South Korea at ₹2,130 each, raising about ₹900 crore (₹8,99,99,95,500) and completing the deal signed on 9 July. The shares convert into equity of the subsidiary without a change of control, and the release says the money goes to growth including the margin trading facility business, technology and customer acquisition. Neither filing states the stake the investor will hold after conversion.
• Coforge: HDFC Mutual Fund's schemes disclosed an open-market purchase of 1,51,82,944 shares (3.43%) on 6 October, taking their holding to 1,90,40,319 shares, 4.30%, from 38,57,375 shares, 0.87%. The covering letter calls it a "decrease" of 2.01% because it compares with the 6.31% last reported in August 2023, when there were fewer shares (face value ₹10 then, ₹2 now); the form's own before-and-after table shows an increase. The letter is dated 8 October; NSE lists it on 27 October.
• EFC (I) Limited: the NCLT Mumbai bench fixed 27 November 2026 for the final hearing of the petition on its scheme to demerge EFC Limited, which is its wholly owned subsidiary. The order is dated 22 October and was uploaded on 27 October; the company says the scheme remains subject to regulatory and other approvals.
• Embassy Developments allotted 1,22,00,000 shares to promoter-group company Embassy Property Developments on conversion of warrants at ₹111.51 each (premium ₹109.51), receiving the balance of ₹102.03 crore, 75% of the exercise price. Promoter and promoter-group holding rises to 43.62% from 43.13%; another 1,10,00,000 warrants were converted on 23 October, and the allottee still held 2,15,18,900 warrants before the 27 October conversion.
• Exide Industries put in another ₹150 crore (₹1,49,99,99,970) on 27 October by subscribing to a rights issue of its wholly owned subsidiary Exide Energy Solutions, taking its total investment in the subsidiary to ₹5,352.23 crore. Its shareholding percentage is unchanged.
• Ganga Forging: Pine Oak Global Fund, a Mauritius fund, disclosed selling 1,22,16,663 shares (3.62%) in the open market on 4, 5 and 6 August (47,16,663, 70,00,000 and 5,00,000 shares), cutting its holding to 2,07,74,509 shares, 6.17%, from 3,29,91,172 shares, 9.79%. The form is dated 6 August; NSE lists two copies on 27 October.
• Gujarat Energy: ICICI Prudential Mutual Fund (including iSIF) disclosed a net sale of 1,91,01,091 shares (2.04% of the company) on the open market between 4 June and 6 October 2026, taking its holding from 5.81% to 3.77% (3,53,97,260 shares). The letter is dated 7 October and was posted on NSE on 27 October; it says the holding is "from an investment perspective" and not to seek control.
• HDFC Life sent a postal ballot notice asking shareholders to approve an ordinary resolution to set up an International Financial Services Centre insurance office, a foreign branch, at GIFT City, Gujarat. Voting runs from 28 October to 26 November. The notice says the office would sell foreign-currency life and investment-linked products to non-resident Indians and non-residents, and that it still needs IFSCA, IRDAI and other approvals; the board has undertaken to meet the office's liabilities and capital and solvency requirements. No amount is stated.
• The India Cements (a subsidiary of UltraTech Cement) sent a postal ballot notice seeking a special resolution to move its registered office from Chennai, Tamil Nadu, to Mumbai, Maharashtra, "to ensure closer coordination with the holding company"; voting runs from 28 October to 26 November, results by 30 November, and Central Government approval is also needed. Separately, its "earnings call transcript" filing in fact attaches UltraTech's own Q2 FY27 call of 19 October, in which UltraTech's CFO Atul Daga says India Cements' kilns will go through major shutdowns for upgrades such as waste-heat recovery coolers, and expects January-March 2028 "to be a fabulous quarter for India Cements".
• Jayaswal Neco Industries: promoter-group firm Vibrant Enterprises (a partnership of Jayaswal family members and two group companies) was allotted 2,24,39,134 warrants, 2.26% of the fully diluted capital, on 1 October in a preferential issue; its disclosure is dated 6 October. It held no shares or warrants before.
• Khadim India: non-promoter Pankaj Prasoon, with his HUF, disclosed buying 514,355 shares (2.7987%) in the open market on 10 September, taking his holding from 6,18,300 shares (3.3643%) to 11,32,655 shares (6.1630%) of 1,83,78,382 shares. The disclosure is dated 11 September but appeared on NSE's 27 October list.
• Lloyds Metals and Energy signed share subscription and shareholders' agreements and power purchase agreements with Amplus Green One Power, Amplus Energy One and Amplus Ceres Solar, for the stake of at least 26% in each that its board approved on 10 August under the group captive scheme. This filing gives no amounts; it refers to the 10 August outcome for the terms.
• Mahindra Lifespace Developers will jointly develop a 10.05-acre parcel in North Bengaluru: about 1 million sq ft of saleable area, mainly premium apartments, with an expected gross development value of about ₹1,250 crore and a launch within nine months. It takes its North Bengaluru projects to three, with about 3 million sq ft in all. The release does not name the landowner or give the sharing or payment terms.
• Mazagon Dock Shipbuilders' board approved additional credit facilities of ₹1,250 crore with State Bank of India to issue a standby letter of credit for its subsidiary Colombo Dockyard PLC, so a bank in Colombo can issue guarantees to that yard's shipbuilding clients; if the subsidiary defaults on a guarantee the liability comes to Mazagon Dock, and the issuing charges are to be reimbursed by the subsidiary with a 10% markup. Separately the board proposed raising authorised share capital from ₹323.72 crore to ₹900 crore (64,74,40,000 to 180,00,00,000 shares of ₹5), subject to consent of the Department of Investment and Public Asset Management and shareholder approval.
• Marco Cables & Conductors called an extraordinary general meeting for 18 November to approve a preferential issue of up to 63,00,000 convertible equity warrants at ₹31.95 each (₹21.95 premium), up to ₹20.13 crore, with 25% payable upfront and the balance on conversion within 18 months. Promoters Sumit Sugnomal Kukreja (18 lakh warrants, 43.60% now, 39.81% after full conversion) and Sugnomal Mangandas Kukreja (9 lakh warrants, 12.09% now, 12.64% after) take 27 lakh of the 63 lakh warrants, and 14 non-promoter allottees take the rest, led by Rohit Lohia with 12 lakh. The notice lists the proceeds for working capital (₹15.13 crore) and general corporate purposes (₹5 crore); allotment needs the stock exchange's in-principle approval.
• MOS Utility partnered with Bharat Co-operative Bank (Mumbai) to facilitate digital payment services for merchants. The release gives no financial terms; it adds that subsidiary Samvriddhi Inclusive Growth Network has secured in-principle approvals from the Reserve Bank of India for its payment aggregator and prepaid payment instrument businesses, which is the company's own statement.
• Nephrocare Health Services (Nephroplus): its wholly owned overseas step-down subsidiary Nephrocare Health Care Services, Philippines signed an asset transfer agreement on 27 October to buy the assets of a dialysis centre in Quezon City from JCM Summit Health. The company says the value is above its materiality threshold but does not disclose the price, calling it confidential and commercially sensitive.
• Netweb Technologies' monitoring report by CRISIL shows ₹774.4 crore (converted from ₹7,744.24 million) of its ₹1,200 crore qualified institutions placement of August 2026 used by 30 September, ₹766.7 crore of it on raw-material purchases for working capital, with ₹425.6 crore unspent and held mainly in fixed deposits. It reports no deviation from the stated objects, and the ₹199.5 crore earmarked for general corporate purposes was untouched.
• Osel Devices corrected the explanatory statement to its 17 October extraordinary meeting notice on a preferential issue of convertible warrants: the lock-in for shares from conversion is six months for a non-promoter allottee (the notice had said nine months and promoter), and the valuation report was taken voluntarily. It also says the issue has a single object, additional working capital.
• Reliance Industries: its subsidiary Jio Platforms completed allotment to IPO applicants on 26 October and received final listing and trading approval from the stock exchanges on 27 October; trading starts on Wednesday, 28 October. Jio Platforms' board meets on Friday, 30 October to consider its results for the quarter and half-year to 30 September, with an analyst meet afterwards.
• Sakuma Exports called an extraordinary meeting on 21 November to approve the preferential issue of up to 65 crore shares at ₹1.66 each (up to ₹107.90 crore) that its board approved on 23 October and that we reported on 24 October. New in the notice: the money is for "proposed enhanced working capital requirement of the Company"; nine allottees, none a promoter, include five who would each hold 4.82% after the issue (Al Malaki Foodstuff Trading LLC among them) and Denvor Capital at 3.05%; and the promoter and promoter group's holding would fall to 32.72% from 46.29% as shares outstanding rise to 221.77 crore from 156.77 crore. The company says there is no change in control. This is a revised notice filed the same day to correct an error; the earlier version also listed 18 to 20 November as register-closure dates, which the revised one drops.
• Sansera Engineering's monitoring agency report from ICRA says there is no deviation in how the ₹1,200 crore QIP of October 2024 has been used. But ₹225.69 crore was still unspent at 30 September 2026: ₹218.29 crore of the ₹274.98 crore set aside for general corporate purposes and ₹7.41 crore of the ₹100 crore for buying land for a new plant, which the report marks as delayed against a FY25 completion date. The unspent money sits in fixed deposits with HDFC Bank and Axis Bank, and the company says the rest is expected to be used in FY2026-27.
• Schaeffler India's promoter group, which holds 74.13%, told the board in a letter from Schaeffler AG CEO Klaus Rosenfeld and Head of M&A Christopher Köth that it "may consider monetizing a small part of the same", while expressing "strong intention" to stay the significant majority shareholder, at least two-thirds of the shares outstanding. The letter says it is "merely an expression of intent and not a binding commitment". On our arithmetic, a floor of two-thirds would leave room to sell about 7.5 percentage points. The letter names no timing, size or method.
• SecMark Consultancy, which sells software to exchanges, brokers and depository participants, plans to set up a mineral exchange. Its board approved investing up to ₹48 crore in its wholly owned subsidiary Markets on Cloud (turnover nil in FY24, FY25 and FY26) or a new subsidiary, before an application to the Indian Bureau of Mines for registration, which it says is due by 2 November unless extended. It treats the investment as a related-party transaction at arm's length and says outside investors may also come in. Its standalone results show September-quarter revenue of ₹11.94 crore (₹1,193.67 lakh) against ₹9.33 crore, up 27.9% (our arithmetic), and a loss of ₹4.29 lakh against a profit of ₹85.91 lakh. The notes mention a scheme to merge Codifi Finserv, SecMark Holdings and SecMark Consultancy approved by the board in August, subject to approvals.
• Shah Investor's Home, a stockbroker listed on 6 October, reported standalone results for the quarter to 30 June: revenue of ₹17.20 crore against ₹17.34 crore, and profit of ₹1.97 crore against ₹3.79 crore, with employee costs of ₹3.19 crore against ₹2.47 crore. Its board also approved buying 6.25% (71,857 shares) of Ficus Food Lab, a private-label maker of mayonnaise and sauces, at ₹835 a share, about ₹6.00 crore (our arithmetic), to complete within a month. Ficus's turnover was ₹14.71 crore in FY26 against ₹5.00 crore in FY25. The filing lists among Ficus's existing holders the managing director Tanmay Shah (4.80%), Preeti Shah (0.83%) and two firms named SIHL Commodities and SIHL Strategic Advisors (17.61% each); it does not name the seller, and says the price follows a valuation report.
• Shreedhar Spinners (NSE SME-platform cotton yarn maker, listed 1 July) reported half-year revenue from operations of ₹132.84 crore against ₹70.01 crore a year earlier, and profit after tax of ₹10.15 crore against ₹1.79 crore. It allotted 9,00,900 convertible warrants at ₹113 each (₹10.18 crore) to eight promoter and promoter-group allottees, taking 25% (₹2.55 crore) now; on full conversion their holding would rise to 71.67% from 70.48%. Its board also approved a third unit adding 3,500 tonnes a year, to 15,500 tonnes once a 10,000-to-12,000-tonne expansion finishes, at about ₹110 crore, to be funded from internal accruals, equity and debt, with commissioning by the second quarter of FY2028-29. Current utilisation is about 95%.
• Sical Logistics signed with Tata Capital a master lease agreement for up to ₹81 crore over 60 months, to take equipment on lease and buy it at the end for 5% of its original cost plus taxes, and a working-capital demand loan of up to ₹10 crore for 12 months secured by a first pari passu charge on current assets; the board approved both on 27 October. Separately, promoter-group company Pristine Malwa Logistics Park merged into Pristine Logistics & Infraprojects under a government order, so the 5,85,72,399 Sical shares (73.41%), including 1,19,00,000 (14.92%) pledged, now sit in the new entity; the promoter-group total is unchanged.
• Siemens said C&S Electric has become a wholly owned subsidiary: the Registrar of Companies registered on 26 October the tribunal's order of 24 September cancelling the 0.78% (343,948 shares) held by other shareholders, who are paid ₹1,016.10 a share, about ₹34.95 crore (our arithmetic). Siemens' stake was 99.22% before.
• Steamhouse India signed a memorandum of understanding with the Haryana Enterprises Promotion Centre, Government of Haryana, to explore industrial infrastructure, including community boilers for industrial clusters, involving a proposed ₹500 crore investment. The company says the MoU "is exploratory in nature and does not constitute a project award or a commitment to implement a specific facility".
• Supreme Engineering received NSE in-principle approval for a preferential issue at ₹2.60 a share (₹1.60 premium): up to 28,09,70,000 shares for up to ₹73.05 crore and up to 14,50,00,000 convertible warrants for up to ₹37.70 crore, about ₹110.75 crore in all (our arithmetic). NSE's 26 October letter tells the company to tighten checks on the allottees' trading before allotment.
• Venus Pipes & Tubes allotted 22,27,544 shares on a preferential basis at ₹1,670 a share, raising ₹371.99 crore, to 18 investors including Ashoka WhiteOak funds, WhiteOak Capital funds, Kitara PIIN 2401 (the largest, 2,99,401 shares, ₹50 crore), Carnelian Bharat Amritkaal funds, Tata Business Cycle and Tata Multicap funds, Kotak Mahindra Life Insurance, Ashish Kacholia and Bengal Finance and Investment (1,79,640 shares each, ₹30 crore each). All are classed non-promoter, public.
• Frontier Capital: a draft letter of offer was filed for a mandatory open offer by Prafful Agarwal and Anupam Gupta for up to 43,58,163 shares, 26.00% of the voting capital, at ₹10.20 a share, with Srujan Alpha Capital Advisors LLP as manager to the offer (draft letter of offer).
• Hittco Tools: the manager to the offer, Navigant Corporate Advisors, filed the public announcement of an open offer by Irfan Ismail Chapra, Reshma Irfan Chapra and Mubina Gulzar Sofia for up to 58,77,261 shares, 26.00% of the expanded capital, at ₹15.30 for a fully paid share and ₹10.30 for a partly paid share; the offer is triggered by the board's approval to issue shares and convertible warrants to the three acquirers.
• Kuber Udyog: the pre-offer advertisement, published 27 October, says the open offer is at ₹23.35 a share for 26.00% of the expanded capital (up to 3,19,71,680 shares); the independent directors' committee recommended on 19 October that the price is fair and reasonable, and there has been no upward revision.
• Inani Securities: Bonanza Portfolio filed the draft letter of offer for Aikyam Financial Services Private Limited's open offer for up to 11,85,002 shares, 26.00% of the voting capital, at ₹60 a share (draft letter of offer).
• Comrade Appliances: a draft letter of offer for an open offer by Omnia Appliances Private Limited, Graphic Promoters and Developers Private Limited, Amaira Estate Advisors LLP and MLJ Aeternum LLP for up to 26,46,487 shares, 26.00% of the expanded capital, at ₹35 a share in cash; the tendering period is scheduled for 8 to 21 December 2026 (draft letter of offer).
• Fynx Capital filed its in-principle application and draft letter of offer with BSE on 27 October for a rights issue of up to ₹280 crore (28,000 lakh) approved by the board on 26 October. Separately, a Day Pack row (c5581a71, no document on disk) is headlined as the statutory auditor's resignation; not read.
• Mehai Technology: 11,86,00,000 convertible warrants lapsed on 30 April 2026 because the balance 75% of the price was not paid in the 18-month exercise period, and the ₹10.38 crore (₹10,37,75,000) paid upfront, 25% of the price, stands forfeited (filing). The warrants were part of a ₹98 crore preferential issue approved in 2024.

Orders

• Arisinfra Solutions: its subsidiary ArisUnitern RE Solutions, a "Developer-as-a-Service" business, won a service order from Transcon Iconica, an SPV of Transcon Group, for the Transcon Ramdev Plaza Phase II project at Santacruz (West), Mumbai, which has an estimated gross development value of ₹250 crore; the engagement is for an initial 18 months. The press release calls it the third Transcon mandate and puts the gross development value under such mandates at over ₹2,750 crore. The ₹250 crore is the project's value, not the fee; no fee is stated. A separate work order worth about ₹9.85 crore, for construction work at Bhagur under GE Deolali for S.P. Adke's Construction, is to be completed in 17 months.
• Karamtara Engineering received orders of about ₹1,199 crore across transmission and renewable energy. The filing does not name the customers, split the value between the two segments, or give an execution period.
• KNR Constructions: the Greater Hyderabad Municipal Corporation revoked the letter of acceptance, worth ₹157.55 crore excluding GST, for two Banjara Hills flyover and underpass works that KNR announced on 29 August, because the project was cancelled. Separately, its subsidiary KNR Manyamkonda Infra received NHAI's letter noting financial close on 1 October for the 80.01 km Gudebellur to Mahabubnagar four-laning on NH-167, a hybrid annuity project.
• Lakshya Powertech (NSE Emerge) won a work order of ₹11.28 crore including GST from Powerica for positioning, testing and commissioning of a Princeton Digital Group data centre, to be done in four months.
• LTM won a two-year engagement, already under way, with a large global bank and financial services firm, with an option to extend by a year, at a potential value of up to USD 100 million; it is the preferred partner for consolidating the client's technology suppliers in wealth, personal banking and global functions. The client is not named.
• Marine Electricals (India) said it has been awarded orders totalling about ₹362.34 crore excluding taxes for power distribution systems: an order from Princeton Digital Group (India) Management, to be delivered over 12 to 15 months, and a letter of intent from DXDC Chennai, to be delivered over 4 to 5 months. The filing does not split the amount between the two, and says promoters have no interest in the work and it is not a related-party transaction.
• RailTel received two orders on 26 October: a letter of acceptance from the Directorate of Postal Life Insurance, Department of Posts, for system-integrator work over five years, estimated at ₹131.88 crore excluding tax (filing; converted from Rs 1,31,88,38,162), and a work order from The Cotton Corporation of India for cloud-based disaster recovery for its applications, ₹27.38 crore excluding tax (filing; converted from Rs 27,38,05,705).
• Sejal Glass (results reported 13 October) gave guidance on its earnings call: FY27 revenue growth of 25% to 40%, EBITDA margin around 18% and profit margin about 10%. The September-quarter consolidated EBITDA margin was 18.35% against 17.03%, which CFO Chandresh Rambhia put down to "improvement in COGS" and better use of the Taloja and Erode plants it bought in April 2025. He said Erode earns an EBITDA margin of around 10% and Taloja is "more or less" break-even. Its UAE subsidiary won five orders worth about AED 27.6 million (about ₹71 crore) in July and its UAE order book is about AED 78 million; India's is about ₹85 crore. A fire-rated glass line is being installed, with trial runs in the third quarter and commercial sales from the fourth, and he said such glass would earn an EBITDA margin above 30%.
• Subros received a business award from Maruti Suzuki India for the YM3 and YU0 HVAC (air-conditioning) assemblies, worth about ₹1,225 crore spread over the roughly seven-year life of the models, supplied under the existing basic purchase agreement from each model's start of production. The filing marks it a related-party transaction at arm's length.
• Tata Power signed an MoU with BPCL to build 110 kV connectivity for 90 MW of demand at BPCL's ₹14,203 crore PRFCCU project at the Mumbai refinery, over about 24 months, with a combined estimated outlay of about ₹250 crore for both companies, subject to approvals. It also plans a 400 kV transmission facility at Trombay over five years; its cover letter says the release is not a Regulation 30 disclosure.
• Vikram Solar won an order to supply 289.87 MWp of N-type TOPCon modules to NLC India Limited, on behalf of its subsidiary NLC India Renewables, for an 810 MW project at the RUVN Solar Park in Bikaner, Rajasthan. It is a one-time domestic order to be executed by March 2027; the filing gives the size in MWp and no rupee value.
• Waaree Renewable Technologies (a subsidiary of Waaree Energies) received a letter of award for engineering, procurement and construction of a 450 MWp solar project from "a leading Independent Power Producer", which the filing does not name. It is a domestic order, to be completed in FY2027-28; the filing gives no rupee value.
• VA Tech Wabag won an order from Reliance Industries for a sea-water desalination plant of 8,400 cubic metres an hour, expandable to 12,600 (302 million litres a day), and a 3,000 cubic metres an hour remineralisation plant at Jamnagar, Gujarat, to be built in phases over 25 months. The filing calls it a "Mega" order, which on the company's own scale means above ₹1,000 crore for a domestic order; it gives no exact value.

Capacity and operations

• ACME Solar commissioned a further 35.77 MW / 143.08 MWh of the battery storage part of its 300 MW / 1,200 MWh (discharge capacity) FDRE project at Kelan, Bikaner, Rajasthan on 27 October, with commercial operation from 29 October. Commissioned battery capacity at the project, held in ACME Greentech Seventh Private Limited, is now 195.35 MW / 781.40 MWh; the power purchase agreement is with SJVN.
• Allcargo Global's September operating update shows less-than-container-load (LCL) volume of 689 thousand cubic metres, down 4% from a year earlier, which it links to supply constraints, vessel roll-overs and lower seasonal volumes; full-container volume of 48,758 TEUs, down 10%, which it says the war in the Middle East is a key contributor to; and air volume of 2,797 tons, down 10%. It says elevated global freight rates alongside efficiency measures create room for better profitability. The figures are management's, from a limited review.
• Alembic Pharmaceuticals received final US FDA approval for valganciclovir oral solution, 50 mg/mL, equivalent to Valcyte oral solution of Cheplapharm. It now holds 247 US generic-drug approvals, 227 final and 20 tentative. No market size is given.
• Banswara Syntex: a fire at about 1.30 am on 27 October in the packing and godown area of the dye house at its Banswara unit spread to a neighbouring section. No one was hurt; the company says it is still assessing the loss and any production impact, that it has adequate insurance and is filing claims.
• Coal India said it spent ₹7,966 crore on capital expenditure in April to September, up 27% from ₹6,283 crore a year earlier, 109% of the half-year plan of ₹7,286 crore and over 48% of the ₹16,500 crore annual target. Mine infrastructure took ₹2,152 crore, land acquisition ₹2,033 crore and plant and machinery ₹1,394 crore (₹452 crore on heavy earth-moving machinery); over ₹739 crore went into diversification projects in solar, critical minerals, coal gasification and thermal power.
• Gulf Oil Lubricants India reported a fire at its warehouse at Nagvas village, Umbergaon taluka, Valsad district, Gujarat, at about 3:00 pm on 27 October. It says the cause is uncertain but "prima facie" appears to have started in an adjacent neighbouring unit, nobody was reported hurt, and the stock there is insured. The loss is still being assessed and no amount is given.
• KFin Technologies said Thailand's Ministry of Commerce has granted a Foreign Business License to its subsidiary KFin Technologies (Thailand), received on 26 October, following its earlier intimations from 2024. It reports no expected financial implication.
• Lemon Tree Hotels signed a licence agreement for a 76-room hotel in Sirhind, Punjab, to be run by its subsidiary Carnation Hotels, taking Punjab to four operating and 10 upcoming hotels. No financial terms are given.
• Mishra Dhatu Nigam (MIDHANI) signed a memorandum of understanding on 27 October with the Heavy Water Board and the Bhabha Atomic Research Centre to explore recovering nickel and cobalt from its plant reverts. The release gives no value, timeline or capacity.
• Mukka Proteins received a certificate from Registrar Corp, Virginia, confirming registration of its facility with the U.S. FDA, valid from 1 October 2026 to 31 December 2027; the company expects it to help serve customers and markets that need US FDA facility registration. The filing describes a registration and mentions no inspection or approval.
• RIR Power Electronics reported standalone Q2 revenue of ₹33.98 crore, up 32.5%, adjusted EBITDA (before ESOP expense of ₹1.03 crore) of ₹5.66 crore at a 16.65% margin against 17.01%, and profit of ₹4.45 crore against ₹3.15 crore. It says installation of silicon-carbide epitaxial wafer reactors at its Odisha facility is complete, and commercial production awaits the "remaining statutory and regulatory formalities"; its Managing Director and CEO N Ramesh Kumar expects operation "sometime in Q3 this year".
• Rajratan Global Wire's call transcript (call held 22 October): Chairman and Managing Director Sunil Chordia said the Thailand plant is running at almost full capacity and a 50,000-tonne brownfield addition should be running within three to four quarters, costing about ₹100 crore from now (₹125 crore including a nearby closed factory already bought), funded by bank loans and internal accruals. Chennai is being taken to 60,000 tonnes a year in steps, and the company is targeting about 160,000 tonnes of consolidated volume this year (133,000 last year, 71,000 in the first half, figures put to him by an analyst and confirmed). He said "our current margins are rock bottom", and expects no big EBITDA improvement from India in the second half but better from Thailand. Thailand's CFO said premium customers are 30% to 32% of sales and should rise to 40%. The steel-cord line for conveyor belts at Pithampur is in trials, with no revenue counted for the second half.
• Transformers and Rectifiers (India) said it is investing ₹1,250 crore in three greenfield plants at Chiyada, Gujarat, for bushings up to 800 kV, pressboard and insulation materials, and continuously transposed conductors, held in a wholly owned subsidiary. Construction began in December 2025 and commercial operations are expected in Q1 of FY2027-28, when the company says the plants have annual revenue potential of about ₹2,000 crore.
• Kalana Ispat started production of alloy steel round bars at its new rolling mill at Khengaria, Ahmedabad district, which has an approximate annual capacity of 65,000 tonnes.

The fine print

• 3i Infotech: the Commissioner of Income Tax (Appeals) treated its appeals for assessment years 2012-13, 2013-14, 2014-15 and 2016-17 as withdrawn and dismissed on 26 October, after it settled the disputes under the Direct Tax Vivad Se Vishwas Scheme, 2024. The disputes involved about ₹775.05 crore of disputed additions and disallowances (converted from ₹77,505 lakh); no findings were recorded on the merits, and the filing does not say what the company pays under the scheme.
• AceVector: the board recommended Price Waterhouse Chartered Accountants LLP as statutory auditor for five years from the 19th AGM, which is due on or before 31 December 2026; the current auditor, S.R. Batliboi & Associates LLP, completes its term at that meeting. The same filing proposes changes to the articles of association.
• Aeroflex Enterprises: the Ministry of Corporate Affairs approved on 27 October the shareholders' September change to its object clauses, which adds data centres and allied digital infrastructure, and hotels, resorts and other hospitality and leisure businesses, to its stated business, plus a general clause on any other business connected with its operations. The filing gives no investment plan or amount.
• Anupam Rasayan: Catalyst Trusteeship, as debenture trustee for debenture holders, disclosed that shares in the company were pledged in its favour, lifting the pledged holding to 14.90% (1,69,66,785 shares) from 9.10% after 30 September, and a further pledge on 5 October took it to 17.07% (1,94,29,000 shares), on 11,38,49,841 shares in all. The filings do not name the pledgor or the debentures.
• Asian Hotels (North) disclosed on 27 October that the Delhi High Court dismissed writ petition 4123 of 2025, brought by Infrastructure Watchdog against the Union of India and others, in a judgment of 3 November 2025. The company says the allegations were not an established finding against it and it sees no direct financial or operational impact; the filing does not say what the petition was about.
• Aditya Ultra Steel: the Commissioner (Appeals) of Central GST in Rajkot rejected its appeal in an order of 19 October, upholding a demand of ₹1.92 crore of tax and a penalty of ₹2.62 crore (converted from ₹1,91,93,360 and ₹2,61,93,360) over input tax credit on invoices from entities the order describes as non-operational. The company says it is examining the order and will appeal to the Appellate Tribunal.
• Bliss GVS Pharma: Catalyst Trusteeship, acting as debenture trustee for debenture holders, disclosed a pledge on 5,09,84,595 Bliss GVS shares, 47.95% of its share capital (46.77% on a diluted basis), created on 30 September 2026. The form does not name who pledged the shares. It is dated 5 October and NSE lists it on 27 October.
• Cinevista's auditors draw attention to the board's write-off of loans and advances of ₹165.14 lakh to subsidiary Chimera Entertainment and ₹73.74 lakh to associate Heritage Productions, and to a 100% provision against its investments in subsidiaries and the associate (₹62.35 lakh) and against loans to subsidiary Cinevista Eagle Plus Media (₹136.74 lakh). The provisions are booked in standalone reserves and have no effect on consolidated profit, assets or liabilities, the auditors say; their conclusion is not modified. Half-year revenue was ₹12.59 crore (₹1,258.73 lakh).
• Digikore Studios told the exchange on 27 October that Chief Financial Officer Rakesh Nikalje resigned with effect from 1 May 2026, nearly six months earlier. The covering letter gives "pre-occupation with other work" as the reason and the annexure says "some personal reasons"; the filing names no successor.
• Avenue Supermarts (DMart): Gujarat International Finance Tec-City Company Limited imposed a penalty of ₹55.75 lakh for "non-compliance with the prescribed project completion timeline". The company says there is no material impact on operations.
• India Power Corporation (formerly DPSC, in insolvency resolution) reported that its creditors' committee approved all the remaining items from its eighth meeting, held on 25 September, except the one on paying consultancy fees to a related party. The resolution professional filed it on 27 October.
• Gensol Engineering: Catalyst Trusteeship, security trustee for lender Power Finance Corporation, reported selling 7,79,204 Gensol shares (2.03%) on six dates from 28 September to 6 October. The shares had been pledged by Gensol Ventures Private Limited; pledged shares are now 17,86,768 (4.64%), down from 25,65,972 (6.67%). The form is dated 8 October; NSE lists it on 27 October.
• Havells India: Samir Kirit Anjaria resigned as President and ceased on 27 October, the company told the exchanges. His resignation letter, which the company attached, is dated 28 July 2026, signed as "President & SBU Head", and gives "personal reasons"; it asked to be relieved at close of business on 27 October.
• HDFC Bank confirmed that Sashidhar Jagdishan left as managing director and CEO at the close of business on 26 October "on account of completion of his tenure", and Anup Bagchi took charge as managing director and CEO on 27 October. The bank's authorised key managerial personnel for materiality disclosures are now Bagchi, Deputy Managing Director Kaizad Bharucha, Executive Director V. Srinivasa Rangan, CFO Srinivasan Vaidyanathan and Company Secretary Ajay Agarwal; the appointment details were in its 1 October intimation.
• ICICI Prudential AMC: Anand Shah, a senior management person, resigned and the company accepted it on 27 October; his resignation letter gives "personal reasons" and refers to his post as CIO for PMS and AIF. He leaves at the close of business on 12 November.
• Infomedia Press (a Network18 group company with discontinued operations) reported a Q2 loss of ₹80.14 lakh, accumulated losses of ₹11,460.20 lakh and negative net worth (equity of minus ₹6,294.89 lakh); finance costs were ₹65.50 lakh in the quarter. Results are prepared as a going concern because holding company Network18 Media & Investments "has given a support letter"; management is "evaluating various options, including starting a new line of business".
• Indian Overseas Bank: the board appointed Akshit Choudhary, a general manager aged 40, as chief financial officer from 1 November, replacing Deputy General Manager Madhaw Chandra Jha.
• Samvardhana Motherson International disclosed that the Reserve Bank of India compounded a foreign-exchange contravention for ₹35,93,334 (about ₹36 lakh) after the company's own application. The contravention was not submitting and registering bonus shares allotted on 10 September 2007 to non-resident shareholders; the company says there is no material impact.
• Nippon Life India Asset Management's transcript of its 22 October results call (results were out that day; late-filed transcript) has the CFO saying quarterly operating profit was ₹5.23 billion (₹523 crore, converted), up 25%, and profit after tax ₹3.24 billion, down year on year because of an exceptional item. That item is a settlement with SEBI over past scheme investments in Yes Bank AT-1 bonds, on a show cause notice of 30 August 2024: ₹96.76 crore was paid, being ₹89.08 crore as reversal of management fee earned and ₹7.68 crore of regulatory costs. The company says its mutual fund market share is 9.02%, flat on the previous quarter, and the board declared an interim dividend of ₹9.50 per share.
• Optiemus Infracom's operations committee approved an unsecured loan of up to ₹50 crore, for three years at 8.50% a year, to its wholly owned subsidiary GDN Enterprises for working capital. ₹100 crore is already outstanding under an existing loan, the two companies share directors Ashok Gupta and Neetesh Gupta, and the company treats it as a related-party transaction at arm's length.
• Orkla India's chairman and non-executive non-independent director Atle Vidar Nagel Johansen resigned from the close of business on 26 October, citing other professional commitments; the company says he confirmed there are no other material reasons. Non-executive director Maria Syse-Nybraaten became chairperson from 27 October, and the nomination and stakeholders committees were reconstituted.
• RBL Bank is seeking shareholder votes by postal ballot (e-voting 28 October to 26 November) on pay approved by the RBI by letter of 16 October. For MD and CEO R. Subramaniakumar: variable pay of ₹6.38 crore for FY2025-26, half cash and half share-linked, and fixed pay (including perquisites) raised to ₹3.79 crore from ₹3.54 crore from 1 April 2026. For Executive Director Jaideep Iyer: a pro-rated variable pay of ₹29 lakh and fixed pay raised to ₹3.01 crore from ₹2.76 crore. For retired Executive Director Rajeev Ahuja, who left on 20 February 2026: pro-rated cash variable pay of ₹2.69 crore, paid 50% upfront and the rest in three yearly instalments.
• Premier Limited (in insolvency): on 27 October its resolution professional filed intimations and post-facto notices for five creditors' committee meetings held on 12 December 2025 and 17 April, 22 July, 19 August and 15 October 2026 (the 25th meeting; the others 21st, 22nd, 23rd, 24th). None of the documents says what was discussed or decided.
• R&B Denims approved an unsecured loan of ₹1.5 crore (an original and a supplemental agreement) to Shilpa Dyeing and Printing Mills Private Limited at 13.80% a year, repayable on demand, with no security. The filing says the borrower is not related to the promoter group, the transaction is not a related-party transaction, and the company holds no shares in it.
• Praxis Home Retail took an unsecured inter-corporate loan of up to ₹2 crore from I-3PL (India) Private Limited at 13% a year for three months, extendable by mutual written agreement, for working capital. The filing says the transaction is a related-party transaction on an arm's-length basis, while answering "Not Applicable" on whether the lender is related to the promoter group.
• Team India Guaranty (an NBFC) sent a postal ballot notice seeking votes on two material related-party items: guarantees and security from promoter shareholder Team India Managers, and personal guarantees from director Surajkumar Saraogi, for borrowings within its ₹200 crore limit, which the notice puts at about 3,846% of its ₹5.20 crore turnover. The notice shows Team India Managers with turnover of ₹2,29,418, a loss of ₹7,00,149 and negative net worth of ₹5,44,644 for FY26 (as printed, in rupees). E-voting runs 29 October to 29 November.
• Tamilnadu Telecommunications replied to an NSE query on price movement (letter dated 21 October) that, as a joint-venture "sick" company, it is not responsible; it points to the promoters' decision, told to shareholders at the 25 September AGM, to sell their stake, and says manufacturing is at a standstill.
• Urban Enviro Waste Management deferred approval of its half-year results to 30 September, saying they need "further review and finalization", and gave no new date. The same meeting approved a joint venture with Madhav Enterprise (it holds 49%, the partner 51%) to bid for a tender to remediate legacy waste at the Waryana dump site for Jalandhar's municipal corporation, and raised its chief financial officer's pay from ₹55,000 to ₹78,500 a month from 1 October.
• Privi Speciality Chemicals: shareholders at the court-convened meeting on 27 October approved the scheme to merge Privi Fine Sciences Private Limited and Privi Biotechnologies Private Limited into it, in which the promoter and promoter group are interested. Of all votes cast, 89.72% were for and 10.28% against, because the promoter group's 2,18,80,254 votes were all in favour. Among public shareholders alone, 60.95% of votes were for and 39.05% against (30,53,788 votes), and public institutions cast 82.87% of their votes against (30,51,981 of 36,83,055 votes polled; 6,31,074 for). The scrutinizer's report gives the same split, and the company says the resolution was passed with the requisite majority. The proceedings show 57 members present.
• Vedanta Oil and Gas (formerly Malco Energy): all ten postal-ballot resolutions passed (e-voting closed 26 October), but public institutions voted against the employee share schemes in numbers. For the 2026 stock option plan and its trust route, 23.76% of institutional votes cast were against (23.91% on extending it to holding-company and subsidiary employees, and 23.69% on each of the trust's secondary share purchase and the company's funding of that purchase). For the share purchase plan, 3.88% were against the plan, 19.51% against its extension to group employees, and 3.81% against each of the trust purchase and funding resolutions. The two material related-party resolutions, which the promoters, who hold 56.4% of the shares (our arithmetic), did not vote on, drew 0.79% against (Vedanta Oil and Gas with related parties) and 0.86% against (Cairn Energy Hydrocarbons with related parties) among institutional votes. Across all voters the highest overall dissent was 3.34% (the group-employee extension of the option plan).
• Jagran Prakashan: the company says the National Company Law Tribunal at Allahabad heard on 26 October the shareholder-oppression petitions of Mahendra Mohan Gupta and others against Devendra Mohan Gupta and others (C.P. 64 of 2023) and of Shailendra Mohan Gupta and others against Jagran Media Network Investment Private Limited (C.P. 57 of 2025). The petitioners' counsel continued arguments in rebuttal in the first matter and the second was adjourned at the joint request of counsel, both to 3 December 2026 at 2:30 p.m. The company, a respondent in both, says it will update only when there is a material development.
• Mason Infratech: GST officers of the Thane Rural Division visited its Thane office on a letter dated 26 October for an "Inspection under sub section (1) /Search under sub section (2) of Section 67" of the CGST Act. The company says they discussed its GST position on its Maharashtra business and checked basic records, that no official document has been issued, and that there is no impact yet.
• Confidence Futuristic Energetech: statutory auditor Kamdar & Daga (FRN 132239W) resigned by a letter dated 27 October, "informing their inability to continue"; the annexure gives pre-occupation in other assignments as the reason and shows the auditor was appointed on 30 September 2025.
• Kasturi Metal Composite: chief financial officer Pravin Kesharwani resigned, effective the close of business on 3 November, for personal reasons.
• Dilip Buildcon: Helium Services LLP and three concert parties, not promoters, disclosed a new encumbrance over 2,41,400 shares (0.15%) on 23 October, taking encumbered shares to 87,97,111 before it (5.42%) against 1,62,29,862 shares held (9.99%).
• Triumph International Finance: the auditor's limited review report is qualified, saying the accounts are prepared as a going concern although the Securities and Exchange Board of India has cancelled the company's stock-broker registration, the National Stock Exchange has declared it a defaulter and its appeal was dismissed by the Supreme Court, with recovery of debts doubtful and sizeable accumulated losses.

Dates to note

• 28 October: Jio Platforms begins trading; Radico Khaitan's new whole-time director (CFO) takes office, subject to shareholders; RBL Bank, HDFC Life and India Cements postal ballots open (to 26 November).
• 29 October to 29 November: Team India Guaranty's postal ballot on promoter and director guarantees.
• 30 October: payment for the shares tendered in Tata Motors' Iveco offer; Jio Platforms' board meets on results; Syngene's head of strategy leaves.
• 2 to 6 November: reopened acceptance period in the Iveco offer (payment 13 November).
• 3 November: record date for Mazagon Dock's ₹5 interim dividend and Gravita's ₹7.70 dividend; 4 November: Concord Biotech's bonus record date; 13 November: FDC buyback record date.
• 12 November: Anand Shah leaves ICICI Prudential AMC.
• 18 November: extraordinary meetings at Sky Gold (₹1,800 crore raise) and Marco Cables; 21 November: Avalon Technologies and Sakuma Exports.
• 27 November: NCLT final hearing on EFC (I)'s demerger; 3 December: NCLT Allahabad hearing on the Jagran Prakashan family petitions.
• Awaited: voting results of Vadilal's EGM on a sale and purchase agreement with Vadilal Enterprises (held 27 October) and of Global Education's buyback postal ballot, both due 28 to 29 October.

What we're not reporting

• The rest of NSE's day: earnings-call notices and recordings, newspaper copies of results, depository and security-cover certificates, ESOP allotments, debt-listed issuers' routine half-year results, small-company results, and routine changes of directors, company secretaries and internal auditors. 134 investor-meet and 51 newspaper-notice filings were screened by snippet only.
• BSE-only filings we did not open (downloads paused), by headline: Ola Electric Mobility, where SVF II Ostrich sold 55.5 million shares plus rights entitlements (the document is an image we could not read); Aar Shyam India Investment Company, a preferential allotment that takes the promoter group from 14.00% to 64.60% (image only); Fynx Capital's auditor resignation; Spectrum Foods' whole-time director resignation (no name); Dharani Sugars' quarterly default disclosure; Mukta Agriculture's promoter sale of 2,00,000 shares (0.92%) on 26 October; price-movement clarification requests to Anna Infrastructures and Paramount Syntex; Goodricke's ICRA reaffirmation; Kalyani Cast-Tech's RDSO concept-design approval; and many results-meeting notices.

Educational research, not investment advice. Every item above is drawn from the company's own filing on NSE (or, for BSE-only items marked as such, from the filing in the local cache), read from the primary document; derived figures and unit conversions are ours 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.