Daily Filing Digest — Wednesday, 28 Oct 2026

Hindustan Unilever grew underlying sales 15% on 7% volume, yet its EBITDA margin fell 140 basis points to 22.6% as material costs rose, even though advertising was cut. Pidilite's standalone sales rose 21.7% while its EBITDA rose 0.5%, the margin down to 20.4% from 24.7%, and Hyundai Motor India sold a record 219,072 vehicles as its consolidated EBITDA margin fell to 9.5% from 13.9%. Adani Enterprises' consolidated review conclusion is modified again over Mumbai airport matters, in a half-year when its EBITDA rose 56%. Vedanta Aluminium's profit doubled, but a note to its results discloses a ₹3,539 crore bauxite demand from Odisha Mining Corporation after it lost in the Orissa High Court. TVS Motor plans to demerge its consumer finance business into Harita ARC, one share for one, subject to approvals. In the fine print: Info Edge's MD and CEO Hitesh Oberoi steps down on 2 December; Gateway Distriparks' auditors qualified their review over benami-property proceedings; TruCap Finance's auditors draw attention to going-concern uncertainty; and Raymond Realty's joint auditor resigned over its fee.

The ones to read first

• Hindustan Unilever reported consolidated turnover of ₹18,071 crore for the September quarter, with underlying sales growth of 15% (the company's highest in 14 quarters) on underlying volume growth of 7%; EBITDA (company-defined) rose 8% to ₹4,089 crore from ₹3,785 crore, so the margin fell 140 bps to 22.6%, which the company says is "within the guided range" of 22-24%. The results show, on our arithmetic, material cost (materials consumed plus purchases of stock-in-trade plus inventory change) at 52.9% of turnover against 49.0%, offset by advertising and promotion falling 9.3% in rupees to ₹1,481 crore (8.2% of turnover against 10.4%); purchases of stock-in-trade rose 61.9% and the filings do not say why. By segment (consolidated, our arithmetic), Home Care revenue rose 21.4% to ₹6,878 crore but its segment result only 2.6% to ₹1,111 crore (margin 16.2% against 19.1%), and Personal Care's result fell 8.7% to ₹449 crore on flat volume, while the deck says Skin Cleansing's growth was "driven by pricing actions in an inflationary environment"; Beauty & Wellbeing and Foods margins rose. Reported profit after tax was flat at ₹2,796 crore against ₹2,791 crore because the base quarter held a ₹273 crore one-off tax gain; profit after tax before exceptional items rose 9% to ₹2,795 crore from ₹2,553 crore. The comparative quarter is continuing operations only (the statements show a discontinued-operations block of ₹322 crore segment revenue in the base, unnamed). The auditors' review reports are unmodified. The board declared an interim dividend of ₹19 per share (record date 12 November). The company's outlook slide says "Commodity inflation expected to continue in the short-term".
  • Full read: HUL's September Quarter: Customers Stayed, the Margin Gave 140 bps, and Ad Spend Fell.
• Pidilite Industries reported standalone net sales of ₹3,982 crore for the September quarter, up 21.7%, with underlying volume growth (the company's term) of 10.7%, but EBITDA rose only 0.5% to ₹811 crore and the margin fell to 20.4% from 24.7%; standalone profit after tax rose 10.4% to ₹647 crore and consolidated profit after tax 7.1% to ₹626 crore. The presentation puts standalone material costs at ₹2,106 crore against ₹1,497 crore, up 40.7%, while advertising and sales promotion fell 12.6% to ₹123 crore; segment EBIT margins fell to 26.3% from 31.0% (Consumer and Bazaar) and to 14.1% from 17.7% (Business to Business). Managing Director Sudhanshu Vats says "Despite very high material inflation, amidst unprecedented volatility and uncertainty, we delivered steady margins in H1 FY27"; half-year EBITDA margin was 23.5%. Standalone profit before tax rose ₹62.5 crore, of which ₹61.2 crore was higher other income (our arithmetic), and the results carry unmodified limited review reports. The earnings call is on 29 October; the filings do not give the Q2 raw material prices or the price rises.
  • Full read: Pidilite's Quarter: Volume Up 10.7%, Sales Up 21.7%, EBITDA Up 0.5%.
• Hyundai Motor India reported record Q2 FY27 sales of 219,072 units (up 14.7% year on year) and consolidated revenue from operations of ₹20,696.1 crore, but consolidated EBITDA margin (the company's measure, which excludes other income) fell to 9.5% from 13.9% and profit before tax fell 23.9% to ₹1,617.8 crore from ₹2,126.0 crore (our arithmetic). The investor presentation bridges the fall: raw material −₹860.7 crore, volume and net price +₹401.1 crore, others −₹48.6 crore. Material cost rose to 73.8% of consolidated revenue from 70.1% a year ago and from 72.6% in Q1; the sequential margin gain came from employee and other expenses falling as a share of revenue (our arithmetic). Standalone material cost is 75.6% of revenue against 71.8% (our arithmetic). Limited review reports are unmodified.
  • Full read: Hyundai's Record Quarter: Operating Leverage Lifted the Margin, Material Cost Did Not.
• Adani Enterprises reported consolidated EBITDA of ₹11,958 crore for H1 FY27, up 56% from ₹7,688 crore, and Q2 EBITDA of ₹6,316 crore, up 62%; consolidated Total Income (the release calls it "Revenue") was ₹71,569 crore for the half, up 62%, and profit after tax attributable to owners was ₹332 crore against ₹4,189 crore with a ₹2,644.02 crore OFAC settlement recorded in Q1 (company-printed figures). The release also says CARE raised the long-term rating to AA/Stable, the ANIL module line reached 10 GW with 4.3 GW commissioned in September, and AdaniConnex signed a 240 MW hyperscale order at Navi Mumbai, taking tied-up capacity to 1.2+ GW. The results and auditors' reports show the standalone review report unmodified and the consolidated review conclusion modified "except for the possible effects" of Mumbai International Airport Limited (MIAL) matters: the notes state that the CBI filed a chargesheet alleging ₹845.76 crore was diverted through works contracts now in property, plant and equipment at ₹409.28 crore net book value, MIAL's auditors gave a modified conclusion for lack of audit evidence, and no adjustment has been made pending the court. The same matter was modified in the group auditors' earlier reports listed in the filing. The earnings deck shows Airports EBITDA up 52% to ₹3,275 crore in H1, while the release's table shows airports PBT of ₹(484) crore against ₹303 crore, which it attributes to Navi Mumbai depreciation, and ANIL EBITDA down 13% on "low realization"; neither the release nor the deck mentions the review conclusion.
  • Full read: Adani Enterprises' Record EBITDA Half and the Auditors' "except for".
• Vedanta Aluminium Metal (VAML) reported consolidated Q2 revenue of ₹22,066 crore, up 41%, EBITDA of ₹10,192 crore against ₹5,582 crore and profit after tax of ₹6,187 crore against ₹3,012 crore (company percentages; the year-earlier figures are re-presented for the demerger from Vedanta Limited and the inclusion of BALCO), with a hot-metal cost of $1,722 a tonne against $1,826 and net debt down ₹3,090 crore; India Ratings upgraded it to AA+ (press release only). The results (a scan; read from page images) carry what the release leaves out: ₹400 crore of the ₹485 crore of exceptional items is an additional provision for bauxite supplied by Odisha Mining Corporation, and note 12 says the Orissa High Court dismissed the company's writ and vacated the interim stay, OMC's demand dated 3 October is ₹3,539 crore plus interest and GST, and the company has challenged the judgment in the Supreme Court and sought a stay. The 1 October Regulation 30 letter reported the dismissal but no amount; the earlier provision held, the period and the volumes are not stated. The auditors' review conclusion is unmodified with no emphasis paragraph. Vedanta Limited's results do not mention the matter (the aluminium business was demerged on 1 May 2026); their unmodified review conclusion carries an emphasis paragraph on regulatory investigations and a short-seller report, and a note on the Enforcement Directorate's June search.
  • Full read: Vedanta Aluminium Earned $1,646 a Tonne. A ₹3,539 Crore Bauxite Demand Sits in Note 12..
• TVS Motor Company's board approved a Composite Scheme of Arrangement: TVS Motor Services (wholly owned; total assets ₹251.44 crore) is amalgamated into the company with no consideration, and the consumer finance and related business is demerged into Harita ARC Limited, bought the same day for ₹25,000 in cash (2,500 shares of ₹10) from TVS Credit Services. Shareholders receive 1 fully paid-up equity share of ₹1 face value of Harita ARC for every 1 share of ₹1 face value of TVS Motor held, 47,50,87,114 shares in all, so Harita ARC's shareholding mirrors the company's (promoters 50.27%, public 49.71%, on the 30 September pattern); the ratio rests on a Bansi S. Mehta Valuers LLP report with a JM Financial Limited fairness opinion, and the scheme needs approvals from the exchanges, SEBI, the NCLT and shareholders and creditors. The filing gives the undertaking's turnover (₹3,921 crore for the half-year against ₹35,770 crore) but not its assets or borrowings, and no record date. The company reported Q2 standalone revenue of ₹17,103 crore, up 44%, operating EBITDA of ₹2,219 crore at a 13.0% margin against 12.7%, and profit after tax of ₹1,377 crore, up 52%, on 19,19,005 vehicles, up 27.3% (our arithmetic); the results put standalone material cost at 73.0% of revenue against 71.1% (our arithmetic), with other expenses down to 9.3% from 11.2% (our arithmetic). Consolidated net debt to equity is 2.90 times against 0.37 standalone. The auditors' consolidated review conclusion is "not modified". The board also approved a ₹530.08 crore cash purchase of 100% of STPL Trading and Services (a related party; net worth ₹220.85 crore; it holds 7.5% of Home Credit), which adds about 2.4% in TVS Credit Services after the Home Credit merger. The results deck also lists Peyman Kargar as Director and CEO from 27 January 2027, a decision first filed on 28 August.
  • Full read: TVS Motor Plans to Split Off Its Lender 1:1. Its Maker's Margin Held on Overhead, Not Materials.
• Info Edge (India) reported standalone revenue from operations of ₹841.66 crore for the September quarter, up 12.8% (our arithmetic), with the Recruitment segment (which includes Naukri.com) at ₹632.34 crore of revenue and ₹373.67 crore of segment profit before tax, a 59.1% margin against 55.8% a year earlier (our arithmetic from ₹ million), on billings up 12.6% against 17.5% in Q1 (our arithmetic); the company attributes the slower quarter to "the timing of customer renewals". Recruitment's result was 100.2% of the three segments' standalone total of ₹372.99 crore (our arithmetic; 99acres lost ₹1.64 crore). Consolidated profit before exceptional items and tax was ₹747.73 crore, up 85.2%, on revenue up 12.2%, with other income of ₹428.44 crore against ₹161.78 crore; the filings read do not break that other income down. The board declared an interim dividend of ₹3 per share (record date 6 November). The auditors' review conclusions on both sets of results are unmodified. In a separate filing, Hitesh Oberoi steps down as Managing Director and CEO at the close of business on 2 December after nearly 27 years, for reasons the board gives as personal ("to devote more time to his personal interests in education, entrepreneurship, institution building, investing and philanthropy, as well as to spend more time with his family"), and moves to a non-executive board seat; founder Sanjeev Bikhchandani becomes Executive Vice Chairman, MD and Group CEO from 3 December until 26 April 2031, both subject to shareholder approval. A third filing approves selling the 14.18% Medcords and 31.64% Unnati Online stakes (impairment booked in full in FY 2023-24 and FY 2019-20 respectively; price written "About Rs. 5000." for each, with no unit, to the investees' own promoters) and investing about ₹150 crore in its wholly owned subsidiary Redstart Labs (India).
  • Full read: Info Edge's Naukri Earned More Than the Whole Group's Segment Profit, as Its CEO Steps Down.
• United Spirits reported standalone net sales value of ₹3,258 crore for the September quarter, up 2.8%, on 15,769 thousand cases, down 5.0%, with profit after tax of ₹462 crore, down 2.1%. Prestige & Above net sales value rose 6.3% to ₹3,065 crore on 1.2% lower volume, while the Popular segment's volume fell 29.7% and its value 22.7% to ₹181 crore; the release blames "MML impact in Maharashtra as well as recent policy changes in Karnataka" and "excise slab changes" for Popular, and "the continuing impact of the adverse policy in Maharashtra" for the total, without sizing either. Its bridge shows volume at minus ₹156 crore and price/mix at plus ₹283 crore. Gross margin rose 88 bps to 48.0%, but marketing spend rose to 11.6% of net sales value from 7.6%, so EBITDA fell 4.3% to ₹643 crore and the margin to 19.7% from 21.2% (standalone). Per case, net sales value rose about 8.2% while excise duty per case fell about 2.0% and EBITDA per case was flat (our arithmetic). Consolidated profit was ₹428 crore against ₹464 crore, down about 7.8% (our arithmetic), after a loss from discontinued sports operations. The results carry an unmodified review conclusion from Walker Chandiok & Co LLP, with two emphasis-of-matter paragraphs (IDBI Bank dispute; historical inquiry matters), and a management filing shows General Counsel Shobana Nikam resigning from 31 October with Sameer Chugh joining from 1 December.
  • Full read: United Spirits' Q2: Premium Sales Up 6.3% on Fewer Cases, With Two States' Rulebooks Underneath.

Results and updates

• 20 Microns reported consolidated revenue from operations of ₹238.16 crore for the September quarter (converted from ₹23,815.54 lakh) against ₹230.78 crore a year earlier (up 3.2%, our arithmetic), but profit before tax of ₹19.20 crore against ₹23.46 crore and profit of ₹13.64 crore against ₹17.35 crore; cost of materials consumed rose to ₹132.01 crore from ₹117.94 crore and employee cost to ₹23.33 crore from ₹20.73 crore, while finance cost eased to ₹4.20 crore from ₹4.45 crore. Standalone revenue was ₹199.79 crore against ₹197.60 crore and profit ₹12.68 crore against ₹14.03 crore. The filing gives no commentary.
• Aarti Pharmalabs reported standalone revenue from operations of ₹612.59 crore for the September quarter (converted from ₹61,258.69 lakh), against ₹417.29 crore a year earlier (up 46.8%, our arithmetic), and profit after tax of ₹65.75 crore against ₹23.50 crore, where the year-ago figure is restated (see below). Consolidated revenue was ₹610.45 crore against ₹418.33 crore and profit after tax ₹71.47 crore against ₹20.49 crore, including ₹6.88 crore from joint ventures against a loss of ₹0.64 crore. The filing gives no commentary on margins; from the statement, cost of materials consumed rose to ₹331.91 crore from ₹204.45 crore, and revenue less all expenses other than finance costs and depreciation (so including the foreign-exchange line) was ₹136.32 crore, 22.3% of revenue, against ₹63.62 crore, 15.2% (our arithmetic). The auditors' review conclusion is not modified but carries two emphasis-of-matter paragraphs. First, the Collector and Additional Superintendent of Stamps, Gandhinagar, ordered on 29 August 2026 stamp duty of ₹25.00 crore and penalties of ₹34.50 crore (converted from ₹2,500 lakh and ₹3,450 lakh) on the 2022 NCLT order sanctioning the demerger of Aarti Industries' pharmaceutical undertaking into the company, which had applied for adjudication of the duty in November 2022; the company has provided only ₹2.04 crore (an exceptional item), treats the other ₹57.46 crore as a contingent liability, and has challenged the order in the Gujarat High Court, where no interim order has been passed. Second, the year-ago quarter and half year are restated for fair-value losses of ₹9.93 crore and ₹14.57 crore on a target redemption forward contract, which lowers year-ago profit after tax by ₹7.43 crore for the quarter. The board also noted Chief Financial Officer Piyush Lakhani's resignation (to pursue an alternate career, relieved from the close of 30 October) and appointed Vibha Thakkar as CFO from 31 October.
• ACME Solar Holdings reported consolidated Q2 EBITDA of ₹874 crore, up 63.6% from ₹534 crore, at an 86.7% margin against 88.8%, and profit after tax of ₹269 crore against ₹115 crore (up 133.5%). Its "total revenue" of ₹1,007 crore is total income: the results show revenue from operations of ₹8,870.11 million (₹887.01 crore, converted) against ₹4,677.48 million (₹467.75 crore), up 89.6% (our arithmetic), plus other income of ₹1,200.70 million (₹120.07 crore), and the release's EBITDA equals the statement's profit before finance cost, depreciation and tax of ₹8,735.32 million, so it includes that other income. The release attributes the growth to BESS (battery storage) and renewable capacity additions; generation was 1,840 million units, up 19.6%, with a capacity utilisation factor of 27.8% against 24.1%, and a further 324 million units sold through short-term peak-power BESS operations. Finance costs were ₹345.21 crore against ₹264.52 crore (converted). The presentation and release say it signed 430 MW of FDRE power purchase agreements (taking signed capacity to 4,310 MW of 5,380 MW under construction), commissioned about 2.1 GWh of BESS in the quarter to date (about 5.2 GWh in all), locked in ₹1,600+ crore of FY27 and ₹1,500+ crore of FY28 short-term BESS revenue, tied up about ₹9,100 crore of debt, raised its FY27 BESS commissioning target to 12+ GWh from 10 GWh and its 2030 renewable target to 15 GW from 10 GW, and was upgraded by CRISIL to AA-/Positive from AA-/Stable. A separate statement on the ₹2,800 crore (approximate) qualified institutions placement of 4 June 2026 reports no deviation in use of proceeds. The joint auditors' review reports are unmodified; the board also appointed Grant Thornton Bharat LLP as internal auditor from 1 October 2026 to 31 March 2028.
• Adani Ports and SEZ reported consolidated Q2 revenue of ₹11,340 crore, up 24% from ₹9,167 crore, EBITDA of ₹6,807 crore, up 23% from ₹5,550 crore, and profit after tax of ₹3,682 crore, up 18% from ₹3,120 crore; the EBITDA margin was 60.0% against 60.5% (our arithmetic). By segment, the media release shows domestic ports revenue up 13% to ₹7,177 crore with EBITDA of ₹5,201 crore at a 72.5% margin; international ports revenue up 71% to ₹1,839 crore and EBITDA to ₹878 crore from ₹261 crore, a record 47.7% margin, on volumes of 24 million tonnes against 10 million (it credits Colombo West International Terminal, Tanzania and the Australian terminal NQXT); logistics revenue up 21% to ₹1,273 crore with EBITDA up 8%; and marine revenue up 57% to ₹1,007 crore on 138 vessels against 127. It raised FY27 guidance by ₹1,000 crore each, to revenue of ₹44,000-46,000 crore and EBITDA of ₹26,000-27,000 crore, and capex guidance by ₹3,000 crore to ₹15,000-17,000 crore; half-year capex was ₹10,521 crore, gross debt ₹57,717 crore, cash ₹12,502 crore and net debt to EBITDA 1.8 times, and S&P Global Ratings upgraded it to BBB from BBB- with a stable outlook. In the results, other income fell to ₹269.37 crore from ₹836.60 crore a year earlier, and an exceptional charge of ₹30.76 crore is voluntary-retirement cost at a foreign subsidiary. Note 6 says the US indictment and SEC civil complaint against a non-executive director (the company was not named) ended in August: the SEC case closed by a consent final judgment with a civil penalty that has been paid, and the Justice Department indictment was dismissed with prejudice on 10 August, so "the matter is concluded". We found no qualification or emphasis-of-matter paragraph in the auditors' review reports.
• Adroit Industries (India), a propeller-shaft maker, reported Q2 revenue of ₹426.73 million (₹42.67 crore, converted), up 25% on the first quarter and, against ₹360.08 million a year earlier, up 18.5% (our arithmetic); EBITDA was ₹119.56 million (₹11.96 crore) at a 28.0% margin against 30.93% in Q1 and 15.82% a year ago, and profit after tax ₹85.47 million (₹8.55 crore) against ₹49.74 million. The release does not say whether these are standalone or consolidated; the profit matches the consolidated statement in the results, where one Indian subsidiary has revenue of ₹378.74 million before consolidation adjustments. The auditors rely on management-certified information for two subsidiaries (total revenue ₹33.81 million) and say their conclusion is not modified. Chairman and Managing Director Saurabh Sangla said "We added 13 new customers during Q2 FY27" and that it has entered industrial shafts and defence; machinery worth ₹50 million is commissioned, orders of ₹300 million are placed, more machining capacity comes from Q4 FY27 and forging capacity from Q1 FY28, with full ramp-up targeted for Q4 FY28 and peak annual revenue of ₹2,500 million (₹250 crore).
• Aeroflex Industries reported consolidated Q2 revenue from operations of ₹207.36 crore, up 87.0% from ₹110.87 crore (our arithmetic), EBITDA of ₹50.34 crore against ₹25.88 crore at a 24.27% margin against 23.34%, and profit after tax of ₹36.56 crore against ₹14.23 crore; for the half year, revenue was ₹352.74 crore against ₹195.21 crore and profit after tax ₹55.35 crore against ₹21.40 crore. The company says the 93 basis-point margin gain came from "higher contribution from high-value products and improved operating leverage". A note in the presentation says it changed its depreciation method from written-down value to straight-line from 1 April 2026, as a change in estimate, which lowered depreciation for the quarter and half year by ₹8.41 crore; reported Q2 depreciation was only ₹0.45 crore against ₹6.10 crore a year ago, because the half-year charge of ₹8.29 crore less the ₹7.84 crore booked in Q1 leaves ₹0.45 crore (our arithmetic), and the presentation's own straight-line illustration shows Q2 profit after tax of ₹34.00 crore, ₹2.56 crore below the reported figure. It completed capacity of 20 million metres a year of stainless-steel hose and braiding and 12,000 liquid-cooling skid assemblies, and announced a ₹202 crore next phase to reach 30 million metres and 30,000 skids by March 2028. The board outcome approves in principle the amalgamation of wholly owned subsidiary Hyd-Air Engineering into the company from 1 April 2026; Chief Financial Officer Mustafa Kachwala's CFO tenure ends on 27 November (he stays as whole-time director) and Drashti Bhil becomes CFO from 28 November. A statement on the ₹54.99 crore preferential issue of 3 February 2026 reports no deviation in use of funds.
• AGI Greenpac reported consolidated revenue from operations of ₹655.46 crore, up 9.0% from ₹601.58 crore (our arithmetic) but down 16.5% from ₹785.27 crore in the June quarter, with EBITDA of ₹143.41 crore against ₹154.23 crore a year earlier and profit after tax of ₹66.50 crore against ₹75.98 crore. The EBITDA margin was 21.9% against 25.6% (our arithmetic; the presentation gives EBITDA excluding other income of ₹142 crore at 21.7% against ₹150 crore at 24.9%). The statement shows the squeeze: power and fuel cost rose to ₹164.72 crore from ₹123.88 crore (up 33.0%, our arithmetic) and cost of materials consumed to ₹220.37 crore from ₹191.49 crore, while the packaging-products segment result fell to ₹114.23 crore from ₹128.23 crore. Capital work in progress was ₹412.93 crore at 30 September against ₹195.25 crore at 31 March; the presentation says glass capacity goes from three to four plants and from 2,100 to 2,600 tonnes a day by March 2027, and it shows a foray into aluminium cans. The review report carries no modification.
• Anant Raj reported consolidated revenue from operations of ₹661.53 crore for the September quarter against ₹630.79 crore a year earlier (up 4.9%, our arithmetic), and profit of ₹156.49 crore against ₹138.18 crore. The presentation puts EBITDA (including other income) at ₹215.37 crore, a 31.72% margin up 396 basis points, and says an Infomerics upgrade took its rating to IVR A-/Stable. In the statement, cost of sales fell to ₹427.75 crore from ₹439.16 crore while depreciation rose to ₹26.50 crore from ₹10.64 crore. The board noted: two data-centre campuses operating at 28 MW with 63 MW of IT load targeted by the end of FY27 and 357 MW by FY2031-32; an MoU between its new Singapore subsidiary, Orange Business Services Singapore and the Haryana government to market Haryana-hosted cloud capacity abroad; HARERA registration of a luxury housing project, "The Estate One" in Gurugram, of about 1.22 million sq ft, to be launched soon; and the composite scheme of arrangement to consolidate its data-centre and cloud businesses into two subsidiaries (Anant Raj Cloud and Ashok Cloud), for which it expects the stock-exchange and SEBI no-objection letters shortly before filing with the NCLT. The monitoring agency's report on its qualified institutions placement shows no deviation.
• Apcotex Industries reported standalone revenue from operations of ₹498.92 crore for the September quarter (converted from ₹49,892.46 lakh), up 48.2% from ₹336.69 crore, with profit after tax of ₹34.84 crore against ₹25.30 crore; the company has no subsidiary. The earnings presentation puts operating EBITDA at ₹58.3 crore (₹583 million), up 43.6% from ₹40.6 crore, at an 11.69% margin against 12.06% a year earlier but against 22.28% in the June quarter, when it earned ₹117.1 crore; for the half year, revenue was ₹1,024.6 crore, up 43.8%, EBITDA ₹175.4 crore at 17.12% against 11.13%, and profit after tax ₹113.8 crore against ₹44.5 crore. It attributes the year-on-year gain to higher volumes (sales volume up 7%, export volumes recovered after a Q1 decline) and improved margins, and says working capital stays elevated "due to higher input costs"; neither document explains the halving of the margin from the first quarter. The statement shows cost of materials plus the change in inventories at 73.0% of revenue against 64.5% in the first quarter and 69.3% a year ago (our arithmetic). The ₹210 crore (₹2,100 million) Valia plant expansion is "largely on track", and the company says it remains net cash positive. The half-year results are audited, with an unmodified opinion from Manubhai & Shah LLP.
• Arkade Developers reported consolidated revenue from operations of ₹144.65 crore for the September quarter (converted from ₹14,465.01 lakh) against ₹263.65 crore a year earlier (down 45.1%, our arithmetic) and profit of ₹24.81 crore against ₹45.81 crore (down 45.9%). The press release gives total revenue of ₹147 crore, a gross margin of 35%, operating EBITDA of ₹35 crore (24% margin) and profit after tax of ₹25 crore, but its headline is collections, up 22% to ₹183 crore from ₹150 crore, with pre-sales of ₹151 crore, nil net debt and two projects of ₹2,800 crore gross development value targeted for launch in Q3 FY27. The same board meeting approved a new wholly owned subsidiary and an interim company secretary, Maria S John, from 1 December while Sheetal Solani is on maternity leave.
• Arvind reported consolidated Q2 revenue of ₹2,919 crore, up 23%, EBITDA of ₹331 crore, up 27%, an EBITDA margin of 11.4% against 11.0%, and profit after tax before exceptional items of ₹123 crore, up 16%. Much of the growth is bought: Dalco-GFT, consolidated from 6 May, added revenue of ₹256 crore and EBITDA of ₹41 crore (16% margin); without it the presentation shows revenue of ₹2,663 crore, up 12%, and EBITDA of ₹290 crore, up 11%. Textiles revenue was ₹1,999 crore, up 11%, with EBITDA of ₹190 crore, where the company says higher input costs took about 75 basis points off the margin on a normalised base; Advanced Materials revenue was ₹805 crore, up 81%, with EBITDA of ₹119 crore, up 97%, a 15% margin, and its India business grew 23% to ₹550 crore revenue and ₹78 crore EBITDA. CARE Ratings upgraded it to AA, Stable, from AA-, and the company says phase 1 of the Varanasi garment plant is commissioned (its inauguration was reported on 25 October). For Q3 it says textile "margin may remain at current levels due to elevated cost scenario" and expects capex of more than ₹500 crore in FY27 (₹372 crore spent in the half). The results show a standalone net exceptional gain of ₹28.91 crore in the quarter, including a ₹30.39 crore reversal of an impairment provision. The monitoring agency's report and the company's statement find no deviation in the use of the ₹500 crore QIP raised on 5 August.
• Bajaj Electricals said Executive Chairman Shekhar Bajaj will step down from his executive roles at the close of business on 31 December 2026 and, from 1 January 2027 subject to shareholder approval, become a non-executive director with the title Chairman Emeritus; independent director Sudarshan Sampathkumar becomes non-executive Chairman from the same date and Sanjay Sachdeva continues as Managing Director and CEO. In his resignation letter Bajaj says the reason is "the succession and leadership transition" and asks the board to waive the unserved notice. The board also approved Q2 results: consolidated revenue from operations of ₹1,123 crore against ₹1,107 crore (up 1.5%), EBIT of ₹50 crore against ₹33 crore (4.4% of revenue against 3.0%) and profit after tax of ₹26.1 crore (converted from ₹2,610 lakh) against ₹9.9 crore. The presentation shows staff cost down to ₹86 crore from ₹107 crore, which it labels "phasing impact" and cost optimisation, while other expenses rose 12% to ₹206 crore with advertising at about 3.8% of revenue; general trade fell about 3%, the consumer products segment grew about 2% and lighting fell about 1%.
• Bansal Wire Industries' call transcript (call held 23 October, late-filed) has MD and CEO Pranav Bansal calling the quarter the highest ever for revenue, EBITDA and profit, which he puts down to "better operational efficiency, improved cost management, and a favorable product mix" plus economies of scale as the expanded Dadri plant ramps up. CFO Ghanshyam Gujrati gives revenue of ₹1,308 crore, up 24%, EBITDA of ₹105 crore, up 29% (an 8.0% margin, our arithmetic), net profit of ₹53 crore, up 38%, volumes of 1,29,000 tonnes against 1,14,609, and operating cash flow of ₹218 crore in the quarter (₹339 crore for the half). Bansal says annualised ROCE is about 22% against a 25% target, capacity goes from 6.8 lakh to about 8.3 lakh tonnes by the end of next year (60,000 tonnes more at Dadri and about 90,000 at a new southern Gujarat plant), annual capex is indicatively ₹200 to ₹225 crore, and it aims for about ₹800 crore of cumulative operating cash flow over FY27 and FY28. In speciality wire he says IHT wire turned EBITDA-positive last quarter, a first steel tyre cord trial order came last quarter with a second expected within 10 to 15 days, and speciality wire earns "INR 15,000-20,000 per ton" of EBITDA.
• Beta Drugs' call transcript (call held 22 October, late-filed) has Chairman and Managing Director Rahul Batra giving first-half revenue growth of 29.2%, an EBITDA margin of 23.18% against 23.08%, and profit rising from ₹24 crore to ₹34 crore, which he calls "almost 45% growth" (the rupee figures give about 42%, our arithmetic). On the price-capping order for trade margins he says branded sales were ₹123 crore in FY26 (₹60 crore oral, ₹63 crore injectables, of which ₹50 crore are scheduled drugs with government-fixed prices) and that "the overall impact on the company seems zero or negligible". Own brands grew 17% in the half, the Nivian Lifesciences acquisition grew from ₹18 crore to ₹31 crore of sales (up 75%), exports were ₹43 crore, and the company got its first purchase order from Tata hospitals. He targets "20%, 25% growth for next three to five years" with margins of 23% to 24%.
• Bhageria Industries reported standalone Q2 revenue from operations of ₹453.01 crore against about ₹204.75 crore a year earlier (up about 121%, our arithmetic) and ₹284.02 crore in June, with profit after tax of ₹58.29 crore against ₹12.19 crore. Cost of materials consumed rose in step, to ₹281.71 crore from ₹128.53 crore, and pre-tax profit was 17.4% of revenue against 8.2% (our arithmetic); consolidated revenue was ₹455.70 crore and profit ₹55.75 crore against ₹11.47 crore. The results note names only its segments (chemicals, solar power, pharma and others) and gives no reason for the doubling. The filing is a scan and the figures were read from its text layer with the year-ago revenue and profit cross-checked against the printed totals; treat the year-ago revenue as approximate.
• Birlasoft reported consolidated Q2 revenue of ₹1,416 crore (converted from ₹14,162 million), up 6.6% in rupees and 2.7% on the quarter, though in dollars revenue was $148.3 million, down 1.6% on the year. EBITDA was ₹215 crore, a margin of 15.2% against 16.0% a year ago and 16.1% in June; CFO Chandrasekar Thyagarajan links the margin to "the organization-wide compensation increase rolled out during the quarter" and sales and domain investments. Profit after tax was ₹159.6 crore, up 37.5%, and the fact sheet shows an effective tax rate of 29.0% against 44.7% a year ago (our reading: the lower tax rate drove much of the profit growth). It signed deals worth $116 million in the quarter ($47 million new, $69 million renewals; $285 million for the half, up 15%), and receivables fell to 51 days. The board outcome declared an interim dividend of ₹3 a share (record date 5 November) and allotted 1,00,997 shares on exercise of employee options.
• CarTrade Tech reported consolidated Q2 revenue from operations of ₹213.09 crore against ₹193.41 crore, up 10.2% (our arithmetic, converted from ₹ lakh), with EBITDA of ₹76 crore, up 20%, at a 36% margin against 33%; the headline's "highest-ever income of ₹236 crores" is total income including other income. The results show profit before tax of ₹85.45 crore against ₹79.92 crore and profit after tax of ₹65.95 crore against ₹64.08 crore, up only 3% because tax rose to ₹19.49 crore from ₹15.85 crore, while other income fell to ₹23.13 crore from ₹28.73 crore (our arithmetic). The company says OLX India revenue grew 26% and EBITDA 36%, and Chairman Vinay Sanghi cites its "asset-light business model". The presentation accompanies.
• Century Enka's earnings presentation for its 28 October call adds the margin to the results reported on 27 October: consolidated Q2 EBITDA of ₹32.8 crore, a margin of 5.88% against 7.73% a year ago and 15.46% in June, and profit after tax of ₹18.5 crore against ₹22.3 crore, down 17%, with tax of ₹8.9 crore against ₹3.1 crore (converted from ₹ million). The company says tyre cord margins were hit by "pricing pressure and volatility in raw material & fuel prices" and nylon yarn margins by "continued imports of base and lower grade yarns from China at low prices", and that June "benefitted from low cost opening stocks". It expects commercial sales of polyester tyre cord fabric to start in Q4 FY27 and savings from more hybrid power from Q4.
• Chemfab Alkalis approved Q2 results showing a standalone net loss of ₹2.23 crore against a profit of ₹1.59 crore (pre-tax loss ₹3.07 crore against a profit of ₹2.27 crore), on revenue from operations of ₹75.62 crore against ₹70.41 crore, up 7.4% (our arithmetic, converted from ₹ lakh). Chemicals revenue rose to ₹69.22 crore from ₹43.66 crore, so the remaining segment, PVC pipes, fell to about ₹6.4 crore from about ₹26.7 crore (our arithmetic); the filing gives no reason. The June quarter's ₹4.83 crore profit included a ₹3.80 crore deferred-tax credit from moving to a lower tax rate. Consolidated net loss was ₹2.11 crore against a loss of ₹2.01 crore. The board also appointed V. R. Raguraman, whose profile cites over four decades in chemical manufacturing, as Chief Operating Officer.
• Control Print reported consolidated Q2 revenue from operations of ₹144.22 crore (converted from ₹ lakh), up 28.8% from ₹111.96 crore (our arithmetic), and profit before tax of ₹24.09 crore against ₹21.71 crore, but profit of ₹13.13 crore against ₹18.59 crore because the tax charge rose to ₹10.97 crore from ₹3.12 crore (deferred tax ₹4.14 crore against a credit of ₹0.84 crore). Standalone revenue was ₹130.87 crore against ₹102.02 crore and standalone profit ₹18.64 crore against ₹19.90 crore. The filing gives no explanation of the tax line.
• Craftsman Automation reported consolidated Q2 revenue from operations of ₹2,945.20 crore (₹2,94,520 lakh), up 47.1% from ₹2,001.59 crore (our arithmetic), and profit of ₹153.18 crore against ₹90.86 crore; standalone revenue was ₹1,848.25 crore against ₹1,192.34 crore and standalone profit ₹105.20 crore against ₹47.22 crore (converted from ₹ lakh). The notes say the consolidated figures are not comparable with last year because of acquisitions made in the year to March 2026 (they list DR Axion India and its subsidiaries among the consolidated entities). By segment (consolidated), Aluminium Products revenue rose to ₹1,819.45 crore from ₹1,204.05 crore and Powertrain to ₹746.25 crore from ₹537.97 crore, but Aluminium's segment profit fell to ₹136.42 crore from ₹141.44 crore, a margin of 7.5% against 11.7% (our arithmetic), while Powertrain's rose to ₹134.66 crore from ₹78.75 crore (18.0% against 14.6%, our arithmetic) and Industrial & Engineering's to ₹28.92 crore from ₹3.76 crore. On our arithmetic, consolidated EBITDA (profit before exceptional items and tax, plus finance cost and depreciation, less other income) was about ₹392.4 crore, 13.3% of revenue, against about ₹302.3 crore, 15.1%. The auditors' review conclusion is unmodified. Separately, its statement on the use of QIP proceeds says the ₹2,000 crore raised in the June quarter (₹1,999.99 crore) has been fully utilised, with no deviation, so the quarterly statement ceases; the results notes give the objects as repaying borrowings and general corporate purposes.
• Creative Newtech reported consolidated Q2 total income of ₹754.80 crore, up 14.4%, EBITDA including other income of ₹40.11 crore, up 50.7%, a margin of 5.31% against 4.04%, and profit after tax of ₹25.94 crore against ₹18.95 crore, up 36.9%; the results give consolidated revenue from operations of ₹752.14 crore against ₹655.01 crore, up 14.8% (our arithmetic, converted from ₹ lakh). Chairman and MD Ketan Patel credits "stronger operating leverage and improved operational efficiencies" for the margin, and the release gives operating cash flow of ₹351.24 crore for the half year and working capital of 45 days. It also announces a proposed acquisition of Infinova (India) Private Limited for a surveillance-technology platform; the documents give no price or terms.
• Credent Connect N Care (NSE Emerge, first half-yearly result since its 20 August listing) reported consolidated first-half revenue from operations of ₹138.09 crore (₹13,808.65 lakh), up 53.4% from ₹90.03 crore, profit before tax of ₹15.01 crore against ₹9.78 crore and profit of ₹14.65 crore against ₹7.53 crore, with an unmodified review. Its press release says profit includes a one-time tax credit of ₹1.78 crore (profit excluding it ₹12.87 crore), EBITDA margin held at about 13%, and guides FY27 consolidated revenue of "₹320 Crore plus" and profit of ₹28 crore. The board also designated whole-time director Karan Sharma chief executive officer; the filing states he is the son of Ashok Kumar Sharma.
• Cyient's call transcript, filed 28 October for a call held on 22 October (results reported that day; late-filed transcript): revenue of its DET (engineering and technology) segment was US$174.2 million, up 7.5% on the quarter and 6.3% on the year in constant currency, but only 1.6% and 0.4% organically, the rest coming from one month of TAO Digital (US$9.6 million). DET EBIT margin was 14.2%, up 107 basis points on the quarter and 206 on the year, its highest in ten quarters; Chief Financial Officer Shrinivas Kulkarni put the improvement down mainly to "cost optimization initiatives, more billing days". Order intake was a Q2 record US$158.4 million, up nearly 21%, with a multi-year frame agreement of potential up to €50 million a year not counted in it, said Executive Director and CEO Sukamal Banerjee. Group revenue was US$233.9 million, with a 10.2% EBIT margin and profit of ₹121 crore. Kulkarni said wage hikes will come in two phases over the third and fourth quarters and the company is "very confident of being able to retain the margins at the current levels"; Executive Vice-Chairman Krishna Bodanapu said foundry constraints will "continue to weigh on our margin in the immediate term" in semiconductors, whose revenue was US$19.3 million and whose EBIT loss "reflects entirely our investment in product R&D". The board declared an interim dividend of ₹12 a share.
• Dalmia Bharat's call transcript, filed 28 October for a call held on 26 October (the quarter's ₹205 crore loss was reported on 26 October; late-filed transcript), adds cost and capacity detail. Managing Director and CEO Puneet Dalmia said war-related costs added about ₹220 a tonne to variable cost in the first half, with packing bags adding another ₹100 a tonne, that "September and October have seen healthy price increases", and that its newly acquired Central India assets are on track for "35% to 40% utilization" by the end of the financial year; the Belgaum clinker line is in trial runs, and the Pune and Kadapa expansions should take capacity to about 67 million tonnes in FY28. Chief Financial Officer Yatin Malhotra said total cost rose about ₹260 a tonne excluding Central India (fuel about ₹100, raw materials ₹30 to ₹40, adverse regional mix ₹50 to ₹60), a further ₹75 a tonne is expected in the third quarter with petcoke above US$180 a tonne, and prices in the South and East are about ₹15 a bag above the second-quarter average. He also said amendments to the MMDR Act ended the mineral-bearing land tax from 22 August in Assam and Meghalaya (it continues in Tamil Nadu) and cut contingent liabilities by about ₹198 crore to ₹931 crore. Chief Marketing Officer Navin Tewari moves to an adviser role from 1 January 2027, with Malhotra taking on sales and marketing as well as finance, and the Konark brand "is now getting phased out".
• Diensten Tech (NSE Emerge) reported consolidated first-half revenue from operations of ₹134.31 crore (₹13,431.15 lakh) against ₹51.35 crore and profit before tax of ₹4.82 crore. Its press release gives second-quarter revenue of ₹68.88 crore, up 135.9%, EBITDA of ₹5.29 crore at a 7.6% margin and profit of ₹1.67 crore against a ₹0.41 crore loss, says clients in global capability centres were about 60% of revenue, and notes that EBITDA includes scheme benefits of ₹1.05 crore in the half.
• Dodla Dairy reported consolidated Q2 revenue of ₹1,196.0 crore, up 17.4%, but EBITDA of ₹64.1 crore, down 30.9% from ₹92.8 crore, at a 5.4% margin against 9.1%, and profit after tax of ₹36.6 crore, down 44.3% from ₹65.7 crore (results, unmodified review). The presentation puts gross profit margin at 23.1% against 27.7%, with cost of goods sold up 24.9% to ₹920.3 crore. Per litre, the company's release says procurement price rose 15.7% to ₹43.2 while realisation rose only 8.0% to ₹61.9, packing material costs rose 41.6% "driven by geopolitical tensions and changes in product mix", and a ₹2.5 a litre price rise came only in the second half of the quarter. Managing Director Dodla Sunil Reddy said "milk procurement costs continued to remain elevated, putting pressure on gross margins" and that the festive season has shifted into the third quarter. Value-added products were ₹327.0 crore, 27.3% of sales; Africa revenue rose 55.9%; milk procurement was a record 21.3 lakh litres a day. The board also approved a joint venture, 40% Dodla and 60% Meadow India Holdings, to sell dairy ingredients to businesses, subject to a joint venture agreement and approvals.
• eClerx Services reported consolidated Q2 revenue from operations of ₹1,188.66 crore (converted from ₹11,886.57 million), up 18.3% from ₹1,004.85 crore, but profit before tax fell to ₹236.88 crore from ₹245.00 crore and profit to ₹180.60 crore from ₹183.46 crore, down 1.6% (our arithmetic). Depreciation rose to ₹55.82 crore from ₹42.50 crore and finance costs to ₹15.18 crore from ₹10.80 crore (our arithmetic from the results). The press release puts operating revenue growth at 10.6% in dollars (US$127.7 million), operating EBIT at ₹228.1 crore, up 1.2% on the year and 5.8% on the quarter, and delivery headcount at 23,151, up 8.7%; the presentation shows constant-currency growth of 12.9% and a first-half operating EBITDA margin of 23.5%, down 191 basis points. Neither document says why margins fell. The release prints profit as ₹180.4 crore and the presentation as ₹1,804 million, while the results statement shows ₹1,805.97 million. Separately, the board approved an intra-group purchase of about 2% of Personiv Eclipse Inc. from its wholly owned subsidiary eClerx LLC for US$1,639,121.40 in cash, leaving the company's aggregate ownership unchanged.
• ELANTAS Beck India (BSE filing) reported revenue from operations of ₹265.31 crore (converted from ₹ lakh) for the quarter to 30 September (its financial year ends in December), up 22.5% from ₹216.55 crore, and profit of ₹45.55 crore against ₹36.26 crore, up 25.6% (our arithmetic); profit before tax was ₹60.97 crore against ₹48.56 crore. Against the June quarter, revenue fell 6.4% and profit from ₹70.86 crore, as other income dropped to ₹6.48 crore from ₹19.27 crore (our arithmetic). Cost of materials consumed was 58.3% of revenue against 56.2% (our arithmetic). Electrical Insulations revenue rose 15.9% to ₹199.96 crore and Engineering & Electronic Resins and Materials rose 49.1% to ₹65.40 crore; Electrical Insulations' segment profit was ₹43.30 crore against ₹30.99 crore. The notes say the Gujarat Pollution Control Board, which directed closure of its Ankleshwar operations on 6 March 2019 over suspected groundwater contamination, issued a permanent revocation order on 27 October 2026 (temporary revocations had run to 3 October). The board also appointed Supriya Bansal as chief financial officer from 28 October.
• Emkay Global Financial Services reported consolidated Q2 revenue from operations of ₹151.35 crore (converted from ₹ lakh), up 110% from ₹72.09 crore (our arithmetic), with fee and commission income of ₹132.66 crore against ₹65.54 crore, and profit of ₹30.99 crore against ₹0.46 crore a year earlier (first-half profit ₹40.09 crore against ₹5.24 crore); employee cost rose to ₹63.80 crore from ₹41.88 crore. Standalone profit was ₹29.55 crore against a loss of ₹2.11 crore. The presentation calls it the "strongest-ever quarterly financial performance" and says its investment banking arm closed seven transactions (IPOs, QIPs and an offer for sale) in the quarter and assets under management in its portfolio-management and alternative-investment strategies grew over 64%. Separately, the board approved a reorganisation of the wealth business: it will sell its 100% holdings in Emkay Investment Managers (cash ₹21.375 crore) and Emkay Wealth Advisory (₹2.05 crore) to a new wholly owned subsidiary, Emkay Capital Private Limited, transfer the wealth management business to Emkay Wealth Advisory by slump sale for ₹2.75 crore, and invest up to ₹30 crore in the new subsidiary's rights issue. The filing states these are related-party transactions at arm's length, with the share purchase agreements to be signed by 4 November and completion within 90 days. Its monitoring agency report on the ₹227.52 crore warrant issue shows no deviation from the stated objects.
• Fabtech Technologies reported consolidated Q2 revenue from operations of ₹92.09 crore (converted from ₹ lakh), down 24.2% from ₹121.48 crore (our arithmetic), and profit before exceptional items and tax of ₹13.37 crore against ₹31.26 crore; an exceptional gain of ₹8.35 crore from selling its remaining 16.33% of TSA Process Equipments to Thermax lifted profit to ₹15.02 crore against ₹28.11 crore. Its press release lists what hit margins: higher freight and logistics costs, "exceptional and non-recurring costs arising from enhanced site security, protective measures, standby and idle time" in the Gulf, and higher raw material costs on a major reference vaccine project. It says the order book is about ₹900 crore, the bulk of planned execution falls in the second half, deferred orders have been delayed with no cancellations, and it is "confident" of its FY27 operational profit margin objective of 8% to 9%. The board also appointed Alan Dias, vice president HR, as senior management.
• Force Motors reported standalone Q2 revenue from operations of ₹2,924.54 crore, up 40.5% from ₹2,081.27 crore (our arithmetic), and profit before tax of ₹393.20 crore against ₹315.95 crore, but profit after tax of ₹291.44 crore against ₹349.51 crore. The notes say last year's tax line carried a one-time benefit of about ₹85.46 crore from moving to the new tax regime (deferred tax and MAT credit), so profit after tax is not comparable (tax expense was ₹101.76 crore against a credit of ₹33.56 crore). Cost of materials consumed was 74.4% of revenue against 74.6% (our arithmetic), while other expenses rose to ₹201.06 crore from ₹140.25 crore; on our arithmetic, standalone EBITDA (before exceptional items, adding back finance cost and depreciation, excluding other income) was about ₹433.5 crore, a 14.8% margin, against about ₹362.6 crore, 17.4%. Consolidated revenue was ₹2,924.66 crore and profit ₹293.91 crore against ₹350.70 crore; the company has acquired the entire equity of Veera Tanneries Private Limited under an agreement of 23 April 2026 and consolidates it. The notes also say that, "as per best estimates", provisions have been recognised for the end-of-life vehicle (extended producer responsibility) rules. The review reports carry no qualification or emphasis of matter.
• Foseco Crucible (India) (BSE filing) reported standalone Q2 revenue from operations of ₹53.18 crore (converted from ₹ lakh), up 15.8% from ₹45.93 crore, and profit of ₹14.22 crore against ₹8.78 crore, up 62.1% (our arithmetic). Profit before tax was ₹18.08 crore against ₹12.42 crore; cost of materials consumed was 29.7% of revenue against 31.3% (our arithmetic). The filing gives no commentary on the margin.
• Gateway Distriparks reported consolidated Q2 revenue from operations of ₹580.13 crore (converted from ₹ lakh), up 2.3% from ₹567.32 crore (our arithmetic), and profit before exceptional items and tax of ₹79.02 crore against ₹68.67 crore, but profit of ₹58.53 crore against ₹66.30 crore as the tax charge rose to ₹20.50 crore from ₹2.36 crore. The revised press release (reissued for a typographical error in the first one, which mislabelled the year-on-year columns "QOQ") says the company moved to the concessional 25.17% tax regime from 1 April 2026 against an effective 9.57% a year earlier, and gives EBITDA of ₹131.5 crore against ₹123.4 crore; container throughput was 1,91,749 TEUs against 1,97,642 (down 3.0%), with the rail vertical up 1.7% and container freight stations down 7.9%. Chairman and Managing Director Prem Kishan Dass Gupta said "the container business witnessed a strong recovery compared to Q1" despite "container imbalances and erratic vessel schedules". The filing states that the auditors gave qualified review conclusions on both the standalone and the consolidated results: they cannot comment on provisions that may be needed against ₹8.66 crore (₹866.25 lakh) of advances paid under an arrangement to acquire land for its Jaipur project, which the Adjudicating Authority under the Benami Property Transactions Act held to be benami property (the company has appealed, and the filing says the Appellate Tribunal reserved its order after arguments ended on 16 September); the same matter qualified earlier periods. An emphasis of matter covers customs and trade-authority demands of ₹184.10 crore over service-export scheme benefits for 2015-16 to 2018-19, on which the company has made no provision and says it has a good case. The notes also disclose a Northern Railways demand of ₹67.81 crore for Garhi land licence fees, against which ₹30.73 crore is provided.
• GMR Airports reported consolidated Q2 results with the investor presentation: gross income of ₹4,190 crore (converted from INR 41.9 billion), up 12%, EBITDA of ₹1,570 crore (INR 15.7 billion), up 2% with the margin down about 4 points to 49% (the company calculates margins on net income), and profit after tax of ₹65.4 crore against ₹35.1 crore; for the half year profit was about ₹210 crore against a loss of about ₹100 crore. Traffic at its airports was 28.0 million passengers, up 0.6%, and net debt was about ₹34,000 crore (INR 340 billion). The presentation lists the quarter's financing: ₹3,500 crore of 15-year debentures at 8.71% raised by Delhi International Airport (DIAL) to refinance US$522.6 million notes, and ₹1,500 crore of bonds at 9.56% raised by GMR Airports to repay debt costing 10.75%, with upgrades from S&P (DIAL's notes to BB+; Hyderabad airport to BBB-, two notches), Fitch (Hyderabad, BBB-) and Crisil (GMR Airports' bonds to AA- from A+). It also lists a licence agreement with FedEx for an express cargo terminal at Delhi and a 70%-owned subsidiary's win of the food-and-beverage concession at Delhi Terminal 3 until May 2036, extendable by 10 years. The auditors' review report carries an emphasis of matter on DIAL's dispute with the Airports Authority of India over the annual fee for 19 March 2020 to 28 February 2022, which they say could have a significant impact if the exposure materialised; their conclusion is not modified. The board appointed Sanjeev Gupta as Deputy CEO and executive director from 29 October and recorded the resignation of non-executive director Alexis Benjamin Riols.
• Gokul Agro Resources reported consolidated Q2 revenue of ₹7,481.02 crore, up 13% from ₹6,638.19 crore, EBITDA including other income of ₹275.95 crore (₹195.39 crore), a 3.69% margin against 2.94%, and profit after tax of ₹150.03 crore (₹107.33 crore), per its press release; for the half year profit was ₹273.77 crore against ₹178.33 crore. The release says profit grew faster than revenue because of product diversification, better operating efficiencies, value-added launches and strong exports and non-edible businesses; Chairman and Managing Director Kanubhai Thakkar adds higher volumes, a bigger branded consumer presence and the new biodiesel facility, which is now fully operational. The board also approved another 14 MWp of captive solar capacity (10 MWp at Gandhidham, 4 MWp at Mangalore) for about ₹38 crore plus taxes, over 12 months, on top of 28.79 MWp that it says is fully used. The limited review conclusion is not modified.
• Goodluck India reported consolidated Q2 total income of ₹1,374.05 crore (converted from ₹13,740.5 million), up 37.7%, on volume up 18.1% led by value-added products, but EBITDA of ₹127.49 crore was a 9.3% margin against 9.8% and net profit rose 18.8% to ₹50.67 crore from ₹42.64 crore. The release says standalone EBITDA was hit by higher fuel and global freight costs, and that revenue from the defence order, now in trial runs and validation, is expected in the latter part of the year. Standalone profit was ₹50.71 crore against ₹41.30 crore (converted from ₹ lakh). The board also approved shifting the registered office from Delhi to Uttarakhand, adding defence systems and hydrogen to its objects, and, for its defence subsidiary, a new aerospace components line (the form lists expected benefits of about ₹180 crore and an investment of about ₹80 crore). The release says Goodluck Defence and Aerospace is the sole technically qualified bidder to supply 155 mm HE M1A4 artillery shells to Munitions India, and that the board approved in principle widening the proposed amalgamation so that Goodluck Defence and Aerospace and Goodluck Green Energy merge into the parent; terms are still under evaluation. The results are in scanned pages, so we did not read the auditors' conclusion.
• GRP (reclaimed rubber and recycling) reported consolidated Q2 revenue of ₹172.3 crore (converted from ₹1,723 million), up 30%, EBITDA of ₹18.2 crore, an 11% margin against 9%, and profit after tax of ₹6.4 crore against ₹2.0 crore, per the presentation. Gross margin fell to 46% from 51%: Managing Director Harsh Gandhi said elevated raw material costs continue to pressure gross margins, while the company points to 24% volume growth and 4% higher selling prices in the half year, ₹11.51 crore of extended-producer-responsibility income, and a plastics-recycling business whose revenue grew 38% with EBITDA up 11 percentage points. Its Pyrova Energy recovered-carbon-black plant, in which it has put ₹114 crore, is still being commissioned. The limited review conclusions are unmodified.
• Gulf Oil Lubricants India reported standalone Q2 revenue from operations of ₹1,379 crore against ₹957 crore (up 44%), EBITDA of ₹163 crore (up 37%) at an 11.8% margin against 12.4%, and profit after tax of ₹117 crore against ₹87 crore, with lubricant volumes up 16%. The release cites "unprecedented input cost inflation" from the West Asia crisis, managed through pricing and sourcing, and growth in B2C distribution, OEM and B2B; its e-mobility subsidiary Tirex grew revenue 78%. The consolidated statement shows revenue from operations of ₹1,408.66 crore against ₹966.77 crore and profit of ₹114.52 crore against ₹83.95 crore (converted from ₹ lakh); the review reports are unmodified.
• Hero MotoCorp reported standalone Q2 revenue from operations of ₹14,687.43 crore, up 21.1% (our arithmetic) on ₹12,126.37 crore, on 18.68 lakh units (up 10%, per the press release); EBITDA was ₹1,968 crore (up 8%) and profit after tax ₹1,456.22 crore against ₹1,392.83 crore. The company says EBITDA margins "held steady at 13.4%", but the presentation puts Q2 FY26 EBITDA at ₹1,823 crore, which is 15.0% of that quarter's revenue (our arithmetic), so the margin is down about 1.6 points on the year and the presentation attributes the pressure to commodity headwinds, partly offset by cost savings and operating leverage. In the statement, raw materials, stock-in-trade purchases and inventory changes together were 71.8% of revenue against 66.7% (our arithmetic). Scooters were the growth driver: 2.40 lakh units, up 47%, with VIDA electric retail up 76% to 66,531 units; scooters and EVs were 13% of the volume mix against 10%. Consolidated revenue was ₹14,970.50 crore (up 22.5%, our arithmetic) and consolidated profit after tax ₹1,861 crore (up 41%, per the company), but note 11 to the consolidated results says the quarter includes a ₹397 crore gain recognised in the share of associates after an associate's QIP and private placement, so the consolidated profit is not comparable to last year's. The standalone review report is unmodified. The board also approved up to ₹300 crore of further investment, in tranches over about two years, in HMCL Netherlands B.V., to fund its Colombian and Brazilian subsidiaries (the Netherlands company itself has no turnover; Hero MotoCorp's Colombian subsidiary had FY26 turnover of ₹1,656 crore).
• Hexaware Technologies reported results for the July to September quarter (its third; year ends December): revenue of US$411.9 million, up 4.3% (4.5% in constant currency), or ₹3,933.1 crore (converted from ₹39,331 million), up 12.9% in rupees, per the presentation. Reported EBIT margin was 12.2% against 14.7% a year ago and 13.6% in the June quarter; the company's adjusted 13.8% excludes CEO-exit costs and a US$5.8 million impairment of a customer contract from an earlier acquisition. Profit was ₹429.4 crore (converted from ₹4,294 million), up 16.1%, a 10.9% margin, but the company's walk to an adjusted 9.4% profit margin takes out an earn-out reversal worth 4.2% of revenue. Headcount was 35,887 and voluntary IT attrition 11.1%. Vivek Jetley became chief executive on 28 October and R. Srikrishna ceased to be CEO and executive director that day, as announced on 2 September; non-executive directors Neeraj Bharadwaj and Julius Genachowski resigned citing other commitments (the board named Arjun Shah and Gregory Zeluck from 29 October), and the global head of data, Girish Pai, leaves on 13 November to pursue other opportunities. The board also approved a slump sale and mergers among wholly owned overseas subsidiaries, a new Mauritius subsidiary with up to US$1 million, and the liquidation of Mobiquity BV.
• Himadri Speciality Chemical's call transcript (call held 22 October, results already out): consolidated Q2 revenue was ₹1,691 crore against ₹1,071 crore, EBITDA ₹303 crore (up 27%) and profit after tax ₹231 crore (up 31%), according to Executive Vice President Somesh Satnalika. Chairman and Managing Director Anurag Choudhary said EBITDA per tonne was about ₹21,000 against about ₹17,900 a year ago and about ₹22,700 to ₹22,800 in the June quarter, and attributed the sequential dip to price increases not yet passed through to customers (the company passes on raw material prices with a lag), exports rising to 33% of sales from 26%, and higher freight. Standalone gross margin was down about 500 basis points on the year, which an analyst raised. He said it expects to reach EBITDA above ₹20,000 per tonne on a sustainable basis, kept its target of ₹1,100 crore-plus profit after tax by FY28, and said total spend this year on Birla Tyres and other capex would be ₹800 crore to ₹900 crore. New capacity targets: 200 tonnes a year of carbon nanotubes in Q4 FY27, 2,000 tonnes of LFP cathode material in Q3 FY27 (40,000 tonnes planned for next year) and 5,300 tonnes of anthraquinone and carbazole in Q4 FY27. The board has proposed to take in the Birla Tyres business by demerger from Dalmia Bharat Refractories, subject to approvals.
• Honeywell Automation India filed newspaper copies of its results extract (approved by the board on 27 October): Q2 revenue from operations of ₹1,265.9 crore (converted from ₹12,659 million), up 6.1% (our arithmetic) from ₹1,193.6 crore, profit before tax of ₹180.8 crore against ₹160.7 crore, and profit after tax of ₹133.7 crore against ₹119.5 crore (up 11.9%, our arithmetic). The extract carries no commentary on margins.
• IIFL Capital Services reported consolidated Q2 revenue from operations of ₹714.4 crore against ₹572.1 crore (converted from ₹ lakh; the press release gives ₹722 crore), profit before tax of ₹174.3 crore against ₹119.9 crore and profit after tax of ₹126.6 crore against ₹85.1 crore, but profit was below the June quarter's ₹184.2 crore because other income swung to a loss of ₹24.1 crore from a gain of ₹89.8 crore. The company shows operating profit before tax of ₹206 crore, up 38% on the quarter, with growth in institutional equities. The release says all approvals for Fairfax (FIH Mauritius Investments) to acquire up to 51% through a preferential allotment, an open offer and arrangements with existing promoters have been received and are being implemented; Fairfax will join the promoter group and may nominate up to two directors. It also proposes a wholly owned NBFC subsidiary to lend to wealthy clients, and the board appointed Vasudev Jagannath as whole-time director, to become Managing Director from 1 January 2027, with R. Venkataraman staying on the board. The presentation is also filed; the review reports are unmodified.
• Indian Hotels (IHCL) filed the transcript of its 21 Oct earnings call (results were reported on 21 Oct; this is the management commentary). Three points not in the earlier coverage: the CFO said the standalone operating EBITDA margin of 38.9% (up 400 basis points) had "no one-off", and credited operating leverage, MICE (events) demand and revenue mix, "because all the management fee gets booked in the stand-alone entity"; management fee income grew 25% to INR156 crore from INR125 crore (consolidated, the CEO's figures on the call); and 94% of the more than 34,800 keys in the pipeline are capital-light (81% management contracts, 13% capital-light leases), per the CEO. On Oriental Hotels, the CEO said the all-stock merger at 25 IHCL shares for every 117 OHL shares is "expected to drive 6% to 7% upside in our stand-alone operating revenue in FY28", that it is not expected before 1 April 2027, and that the raised FY27 guidance excludes OHL. The scheme's share exchange ratio rests on a valuation report dated 23 Aug 2026 by PwC Business Consulting Services LLP and SSPA & Co., with a fairness opinion from Kotak Mahindra Capital Company Limited of the same date (Reg 30, 24 Aug). Management said it would revisit the 700-hotel Accelerate 2030 target by mid-November (the call put the portfolio at over 675 hotels).
• InfoBeans Technologies reported standalone Q2 revenue from operations of ₹125.01 crore (converted from ₹12,501 lakh) against ₹88.34 crore a year earlier (up 41.5%, our arithmetic) and profit of ₹20.15 crore against ₹15.18 crore (up 32.7%, our arithmetic); consolidated revenue was ₹163.24 crore against ₹125.44 crore and profit ₹26.26 crore against ₹22.61 crore (up 16.1%, our arithmetic). Standalone employee costs were 68.8% of revenue against 65.4% (our arithmetic). The auditor's review conclusion is unmodified, and the board approved a postal ballot to amend its 2022 employee stock option plan.
• Infosys' media-conference and earnings-call transcripts (calls held 23 October, filed 28 October; results already reported) have chief executive Salil Parekh saying large deals were $5.2 billion, including a net-new deal of over $2 billion over seven years that is "expected to contribute over 1% revenue growth in the coming financial year" (the CFO says it starts in the second half of the fourth quarter and adds over 1% in FY28), and a $1 billion renewal; AI revenue was 10.5% of revenue, up 29% on the June quarter. Guidance is revenue growth of 1% to 2% in constant currency, down from 1.5% to 3%, with operating margin guidance unchanged at 20% to 22%. Chief financial officer Jayesh Sanghrajka walked through the flat 21% margin: headwinds of 70 basis points from post-sale customer support and 20 from an extra month of acquisition amortisation, offset by 40 from the rupee, 20 from Project Maximus and 20 from more working days. He said volumes were softer and price increases lower than expected amid "high competitive intensity", retail and hi-tech were weak, and a European manufacturing deal it chose not to pursue on return grounds, plus higher offshoring, weigh on the revenue guidance by about 2%; pay rises roll out from October with a second phase in January. Free cash flow was $928 million, 113% of net profit, and the CFO tied the ₹26 interim dividend to its policy of returning 85% of free cash flow over five years. A separate press release says UNI Financial Cooperation of Canada has deployed Infosys Finacle's Universal Banker across all its branches; UNI's chief executive said it continues "to work through adjustments and optimize the platform following its introduction earlier this year".
• International Gemological Institute's call transcript (call held 21 October): Managing Director and CEO Tehmasp Printer called it "the best quarter in IGI's history", with 4.35 million reports (up 26%). Chief Financial Officer Eashwar Iyer gave consolidated revenue from operations of ₹398 crore (converted from ₹3,980 million), up 31%, EBITDA of ₹244.5 crore, up 39%, at a 61.4% margin (up 340 basis points) and profit after tax of ₹185.8 crore, up 43%, at 46.7%. Lab-grown loose-stone certification grew 37% and lab-grown jewellery 47%, while natural jewellery certification grew only 3%, which Printer put down to high and volatile gold prices.
• Jagsonpal Pharmaceuticals reported standalone Q2 revenue from operations of ₹81.38 crore (converted from ₹813.75 million) against ₹74.47 crore a year earlier (up 9.3%, our arithmetic); the press release gives standalone EBITDA before ESOP cost of ₹18.5 crore at a 22.7% margin and profit of ₹12.6 crore, with gross margin up 70 basis points and EBITDA "broadly flat" because it spent ahead on a hospital team, a new head at its Aequitas Healthcare unit and marketing for a newly bought wellness portfolio. Consolidated Q2 revenue was ₹96.4 crore (company figure) after Aequitas, 85% of which it bought for ₹20.8 crore, was consolidated from 1 July; consolidated profit was ₹12.29 crore. The business transfer agreement with Group Pharmaceuticals for its wellness portfolio, signed on 23 September, closed on 1 October as a slump sale, and the filings give no price. Cash was ₹134.7 crore after a ₹26.38 crore final dividend paid in the quarter. Managing director Manish Gupta said the company expects quarterly revenue to cross ₹1,000 million in the third quarter. The auditors' review conclusion is unmodified.
• Jindal Stainless' call transcript (call held 23 October, filed late; the results, the CARE AA+ upgrade and the four-subsidiary merger were reported on 22 October): chief executive Tarun Kumar Khulbe cut full-year volume growth guidance to 4% to 6% from 7% to 9% and raised EBITDA guidance to ₹20,000 to ₹22,000 a tonne from ₹18,000 to ₹20,000, saying the revision "predominantly reflects the impact of quarter 1 disruptions". First-half consolidated EBITDA was ₹2,762 crore, up about 2%, and profit ₹1,666 crore, up about 9%; net debt was ₹3,121 crore, 0.55 times EBITDA, and half-year capex ₹1,555 crore against ₹2,400 to ₹2,600 crore guided for the year. Managing director Abhyuday Jindal said Chinese-origin imports in the first four months of the year equalled nearly two-thirds of the whole of last year's imports since the quality control order was suspended; Khulbe said the increase is essentially in 200 series and that the anti-dumping investigation has been extended by six months to 28 March 2027, though he expects a decision by 31 December. Separately it acquired a further 7% of Ampin C&I Three, the vehicle for a 40 MW solar captive project expected to produce about 61.73 million units a year, for about ₹5.08 crore, taking its stake to 24.21% and completing its committed investment of about ₹13.83 crore.
• JK Cement's call transcript (call held 27 October, results out on 24 October): deputy managing director and chief financial officer Ajay Kumar Saraogi gave net sales of ₹3,561 crore, up 21% from ₹2,932 crore but down 9% on June (standalone ₹3,516 crore), grey cement volume up 19% to 11.3 million tonnes in the half year, EBITDA of ₹500 crore against ₹440 crore a year earlier and ₹639 crore in June (as read out; the transcript does not say whether standalone or consolidated), and net debt of ₹4,571 crore, 1.95 times EBITDA. He said fuel cost was ₹1.71 per kilocalorie and could go "closer INR2", an impact of ₹80 to ₹90 a tonne in each of the third and fourth quarters, and that costs had risen more than realisations, which is why margins fell. Net debt to EBITDA should peak at 2.25 to 2.35 times at the end of FY27, with capex of about ₹3,500 crore this year and about ₹2,500 crore a year after; he said the company is "well on track" for its 23 million tonne volume guidance. The 0.6 million tonne wall putty plant at Nathdwara is commissioned, taking white cement and putty capacity to 3.65 million tonnes; the Jaisalmer integrated plant and Bikaner grinding unit are targeted for the first half of FY28 and Bathinda for September 2027. Paint revenue was ₹116 crore in the quarter, and the paint business should end the year EBITDA-positive.
• JSW Energy reported consolidated Q2 revenue from operations of ₹6,368.47 crore against ₹5,177.42 crore a year earlier (up 23.0%, our arithmetic) and profit of ₹1,141.04 crore against ₹824.27 crore (up 38.4%, our arithmetic); the auditors' review conclusion is unmodified. The results presentation puts EBITDA at ₹3,907 crore against ₹3,180 crore, and the press release in the results filing calls it the highest quarterly EBITDA and PAT in its history. By segment, renewables earned ₹1,666.24 crore before finance costs and tax (₹1,259.51 crore a year ago) and thermal ₹1,105.93 crore (₹1,020.43 crore), while finance costs rose to ₹1,614.75 crore from ₹1,417.56 crore and depreciation to ₹943.36 crore from ₹809.02 crore. The company credits capacity growth and better plant performance: 813 MW was added in the quarter, including the 300 MW Maruti Thermal plant bought for an enterprise value of about ₹1,410 crore, capacity stood at 15,147 MW on 5 October, power sales rose 17% to 17.5 billion units, and plant load factor was 90% at Mahanadi (77% a year earlier) and 82% at Utkal (56%) but 48% at Vijayanagar (61%). Net debt was ₹65,576 crore, 4.94 times EBITDA when debt on projects under construction is excluded, at a weighted average cost of debt of 8.28%. The board approved raising up to ₹5,000 crore through rated, listed NCDs on private placement and up to ₹6,000 crore (the unused part of the ₹10,000 crore shareholders approved in January, valid to 2 January 2027) through private offerings, preferential allotment, a QIP or other routes, for which it will seek enabling approval by postal ballot; chief financial officer Chandrasekaran Prabhakaran joins the board as Director (Finance) for five years from 28 October. The notes add that the NCLT sanctioned the demerger of GE Power India's Durgapur boiler business into JSW Energy on 1 October (10 JSW Energy shares for every 139 GEPIL shares), not yet effective, and that the group sold JSW Steel shares for gross proceeds of ₹3,150 crore in May.
• Kalyani Steels reported standalone Q2 revenue from operations of ₹494.38 crore (converted from ₹4,943.81 million), up 8.4% from ₹456.07 crore (our arithmetic), profit before tax of ₹107.51 crore against ₹82.76 crore and profit of ₹79.22 crore against ₹61.82 crore (up 28.1%, our arithmetic); before other income, depreciation and finance costs the operating margin was 21.7% against 18.7% (our arithmetic), and the filing gives no reason. The auditor's opinion is unmodified. In the same filing Dr. B. N. (Babasaheb) Kalyani, promoter and chairman since incorporation in 1973, resigned as chairman and director at the close of 28 October and becomes Chairman Emeritus from 29 October; Amit B. Kalyani, vice chairman and joint managing director of Bharat Forge, becomes chairman from that date. The press release calls it a planned transition and quotes Dr. Kalyani: "Institutions endure when leadership evolves with the times."
• Kamdhenu reported Q2 revenue from operations of ₹214.97 crore (₹21,497.49 lakh) against ₹191.14 crore a year earlier and profit before tax of ₹31.39 crore against ₹25.75 crore; the press release gives profit after tax of ₹23.8 crore against ₹18.7 crore and a record half-year profit of ₹52.5 crore, up 31%, with margin 12.3% against 10.4% (company figures). Own-facility revenue was ₹167.3 crore on 32.8 thousand tonnes, up 5% in volume, while royalty income from franchisees was ₹47.7 crore on franchise volumes of 9.7 lakh tonnes, up 13% (company figures). Chairman and managing director Satish Kumar Agarwal said franchise volumes "coupled with increase in selling price pushed the royalty income up by 11% to Rs. 96 crore and was the key contributor to our margin expansion" for the half year, and describes the balance sheet as debt-free. The review report does not modify its conclusion.
• Kaveri Seed reported standalone Q2 revenue from operations of ₹125.44 crore (converted from ₹12,543.56 lakh), up 29.8% from ₹96.61 crore (our arithmetic), with a loss of ₹3.21 crore against a loss of ₹15.05 crore a year earlier; for the half year, revenue was ₹940.44 crore against ₹1,041.91 crore (down 9.7%, our arithmetic) and profit ₹268.09 crore against ₹301.45 crore (down 11.1%, our arithmetic), and consolidated half-year profit was ₹271.06 crore against ₹310.96 crore. The filings give no reason; our reading is that the second quarter is the seasonally small one for a seed company. The board declared an interim dividend of ₹5 a share (250% of the ₹2 face value), about ₹25.7 crore on 5.14 crore shares (our arithmetic), with a record date of 6 November and payment on or before 26 November. The auditor's consolidated review report draws attention to a material uncertainty over the going concern of one subsidiary, which has accumulated losses of ₹5.33 crore, negative net worth of ₹4.91 crore and current liabilities ₹5.25 crore above current assets, with operations substantially curtailed for want of working capital; the conclusion is not modified. The board also appointed M. Bhanu Prakash chief financial officer from 28 October and approved incorporating wholly owned subsidiaries in eight countries for product registrations, research and marketing (the text we could read does not list the countries).
• KPIT Technologies reported consolidated Q2 revenue from operations of ₹1,690.97 crore (converted from ₹16,909.66 million), up 6.5% from ₹1,587.71 crore (our arithmetic), but profit before tax fell to ₹168.04 crore from ₹230.57 crore (down 27.1%, our arithmetic) and profit for the period to ₹120.66 crore from ₹169.09 crore (down 28.6%, our arithmetic); the auditors' review conclusion is unmodified. Employee costs rose to 63.7% of revenue from 61.6% (our arithmetic), and the share of loss from its joint venture and associate was ₹15.57 crore against ₹22.72 crore. The investor update shows dollar revenue of $176.8 million, down 2.2% on the year and "flattish" on June, with EBITDA margin of 17.8%, up 60 basis points on the quarter; it says the top two accounts fell about 13% on the year, offset by growth in off-highway, trucks and passenger-vehicle clients, and the quarter carried a forex loss of ₹171 million and a ₹156 million share of loss from Qorix on delayed revenue. Net cash fell to ₹6.2 billion from ₹9.0 billion in June after a dividend, the Cymotive investment, capex and a working-capital outflow; deals worth $213 million were won. Co-founder Sachin Tikekar said, "We expect the decline in these two accounts to bottom out over the next couple of quarters." The board also approved a wholly owned Vietnam subsidiary with USD 2 million of capital, the strike-off of its UK step-down subsidiary Samit Solutions, and a letter of comfort lifting a subsidiary's factoring limit with BNP Paribas Commercial Finance from GBP 6 million to GBP 12 million.
• K.P.R. Mill reported consolidated Q2 revenue from operations of ₹1,939.74 crore (converted from ₹1,93,974 lakh) against ₹1,632.03 crore a year earlier (up 18.9%, our arithmetic), profit before tax of ₹479.39 crore against ₹272.10 crore and profit of ₹345.00 crore against ₹218.03 crore (up 58.2%, our arithmetic). By segment, textiles earned ₹368.26 crore before tax and finance costs on revenue of ₹1,478.68 crore, 24.9% against 18.8% a year earlier (our arithmetic), and sugar ₹73.10 crore against ₹20.30 crore on revenue of ₹436.08 crore (₹343.73 crore). Standalone profit was ₹334.25 crore against ₹132.39 crore, helped by other income of ₹130.22 crore against ₹27.14 crore, which the filing does not break down. The filings give no explanation of the margin change; the auditors' review reports are unmodified.
• Kuantum Papers reported standalone Q2 revenue from operations of ₹279.10 crore against ₹279.70 crore a year earlier, but profit before tax fell to ₹1.22 crore from ₹8.35 crore and profit after tax to ₹2.24 crore (helped by a ₹1.02 crore deferred tax credit) from ₹5.77 crore. The note says one production line and the power plant were shut from 29 June to 25 August for the mill expansion and upgrade, and the line was recommissioned on 26 August. Operating profit before other income was roughly flat at about ₹34 crore (our arithmetic: revenue less expenses before finance cost and depreciation), so the drop is below that line: finance costs rose to ₹16.54 crore from ₹11.90 crore and depreciation to ₹19.70 crore from ₹16.30 crore. Borrowings were ₹961.59 crore against ₹859.84 crore at 31 March (our arithmetic, current and non-current). The review conclusion is unmodified.
• Mahindra Lifespace Developers' transcript of its 22 October results call (filed 28 October) has the CFO, Sriram Kumar, giving half-year residential pre-sales of ₹1,988 crore (up 66%; the CEO says 60% in the same call), profit after tax of ₹102 crore against ₹99 crore (₹56 crore residential, ₹46 crore industrial and integrated cities) and Q2 profit of ₹16 crore after ₹86 crore in Q1; net debt to equity is minus 0.28 and the cost of debt 7.55%. He says residential profit includes savings released on projects six months after occupancy certificates, and industrial profit includes a stake-sale gain in Ample Parks. CEO Amit Sinha says industrial and integrated city sales were "slightly lower than our expectation" with deals expected to close in Q3, that land spend is nearer ₹750 crore than ₹300 crore counting the K2 closure in October, and that "there's a slight slowdown in the velocity side" with costs up since the Iran-US war. New business development in the half was ₹7,100 crore of gross development value, against a ₹10,000 crore to ₹20,000 crore range for the year.
• Manaksia Coated Metals reported standalone Q2 revenue from operations of ₹318.69 crore, up 44.6% from ₹220.33 crore, profit before tax of ₹25.16 crore against ₹19.08 crore and profit after tax of ₹18.79 crore against ₹14.02 crore (converted from lakh; growth rates our arithmetic). Cost of materials consumed rose to 82.3% of revenue from 79.4% and profit before tax as a share of revenue fell to 7.9% from 8.7% (our arithmetic); the company gives no commentary. The review conclusion is unmodified. The board also proposed lifting the borrowing and security ceilings under Section 180 from ₹1,000 crore to ₹2,500 crore, a change of ticker to MCMIL, and remuneration of up to 5% of net profit for each of four executives (the managing director, a whole-time director, a senior vice president and a vice president, all surnamed Agrawal), all subject to a postal ballot. In the fine print, CARE's monitoring agency report on the warrants issue shows nil deviation but notes that the board forfeited 20,00,000 warrants (₹9.75 crore of unpaid subscription, due by 31 July 2026) on 4 August, shrinking the issue and leaving ₹0.92 crore of loan repayment and ₹8.83 crore of working capital unfunded; CARE adds that the board resolution did not mention any change in the objects of the issue.
• Mastek's call transcript (call held 26 October, filed 28 October) has CEO Umang Nahata and CFO Deepak Kedia giving Q2 revenue of US$107.3 million, up 2.4% on the quarter in constant currency, or ₹1,018.7 crore, up 8.3% on a year ago; profit after tax was ₹105.7 crore (10.3% of total income) and operating EBITDA margin 14.4%, about 100 basis points below Q1. The 12-month order backlog was US$286.2 million, down 7.7% on the quarter and up 2.3% on the year in dollars, which the CFO says reflects deferred project starts and slower consumption; North America's backlog is up more than 50% year on year, while UK orders softened because some contracts were put on hold ahead of the new government's budget. On the margin, Kedia said increments and stock options cost 190 basis points and a mix shift in the UK, where clients want security-cleared, local resources, cost about 200 basis points, offset by about 200 basis points from AI-led efficiencies; "We all know that our 60% - 65% of business comes from UK, which is primarily T&M." Management aims to recover at least 160 basis points in the medium term, with speed depending on macro and policy. Exceptional items netted a Chennai property sale gain against restructuring costs and an old-receivable write-off.
• Meesho reported consolidated Q2 revenue from operations of ₹4,131.58 crore (converted from ₹41,315.82 million), up 34.4% from ₹3,073.67 crore (our arithmetic), and a loss of ₹132.45 crore against ₹411.36 crore a year earlier (converted from million); loss before exceptional items was ₹123.27 crore against ₹285.53 crore. The auditors' review conclusion is unmodified. The press release gives net merchandise value of ₹12,911 crore, up 23%, and contribution margin of 6.0% of NMV against 4.6% in Q1, which it ties to logistics efficiency (deliveries about 15% faster) and higher advertising monetisation (marketplace revenue ₹4,120 crore, up 34%). The shareholders' letter puts marketplace adjusted EBITDA at minus 1.0% of NMV (₹130 crore loss) against minus 3.5% a year ago and consolidated adjusted EBITDA at a ₹172.1 crore loss against ₹384.4 crore, with growth spend up to 2.9% of NMV from 2.1% in Q1. Free cash flow was ₹345 crore against an outflow of ₹226 crore in Q1, which the company attributes to seasonal working capital; cash was ₹7,048 crore. The letter warns "We may not hold Contribution Margin at this level in the near term" and says Q3 growth spend and technology costs stay elevated, and that Q3 year-on-year growth will look stronger because the Mega Blockbuster Sale moved from Q2 to Q3 (festive-aligned NMV growth: 33%). The board also approved a further investment of up to ₹400 crore in Meesho Payments (a lending service provider with FY26 turnover of ₹11.05 crore and a net loss of ₹24.65 crore, converted from lakh), a new wholly owned subsidiary, and small top-ups in Kirana Club (US$650,000) and Retail Pulse Labs (₹18.74 crore); Sudhir Sitapati joins as independent director. The IPO monitoring agency report shows no deviation.
• MosChip Technologies reported a consolidated Q2 loss before tax of ₹28.88 crore against a profit of ₹12.48 crore a year earlier, on revenue from operations of ₹119.08 crore, down 19.0% from ₹146.94 crore (our arithmetic; converted from lakh); net loss was ₹30.40 crore. The press release puts EBITDA at a loss of ₹18.82 crore (15.70% of revenue) against a profit of ₹11.79 crore in Q1, and the results note blames additional costs on "a high complex turnkey ASIC project that is at an advanced stage of execution", including cost escalations "beyond control of the Company" and customer-requested scope upgrades; the company says it is in discussions with the customer for reimbursement of the scope-upgrade costs. Standalone, the Q2 loss was ₹32.73 crore. The auditors' review conclusion is unmodified. The same board meeting approved buying 73% of Vayavya Labs Private Limited for ₹266.71 crore, of which ₹154.52 crore is cash from internal accruals and ₹112.19 crore is 50,50,686 MosChip shares issued preferentially at ₹222.14 to the sellers; the remaining 27% is to be bought after 31 March 2028 at a valuation linked to Vayavya's performance. The filing gives Vayavya's turnover as ₹82.7 crore in FY26 (₹64.4 crore in FY25) and describes it as EBITDA-accretive. The share issue needs shareholder approval at an EGM on 25 November, plus stock exchange and Reserve Bank of India approvals.
• OnMobile Global reported consolidated Q2 revenue from operations of ₹127.10 crore against ₹128.16 crore a year ago and a loss before tax of ₹9.71 crore against a profit of ₹7.97 crore (converted from ₹ million), a net loss of ₹10.54 crore against a profit of ₹5.95 crore; first-half net loss was ₹39.46 crore against a profit of ₹21.54 crore, after a ₹14.14 crore exceptional charge in Q1. Content fee and royalty took 44.7% of revenue against 42.6% (our arithmetic), and India revenue fell to ₹12.71 crore from ₹19.62 crore. A note in the results states that the company received an email from a former consultant "making certain allegations of potential anomalies in the operations of the Company" with possible legal or compliance implications, that an independent law firm is investigating, and that no findings have been reached. The auditors' review conclusion is unmodified.
• Orbit Exports reported standalone Q2 revenue from operations of ₹80.51 crore, up 52.7% from ₹52.72 crore, profit before tax of ₹24.29 crore against ₹12.38 crore and profit after tax of ₹18.66 crore against ₹9.02 crore (converted from lakh; growth our arithmetic); other income was ₹6.68 crore and the company gives no explanation of the drivers. A note says it completed a buyback of 8,90,822 shares for ₹22.27 crore, extinguished on 10 August. The review conclusion is unmodified; consolidated figures were not read.
• Organic Recycling Systems (BSE filing) reported consolidated first-half revenue from operations of ₹77.00 crore, up 151.8% from ₹30.58 crore (converted from ₹ million), EBITDA of ₹19.26 crore, up 31.0%, and profit after tax of ₹15.80 crore, up 30.6%. EBITDA margin fell to 25.01% from 48.09%, which the company says mainly reflects higher purchases of stock-in-trade and changes in inventories. The presentation reports five EPC contracts from BPCL for compressed biogas plants at Mysuru, Raipur, Kozhikode, Hubli-Dharwad and Bhilai, with a "reported aggregate order-book range of approximately ₹350–500 crore" and about 24.6 tonnes a day of capacity, a renewed IOCL operations mandate at Gorakhpur, a 1:2 bonus issue (allotted 21 August) and a preferential issue. The board also approved a ₹5 crore corporate guarantee to HDFC Bank for a partnership in which it holds 99.9%.
• PNC Infratech reported standalone Q2 revenue of ₹1,146 crore against ₹983 crore, EBITDA of ₹138 crore against ₹136 crore and profit after tax of ₹73 crore against ₹86 crore (consolidated: revenue ₹1,322 crore against ₹1,128 crore, EBITDA ₹279 crore against ₹253 crore, profit ₹115 crore against ₹216 crore, the year-ago figure including a ₹152 crore after-tax gain on monetising one hybrid-annuity (HAM) road asset, per the release). The June quarter had included ₹217 crore from an NHAI arbitration award on the Agra Bypass project, which is why half-year standalone EBITDA of ₹513 crore is so much higher than this quarter's. In the results the joint auditors add an emphasis-of-matter paragraph (their conclusion is not modified) on note 6: NHAI debarred the company's project company Awadh Expressways Private Limited on 3 September 2026 and the company itself on 11 September, for three years, from bidding with NHAI and the roads ministry, over an alleged contractual dispute and structural defects on a package of the Kanpur-Lucknow Expressway; the Delhi High Court granted an interim stay of both orders on 13 October. This follows our 13 October entry on the stay; the filing gives no outcome beyond the interim stay.
• Prudent Corporate Advisory Services reported consolidated Q2 revenue from operations of ₹388.7 crore, up 21.6%, operating profit of ₹102.8 crore, up 42.4%, at a 26.4% margin against 22.6%, and profit after tax of ₹71.7 crore, up 33.9% (down 4.1% on Q1). It attributes the revenue to a 20.7% rise in quarterly average mutual fund assets and 46.0% growth in insurance, and says profit trailed operating profit because other income was hit by mark-to-market reversals. Its monthly SIP book was ₹1,272 crore (up 17%), market share in SIPs 3.7% against 3.5%, and its specialised investment fund partners rose to 1,792 from 1,323 in the previous quarter, with ₹900 crore of assets. The board outcome also approved up to ₹6.53 crore for a rights issue by a wholly owned subsidiary.
• PVR INOX reported consolidated Q2 total income of ₹2,139 crore (converted from ₹21,393 million) and, on the Ind AS 116-adjusted basis the company prefers, revenue of ₹2,132.7 crore (converted from ₹21,327 million), up 17%, EBITDA of ₹475.2 crore (converted from ₹4,752 million), up 44%, at a 22.3% margin against 18.1%, and profit after tax from continuing operations of ₹273.3 crore (converted from ₹2,733 million), up 111%; reported-basis profit was ₹263.1 crore (₹2,631 million) against ₹108.2 crore, as in the results. The release ties the margin gain to operating leverage: patrons rose 4% to 46.3 million, occupancy to 30.4% from 28.7%, average ticket price 14% to ₹298 and food and beverage spend per head 14% to ₹153, in a quarter in which, citing Ormax, industry box office rose 23%. Half-year free cash flow was ₹603.5 crore (converted), debt repaid ₹258.6 crore, and after a ₹300 crore buyback completed in September net cash was ₹140.7 crore (all converted from ₹ million). The board approved a capital allocation and dividend policy that aims to return about 30% of annual surplus cash flow through dividends and/or buybacks and keep net debt within 0.5 times EBITDA after any distribution. It plans 90-100 new screens in FY27, mostly in the second half and capital-light; 25 mostly loss-making screens were exited in the half year. Return on capital employed was 16.5% on a trailing twelve-month basis against 10.2% in FY26.
• R R Kabel reported consolidated Q2 revenue of ₹3,284.0 crore (converted from ₹32,840 million), up 52%, operating EBITDA of ₹286.2 crore, up 63%, and profit after tax of ₹180.6 crore, up 55%. The EBITDA margin was 8.7% against 8.1% a year earlier but below 9.0% in Q1; profit after tax fell 12% from Q1's ₹205.2 crore. For the half year, revenue was ₹6,452.2 crore (up 53%), EBITDA ₹571.4 crore (8.9% against 7.6%) and profit ₹385.8 crore (all converted). The release says the wires and cables segment grew 55% in the half year on volume growth and higher realisations, with segment profit up 78% and margin up 124 basis points on higher gross profit, operating leverage and "disciplined commodity management"; the electrical goods (FMEG) segment's revenue rose 91% and its loss margin narrowed to 2.2% from 4.5%, with a target of full-year operating breakeven. The board outcome declared an interim dividend of ₹6.5 a share (record date 3 November), approved moving its Roorkee plant to a new site to raise capacity, and approved up to ₹200 crore for land in Rajasthan for expansion. The results notes (note v) say new producer-responsibility rules require cable makers to buy recycling certificates for non-ferrous scrap from 1 April 2026, but the portal and pricing are not yet in place, so the company "is not in a position to reasonably determine the financial impact". The auditors' review is not modified.
• Rajoo Engineers reported consolidated Q2 revenue from operations of ₹101.91 crore, up 10.5% from ₹92.25 crore, but EBITDA excluding other income fell to ₹9.93 crore from ₹18.31 crore, a margin of 9.75% against 19.84%, and net profit to ₹8.26 crore from ₹14.10 crore. The company lists project mix, costs of higher activity, input cost volatility from the geopolitical situation and employee expenses; half-year revenue of ₹224.98 crore includes a recently acquired subsidiary, Kohli Printing and Converting Machines.
• Rallis India's call transcript (call held 23 October; results were reported 22 October) adds the split behind flat revenue of ₹858 crore: CFO Bhaskar Swaminathan says pricing growth of 5% was offset by similar volume decline; crop care revenue rose 4% to ₹788 crore with EBITDA of ₹126 crore against ₹129 crore, while seeds revenue fell 31% to ₹70 crore (volume down 26%) with EBITDA of nil against ₹25 crore. Exports grew about 2.5% to ₹165 crore and the contract-manufacturing line rose to ₹27 crore from ₹2 crore. On exports, Managing Director and CEO Gyanendra Shukla said "part of the degrowth in the export market was deliberate, and we use that as an opportunity to improve the margin", and that inventory remains elevated against last year. Cash and liquid balances were about ₹211 crore; the new R&D centre in Navi Mumbai is expected to be commissioned in April 2027.
• Raymond Lifestyle reported consolidated Q2 total income of ₹2,125 crore, up 14% (₹2,124.56 crore in the results), and EBITDA of ₹270 crore, up 4%, so the margin slipped to 12.7% from 13.9% (the release cites "increased marketing investments and input cost pressure"); profit before tax and exceptional items was ₹90.9 crore against ₹107.6 crore (converted from ₹ lakh). By segment: branded textile revenue ₹971 crore (up 7%) at a 19.3% margin against 20.6%; branded apparel a record ₹559 crore (up 20%) at a flat 8.8% on adverse channel mix and higher raw material prices; garmenting ₹339 crore (up 26%) with margin up to 7.4% from 5.3%, which the company ties to order execution after US-India tariff changes and the UK-India trade deal; high-value cotton shirting ₹222 crore at 9.5% against 12.0% on raw material costs. Net working capital fell to 82 days from 105 and net cash was ₹69 crore against net debt of ₹246 crore a year earlier; stores were 1,634 against 1,663. The review report carries no qualification.
• Refex Industries reported standalone (continuing operations) Q2 revenue of ₹559.5 crore against ₹411.1 crore (up 36.1%), EBITDA of ₹90.5 crore against ₹74.4 crore at a 16.2% margin against 18.1%, and profit after tax of ₹59.5 crore against ₹52.6 crore; the deck shows gross margin of 19.2% against 21.3%, and neither document says why. Its ash and coal handling arm won ₹346 crore of new orders in the quarter for an order book of ₹1,721 crore and entered ready-mix concrete with a Pune plant; the wind business (Venwind) booked ₹201 crore of revenue in the quarter and ₹499 crore in the half year; and the mobility arm (RGML), booked ₹36 crore, is the subject of a proposed demerger on which the release says NCLT hearings are under way, with the next on 28 October.
• Route Mobile (results reported on 27 October): the press release and deck filed after midnight add the margin story. Gross profit was ₹264.0 crore (converted from ₹2,640 million) at 22.4% of revenue against 20.9% in Q1 and 22.1% a year ago, which the deck credits to routing strategy and higher-margin traffic from new products; adjusted EBITDA (the company's non-GAAP measure) was ₹118.4 crore at 10.0% against ₹133.3 crore at 11.9%, with the deck citing salary increments and higher legal and professional fees. It says the acquisition of Heltar's conversational-AI business was completed on 29 July.
• Sanofi Consumer Healthcare India reported standalone revenue from operations for the quarter to September (its financial year is the calendar year) of ₹263.1 crore (converted from ₹2,631 million), up 12% from ₹233.9 crore, and profit before tax of ₹102.7 crore against ₹84.1 crore (up 22%); profit after tax was ₹76.6 crore against ₹62.9 crore. Materials consumed, stock purchases and inventory change took 24.5% of revenue against 26.4% (our arithmetic). For nine months, revenue was ₹728.0 crore, up 16%, which note 3 says is not fully comparable because the 2024 recall of Combiflam, Allegra and Depura Kids suspensions and their relaunches affected the prior-year base. The press release headline calls ₹1,027 million "net profit"; the results show that figure is profit before tax. The review report, from a new auditor (the prior periods were reviewed by another firm), is not modified.
• Sasken Technologies reported consolidated Q2 revenue of ₹320.95 crore (converted from ₹32,095.13 lakh), up 25.6% (our arithmetic) from ₹255.49 crore but down from ₹339.24 crore in Q1, and profit after tax of ₹25.59 crore against ₹10.50 crore. Its analyst communication gives EBITDA of ₹413 million (₹41.3 crore) at a 12.9% margin, up 328 bps on Q1, with EBIT margin of 8.9% against 2.3% a year ago; software services revenue rose 34.0% year on year and 14.6% on Q1, while product solutions fell 42% on Q1 to ₹694 million (₹69.4 crore). The board declared an interim dividend of ₹12 a share (record date 3 November, payment by 26 November). The same document was filed six times on NSE.
• Sayaji Hotels (Indore) reported (BSE filing) a quarterly loss before tax of ₹5.74 crore against a profit of ₹2.02 crore a year earlier, on revenue from operations of ₹19.18 crore against ₹26.52 crore (converted from ₹ lakh); loss after tax was ₹4.83 crore, and total expenses rose to ₹25.08 crore from ₹24.72 crore. In the notes, the auditors draw attention, without modifying their conclusion, to the Indore Development Authority's 2017 cancellation of the Indore hotel's land lease: the High Court single bench ruled against the company in July 2018, its writ appeal was admitted in March 2022, a compounding application and the authority's eviction application are pending (the High Court has stayed eviction), and the accounts continue on a going-concern basis. The board also appointed Azhar Yusuf Dhanani as an additional non-executive director and approved a postal-ballot notice.
• Shalimar Paints reported a standalone Q2 loss of ₹31.99 crore against a loss of ₹13.87 crore a year earlier, on revenue from operations of ₹114.52 crore against ₹132.11 crore, down 13.3% (our arithmetic); the first-half loss was ₹52.77 crore against ₹30.53 crore, and the June quarter's loss was ₹20.78 crore. Materials cost (consumption, purchases and the change in inventories) was 78.3% of revenue against 66.2% (our arithmetic); finance costs fell to ₹5.28 crore from ₹6.49 crore. The company's performance note says decorative paints gained 5 percentage points of the mix, which it expects to lift margins by about 3%, that average selling prices rose 18% in decorative and 13% in industrial paints, that overheads were cut and that debtors fell 13%. The notes state that it decided to sell its Howrah land and building (carrying amount ₹73.43 crore), now held for sale, and that a subsidiary has signed a definitive agreement to sell a Gurugram property carried at ₹27.13 crore.
• Shilchar Technologies reported standalone Q2 revenue from operations of ₹192.61 crore, up 12% on the year and 43% on the first quarter, but EBITDA (excluding other income) fell 25% to ₹40.06 crore, a margin of 20.8% against 31.3% a year earlier, and profit after tax fell 28% to ₹32.98 crore from ₹45.94 crore (the results show net profit of ₹3,297.68 lakh, converted). The presentation's management commentary says business "picked up notably" after a slow first quarter, when exports, "in particular to the Middle East", were hit by the West Asia crisis; shipping and logistics cost pressures have "eased only partially", and exports to North America gained momentum once earlier tariff challenges were resolved. Management expects a higher export share to lift margins further, says it is on track for its revenue target with orders in hand and deliveries scheduled for the second half, and expects the Gavasad expansion #3 to be commissioned in April 2027.
• Sky Gold and Diamonds, whose quarter was reported on 27 October, filed an investor presentation that adds: it bought 100% of Purvi Gems for ₹9 crore, it has appointed M S K A & Associates (a BDO International member firm) as statutory auditors and Doshi Jain & Co. as internal auditors, and promoters will draw no salary from FY27, with all payouts through dividends. The company shows first-half revenue from operations of ₹4,403 crore with an EBITDA margin of 7.9% and a PAT margin of 5.3%, against an FY27 guidance it labels "past guidance" of about ₹5,000 crore of revenue and a PAT margin of about 3.5%; natural and lab-grown diamond jewellery is about 2.3% of the mix.
• Snowman Logistics reported standalone Q2 revenue of ₹163.56 crore against ₹155.65 crore, up 5.1%, and EBITDA of ₹25.25 crore against ₹20.56 crore, up 22.8%. The presentation puts the EBITDA margin at 15.3% against 13.2% and shows revenue down 7.9% on the first quarter; warehousing revenue grew 7.6%, transportation 5.6% and trading and distribution 2.4%. Profit before tax was ₹1.5 crore against a loss of ₹4.2 crore and profit after tax ₹1.0 crore against a loss of ₹2.9 crore. The network is 40 warehouses in 21 cities with 1,51,618 pallets of capacity, 85% utilised in the quarter. In its board outcome, the company named Arun Goyal an additional independent director from 28 October for five years, subject to shareholder approval by postal ballot, as Anil Aggarwal left on completing his second term.
• Stylam Industries reported standalone Q2 revenue from operations of ₹340.52 crore against ₹292.40 crore, up 16.5% (our arithmetic, from ₹ lakh), profit before tax of ₹55.44 crore against ₹50.81 crore (up 9.1%) and profit after tax of ₹42.33 crore against ₹37.32 crore (up 13.4%); pre-tax profit was 16.3% of revenue against 17.4% (our arithmetic), and profit after tax was down from ₹48.15 crore in the June quarter. Consolidated figures are almost identical. The board also approved a sub-division of each ₹5 equity share into five shares of ₹1, "to enhance liquidity" and encourage small investors, subject to a postal ballot; the record date will be set after shareholders approve.
• Styrenix Performance Materials reported standalone Q2 revenue from operations of ₹779.7 crore, up 26.7%, but EBITDA rose only 3.3% to ₹84.5 crore, a margin of 10.8% against 13.2%, and profit after tax was ₹51.2 crore against ₹50.8 crore. Cost of goods sold rose to ₹613.6 crore from ₹455.6 crore, or 78.7% of revenue against 74.1% (our arithmetic); management cites volatile availability and pricing of raw materials and energy. First-half standalone EBITDA was ₹285.9 crore against ₹167.9 crore, which implies ₹201.4 crore in the first quarter (our arithmetic), so the second quarter was far weaker than the first. On a consolidated basis revenue was ₹993.5 crore, up 24.4%, but EBITDA fell 14.5% to ₹75.6 crore (7.6% margin against 11.0%) and profit fell 48.2% to ₹23.2 crore; our reading is that the gap to the standalone figures is the Thailand business, which the commentary says faces "significant capacity overhang in the region". The first phase of its ABS capacity augmentation in India is, it says, on track for commissioning this financial year (results).
• Sudarshan Colorants India (formerly Heubach Colorants India) reported standalone Q2 revenue from operations of ₹269.76 crore against ₹183.14 crore, up 47.3% (our arithmetic), profit before tax of ₹32.43 crore against ₹21.59 crore and profit after tax of ₹24.13 crore against ₹16.28 crore (up 48.2%, our arithmetic); pre-tax profit was 12.0% of revenue against 11.8% (our arithmetic). The filing gives no reason for the jump in revenue. Note 10 states that on 1 October promoter Sudarshan Chemical Industries bought 36,68,036 shares (15.89% of the capital) from another promoter, its wholly owned subsidiary Sudarshan Europe B.V., for ₹150.76 crore as an internal restructuring, leaving promoter holding unchanged at 70.26%. The auditors' conclusion is unmodified.
• Sudeep Pharma reported consolidated Q2 revenue from operations of ₹196.7 crore, up 21%, EBITDA of ₹73.2 crore, up 32%, and an EBITDA margin of 37.2% against 34.1%, which the presentation puts down to favourable product mix and operating efficiencies; managing director Sujit Bhayani calls it the company's "highest-ever quarterly performance". Profit after tax rose only 11% to ₹51.8 crore (₹5,181.11 lakh in the results, against ₹4,677.82 lakh) because tax rose to ₹19.2 crore from ₹12.8 crore and other income fell to ₹6.0 crore from ₹10.2 crore. Pharma, food and nutrition was 72% of revenue and specialty ingredients 28%. The Nandesari facility (51,200 tonnes a year) has US FDA approval, with commercial supplies expected in the second half of FY27, and Phase 1 of the Dahej battery-grade iron phosphate plant (25,000 tonnes a year) is targeted for completion by March 2027 with commercial operations from April 2027; the company is also evaluating a further 1,00,000 tonnes a year beyond the roughly 1,05,000 tonnes already planned.
• Sundram Fasteners reported standalone Q2 revenue from operations of ₹1,760.77 crore against ₹1,338.37 crore, up 31.6% (our arithmetic), with exports of ₹530.95 crore against ₹338.02 crore (up 57%) and domestic sales of ₹1,172.90 crore against ₹956.94 crore (up 23%). EBITDA rose 14% to ₹277.58 crore from ₹243.67 crore, so the margin slipped to 15.8% from 18.2% (our arithmetic); the press release says this came "despite the increase in prices of raw material and indirect materials", and cost of materials consumed was 45.6% of revenue against 42.4% (our arithmetic). Profit before tax was ₹214.76 crore against ₹186.92 crore and profit after tax ₹159.98 crore against ₹140.27 crore. Consolidated revenue was ₹1,984.50 crore, up 30%, and consolidated profit ₹172.63 crore against ₹152.75 crore. Capital expenditure was ₹281.01 crore in the half year, which the company says will help it "scale in non-auto, EV, hybrid and adjacent spaces". The board declared an interim dividend of ₹4.05 a share, with a record date of 6 November and payment on 23 November.
• Super Sales India reported (BSE filing) standalone Q2 revenue from operations of ₹130.18 crore against ₹104.92 crore, up 24.1% (our arithmetic, from ₹ lakh), while total expenses rose only 11.7% to ₹113.98 crore, so profit before tax was ₹19.42 crore against ₹5.85 crore and profit after tax ₹13.76 crore against ₹4.06 crore, more than three times as much; the filing gives no explanation. Director Ravi Sam resigned on 28 October; his resignation letter cites extensive travel and his other commitments as chairman of SITRA and TEXPROCIL.
• Tata Power Renewable Energy (unlisted; its debentures are listed) reported standalone Q2 revenue from operations of ₹2,713.52 crore against ₹2,505.79 crore (up 8.3%, our arithmetic) and profit of ₹338.24 crore against ₹311.58 crore (up 8.6%, our arithmetic), with other income of ₹203.23 crore. For the half year revenue was ₹5,423.46 crore against ₹5,757.86 crore (down 5.8%) and profit ₹632.94 crore against ₹754.52 crore (down 16.1%, our arithmetic). The cover letter says the limited review opinion is unmodified, and the auditors' certificate found nothing to suggest security cover or covenants are not met for its three debenture series (₹500 crore at 8.32%, ₹300 crore at 7.90% and ₹700 crore at 7.75%); the financial covenants are tested annually.
• TVS Holdings reported consolidated Q2 revenue from operations of ₹20,182.53 crore against ₹14,549.15 crore (up 38.7%, our arithmetic) and profit of ₹1,285.68 crore against ₹880.08 crore (up 46.1%, our arithmetic), of which ₹634.79 crore belongs to owners and ₹650.89 crore to non-controlling interests. The segment note shows automotive profit before tax, finance costs and exceptional items of ₹1,637.66 crore against ₹1,065.28 crore, and financial services ₹507.99 crore against ₹403.00 crore (₹563.20 crore in the June quarter). Standalone profit was ₹930.70 crore against ₹19.30 crore because of ₹1,012.44 crore of exceptional income (including ₹57.31 crore of interest) recognised on redemption of 6% cumulative preference shares it held in a subsidiary; in the same quarter it issued 93,06,76,784 6% bonus non-convertible redeemable preference shares worth ₹930.68 crore, which sit in its borrowings. The consolidated statement shows no exceptional item for the quarter, and the standalone review conclusion is not modified. Separately, it forwarded subsidiary TVS Motor's letter on the scheme its board approved the same day (acquisition of Harita ARC and a composite scheme involving TVS Motor Services), which belongs with the TVS Motor coverage.
• United Polyfab Gujarat reported Q2 revenue from operations of ₹182.80 crore against ₹185.22 crore a year earlier (down 1.3%, our arithmetic) but profit of ₹11.15 crore against ₹7.60 crore (up 46.7%, our arithmetic), on profit before tax of ₹13.81 crore against ₹10.34 crore (converted from ₹ lakh; standalone and consolidated figures are identical, and the statements are page images that we read). Cost of materials was ₹170.55 crore, 93.3% of revenue against 91.5%, so the gain came from lower depreciation (₹2.23 crore against ₹3.40 crore), finance costs (₹2.22 crore against ₹2.71 crore) and other expenses (₹3.25 crore against ₹5.91 crore), our reading. Both review reports are unmodified.
• Vakrangee reported consolidated Q2 revenue from operations of ₹61.68 crore against ₹69.08 crore a year earlier (down 10.7%, our arithmetic) and profit of ₹2.73 crore against ₹3.03 crore (down 9.9%, our arithmetic; converted from ₹ lakh). The press release headlines profit "rising 20.9% QoQ" and gross transaction value of over ₹12,976 crore through 23,885 outlets in 614 districts; the rise is against the June quarter's ₹2.26 crore, and it gives EBITDA of ₹9.46 crore (15.3% margin) and says the company is debt-free. The presentation adds that subsidiary Vortex Engineering had revenue of ₹14.2 crore in the quarter and secured ATM and Perfo licence orders from public sector banks. Standalone revenue was ₹42.98 crore against ₹44.13 crore (down 2.6%, our arithmetic) while standalone profit was ₹3.86 crore against ₹2.26 crore, with other income of ₹2.07 crore against ₹0.68 crore. A subsidiary reviewed by another auditor lost ₹1.33 crore in the quarter. The auditors' review conclusion is unmodified.
• Vardhman Acrylics reported Q2 revenue from operations of ₹113.38 crore against ₹89.40 crore a year earlier (up 26.8%, our arithmetic) and profit after tax of ₹5.92 crore against ₹2.50 crore, but profit fell from ₹16.22 crore in the June quarter, when revenue was ₹78.25 crore. Cost of materials consumed was ₹78.95 crore, 69.6% of revenue against 61.4% a year ago (our arithmetic). The statutory auditors' conclusion is unmodified, and the company has no subsidiary or associate.
• Vedanta Limited reported consolidated Q2 revenue of ₹25,812 crore, up 57% from ₹16,445 crore, EBITDA of ₹9,938 crore, up 106% from ₹4,817 crore, and profit after tax of ₹6,202 crore against ₹2,471 crore, up 151% (continuing operations; the company's percentages; comparatives restated after the demerger effective 1 May 2026). It puts the EBITDA margin, excluding copper, at 60% against 49% a year earlier and says revenue growth was supported by "higher commodity prices, favourable forex and higher volumes"; the quarter-on-quarter EBITDA rise (17%) it attributes "primarily" to "favourable market and regulatory factors, along with volume and marketing & other benefits, partly offset by higher costs". Zinc India's cost of production was $703 a tonne, 29% lower than a year ago, while Copper International sales fell 74% to 6 kt, which the company says was "impacted by closure of Strait of Hormuz". Net debt fell ₹4,624 crore in the quarter to ₹3,675 crore (0.1 times EBITDA), cash and equivalents were ₹26,622 crore, and ICRA and CRISIL reaffirmed AA+/Stable. The results split the ₹6,202 crore as ₹3,650 crore to owners and ₹2,552 crore to non-controlling interests (our reading: mainly Hindustan Zinc's minority holders), and the June quarter's ₹7,918 crore profit included ₹2,624 crore from discontinued operations; a first interim dividend of ₹5 a share was approved on 8 October. The auditors' review conclusion is not modified, but they draw attention to notes 8(a) and (b): ongoing investigations by regulatory authorities, including those over allegations in a short-seller report published in the previous financial year, and an Enforcement Directorate search under FEMA at the company and one subsidiary from 1 to 3 June 2026. The note states management believes the allegations are baseless, that information sought was provided, and that SEBI's observations on related-party transactions at Hindustan Zinc carried no penalty or sanction.
• Veerhealth Care's call transcript (BSE filing) (investor call of 24 October, posted 28 October): management said turnover in FY2025-26 was about ₹30 crore, that it had crossed that entire previous-year figure within a single quarter of the current year, and that it expects about ₹100 crore in FY2026-27, adding that this needs disciplined execution, enough manufacturing capacity and working capital. It said it has received a first trial order from an Indo-Canadian company that supplies large hotels, and said its US FDA certification had contributed significantly to revenue growth. The filing gives no audited figures; these are management statements.
• VST Industries reported standalone Q2 profit before tax of ₹53.30 crore against ₹78.41 crore and profit after tax of ₹41.04 crore against ₹59.21 crore (converted from ₹ lakh), down about 31% (our arithmetic). Its press release gives net revenue of ₹242 crore against ₹336 crore, EBITDA of ₹43 crore against ₹79 crore (a 17.9% margin against 23.4%) and average cigarette volume of 562 million a month against 695 million; for the half year net revenue was ₹498 crore against ₹634 crore. The company says that from 1 February 2026 the government cut the compensation cess on cigarettes to nil while raising GST and excise duty, lifting the tax on cigarettes by about 50% on average, and the results note that gross sales and excise duty are not comparable with earlier periods. Managing director Piyush Srivastava said the increase "has created a challenging operating environment, impacting consumer affordability and legal industry volumes", and that the unmanufactured tobacco business is being held back by the geopolitical situation. The review report is unmodified.
• Waaree Energies' investor presentation (results were reported on 27 October) adds that it reaffirms FY27 operating EBITDA guidance of ₹7,000 to 7,700 crore, and shows how the revenue mix moved: overseas revenue was ₹1,388.7 crore in Q2 against ₹2,874.7 crore a year earlier (exports from India ₹89.2 crore against ₹2,142.0 crore; US revenue ₹1,299.5 crore against ₹731.7 crore), while retail was 46.1% of revenue against 16.2% and the company says retail revenue is annualising above ₹10,000 crore. Modules sold rose to 3.0 GW from 2.4 GW, the order book was about ₹59,200 crore (about ₹61,000 crore at June), and half-year operating cash flow was ₹3,483.6 crore against ₹574.7 crore. Operating EBITDA margin was 17.8% against 23.2% on revenue of ₹7,517.7 crore and profit of ₹753.6 crore (down 14.2%).
• Waaree Renewable Technologies' call transcript (call of 21 October, posted 28 October): chief financial officer Manmohan Sharma gave Q2 revenue from operations of ₹1,057.84 crore, up 36.53%, EBITDA of ₹159.98 crore (15.12% margin) and profit of ₹81.48 crore, and for the half year revenue of ₹1,982.09 crore (up 43.84%), EBITDA of ₹333.46 crore (16.82%) and profit of ₹200.44 crore. Solar EPC execution fell to 456 MWp in the quarter (analyst Ninad Sarpotdar put the year-earlier quarter and the June quarter at about 922 and 889 MW), while 1.7 GWp of new orders lifted the unexecuted order book to more than ₹5,500 crore (more than ₹3,300 crore of solar and battery EPC and more than ₹2,200 crore of transmission and distribution). On margins, Sharma said solar EPC earns better margins than the transmission and distribution business and that the company should hold above 15%; analyst Saksham Tyagi put the profit fall at about 30% and noted finance costs of ₹36.83 crore against ₹9.59 crore in Q1 and depreciation of ₹26.97 crore against ₹5.78 crore after the ₹1,225 crore Associated Power Structures acquisition, and Sharma agreed the depreciation increase comes mostly from the acquisition and that finance costs stay because the deal was debt-funded.
• Yasho Industries reported consolidated Q2 total revenue of ₹347.92 crore against ₹183.60 crore (up 89.5%), EBITDA of ₹72.92 crore (21.0% margin against 18.2%) and profit of ₹33.68 crore against ₹4.86 crore (company figures; an earlier version of the release differs by one word). The results show revenue from operations of ₹347.68 crore against ₹183.30 crore, cost of materials of ₹238.74 crore against ₹105.67 crore and finance costs of ₹13.07 crore against ₹14.11 crore (converted from ₹ lakh); EBITDA margin was 24.2% in the June quarter. The company puts volume growth at 62% on "higher offtake from existing customers and new customer additions" and the margin gain on product mix, cost discipline and operating efficiencies. The investor presentation says Crisil and ICRA upgraded its ratings to A- from BBB+, net debt to EBITDA was 2.09 times against 3.74 times in FY26, FY27 capex is ₹250 crore, and revenue guidance for FY28 stays above ₹1,600 crore. For a multinational customer's long-term contract it has received advances of ₹120.03 crore, with deliveries expected to finish in Q3 FY27, trial production from Q4 FY27 and commercialisation in Q1 FY28.
• Zensar Technologies reported Q2 consolidated revenue of $166.2 million, up 4.1% sequentially in constant currency, and in rupees ₹1,585.2 crore, up 11.5% from ₹1,421.3 crore (converted from ₹ million; the company's growth figure). Its results show profit of ₹190.2 crore against ₹182.2 crore a year earlier (up 4.4%, our arithmetic) on profit before tax of ₹251.9 crore against ₹240.2 crore, with depreciation more than doubling to ₹36.8 crore from ₹15.2 crore and subcontracting costs rising to ₹277.7 crore from ₹183.9 crore. The company says EBITDA was 15.8% of revenue, up 120 basis points from the June quarter. By industry, banking and financial services grew 17.1% year on year in constant currency, healthcare and life sciences fell 9.9% and telecom, media and technology fell 21.6%; chief executive Manish Tandon said AI-influenced deals were 36% of the quarter's order book. Standalone revenue was ₹809.7 crore and profit ₹172.2 crore against ₹152.8 crore. The board also approved the amalgamation of wholly owned M3BI India Private Limited into the company (no shares issued; M3BI's half-year turnover ₹123.5 crore and net worth ₹113.0 crore, converted from ₹ million), subject to NCLT sanction.
• Zota Health Care (Davaindia generic-medicine stores) reported consolidated Q2 revenue from operations of ₹199.33 crore, up 54.58% from ₹128.95 crore (converted from ₹ lakh), with Davaindia sales up 76.25% to ₹168.47 crore and gross margin at 60.17% against 59.33%. EBITDA, as the company defines it, was ₹7.92 crore (3.97% of revenue), flat on ₹7.96 crore a year ago and against a loss of ₹9.55 crore in the June quarter. The results show the group still made a net loss of ₹25.96 crore against ₹16.19 crore a year earlier (₹69.90 crore against ₹29.97 crore for the half year), after depreciation of ₹28.66 crore and finance costs of ₹6.36 crore; employee costs rose to ₹70.17 crore from ₹38.20 crore. Standalone profit was ₹1.12 crore against ₹9.91 crore. The network had 2,840 Davaindia stores (1,859 company-owned, 981 franchised) against 2,055, with 20 added and 5 closed in the quarter; chairman Ketan Kumar Zota said the company "consciously moderated the pace of Davaindia store additions". It also converted ₹119.52 crore of loans and accrued interest owed by its subsidiary Davaindia Health Mart into equity, with no cash involved. A statement says there was no deviation in the use of the about ₹350 crore it raised through a qualified institutional placement in December 2025. The consolidated review report is unmodified.

Banks and lenders

• AIA Engineering: CRISIL Ratings reaffirmed its long-term rating at AA+/Stable and its short-term rating at A1+ on ₹3,860 crore of bank facilities.
• Asian Energy Services: Crisil Ratings kept its ratings on the company's ₹317.5 crore of bank facilities on Rating Watch with Developing Implications on 27 October (long term Crisil BBB+, short term Crisil A2). The filing says the watch dates from 9 September 2025, when the company announced the merger of its parent, Oilmax Energy Private Limited, into itself; board, stock exchange and NCLT approvals are in and final approval from the Ministry of Petroleum and Natural Gas is pending, after which the e-forms go to the Registrar of Companies.
• AU Small Finance Bank: the transcript of its 24 October results call (late-filed; the results were reported on 24 October) has Chief Financial Officer Gaurav Jain saying core pre-provision profit rose 31% to ₹1,480 crore while provisions fell 25% to ₹359 crore, deposits grew 29% with the CASA ratio at 29.5% against 28.8% in June, and net interest margin slipped 9 basis points on the quarter to 5.8% on a higher share of investments. On a regulatory consultation on insurance fees he says "there will be some headwind from this insurance fee income consultation paper", with the final shape still unknown. Founder, MD and CEO Sanjay Agarwal says six-month credit cost is about 73 or 74 basis points (81 including the guarantee premium) against "a guidance of close to 90 bps". Jain also says ICRA moved the bank's rating outlook to Positive from Stable on 1 October, reaffirming AA.
• B&B Triplewall Containers: Crisil upgraded its long-term rating on the company's bank facilities, enhanced to ₹160 crore from ₹140 crore, to Crisil A-/Stable from BBB+/Stable, and assigned Crisil A2+ for the short term.
• Bandhan Bank reported Q2 net profit of ₹621.75 crore against ₹111.87 crore a year earlier (converted from ₹ lakh), after provisions fell to ₹717.54 crore from ₹1,152.56 crore. Net interest income was ₹2,960 crore against ₹2,589 crore, up 14%, and operating profit ₹1,556 crore against ₹1,310 crore, though employee costs rose to ₹1,302 crore from ₹1,077 crore (up 20.9%, our arithmetic). Gross NPA fell to 3.11% from 5.02% a year earlier (3.15% in June) and net NPA to 0.92% from 1.37%; the bank says collection efficiency on its group-loan and small-business book was 99.3% and secured loans are above 57% of advances. Retail banking's segment profit before tax was ₹462 crore against a loss of ₹48 crore, while wholesale banking lost ₹52 crore against a ₹64 crore loss. Gross advances were ₹1.58 lakh crore, up 13%, deposits ₹1.73 lakh crore, up 9%, the CASA ratio 27% and capital adequacy 18.3%; the presentation carries the detail. Figures are standalone. Its denial of a takeover rumour was reported on 27 October.
• Capri Global Capital's press release on the Q2 results reported on 27 October adds the consolidated picture: assets under management of ₹43,878 crore, up 62%, led by gold loans at ₹21,004 crore (up 102%, about 48% of the book), affordable housing ₹8,325 crore (up 39%), construction finance ₹7,534 crore (up 49%) and MSME loans ₹7,016 crore (up 25%). Net interest income rose 69% to ₹812 crore on a spread of 8.3% against 6.9%, and cost-to-income fell to 41.4% from 49.4% as branches grew to 1,609 from 1,433 in June. The release also shows provision cover on stage 3 loans of 33.3% against 42.8% a year earlier and standalone capital adequacy of 22.7% against 32.9%, with gross stage 3 at 1.2%. It targets assets under management of ₹65,000 crore by FY28.
• Cholamandalam Investment and Finance approved raising up to ₹5,000 crore through a qualified institutions placement of equity shares or securities convertible into equity, in one or more tranches, with a postal-ballot notice for shareholders also cleared; the filing gives no price or size of any one tranche. The same filing carries audited Q2 results: standalone profit after tax of ₹1,630.07 crore against ₹1,155.31 crore, up 41% (our arithmetic), on assets under management of ₹2,68,009 crore, up 25%, and disbursements of ₹35,872 crore, up 47%; consolidated profit was ₹1,630.34 crore against ₹1,159.61 crore. Standalone total income rose 23% to ₹9,367 crore while loan losses slipped to ₹874 crore from ₹897 crore, which is why profit grew faster than income; profit was just below the ₹1,653.59 crore of the June quarter (standalone, our arithmetic). Stage 3 assets were 3.25% against 3.29% in June, capital adequacy was 20.62% (Tier-I 16.02%) and the company says the conversion of its compulsorily convertible debentures into equity was completed by September.
• City Union Bank reported standalone Q2 profit after tax of ₹416 crore, up 27% from ₹329 crore, on net interest income of ₹873 crore, up 31%, and operating profit of ₹661 crore, up 40% (first-half profit ₹798 crore, up 26%). Net interest margin was 3.87% against 3.63%, with cost of deposits down to 5.56% from 5.71% and yield on advances up to 9.85% from 9.66%; the bank says that "easing of liquidity by regulatory measures such as FCNR(B)" helped cut deposit costs. Advances rose 26% to ₹72,442 crore and deposits 21% to ₹83,893 crore, with CASA 27% of deposits. Gross NPA fell to 1.44% from 2.42% and net NPA to 0.48% from 0.90%, with provision coverage of 82% including technical write-offs and 67% excluding them; the bank made a bad-debt provision of ₹120 crore (₹110 crore a year earlier), ₹27 crore on standard assets and a contingent provision of ₹50 crore. Return on assets was 1.62%, the presentation shows return on equity of 15.01%, and capital adequacy was 21.26%. The auditors' limited review report carries no qualification.
• ECL Finance (Edelweiss group, debt-listed) reported Q2 revenue from operations of ₹181.31 crore against ₹166.41 crore, with interest income up to ₹137.84 crore from ₹99.90 crore (up 38.0%, our arithmetic) and finance costs down to ₹108.81 crore from ₹129.14 crore, but profit after tax fell to ₹3.72 crore from ₹4.43 crore, with impairment at ₹9.20 crore against ₹2.61 crore and net fair-value gains at ₹29.20 crore against ₹52.90 crore. A ₹179.70 crore other-comprehensive loss, mainly on financial instruments held at fair value through other comprehensive income, gave a total comprehensive loss of ₹175.98 crore for the quarter and ₹376.38 crore for the half year. The results pack shows net worth of ₹1,653.04 crore, capital adequacy of 22.66% (all Tier I), gross Stage 3 assets of 2.10% and net 1.19%, and a debt-equity ratio of 2.80; the auditors' review conclusion is unmodified. The same pack was filed seven times under different NSE categories.
• Euro India Fresh Foods: Infomerics Valuation and Rating upgraded its rating on ₹45 crore of bank facilities, by a letter of 27 October, to IVR BBB-/Stable from IVR BB+/Stable for the long-term part and to IVR A3 from IVR A4+ for the short-term part, after considering its FY2026 and first-quarter FY2027 performance.
• GSPL Transmission (the gas transmission business demerged from Gujarat State Petronet and GSPC Energy, effective 1 May 2026): CARE Ratings assigned CARE AA+; Stable on ₹300 crore of bank facilities (our arithmetic: ₹250 crore long and short term, rated CARE AA+; Stable / CARE A1+, and ₹50 crore long term). The rating letter is dated 27 October and cites its position as one of India's largest gas transmission companies, an open-access model, nil debt and strong liquidity; it lists project execution and marketing risk on its capital spending, and regulatory risk, as constraints.
• India Infrastructure Finance Company (IIFCL; a Government of India enterprise with listed debentures) told the exchanges its board approved restated consolidated financial statements (the quarters ended June 2025 and June 2026 and the years ended March 2024, 2025 and 2026) for its proposed initial public offering, appointed an industry report provider and a compliance officer for the offer, and noted the appointment of book-running lead managers, legal counsel and a printer. It also approved taking over illiquid or defaulted securities left in the erstwhile IIFCL Mutual Fund's Infrastructure Debt Fund Series I and II, following SEBI's direction of 11 October 2024 as amended on 15 October 2026; the filing gives no amount.
• JM Financial Services (unlisted; listed debentures) reported standalone Q2 revenue from operations of ₹352.39 crore against ₹299.35 crore a year earlier (up 17.7%, our arithmetic) and profit of ₹28.61 crore against ₹19.80 crore (up 44.5%, our arithmetic), with interest income ₹165.26 crore, fees and commission income ₹184.42 crore and finance costs ₹94.20 crore (₹79.45 crore). The review conclusion is unmodified; an other-matter paragraph notes ₹2.40 crore (₹240.26 lakh) of half-year profit share from the ARB Maestro association of persons, based on management-certified statements, which the auditor calls not material. It issued no NCDs in the quarter.
• JSW Cement: Crisil reaffirmed Crisil AA-/Stable on ₹5,800 crore of long-term bank facilities and A1+ on its short-term bank facilities, ₹110 crore of short-term debt and ₹100 crore of commercial paper.
• Karnataka Bank reported standalone Q2 net profit of ₹435.89 crore against ₹319.12 crore a year earlier (up 36.6%, bank's figure). Net interest income was ₹982.44 crore against ₹728.12 crore and net interest margin 3.17% against 2.72%; gross advances grew 25% to ₹92,015.26 crore while deposits grew 12% to ₹1,15,117.15 crore, lifting the credit-deposit ratio to 79.93% from 71.63% (from the investor presentation), with the cost of deposits down to 5.13% from 5.54% and yield on advances down to 8.76% from 8.98%. Other income fell to ₹290.09 crore from ₹343.37 crore (down 15.5%, our arithmetic) and provisions other than tax to ₹14.74 crore from ₹20.07 crore. Gross bad loans were 2.27% (3.33% a year ago, 2.58% in June), net bad loans 0.74% (1.35%), provision coverage excluding technical write-offs 68.05% (60.22%), and the Basel III capital adequacy ratio 20.36% (20.84%; 21.10% in June). The press release says the retail, agriculture and MSME book grew 19% to ₹56,968.79 crore and return on equity was 12.51% against 10.14%. The review conclusion is unmodified; the filing notes that earlier periods were reviewed by Ravi Rajan & Co. LLP and R.G.N. Price & Co., while this quarter's report is signed by R.G.N. Price & Co. and Batliboi & Purohit.
• Lloyds Metals and Energy priced US-dollar senior secured floating-rate notes of up to US$130 million (approval of the raise dates from the board's 14 October meeting): interest at SOFR plus 450 basis points paid quarterly, a three-year tenor with a bullet repayment, allotment on 29 October 2026 and maturity on 29 October 2029, issued privately under Regulation S and unlisted. Security is a first-ranking pledge over 49% of the shares in Virtus Lloyds held by Lloyds Global Resources FZCO, a first-ranking assignment of that entity's rights under its loan documents, and a second-ranking charge over the movable fixed assets of the BHQ Plant, all shared pari passu with other secured debt. The filing says the notes remain subject to regulatory approvals.
• Manba Finance's investor presentation for results reported on 27 October gives half-year assets under management of ₹1,810.8 crore, up 20.7% (converted from ₹18,108 million), disbursements of ₹492.8 crore (up 23.7%), net interest income of ₹93.8 crore (up 37.5%) and profit after tax of ₹27.0 crore (up 27.7%). Gross NPA was 2.96% against 3.52% a year earlier and net NPA 2.19% against 2.68%; the deck gives net interest margin of 12.28%, cost of borrowings of 10.14%, capital adequacy of 24.69% and a debt-to-equity ratio of 3.62 times.
• MAS Financial Services reported standalone Q2 assets under management of ₹16,011.38 crore, up 23.17% from ₹12,999.44 crore, total income of ₹560.29 crore against ₹459.49 crore (up 21.9%, our arithmetic) and profit after tax of ₹110.05 crore, up 22.69% from ₹89.70 crore; consolidated profit after tax was ₹115.12 crore against ₹91.43 crore. Asset quality was steady: gross stage 3 at 2.63% (2.58% in June) and net stage 3 at 1.70%, with capital adequacy 22.12%. The investor presentation says standalone operating cost to net interest income improved to 34.59% from 36.30% a year ago, the cost of borrowing to 9.19% from 9.62% and return on equity to 15.33% from 14.28%; it targets return on assets of 2.75% to 3.00% and return on equity of 16% to 18%. The board outcome approves an investment of up to ₹50 crore in subsidiary MAS Rural Housing and Mortgage Finance.
• Meghmani Organics: India Ratings assigned IND A/Stable for long-term and IND A1 for short-term to its bank loan facilities of ₹1,100 crore (₹11,000 million). The letter carries no rationale.
• Motilal Oswal Finvest (an NBFC with listed debt) reported Q2 total revenue from operations of ₹270.73 crore against ₹100.10 crore and profit after tax of ₹159.42 crore against ₹28.57 crore (converted from lakh), but the swing is mostly market-linked: net gain on fair-value changes was ₹155.45 crore against ₹5.96 crore, while interest income rose 23.7% to ₹106.76 crore from ₹86.29 crore (our arithmetic). Finance cost was ₹74.54 crore against ₹55.09 crore. On the balance sheet, loans were ₹3,201.67 crore against ₹2,829.23 crore at 31 March and investments ₹3,314.79 crore against ₹2,131.45 crore, funded by borrowings other than debt securities of ₹1,070.75 crore (₹209.30 crore in March). The auditors' limited review conclusion is unmodified, no new non-convertible securities were issued in the quarter, and the board accepted the Chief Financial Officer's move to Head of Operations "due to internal organizational restructuring", with Sourav Jha as CFO from 29 October.
• OnEMI Technology Solutions (symbol KISSHT) said its board approved investing ₹624.15 crore (₹6,24,14,94,972.24) in a rights issue by its wholly owned NBFC subsidiary Si Creva Capital Services, subscribing to 23,37,516 shares by the end of December 2026. The money comes from at least 75% of the proceeds of the company's preferential issue and is meant to build Si Creva's capital for growth; Si Creva, a middle-layer NBFC, had a net worth of ₹1,231.98 crore at 31 March 2026 and turnover of ₹1,541.33 crore in FY26 (₹1,092.48 crore in FY25), and two of its executive directors also serve on OnEMI's board. The board also approved results with an unmodified review report, which this filing set did not include. The monitoring agency report from CRISIL Ratings on the use of IPO proceeds shows no deviation from the stated objects for the quarter.
• Paisalo Digital filed the transcript of its Q2 FY27 investor call, held on 22 October and filed on 28 October. On the call, management said assets under management reached ₹72,659 million (₹7,265.9 crore, converted from ₹ million), up 33% year on year; quarter disbursements rose 42% to ₹15,673 million (₹1,567.3 crore) and 77% to ₹32,982 million (₹3,298.2 crore) in the half. Profit before tax was ₹874 million (₹87.4 crore) and profit after tax ₹656 million (₹65.6 crore), each up 27%; gross NPA was 0.66% and net NPA 0.46% at 30 September, credit cost 0.4% against 1.1% a year earlier. The call also said yields were temporarily lower because a large part of the commercial-paper funding (over ₹177 crore raised in the half) came near quarter-end, and that rural disbursements in drought-affected districts were being moderated with tighter underwriting. The transcript does not say whether the figures are standalone or consolidated.
• Piramal Finance: a CARE Ratings monitoring report on its ₹2,100 crore qualified institutions placement shows no deviation; at 30 September ₹2,000 crore had gone into onward lending, ₹52 crore into general purposes (tax and servicer fees to a co-lending partner) and ₹8.21 crore into issue expenses, leaving ₹39.79 crore of the ₹48 crore expense provision unspent in escrow. A postal ballot notice seeks a special resolution to appoint Dinesh Kumar Khara as an independent director for five years from 19 October 2026 to 18 October 2031; e-voting runs 30 October to 28 November with results by 30 November.
• PNB Housing Finance reported consolidated Q2 net profit of ₹617 crore (₹616.55 crore in the results), up 6% from ₹581.59 crore, on revenue from operations of ₹2,423.15 crore against ₹2,127.86 crore (up 13.9%, our arithmetic). Loan assets rose 19% to ₹95,079 crore and disbursements 60% to ₹9,609 crore, with retail disbursements a record ₹9,250 crore. Net interest margin was 3.67%, level with a year ago and up 17 basis points on Q1; the release gives yield on loans of 9.74% (up 26 bps on Q1) and cost of borrowing of 7.31% (down 5 bps), so spread rose 31 bps on Q1 to 2.43%. Return on assets was 2.53% against 2.73% a year earlier. Gross NPA fell to 0.91% from 1.04%; the release puts credit cost at minus 19 basis points after ₹75 crore was recovered from the written-off pool, and the results show an impairment line that was a credit of ₹47.56 crore against ₹113.18 crore a year earlier. Capital adequacy was 27.03%. Managing Director and CEO Ajai Shukla says "asset quality continued to improve, supported by strong collection performance and sustained recovery efforts". The joint auditors' limited review conclusion is not modified.
• PNB MetLife India Insurance's board outcome says the board postponed discussion of a proposal on sub-debt issuance and redemption by exercising a call option, appointed Sumveg Chandok as interim chief financial officer from 28 October and a nominee director (Rakesh Parakkat) whose appointment takes effect on getting his DIN. The review report is not modified; the results table in the pack is an image that we could not read.
• Satin Creditcare Network reported consolidated profit after tax of ₹176 crore for Q2 against ₹53 crore, and ₹299 crore for the half year against ₹98 crore (the company notes that is close to its ₹332 crore full-year FY26 profit). Assets under management rose 31% to ₹16,589 crore, total revenue 31% to ₹933 crore and pre-provision operating profit 53% to ₹324 crore. On-book gross NPA was 1.94% (₹197 crore) against 2.18% in June; credit cost was 2.47%, or 0.99% excluding a ₹50 crore management overlay, which the return ratios (ROA 5.5%, ROE 27.7% for the quarter) also exclude. Marginal borrowing cost fell 65 bps year on year to 10.28%, ₹2,630 crore was raised in the quarter and capital adequacy was 27.89%. The results carry no modification in the review report (consolidated profit after tax ₹175.90 crore, converted from ₹17,590.35 lakh). Separately, a monitoring-agency report by Brickwork Ratings and a deviation statement say there is no deviation in the use of the promoters' warrant money: 38,50,000 warrants at ₹260 (₹100.1 crore, our arithmetic) were allotted on 3 August with 25% (₹25.03 crore) paid, the first tranche of a ₹100 crore promoter commitment.
• SBI Card announced with Air India and Visa a partnership to develop a co-brand Visa credit card for Air India's Maharaja Club loyalty members. The release gives no launch date, fee structure or financial terms. Air India's Chief Commercial Officer Nipun Aggarwal says the goal is "India's most compelling travel credit card programme"; the release says Maharaja Club has added over five million members since its 2024 redesign and that SBI Card had about 2.32 crore cards in force in September 2026.
• SMFG India Home Finance (a housing finance company filing on NSE's debt segment; brand SMFG Grihashakti) reported Q2 total income of ₹371.59 crore against ₹381.81 crore a year earlier and profit after tax of ₹26.28 crore against ₹39.10 crore (converted from ₹ lakh), with finance costs of ₹197.82 crore against ₹201.42 crore, employee costs of ₹73.85 crore against ₹69.54 crore and impairment of ₹19.71 crore against ₹19.98 crore; first-half profit was ₹53.37 crore against ₹51.77 crore. Gross NPAs were 3.3% against 3.0% in June and 2.9% a year earlier, net NPAs 2.2%, provision coverage 33.8%, net worth ₹1,729.83 crore and debt-equity 5.8 times. It assigned loans of ₹70.13 crore in the quarter (₹193.66 crore in the half). The auditors, B. K. Khare & Co., gave an unmodified review conclusion. Separately, the board approved the appointment of T R Chadha & Co. as statutory auditors for three years from the 2027 annual general meeting, subject to shareholder approval.
• Standard Capital Markets, a middle-layer NBFC, withdrew (BSE filing) its proposed subscription to 8,81,380 compulsorily convertible preference shares of Sunbridge Solar Power for ₹1,200 crore (₹13,615 each), a proposal the board first considered on 8 July; the board says it needed to assess the effect on its aggregate credit and investment exposure, concentration risk and the RBI's concentration limits for middle-layer NBFCs. The filing does not give the company's own size. The same meeting appointed Gaurav Jindal (who resigned as adviser to the board) chief executive and Krishnan managing director for five years from 29 October, subject to shareholder approval, and moved company secretary Vineeta Gautam to chief compliance officer.
• Star Health (results reported 27 October) added a press release with its own measures: "Normalised" profit after tax of ₹390 crore against ₹229 crore, a company-defined figure that assumes an 8% annual investment yield, and an underwriting profit of ₹99 crore against a loss of ₹40 crore; the combined insurance service ratio improved to 98.0% from 100.9%. First-half underwriting profit was ₹210 crore, more than the full year FY26's ₹198 crore. Gross written premium rose 19% to ₹5,275 crore, with fresh retail premium up 35%, and the digital direct-to-consumer channel grew 137% in the half year. The release says persistency improved 4% to 102%, the agency force reached 8.7 lakh after 39,000 additions, and 93% of fresh business came from first-time buyers of health insurance.
• Suzlon Energy's bank facilities were upgraded by CRISIL to AA-/Stable from A+/Stable on ₹5,685 crore of total bank loan facilities, with the short-term rating raised to A1+ from A1.
• Tejas Networks: ICRA reaffirmed [ICRA]A+ (Stable)/A1+ on ₹6,000 crore of bank facilities and A1+ on a ₹500 crore commercial paper programme, after the Q2 results.
• TMF Holdings, the Tata Motors group's core investment company that holds Tata Motors Finance (now TMF Business Services), published its FY26 annual report showing a standalone loss after tax of ₹2,477.87 crore against a profit of ₹374.42 crore in FY25, driven by a net loss on fair value changes of ₹2,417.62 crore; total income was ₹91.41 crore against ₹107.79 crore and finance costs ₹257.97 crore. The directors' report states that no dividend was declared in view of losses, that borrowings were ₹3,469.84 crore (debt-equity 1.15 times), that CRISIL rates its NCDs and perpetual bonds AA+/Stable, and that, on the board's 29 January 2026 approval, it has filed a scheme to merge itself into Tata Motors Limited, its 100% parent. The report does not say in the pages read what the fair-value loss relates to.
• TruCap Finance's results carry a going-concern warning: the auditors, "without qualifying" their conclusion, draw attention to breach of security cover and other loan covenants, deteriorating asset quality, a restructuring plan presented to lenders and a potential equity infusion, and say the company's going concern depends on the plan and the infusion. The filing states that the company defaulted on borrowings and its accounts with lenders became non-performing, that its security cover has been inadequate since the December 2025 quarter, that it has not recognised penal interest in anticipation of relief under the proposed restructuring, and that discussions are ongoing. Standalone Q2 total income was ₹13.01 crore against ₹24.60 crore and the loss ₹8.72 crore against ₹32.59 crore (converted from ₹ lakh); the annexure shows gross NPAs of 53.80% of loans against 49.90% in June and 6.64% a year ago, net NPAs of 34.20%, net worth of ₹34.25 crore against ₹108.51 crore a year earlier and a debt-equity ratio of 9.78 times. The board also approved raising up to ₹58 crore through equity or convertible securities by rights, preferential or other routes (subject to a postal ballot; terms to follow), and a new ESOP plan (integrated filing).
• UCO Bank scheduled a non-deal roadshow for its foreign-currency Medium Term Note programme, with institutional investors in the UAE on 2 and 3 November (in person and virtual, organised by Mashreq). The filing says no unpublished price-sensitive information will be shared and gives no size, tenor or pricing.

Deals and capital

• ACI Infocom (BSE filing): Sanjay Mandavia and Rupal Mandavia disclosed that a preferential allotment on 24 October took them to 3,56,89,004 shares, 25.05% of the post-allotment capital of 14,24,90,900 shares (from 3.34%), and to 38.82% on a fully diluted basis counting 10,00,00,000 warrants allotted to Rupal Mandavia. Shares and warrants were issued at ₹1.53 each, with 25% received on allotment for the warrants, and the form says they have made an open offer and will take control and join the promoter group once its formalities are complete. (Scan read by OCR.)
• Ashapura Intimates Fashion (BSE filing): under an NCLT Mumbai order of 3 June 2025, the board approved cancelling all 2,52,11,406 shares, including the promoters' 37,20,692 (14.76%), who receive nothing, and the public holders' 2,14,90,714 (85.24%), and allotting 5,00,000 new shares to public holders on the 26 October record date at a ratio the filing gives as 1:43 (one passage spells it "Forty-One"; 1:43 matches the share numbers). After the reduction the public holds 100% of 5,00,000 shares.
• Authum Investment & Infrastructure said the NCLT Mumbai bench approved on 27 October the resolution plan submitted under the Insolvency and Bankruptcy Code by a consortium of Cosmos Prime Projects Limited and Authum for A A Estates Private Limited, following its announcement of 29 January 2026. The filing gives no price or terms.
• Avalon Technologies sent the notice of the extraordinary general meeting that will vote on the preferential warrant issue its board approved on 27 October: Saturday 21 November at 11:00 a.m. by video, with remote e-voting from 18 to 20 November and 14 November as the cut-off date. Two special resolutions: an alteration of the articles, on which the notice says the issue depends, and the issue of up to 19,37,808 warrants at ₹2,193.20 each, up to about ₹425 crore, to Zollner Elektronik AG, a non-promoter, with 25% (₹548.30 a warrant) paid on subscription and ₹1,644.90 on exercise. The notice says the money is for the funding needs of the company, its subsidiaries and joint ventures, including repayment or prepayment of debt.
• Bondada Engineering received BSE's listing approval dated 28 October to move from the SME platform to the BSE Main Board (BSE filing), after NSE's earlier approval for its move to the NSE main board. The company says it will complete the remaining formalities; no date is given.
• Chemiesynth (Vapi) allotted 1 crore unlisted non-convertible cumulative redeemable preference shares of ₹10 each at par, ₹10 crore in the first tranche, on a private-placement basis (BSE filing). They carry a 5% cumulative dividend, mature on 28 October 2033, are unsecured, and the company may call or the holder put after two years on 30 days' notice.
• Cochin Shipyard said it signed the deed for transfer of shares with the shareholders of Conoship International Holding B.V. (Netherlands) on 28 October, completing all formalities for its acquisition of a 23% stake, which followed the share purchase and shareholders' agreements it intimated on 24 September. This filing gives no price.
• Cube Highways Trust's investment manager declared a distribution of ₹3.79 per unit for the September quarter (interest ₹1.76, dividend ₹0.32, return of capital ₹1.71), on 1,34,40,69,762 units, about ₹509 crore in all (our arithmetic); the record date is 31 October and payment is due by 6 November. The results in the same filing show trust-level net distributable cash flow of ₹5,090.10 million (₹509.01 crore) against ₹4,093.38 million a year earlier; consolidated revenue from operations of ₹10,741.66 million (₹1,074.17 crore) against ₹10,516.18 million, with profit of ₹80.14 million (₹8.01 crore) against ₹402.22 million as tax expense rose to ₹492.63 million from ₹173.31 million. The board also took an Ernst & Young valuation of the trust's assets as at 30 September and appointed KPMG as internal auditor for FY27; the review reports carry no modification.
• Fortis Healthcare said its wholly owned subsidiary International Hospital Limited acquired the business and operations of Suguna Ramaiah Hospitals Private Limited, plus the hospital's land and building from one of Suguna's promoters, in Rajajinagar, Bengaluru, completed on 28 October for cash of about ₹277 crore in total. The filing gives Suguna's revenue as ₹49.80 crore in FY26 (₹49.90 crore in FY25), so the price is about 5.6 times a year's revenue (our arithmetic, and it includes the property). The hospital has 110 operational beds and room for about 40 more; the press release says Fortis will have about 1,000 operational beds in Bengaluru including operated-and-managed facilities, and Managing Director and CEO Dr Ashutosh Raghuvanshi called the catchment "underserved". The filing states the deal is not a related-party transaction and needs no regulatory approval.
• Genus Power Infrastructures published the public announcement for the buyback its board approved on 26 October (reported on 26 October): up to 47,50,000 shares (1.56% of shares) at ₹312, up to ₹148.20 crore (6.77% and 6.72% of paid-up capital and free reserves, standalone and consolidated), by proportionate tender offer, with record date 30 October. The promoters and promoter group have said they will not tender, and at least 15% is reserved for small shareholders.
• Global Education's buy-back committee fixed 18 November as the record date for its buyback of up to 14,75,000 shares, for up to ₹23.895 crore (converted from ₹23,89,50,000), by tender offer; the letter says members approved the buyback by special resolution through a postal ballot, as announced on 28 October.
• Global Education declared the voting result of its postal ballot on the buyback, the item awaited in the 27 October digest: the special resolution approving the buyback through the tender-offer route passed with all 3,75,75,904 valid votes in favour (promoter and promoter group 3,70,19,951; public others 5,55,953; no public institution voted), from 67 members out of 15,955 on the cut-off date, with remote e-voting closing on 27 October. The result pages in the file are scanned images, which we read by OCR. The buyback's record date is in a separate filing.
• Hitech Corporation (BSE filing): promoter-group member Geetanjali Trading and Investments reported acquiring 30,09,593 shares (17.52%) from public shareholders on 23 October under the company's voluntary delisting offer, taking its own holding to 86.63% from 69.11%; a second form under Regulation 10(6) says the same, and shows the whole promoter group at 91.96% from 74.43%, with public holding down to 8.04% from 25.57%. Our reading: the promoter group has crossed the 90% mark the delisting rules look for; the forms give no price and no delisting date. The forms are dated 27 October.
• Ind-Swift Laboratories: promoter Essix Biosciences acquired 14,00,000 shares (1.58%) on 8 October by converting fully convertible warrants from a preferential issue, taking its holding to 3,42,82,521 shares (38.80%) from 37.81%, and the promoter group's total to 43.84% from 42.93%, on 8,83,61,558 shares; 56,00,000 warrants remain. The disclosure is dated 12 October and was posted on 28 October, and the filing does not give the conversion price.
• Jindal Capital (BSE filing) said BSE granted in-principle approval on 28 October for its proposed rights issue of equity shares (applied for on 27 August), and that its board meets on Monday 2 November at the registered office to fix the terms, including issue price, entitlement ratio and size. No terms are in the filing.
• Jubilant Agri and Consumer Products: newspaper notices filed show the NCLT Allahabad bench has fixed 3 December 2026 for the next hearing of the joint petition, filed on 22 September, to sanction its scheme of arrangement with Jubilant Agri Solutions (it is the demerged company, Jubilant Agri Solutions the resulting company). Anyone wishing to support or oppose must give notice at least two days before. The notice carries no scheme terms.
• Kiri Industries: its wholly owned subsidiary Equinaire Holdings completed the transfer of 20,000,000 shares of Makilala Mining Company, Inc., 40% of its share capital, bought at a public auction, after the Philippine Bureau of Internal Revenue issued the certificate authorising registration on 26 October. The filing refers to an earlier disclosure of 9 September and gives no price.
• Kkalpana Plastick (BSE filings): Ashish Begwani disclosed that he has acquired 40,12,335 shares, 72.58% of the company, from promoters Bbigplas Poly Private Limited (72.56%) and Sarla Surana (0.02%) under a share purchase agreement of 7 July 2026, after the open offer, in which only 350 shares were tendered (on 21 September), so his holding is 40,12,685 shares. The company says funds were transferred on 27 October and the shares will be transferred after its trading window reopens on 29 October; the board outcome says he becomes promoter and takes control no later than 3 November, and the existing promoters move to the public category. From 3 November Ayesha Begwani (relationship not stated) becomes managing director, Ashish Begwani joins as a non-executive director, three independent directors and a new CFO are appointed, four directors and the company secretary-CFO leave, and the statutory auditor B. Mukherjee & Co. resigns because, it says, "the new incoming management intends to appoint a new firm". The board also approved changing the name to Campbell Ventures Limited (or Campbell Ventures and Hospitality Limited) and moving the registered office within Kolkata. The company is a shell: no revenue from operations, other income of ₹9.97 lakh in the quarter and a half-year loss of ₹5.41 lakh; the review conclusion is unmodified.
• Kuber Udyog (BSE filing) allotted 7,62,85,000 shares to the three sellers of Golden Ikon Fleet Management as a share swap for 100% of that company (consideration of about ₹176.2 crore, with ₹66,500 of it paid in cash), making it a wholly owned subsidiary. The same meeting allotted 3,95,50,000 shares to 16 non-promoter investors and 37,00,000 convertible warrants to seven, all at ₹23.10 against cash: the share issue brings in about ₹91.4 crore (our arithmetic) and the company has received ₹2.14 crore, 25% of the ₹8.55 crore warrant price, with the rest due on conversion within 18 months. This follows the open offer already reported on 27 October; the filing does not describe Golden Ikon's business or financials.
• Natura Hue Chem (BSE filing): 13 promoter sellers, including its managing director Mansoor Ahmed and New Era Alkaloids and Export, signed a share purchase agreement on 28 October to sell all their holding, 6,43,600 shares or 15.53%, to Anuj Chahal (who already holds 3.02%) and Kanika Chahal. Completion would hand the buyers control and trigger an open offer to public shareholders (the price is not in this filing); the selling promoter directors are to resign from the board on completion.
• Oswal Greentech formed a Dubai subsidiary, Oswal Greentech Real Estate Development L.L.C, 95% owned with an initial subscription of AED 38 million at par, to develop land, residential and commercial projects in the UAE and the GCC. The other 5% is held by Shael Oswal, a promoter-group member who is also the subsidiary's manager, so the filing treats it as a related-party transaction; the subsidiary has not started operations.
• Phoenix Mills disclosed that the National Company Law Tribunal approved, by an order dated 27 October, a selective reduction of the equity capital of its material subsidiary Island Star Mall Developers (ISMDPL): 3,25,69,360 shares held by Canada Pension Plan Investment Board are cancelled for ₹1,350 crore paid in cash by ISMDPL, which lifts Phoenix's holding in ISMDPL from 58.33% to 68.10% and cuts CPP Investments' from 41.67% to 31.90%. The filing says this is part of a framework agreement to give CPP Investments a full exit, after which Phoenix would hold 100% of ISMDPL; payment is expected within 30 days of filing the certified order with the Registrar of Companies (the certified copy is awaited). The step falls under related-party rules, so audit committee, board and shareholder approvals were obtained, and a valuer (Bansi S. Mehta Valuers) fixed the fair value. ISMDPL's standalone turnover was ₹285.05 crore and net worth ₹2,791.29 crore at 31 March 2026 (converted from lakh).
• Shankara Building Products: a late disclosure (signed 6 October, posted 28 October) says Rajasthan Global Securities tendered 38,59,331 shares, 15.91% of the capital, in the open offer on 5 October, cutting its holding from 46,58,202 shares (19.21%) to 7,98,871 (3.29%).
• Shivam Autotech's rights issue opened on 28 October, and the company reported that three specific investors, identified in the pre-issue advertisement of 19 October as renouncees of promoter Dayanand Munjal Investments, had applied: Thakur Devi Investments for 1,25,00,000 rights entitlements, and Suman Kant Munjal and Survam Partners LLP for 25,00,000 each (1,75,00,000 in all). The filing gives no terms; pages 2 to 4 of the PDF are a photographed application slip showing a bid of 12,500,000 shares at ₹12.00, or ₹15 crore (our reading: the rights price), and a WhatsApp screenshot, which look attached by mistake.
• Sobha: Bandhan Mutual Fund disclosed (BSE filing, dated 27 October) that it bought 21,83,115 shares in the secondary market between 8 May and 26 October, taking its holding from 7.0264% to 9.0677%.
• Supreme Holdings & Hospitality (India)'s board approved a related-party joint development agreement with Mrs Nitta Vinod Jatiya for a 2,008 square metre plot at Koproli, Panvel, to build about one lakh square feet of premium flats with retail, with an estimated gross development value of about ₹100 crore, subject to a postal ballot.
• Talwalkars Better Value Fitness's board approved a capital reconstruction under NCLT and NCLAT orders and the liquidator's sale certificate: it cancels 1,01,98,415 shares held by the pre-liquidation promoters (32.89%) and 2,08,06,441 shares held by public shareholders (67.11%), issues 5,00,000 new shares to existing public holders at one for every 41 held on a 26 October record date, and allots 95,00,000 new shares of ₹10 each on a preferential basis to Shilpa Singh, the nominee of the successful bidder. After this the issued capital falls from 3,10,04,856 shares to 1,00,00,000, with the promoter category at 95% and the public at 5% (the filing's figures); all steps need approvals.
• Tikona Communication (formerly Grand Foundry) shareholders passed all ten resolutions at an extraordinary meeting on 28 October with no votes against, among them preferential issues of warrants to promoter and non-promoter persons, of equity shares to non-promoters and of redeemable cumulative preference shares by private placement, a new set of articles, four material related-party approvals and, as a related-party transaction, the acquisition of 1,28,09,761 shares, 90.82%, of FusionNet Web Services from SAR Televenture. The promoter group holds 2,13,56,930 of 3,04,30,000 shares (70.2%) and voted 99.98% of its shares, while public non-institutions voted only 2,100 shares of 90,65,990; the issue terms are in the notice, not in these proceedings or results.
• Titan incorporated a wholly owned subsidiary, Titan Company Canada Inc., on 27 October, with share capital of 5,000 Canadian dollars, to carry on jewellery retailing and other lifestyle businesses; it follows the company's 7 August letter.
• Urban Enviro Waste Management filed its letter of offer for a rights issue of up to 86,60,000 shares, one for every one held on the 28 October record date; a revised copy filed later the same day carries the same terms (minor wording differences). The issue opens on 4 November and closes on 18 November. Of the net proceeds, about 55% is for long-term working capital, about 30% is to convert the promoters' unsecured loans into equity against the rights shares, and the rest is for general corporate purposes (our arithmetic from the letter of offer). The company had deferred approval of its half-year results on 27 October (reported yesterday).
• Vraj Iron and Steel completed the sale of its entire holding of 3,96,000 shares in MVK Industries Private Limited to Gopal Sponge and Power Private Limited, which the filing describes as its promoter and holding company, for ₹4.55 crore (₹4,55,40,000). The sale was first intimated on 28 September.

Orders

• Aptech received an order from an autonomous government body (not named) to run computer-based online examinations, worth ₹3.21 crore, for 1 January to 31 December 2027; the scope covers venues, infrastructure, invigilation and pre- and post-examination work. The company says promoters have no interest in the awarding body and it is not a related-party transaction.
• Jyoti Structures received a notification of award from Power Grid for Package TL05 of the ±800 kV HVDC Bipole Barmer-II and South Kalamb transmission lines in Gujarat, worth ₹648.91 crore excluding GST, on a turnkey basis with a 38-month completion period. The press release says this takes the project's three awards to ₹1,598.26 crore, after the two Rajasthan packages (TL01 and TL02, ₹949.35 crore) reported on 26 October, and mentions a separate ₹689.93 crore contract from GETCO.
• NLC India: its wholly owned subsidiary NLC India Renewables received a letter of intent from Gujarat Urja Vikas Nigam to develop 300 MW of wind power, having won 100 MW in the competitive bid for the 250 MW Phase XI tender and accepted the greenshoe and additional greenshoe options of 100 MW each. The filing gives no tariff or project cost.
• Titagarh Rail Systems received an amendment letter from the Ministry of Railways, using the option clause of the original contract, for 4,955 more BOXNHL wagons worth ₹1,716.90 crore plus GST on the same price and terms, lifting the BOXNHL quantity to 9,994 and the total amended contract value to ₹10,404.10 crore including GST; delivery is due within 222 days, by 7 June 2027. (The subject line says 4995; the body and annexure say 4,955.)
• Vascon Engineers received a letter of intent worth ₹72 crore (excluding taxes) from Neobridge Realty LLP for the shell-and-core construction (RCC, anti-termite treatment and sewage-treatment-plant work) of a residential building, "Astoria", at Bandra, Mumbai, on an EPC basis with 25 months to complete. It is a domestic order, and the filing marks promoter interest and related-party status as not applicable.

Capacity and operations

• Awfis launched new centres in Pune, Bengaluru and Mumbai adding about 1,45,000 sq ft of chargeable area, on top of the roughly 1,00,000 sq ft Elite Centre it recently opened in Aerocity, New Delhi, for about 2,45,000 sq ft across the launches. The release says the company is shifting its mix to Grade A+ premium centres built to its "Awfis 6.0" design, and Chairman and MD Amit Ramani says the additions reflect "deepening our footprint in Grade-A assets, driving high operational efficiency". No capex or occupancy figures are given.
• Borosil Scientific's board approved setting up a borosilicate 3.3 glass tubing furnace at its Bharuch plant, with capacity of about 20 tonnes a day, capital expenditure of up to ₹70 crore from internal accruals and/or borrowings, and commercial production expected by 31 March 2028. The company has no tubing capacity today; the filing says tubing is now bought from overseas suppliers and the plant is for backward integration, to cut import dependence and "potentially optimise manufacturing costs", mostly for its own glassware with the surplus sold, and it will apply for subsidy under the Viksit Gujarat Industrial Policy 2026. The same meeting approved Q2 results: consolidated revenue of ₹114.96 crore against ₹106.90 crore (up 7.5%, our arithmetic) and profit of ₹5.31 crore against ₹2.85 crore; standalone revenue was ₹104.19 crore against ₹99.48 crore with profit of ₹6.25 crore against ₹7.52 crore (converted from ₹ lakh).
• Dr. Reddy's Laboratories told the exchanges that the US Food and Drug Administration has classified the pre-approval and GMP inspection of its FTO-SEZ Process Unit-02 at Srikakulam, Andhra Pradesh (intimated on 29 July 2026) as "Voluntary Action Indicated" and closed the inspection under 21 CFR 20.64(d)(3).
• Ecoboard Industries (BSE filing) said its board suspended manufacturing at the Particle Board Build Division (Eco Build) for one year with immediate effect, citing non-availability of raw material and "non-viability" of the division's project; the annexure adds sustained operating losses and the large capital spending needed for refurbishment. The division had FY26 turnover of ₹15.33 crore (₹1,533.17 lakh), 64.14% of the company's turnover, against a company net worth of ₹9.14 crore; the company says it will weigh restructuring options and move resources to its energy division (effluent treatment and compressed biogas plants). Managing Director Rama Krishna Raju Gottumukkala resigned as chief executive but stays as managing director, and Venkatraman Krishnamurthi, formerly of Automobile Corporation of Goa and Automotive Stampings and Assemblies, was appointed CEO. The company filed the same disclosure three times.
• EPACK Prefab Technologies began commercial production on 28 October at its Ghiloth facility in Neemrana, Rajasthan, after the state pollution control board granted consent to operate the same day. The capacity filing adds 11,300 tonnes a year of pre-engineered building structures to an existing 1,47,122 tonnes (7.7%, our arithmetic), running at about 77.5% utilisation, and 8,00,000 square metres a year of PUF panels to an existing 13,10,000 square metres, running at about 49.5% (our reading: the panel line is adding 61% more capacity while about half utilised). Investment is about ₹100 crore, funded from net IPO proceeds.
• Forbes Precision Tools and Machine Parts (symbol TOTEM) approved (BSE filing) about ₹60 crore to add 10 lakh units a year of steel taps capacity within one to one and a half years, on top of about 36 lakh units a year now running at 80 to 92% utilisation, funded by internal accruals and debt.
• Godawari Power and Ispat received the Chhattisgarh Environment Conservation Board's consent to operate its Raipur steel melting shop at 5,75,000 tonnes a year, up from 5,25,000 (50,000 tonnes more, our arithmetic), received on 27 October; the plant is already running at the higher capacity. The company says that with more steel billet capacity its sponge iron will be 100% captively consumed, which it expects to improve operating margins.
• Insolation Energy's wholly owned subsidiary Insolation Green Energy received an entitlement certificate, dated 26 October, under Rajasthan's 2022 investment promotion scheme for its solar module plant at Sawarda, Jaipur: eligible fixed capital investment of ₹179.12 crore and a turnover-linked incentive of 1.98%, with a maximum claimable incentive of about ₹223.90 crore (125% of the investment) expected to be realised over about nine years, depending on eligible turnover. A 100% electricity duty exemption is worth, the company estimates, over ₹1 crore a year. It is pursuing about ₹185 crore of incentives for its second phase and has no approval yet.
• Jain Irrigation Systems signed an agreement with carbon-removal marketplace Supercritical for biochar carbon removal credits covering up to 19,000 tonnes from its Jalgaon industrial biochar facility in 2026 and 2027. The release gives no price or revenue; it says the plant has produced since early 2026 and is being verified by Puro.earth, with a BeZero Carbon rating under way. The same release was filed under the ordinary-share symbol.
• Modison said it has developed silver-tungsten carbide electrical contacts for railway signalling relays and estimates the annual Indian market for such contacts at about ₹250 crore (the PDF text prints the figure with a stray digit before it); it intends to approach overseas relay makers. No order or revenue is stated.
• Seamec said its barge SEAMEC GLORIOUS was considered on hire with effect from 26 October at 23:15 hours, following its drydock completion and earlier filings of 15 July and 15 August. The filing names no customer, day rate or period. This follows the off-hire of its Swordfish vessel reported on 24 October.
• Shalby said that the Jabalpur Chief Medical and Health Officer, by an order of 28 October, allowed Shalby Hospital, Jabalpur, to resume normal operations, including admissions, on the previously affected floor after renovation and safety measures; the filing refers to its letters of 14 and 17 October (not read) and says there is no financial impact to quantify.
• Speciality Restaurants launched a new restaurant, "WALTERS", at the Lodha Malad Raj Infinia building in Malad West, Mumbai, on 28 October, under the product-launch disclosure rules. The filing gives no capital cost or revenue expectation.
• Suba Hotels executed a term sheet for a management contract for a 48-key Clarion hotel at Bekal, Kasargod, Kerala, with a restaurant and banquet hall, which the filing calls part of its asset-light management portfolio. The filing is a term sheet, not a signed management agreement; no fees or opening date are given in the part we read.
• Subros began commercial production on 28 October at its new greenfield plant at Kharkhoda, Sonipat, adding capacity of 4.5 lakh units a year for HVAC (air-conditioning) and hose and tubes; the annexure puts the investment at about ₹150 crore, funded by internal accruals and debt.
• Vishnu Chemicals said the operations of its Visakhapatnam Parwada plant are "undergoing temporary stoppage" from 28 October 2026 to synchronise forward integration and new capital projects at the unit. The filing gives no restart date or financial impact and says the exchanges will be told when the plant resumes.
• Zelio E-Mobility began commercial production (BSE filing) on 28 October at its new plant at Patan, Hisar, Haryana, adding 48,000 two-wheelers and 24,000 three-wheelers a year (72,000 in all, our arithmetic) to existing capacity of about 2,40,000 units a year. The filing states capacity utilisation was about 40% at 31 March 2026 and that investment in the plant exceeds ₹20 crore, most of it used for backward integration, subject to board finalisation.

The fine print

• AAA Technologies: Nautilus Private Capital, a Mauritius holder outside the promoter group, sold 4,05,420 shares (3.16%) in the open market on 8 October, cutting its holding to 5,58,580 shares (4.35%) from 9,64,000 (7.52%). The form was posted on NSE on 28 October, about three weeks late.
• ACC (BSE filing): promoters Holderind Investments and Endeavour Trade and Investment, both of Mauritius, disclosed on 28 October an encumbrance created on 21 October over 12,472,807 ACC shares, 6.64% of its capital, in favour of Deutsche Bank AG, Hong Kong Branch as security agent for the lenders to Endeavour. The form describes it as an "other covenant in the nature of encumbrance" securing a new facility of up to USD 1.375 billion that partly refinances the original facilities (lenders named include MUFG, CTBC, First Abu Dhabi Bank, ING, Mizuho, Standard Chartered and SMBC). Promoter holding is 106,456,927 shares (56.69%), 11.72% of it encumbered; the form states "no pledge has been created over the shares of ACCL". The matching Ambuja Cements and Orient Cement disclosures were in the 24 October digest. (Scan read by OCR.)
• Accelya Solutions India disclosed an order dated 31 August (received by email on 27 October) from the Regional Provident Fund Commissioner-II, Pune, under section 7A of the Provident Fund Act, directing it to deposit ₹2.73 crore (₹2,72,50,894) within 60 days for September 2014 to March 2019, over treating reimbursements such as additional medical, conveyance and children's education allowances, and administrative charges on voluntary contributions, as part of basic pay. It directs a separate inquiry into belated payment and interest; the company expects no material financial impact, says its submissions were not duly considered and reserves its right to appeal.
• Agastya Energy and Infrastructure (formerly Sanginita Chemicals) disclosed that the Income Tax Department searched several of its offices from 22 October until the evening of 27 October. The company says no assets, stock-in-trade, books of account or funds were seized and operations are normal.
• Anka India (BSE filing): the auditors' review of its consolidated September-quarter results carries a qualified conclusion on two points: goodwill of ₹18.96 crore (converted from ₹18,96,36,548) recognised on consolidation, which the auditors say has not been tested for impairment although the company "has not been doing any business", and ₹35.38 lakh of minimum alternative tax paid in earlier years still carried as an asset despite a history of losses. Consolidated revenue was ₹1.64 crore against ₹5.61 crore a year earlier, with a loss of ₹34.67 lakh against a profit of ₹9.54 lakh; note 3 says the consolidated figures are those of its subsidiary Futech Internet, treated as the accounting acquirer.
• Anupam Rasayan India filed, on 28 October, the minutes of its 23rd AGM held on 30 September (a late filing). The voting table shows that the re-appointment of Anand Desai, Managing Director, as the director retiring by rotation drew 19.74% of votes against in the public institutions category (5,47,040 of 27,71,586 votes cast, our arithmetic from the table), against 0.0003% in public non-institutions and none from the promoter group; across all categories 0.63% of votes were against, and the filing states the resolution passed. The other ordinary resolutions in the table drew at most 0.15% against in any category. The filing marks the promoter group as interested in this resolution.
• Asian Granito India: Thakkar Nileshkumar Farshuram HUF and Arthkumbh Ventures LLP, acting together and not part of the promoter group, disclosed open-market purchases of 3,32,11,918 shares between 1 August and 9 October 2026, taking them from nil to 11.20% of the company (the HUF's karta signed the form on 9 October; NSE posted it on 28 October, so it is late).
• Avenique (formerly KDJ Holidayscapes & Resorts) (BSE filing): BSE will revoke the suspension in trading of its shares from 5 November, on its payment of annual listing fees, and trading resumes in the XT group in a special pre-open relist session.
• Billionbrains Garage Ventures (Groww) (BSE filings, dated 27 October): four promoter-group trusts reported pledges created on 19 October in favour of Aditya Birla Capital, for "personal" reasons: Golden Oak Trust pledged 1,50,00,000 shares (0.24% of capital), and Mufasa Trust, Fortune First Trust and Thousand Oaks Trust each pledged 87,50,000 shares (0.14%) on top of 62,50,000 already pledged, so each now has 1,50,00,000 pledged (0.24%). In all that is 6,00,00,000 shares pledged across the four (about 0.96%, our arithmetic), of which 4,12,50,000 are new. The forms do not say what the pledges secure.
• Bliss GVS Pharma sent a postal ballot notice for a Senior Executive Employee Stock Option Plan 2026 of up to 26,50,000 options (one share of ₹1 each per option) for a senior executive, a separate resolution to grant options equal to or above 1% of issued capital to an identified employee, and a general Employee Stock Option Plan 2026 for present and future employees and those of subsidiaries and associates. E-voting runs from 29 October to 27 November, and results are due on or before 30 November. The pledge over 47.95% of the company by a debenture trustee was reported on 27 October.
• Callista Industries: promoter-group member Ravi Jabbar Sharma reported being allotted 1,80,000 shares on conversion of warrants on 26 October, taking his shares from 4,00,000 (3.69%) to 5,80,000 (4.97%), with 10,20,000 warrants still held (BSE filing).
• Camex: promoter Jayshri Chandraprakash Chopra disclosed buying 1,50,000 shares (1.47%) in the open market on 28 October, taking her holding from 68,795 shares (0.67%) to 2,18,795 (2.14%) (BSE filing). One line of the form calls it a sale, but its figures and mode of acquisition show a purchase.
• Castrol India: Life Insurance Corporation of India disclosed selling 2,02,98,761 shares, 2.052% of the company, in market sales between 30 April and 9 October 2026, which cut its holding from 9.051% to 6.999%. The letter is dated 12 October and NSE posted it on 28 October, so it is late.
• Chowgule Steamships told the exchange on 28 October that promoter Chowgule and Company Private Limited has issued a letter of intent to transfer 1,74,50,333 shares off-market, without cash consideration, to members of the promoter group under a family settlement dated 11 January 2021 (BSE filing: disclosure). The largest transfers are 42,33,451 shares to Sarita Pratap Shirke, 41,46,194 to Vijay Vishwasrao Chowgule and 41,44,455 to Rohini Vishwasrao Chowgule; the filing states that total promoter-group holding is unchanged and that it relies on the inter-se exemption in regulation 10(1)(a)(ii) of the takeover rules. It gives no percentage.
• CSL Finance: promoter CSL Capital Private Limited acquired 2,65,686 shares (1.17% of capital) from promoter Rohit Gupta HUF in an off-market inter-se transfer on 7 and 8 October, raising its holding from 68,30,927 shares (29.98%). The disclosure is dated 9 October and was posted on NSE on 28 October (late).
• DCM Shriram Fine Chemicals: promoter Urvashi Tilakdhar disposed of 2,69,06,206 shares (30.94% of capital), taking her holding to nil, and promoter Alok Bansidhar Shriram acquired the same shares, taking his holding to 3,58,48,746 shares (41.21%) from 89,42,540 (10.28%). The filings state it was an off-market inter-se transfer among promoters and immediate relatives on 9 October. Both forms are dated 12 October and were posted on NSE on 28 October (late filings).
• Engineers India asked the exchanges to waive fines of ₹5,36,900 each (including GST) that NSE and BSE levied on 25 August for the quarter ended 30 June, for not having the required number of independent directors, including a woman independent director, as Regulation 17(1) requires. The filing states that, as a public sector undertaking, appointments are made by the Government of India and the petroleum ministry has been asked to fill the posts, and that the exchanges' policy is to consider waivers only after full compliance. The board noted the matter on 22 September; the letter is dated 28 October.
• Force Motors filed the results of two class-wise extraordinary general meetings held on 26 October, of its "A" equity shareholders (result and scrutiniser's report) and its "Second A" equity shareholders (result and scrutiniser's report), each on a special resolution on the removal of restrictions on the transferability of those shares and other incidental conditions. Both passed with no votes against: 21,370 votes (77.43% of the 27,600 "A" shares) and 96,398 votes (83.28% of the 1,15,748 "Second A" shares) were cast, all in favour, all from public non-institutions.
• Gaja Alternative Asset Management said the Punjab and Haryana High Court, by an order of 27 October, dismissed petitions by Managing Director and CEO Gopal Jain, and by Executive Director Imran Jafar with Gaja Trustee Company (trustee of Gaja Capital India Fund-I, a subsidiary), to quash FIR No. 0150 of 2022 concerning EuroKids International, a portfolio company of the fund on whose board Jain and Jafar were nominee directors. The filing states the order "does not constitute an adjudication of the allegations contained in the FIR", that the underlying proceedings will continue, that the petitioners are reviewing the order and may appeal, and that the company assesses no material impact on its operations or its ability to manage its funds. The matter was disclosed in its 21 August 2026 prospectus.
• Ganesha Ecosphere: Axis Trustee Services, security trustee for lenders under a facility to a borrower the form does not name, disclosed the release on 8 October of the pledge over 5,50,000 shares (2.05% of capital), cutting the shares held as security to 14,50,000 (5.41%) from 20,00,000 (7.46%). The form is dated 12 October and was posted on NSE on 28 October (late); it does not say whose shares were pledged.
• Gayatri Highways: Chief Executive Officer K.G. Naidu resigned for personal reasons in a letter dated 27 October, and the board accepted it, effective at the close of business on 28 October.
• Gensol Engineering: Catalyst Trusteeship, security trustee for lender Power Finance Corporation, reported selling 8,24,836 shares (2.14%) from Gensol Ventures' pledged holding on 7, 8 and 9 October, leaving 9,61,932 shares (2.50%) pledged against 17,86,768 (4.64%) before. This follows the sales to 6 October reported on 27 October; the form is dated 12 October and was posted on 28 October.
• Gretex Corporate Services: SEBI's adjudicating officer fined it ₹8 lakh on 27 October for not exercising due diligence on a disclosure in the offer document of Taurian MPS's IPO, for which it was merchant banker; the remaining allegations were held not established. The filing states there is no material impact on its financials or operations.
• Gujarat Toolroom (BSE filing): the interim resolution professional, Iqbal Singh Gandhi, filed on 28 October the Form A public announcement of the company's insolvency process, published on 3 October. As printed, the National Company Law Tribunal's order was received on 1 October, the process began on 30 September, claims were due by 17 October and the estimated closure date is 29 March 2027. The announcement states no claim amount; the filing came about three and a half weeks after publication.
• HD Fire Protect (prospectus dated 15 October) disclosed that the Maharashtra Pollution Control Board refused, by a letter of 28 October, its application for consent to operate expanded facilities at Jalgaon, following a show-cause notice of 15 October that cited missing documentary evidence of environmental clearance. The company says the refusal covers only newly commissioned sheds (Plot K-99 and Gat No. 298/1), that consent for the existing Jalgaon plant stays valid until 31 March 2029, that it sees no material impact, and that it will re-apply.
• HEG Advanced Materials (formerly HEG Limited) sent a postal ballot notice (e-voting 29 October to 27 November) after the scheme that took effect on 1 September (the notice says Ravi Jhunjhunwala moved to HEG Graphite then). He gave up the chairman, managing director and CEO roles here because the law caps a person at two managing directorships, and stays as a non-executive director; Riju Jhunjhunwala, who also holds the same roles at RSWM, is proposed for five years from 1 September at a basic salary of ₹35 lakh a month with a 15% annual increase for the first three years (about ₹4.2 crore a year before increases and perquisites, our arithmetic), payable as minimum remuneration if profits are inadequate. It needs a special resolution because pay exceeds ₹5 crore or 2.5% of profits. The ballot also seeks two non-executive directors, Om Prakash Ajmera and Yash Kela, and five independent directors for five-year terms from 1 September.
• Indo Count Industries: the Lhochhar Trust, through its trustee Orbis Consulting AG of Zurich, reported that it has indirectly acquired voting rights over the promoter Sandridge Investments' 6,20,02,455 shares (31.31%) because Sandridge's holding company passed to it by testamentary transmission on 12 October. No shares changed hands directly and Sandridge's holding stays at 31.31%. The form is dated 14 October and was posted on 28 October.
• Intellect Design Arena disclosed a cyber-security incident: an employee's email account at its Canadian subsidiary was compromised and used to send fake payment instructions to a customer. The filing states the company became aware on 22 October, no funds left its bank accounts, a police complaint has been filed in Canada, the bank holding the beneficiary account has been asked to freeze and recover the funds, an independent cyber-security firm has been engaged, and the incident had no material bearing on its finances or operations; it gives no amount.
• IRCTC told the exchanges that NSE and BSE each fined it ₹10,23,060 for board-composition non-compliance for the June 2026 quarter (Regulations 17(1), 18(1), 19(1)/(2), 20(2)/(2A) and 21(2)) and ₹29,500 each for Regulation 44(5) for FY 2025-26. The board noted on 28 October that the lapses were "due to reasons beyond the control of the Company", asked that the Ministry of Railways be pressed to appoint the required independent directors, including a woman independent director, and said the 27th AGM could not be held by 31 August because the Comptroller and Auditor General's comments arrived only on 4 September; the AGM was held on 29 September. It authorised a request to both exchanges to waive the fines.
• JK Paper: promoter-group company YPL Enterprises disclosed that its holding rose to 1,28,00,662 shares (7.06%) from 1,93,000 (0.11%) on 12 October, when a composite scheme of arrangement sanctioned by the NCLT Chandigarh bench on 15 September became effective and four group companies, including J.K. Credit & Finance (5.63%) and Accurate Finman Services (1.15%), were amalgamated into it, bringing 1,26,07,662 shares (6.95%). The filing states the sellers are also promoter-group entities; our reading is that this is an internal reshuffle with no change in the promoter group's total holding. The letter is dated 13 October and was posted on 28 October.
• KIMS (Krishna Institute of Medical Sciences) disclosed that the Supreme Court dismissed its special leave petition on 27 October in a case over its long-term lease of about 1.168 acres at Raja Annamalai Puram, Chennai, from the Andhra Mahila Sabha Trust for a super-speciality hospital. Two plaintiffs suing in the public interest over the trust's administration were given leave to sue on 29 July (KIMS is defendant no. 12); the trust's appeal failed on 15 September, which vacated the interim stay, and the suit continues. The filing states the proceedings concern the trust's administration, no injunction or stay stops the project, and its rights under the leave and licence agreement continue.
• Kotyark Industries: the auditor's other-matter paragraph on its September results draws attention to its registration with the Bio-Fuel Authority, Government of Rajasthan: while renewal was pending, four storage tanks of raw material (veg ester) at its Swaroopganj unit were seized and criminal proceedings were started against one director, and the Rajasthan High Court on 26 August 2025 allowed operations to continue to meet supply commitments to oil marketing companies. The seized material is still carried as inventory because management is confident of its release, and management says there has been no loss of production or disruption to supply; the review conclusion is not modified. The scanned results tables were too poor to quote figures reliably.
• Latteys Industries disclosed a suspected "Boss Scam" in which an unauthorised person impersonating the managing director instructed the company secretary, and ₹80 lakh was transferred from the company's account on 26 October; nothing has been recovered, and the company has told the cyber crime police and its bank and is reviewing the incident. It says there is no material disruption to operations.
• Mahindra Logistics (BSE filing, scan read by OCR): Nippon India Mutual Fund sold 13,75,681 shares (1.39%) in the open market, taking its holding to 3.05% from 4.43%. The form dated 28 October covers sales entered into over a period from 28 March 2023 to 26 October 2026, so it is a cumulative, late disclosure.
• MedPlus Health Services (BSE filing): Catalyst Trusteeship, acting as debenture trustee, reported a pledge over 34,00,000 shares (2.83%), created on 29 September and 23 October, which brings the shares pledged to it to 2,41,50,400, or 20.10%, from 17.27%. The form does not name whose shares were pledged.
• MIC Electronics: two Mauritius funds each reported taking 2,36,16,929 new shares (7.93% of the enlarged capital) in a preferential share swap allotted on 4 September and listed on 8 October: Ebisu Global Opportunities Fund went from 0.90% to 8.65% and Unico Global Opportunities Fund from 0.21% to 8.10%, both locked in until 14 April 2027. The forms are dated 9 and 12 October and appeared on NSE on 28 October, so they are late; they do not name the business acquired in the swap (the allotment itself was in the 4 September digest).
• Mphasis: HDFC Mutual Fund schemes bought 39,31,815 shares (2.06%) in the open market on 8 October, lifting their holding to 1,34,73,462 shares, or 7.06%. The form is dated 12 October and appeared on NSE on 28 October, so it is late.
• N K Industries reported a standalone Q2 loss of ₹0.55 crore on total income of ₹0.85 crore (converted from lakh), but the auditors' review report states a qualified conclusion: they are unable to quantify the liability from the National Spot Exchange claim of about ₹937 crore plus interest, a Maharashtra attachment of its Kadi (Gujarat) land, building and plant, an Enforcement Directorate proceeding under the money-laundering law and a charge sheet against the company and its chairman. An emphasis-of-matter paragraph notes accumulated losses of ₹356.12 crore and negative net worth, and the accounts are on a going-concern basis. The filing states these matters are sub judice and the company does not accept the claims.
• NRB Industrial Bearings reported standalone Q2 revenue of ₹21.41 crore, up 19.8% from ₹17.86 crore (converted from lakh; our arithmetic), but a loss of ₹6.85 crore against ₹7.02 crore a year ago. A note states that at 30 September the company has a net current liability of ₹27.68 crore and a negative net worth of ₹59.18 crore, and that the accounts are prepared as a going concern relying on a support letter from the promoter director; the auditors' review report carries no emphasis paragraph on it.
• Paisalo Digital (BSE filing): promoter-group entity Equilibrated Venture Cflow pledged 1,03,63,523 shares (1.10%) on 26 October as collateral for loans taken by a third party from Jio Credit, lifting its pledged shares to 4,01,59,002, or 4.27% of capital (the entity holds 20.64%). The same form was filed twice.
• Pashupati Cotspin: two cells of Craft Emerging Market Fund (Citadel Capital Fund and Elite Capital Fund) disclosed holding 1,01,32,543 voting rights (6.42%), acquired in the open market. The form is dated 5 June 2026 and gives an acquisition date of 29 January 2025, yet it appeared on NSE on 28 October 2026, so it is very late; it also reports the holding in the row for rights other than shares.
• Phantom Digital Effects said the 21 October board meeting to approve audited results for the year to 31 March 2026 could not proceed for want of a quorum, and that the adjourned 28 October meeting is cancelled, so the annual results remain unapproved with a new date to be notified; the trading window stays shut.
• Polycab India disclosed a further order in the insolvency appeal brought by Asier Metals' side (Company Appeal (AT) (Insolvency) No. 1940 of 2026; the appellant is named as a suspended director of Polycab, Bharat Ajay Jaisinghani). On 27 October the appellate tribunal (NCLAT, Principal Bench) recorded that the appeal is reserved for orders and, on counsel's submission that the MSCI index could delist the Polycab stock in its next review cycle, which starts on 28 October, directed that MSCI take no such action until the order is pronounced. Polycab says it also informed MSCI on 27 October. The filing does not say when the order will be pronounced. This updates our 7, 9 and 14 October entries.
• Quint Digital (BSE filing): promoter-group disclosure dated 27 October says promoter entity RB Diversified Private Limited acquired 29,32,138 compulsorily convertible preference shares, up to 23 October, taking the promoter group's total including convertibles to 52.84% of diluted capital from 48.27% (4.57 percentage points added). The form lists the mode as open market, while its footnote ties the preference shares to a rights issue and says they carry no voting rights, so no open offer arises. Unchanged by this acquisition: promoters hold 1,41,59,952 equity shares (29.99%), and the filing shows 1,67,91,526 shares (35.57% of the equity) in the nature of encumbrance.
• Rajshree Sugars & Chemicals disclosed a cautionary communication from NSE, received 27 October at 5:41 pm, advising it to take corrective steps to avoid delays in disclosures. The filing states that NSE found its 24 January 2025 announcement of an order from the Director of Sugar / Cane Commissioner of Tamil Nadu was not made within the 24-hour limit, and that no monetary penalty was imposed and there is no impact on its finances or operations.
• Raymond Realty: Chaturvedi & Shah LLP, one of its two joint statutory auditors, resigned with immediate effect on 28 October (letter delivered in person at 7 pm), saying management had declined its request of 20 August to revise the audit fee, which management communicated on 28 August. The filing states the firm sought a fee "commensurate with the expanded scope" given the company's listed status, that management told it it could not revise the proposed fees, and that the firm raised no concern about management; the audit committee was therefore not required to deliberate. The firm had been appointed at the 2022 annual meeting for five years, and its letter notes it signed the FY26 audit report, the June-quarter review and the 27 October limited-review report on the September-quarter results together with the other joint auditor, Walker Chandiok & Co LLP, which continues in office.
• SC Agrotech (BSE filing): the September-quarter results show standalone revenue from operations of ₹4,525.94 lakh (₹45.26 crore) against ₹501.69 lakh a year earlier and profit before tax of ₹1,367.33 lakh (₹13.67 crore), with half-year revenue of ₹8,311.17 lakh. The auditors' review report carries an emphasis-of-matter paragraph saying the balances of trade receivables, trade payables and all loans and advances are "pending comprehensive verification" through direct confirmations from counterparties and reconciliation to the ledger.
• Shreeji Global FMCG (formerly Shreeji Agri Commodity) disclosed a Mundra customs adjudication order of 27 October on a show-cause notice of 28 October 2025 over alleged irregularities in duty-free imports of coriander seeds under advance authorisation, including alleged domestic diversion and export-obligation lapses: customs duty of ₹16.93 crore plus interest, penalties of ₹16.93 crore and ₹1 crore, redemption fines of ₹6 crore and ₹1.60 crore of penalties on a director and key managerial person, and enforcement of the bond (about ₹42.47 crore before interest, our arithmetic); ₹75 lakh already deposited was applied to the duty. The company says it will appeal to CESTAT and cannot yet quantify the effect.
• Taurian MPS received a SEBI adjudication order of 27 October over alleged non-disclosures about promoter-group and non-promoter-group entities in its IPO offer document: penalties of ₹5 lakh on the company, ₹5 lakh jointly on its two promoters and ₹8 lakh on the merchant banker, Gretex Corporate Services; the company is examining the order.
• Vadilal Industries filed the voting result of its 27 October EGM, the item awaited in the 27 October digest. The scrutiniser's report describes the ordinary resolution as approval of the 2026 supply agreement, for 12 months, with Vadilal Enterprises Limited (the 27 October digest called it a sale and purchase agreement). All 1,90,333 valid votes cast by 68 members were in favour and none against; the promoter group, as a related party, cast no votes, so the vote rests on public holders only (public institutions 1,83,880 votes, public non-institutions 6,453).
• Value Industries told the exchanges it cannot publish September-quarter results by the 14 November deadline. The filing states it has been in insolvency since 2018 as one of 13 consolidated Videocon group debtors, that the Supreme Court's oral remarks on 14 February 2022 froze the process, and that results for every quarter from June 2024 to June 2026 are still pending, which it says must be finalised before the September 2026 results can be prepared. Its BSE filing adds that it cannot publish its September-quarter results (due 14 November): results from June 2024 to June 2026, nine quarters plus the FY25 and FY26 year-end accounts, are pending, and the consolidated Videocon-group insolvency stays at status quo.
• Vedanta Iron and Steel: Anamika Jha resigned as chief executive of its iron ore business and as senior management personnel, effective at close of business on 28 October, for "personal reasons" (her letter gives no further detail). The company's Q2 results were reported on 27 October.
• Videocon Industries gave the same reason for delaying its September-quarter results: the filing states the group's insolvency process has been under a status quo since the Supreme Court's remarks of 14 February 2022, and that standalone and consolidated results for the quarters from March 2025 to June 2026, plus September 2026, are pending. It says GAMP & Co, appointed as statutory auditor by the creditors' committee in July 2025, is auditing FY2024-25 and FY2025-26 and expects to finish "in due course". Its BSE filing says it cannot publish its September-quarter results (due 14 November) because results for the quarters from March 2025 to June 2026 (and the FY26 year-end results) are still unfinalised; its auditor, GAMP & Co., appointed with the creditors' committee's approval on 22 July 2025, is still auditing FY25 and FY26. The filing recalls that the consolidated insolvency of 13 Videocon entities remains at status quo on the Supreme Court's oral remarks of 14 February 2022.

Dates to note

• 29 October: Pidilite's results call; BIL Vyapar's 21st committee-of-creditors meeting; AksharChem, Bliss GVS Pharma and HEG Advanced Materials postal ballots open (to 27 November).
• 30 October: record date for Genus Power's tender buyback; Jio Platforms' board meets on results; Aarti Pharmalabs' CFO leaves (successor from 31 October); Piramal Finance's postal ballot opens (to 28 November).
• 31 October: Cube Highways Trust's record date for its ₹3.79 a unit distribution (paid by 6 November).
• 2 November: A B Cotspin India trades as ABC Industries India (symbol ABCIND); Jindal Capital's board meets on rights-issue terms.
• 3 November: record dates for Sasken's ₹12 and R R Kabel's ₹6.50 interim dividends; Ashish Begwani takes control of Kkalpana Plastick no later than this date.
• 4 November: Urban Enviro Waste Management's rights issue opens (closes 18 November); Emkay Global's share purchase agreements for its wealth-business reorganisation are due to be signed.
• 5 November: Birlasoft's ₹3 record date; Brookfield India REIT's proposed distribution record date; Avenique's shares relist on BSE.
• 6 November: record dates for Info Edge's ₹3, Sundram Fasteners' ₹4.05 and Kaveri Seed's ₹5 interim dividends.
• 12 November: record date for Hindustan Unilever's ₹19 interim dividend; 13 November: Hexaware's outgoing CEO Girish Pai leaves.
• 18 November: Global Education's buyback record date; 25 November: MosChip's extraordinary meeting on shares for the Vayavya Labs purchase.
• 2 December: Hitesh Oberoi's last day as Info Edge's MD and CEO (Sanjeev Bikhchandani from 3 December, subject to shareholders); 3 December: NCLT Allahabad hearing on the Jubilant Agri and Consumer Products scheme.
• 31 December: Shekhar Bajaj's executive roles at Bajaj Electricals end (non-executive chairman from 1 January, subject to shareholders).
• 27 January 2027: Peyman Kargar becomes TVS Motor's Director and CEO; 28 March 2027: DGTR's extended deadline on Jindal Stainless's anti-dumping application; 7 June 2027: delivery deadline for Titagarh's additional 4,955 wagons.
• Awaited, no date given: the Appellate Tribunal's order in Gateway Distriparks' benami-property appeal; NCLAT's order in Polycab's MSCI case; the Supreme Court's decision on Vedanta Aluminium's stay request.

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, monitoring-agency reports with no deviation, debt-listed issuers' routine half-year results, small-company results, and routine changes of directors, company secretaries and internal auditors. No voting result filed on 28 October showed a failed resolution; Anupam Rasayan's is the only one with more than 10% of a public category against.
• BSE-only filings we did not open (downloads paused), by headline: Bluechip Tex Industries, a takeover-code disclosure by Counter Cyclical Investment on an acquisition of shares (no stake figure); Premier Polyfilm, a takeover-code disclosure by Amitaabh Goenka; Themis Medicare, TVS Holdings and ACC, promoter encumbrance disclosures (no figures in the headlines); Velan Hotels, an adjudication order from the Registrar of Companies, Tamil Nadu (no penalty stated); Ishaan Infrastructures and Shelters, the independent directors' recommendation on an open offer; Sharp Investments, the object of a preferential issue; GSPL Transmission, CARE ratings assigned to bank facilities; Embassy Office Parks REIT and Brookfield India REIT, disclosures headlined "material issue" with the event not named; Praveg, an update on a Tourism Corporation of Gujarat letter of acceptance; SK Minerals & Additives, a new order (no size); CCME Global, an allotment for consideration other than cash; Accelya Solutions India, an order from the Provident Fund Commissioner (no amount); Oriental Rail Infrastructure, an amended Indian Railways order at a subsidiary; Aelea Commodities, an independent director's resignation; price-movement clarifications from Paramount Syntex, MPK Steels and Suyog Telematics; daily buyback reports from Great Eastern Shipping, Man Infraconstruction and Advanced Enzyme Technologies; 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.