Daily Filing Digest — Thursday, 29 Oct 2026

Asian Paints grew decorative volume 6.4% while raising prices, but its standalone gross margin fell 339 bps to 40.3% and consolidated PBDIT rose only 3.6% on net sales up 16.9%. Trent's standalone revenue rose 23% as its Westside and Zudio store count rose 22.8% (our arithmetic), with like-for-like growth in the mid-single digits; Noel Tata retires as its chairman on 11 November. IndiGo's revenue rose 25.9% on yields up 34.3%, but higher fuel cost took 83% of the extra revenue (our arithmetic) and it reported a net loss of ₹18,791 million. Deepak Nitrite's EBITDA rose to ₹643 crore from ₹224 crore, 93.5% of the rise in segment results from Phenolics (our arithmetic). Equitas Small Finance Bank's MD and CEO P. N. Vasudevan resigned on the day it reported a ₹218 crore quarter; Coal India's profit rose 57%; Ambuja Cements' EBITDA a tonne fell to ₹770 from ₹1,061. In the fine print: EPACK Durable's auditors qualified their review; India Power Corporation's auditors gave an adverse conclusion over ₹8,720.50 crore of unrecognised claims; Vedanta Oil and Gas's review carries an emphasis of matter on the Cambay block; and J&K Bank says a new CBIC circular backs its defence against an ₹8,130.66 crore GST demand.

The ones to read first

• Asian Paints reported Q2 FY27 consolidated net sales up 16.9% to ₹9,953.9 crore but PBDIT up only 3.6% to ₹1,557.1 crore, margin 15.6% (down 202 bps); standalone net sales up 14.8% to ₹8,423.6 crore, PBDIT up 5.9%, margin 17.1% (down 144 bps), with a ₹5.75 interim dividend. The investor presentation puts decorative volume growth at 6.4% (9.0% in Q1) and value growth at 14.5%, standalone gross margin at 40.3% (down 339 bps), which it ties to "steep inflation and lower price pass-through", pricing of "~12%" against material inflation of about 25% and 3% in the last two quarters, and says a further staggered price round is being taken. International sales rose 29.5% but profit before tax fell 31.0%; industrial APPPG profit before tax fell 33.4% on sales up 28.0%. Standalone inventories rose 24.5% since March (our arithmetic) and consolidated operating cash flow for the half-year was ₹1,899.83 crore against ₹3,482.26 crore. Standalone results are audited (unmodified); the consolidated results carry an unmodified limited-review conclusion. The call transcript was not yet filed.
  • Full read: Asian Paints Q2: Volume Up 6.4%, Gross Margin Down 339 bps.
• Trent reported standalone revenue from operations of ₹5,788 crore for the September quarter, up 23%, operating EBITDA (company-defined) of ₹791 crore, up 37%, and an operating EBIT margin of 11.6% against 10.5%; consolidated revenue was ₹5,873 crore, up 22%, and consolidated profit after tax ₹468 crore, up 25%. The investor presentation says like-for-like growth for the fashion stores was "in the mid-single digits" while Westside and Zudio stores rose to 1,310 from 1,067 (up 22.8%, our arithmetic; the 1,000th Zudio store opened), which puts standalone revenue per store about flat (our arithmetic). Star's revenue grew over 20% (₹1,006 crore against ₹826 crore, outside consolidated revenue). Standalone profit after tax rose only 9% to ₹489.65 crore because the base quarter held ₹96 crore of profit on asset sales. The results carry unmodified limited review reports from Deloitte Haskins & Sells. Separately, the board changes: Noel Tata retires as Chairman at the close of business on 11 November under the Tata Group Governance Guidelines and becomes Chairman Emeritus; Bahram Vakil becomes Chairman on 12 November; Rajiv Dube (non-executive, non-independent) and Kalpana Merchant (independent, three years) join from 30 October, subject to shareholder approval.
  • Full read: Trent's September Quarter: Sales Grew With the Store Count, and Store Costs Grew With Them.
• InterGlobe Aviation (IndiGo) reported consolidated revenue from operations of ₹233,638 million for the September quarter, up 25.9% on yield up 34.3% to ₹6.30 with passenger-kilometres down 3.7% and capacity down 1.0%, and a net loss of ₹18,791 million against ₹25,821 million. The results show aircraft fuel expenses of ₹99,668 million against ₹59,618 million (up 67.2%), which took 83% of the ₹48,085 million rise in revenue (our arithmetic), and a foreign-exchange loss line of ₹13,332 million against ₹28,921 million; note 5 says the group "opted not to participate in the PSF Scheme" (the government's fuel price stabilisation fund) from 9 June. The presentation gives CASK ex fuel up 1.8% but CASK ex fuel ex forex up 14.6% to ₹3.45 (company measures), and profit excluding forex a loss of ₹7,237 million against a profit of ₹1,039 million. The auditors' limited review conclusion is unmodified; the filings do not say which costs are dollar-linked or the currency of the ₹850,222 million of lease liabilities (our arithmetic).
  • Full read: IndiGo's September Quarter: Fuel Took 83% of the Extra Revenue, the Rupee Line Cut the Loss, and Unit Cost Excluding Both Rose 14.6%.
• Deepak Nitrite filed consolidated results for the September quarter with an unmodified review conclusion from Deloitte Haskins & Sells (a scanned document): revenue from operations ₹3,076 crore, up 61.8% (our arithmetic), EBITDA ₹643 crore (our rebuild from the statement, matching the company's figure) against ₹224 crore, and profit after tax ₹398 crore against ₹119 crore. The presentation attributes the jump to Phenolics, where segment result rose to ₹515 crore from ₹145 crore on revenue of ₹2,291 crore, citing import disruption and "healthy domestic spreads"; Advanced Intermediates earned ₹49 crore, up from ₹23 crore a year earlier but down from ₹67 crore in the June quarter. Government incentive income inside revenue was ₹49.38 crore against ₹16.46 crore. Half-year cash from operations was ₹651 crore against EBITDA of ₹1,197 crore (our arithmetic: 54%). No price, tonnage or utilisation figure is given.
  • Full read: Deepak Nitrite's September Quarter: Revenue Up 62%, EBITDA Up 187%, and One Segment Supplied 93% of the Rise in Segment Profit.

Results and updates

• 3i Infotech reported consolidated Q2 revenue from operations of ₹182.0 crore against ₹174.9 crore (up 4.1%), EBITDA of ₹13.7 crore (7.5% margin) against ₹30.5 crore, and profit after tax of ₹6.7 crore against ₹18.2 crore; the company says last year's figures included a one-time other income of ₹20.5 crore on an "ECS credit" in the US. The board outcome shows what the press release does not mention: the auditors' conclusion on the consolidated results is qualified, because the auditors of its Middle East subsidiary gave an adverse conclusion on the recoverability of related-party receivables (AED 411,213,478) and on the going-concern basis given negative net worth (AED 73,794,298), and auditors of its Asia Pacific and Saudi Arabia subsidiaries gave qualified opinions. The report also repeats going-concern uncertainty at three subsidiaries (opinion not modified for those) and an emphasis of matter that the parent's FY26 audited accounts "have not been adopted by the shareholders" (filed with the Registrar on 28 September) and on a complaint to the Economic Offences Wing, which replied on 13 August that it is a civil matter. The board also approved a wholly owned AI subsidiary with an initial investment of ₹1 crore. Late filing: Capital NxT LLP and persons acting in concert disclosed taking their holding to 5.02% from 4.97% (100,000 shares on 19 July); the form is dated 29 August as a "re-revised" disclosure and reached the exchanges on 29 October.
• ACC filed an investor presentation that is the Ambuja Cements group's Q2 FY27 deck (the cover reads "Ambuja Cements"), so it shows Ambuja's consolidated figures, not ACC's own. Ambuja's EBITDA per tonne was ₹770 in Q2 against ₹1,061 a year earlier and ₹931 in Q1, and the EBITDA margin 13.8% against 19.2%; the company says fuel prices rose 25-30% in six months, an escalated-geopolitical-issue cost of about ₹228 a tonne in the quarter, and that the margin would have been 17.9% without it. Cement cost was ₹4,410 a tonne against a target of about ₹4,250 for FY27 and ₹4,000 for FY28; trade sales were 74% of volume, up 6 points. Capacity is 113.5 MTPA after 4.6 MTPA was commissioned in the quarter (Dahej, Salai Banwa, Kalamboli). On the merger, the deck says shareholders approved the amalgamations of ACC and Orient Cement into Ambuja on 28-29 September, the schemes now await final NCLT sanction, and completion is expected by January 2027. ACC's own standalone results are not in this filing.
• Aequs' call transcript (call of 26 October, posted 29 October) gives consolidated Q2 revenue of ₹409.1 crore, up 45% (converted from ₹4,091 million), with aerospace 86% of revenue: aerospace revenue rose to ₹351.4 crore with segment EBITDA up 24% to ₹78.3 crore (about 22% margin), while consumer revenue rose 52% on the year to ₹57.7 crore but fell from ₹73.4 crore in June, and consumer EBITDA was a loss of ₹40.1 crore against ₹7.7 crore a year earlier (₹36.1 crore in June). Consolidated EBITDA was ₹24.5 crore, a 6% margin against 16%, which the CFO attributes to the consumer business. Executive Chairman and CEO Aravind Melligeri says that in consumer "Q2 volumes ramp was slower than what we had anticipated" and "we are recalibrating our path to the consumer EBITDA breakeven, which we had earlier indicated that it will be for Q4 FY27"; Co-founder and Managing Director Rajeev Kaul says a product qualification cycle took longer than expected, and in toys the transition to Mattel as the new key customer and component and weather-related logistics delays held volumes back. On aerospace, Melligeri says the order book reached $1.1 billion, up 9% in the quarter, and that after the quarter it signed a new long-term agreement with six Safran entities that includes a landing-gear contract for the upcoming Hosur site (250 acres, aero-engine and landing-gear components), where groundbreaking has begun. Reenah Joseph joined as CFO. We found no earlier digest entry for Aequs' results; the figures are the speakers' own, converted from ₹ million.
• Alivus Life Sciences (formerly Glenmark Life Sciences) reported standalone Q2 revenue from operations of ₹681.99 crore (converted from ₹6,819.87 million), up 16.0% from ₹587.98 crore, with EBITDA of ₹285.1 crore at a 41.8% margin against 33.0% a year ago and 36.6% in the June quarter, and profit of ₹196.75 crore against ₹130.03 crore (up 51.3%). The press release attributes the margin to "favourable product mix, new launches, and the benefits of operating leverage"; on our arithmetic materials consumed fell to 43.9% of revenue from 49.1%. Growth came from the non-Glenmark business (non-GPL, 79% of revenue, up 20.8%); the Glenmark (GPL) business grew 1%, and the presentation says CDMO revenue rose 32.3% on the June quarter. Free cash flow was ₹270.2 crore and cash and short-term investments ₹1,011.6 crore. The presentation plans reactor additions of about 160 KL at Dahej (Q3 FY27) and about 100 KL at Ankleshwar and 125 KL at Solapur Phase 2 (Q4 FY27). The auditor's review conclusion is unmodified.
• Alldigi Tech reported consolidated Q2 revenue of ₹153.3 crore (₹147.4 crore a year earlier, up 4.0%), EBITDA of ₹46.3 crore (company-defined) up 28.5%, a margin of 30.2% against 24.4% (up 576 bps), and profit after tax of ₹26.6 crore against ₹17.6 crore (up 50.9%). The release credits "AI-led efficiencies and improved revenue mix": Tech & Digital revenue rose 12.9% to ₹41.7 crore at a segment margin of 43.9% (39.7%), international BPM rose 12.6%, while domestic BPM revenue fell 33.0% to ₹18.8 crore as the company rationalises "low-margin domestic BPM", per CEO Natarajan Laxsmanan. The board outcome approves a buyback through the tender-offer route (size not reported here, per policy), subject to shareholders' approval by postal ballot, and notes the promoter's intention to participate (promoter group holds 73.39%). The auditors' review conclusion is not modified. Two further copies of the outcome and the investor presentation were also uploaded.
• Ambuja Cements reported consolidated Q2 revenue from operations of ₹9,197 crore (₹9,175 crore a year earlier) on cement volume of 16.5 million tonnes (16.6 million), but operating EBITDA fell to ₹1,271 crore from ₹1,762 crore (down 27.9%, our arithmetic), a margin of 13.8% against 19.2%, and EBITDA a tonne to ₹770 from ₹1,061. The release blames "elevated fuel and logistics costs, driven by higher petcoke and coal prices, constrained coal availability, and increased diesel and packaging costs"; total cost was ₹4,410 a tonne (₹4,182 excluding the impact of geopolitical conflicts, per the release), kiln fuel cost ₹1.87 per '000 kcal against ₹1.60 a year ago and ₹1.66 in June, while net power cost fell to ₹4.8 a kWh from ₹6.0 as green power rose to 61% of the mix from 41%. Trade volumes rose 8.6% and trade share rose 6 percentage points to 74%, premium products 37% of trade sales (35%). The results show consolidated profit after tax of ₹236 crore against ₹2,336 crore, a base that included a ₹1,697 crore income-tax provision reversal (the release's note); the auditors' conclusions are not modified, but both reports draw attention to the uncertainty over the Competition Commission of India litigation pending before the Supreme Court (Note 6). Capacity: 4.6 MTPA commissioned in the quarter (Dahej 1.2, Salai Banwa 2.4, Kalamboli 1.0), with Bathinda and Jodhpur Penna (3.2 MTPA) ramping up and Warisaliganj (2.4 MTPA) expected in the second half. Whole-time Director and CEO Vinod Bahety says "Following the recent Rs 10-15 price increase, the industry expects further pricing improvement over the next couple of months." The company calls itself debt-free (net worth ₹72,238 crore, cash ₹1,070 crore), and says shareholders approved the ACC and Orient Cement amalgamations at the NCLT-convened meetings of 29 and 28 September; the schemes now go to the NCLT, with completion expected in FY27.
• APAR Industries reported consolidated Q2 revenue from operations of ₹6,931.19 crore against ₹5,715.42 crore (up 21.3%, our arithmetic) and profit after tax of ₹447.32 crore against ₹251.70 crore; its earnings-call update puts EBITDA (adjusted for open-period forex) at ₹787 crore, an 11.4% margin against 8.7% a year earlier, down from ₹814 crore and 12.4% in Q1. The update splits the gain by division: oils revenue rose 35.6% to ₹1,819 crore on 20.0% lower volume, but EBITDA was ₹299 crore against ₹105 crore (₹23,262 per kilolitre against ₹6,517); conductors revenue rose 21.1% to ₹3,753 crore "driven by higher realisations" while volume fell 9.2% to 57,137 tonnes and EBITDA margin eased to 7.3% from 8.0% (the update blames "sales clearances and lower demand due to increased metal prices and freights rates"); cables revenue rose 22.1% to ₹1,875 crore at an 11.0% margin against 10.2%. Group exports fell 3.3% and US revenue fell 29.7%. Order books: conductors ₹12,025 crore (up 67.2%) with ₹4,775 crore of new orders in the quarter, cables ₹3,012 crore against ₹1,653 crore. A results note says other expenses are net of US tariff refunds of ₹42.75 crore on tariffs paid in earlier years. Standalone revenue was ₹6,837.72 crore and profit ₹435.19 crore. A corporate presentation says the company is front-loading ₹1,500 crore of FY27 capital expenditure. The board approved further investment of up to US$100 million in its wholly owned Singapore subsidiary Petroleum Specialties Pte Ltd (the filing says an earlier US$10 million proposal was "not acted upon") and re-appointed an independent director; CARE's monitoring agency report on the August qualified institutions placement shows nil deviation. The auditors' review conclusion is not modified; they rely on management-certified information for some subsidiaries.
• APL Apollo Tubes' call transcript, filed late for a call held on 26 October (the results are not in this filing), has Chief Strategy Officer Anubhav Gupta saying "We have delivered our best quarter in terms of sales volume, EBITDA and net profit", on volume of 960,000 tonnes despite disrupted UAE operations (Chairman and Managing Director Sanjay Gupta put Dubai volume at about 40% of its past level). Gupta calls EBITDA of ₹6,000 a tonne "sustainable now", says it is on track for 20% absolute EBITDA growth in FY27 and that cash on books rose to ₹16 billion (₹1,600 crore) from ₹14 billion in June, and targets 7 million tonnes of new capacity plus 1 million of debottlenecking over two years. Asked about the earlier 15% volume guidance, Sanjay Gupta says the branded and roofing lines are intact at 15% but the company is "not in a position to commit any type of volume growth" overall because of the Dubai disruption and steel shortage. On the call he says absolute EBITDA "should cross Rs. 2200" (crore, our reading) this year and about ₹2,500 crore next year, and that it would have been ₹2,400 crore this year if Dubai performed as expected.
• Archean Chemical Industries reported standalone Q2 revenue from operations of ₹290.72 crore (converted from ₹29,071.89 lakh) against ₹220.76 crore, up 31.7% (our arithmetic), but down from ₹315.93 crore in June; profit before tax was ₹59.46 crore against ₹51.10 crore (20.5% of revenue against 23.1%, our arithmetic) and profit after tax ₹43.20 crore against ₹38.46 crore. Consolidated revenue was ₹297.36 crore against ₹233.18 crore (up 27.5%), profit before tax ₹45.73 crore against ₹39.91 crore and profit after tax ₹31.33 crore against ₹29.04 crore, so the subsidiaries pull the group below the parent. The company has one reportable segment (speciality chemicals) and the board outcome gives no reasons for the movement. The standalone cash-flow statement shows ₹170 crore invested in a wholly owned subsidiary in the half-year (the subsidiary is not named in the lines we read) and net borrowings proceeds of ₹102.77 crore; standalone borrowings (current plus non-current) were ₹339.57 crore against ₹263.03 crore at the prior balance-sheet date (our arithmetic). The auditors' conclusions are unmodified.
• Ashima reported September-quarter results with a note on its HDFC Bank / Bank of Bahrain and Kuwait settlement (reported on 23 and 26 October): a disputed ₹750 lakh (₹7.5 crore, converted) cheque credited in error and carried as a liability since 2003 was settled by paying ₹1,800 lakh (₹18 crore) in October, and the ₹1,050 lakh (₹10.5 crore) above the liability, attributed to interest, is booked as an exceptional expense in the quarter. The board also approved a postal ballot for related-party transactions with Saumya Construction and Ashima Capital Management. The results table is a poor scan, so revenue and profit are not quoted.
• AYM Syntex reported consolidated profit for the September quarter of ₹1,498 lakh (₹14.98 crore, converted) against a loss of ₹39 lakh a year earlier and ₹866 lakh in June, after an ₹833 lakh exceptional item (note 8, not read); half-year profit was ₹2,364 lakh against a loss. The table is a scan and revenue could not be read reliably. Separately the board approved BSR & Co. LLP as statutory auditor for five years from the 44th AGM, replacing Price Waterhouse Chartered Accountants LLP, whose term ends; the filing says it is subject to shareholder approval.
• BlackBuck (truckers' payments, FASTag and telematics platform) reported consolidated Q2 revenue from operations of ₹235.33 crore, up 56% from ₹151.14 crore, with the core payments and telematics businesses at ₹161.39 crore (up 31%) and the growth businesses (Superloads, vehicle finance) at ₹73.94 crore against ₹27.79 crore (up 166%). Adjusted EBITDA (company-defined, before share-based pay) was ₹55.04 crore against ₹42.69 crore (up 29%), but profit before tax rose only 10% to ₹42.82 crore because total expenses rose 36%, which the company puts down to customer acquisition across core categories and its Superloads investment; profit after tax was ₹41.40 crore against ₹29.20 crore. Tolling transaction value was ₹7,070 crore, up 17%. The board outcome also approves a ₹40 crore corporate guarantee to Axis Bank for a loan to its wholly owned lending subsidiary BlackBuck Finserve; the limited-review report is on file.
• Blue Star reported consolidated Q2 revenue from operations of ₹2,930.95 crore, up 21.0% from ₹2,422.37 crore, but operating profit (EBITDA excluding other income) rose only 10.5% to ₹202.58 crore, a margin of 6.9% against 7.6%; the release says an extended summer drove room air-conditioner demand, "however, profitability remained under pressure across businesses due to continued escalation in material costs and the limited ability to fully pass on these increases." By segment, Unitary Products (room ACs and commercial refrigeration) revenue rose 29.4% to ₹897.66 crore but its result fell to ₹20.74 crore (2.3% of revenue) from ₹42.72 crore (6.2%), and Electro-Mechanical Projects, Commercial AC, Service and International revenue rose 16.3% to ₹1,935.99 crore with the result at ₹133.15 crore (6.9%) against ₹147.14 crore (8.8%); the company says project billing growth was subdued by execution delays while data-centre orders led inflows. Profit before tax before exceptional items and JV share was ₹133.61 crore against ₹133.16 crore, and net profit of ₹123.91 crore (₹98.78 crore) includes a ₹23.02 crore exceptional gain on the sale of its MedTech business (consideration ₹35.65 crore, completed 31 August). The order book is ₹7,229.22 crore (₹7,120.44 crore) and the company moved to net cash of ₹289.43 crore from net borrowings of ₹417.06 crore a year ago. The results carry auditors' conclusions that are not modified.
• Borosil reported consolidated Q2 revenue from operations of ₹369.80 crore against ₹344.13 crore (up 7.5%, our arithmetic) and profit after tax of ₹31.91 crore against ₹22.71 crore; standalone revenue was ₹372.34 crore against ₹344.13 crore and profit ₹32.23 crore against ₹22.85 crore (converted from lakh). Q1 was much weaker (standalone revenue ₹260.59 crore, profit ₹13.60 crore), so the standalone half-year is up 9.7% on revenue to ₹632.93 crore and 13.7% on profit to ₹45.83 crore (our arithmetic). Within standalone costs, purchases of stock-in-trade rose to ₹153.47 crore from ₹114.69 crore and finance cost to ₹2.59 crore from ₹1.48 crore; the filing gives no commentary. The nomination and remuneration committee also granted 7,23,200 stock options. The review reports are clean.
• Brigade Enterprises reported consolidated Q2 revenue from operations of ₹1,196.36 crore against ₹1,383.37 crore (down 13.5%, our arithmetic), yet profit before tax rose to ₹287.60 crore from ₹195.55 crore and profit for the period to ₹218.82 crore from ₹170.28 crore (converted from ₹ lakh). The press release gives EBITDA of ₹478 crore against ₹375 crore and segment EBITDA: real estate ₹175 crore (up 59%, 23% margin) on ₹760 crore of revenue, leasing ₹242 crore (74% margin, occupancy 90%) and hospitality ₹59 crore (37% margin). Residential sales were ₹1,827 crore on 1.3 million sq ft; 2.4 million sq ft was launched (GDV about ₹3,000 crore) and the presentation plans about 13 million sq ft of launches over the next four quarters. The review conclusion is not modified but carries emphasis of matter paragraphs on legal proceedings over certain refundable deposits and on the December 2025 Income Tax survey (plus a property-tax matter at a hotel subsidiary), where management has made no adjustment.
• CAMS (Computer Age Management Services) reported consolidated Q2 operating revenue of ₹414.47 crore, up 10.0% from ₹376.74 crore, EBITDA of ₹190.86 crore (up 13.5%) at a 46.0% margin, 140 bps higher than a year ago, which the company credits to "operating leverage and disciplined cost management". The results show profit of ₹130.66 crore against ₹113.94 crore (converted from ₹ lakh; the release's adjusted PAT of ₹131.49 crore is a slightly different figure); on our arithmetic employee costs rose 6.7% and other expenses 7.8%, below the revenue growth, and the review opinion is unmodified. Non-mutual-fund businesses grew 21.7% to 15.9% of revenue, and CAMSPay passed 6% of revenue; CAMS-serviced mutual fund assets were ₹58.4 lakh crore, a 67% market share, and SIP collections rose 16.5% to ₹61,369 crore. The board declared an interim dividend of ₹3.25 a share with a record date of 13 November, payable on or before 27 November.
• CARE Ratings reported consolidated Q2 revenue from operations of ₹164.13 crore (converted from ₹16,413.34 lakh), up 20.4% from ₹136.37 crore (our arithmetic), with profit before tax of ₹95.60 crore against ₹76.91 crore and profit of ₹72.37 crore against ₹57.21 crore (up 26.5%). The investor release puts ratings revenue at ₹148.51 crore, up 21%, and non-ratings revenue at ₹15.62 crore, up 15%; standalone revenue was ₹134.21 crore and profit ₹69.16 crore. Employee cost was ₹60.74 crore against ₹53.28 crore. The board declared an interim dividend of ₹10 a share with a record date of 6 November, and appointed Jatindar Pal Singh Bajaj as an additional non-executive, non-independent director from 29 October.
• Chembond Chemicals filed the transcript of its Saturday 24 October investor meet (the results themselves were reported earlier). A company speaker said consolidated half-year revenue was ₹182.25 crore against about ₹138 crore, EBITDA ₹22.55 crore (12% of sales) against ₹22.20 crore (16%), and profit before tax ₹19.79 crore, up 2%; Q2 alone had revenue of ₹95.8 crore, EBITDA of ₹8.4 crore and profit before tax of ₹7 crore, against EBITDA of ₹14 crore and profit before tax of ₹12.8 crore in Q1. The speaker said material costs "have eroded our profitability" and a second speaker added that "the costs have been increasing at a pace that's faster than us being able to pass them on to our customers".
• Coal India reported consolidated Q2 revenue from operations of ₹44,179 crore, up 21% from ₹36,553 crore, EBITDA of ₹11,447 crore against ₹8,943 crore (up 28%, margin 26% against 24%) and profit after tax of ₹6,547 crore against ₹4,167 crore (up 57%); for the half year revenue was ₹90,434 crore (up 14%) and profit after tax ₹15,397 crore against ₹12,955 crore (company percentages). In the quarter offtake rose 12% to 186.34 million tonnes on production up 4% to 151.37 million tonnes, so the half-year production of 321.0 million tonnes (329.1 a year ago) lagged offtake of 384.2 million tonnes (357.1), and raw coal stock fell 49% from March to 66.6 million tonnes (the presentation's figures). The deck does not explain the margin gain. The consolidated results carry emphasis-of-matter paragraphs in the auditors' review report on the accounting for overburden-removal costs (Note 5) and on subsidiary Central Coalfields' deposit of a Jharkhand mineral-bearing-land cess from 22 August 2026 under a new Section 9D, with the amount recovered from consumers booked in revenue against a matching charge; the conclusion is not modified (read from a scanned copy, so the cess amounts are not quoted). The board declared a second interim dividend of ₹10.25 a share, record date 4 November, payable by 27 November. The deck also lists a new wholly owned Singapore subsidiary, CIL Global Pte. Ltd. (24 August), for critical-minerals acquisitions; preferred-bidder status for the Gadadharpur iron ore block in Odisha (estimated resources 288 million tonnes); 200 MW of the 300 MW Khavda solar project commissioned on 8 July; and a first ₹15.29 crore of energy-sale revenue.
• Consolidated Construction Consortium reported consolidated Q2 revenue from operations of ₹126.34 crore against ₹66.06 crore a year earlier, but a loss before exceptional items of ₹12.47 crore and a loss for the quarter of ₹12.68 crore (converted from lakh; read from a scan with some garbled digits). Cost of materials consumed and services was ₹115.06 crore against ₹58.02 crore, and the note gives balance work on hand at ₹1,174.07 crore. The auditors' conclusion on both the standalone and consolidated results is qualified: balances of payables, loans and advances are unconfirmed and any impact is "not ascertainable"; the company has not identified micro and small enterprise vendors or provided interest on their dues; and it has not provided interest and penalty on statutory dues paid late in earlier years. The company says it believes no material adjustments are needed.
• DCW reported standalone Q2 revenue from operations of ₹662.86 crore (converted from ₹66,285.81 lakh) against ₹539.21 crore, up 22.9% (our arithmetic), but profit before tax fell to ₹14.02 crore from ₹21.05 crore and net profit to ₹10.36 crore from ₹13.81 crore; the outcome gives no reasons. The auditors' review conclusion is not modified but carries an emphasis of matter on uncertainty over appeals: an electricity-tax demand of ₹54.91 crore on captive power for 2003 to 2020, a customs differential duty of ₹12.44 crore plus interest, with a redemption fine and penalty of ₹26 crore on coal imports (the company has been advised it has a fair chance before CESTAT), and a Madras High Court dispute over re-possession and lease rent for land at its Sahupuram works. The board also approved an open-market buyback (size not reported here, per policy); promoters are excluded.
• Deepa Jewellers' call transcript (its first earnings call; the cover letter says it was held on 27 October, the transcript pages say 26 October) has CFO G. K. Srinivas giving Q2 revenue from operations of ₹626 crore, up 25%, EBITDA of ₹45 crore, up 17%, at a 7.24% margin, and profit after tax of ₹37 crore, up 37%; for the half year revenue was ₹1,057 crore, up 30%, EBITDA ₹84 crore (7.95%) and profit after tax ₹64 crore, up 32%. Whole-time director Dev Agarwal says volumes were 809 kg, up 13%, with job work up 44% to 318 kg (he calls it higher-margin, lower working capital and free of gold-price exposure because customers supply the gold), that a 6,700 sq ft in-house manufacturing unit began in Hyderabad in September, that a second sales office opens in Chennai around December, and that promoters Ashish Agarwal and Dev Agarwal stop drawing salaries from 1 October. Standalone or consolidated is not stated.
• Dwarikesh Sugar Industries reported a Q2 loss after tax of ₹13.12 crore against ₹32.62 crore a year earlier, on total income of ₹262.11 crore against ₹248.23 crore and EBITDA of minus ₹9.05 crore against minus ₹38.95 crore. The outcome agrees. The company says no crushing was done, which left fixed overheads under-absorbed and ethanol output nil for want of feedstock (industrial alcohol sales 35 KL in the quarter against 7,852 KL in the half), while the average domestic sugar realisation rose to ₹4,530 a quintal from ₹3,963 on sales of 5.61 lakh quintals (6.03 lakh a year ago). Crushing is expected to start on 5 November at the Bijnor units and 11 November at the Bareilly unit; the company says it will favour sugar over ethanol because of the government's restrictions on cane juice, syrup and B-heavy molasses.
• Dynamic Cables' call transcript (call of 27 October, posted 29 October; Q2 results reported 27 October) adds: Chief Financial Officer Murari Lal Poddar gave half-year revenue of ₹712 crore (₹543 crore a year earlier, up 31%), operating profit of ₹74.3 crore (up 29%, margin 10.44%) and profit after tax of ₹47.1 crore (up 24%), with an order book of about ₹829 crore. Asked about the new plant, management (the transcript does not name the speaker) said the investment is ₹40-45 crore, that the company uses a 6-7x asset turn which gives revenue potential of ₹240-250 crore initially, and that ramp-up should happen "in next 3-4 quarters"; it said quarterly volume growth was about 6% and that its 10-11% EBITDA margin guidance is "maintainable going forward".
• Emmbi Industries reported standalone net sales of ₹135.99 crore for the September quarter (converted from ₹1,359.89 million) against ₹122.16 crore (up 11.3%, our arithmetic), but profit of ₹2.78 crore against ₹2.97 crore, as cost of materials consumed rose to 65.3% of net sales from 63.5% (our arithmetic); consolidated profit was ₹2.51 crore against ₹2.86 crore. The filing gives no commentary. Its board also approved its Singapore subsidiary Zastian buying 50% of Britpac AB, Sweden (trading as FortaPac), an industrial packaging company that has not started trading, for about £1,025 in cash.
• EPACK Durable reported consolidated Q2 revenue of ₹439.33 crore (converted from ₹4,393 million), up 106% from ₹213.26 crore, but a net loss of ₹25.07 crore against ₹22.25 crore (converted from ₹ lakh), with EBITDA of ₹7.1 crore against ₹0.5 crore; the release notes no PLI income accrued in Q2 FY27 against ₹8.0 crore in the base and says excluding it EBITDA improved by ₹14.6 crore. Room air-conditioner revenue rose 161.2% to ₹161.2 crore and small and large domestic appliances rose 57.1% to ₹168.6 crore, overtaking RACs. The presentation says the half-year loss of ₹13 crore (against a profit of ₹0.6 crore) reflects depreciation (+₹8.4 crore) and finance cost (+₹4.4 crore) rising with new capacity, other income down ₹7.1 crore and JV losses up ₹3.6 crore. Managing Director and CEO Ajay DD Singhania says "Reported margins reflect the absence of PLI income, which was part of last year's base." The results and board outcome carry a qualified review conclusion from the auditors (Deloitte Haskins & Sells) on both standalone and consolidated statements: trade receivables include a disputed ₹19.61 crore (₹1,961 lakh) from one customer on which no allowance has been made, and the auditors say they are "unable to determine whether any adjustment is required"; they note the matter was also qualified for the June 2026 quarter and for the quarter and year to March 2026. The company's note says it filed a criminal complaint with the Economic Offences Wing, closed on 16 April 2026 as civil in nature, and it believes recovery is highly probable. The board outcome also records that CFO Rajesh Kumar Mittal resigned for personal reasons (letter of 25 September, effective close of business 31 October), approves the sale of its 50% of the Epavo Electricals joint venture to Ram Ratna Wires for cash of ₹15.00 crore (an impairment of ₹7.13 crore was taken; Epavo's FY26 turnover was ₹25.40 crore), starts strike-off of two non-operational subsidiaries, and says the termination of a senior executive (R&D and sourcing head Maneesh Bahuguna) was withdrawn after an internal inquiry found no mala fide intention, though the filing says he stays off senior management from 21 August.
• Firstsource Solutions reported audited consolidated Q2 revenue from operations of ₹2,830.64 crore (converted from ₹28,306.37 million) against ₹2,314.70 crore (up 22.3%, our arithmetic), profit before tax of ₹299.35 crore against ₹224.33 crore and profit after tax of ₹232.44 crore against ₹179.51 crore (up 29.5%, our arithmetic); Q1 carried a ₹71.69 crore exceptional charge, Q2 none. The earnings presentation states revenue of US$296 million, up 12.3% in constant currency, an EBIT margin of 12.5% (up 100 bps on the year and 10 bps on the quarter, the eighth straight quarter of expansion), four large-deal wins, and FY27 guidance of 10.5% to 13% constant-currency revenue growth and an EBIT margin of 12.25% to 12.75%. The auditors' opinion is unmodified.
• Garware Technical Fibres reported consolidated Q2 revenue from operations of ₹462.62 crore (converted from ₹46,262.13 lakh), up 33.0% from ₹347.90 crore and down 4.1% from ₹482.37 crore in Q1 (our arithmetic), with profit before tax of ₹76.15 crore against ₹45.65 crore and profit of ₹58.55 crore against ₹31.99 crore. Cost of materials consumed rose to ₹140.30 crore from ₹97.88 crore, 30.3% of revenue against 28.1% (our arithmetic). The media release credits salmon aquaculture, US sports, domestic business and geosynthetics, and Chairman and Managing Director Vayu Garware says "Inflationary pressures arising from the higher raw material prices and elevated freight costs in international routes continued in the quarter", offset by price increases and procurement. Standalone revenue was ₹418.41 crore against ₹359.65 crore and profit ₹56.18 crore against ₹47.33 crore. The review reports carry no modification.
• GK Energy reported Q2 revenue from operations of ₹402.65 crore (converted from ₹4,026.54 million), up 12.3% from ₹358.50 crore but down 20.3% from ₹505.19 crore in Q1, with EBITDA of ₹74.42 crore at an 18.5% margin against 20.6% and profit of ₹49.36 crore against ₹46.46 crore; the release does not say why the margin fell, and its figures match the standalone statement (consolidated profit was ₹49.37 crore against ₹46.91 crore). For the half year revenue was ₹907.85 crore, up 38.9%, and profit ₹109.04 crore, up 30.7%. The release lists an institutional order to install 100,000 rooftop solar systems, 14,000 off-grid solar pumps in Maharashtra, a first battery storage order of 150 MW / 300 MWh, and an order book of ₹788.00 crore (₹7,880 million) that includes orders received from 1 October. A corrigendum says a rounding error in the consolidated segment revenue for the quarter was corrected, and CARE's monitoring report on the IPO proceeds finds no deviation.
• Godrej Consumer Products reported consolidated Q2 sales up 19% on underlying volume growth of 8%, EBITDA up 12% and net profit up 14% to ₹523 crore. The results show consolidated revenue from operations of ₹4,413.09 crore against ₹3,708.19 crore (our arithmetic: up 19.0%) and an unmodified review conclusion; the presentation gives an operating EBITDA margin of 18.7% (Indonesia 19.3%, Africa-USA-Middle East 15.0%, standalone 21.0%). Standalone sales rose 13% to ₹2,631 crore with volume growth of 7%, despite what Managing Director and CEO Aasif Malbari puts at "~150 basis points impact from trade inventory correction"; Indonesia sales rose 20% (EBITDA 12% "even with LPG prices doubling") and Africa, USA and Middle East sales 40% in rupees (EBITDA up 43%). On costs he says input inflation across crude-linked derivatives and palm oils "has led to one of the highest inflationary impacts in the last many years", about high single digit for India and Indonesia, met with pricing in soaps and liquid detergents, a cost-saving programme and trimmed media and trade spend; FY27 guidance is held. An interim dividend of ₹5 a share was declared, record date 4 November, payable by 27 November.
• Greaves Cotton reported consolidated Q2 profit before exceptional items of ₹16.84 crore against ₹30.53 crore, and after exceptional items of ₹32.75 crore a loss before tax of ₹15.91 crore and a loss after tax of ₹29.81 crore against a profit of ₹6.32 crore. The exceptional items are ₹12.66 crore of IPO expenses after its electric-mobility subsidiary Greaves Electric Mobility (GEML) decided not to proceed with its IPO, and impairments of ₹17.60 crore of goodwill and ₹2.49 crore of brand at Bestway Agencies. The press release gives consolidated revenue of ₹1,176 crore, up 44%, and EBITDA of ₹73 crore against ₹51 crore; GEML revenue of ₹410 crore, up 106%; and standalone revenue of ₹682 crore, up 24%, with standalone profit before tax of ₹55.96 crore against ₹71.53 crore and profit after tax of ₹41.31 crore against ₹52.59 crore. The presentation says core-business margins "have remained under pressure during the quarter due to continued commodity and input cost pressures" and that GEML's two-wheeler market share rose to 4.8% in H1 from 4.1%. A note in the auditors' report shows one subsidiary and two other subsidiaries' unaudited results with a combined Q2 net loss of ₹82.89 crore on revenue of ₹440.02 crore. The review conclusion is unmodified.
• Greenply Industries reported consolidated Q2 revenue from operations of ₹799.69 crore (converted from ₹79,968.60 lakh), up 16.1% from ₹688.57 crore, with profit before tax of ₹56.90 crore against ₹23.31 crore and profit of ₹42.73 crore against ₹15.98 crore. The press release gives core EBITDA of ₹89.2 crore at an 11.2% margin, up 57.2%; plywood volume rose 6.1% at a core EBITDA margin of 10.05% against 8.24%, and MDF volume 16.1% at 15.2% before forex loss, while its Samet joint venture lost ₹6.3 crore (its 50% share). The board noted a 15.00 million square-metre plywood expansion at Greenply Sandila, to come by Q4 FY28 at about ₹125 crore on capacity that is running at nearly 98% of 52.80 million square metres (13.50 million more is under construction in Koraput), and approved up to ₹30 crore of further investment in that wholly owned subsidiary. The review reports are unmodified.
• Grindwell Norton reported standalone Q2 revenue from operations of ₹865.04 crore (converted from ₹86,504.05 lakh), up 13.6% from ₹761.22 crore (our arithmetic), with profit before tax of ₹175.54 crore against ₹140.13 crore and profit of ₹131.41 crore against ₹105.12 crore. Cost of materials consumed rose to ₹319.71 crore from ₹248.87 crore, 37.0% of revenue against 32.7% (our arithmetic), while finance costs fell to ₹1.55 crore from ₹2.06 crore. Consolidated revenue from operations was ₹883.67 crore against ₹774.74 crore, other income ₹39.47 crore against ₹30.99 crore, and profit ₹133.17 crore against ₹107.43 crore. The filing gives no commentary and the review conclusions are unmodified.
• HeidelbergCement India reported standalone Q2 revenue from operations of ₹567.78 crore (converted from ₹5,677.8 million) against ₹511.66 crore, up 11.0% (our arithmetic), on sales volume up 7.3% to 1,154 thousand tonnes and prices up about 3.4%, but EBITDA fell 16.3% to ₹48.2 crore from ₹57.5 crore (converted from ₹ million), a margin of 8.5% against 11.2%, and EBITDA a tonne to ₹417 from ₹535. The press release in the filing says operating cost a tonne including freight rose about 6.6%, "primarily because of higher raw materials, power and fuel costs, mainly due to the West Asia situation", partly offset by better pricing. Profit after tax was ₹16.77 crore against ₹24.93 crore (down 32.7%); half-year profit ₹47.32 crore against ₹73.16 crore. Alternative fuels are about 9% of the energy mix. The auditors' review conclusion is unmodified. Copies of the filing were uploaded three times.
• Horizon Industrial Parks reported consolidated Q2 revenue from operations of ₹214.99 crore (converted from ₹2,149.87 million) against ₹165.53 crore, up 29.9% (our arithmetic), and a profit after tax of ₹13.93 crore against a loss of ₹76.05 crore; finance costs fell to ₹115.54 crore from ₹148.11 crore while depreciation rose to ₹85.25 crore from ₹64.80 crore (all converted). On the call management said it leased 2.5 million sq ft in the quarter and 4.4 million sq ft in the half (two-thirds of its 6.5 million sq ft target for the year), re-leased 1.2 million sq ft at a 12% spread, kept stabilised occupancy at 94%, and expects to deliver 6 million sq ft of development this fiscal.
• Hubtown approved September-quarter results: standalone profit after tax of ₹2,353 lakh (₹23.53 crore, converted) against ₹253 lakh a year earlier and ₹1,771 lakh in June (read from a scan). Notes say it has not provided interest of ₹534.29 lakh for the quarter (₹1,062.77 lakh, ₹10.63 crore, for the half year) on certain inter-corporate deposits, citing talks with lenders towards a settlement; that it has guaranteed ₹708.66 crore of subsidiaries' facilities; and that several investee entities have negative net worth but no provision is made because projects are expected to turn profitable. The auditors' review report could not be read in the scan.
• ICRA reported consolidated Q2 revenue from operations of ₹177.9 crore, up 30.2% from ₹136.6 crore, and profit after tax of ₹52.4 crore, up 9.2% from ₹48.0 crore; for the half year, revenue was ₹341.2 crore (up 30.7%) and profit ₹108.9 crore (up 20.0%). The release says the consolidated figures include Fintellix, acquired in October 2025, which in our reading explains much of the revenue jump and why profit grew far more slowly. MD and Group CEO Ramnath Krishnan: "Our Ratings business recorded broad-based growth during the quarter, supported by continued engagement with a growing client base." The results filing carries the board's approval and Deloitte's limited review reports; its scanned tables were too garbled to quote line items reliably.
• Ind-Swift Laboratories reported standalone revenue from operations of ₹234.89 crore (converted from ₹23,489.06 lakh) for the September quarter against ₹156.43 crore a year earlier (up 50%, our arithmetic) and net profit of ₹31.03 crore against ₹8.76 crore; half-year profit was ₹55.47 crore against ₹16.88 crore (read from a scanned table). Two statements of deviation say the proceeds of its 2024 and September 2026 warrant issues were used as stated, with the 2024 proceeds fully used.
• Indegene reported consolidated Q2 revenue from operations of ₹1,122.3 crore against ₹804.2 crore (up 39.5%; up 27.5% in dollars), EBITDA of ₹187.3 crore, a 16.7% margin against 17.6% a year earlier and 16.9% in Q1, and profit after tax of ₹112.3 crore against ₹102.1 crore (up 10.0%), per the press release (converted from ₹ million). The release says the margin held "despite wage hikes"; the investor deck lists a "Q2 yield impact after the US rate hike" of 90 bps on pre-tax margin and 70 bps on profit-after-tax margin. CFO Suhas Prabhu: "With the wage increase now fully reflected in our cost base, we expect EBITDA to grow faster than revenue in the coming quarters." Customers above US$1 million a year rose to 59. The same board outcome records that non-executive non-independent director Mark Francis Dzialga resigned from 29 October; his letter says this "follows the sale of the entire shareholding in the Company held by Brighton Park Capital and its affiliated investment vehicles" (the filing gives no stake size or buyer), and that Company Secretary and Compliance Officer Srishti Ramesh Kaushik resigned, relieved from 2 December. The board also allotted shares under the RSU and ESOP schemes. The review report is unmodified.
• Indian Energy Exchange reported consolidated Q2 revenue from operations of ₹167.10 crore (converted from ₹16,709.63 lakh), up 8.6% from ₹153.92 crore (our arithmetic), and profit of ₹139.24 crore against ₹123.35 crore. The press release headlines "revenue" of ₹203.0 crore, up 10.7%, which is total income: it includes other income of ₹35.86 crore against ₹29.34 crore. Share of profit of an associate rose to ₹11.05 crore from ₹4.53 crore, and other expenses to ₹12.28 crore from ₹8.62 crore. Electricity volume was 39.7 billion units, up 12.7%; the release says the day-ahead market price averaged ₹5.7 a unit, up 46%, on a record 11.5% rise in power demand, and the gas exchange traded 42 million MMBtu, up 160%. Standalone profit was ₹132.83 crore against ₹121.61 crore. The review conclusions are not modified.
• Indoco Remedies filed the transcript of its 27 October results call (results reported 27 October). Managing Director Aditi Panandikar said quarterly consolidated revenue crossed ₹500 crore for the first time (she gave 5,069 million) but that margin expansion "was partially impacted by increase in material costs along with elevated freight costs arising from ongoing geopolitical conflict". Asked about an audit that again ended with seven observations, she said none "are specifically related to any DI, data integrity, any cleanliness or cleaning validation", that a response and a data update have gone to the USFDA, and that "by first week of December is the earliest we are going to know about which way this goes". She also said Goa Plant-1 had a successful MHRA audit and cleared an ANVISA inspection.
• Indraprastha Medical Corporation (the Apollo hospital in Delhi) reported revenue from operations of ₹412.85 crore for the September quarter against ₹381.03 crore (up 8.4%, our arithmetic), profit before tax of ₹72.07 crore against ₹66.31 crore and profit after tax of ₹53.58 crore against ₹49.46 crore; professional charges to doctors rose to ₹111.53 crore from ₹99.50 crore. Standalone (read from a scan).
• InfoBeans Technologies reported consolidated Q2 revenue of ₹165.8 crore, up 28% (22% in US dollars), EBITDA of ₹40.5 crore, up 14%, and profit after tax of ₹26.3 crore, up 16%; the EBITDA margin was 24.4% against 27.4% a year earlier but above 22.6% in Q1 (our arithmetic). This adds the consolidated view to the standalone results reported on 28 October. Filed just after midnight.
• JSW Holdings reported standalone Q2 total income of ₹166.59 crore against ₹83.57 crore (converted from ₹ lakh) and profit of ₹120.65 crore against ₹59.61 crore (up 102%, our arithmetic), but the jump is dividend timing: dividend income was ₹129.94 crore against ₹51.80 crore a year earlier and nil in the June quarter, while interest income rose to ₹33.76 crore from ₹29.99 crore. Half-year profit was ₹142.12 crore against ₹79.28 crore. Consolidated figures were not read.
• Jupiter Life Line Hospitals' call transcript, filed late for a call held on 26 October, gives Q2 income of ₹456.5 crore, EBITDA of ₹106.9 crore and profit of ₹56.4 crore (half year: ₹867.5 crore, ₹186.2 crore and ₹93.9 crore), with average revenue per occupied bed of ₹71,800 and 59.5% occupancy in the half (64.8% excluding Dombivli). The Dombivli hospital's EBITDA drag fell to ₹20 lakh from ₹9.5 crore in Q1, partly on seasonally higher admissions; Managing Director and CEO Dr Ankit Thakker said of its occupancy "Currently, occupancy should be in mid-30s." The ₹150 crore purchase of the Pune South land (₹100 crore of fresh cash after a ₹50 crore deposit) was reported on 23 October.
• Kajaria Ceramics filed the transcript of its 26 October results call (results reported 24 October). Management told analysts that price increases "till date" are roughly 12% to 13% in its north and south plants and 18% to 19% at Morbi, as "gas prices went up in the country"; that it expects double-digit volume growth over the next six months (Q2 volume rose 10%); and that the Srikalahasti plant, enlarged to 12.5 million square metres from 10 million, will be commissioned by the end of June next year. Separately it subscribed on 29 October to 4,50,00,000 0.25% non-convertible redeemable preference shares of Kerovit Global, its step-down sanitaryware subsidiary, for ₹45 crore in cash, to improve that unit's debt-equity ratio; Kerovit had turnover of ₹36.11 crore and a loss after tax of ₹31.65 crore in FY26.
• Kalpataru Ltd (the Mumbai developer, not Kalpataru Projects) reported a consolidated Q2 loss of ₹70.67 crore (converted from ₹7,067 lakh) against a profit of ₹4.96 crore, on revenue from operations of ₹437.17 crore against ₹793.77 crore (down 44.9%, our arithmetic). The press release attributes the swing to its accounting: for projects started after April 2022 it books revenue only on receipt of the occupation certificate while marketing and overheads are expensed as incurred, and Adjusted EBITDA (company-defined) was ₹73 crore, a 16.6% margin. Operating figures were steadier: pre-sales ₹1,258 crore against ₹1,329 crore (down 5%), collections ₹1,189 crore (flat), area sold 0.84 million sq ft (up 7%), net debt ₹8,323 crore at 2.1 times equity. The review conclusion is not modified.
• KEI Industries' call transcript (call held 22 October, filed 29 October; standalone or consolidated not stated) has CMD Anil Gupta giving Q2 net sales of ₹3,776 crore, up 38.52%, EBITDA of ₹401 crore against ₹311 crore (up 28.69%, a 10.62% margin on net sales; our arithmetic puts the year-earlier margin near 11.4%), and profit after tax of ₹262.45 crore against ₹203.51 crore, a margin of 6.95% against 7.46%. Domestic wire and cable sales were ₹3,184 crore, up 46%, and exports ₹493 crore against ₹472 crore. The order book is ₹4,927 crore in wire and cable (₹991 crore of it exports) and ₹258 crore in EPC. Capital spending was ₹402 crore in the half year (₹333 crore at Sanand, ₹1,876 crore there to date); he expects about ₹200 crore more this year and about ₹600 crore a year for three to four years. Metal-consuming capacity is about 1,83,000 tonnes a year; ratings are AA+ and A1+.
• Kotyark Industries, a biodiesel maker, said in its release on consolidated results that Q2 revenue from operations fell 5.5% to ₹61.27 crore from ₹64.86 crore while EBITDA rose 50.7% to ₹12.70 crore, a 20.72% margin of total income against 12.99%, and profit after tax rose 147.6% to ₹6.24 crore (H1: revenue ₹153.25 crore, up 4.0%, profit ₹10.70 crore). The release attributes it to raw material "procured earlier at comparatively lower prices", adding that "raw material prices have subsequently increased", so the margin gain may not repeat (our reading). Total expenses fell 14.2% to ₹52.93 crore. Chairman and Managing Director Gaurang Shah targets revenue growth of 25% to 30% a year over three years with an EBITDA margin aspiration of 18% to 22%. The auditors' other-matter paragraph on the Rajasthan seizure of raw-material tanks was reported on 28 October.
• KPR Mill reported consolidated Q2 revenue from operations of ₹1,939.74 crore against ₹1,632.03 crore (up 18.9%, our arithmetic), EBITDA of ₹546.81 crore against ₹338.16 crore, a margin of 27.5% against 20.4% (20.8% in June), and profit after tax of ₹345.00 crore against ₹218.03 crore (up 58%, our arithmetic); for the half year revenue was ₹3,875.26 crore, EBITDA ₹956.39 crore (24.2% against 19.8%) and profit about ₹603.5 crore. The presentation gives no reason for the margin jump.
• KRN Heat Exchanger and Refrigeration reported consolidated Q2 revenue from operations of ₹319.14 crore against ₹152.07 crore (up 109.9%, our arithmetic) and profit of ₹36.11 crore against ₹18.02 crore, but the consolidated pre-tax margin fell to 14.4% from 17.7% (our arithmetic). The standalone company moved the other way: revenue ₹167.07 crore against ₹223.43 crore (down 25.2%) and profit ₹15.56 crore against ₹23.66 crore (all converted from ₹ lakh). Our reading is that the growth sits in the subsidiary KRN HVAC Products, into which QIP money was invested; the filing does not split it. The statement on use of the proceeds of the June QIP reports no deviation.
• Laurus Labs reported consolidated Q2 revenue from operations of ₹2,206.37 crore against ₹1,653.47 crore (up 33.4%, our arithmetic), profit before tax of ₹591.82 crore against ₹269.73 crore and profit after tax and associates of ₹436.19 crore against ₹194.49 crore; the press release puts EBITDA at ₹762 crore against ₹429 crore, a 34.5% margin against 26.0%, and gross margin at 63.0% against 59.9%, which it attributes to a favourable segment mix. CFO V V Ravi Kumar says the EBITDA margin was "supported by improvement in capacity efficiency from growing commercial supplies". By division, the release shows CDMO revenue of ₹904 crore against ₹518 crore (up 75%; small molecules ₹875 crore, up 86%, while the bio business fell 38% to ₹29 crore) and Affordable Medicines of ₹1,302 crore against ₹1,135 crore (up 15%; API ₹625 crore, up 1%, formulations ₹677 crore, up 31%). It says a first commercial-scale peptide plant has opened at Vizag with solid-phase synthesis capacity above 16,000 litres, with further expansion under way, and that capital expenditure ran at 20% of revenue. The board declared an interim dividend of ₹1.00 a share (record date 6 November, payment on or after 19 November). It also approved two acquisitions: 52% of SI & C Resins, a Hyderabad maker of polymer- and silica-based products used in peptide synthesis (incorporated in July 2026; the business of a partnership firm with FY26 turnover of ₹4.05 crore), for ₹32.50 crore of primary investment at a ₹30 crore pre-money valuation, with up to ₹30 crore more to follow; and 60% of Galenvs Sciences, a Montréal oligonucleotide contract developer, for US$3.75 million (US$2.75 million new shares, US$1.00 million from the founder). The review conclusion is unmodified.
• Man Infraconstruction reported in its press release consolidated Q2 revenue from operations of ₹266 crore, up 57%, EBITDA of ₹81 crore, up 41%, and profit after minority interest of ₹63 crore, up 14%; half-year profit was ₹134 crore, up 21%. Managing Director Manan Shah says it sold ₹412 crore of real estate in the quarter (₹702 crore in the half), collected ₹355 crore, and keeps guidance of about 25% profit growth over FY26 and combined pre-sales of ₹5,000 crore over FY27 and FY28; its Marine Lines project with Godrej Properties has recouped its investment of ₹300+ crore, and its open-market buyback continues. The results are a scan, so the release's percentages are not checked against the statement. The company's statement says there is no deviation in use of proceeds of its preferential issue of convertible warrants, while ICRA's monitoring report notes that utilisation differs from the objects in the shareholders' notice but follows a board-approved change in objects.
• Manaksia Coated Metals published consolidated Q2 figures (its standalone results were reported on 28 October): revenue from operations of ₹321.55 crore against ₹223.68 crore (up 43.8%), EBITDA of ₹36.91 crore, an 11.48% margin against 13.17% a year earlier and 11.06% in Q1, and profit after tax of ₹18.73 crore against ₹13.96 crore. Realisation rose to ₹95,291 a tonne from ₹88,011 but EBITDA per tonne fell to ₹11,536 from ₹12,253 (it rose from ₹10,411 in Q1); the release calls the quarter a record and credits realisations, value-added products and efficiencies. The board also approved the opening of a qualified institutions placement on 29 October (terms not reported here).
• Menon Bearings reported standalone Q2 total income of ₹72.60 crore against ₹44.77 crore (converted from ₹ lakh; up 62.2%, our arithmetic), profit before tax of ₹15.25 crore against ₹7.10 crore and profit after tax of ₹11.43 crore against ₹5.53 crore (up 106.7%, our arithmetic); other income was ₹1.78 crore. The filing gives no explanation of the drivers. Consolidated total income was ₹102.03 crore against ₹64.90 crore.
• Milky Mist Dairy Food reported standalone revenue from operations of ₹1,091.60 crore (converted from ₹1,09,159.68 lakh) for the September quarter against ₹769.79 crore (up 41.8%, our arithmetic) and profit of ₹77.55 crore against ₹27.67 crore; consolidated revenue was ₹1,089.40 crore and profit ₹77.94 crore. Cost of materials rose faster than sales, to ₹751.88 crore from ₹483.47 crore (68.9% of revenue against 62.8%, our arithmetic), while tax was lower (₹12.04 crore against ₹18.58 crore) and the half-year profit was ₹142.00 crore against ₹33.40 crore. The auditors' review reports carry an unmodified conclusion with a note that quarterly results were required only from listing.
• Monarch Networth Capital reported standalone Q2 revenue from operations of ₹117.07 crore against ₹79.83 crore (up 46.7%, our arithmetic) and profit after tax of ₹52.48 crore against ₹42.15 crore (up 24.5%), with fees and commission income more than doubling to ₹82.40 crore from ₹36.96 crore; last year's quarter had a ₹18.03 crore fair-value gain and this one a ₹15.14 crore net fair-value loss (converted from ₹ lakh). The board also approved splitting each ₹10 share into five ₹2 shares, subject to shareholders, with the record date to be set later.
• MTAR Technologies reported standalone Q2 revenue from operations of ₹406.8 crore against ₹135.6 crore (up 200%), EBITDA of ₹99.2 crore against ₹17.0 crore, profit before tax of ₹80.3 crore against ₹5.7 crore and profit after tax of ₹59.8 crore against ₹4.2 crore; EBITDA margin is 24.4% against 12.5% (our arithmetic). MD Parvat Srinivas Reddy says H2 FY27 should beat H1 on the order book and execution. The results say the NCLT Hyderabad bench approved on 28 October the merger of wholly owned subsidiaries Gee Pee Aerospace and Defence and Magnatar Aero Systems into the company from 1 April 2025, so past periods are restated (the impact is stated as not material) and no consolidated statements will be prepared.
• Netweb Technologies' call transcript, filed late for a call held on 26 October, adds to the results reported on 24 October: AI systems brought in ₹773 crore, 58.4% of Q2 revenue and up 1,068.1%, against ₹248 crore from high-performance computing and ₹245 crore from private cloud. It reports net cash of ₹14 crore, inventory of 117 days (which it calls intentional, to execute the ₹2,629 crore order book), receivable days of 62, return on equity of 31.4% and return on capital employed of 38.6%, and about ₹403 crore of QIP proceeds unused (the monitoring report reported on 27 October gives ₹425.6 crore). Asked about the fall in gross margin, Ankit Kumar Singhal said "gross margin becomes a game of different deal mix, which cannot be judged on a quarter-on-quarter basis", and that the operating EBITDA margin stays around 14%. Sanjay Lodha said "we are targeting to achieve INR4,000 crores of revenue this particular financial year".
• NIIT Learning Systems reported consolidated Q2 revenue of ₹528.6 crore, up 11.1% from ₹475.7 crore, but EBITDA fell to ₹87.4 crore from ₹96.6 crore (margin 16.5% against 20.3%, down 378 bps) and profit after tax to ₹37.3 crore from ₹47.0 crore; the presentation says margins reflect operating leverage and planned capability investments. Revenue visibility is $510 million, up 25%, with 116 annuity clients and four new ones including a large multi-year contract with a global enterprise software company; AI-enabled services were 17% of revenue. It also bought 100% of Bluewater Learning, a Texas HCM-technology consultancy, through its US subsidiary for up to $17.6 million including five years of earn-outs, and its board recommended Price Waterhouse Chartered Accountants LLP as statutory auditor from the 2027 AGM for five years.
• Nilkamal reported standalone Q2 revenue from operations of ₹1,106.05 crore against ₹948.09 crore (up 16.7%, our arithmetic; converted from lakh) and consolidated revenue of ₹1,125.85 crore against ₹967.71 crore; the press release gives standalone EBITDA of ₹139 crore against ₹88 crore, profit before tax of ₹89 crore against ₹43 crore and profit after tax of ₹67 crore against ₹33 crore (rounded). It explains that raw material prices stayed elevated; in Q1 the company passed them on "at the cost of loss of sales volume by 37%", leaving capacity utilisation below 50%, while in Q2 it held selling prices, volume rose 54% on the quarter and utilisation passed 70%. By segment, B2B revenue rose 18% to ₹987 crore (mattress and foam up 39%, material handling up 22%, plastic furniture down 1%), while retail and e-commerce rose 8% to ₹119 crore with an EBIT loss of ₹4 crore against a ₹1 crore profit. Net borrowing was ₹254 crore against ₹376 crore a year earlier; Q2 capital expenditure was ₹27 crore. The review opinion is unmodified.
• NOCIL reported consolidated Q2 net revenue of ₹426.89 crore, up 33% from ₹320.56 crore, with net profit of ₹24 crore against ₹12 crore, but the presentation shows volumes down 3% year on year and 7% on the quarter, which it blames on "supply-side constraints and logistical challenges" from the geopolitical situation, with selling prices raised to cover higher input cost. Operating EBITDA was ₹36 crore, an 8.4% margin against 7.0% a year ago but below 11.2% in Q1. The company now expects FY27 revenue towards the upper end of its ₹1,400 to ₹1,600 crore range with EBITDA margin of around 10%.
• Nuclear Power Corporation of India filed its September-quarter results with a limited review report that draws attention in nine emphasis-of-matter paragraphs: the Unit 1 shutdown at Rajasthan (MAPS, 220 MW) since 1 April 2018 with no revenue and no impairment provided; slow-moving inventory of ₹312.00 crore of capital goods and ₹821.11 crore of stores valued on management's technical appraisal; ₹10,600.88 crore of capital work-in-progress pending acceptance; ₹1,177.55 crore of gross sales at Rawatbhata Rajasthan Site 7 on a provisional tariff, plus differential revenue of ₹262.80 crore for April 2022 to September 2026; ₹333.94 crore pending reconciliation under a defined-contribution pension scheme; a change in tax regime making the quarter not comparable; and unconfirmed balances. Fuel and heavy-water costs are charged under Department of Atomic Energy directives and not disclosed or reviewed. The results table is an image in the PDF, so the revenue and profit figures were not read.
• OnMobile Global signed on 28 October a three-year distribution agreement with Savex Technologies to sell its ONMO+ Smart Console in India through large-format and regional retail, e-commerce and quick-commerce channels on a stock-and-sale basis, with consideration "as per the purchase orders placed"; the release presents it as a step to build ONMO+ into a mainstream gaming product. Its Q2 results release (results reported 28 October) adds EBITDA of ₹24 million (₹2.4 crore, converted) on revenue of ₹1,284 million, gaming revenue of ₹407 million and 14.5 million gaming subscribers, up 5.4% on the quarter.
• P N Gadgil Jewellers reported consolidated Q2 revenue of ₹2,666.38 crore (converted from ₹26,663.8 million), up 22.4% from ₹2,177.62 crore, with EBITDA of ₹224.61 crore at an 8.4% margin against 6.6% and profit of ₹121.11 crore against ₹79.31 crore. It credits same-store sales growth of 25.5%, a retail share of revenue of 77% against 72%, and a studded-jewellery ratio of 11.8% against 9.0%; gold jewellery grew 47% in value but only 4% in volume, and gold bars and coins fell 24% in value and 48% in volume. The results show standalone revenue of ₹2,625.41 crore and profit before tax of ₹160.93 crore against ₹109.55 crore, and the monitoring report on its qualified institutions placement finds no deviation.
• Paradeep Phosphates reported standalone Q2 revenue from operations of ₹7,364.06 crore, up 7.2% from ₹6,872.20 crore (our arithmetic), but profit before tax of ₹164.17 crore against ₹468.52 crore and profit after tax of ₹121.01 crore against ₹341.93 crore (down 64.6%, our arithmetic) and ₹392.60 crore in Q1. The statement shows raw material consumed of ₹3,109.41 crore plus stock-in-trade purchases of ₹3,356.20 crore, a ₹548.95 crore build-up of inventory, and finance costs of ₹158.02 crore against ₹140.25 crore. Note 5 says an assessment of net realisable value led to a ₹59.98 crore write-down of inventories; note 4 says the Rabi fertiliser subsidy has not been notified, so subsidy income was booked on the existing Kharif notification and its terms. The filing gives no commentary on the margin fall, the single segment is fertilisers and trading materials, and the auditors' review conclusion is unmodified.
• Paras Defence and Space Technologies reported standalone Q2 revenue from operations of ₹147.32 crore against ₹102.72 crore (up 43.4%, our arithmetic) and profit of ₹30.43 crore against ₹22.26 crore (up 36.7%); pre-tax margin was 27.6% against 28.6% (converted from ₹ lakh). Consolidated revenue was ₹151.12 crore. The board says the auditors' review report is unmodified.
• Pine Labs reported consolidated Q2 revenue from operations of ₹806 crore, up 24% (the results give ₹806.19 crore against ₹649.90 crore), adjusted EBITDA of ₹155 crore, up 27%, at a margin of about 19%, and profit after tax of ₹39 crore, which the company calls 6x a year earlier. Profit before tax was ₹61 crore; the company says the effective tax rate eased to about 37% from 48% in Q1 because several newer and international entities are loss-making and their losses cannot be set off against India profits. Platform GTV was ₹445k crore, up 5%, but ₹266k crore excluding Fintech Infrastructure, up 31%; the company says 29%+ of its digital-checkout GTV is now monetised, against 18% a year ago. Standalone revenue was ₹607.29 crore against ₹435.00 crore and standalone profit ₹56.73 crore against a loss of ₹2.20 crore. A monitoring agency report on the IPO proceeds shows no deviation from the stated objects.
• PNC Infratech's investor presentation (results reported 28 October) lists three Q2 items not in the earlier digests: an arbitration award of ₹244 crore in its favour on the Sonauli to Gorakhpur section of NH 29E for UP PWD (the deck gives no date and it is separate from the ₹217 crore NHAI award reported 28 October); the Delhi High Court's stay of NHAI's three-year debarment, which the deck dates to 12 October (the 28 October digest gave 13 October, from the results note); and a new subsidiary, PNC Infratech (Kazakhstan) LLP, for infrastructure services, particularly roads and highways.
• Praj Industries reported consolidated Q2 income from operations of ₹849.0 crore (converted from ₹8,489.9 million) against ₹841.6 crore a year earlier and ₹715.8 crore in June, profit before tax of ₹36.1 crore against ₹29.6 crore and profit after tax of ₹23.2 crore against ₹19.3 crore, with order intake of ₹715 crore against ₹813 crore a year ago and ₹1,000 crore in June (half-year ₹1,715 crore against ₹1,608 crore). Managing Director Ashish Gaikwad says "While the overall business environment continues to remain uncertain, the company delivered an improved performance during the quarter on a sequential basis." The results report one segment, Process and Project Engineering, with conclusions not modified. The board gave in-principle approval to invest up to ₹100 crore in a joint-venture company with Bharat Petroleum for compressed bio-gas plants across India, and independent director Dr Shridhar Shukla resigned from 29 October (pre-occupation and personal commitments) while Vijay Ratnaparkhe was appointed for five years from 29 October, subject to a special resolution.
• Privi Speciality Chemicals reported consolidated Q2 revenue from operations of ₹760.45 crore (converted from ₹76,045.17 lakh), up 12.0% from ₹678.71 crore, with profit before tax of ₹158.55 crore against ₹125.07 crore and profit of ₹117.53 crore against ₹90.21 crore (up 30.3%, our arithmetic). Cost of materials consumed was 55.4% of revenue against 54.8% (our arithmetic), so the gain came from lower finance costs (₹16.90 crore against ₹21.47 crore) and operating leverage rather than material cost. Standalone revenue was ₹722.83 crore against ₹656.31 crore and profit ₹119.29 crore against ₹100.35 crore. The board declared a first interim dividend of ₹5 a share on the ₹10 face value, with a record date of 4 November and payment by 25 November. The review conclusions are unmodified.
• Ram Ratna Wires reported consolidated Q2 revenue from operations of ₹1,962.0 crore against ₹1,163.4 crore (up 69%), EBITDA of ₹89.5 crore (₹55.5 crore, up 61%) at a margin of 4.6% against 4.8%, and profit after tax of ₹35.7 crore against ₹21.8 crore (up 64%); the half-year figures are ₹3,815.2 crore (up 78%) and ₹70.9 crore (up 88%). Managing Director Mahendrakumar Kabra says copper tubes and pipes revenue grew 69% in the quarter and 133% in the half-year, rising to 25% of half-year revenue from 19%. The standalone results show revenue of ₹1,934.47 crore against ₹1,141.29 crore and profit of ₹28.88 crore against ₹21.64 crore after a one-time ₹7.12 crore impairment of its investment in the Epavo joint venture, which the board is buying out: it will acquire EPACK Durable's 50% (2,21,26,000 shares) for cash of ₹15.00 crore and own 100% of Epavo, whose FY26 turnover was ₹25.40 crore. The board also approved spending up to ₹50 crore on land in Rajasthan for expansion. CARE Ratings assigned and reaffirmed CARE A-; Positive / CARE A2+ on its bank facilities and revised the long-term outlook to Positive from Stable.
• Restaurant Brands Asia reported consolidated Q2 revenue from operations of ₹8,448 million (₹844.8 crore), up 20.1%, with company EBITDA before Ind AS 116 of ₹432 million (₹43.2 crore) against ₹113 million, and 766 restaurants. In India, same-store sales grew 14.0%, standalone revenue rose 24.1% to ₹7,056 million (₹705.6 crore), restaurant EBITDA margin improved to 12.9% from 10.4% and company EBITDA margin to 7.8% from 5.0%; standalone profit after tax was ₹155.85 million (₹15.6 crore), "turning positive for the first time". The results show a consolidated loss narrowing to about ₹23.8 crore from ₹63.3 crore (our arithmetic from total income and expenses, as the loss line is garbled in the PDF text), with materials at 31.6% of revenue against 34.0% (our arithmetic). The board approved up to IDR 250 billion of new preference-share investment in the Indonesian subsidiary PT Sari Burger Indonesia and conversion of a IDR 371.50 billion loan to it into preference shares, the latter subject to shareholder approval as a related-party transaction. Sumit Zaveri moves from Group CFO and Chief Business Officer to Chief Executive Officer for the India business from 1 November, and two directors were added.
• RPG Life Sciences reported Q2 revenue from operations of ₹211.6 crore, up 16.5% from ₹181.7 crore, adjusted EBITDA (before ₹5.5 crore of one-off API acquisition and restructuring costs) of ₹50.1 crore, up 15%, at 23.7% against 24.0%; reported EBITDA was ₹44.7 crore. Gross margin rose 260 bps. Domestic formulations grew 11.6%, international 6.4%, and the API business sold ₹27.5 crore after the company moved it into RPG Active Pharma, brought in InvAscent as a strategic investor and closed the purchase of two API plants (Actis Generics and Raghava Lifesciences) at the end of September, which contributed only ₹0.5 crore. The board outcome approves the quarter's results, standalone and consolidated, with a revised related-party policy; the release does not say which basis its figures are on.
• Sagility's call transcript (call of 22 October, posted 29 October; results reported 22 October) has Managing Director and Group CEO Ramesh Gopalan saying the company won a payment-integrity engagement from a Big Ten health plan covering over 10 million members, with "a minimum potential of over $10 million in ACV and could possibly be much more" (payment-integrity deals are contingency-based, so revenue builds progressively), and that it closed the acquisition of Chirok Health the previous day: consideration of $20 million paid up front plus up to $12.35 million subject to revenue targets over calendar 2027 and 2028, for a clinical-documentation, medical-coding and risk-adjustment provider with trailing 12-month revenue to September 2026 of $13 million, an adjusted EBITDA margin of 35.8% and 750-plus employees, mostly in India.
• Sambhv Steel Tubes reported standalone Q2 revenue from operations of ₹835.99 crore (converted from ₹8,359.86 million) against ₹580.17 crore (up 44.1%, our arithmetic), profit before tax of ₹81.43 crore against ₹40.26 crore and profit after tax of ₹61.29 crore against ₹29.97 crore. Its presentation puts operating EBITDA at ₹101.0 crore against ₹60.3 crore (up 68%) but shows gross margin at 25.17% against 27.87% a year earlier (columns read in the order Q2 FY27, Q1 FY27, Q2 FY26), so the profit gain came from operating leverage, not gross margin (our reading). The same board meeting approved a greenfield plant for stainless steel seamless pipes and tubes through wholly owned subsidiary Sambhv Tubes in Chhattisgarh: 14,400 tonnes a year from nil today, an estimated ₹148 crore (converted from ₹1,480 million, ₹100 crore of it debt, the rest internal accruals), to be completed by March 2028, which the filing says offers import-substitution and export potential.
• Sanofi India reported standalone results for the quarter to 30 September (the company's Q3 2026; ₹ million converted to crore): revenue from operations ₹491.7 crore against ₹475.4 crore (up 3.4%, our arithmetic), profit before tax and exceptional items ₹157.7 crore against ₹129.6 crore (up 21.7%, our arithmetic), and profit for the period ₹116.7 crore against ₹76.0 crore, a base after ₹27.3 crore of personnel-separation costs shown as an exceptional item. The press release says the margin gain reflects "a favorable product mix, a one-off reversal of provisions, and disciplined cost management", with operating expenses (employee cost plus other expenses) down 8%; insulin grew 9% (Sanofi puts its Diabetes Injectable share at 55%), public-sector business rose 85% and domestic net sales 2%. The board declared an interim dividend of ₹75 a share with a record date of 5 November, and the TDS communication to shareholders sets out the withholding process. The auditors' review conclusion is unmodified. Four copies of the outcome were uploaded.
• Senores Pharmaceuticals reported consolidated Q2 revenue of ₹192.3 crore, up 24.9%, EBITDA of ₹58 crore, up 38% with margin about 290 basis points higher, and profit after tax of ₹36.6 crore (the outcome). By segment, regulated markets earned ₹136.7 crore (up 27.9%), emerging markets ₹38.4 crore (up 21.2%) and branded generics ₹9.5 crore (down 20.5%). The company says EBITDA "could have been even higher" but for set-up costs at Zoraya and Amerisyn with no revenue yet, and reaffirms FY27 guidance of 30-40% revenue and 50-60% profit growth. The review report is unmodified but carries an emphasis of matter that tax provisions "have been determined as estimated by the management solely". The board also added Talati & Talati LLP as joint statutory auditor alongside Pankaj R Shah & Associates for 2026-27 to 2030-31, and noted subsidiary capacity plans due by March 2027: Havix (US) from 1.2 to 2.0 billion units (about ₹18 crore), Apnar (India) from 0.5 to 1.2 billion units (about ₹20 crore) and a 2.7 million-unit prefilled-syringe line at Ratnatris (about ₹5 crore).
• Seshaasai Technologies reported consolidated Q2 revenue from operations of ₹405.31 crore (converted from ₹4,053.1 million), up 15.0% on the year and 7.7% on Q1, EBITDA of ₹106.56 crore, up 12.0% for a 26.3% margin (about 27.0% a year earlier, our arithmetic), and profit after tax of ₹69.73 crore, up 21.0%, per the press release. Payment solutions were 54% of revenue, communication and fulfilment 32% and IoT 14%; the top ten customers were 57.0%. Managing Director Pragnyat Lalwani: "Despite cost pressures from elevated USD/INR levels and West Asia-related supply-chain disruptions, sequential revenue growth outpaced the increase in material costs, driving an 89 bps improvement in gross margin to 42.5%." He credits payment-card volumes across banks, metal cards, mass-transit programmes and card exports for the growth. The review report is unmodified.
• Shadowfax Technologies reported consolidated Q2 revenue from operations of ₹1,537.70 crore against ₹982.11 crore a year earlier (up 56.6%, our arithmetic matches the company's figure) and profit for the quarter of ₹67.95 crore against ₹13.02 crore. The press release gives company-defined Adjusted EBITDA of ₹77 crore, a 5.0% margin against 2.8%, and Ind AS EBITDA of ₹104 crore (6.7%); orders were 27.1 crore, up 69.7%, with Hyperlocal revenue up 87.7% and Express Parcel up 55.2%. It says the margin expanded "despite the sale season being pushed into Q3 this year" and while absorbing a higher cost base ahead of that season. The company is launching micro-fulfilment centres for D2C brands and says its self-serve platform for small sellers has 6,700+ transacting sellers.
• Shaily Engineering Plastics reported consolidated Q2 revenue of ₹319.5 crore, up 24% from ₹256.7 crore, with EBITDA of ₹101.8 crore at a 31.9% margin against 31.8% and profit of ₹61.3 crore against ₹51.3 crore (margin 19.2% against 20.0%), as raw material cost rose to ₹127.7 crore from ₹104.5 crore and employee cost to ₹34.8 crore from ₹26.3 crore. The presentation says 25 million pens of capacity are in commissioning and validation, and that it will set up a medical-device plant in Abu Dhabi for an expected AED 130-150 million (about ₹350 crore) that would add 75 million pens a year for GLP-1 therapies; CARE upgraded ₹35 crore of its short-term facilities to A1+ from A1. The board outcome approves the results and the auditors' review conclusion is not modified.
• Shree Cement's call transcript (call of 23 October, posted 29 October; results reported 23 October) adds the following. Managing Director Neeraj Akhoury said India sales volume rose about 18% to 9.31 million tonnes from 7.91 million, realisation rose 1% to ₹4,870 a tonne and consolidated EBITDA a tonne fell to ₹966 from ₹1,055, "primarily due to a higher fuel cost"; Union Cement commissioned a 3 million-tonne mill in September; its ready-mix business revenue rose 182% to ₹129 crore. Chief Financial Officer Subhash Jajoo said landed fuel cost on a kcal basis was ₹2.09 against ₹1.66 a year earlier and ₹1.95 in June, and "for the coming quarter, we believe this will be around INR2.20"; the fuel mix was 11% pet coke, 75% imported coal, 2% Indian coal and 12% alternatives, against pet coke at almost 66% a year ago. Akhoury said third-quarter cost "should not be very different than what we have seen in quarter 2" and that October prices are better than September, adding "price is purely a function of demand and supply". K K Jain gave a blended cost of production of ₹4,636 a tonne against ₹4,329 in June and ₹4,245 a year earlier.
• Shree Refrigerations (defence HVAC) reported (BSE filing) half-year revenue of ₹93.2 crore against ₹50.4 crore (up 85%), EBITDA of ₹12.7 crore against ₹5.7 crore (13.6% margin against 11.2%) and net profit of ₹6.8 crore against ₹1.5 crore; its unexecuted order book is ₹198.9 crore, about 1.3 times FY26 revenue (company's figure), and it says a CARE rating upgrade and a new Unit-2 followed. Standalone or consolidated is not stated.
• Silver Touch Technologies reported consolidated Q2 revenue from operations of ₹100.28 crore against ₹83.99 crore and profit of ₹13.03 crore against ₹7.46 crore (up 74.5%, our arithmetic; converted from ₹ lakh), and declared an interim dividend of ₹0.10 a share, record date 4 November.
• Steamhouse India, a recently listed Surat supplier of steam and nitrogen through pipelines, reported consolidated Q2 results; its press release shows revenue from operations of ₹128.00 crore (converted from ₹1,279.97 million) against ₹124.94 crore (up 2.45%), EBITDA of ₹24.68 crore against ₹14.24 crore, a 19.28% margin against 11.39% (24.05% in Q1), and profit after tax of ₹7.77 crore against ₹2.91 crore (Q1: ₹18.34 crore). Steam sold rose 12.06% to 3,01,642 tonnes with EBITDA per tonne up 54.72% to ₹818, which the release credits to operating efficiency and leverage; since revenue rose far less than volume, realisation per tonne fell (our reading, not stated). It also says it signed seven new customers for 7.73 tonnes per hour of steam capacity, plans a 750 Nm³/hr nitrogen plant at Ankleshwar by the end of calendar 2026, and expects green boiler capacity to rise from 15 to 105 tonnes per hour in FY27. The statement on the use of its IPO proceeds for the quarter (a separate filing) reports no deviation.
• STL Networks reported standalone Q2 revenue from operations of ₹253.44 crore against ₹198.27 crore (up 27.8%, our arithmetic) and a profit of ₹5.10 crore against a loss of ₹12.24 crore, while consolidated revenue was ₹270.11 crore against ₹230.79 crore and the consolidated loss narrowed to ₹16.12 crore from ₹19.29 crore. On our arithmetic standalone components and bought-outs rose to 61.6% of revenue from 45.9% and other direct costs fell to ₹44.41 crore from ₹69.04 crore; finance costs were ₹31.01 crore against ₹26.90 crore. The filing gives no reasons; the review conclusion is unmodified, and the company reports no deviation in use of preferential-warrant proceeds.
• Strides Pharma Science reported consolidated Q2 revenue from operations of ₹1,429.73 crore (converted from ₹14,297.34 million), up 17.1% from ₹1,220.83 crore, and EBITDA of ₹250.9 crore (converted from ₹2,509 million), up 8.4%, so the margin fell to 17.6% from 19.0% and gross margin to 56.0% from 57.8%. The press release says EBITDA still crossed ₹250 crore for the first time "despite higher input material and freight costs". Ex-US markets (₹696.3 crore, up 31%) overtook the US business (₹685.5 crore, up 9%, three launches) for the first time; reported profit after tax was ₹134.1 crore against ₹131.5 crore, up 2.0%, and operational profit (excluding exceptional items) ₹135.8 crore, up 11.5% (all converted from ₹ million). Net debt rose by ₹211.4 crore in the half-year (converted), which the CEO attributes to an "elongated cash-to-cash cycle" and higher inventory. Separately, Biren Gabhawala joins as independent director from 1 November.
• Suzlon Energy reported consolidated Q2 revenue from operations of ₹4,869.05 crore against ₹3,865.54 crore a year earlier, up 26.0% (our arithmetic), but profit before tax fell to ₹518.21 crore from ₹562.50 crore and net profit to ₹394.15 crore from ₹1,279.44 crore, because last year's figure carried a deferred-tax benefit of ₹718.18 crore against a deferred-tax charge of ₹118.53 crore now. The segment table shows where the margin moved (segment result as a share of segment revenue, our arithmetic): Renewable Energy Solutions (the renamed wind turbine business) earned ₹370.54 crore on ₹4,211.56 crore of revenue, 8.8% against 14.8% (₹478.21 crore on ₹3,240.56 crore); RE Asset Management Services (the renamed operations and maintenance business) earned ₹220.39 crore on ₹639.63 crore, 34.5% against 25.3%; Foundry & Forging earned ₹15.20 crore on ₹167.15 crore, 9.1% against 17.1%. Raw-material and services cost rose to ₹3,304.59 crore from ₹2,428.27 crore, 68% of revenue against 63% (our arithmetic). The review conclusion is not modified. The filing does not explain the fall in solutions margin; our reading is that mix and input cost, not volume, are behind it.
• Symphony reported consolidated Q2 revenue from operations of ₹275 crore, up 31% from ₹210 crore, EBITDA of ₹36 crore against ₹13 crore (margin 13.0% against 6.4%) and profit after tax of ₹24 crore, up 44%; standalone revenue was ₹170 crore (up 9%), EBITDA ₹30 crore (17.5%) and profit ₹29 crore against ₹28 crore. The company credits operating leverage and cost discipline despite gross-margin pressure from input costs; overseas drove it (IMPCO Mexico up 131%, Australia up 54%, GSK China down 29%), profit growth was held back by an ₹8 crore foreign-exchange swing, and beyond-India-summer products were 51% of trailing consolidated revenue. It plans to launch room air conditioners, BLDC ceiling fans and air purifiers in India in the December quarter. The board declared a second interim dividend of ₹2 a share (₹13.73 crore), record date 4 November.
• Tara Chand InfraLogistic Solutions reported Q2 net revenue of ₹83.11 crore against ₹65.67 crore (up 26.6%) and profit before tax of ₹12.09 crore against ₹10.00 crore (converted from ₹ lakh). The presentation gives EBITDA of ₹29.2 crore at a 35% margin, profit of ₹9.1 crore (highest ever for a quarter), ₹106.6 crore of fleet investment in the half, an executable FY27 order book of ₹163 crore, and a target of the lower end of 20-25% revenue growth for the year with an operating margin of around 35%.
• Tata Consumer Products filed the transcript of its 26 October results call (results reported 26 October). Asked about margins, MD and CEO Sunil D'Souza said: "we had guided for 50 to 70 bps expansion when we started off the year. We've seen margin pressure coming through the year, but we've also taken price increases", and that the company remains "aggressively focused on expanding margins for the year". On India tea and coffee he said Q2 volume was flat and revenue 1% lower, against volume up 2% and value down 4% in Q1, and that with graduated price increases "we expect the equation to start turning value greater than volume starting this quarter".
• Tata Projects (debt-listed) reported standalone Q2 revenue from operations of ₹3,311.41 crore against ₹3,927.54 crore a year earlier (down 15.7%, our arithmetic), a loss before tax of ₹301.74 crore against ₹300.75 crore, and a loss for the quarter of ₹233.55 crore against ₹236.04 crore; the half-year loss was ₹684.15 crore against ₹545.26 crore. Contract execution expenses were 86.8% of revenue against 88.5% (our arithmetic) and finance costs ₹175.57 crore. Net worth rose to ₹2,655.47 crore from ₹1,889.02 crore at the end of Q1, and the cash-flow statement shows proceeds from a partly paid rights issue (terms not reported here). The review conclusion is not modified, but the auditors draw attention to two matters: Court proceedings in which a law-enforcement agency's supplementary final report names the company over north-eastern EPC projects (its discharge application was dismissed and it has gone to the Punjab and Haryana High Court; the filing says the Enforcement Directorate told the court on 17 September it does not intend to file a supplementary report), and a West African project on hold on the security situation with a net exposure of ₹40.40 crore, where the customer's encashment of bank guarantees has been stayed by courts. Both are matters the filing states; the company says it expects no significant impact. Ratings shown are CRISIL AA/Stable and India Ratings AA/Stable.
• Thyrocare Technologies reported consolidated Q2 revenue from operations of ₹270.81 crore, up 25.1% from ₹216.53 crore (our arithmetic), but profit of ₹15.22 crore against ₹47.81 crore after a ₹44.98 crore exceptional item. The news release says EBITDA rose 24.9% to ₹89.3 crore and profit before exceptional items 25.7% to ₹60.2 crore, that the item is a non-cash impairment on Nueclear Healthcare (NHL) recognised on a definitive term sheet for the sale of the nuclear imaging business, and that pathology revenue rose 26.7% (franchise 26.9%, partnership 27.9%) on 61.6 million tests, up 27.4%. Cost of materials fell to 25.6% of revenue from 27.6% (our arithmetic). The postal ballot result, also filed on 29 October, shows both special resolutions passed. The sale of the entire holding in NHL, a material wholly owned subsidiary, to Trovera Healthcare drew 7.08% of all votes against, including 18.44% of the votes cast by public institutions (93,68,605 of 5,08,07,434) and 0.45% of those of public non-institutions, and the filing states it also won a majority of public shareholders under Regulation 37A; a purchase of land and a building from NHL passed with 0.0003% against. The auditors' review conclusions are unmodified.
• Timken India reported standalone Q2 revenue from operations of ₹969.30 crore against ₹772.99 crore (converted from ₹ million; up 25.4%, our arithmetic), profit before tax of ₹156.24 crore against ₹120.65 crore and profit of ₹116.06 crore against ₹89.47 crore (up 29.7%). Consolidated revenue was ₹986.04 crore (up 25.4%) and profit ₹120.90 crore against ₹93.60 crore. On our arithmetic the pre-tax margin widened to 16.1% from 15.6% even though materials and traded goods rose to 61.4% of revenue from 60.2%, because other expenses fell to 15.1% of revenue from 16.3%; the filing gives no reasons. The auditor's review report is unmodified.
• Tinna Rubber and Infrastructure's call transcript (call of 26 October, posted 29 October; results reported 25 October) has Joint Managing Director Gaurav Sekhri saying a 3,500 tonne-a-year micronized rubber powder expansion is on track for commissioning in the third quarter (taking capacity to 20,000 tonnes), that it has acquired 40 acres in Andhra Pradesh for an integrated rubber and plastics recycling complex with about ₹250 crore planned over three years, that CARE upgraded its rating to BBB (stable) / A3+, that the Oman plant ran at 90% utilisation with EBITDA margin 11.5% against 6.4% in FY26, that South Africa's 9,000 tonne crumb line is 3-4 months late because equipment was held up in the Middle East, and that a plot has been allotted in Saudi Arabia for a 24,000 tonne tyre recycling plant, construction starting in the second half of FY27 "subject to the geopolitical situation". It also said its Panipat plant land may be acquired by the Haryana government, and that Vision 2029 targets revenue of ₹1,000 crore.
• TruAlt Bioenergy filed the transcript of its 26 October results call. Chief Financial Officer Anand Kishore said Q2 revenue from operations was about ₹811 crore against ₹115 crore a year earlier and ₹627 crore in Q1, and EBITDA about ₹114 crore, a margin of around 14.03% (H1: ₹261 crore, 18.2%); he said the moderation from Q1 was because "the raw material prices during the quarter of maize went up by 25% to 30%". Profit before tax was about ₹47 crore against a ₹49 crore loss, profit after tax about ₹35 crore against a ₹38 crore loss (H1: ₹94 crore against a ₹33 crore loss). He added H1 operating cash flow of about ₹192 crore against capital expenditure of about ₹180 crore, debt-to-equity of about 0.55x, and inventory down to about ₹206 crore from ₹528 crore at March. The remarks do not say whether the figures are standalone or consolidated.
• V-Guard Industries reported consolidated Q2 net revenue of ₹1,852.89 crore, up 38.2% from ₹1,340.92 crore, with EBITDA before other income of ₹167.93 crore against ₹109.26 crore (9.1% against 8.1%) and profit after tax of ₹111.67 crore against ₹65.29 crore (up 71%), even though gross margin fell to 34.3% from 37.6% as cost of goods rose 45%. Electronics sales rose 60% and electricals 41%; consumer durables' segment margin rose to 4.7% from 1.7% while electronics fell to 16.0% from 17.2% and electricals to 10.6% from 11.6%. Chairman and MD Mithun K. Chittilappilly says growth was price and volume and that the West Asia crisis is a margin challenge being mitigated. The board outcome also adds Kurian Puthenpurayil John as an independent director and records shares allotted to employees under its option scheme (size not reported here, per policy).
• Vaibhav Global reported consolidated Q2 revenue from operations of ₹938.37 crore against ₹877.32 crore (up 7.0%) but profit of ₹41.71 crore against ₹47.55 crore (down 12.3%, our arithmetic; converted from ₹ lakh). The press release gives EBITDA of ₹76.2 crore, down 13.5%, with the margin at 8.1% against 10.0%: US revenue rose 4.3% in rupees but fell 4.1% in constant currency, UK revenue fell 7.0% in constant currency and UK EBITDA dropped to ₹7.33 crore from ₹22.06 crore, while B2B EBITDA rose 18.5% to ₹42.4 crore. Managing Director Sunil Agarwal says "Q2 FY27 was a quarter of transition" as the channel websites moved from Salesforce Commerce Cloud to Shopify Enterprise, which hurt digital conversion; e-commerce was 42.4% of B2C revenue against 45.1% in Q1, and in the UK four warehouses and two studios were merged into one site, leaving some inventory offline. A second interim dividend of ₹1.50 a share has a record date of 4 November.
• Vedanta Oil and Gas (formerly Malco Energy) reported consolidated Q2 revenue of ₹2,486 crore against ₹2,330 crore a year earlier (up 6.7%, our arithmetic; the company says 7%), with profit from continuing operations of ₹746 crore against a loss of ₹8 crore. The press release puts EBITDA at ₹1,393 crore, up 34% year on year, which it attributes to higher price realisations and cost optimisation; working-interest production was 47.8 kboepd and gross operated production 72.2 kboepd, and three discoveries were notified in Rajasthan in the first half (commercial viability under evaluation). The review report carries an emphasis of matter, with the conclusion not modified, on the Cambay block (CB-OS/2): the production sharing contract expired on 29 June 2023, the petroleum ministry declined the extension on 19 September 2025 and directed handover to ONGC, the Delhi High Court single judge dismissed the company's writ petition on 22 July 2026, ONGC has taken over the block, and the appeal before the Division Bench was heard until 1 October and judgment is reserved. The notes say the group has recognised no revenue or related expense for the block since the order and booked an impairment of about ₹379 crore in Q1 FY27 (the first-quarter column also shows a net exceptional loss of ₹441 crore; half-year profit including a ₹1,097 crore gain on discontinued operations is ₹1,691 crore).
• Vedanta Power reported consolidated Q2 revenue from operations of ₹2,908 crore, up 38.2% from ₹2,104 crore (our arithmetic), and profit after tax of ₹83 crore against a loss of ₹1,689 crore a year earlier, when the quarter carried an exceptional loss of ₹2,067 crore. Profit before exceptional items and tax was ₹102 crore against a loss of ₹190 crore, with the company-defined EBITDA at ₹421 crore against ₹190 crore (and ₹291 crore in Q1); power and fuel charges rose to ₹2,237 crore from ₹1,699 crore. Depreciation fell to ₹130 crore from ₹210 crore a year ago and ₹225 crore in Q1, and note 9 explains part of it: in the half year management extended the estimated useful life of plant and machinery to 40 years, and without that change half-year depreciation would have been ₹92 crore higher and profit after tax ₹68 crore lower (our reading: most of the effect lands in this quarter). Note 8 says the Supreme Court passed an order imposing a penalty for alleged mis-declaration of declared capacity, a review petition was dismissed, and the group booked an exceptional loss of ₹127 crore plus late-payment surcharge in the half year; note 4 says a boiler incident on 14 April 2026 at Unit 1 of the 1,200 MW Sakti plant at Singhitarai had no material impact. The release credits Meenakshi Energy's power sales (up 111% to 1,470 million units), Jharsuguda's plant availability (98% against 48%) and Talwandi Sabo (up 6% to 2,945 million units), and gives net debt to EBITDA of 4.47 times against 5.38 times in Q1 and 9.82 times a year ago, with CRISIL and ICRA ratings of AA-. Note 5 records that the merchant-power demerger from Vedanta Limited took effect on 1 May 2026 and comparatives are restated as if from 1 April 2025. The auditors' review conclusion is unmodified. Separately, its remuneration committee granted performance-based stock options (size and exercise price not reported here, per policy) to employees including key managerial personnel, vesting after 36 months.
• Vishal Nirmiti published a press release on 29 October for its quarter ended 30 June 2026: revenue of ₹86.97 crore against ₹64.22 crore (up 35.4%), EBITDA of ₹13.76 crore (margin 15.8% against 16.4%) and profit after tax of ₹6.88 crore against ₹3.90 crore (converted from ₹ lakh), with an order book of ₹551.66 crore at 30 September 2026.
• Voltamp Transformers reported standalone Q2 revenue from operations of ₹684.19 crore (converted from ₹68,419.19 lakh) against ₹482.56 crore, up 41.8% (our arithmetic), but profit before tax rose only to ₹109.50 crore from ₹104.19 crore and net profit to ₹85.08 crore from ₹78.85 crore, as other income fell to ₹7.93 crore from ₹14.76 crore; profit before tax less other income was 14.8% of revenue against 18.5% (our arithmetic). It has one segment, electrical transformers. The accompanying press release is encoded so that its text could not be read, so the company's explanation is not reported.
• Welspun Corp reported consolidated Q2 revenue from operations of ₹4,644 crore, up 6% from ₹4,374 crore, but EBITDA of ₹782 crore against ₹626 crore (up 25%; margin about 16.8% against 14.3%, our arithmetic) and profit after tax, minorities, associates and JVs of ₹499 crore against ₹440 crore; half-year profit was ₹1,545 crore against ₹790 crore, or ₹997 crore without a one-time gain on a partial stake sale in Saudi Arabia's EPIC. Net cash was ₹3,887 crore after ₹1,616 crore of capex and ROCE 22.7%. MD and CEO Vipul Mathur says the order book is an all-time ~₹50,000 crore and H1 EBITDA of ₹1,538 crore compares with full-year guidance of ₹2,850 crore. The board approved up to $115 million, from internal accruals, for 225 KMTPA of new spiral-pipe capacity in the US (operating by March 2028) and a Jordan pipe and coating JV with Perma-Pipe (total ~$125 million, split about 50:50), and a 49% direct stake in step-down subsidiary Welspun Special Coating for an internal FBE coating plant in India.
• Wheels India reported consolidated Q2 revenue from operations of ₹1,710.95 crore against ₹1,263.97 crore (our arithmetic: up 35.4%), with profit before tax of ₹79.31 crore against ₹42.21 crore and profit of ₹60.16 crore against ₹31.69 crore, per the results (standalone revenue ₹1,585.03 crore, up 35.1%; profit ₹53.41 crore against ₹27.77 crore). On our arithmetic standalone materials consumed were 72.5% of revenue against 74.8%. Chairman and Managing Director Srivats Ram credits earthmover wheels, air suspension and domestic car, truck and tractor demand; exports were ₹388 crore against ₹299 crore. He warns that in the second half "inflation is a concern" and growth faces a higher base from the GST 2.0 demand push. The company says it completed a preferential issue and a QIP in Q2 and used the funds to cut debt by the end of September. The board also approved a ₹20 crore investment in a joint venture with Bosch Limited and Brakes India (the TSF companies) for commercial-vehicle air-system products, in which Bosch will hold 50% and the TSF companies 50%.

Banks and lenders

• Adani Ports and SEZ said Fitch Ratings affirmed its long-term foreign-currency issuer default rating and its unsecured note rating at BBB- with a Stable outlook.
• Alpha Alternatives Financial Services disclosed that CARE Ratings assigned CARE A-; Stable to a new series of principal-protected market-linked debentures (size not reported here, per policy) and reaffirmed the same rating on ₹4,800 crore of existing ones (our arithmetic from six lines of ₹1,000 crore, ₹500 crore, ₹300 crore, ₹1,000 crore, ₹1,000 crore and ₹1,000 crore). The rationale notes ₹6,398 crore deployed in its equity and credit absolute-return strategies at 30 June 2026 and a first negative quarterly return (minus 2.4%) in the equity absolute-return strategy in Q4 FY26.
• Asset Reconstruction Company (India) (ARCIL) reported first-half total income of ₹516.4 crore, up 48% from ₹348.0 crore, and profit after tax of ₹290.0 crore, up 54% from ₹188.7 crore, with assets under management up 21% to ₹20,274 crore, acquisitions of ₹1,707.0 crore (up 18%) and recoveries of ₹2,135.1 crore (up 21%), ₹1,069.0 crore of them in Q2, its second straight quarter above ₹1,000 crore. The results show standalone Q2 total income of ₹240.35 crore against ₹221.75 crore and profit of ₹146.82 crore against ₹119.62 crore, and consolidated profit of ₹157.82 crore against ₹101.30 crore. The release says the cumulative security-receipt redemption ratio is 52%, net worth ₹3,336.8 crore, borrowings ₹1,224.2 crore (debt to equity 0.37 times) and annualised return on equity 18.1%, and it argues the business should be judged half-yearly given lumpy recoveries. The review conclusion is unmodified.
• Aye Finance's transcript of its 22 October results call (filed 29 October, a week late) has the chief executive saying assets under management grew 26% on the year, Q2 disbursements were ₹1,403 crore (up 10%), gross NPA fell for a seventh quarter to 4.20% and credit cost to 3.82%, inside the guided 3.5% to 4%. Net interest margin was 15.6% against guidance of 14.25% to 14.75%; first-half profit was ₹162 crore against ₹65 crore. Incremental borrowing cost eased to 10.04% after the IND A+ upgrade, and capital adequacy of 41% should fund about two years of growth without new equity. He says drought-declared districts in Maharashtra, Karnataka and Madhya Pradesh are about 18% of AUM and the company has slowed disbursements there, and that the cattle book (25% to 28% of AUM) shows no weakness so far.
• Bank of India raised its marginal cost of funds lending rate from 1 November: three-month to 8.45% from 8.35%, six-month to 8.75% from 8.65%, one-year to 8.90% from 8.80% and three-year to 9.00% from 8.90%; overnight and one-month are unchanged at 7.85% and 8.15%, and the repo-linked rate is unchanged.
• Bank of Maharashtra's transcript of its 26 October results call (filed 29 October; results reported 26 October) has Managing Director and CEO Nidhu Saxena saying agriculture advances grew about ₹11,000 crore (34%) on the year and that agri gold loans went to ₹18,600 crore from ₹6,500 crore in September 2025: "Whatever growth has happened in the agriculture, I would say a very substantial part of this is through agriculture gold loans." On drought and El Nino he says agri stress had fallen 35 bps to 3.51% and he sees "no anticipated stress", though the bank is monitoring. He gave business growth of 25%, gross and net NPA of 1.25% and 0.12%, net interest margin 3.97%, return on assets 2.02%, CET1 15.61% and capital adequacy 18.51%, and said credit growth should stay above its 18% domestic guidance.
• Capital Small Finance Bank reported Q2 profit after tax of ₹45.61 crore, up 30.7% from ₹34.89 crore (half-year ₹86.91 crore against ₹66.90 crore), with pre-provision operating profit of ₹67.92 crore (up 30.9%), net interest income of ₹138.7 crore (up 24.2%), net interest margin of 4.24% (4.04% a year ago, 4.21% in June) and cost-to-income of 59.8% (61.7%). Gross advances rose 23.4% to ₹9,755 crore (disbursements up 36.0% to ₹1,095 crore) and deposits 16.2% to ₹10,831 crore with CASA at 34.5% (33.9%); gross NPA was 2.36% (2.47% in June, 2.70% a year ago) and net NPA 1.12% (1.14%, 1.38%), capital adequacy 20.78% (Tier I 18.45%), with about 97% of the book secured. The board outcome carries an unmodified review report; a separate filing says the board deferred its proposed issue of lower Tier-II bonds (size not reported here, per policy) "at this time" and approved raising the ESOP pool for material risk takers from 1,00,000 to 1,80,000 options, subject to shareholders.
• Capri Global Capital said India Ratings revised the outlook on its bank loan facilities to Positive from Stable, affirmed IND AA- on ₹200 crore, and assigned IND AA-/Positive to an additional ₹500 crore of limits.
• Electrotherm (India) disclosed a default as of 30 September on its settled debt to Invent Assets Securitisation and Reconstruction (assignee of Allahabad Bank, now Indian Bank, and Punjab National Bank): principal of ₹56.00 crore and interest of ₹3.81 crore due up to that date, against a settlement of ₹180.00 crore over 11 years at 11% a year. Total borrowings from banks and financial institutions were ₹983.98 crore and total indebtedness ₹997.42 crore, on a provisional basis, before interest on a loan assigned to Rare Asset Reconstruction (from Indian Overseas Bank), which the company has not provided for since it was classed as non-performing.
• Epigral disclosed that CRISIL Ratings on 28 October assigned revised ratings of AA/Stable (long term) and A1+ (short term) on ₹1,050 crore of bank facilities; the filing does not say what the earlier ratings were, and the rationale link it gives is dated 13 July 2026. Separately it received an income-tax assessment order for assessment year 2023-24 from the Deputy Commissioner of Income Tax, Vadodara, with a demand of ₹28.11 crore including interest; the company says there is no financial impact, believes the demand "is not maintainable" and will file a rectification application and an appeal.
• Equitas Small Finance Bank's Managing Director and CEO P. N. Vasudevan has resigned to pursue "personal and social initiatives"; the board took note, asked him to continue until a successor is in place and told its nomination committee to look at internal and external candidates, with the appointment subject to Reserve Bank of India approval. The same day the bank reported standalone Q2 profit of ₹218.04 crore against ₹24.14 crore a year earlier and ₹183.61 crore in June (converted from ₹ lakh), on interest earned of ₹2,065.99 crore against ₹1,617.35 crore; provisions fell to ₹114.99 crore from ₹207.02 crore, and the press release puts credit cost at 0.94% against 1.37% in Q1 (1.12% excluding an ARC transaction). Net interest margin was 6.69%, down 55 bps on the quarter; gross NPA was 2.29% against 2.92% a year ago and net NPA 0.70%. Gross advances rose 30% (gold loans 193%), deposits 19% with CASA at 26%, and capital adequacy was 20.92%. The investor presentation was filed the same day. The auditors' review report is unmodified.
• ESAF Small Finance Bank reported standalone Q2 profit after tax of ₹160.17 crore against a loss of ₹115.81 crore a year earlier and a profit of ₹80.08 crore in Q1 (converted from ₹16,017 lakh, ₹11,581 lakh and ₹8,008 lakh). Total income was ₹1,388.04 crore against ₹964.98 crore (up 43.8%, our arithmetic), operating profit before provisions ₹362.39 crore against ₹93.25 crore, and provisions ₹147.89 crore against ₹248.67 crore. Gross NPA fell to 2.84% (₹678.58 crore) from 8.54% (₹1,634.57 crore) and net NPA to 0.34% from 3.83%; capital adequacy was 24.14%. The press release adds net interest margin of 8.2% against 5.9%, cost-to-income of 57.7% against 82.0%, gross advances of ₹23,934 crore (up 25%, secured 64% of the book, gold about 44%), deposits of ₹28,466 crore (up 24%) with a CASA ratio of 23.3%, and provision coverage of 94.0%; it says Brickwork upgraded its Tier II bonds to BWR A-/Stable from BBB+/Stable and CARE moved its outlook to stable from negative. MD and CEO Dr. K. Paul Thomas: "Q2 FY27 marks an important milestone in ESAF Small Finance Bank’s transformation journey, with record quarterly profitability, strong business growth and improving asset quality." The joint auditors' conclusion is unmodified.
• Fino Payments Bank reported Q2 FY27 revenue of ₹333.6 crore (up 9% on June; half-year ₹640.5 crore, down 25% on the year), EBITDA of ₹35.1 crore (down 19% on June; half-year ₹78.2 crore, down 37%, which it attributes to investments in technology, infrastructure and talent for its small-finance-bank transition) and a net loss; the results show a loss before tax of ₹20.90 crore for the quarter (₹13.72 crore in June; total income ₹333.62 crore against ₹400.05 crore, down 16.6% by our arithmetic) and ₹34.62 crore for the half-year against a profit before tax of ₹45.85 crore a year ago. The press release calls the ₹20.9 crore loss "Q1'27", but the results and the presentation attribute it to Q2. Loan-referral disbursals rose 286% to ₹762 crore in the quarter, renewal income hit a record ₹74.6 crore, and average deposits were ₹2,794 crore (up 12%). The half-year results are audited and the auditors' report is not modified.
• Gujarat Ambuja Exports said Crisil upgraded its ₹649 crore long-term bank facilities to AA/Stable from AA-/Stable (intimation received 28 October).
• IndoStar Capital Finance reported standalone Q2 net interest income of ₹242.3 crore against ₹190.1 crore (up 27%), pre-provision operating profit of ₹109.2 crore (up 58%) and profit after tax of ₹13.1 crore against ₹10.5 crore; disbursements rose 51% to ₹1,399 crore, assets under management were ₹8,459 crore (up 12%), weighted cost of funds fell to 9.7% from 10.4%, and gross and net Stage 3 assets were 4.5% and 2.4%. Capital adequacy was 36.0% and leverage 1.6 times. Company Secretary Shikha Jain resigned for personal reasons from the close of 29 October; Reshma Ramchandani takes over from 30 October (see the board outcome). The results statements inside the outcome PDF are images and were not read; the figures are from the press release.
• Jammu & Kashmir Bank said the Central Board of Indirect Taxes and Customs, in circular 266/12/2026-GST of 28 October, clarified that the notional interest booked under banks' fund transfer pricing (FTP) mechanism counts as "interest" and is covered by the GST exemption for interest. The bank has two GST demands on FTP transactions, both under interim protection from the Jammu & Kashmir and Ladakh High Court: one dated 4 February 2025 for ₹8,130.66 crore of tax with interest and a penalty of the same amount, and one dated 23 March 2026 for ₹200.21 crore with an equal penalty. It says the circular validates its stance and that it "shall pursue the matter with appropriate authorities for quashing" the orders.
• Jana Small Finance Bank's call transcript (call held 23 October, filed 29 October; the results themselves were not in the filings we reviewed) has Managing Director Ajay Kanwal saying Q2 was the highest profit before tax in its history and that "we would like to take our guidance up" from 80% profit growth to 100%, which he says means doubling profit on last year's ₹326 crore. Net interest margin was 7.54% against 6.5% a year ago on a better mix and cost of funds down to 7.4% from 7.9%; gross NPA 2.17% and net NPA 1.08% (he says net NPA will fall below 1% once ₹68 crore of guarantee claims are realised); advances ₹38,752 crore, up 22%; secured assets 73.7% of the book; credit cost 0.92% for the half; operating cost up 15% against net interest income up 35%. The CFO gave half-year profit as equal to last year's full year, return on assets 1.4% and CRAR 20%. A fresh-guarantee window under the CGFMU scheme is not yet open, and the bank has accrued for it.
• Jio Credit (formerly Jio Finance) reported new and reaffirmed credit ratings (the NSE debt segment carries a second copy of the same letter, filed under Regulation 51). CARE Ratings assigned CARE AAA/Stable to ₹1,500 crore of subordinated debt, and Crisil Ratings assigned Crisil AAA/Stable to two subordinated-debt lines of ₹250 crore and ₹1,250 crore. Crisil reaffirmed AAA/Stable on ₹24,000 crore of long-term bank loan facilities and ₹30,000 crore of non-convertible debentures and A1+ on ₹6,000 crore of commercial paper; CARE reaffirmed A1+ on commercial paper enhanced to ₹10,000 crore (from ₹6,000 crore), AAA/Stable on ₹12,000 crore of long- and short-term bank facilities and AAA/Stable on non-convertible debentures of ₹3,000 crore, ₹9,000 crore and ₹16,000 crore. The company says the letter goes to the exchange as a measure of abundant caution because the reaffirmed ratings are unchanged from those reported earlier.
• Kissht (OnEMI Technology Solutions) reported consolidated Q2 assets under management of ₹9,317 crore, up 68%, total income of ₹740 crore against ₹517 crore (up 43%) and profit after tax of ₹125 crore, double last year's ₹62 crore, on the strength of a 50% rise in net total income against a 58% rise in operating expenses to ₹381 crore and impairment cost up only 9% to ₹133 crore. Stage 3 assets were 2.18% and net 0.34%, return on average AUM 5.78%, capital adequacy 34.8% and 54.9% of AUM was off-book with partners. Guidance for FY27 is AUM growth of 60%-plus, gross Stage 3 below 2.25% and return on equity above 20%. The presentation has the full table; Acuite upgraded it to A/Stable, and the company completed a preferential issue after the quarter (terms not reported here). The call recording is also filed.
• Lloyds Metals and Energy allotted senior secured floating-rate notes on 29 October, privately placed under Regulation S, with a bullet repayment on 29 October 2029 (size and pricing not reported here, per policy). Separately Crisil assigned AA/Stable to two new non-convertible debenture programmes (sizes not reported here, per policy), reaffirmed AA/Stable on ₹2,500 crore of debentures and on bank facilities now rated at ₹17,112 crore (enhanced from ₹8,500 crore), and reaffirmed A1+ on the short-term facilities.
• Mankind Pharma said Crisil reaffirmed AA+/Stable on ₹400 crore and ₹2,100 crore of non-convertible debentures and withdrew its ratings on ₹2,500 crore of debentures and ₹1,500 crore of commercial paper.
• Motilal Oswal Financial Services reported Q2 operating profit after tax (company-defined) of ₹718 crore, up 29%, led by asset management (₹304 crore, up 69%, now 43% of operating profit after tax); asset and private wealth management earned ₹416 crore (up 43%), wealth management ₹175 crore (up 3%), capital markets ₹85 crore (down 5%) and housing finance ₹36 crore (up 7%). The results show consolidated revenue from operations of ₹3,041.67 crore against ₹1,849.86 crore and profit after tax of ₹1,081.36 crore against ₹362.56 crore (converted from ₹ lakh), but the company says the 29% fall in total profit after tax including OCI from the June quarter (₹1,070 crore against ₹1,513 crore) reflects lower mark-to-market gains on the treasury book, which its operating profit after tax excludes. It received SEBI approval to act as a custodian (operations to start in Q4 FY27) and says it now holds AA+/Stable from all three rating agencies after an India Ratings upgrade. The board approved raising non-convertible debentures by public issue or private placement in tranches (size not reported here, per policy). The review conclusion is unmodified.
• NIIF Infrastructure Finance reported (the filing is a scan; figures read from the page images) Q2 total income of ₹772.38 crore against ₹624.36 crore (up 23.7%, our arithmetic), with interest income of ₹729.97 crore against ₹597.02 crore, finance costs of ₹571.58 crore against ₹452.94 crore and profit of ₹174.96 crore against ₹149.04 crore; half-year profit was ₹332.21 crore against ₹283.24 crore. Its debentures are rated AAA by ICRA, CARE and CRISIL, the joint auditors' review opinion is unmodified, and a note records one loan account assigned for ₹400 crore, equal to its net book value.
• Poonawalla Fincorp allotted four-year zero-coupon secured debentures and three-year secured debentures (sizes and coupon not reported here, per policy), following a debenture-issue approval announced on 26 October.
• Punjab National Bank disclosed that the Reserve Bank of India imposed a penalty of ₹1,56,53,000 (₹1.57 crore) on it on 29 October for non-compliance with the Master Directions on currency chests; it says the impact is limited to the penalty.
• SBI Card's call transcript (call held 23 October, filed 29 October; results reported then) has MD and CEO Salila Pande saying Q2 revenue from operations was ₹5,141 crore, up 4%, and profit after tax ₹778 crore, up 75% "mainly driven by improved credit costs"; gross credit cost fell to 5.6%, gross NPA to 1.9% and net NPA is 0.77%, with an extra provision raised to ₹100 crore from ₹70 crore for the West Asia conflict's possible effect on households. Net interest margin was 10.8% and she expects it to be range-bound as funding costs rise; cost-to-income was 58.7% (guided 57-59%) and gross credit cost is guided near 6% for the year. Retail spends were ₹95,299 crore, up 6%, and cards in force about 2.32 crore, up 8%.
• SBI Funds Management's call transcript (call held 23 October, filed 29 October) has MD and CEO Debasish Mishra giving quarterly average AUM of ₹13.14 lakh crore, up 10%, a 15% industry share, passive AUM of ₹4.15 lakh crore (up 11%) and SIP AUM of ₹2.07 lakh crore, up 15%, with unique customers up 10% to 1.85 crore. For the half year he gives operating revenue of ₹2,336 crore, up 12% from ₹2,089 crore, operating profit of ₹1,797 crore (up 11%) and profit after tax of ₹1,566 crore, and says gross margins were stable with gross yields still expanding.
• Sundaram Home Finance reported standalone Q2 total income of ₹496.47 crore against ₹462.59 crore, profit before tax of ₹115.37 crore against ₹96.68 crore and profit of ₹89.61 crore against ₹74.68 crore (up 20.0%, our arithmetic; half-year ₹174.75 crore against ₹137.00 crore), with net worth of ₹2,446.66 crore, debt-to-equity of 6.37 and gross and net Stage III assets of 1.39% and 0.73% against 1.24% and 0.62% a year ago (1.42% and 0.69% in June). The joint auditors' limited review report is unmodified. The board outcome re-appoints three independent directors for second five-year terms and records the head of internal audit's resignation from 31 December.
• Suryoday Small Finance Bank reported Q2 profit of ₹76.5 crore against ₹30.4 crore, with net total income up 46.5% to ₹495.3 crore, net interest income up 42.8% to ₹368.8 crore and pre-provision operating profit up 83.8% to ₹145.5 crore; cost to income was 70.6% against 76.6%. Gross advances were ₹14,972 crore, up 34.6%, deposits ₹16,184 crore, up 35.0%, and CASA 19.4% against 20.7%. Gross NPAs were 2.9% (₹438 crore) against 5.9% a year earlier, net NPAs 1.5% (₹224 crore, against which the release says ₹181 crore is receivable under the CGFMU credit-guarantee scheme), and collection efficiency adjusted for one EMI 93.6% against 85.3%. The results carry an unmodified review report, and the board noted that investor director Ranjit Jayant Shah completes the eight-year limit on 1 November and leaves the board from 2 November.
• Tamilnad Mercantile Bank's call transcript (call of 26 October, posted 29 October; net profit of ₹451 crore reported 26 October) has Managing Director and CEO Salee S. Nair giving total business of ₹1,30,237 crore (up 27.25%), deposits of ₹69,546 crore (up 25.49%) and advances of ₹60,691 crore (up 29.32%), gross NPA 0.61% and net NPA 0.14%, credit cost 9 basis points, capital adequacy 32.39% and net interest margin 4.19% (up 36 bps on the year, about 10 bps lower than June as cost of deposits rose to 5.85% from 5.68% and about ₹1,000 crore of refinance was taken at 7.5%). Asked about guidance, he said deposit growth, earlier guided at 18% plus, "will be 20% plus" and advances growth 22% plus, adding that the numbers are "the minimum". The bank opened 9 branches in the half-year and is committed to 60 for the year.
• Thomas Cook (India) said Crisil reaffirmed CRISIL AA/Stable and CRISIL A1+ on ₹433 crore of bank facilities and A1+ on ₹50 crore of commercial paper, and withdrew its corporate credit rating at the company's request.
• Veritas Finance said its board designated independent director Mathew Joseph as non-executive chairman after the death of chairman Raj Vikash Verma, re-appointed Christopher Robin as Chief Audit Officer for three years from 2 January 2027, and approved standalone half-year results with an unmodified review report from S.R. Batliboi & Associates; the results table in the PDF is an image, so the figures were not read. Seven copies of the outcome were uploaded.

Deals and capital

• 63 moons technologies said its material subsidiary 63SATS Cybertech signed a warrant subscription agreement with Bennett Coleman and Company Limited (the intimation reached the parent on 28 October): the filing says the structure gives a staged capital infusion with an upfront payment, defers equity dilution until the warrants are exercised, and funds 63SATS' working capital and growth; Bennett Coleman is not related to the promoters, holds no shares in 63SATS and gets no special rights. (Issue terms are not reported.)
• ACI Infocom (BSE filing): its preferential allotment committee allotted fully convertible warrants on 29 October to 11 allottees, all in the non-promoter category.
• Alankit: promoter Alka Agarwal and nine persons acting in concert filed two takeover-code disclosures dated 7 and 9 October, posted on NSE on 29 October (late; scanned documents read from page images). The first says she acquired fully convertible warrants by preferential allotment on 5 October, which lifts the promoter group's holding on a diluted basis to 61.29% from 54.15%; the second says part of them were converted into equity shares on 7 October, giving her 5.74% of the enlarged equity and the group 56.78%, from 54.15%, with 10.43% of diluted capital still held by her as warrants.
• Anlon Healthcare said it received in-principle approval from NSE and BSE (letters of 28 October) for its proposed preferential issue of equity shares of ₹2 each in a share swap; the filing does not name the company being acquired. (Issue terms are not reported; the same-day results were filed on BSE and were not read.)
• Ashiana Housing signed a joint development agreement for a senior-living project on about 4.41 acres in Sector 78, Gurugram, with a saleable area of about 7.25 lakh sq ft and estimated sales potential of about ₹1,300 crore (the company's estimate); the filing names no landowner and gives no revenue share.
• Astra Microwave Products received "no adverse observations" from BSE and "no objection" from NSE on its scheme to demerge the space, meteorology and hydrology business into Astra Space Technologies Private Limited; the scheme remains subject to other regulatory approvals (first announced 10 June).
• Avishkar Infra Realty (BSE filing): the manager to the offer submitted the draft letter of offer for an open offer by Nalin Ramaniklal Shah and ten family persons acting in concert, in cash (offer size and price not reported here, per policy), triggered by a share purchase agreement of 14 October 2026 for control. The draft sets the public statement at 22 October, the identified date at 25 November and the tendering period at 9 to 22 December 2026; the draft says the acquirers were allotted 26.78% of the voting capital by a February 2024 preferential issue.
• Callista Industries (BSE filing): non-promoter Koriander Consultants LLP disclosed being allotted shares on conversion of warrants on 26 October (size not reported here, per policy), taking its holding from 17.54% to 21.86% of the enlarged capital; the form is a scan, read through OCR.
• CG Power and Industrial Solutions said its wholly owned subsidiary Axiro Semiconductor has joined ThinSiC Inc., a Silicon Valley developer of low-cost silicon carbide power devices, as lead investor in its latest financing round and entered a long-term commercial partnership; Axiro would act as ThinSiC's commercial channel in India. The filing gives no amount or stake.
• Dhariwalcorp filed the proceedings of its extraordinary general meeting held on 29 October in Jodhpur, which took up two special resolutions: a preferential issue of equity shares to the promoter and a preferential issue of convertible warrants to the promoter group and non-promoter public investors. The filing states the voting results and scrutiniser's report will follow; they were not in the 29 October filings, so the outcome is unknown.
• Dishman Carbogen Amcis disclosed that promoter-group holder Adimans Technologies LLP signed a share purchase agreement on 28 October to sell its entire holding of 9,30,02,442 shares (59.32% of the company) to another promoter-group member, Aamanya AG. The company says the inter-se transfer is exempt from an open offer and that the promoter group's overall holding does not change; the price is not stated in the filing.
• Edelweiss Financial Services said its subsidiary EAAA India Alternatives has finalised the offer terms for its IPO (including the anchor-investor portion) and filed its prospectus dated 28 October with the Registrar of Companies, SEBI and the exchanges (issue terms not reported here, per policy).
• Embassy Developments (formerly Equinox India Developments) agreed on 28 October to buy CP Senior Housing (India) LLC's 50% stake (1,12,44,599 shares) in its joint venture Embassy Columbia Pacific ASL for ₹32.65 crore in cash (converted from ₹32,65,27,241), set on the basis of enterprise value, which would make it a wholly owned subsidiary. The venture owns Embassy Serene Amara, a senior-living project of about 2.44 acres at Devanahalli, Bengaluru. The filing says it is not a related-party deal, subject to closing conditions, expected within the quarter to 31 December 2026. A takeover-code disclosure dated 14 October but posted on 29 October shows the promoter-side group (Bellanza Developers, Jitendra Virwani and Embassy Property Developments with others) acquiring 0.99% through conversion of warrants into shares (allotted 20 August and 13 October 2025; size not reported here, per policy) and an open-market purchase of 3,48,500 shares on 30 September 2026, leaving the group at 42.68% of voting capital counting equity shares and warrants.
• Gayatri Highways acquired a further 49% each of Gayatri Jhansi Roadways and Gayatri Lalitpur Roadways, and 11.53% of Cyberabad Expressways, for ₹1 in cash per acquisition, making the first two wholly owned (the filing states completion on 28 October). The two annuity-road companies had FY26 revenue of ₹25.58 crore and ₹21.83 crore (converted from ₹ lakh).
• Hemisphere Properties India said it received ₹160.125 crore on 28 October, 25% of the ₹640.50 crore sale consideration from HyperVault AI Data Center Limited, the winning bidder in the e-auction of its land at Bopkhel, Pune; the balance is due on the terms of the request for proposal.
• IIFL Capital Services: the open offer by FIH Mauritius Investments Ltd, with HWIC Asia Fund as person acting in concert (the Fairfax group's entry reported on 28 October), is an open offer (size and price not reported here, per policy). The letter of offer sets the tendering period from 2 to 16 November, with payment or refund by 25 November, and the independent directors' recommendation, published on 29 October, says the offer is fair and reasonable under the takeover rules while advising shareholders to decide for themselves.
• Krishna Institute of Medical Sciences (KIMS) signed definitive agreements and remitted the money for two hospital deals on 29 October. It agreed to take 51% of Sarvottam Health Care, which runs the 183-bed Trust Multi Speciality Hospital in Kakinada, for up to ₹79.50 crore in cash (21,72,713 shares), on a BDO valuation of 5 October; the target had FY26 turnover of ₹84.83 crore and profit of ₹7.06 crore, and KIMS already runs it under an operations-and-management agreement of 10 September. It also bought 5.82% of Ushahkal Abhinav Specialty Hospital LLP, a 316-bed Sangli hospital, for ₹15 crore by primary infusion; that LLP had FY26 turnover of ₹80.42 crore and a loss of ₹23.59 crore.
• Lalithaa Jewellery Mart said its newly formed Malaysian unit, Lalithaa Jewellery (M) Sdn. Bhd., allotted it shares (size and price not reported here, per policy), a 91% stake that makes it a subsidiary from 28 October; the unit has not started operations and will retail and wholesale gold, diamond and silver jewellery.
• Orient Cement filed an investor presentation that is in substance Ambuja Cements' group deck (Orient's September-quarter results were reported on 22 October). Its merger page says the amalgamations of ACC and of Orient Cement into Ambuja Cements were approved by shareholders at NCLT-convened meetings on 29 and 28 September, the schemes now go for final NCLT sanction, and completion is expected in FY27 (the timeline slide says January 2027). The deck also shows Ambuja group capacity of 113.5 MTPA with 14 projects adding 29.7 MTPA toward 149 MTPA, and says commercial diesel prices rose 25% to 30% in six months, an impact of about ₹228 per tonne in the quarter.
• Quint Digital (BSE filing): promoter entity RB Diversified acquired 44,84,838 non-voting compulsorily convertible preference shares, up to 26 October, taking the promoter group's holding including convertibles to 55.26% of diluted capital from 48.27%; the 27 October form reported 29,32,138 of these shares up to 23 October, so this is the cumulative figure. Promoters' equity holding is unchanged at 1,41,59,952 shares (29.99%).
• RNFI Services said the Reserve Bank of India on 29 October gave its no-objection to the remaining tranches of its proposed acquisition of Payworld Digital Solutions and the resulting change of control of Smart Payment Solutions, an RBI-authorised prepaid-payment-instrument issuer; completion follows a public notice by Smart Payment. The filing gives no consideration.
• Samvardhana Motherson International disclosed a corporate guarantee: the company and its indirect wholly owned subsidiary Motherson Global Investments B.V. signed a term facility agreement with BNP Paribas of up to EUR 75 million on 29 October, and the company is to guarantee it, with potential liability capped at 105% of the facility, EUR 78.75 million, and validity up to 28 February 2032. The filing states there is no impact on the company's consolidated financial statements because the borrower is a wholly owned subsidiary, and that no promoter or group company has an interest.
• Shaival Reality: the acquirers, led by Tarangkumar Manubhai Savaliya, published their detailed public statement for a mandatory open offer (size and price not reported here, per policy). It follows a share purchase agreement of 23 October for 84,06,000 shares, 72.63% of the company, for ₹25.22 crore in all, after which the sellers hand over control and are declassified as promoters. The tendering period is to be announced in the letter of offer.
• Suvidhaa Infoserve's board approved the detailed terms of its rights issue after the exchanges gave in-principle approval on 23 October: record date 4 November, issue opening 13 November and closing 20 November (terms not given, per our rule).

Orders

• ACME Solar Holdings said its wholly owned subsidiary ACME Marigold Urja has signed a power purchase agreement with NTPC for 400 MW of firm and dispatchable renewable energy (FDRE) under NTPC's FDRE Tranche 01, at a tariff of ₹4.37 per unit, with scheduled commencement of supply on 30 June 2028 and a 25-year term from that date. The filing is dated 28 October, calls itself a voluntary disclosure, and says neither promoters nor related parties have an interest.
• Afcons Infrastructure announced two EPC orders in Uttar Pradesh worth nearly ₹3,469 crore combined: the Uttar Pradesh Expressways Industrial Development Authority has awarded the 24.5-km six-lane Jewar Link Expressway connecting Noida International Airport to the Yamuna and Ganga Expressways, valued at about ₹2,086 crore excluding GST, and Afcons has received a notice of award from Uttar Pradesh Metro Rail Corporation for a 6.52-km underground stretch with seven stations on the Lucknow Metro Phase-1B, valued at about ₹1,383 crore. Managing Director S Paramasivan says fresh orders secured in FY27 now stand at ₹19,438 crore.
• Anawil Wire and Engineering received an order valued at ₹58.32 crore including GST for integrated supply under Model 3 of 10 steel wind-turbine towers (each of six tubular sections, 140-metre hub height, about 474 tonnes, designed for 5 MW turbines), from a domestic customer the filing calls "confidential", to be completed by the first quarter of FY 2027-28.
• CONCOR placed an order with Braithwaite & Co (a Government of India undertaking under the Ministry of Railways) for 24 rakes of BLSS wagons with BVCM-type brake vans, worth ₹485.93 crore including GST, to be delivered by 20 June 2028; the filing says there is no promoter or related-party interest. This is a purchase by CONCOR for its fleet, not revenue (our reading).
• Dilip Buildcon received a letter of award from the National Highways Authority of India for a 9.66 km four-lane elevated corridor in Solapur, Maharashtra on hybrid annuity mode, worth ₹688.23 crore excluding GST, with 24 months to build and a 15-year operation period.
• Jupiter Wagons received an order on 28 October from the Ministry of Railways for 2,583 BOXNHL and BOXNS wagons worth ₹1,140 crore including taxes. The press release says the company expects about ₹2,000 crore of further orders in Q4 FY27, points to a Railways tender for 5,800 BOBRN wagons, and says it is extending its backward integration (castings, bogies, couplers, brake systems) to wheelsets at an Odisha facility.
• Navin Fluorine International's subsidiary Navin Fluorine Advanced Sciences signed an amendment with Solstice Advanced Materials US (assignee of the Honeywell contract) extending its Dahej HFO supply contract to December 2032, four years beyond the original seven; the company puts the additional revenue potential at about $180 million, taking the total to about $590 million over 11 years. Filed just after midnight.
• NBCC (India) said it sold about 8.80 lakh sq ft of residential apartments at Avenue Towers, Africa Avenue Marg, Sarojini Nagar, New Delhi, through an e-auction at a total sale value of about ₹5,191 crore, and that NBCC will receive a marketing fee of 1% of the sale value (about ₹52 crore, our arithmetic). The filing does not name the owner of the apartments or the buyers.
• Positron Energy received a letter of award for the spot supply of 90,000 MMBTU of regasified LNG, worth about ₹24 crore, for supplies in November 2026, won on a bid against a natural-gas sourcing tender.
• Prime Cable Industries said it received a purchase order from a listed EPC company for design, manufacture and supply of LT cables worth ₹12.98 crore including GST (converted from ₹12,97,99,995).
• RailTel received a letter of acceptance from the Department of Posts on 28 October for dedicated GPU compute and storage services on an operating-expense basis for five years, estimated at ₹22.78 crore including tax (converted from ₹22,77,52,980), to be executed by 30 November 2031.
• SEPC said the Jharkhand High Court on 27 October granted an interim stay on the rescission notices for seven rural water-supply contracts (rescinded as reported on 25 October) until the next hearing on 30 November; the company is also pursuing dispute resolution. The filing gives no contract value.
• Skytech Infinite Platform received a ₹32 crore purchase order (excluding GST) from Shankaranarayana Constructions for SCADA, flow meters and valves for a Jal Jeevan Mission drinking-water scheme in Dakshina Kannada, to be delivered within a year of approval of the final drawing.
• Texmaco Rail & Engineering said the Ministry of Railways, using the option clause of its original contract, raised the BOXNS wagon order by 1,020 wagons valued at ₹412.32 crore, from 3,400 to 4,420 wagons, on the same price and terms; the amended contract value is ₹1,786.74 crore including taxes, and delivery of the added quantity runs to 11 June 2027.

Capacity and operations

• Aarti Pharmalabs' presentation, filed a day after its results (reported on 28 October), details a ₹149 crore brownfield CDMO block (Atali Block 2, about 405 kilolitres, commercial by H2 FY28) with groundbreaking done, says FY26 capex was about ₹400 crore and FY27 will be similar, targets 15-18% revenue and EBITDA growth a year over three to four years, and says raw-material cost increases are being passed on in most products, that Atali Block 1 is operating in both phases and that API headwinds are subsiding.
• Aditya Vision opened five showrooms on 29 October, taking its total to 219: one in Indore (Madhya Pradesh), two in West Bengal (Asansol and Durgapur) and two in Uttar Pradesh (Kanpur Dehat and Auraiya). The filing says this takes the company into Madhya Pradesh and West Bengal, its fifth and sixth states.
• Avana Electrosystems pushed back the start of commercial production at its new integrated manufacturing unit at Dobaspet, Karnataka. On 20 October it had said, after receiving the occupancy certificate from KIADB, that production would begin before the end of October; it now says before the end of December 2026, because interior works and some statutory compliance requirements are still pending.
• Century Enka received a letter of approval from the Ministry of Textiles inducting it as a participant in the Production Linked Incentive scheme for the technical-textile segment (Part 2 category); the filing gives no incentive amount or investment commitment.
• Clean Science and Technology's subsidiary Clean Fino-Chem completed product trials of its advanced HALS grades, developed with Geneus Chem AG, which met internal quality and international regulatory standards; commercial launch is expected in H2 FY27.
• DCM Shriram said its roughly 68 MW (about 34 MW average) wind-solar hybrid renewable power project, built through JSW Renew Energy Thirty Two Limited, is fully commissioned, after partial commissioning reported on 4 May.
• Fiberweb (India) reported Q2 total income of ₹30.99 crore, up from ₹10.02 crore in Q1, EBITDA of ₹3.31 crore and net profit of ₹1.27 crore, which the company says is below the same period last year, citing competitive pricing and input costs under the US-Iran conflict. Its board approved setting up a needle-punched non-woven fabric manufacturing project, with a director authorised to prepare the techno-economic report and arrange bank funding; no capacity or cost is given. An investor presentation was also filed.
• FLYSBS Aviation filed a revised capacity-addition disclosure after an exchange query on its 28 October note: it is inducting one Hawker 900XP 9-seater aircraft in October 2026, taking its fleet from 2 aircraft (running at 100% utilisation, the filing states) to 3. The investment is ₹13.98 crore (converted from ₹1,398.20 lakh), financed from IPO proceeds, to expand passenger charter and aviation services.
• Gujarat Alkalies and Chemicals said 6.6 MW of the 16.5 MW first phase of a 75.9 MW hybrid renewable power project being built for it by Clean Max became operative on 29 October, in a stabilisation phase, and that this will lower its overall power cost; the remaining supply starts in due course.
• Kheria Autocomp, an NSE SME maker of plastic injection-moulded car components, reported first-half revenue from operations of ₹72.27 crore against ₹55.01 crore (up 31.4%), EBITDA of ₹12.75 crore at a 17.60% margin (17.59% a year earlier) and profit after tax of ₹6.28 crore against ₹4.53 crore (converted from lakh; the results show cost of materials consumed of ₹48.45 crore against ₹37.01 crore). The release says capacity utilisation was 98.9% on 5,400 tonnes a year and that a second Sanand facility will add 2,400 tonnes a year (about 44%) to take capacity to 7,800 tonnes, with two new car models added and commercial production planned for January 2027.
• Maruti Suzuki said its cumulative electric-vehicle exports passed 50,000 units since shipments began in August 2025, to about 50 countries led by Europe, and that it accounted for nearly 93% of India's electric passenger-vehicle exports in April-September 2026 (SIAM data cited by the company). MD and CEO Hisashi Takeuchi says the Hansalpur plant in Gujarat now has an annual capacity of 1 million vehicles after cumulative investment of ₹25,288.7 crore (converted from INR 252,887 million) and made nearly half of overseas shipments in FY26.
• Max India forwarded a press release from its subsidiary Antara Senior Care: 200 apartments have been handed over at Antara Noida, the 340-unit senior-living community in Sector 150, within two months of possession starting; the first residents are moving in.
• NTPC's wholly owned NVVN declared its first battery energy storage project (250 MW / 500 MWh) commercial from 27 October, with scheduling from 28 October. NTPC Green Energy declared a further 95.6 MW of its Kalasar solar project (Bikaner) commercial from 30 October, taking its group commercial capacity to 11,328.69 MW and installed capacity to 11,424.29 MW.
• Nuvoco Vistas' call transcript (call held 23 October, results already reported on 22 October) adds capacity detail: the 2 million tonne grinding unit at Limla, Surat (from the Vadraj acquisition) was commissioned in the quarter, which frees capacity at its Rajasthan plant for the north; the Kutch project is to start operating in phases from Q3 FY27; a 46.4 MW wind-solar hybrid agreement was signed for Rajasthan. Management said volume grew 9%, revenue about 14% and EBITDA 11%, with premium products at a record 45% of sales, and named the sharp rise in petcoke, coal and granule prices after the Middle East escalation as the quarter's pressure.
• PI Industries unveiled Pioxaniliprole, which the company calls India's first indigenously discovered insecticide molecule; it has been registered by the Central Insecticides Board and Registration Committee, which formally recognised it as the first insecticide active ingredient discovered in India. The release says it came from more than a decade of research and field trials with State Agricultural Universities; it gives no launch date, price, revenue or patent details.
• Precision Wires India started commercial production of copper cathodes at its copper refining and recycling facility at Zaroli, Gujarat (announced 17 September); the filing gives no capacity or investment figure.
• Schneider Electric Infrastructure approved a ₹211 crore investment at its Kolkata medium-voltage components facility to lift vacuum interrupter capacity from 250,000 to 375,000 units a year and add 18,000 breakers a year, by the end of FY2028-29, funded by internal accruals and/or borrowings. The stated rationale is capacity augmentation, export growth plans and technology upgrade; the board met at shorter notice and the filing updates its disclosures of 7 September 2022 and 3 July 2026.
• Transport Corporation of India took delivery on 29 October of a 500-TEU cellular container carrier at its TCI Seaways division, one of the two vessels ordered under its July 2024 agreement with Taizhou Sanfu Ship Engineering of China; the annexure puts the division's existing capacity at six ships (78,120 DWT) and 8,500-plus containers. Separately it accepted on 27 October the buyback (size not reported here, per policy) after the tendering period of 15 to 22 October, and published its post-buyback announcement on 29 October.

The fine print

• 5paisa Capital said the first appeal authority (CIT(A)) partly allowed its appeal against the AY 2023-24 income-tax assessment: of additions and disallowances of ₹42.90 crore, relief of ₹40.03 crore was granted by order of 28 October and ₹2.87 crore stands; no penalty. The company says it has documentation for the rest and will take it to the next authority.
• AAA Technologies: Magnifica Global Opportunities Fund (MGO High Conviction sub-fund), a Mauritius holder outside the promoter group, sold 6,24,470 shares (4.87%) in the open market, cutting its stake from 7.13% (9,14,850 shares) to 2.26% (2,90,380 shares). The trade date was 9 October and the form is dated 12 October, so the disclosure is late (posted on 29 October).
• AG Universal: statutory auditor Goyal Nagpal & Co. resigned with immediate effect on 29 October, citing a shortage of experienced staff and other professional commitments, so that it cannot give the audit "the requisite resources, time, supervision and professional attention".
• Aqylon Nexus: Leading Leasing Finance and Investment Company (not a promoter) disclosed selling 1,21,70,520 shares (4.80%) in the open market, taking its holding to 5.36% from 10.16%. The form is dated 14-15 October and was posted on 29 October; the sale date is not stated in the form.
• Bajaj Electricals said the GST appellate authority in Jaipur rejected its appeals and upheld two FY2018-19 assessment orders with gross demands of ₹2.83 crore and ₹6.53 crore (including penalties of ₹25.68 lakh and ₹59.37 lakh); it is evaluating further remedies and says there is no operational impact. Separately a (BSE filing) form from HDFC Asset Management says HDFC Mutual Fund schemes cut their holding to 7.25% on 26 October, a 2.01-point fall from 9.28% when last reported in August 2024.
• Bank of Baroda said it has had media queries about interim applications filed by Dr B R Shetty in his Bombay High Court suit, that it has been served with neither the suit nor the applications and that, from the court's website, both are yet to be scrutinised or registered. It says the contents were selectively given to the media on the eve of its results "with an improper intention" and that it will take appropriate steps; it cannot comment on pleadings it has not been served. The filing states no amounts.
• Bharti Airtel disclosed a notice from the Department of Telecommunications, Karnataka licensed service area, imposing a penalty of ₹2,14,000 (₹2.14 lakh) for alleged violation of subscriber-verification norms, found in DoT's customer application form audit for August 2026. The notice was received on 28 October; the filing states the company has opted not to contest and to pay the penalty, and that the maximum financial impact is the penalty itself.
• Bihar Sponge Iron (BSE filing) says its CFO, Sachin, resigned from 1 November for "organizational priorities".
• Delhivery's subsidiary Ecom Express received a Uttar Pradesh GST order dated 28 October for FY2022-23 confirming a demand of ₹1.79 crore tax, ₹1.34 crore interest and ₹0.18 crore penalty (₹3.30 crore in all, our arithmetic) for disallowed input tax credit; the company sees no material impact.
• Delta Corp said the Goa GST authority on 28 October rectified its 25 September orders on GST for casino-entry packages (July 2017 to March 2022), holding the differential tax should be computed cum-tax: the demand across the company and two subsidiaries falls to ₹28.99 crore from ₹37.11 crore (₹8.12 crore less), and penalties fall to ₹28.99 crore, with interest at 18% a year on the unpaid tax unchanged in rate.
• DIC India said the Kolkata tax tribunal, by an order of 17 September (received 28 October), recalled and rectified its March 2025 order on the AY 2020-21 transfer-pricing demand: the adjustment is to be recomputed excluding, not including, three comparables, and the matter goes back to the regular bench. The company expects no financial implication on a preliminary view.
• Gensol Engineering: Catalyst Trusteeship, security trustee for lender Power Finance Corporation, disclosed selling 9,61,932 shares (2.50%) that Gensol Ventures Private Limited had pledged, on 12, 13 and 14 October, leaving no pledged holding in this form. The form is dated 14 October and was posted on 29 October. Together with the sales reported on 27 and 28 October, our reading is that the pledge in favour of the lenders is now fully sold down.
• GVK Power & Infrastructure (under insolvency resolution) said it learned on 29 October that liquidation proceedings have begun for five Australian subsidiaries of GVK Coal Developers (Singapore): Hancock Alpha West, Hancock Coal, Hancock Galilee, Hancock Kevin's Corner and Hancock Coal Infrastructure. GVK Power holds 10% of the Singapore company, which it treats as an associate; the filing states the investments and receivables are already fully impaired and that its exposure from corporate guarantees and lenders' claims is disclosed in its financial statements.
• India Power Corporation (formerly DPSC; in insolvency resolution since the NCLT Hyderabad order of 15 May 2026) filed its June-quarter results late, approved on 29 October by the resolution professional's management committee. The statutory auditors, SS Kothari Mehta, gave an adverse conclusion on the standalone statement (and, for the same claims, on the consolidated one): the company has not recognised liabilities for claims of ₹8,720.50 crore (converted from ₹8,72,049.62 lakh) admitted by the resolution professional, so "profit before tax has been overstated and liabilities has been understated to that extent", and the statement "has not been prepared in accordance with" Ind AS; they also flag material uncertainty on going concern. On those books, standalone profit for the period was ₹6.60 crore against a loss of ₹241.46 crore in June 2025, on total income of ₹177.68 crore. An NCLAT appeal is pending. A second upload of the same outcome (https://nsearchives.nseindia.com/corporate/DPSCLTD_29102026200136_OutcomeoftheManagementCommitteeMeeting_29102026.pdf) was filed later the same evening. (Our reading: the profit is not a guide to the company's position.)
• IndiGrid Infrastructure Trust said it has withdrawn the scheme to amalgamate seven of its solar project companies (TN Solar Power Energy and six Terralight/Universal Mine Developers entities) into Solar Edge Power and Energy, by letters acknowledged by the Regional Director on 28 October; the filing gives no reason.
• Indo Amines said the Maharashtra GST department's inspection and search proceedings, begun on 22 October at some of its offices and plants, ended on 28 October at 7:00 pm, that it is giving the authorities the information they asked for, and that there is no material impact on its financials or operations at present.
• Just Dial disclosed an order dated 28 October from the Central Consumer Protection Authority imposing a penalty of ₹10 lakh under the Consumer Protection Act, 2019, over online listing of ammonium nitrate, a regulated and hazardous substance, and requiring it to stop listing or hosting ammonium nitrate or any other explosive; the company says it has discontinued such listings, is reviewing the order and sees no impact on operations.
• Kalpataru Projects International said a GST order of 28 October for FY2018-19 and FY2020-21 on excess input tax credit and short reverse-charge payment includes a ₹6.76 crore penalty; it will appeal and sees no significant impact.
• Krsnaa Diagnostics: promoter-group entity Krsna Diagnostics (Mumbai) Private Limited and Rajendra Mutha disclosed the allotment to them on 13 October of fully convertible warrants on a preferential basis (size not reported here, per policy), approved by shareholders by postal ballot on 17 September. Their holding stays at 87,95,605 shares (27.11%); including the warrants their stake would be 29.70% of the diluted capital against 26.30% before (late filing: posted 29 October).
• L&T Finance said BSE and NSE, by letters of 28 October, granted no-objection to reclassify Nabha Power Limited from promoter group to public under Regulation 31A.
• LPDC executed on 29 October an amendment to its March 2026 refund and settlement agreement with related party Eterna Living (formerly Ansal Landmark (Karnal) Township), extending repayment of the outstanding refund from 26 September 2026 to 31 March 2027, as its members approved on 21 September. Of ₹35.26 crore due, ₹8.15 crore has been received and ₹27.11 crore is outstanding (converted from rupees); the filing says Eterna asked for the extension, citing delays in expected funds from pending government approvals on another group housing transaction.
• Max Healthcare Institute said that the NCLT Cuttack Bench could not hear, for lack of time, the petitions filed by the legal representatives of BRS Capital Two Pte. Limited against Kalinga Hospital Ltd (its subsidiary; BRS was the other shareholder from whom Max acquired the majority stake) and against Max, listed on 29 October, and adjourned them to 30 October (continuing its 29 September intimation).
• NDR Auto Components received an order from the Additional Commissioner of Central GST, Gurugram, in a dispute over the GST classification of two-wheeler seats: it confirmed a demand of ₹4.96 crore for FY2020-21 to FY2023-24, already deposited under protest, and imposed a penalty of ₹4.96 crore plus interest. The company will appeal and says no impact is envisaged.
• Nirlon: two late takeover-code disclosures were posted on 29 October. InRe Fund II (managed by Monocap Investment Advisors) bought 23,25,000 shares (2.58%) in the open market on 1 October, and the filing says BSREP IV FPI Two Holdings (DIFC), acting in concert, held 12.48% after a 3,00,000-share purchase on 26 August; the group totalled 15.06%. On 14 October InRe transferred its 2.58% to BSREP off-market in an inter-se transfer, leaving BSREP at 1,35,70,558 shares (15.06%). The filing says the acquirers are not promoter-group members.
• Orchasp filed a revised explanatory statement for its proposed preferential issue after NSE's observation: the allottee, shown in the AGM notice as a promoter allottee, is to be described as non-promoter before the issue and promoter after it. The filing states the resolution passed at the 30 September AGM with 99.99% of votes in favour; the issue terms are not reported here.
• Patanjali Foods disclosed a second prohibition order, dated 16 October and received 28 October, from the food-safety officer at Chhindwara, Madhya Pradesh, barring sale of a batch of cow ghee that failed standards under the Food Safety and Standards Act; the company says the impact is limited to the value of the batch and may retest the sample and appeal. The order reported on 23 October (dated 21 October) was a separate one.
• Power Finance Corporation reported the incorporation of a special-purpose vehicle, Rundh Gidawara Transmission Limited, under PFC Consulting (its wholly owned subsidiary) for a 765 kV substation at Rundh Gidawara (Alwar, Rajasthan) with its associated transmission system. The filing states PFC Consulting is the Ministry of Power's bid process coordinator for this tariff-based competitive bidding project; the vehicle will carry out preparatory work (surveys, land acquisition, forest clearance) and is to be transferred to the successful bidder.
• Raama Finance (BSE filing) said its board allotted equity shares on conversion of warrants issued earlier on a preferential basis (terms not reported) and appointed Kumar Gaurav & Co as statutory auditor to fill a casual vacancy after Goyal Nagpal & Co resigned with effect from 6 October because it was "unable to devote the requisite resources, time, supervision and professional attention necessary" to the audit.
• Setubandhan Infrastructure (Setu Infra) said its resolution professional cannot file shareholding data because NSDL, CDSL and the registrar stopped providing beneficiary data over unpaid fees; the company has been in insolvency since 28 November 2022, the NCLT rejected the resolution plan on 24 March 2025 and an appeal filed on 9 July 2025 is pending.
• Silgo Retail: Dempal Shah, not a promoter, disclosed (late; scan, read by OCR) that she bought 5,65,175 shares (1.77%) on 21 May 2026, taking her holding to 6.22% from 4.45%; her letter, dated 15 October, says the disclosure was "inadvertently not made" in time through lack of awareness of the rule.
• Sudarshan Pharma Industries filed Q2 results with notes that the group decided to discontinue manufacturing at its Palghar unit to cut fixed costs and losses, that it has recovered ₹7.49 crore of a ₹9.19 crore Dubai court award against Regans International DMCC and an individual with interest, and that FCCBs it issued in May have partly converted into equity. The review report is unmodified; the quarter's revenue columns were not reliably readable, so no figures are given.
• Supreme Infrastructure India said the NCLT Mumbai, by an order of 28 October, extended to 31 October 2026 the time to pay and carry out the remaining obligations under its sanctioned scheme of compromise and recorded the escrow mechanism for releasing funds.
• Texmo Pipes and Products disclosed that promoter and Managing Director Sanjay Kumar Agrawal was allotted equity shares on 13 October (size not reported here, per policy), raising his holding to 19.46% from 18.66%. The form is dated 15 October and was posted on 29 October.
• Tikona Communication (formerly Grand Foundry): erstwhile promoter Rakesh Kumar Bansal disclosed selling his 42,70,072 shares (14.03%), leaving 0.01%, under the March share purchase agreement and open offer; the shares moved on 24 September to SAR Televenture, and the form is dated 25 September, so this reached the exchanges more than a month late.
• Transgene Biotek: statutory auditors Eswara Rao & Co resigned with immediate effect by a letter of 28 October, citing "pre-occupation in other assignments"; the company will appoint a successor.
• Vardhman Polytex said an operational creditor, Bhagwati Cotton Company, filed an insolvency application under Section 9 of the IBC at the Chandigarh NCLT on 28 October for ₹40.70 crore (₹28.08 crore principal and ₹12.62 crore interest); the company has only received intimation of the filing.
• Vedanta Iron and Steel's CEO of the iron ore business, Anamika Jha, resigned from 28 October for personal reasons.

Dates to note

• 30 October: Motilal Oswal's results call; NCLT Cuttack hearing on the BRS Capital petitions against Kalinga Hospital and Max Healthcare; Uravi Defence's postal ballot on related-party loans opens (to 28 November).
• 31 October: EPACK Durable's CFO Rajesh Kumar Mittal leaves; NCLT's extended deadline for Supreme Infrastructure's scheme of compromise.
• 1 November: Bank of India's revised MCLR takes effect; Bihar Sponge Iron's CFO leaves; Sumit Zaveri becomes CEO of Restaurant Brands Asia's India business.
• 2 November: tendering opens in the open offer for IIFL Capital Services by FIH Mauritius and HWIC Asia Fund (closes 16 November; payment by 25 November); Suryoday Small Finance Bank's investor director Ranjit Jayant Shah ceases.
• 3 November: Punj Lloyd's board meets on results.
• 4 November: record dates for Coal India's ₹10.25 second interim dividend (paid by 27 November), Godrej Consumer's ₹5, Privi Speciality's ₹5, Symphony's ₹2 and Vaibhav Global's ₹1.50 interim dividends.
• 5 November: record date for Sanofi India's ₹75 interim dividend; Dwarikesh Sugar starts crushing at its Bijnor units (Bareilly on 11 November).
• 6 November: record dates for Laurus Labs' ₹1 and CARE Ratings' ₹10 interim dividends; UGRO Capital's results call.
• 11 November: Noel Tata's last day as Trent's chairman (Bahram Vakil from 12 November).
• 13 November: record date for CAMS's ₹3.25 interim dividend; FDC's buyback record date.
• 25 November: identified date in Avishkar Infra Realty's open offer (tendering 9 to 22 December).
• 30 November: Jharkhand High Court's next hearing on SEPC's seven water-supply contract rescissions.
• 1 December: NCLT Bengaluru hearing in the petition against Rentomojo; 2 December: Indegene's company secretary is relieved.
• 31 December: Avana Electrosystems' Dobaspet plant now due by the end of December (was end-October); Embassy Developments expects to complete the Embassy Columbia acquisition this quarter.
• Awaited, no date given: the Delhi High Court Division Bench's judgment on Vedanta Oil and Gas's Cambay appeal; final NCLT sanction for the ACC and Orient Cement amalgamations into Ambuja (the deck says January 2027); RBI approval of Equitas Small Finance Bank's next MD and CEO; Dhariwalcorp's EGM voting result.

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 29 October showed a failed resolution; Thyrocare's sale of Nueclear Healthcare is the only one read with more than 10% of a category against.
• Documents we could not read: Tata Projects' debt-segment board outcome and results disclosure (font-encoded, unreadable by text extraction and OCR; its results are reported below from the readable filing), Cholamandalam MS General Insurance (only a covering letter was filed), NPCIL's results table (an image; the review report was read), and Asian Paints' and Trent's call transcripts, not yet filed.
• BSE-only filings we did not open (downloads paused), by headline: Gujarat Toolroom, a petition to start insolvency proceedings admitted; Pradeep Metals, NCLT Mumbai approval of the amalgamation of Nami Capital; Rishabh Digha Steel, an open-offer public announcement; Kronox Lab Sciences, an open-offer letter of offer; Ishaan Infrastructures and Shelters, an open-offer pre-offer advertisement; Epigral, an income-tax demand for AY 2023-24 headlined at ₹28.11 crore including interest; Crescentis Capital, rights-issue terms approved and a 4 November record date; Billionbrains Garage Ventures (Groww), a promoter pledge headlined at 2.05% of the promoters' holding; DCW, a buyback intimation; Unitech International and SKIL Infrastructure, committee-of-creditors meetings; Kkalpana Plastick, an updated 27 October management-change outcome; Welspun Corp, a 49% direct stake in Welspun Special Coating for an IFBE plant (no consideration in the headline); Everestims Technologies, a whole-time director stepping down; Cube Highways Trust and IRB InvIT Fund, disclosures headlined "material issue" with the event not named; Kovai Medical Center, a customs adjudication order (no amount); Hindustan Organic Chemicals, its hydrogen plant shut from 29 October for pipeline repairs; Robokidz Eduventures, the sale of an activity centre to a subsidiary; Workmates Core2Cloud, an order (no customer or value); Landmark Property Development, an amended refund agreement with Eterna Living; Filtron Engineers, a price-movement clarification; Gita Renewable Energy, a change in its objects clause; daily buyback reports from Man Infraconstruction, Great Eastern Shipping and Advanced Enzyme Technologies; and results filed only on BSE by 58 companies, whose figures were not in the headlines.

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.