> ## Content Index > Fetch the complete content index at: https://www.moatmarginresearch.com/llms.txt > Use this file to discover other available public pages before exploring further. # Weekly Filing Digest — 12 to 17 October 2026 - URL: https://www.moatmarginresearch.com/weekly-filing-digest-2026-10-12/ - Published: 2026-10-18T16:34:54.000Z - Updated: 2026-10-18T16:34:53.000Z - Description: 12–17 Oct 2026: Fairfax won IDBI Bank, the RBI recounted Indian Bank's capital, raw materials squeezed margins and dollar deposits flattered bank growth. - Author: A K Karthikeyan - Tags: Weekly Filing Digest **The government picked Fairfax to buy 60.72% of IDBI Bank for ₹52,878 crore. The RBI's inspection cut Indian Bank's capital ratio to 16.53% from the 17.93% the bank had counted, and the Supreme Court left Yes Bank's AT-1 write-down set aside. Results season showed a split: raw materials squeezed gross margins at CEAT, Polycab and Orient Electric, while Nestlé and Metro Brands widened their margins and Leela raised its room rates 30%. And the big private banks' growth came partly from dollar deposits that cost them margin.** ## The shape of the week | Day | Filings in NSE's lists | Primary documents cited in the daily | | ----------- | ---------------------- | ------------------------------------ | | Mon 12 Oct | 870 | 83 | | Tue 13 Oct | 798 | 106 | | Wed 14 Oct | 837 | 101 | | Thu 15 Oct | 971 | 116 | | Fri 16 Oct | 725 | 93 | | Sat 17 Oct | 321 | 32 | | **Mon–Sat** | **4,522** | **531** | **How we read.** Every day this week we compared NSE's own lists of equity, SME and debt filings with our feed and read the gaps by hand, from 55 filings on Monday to 110 on Thursday. That check found Aegis Logistics' Tristar deal, filed after 11 pm on 13 October. On Saturday our night run did not start, so the screen was run by hand the next morning; the coverage check still passed before publication. ## THE FINE PRINT *Where this week's real problems were disclosed.* **Regulators and courts on bank capital.** - **Indian Bank**: the RBI's 2026 inspection found it had wrongly counted ₹2,470 crore as Tier 2 capital and understated its risk-weighted assets by ₹22,079 crore. At 31 March its total capital ratio was 16.53% on the RBI's count, not 17.93%, and its core ratio 15.61%, not 16.40%. The bank says profit is unaffected and both ratios stay well above the minimums. ([15 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-15/)) - **Yes Bank**: the Supreme Court dismissed the appeals over the March 2020 write-down of ₹8,415 crore of AT-1 bonds, so the write-down stays set aside; the bank puts the effect on its core capital ratio at about 2.5 percentage points ([16 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-16/)). Its joint auditors then issued a "Qualified Conclusion" on the Q2 results because they do not yet reflect the judgment ([17 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-17/)). **Fraud, searches and incidents.** - **Bank of India** declared its ₹575.40 crore account with Future Enterprise a fraud; it is fully provided for. ([12 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-12/)) - **Searches:** Customs at **Maithan Alloys**' Visakhapatnam unit, disclosed late ([13 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-13/)); the Enforcement Directorate at **R&B Denims** and its promoters, and the DRI at **United Spirits**, which calls it "industry-wide" ([17 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-17/)). - **Servotech Renewable Power System**: two people were arrested in the suspected fraud it disclosed in July, estimated at ₹2.00–2.50 crore ([14 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-14/)). - **Metro Brands** disclosed a cybersecurity incident in its IT systems, including Active Directory; the extent is under investigation ([15 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-15/)). - **Atul** says accidental damage to its treated-effluent pipeline released effluent for a short period, and it has suspended discharge through it ([16 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-16/)). **Tax.** Big numbers both ways: - **New demands and notices:** - **Bombay Burmah**: a Tamil Nadu Forest Department notice with a provisional computation of ₹6,462.12 crore, over its former Singampatti tea estate ([12 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-12/)); - **Mphasis**: its income-tax demand for 2023-24 rose to ₹2,417.80 crore after interest was added ([14 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-14/)); - **Paytm**'s gaming joint venture: a GST order for ₹703.66 crore of tax plus an equal penalty, against ₹5,712 crore proposed in the notice ([13 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-13/)); - **JK Tyre**: a ₹94.86 crore GST show cause notice ([13 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-13/)); - **IRCTC**: the GST Appellate Tribunal directed it to deposit ₹50.41 crore with interest in an anti-profiteering case; it is appealing ([15 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-15/)). - **Won or cut:** - **Maruti Suzuki**: the income-tax tribunal ruled mostly in its favour on eight years; the company puts the positive tax impact, including interest, at about ₹13,000 crore ([15 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-15/)); - **City Union Bank**: a fresh GST order cut its demand to ₹208.91 crore from ₹337.79 crore ([14 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-14/)); - **Tata Chemicals**: an arbitration tribunal rejected a ₹908 crore claim against it ([16 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-16/)). **Defaults.** - **BGR Energy Systems**: all ₹3,764.77 crore of its bank and institutional loans were in default at 30 September ([14 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-14/)). - **Mangalam Drugs and Organics** (about ₹15.57 crore overdue on two cash-credit accounts) and **SecureKloud Technologies** (₹8.11 crore) ([16 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-16/)). **Auditors.** - **ITI**: the auditor gave a disclaimer of opinion on the 2025-26 accounts, for the second year running; it expresses no opinion at all ([13 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-13/)). - **Resignations:** **Emkay Tools** (SME; reasons are in a letter we did not see) ([12 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-12/)), **Viji Finance** (no reason given) ([14 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-14/)) and **Vaxtex Cotfab** (auditor not named) ([13 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-13/)). At **RP Tech**, Deloitte ceased as joint auditor because it is no longer eligible under Section 141(3)(e) ([17 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-17/)). - **Qualified reviews:** **Agri-Tech (India)**, over interest not charged on loans to a related company ([12 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-12/)), and **Vipul**, over how a merger and a project's revenue were booked ([16 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-16/)). **A vote short.** The Regional Director rejected **Aequs**' scheme to merge three wholly owned subsidiaries: the votes came to 88.9% of share value against the 90% required. It can apply again. ([13 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-13/)) ## THE RECEIPTS *Moat evidence that strengthened this week.* **Nestlé India.** Sales rose 20.5% on double-digit volume growth, the cost of materials fell to 43.1% of sales from 45.5%, and profit rose 36.3%, all while it raised advertising by 46%. A brand that grows volume and margin while spending more on itself is a brand with room. ([15 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-15/)) **Leela Palaces.** At its owned hotels in India, the average room rate rose 30% to ₹25,046, and revenue per available room 30% to ₹17,225\. ([14 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-14/)) **Metro Brands.** An EBITDA margin of 27.1%, up from 26.2%, on revenue of ₹730 crore across 1,053 stores. ([15 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-15/)) **Contracts that lock customers in.** - **Aarti Industries** signed a supply agreement of more than 10 years with an unnamed global speciality chemicals company, with revenue potential of about ₹1,500 crore. It will build and run a dedicated plant ([13 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-13/)). - **Safran** widened its Indian supply base: **Aequs** signed long-term agreements with three more Safran companies, taking it to six ([12 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-12/)), and **PTC Industries**' Aerolloy got a second development order, for LEAP engine parts ([14 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-14/)). - **Azad Engineering** won a two-year BHEL rate contract for gas-turbine blades, about ₹52.68 crore ([12 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-12/)). - **E2E Networks** signed a binding term sheet of about ₹1,000 crore with an unnamed sovereign AI company for NVIDIA Blackwell GPUs through June 2029\. Its borrowings rose to ₹450.4 crore from ₹103.2 crore in six months to pay for the machines. [Full read](https://www.moatmarginresearch.com/e2e-networks-gpu-cloud-machine-cost/) **HCLTech's margin.** The EBIT margin rose to 18.2% from 17.4%; on the call, the CFO credited 73 basis points of the quarter's rise to its cost programme and 32 to Advanced AI services ([12 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-12/), [15 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-15/)). ## The sector pattern underneath **Who passed on raw-material costs, and who didn't.** The week's results split cleanly on gross margin: - **Squeezed:** **CEAT**'s gross margin fell to 34.6% from 40.9% and profit to ₹112 crore from ₹186 crore, though it raised prices in every segment ([14 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-14/)). **Polycab**'s cost of goods rose to 76.4% of revenue from 72.9% ([15 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-15/)). **Orient Electric** (29.0% from 31.5%), **Butterfly Gandhimathi** (material margin down 1.6 points) and **Emmvee** (42% from 47%) followed. **Heritage Foods** paid 11% more for milk ([14 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-14/), [15 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-15/)). - **Held or widened:** Nestlé, Metro Brands and Leela, above. The margin test of a moat is what happens in a quarter like this one. **Banks: growth with a cost attached.** - **Dollar deposits.** ICICI Bank and Axis Bank both say part of their growth came from FCNR(B) deposits raised in the RBI's swap window. Without them, ICICI's deposits grew 17.0%, not 27.1%. Axis puts the cost at 0.11 points of margin (3.36% against 3.47%). Profit still rose: ICICI ₹14,843 crore (+20.1%), Axis ₹7,003 crore (+38%), HDFC Bank ₹19,610 crore (+5.2%). [Full read](https://www.moatmarginresearch.com/q2-bank-results-fcnr-margin-cost/) - **Public sector banks** cleaned up further. Gross bad loans: Canara 1.33% (from 2.35%), Indian Bank 1.61%, UCO 1.96%, South Indian Bank 1.24% (from 2.93%). PNB's profit rose 12.8%, but its margin and bad-loan ratio are still outside its guidance for the year ([14 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-14/), [15 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-15/), [16 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-16/)). - **Ownership is changing.** Fairfax's ₹81-a-share bid for 60.72% of **IDBI Bank** is about 23% above book value; the government keeps 15% and LIC 19%. Fairfax proposes to put its stakes in Go Digit and IIFL Capital into the bank, subject to the RBI, SEBI and IRDAI ([14 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-14/), [15 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-15/)). The RBI cleared **RBL Bank** to absorb Emirates NBD's Indian branches from 1 December, and gave a no-objection certificate for merging **REC** into **PFC** ([15 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-15/), [16 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-16/)). **IT services: margins up, orders mixed.** HCLTech and Tech Mahindra widened margins (18.2%; 14.8%, up about 2.6 points). Wipro's large-deal bookings fell 58.6% from the June quarter, and it says two large deals slipped into December. LTM's revenue rose 13.6% with flat profit and lower orders. Persistent's profit fell to ₹351.51 crore on Nagarro takeover costs ([12 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-12/), [15 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-15/), [16 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-16/)). **Capital raised and committed.** - **Jio Platforms** set a price band of ₹1,065–1,119 for up to 27 crore new shares, up to about ₹30,213 crore at the top (our arithmetic) ([14 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-14/)). - **Aegis Logistics** agreed to buy about 89.8% of Dubai's Tristar Holdings for US$809 million in cash ([13 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-13/)). - **Sun Pharma**: CRISIL and ICRA rated ₹15,000 crore of proposed debentures AAA, linked to its US$11.75 billion Organon purchase ([13 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-13/)). - **Hyundai Motor Group** plans US$15.5 billion in India to 2032; Hyundai Motor India opened its Pune plant ([13 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-13/), [14 Oct](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-14/)). ## Corrections and clarifications - None to a published item this week. ## What we're watching next week - **Jio Platforms**: anchor bids 19 October; the issue is open 21–23 October. - **Banks**: Kotak and the rest of the private banks' Q2\. Does growth hold without FCNR(B)? HDFC Bank's margin. - **Yes Bank**: how the AT-1 judgment enters its accounts. - **IDBI Bank**: Fairfax's purchaser presenting its credentials to the RBI. - **Aequs**: EGM on promoter warrants, 22 October. - **ESAF Small Finance Bank**: banking services, including UPI, unavailable from 6 pm on 23 October to 10 am on 26 October. - **23 October** dividend record dates: Tech Mahindra (₹15), LTM (₹25), ICICI Lombard (₹7), 360 ONE WAM (₹7.50). *This week's daily digests: [12](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-12/) · [13](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-13/) · [14](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-14/) · [15](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-15/) · [16](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-16/) · [17](https://www.moatmarginresearch.com/daily-filing-digest-2026-10-17/). This week's articles: [ICICI Pru AMC](https://www.moatmarginresearch.com/icici-pru-amc-what-a-fund-house-keeps/) · [Den & GTPL](https://www.moatmarginresearch.com/cable-subscription-channel-cost-den-gtpl/) · [ICICI Lombard](https://www.moatmarginresearch.com/icici-lombard-underwriting-loss-float-profit/) · [E2E Networks](https://www.moatmarginresearch.com/e2e-networks-gpu-cloud-machine-cost/) · [Bank Q2 & FCNR(B)](https://www.moatmarginresearch.com/q2-bank-results-fcnr-margin-cost/).* --- > Educational research, not investment advice. Every figure above is drawn from the named company's own primary filing, or the regulator's or rating agency's document it filed, as verified in our daily digests; derived figures are our arithmetic. Nothing here alleges wrongdoing beyond what the documents state. No buy/sell recommendations, no price targets, no share prices. Moat & Margin is not a SEBI-registered Research Analyst or Investment Adviser.