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India Stock Market Daily Regulatory Digest — October 28, 2026

Daily India Market Intelligence

By Gunpowder Editorial ·

13 high priority 37 medium priority 50 total filings analysed

Executive Summary

Across the 50 filings for the October 28, 2026 Indian market digest, the dominant theme is a sharp divergence between top-line growth and bottom-line quality.

Several large-cap and financial names (Vedanta, PVR INOX, Satin Creditcare, Hero MotoCorp, Capri Global, Emkay) reported headline profit surges, but much of that strength is flattered by one-offs such as Hero's Rs 397 Cr associate consolidation gain, Vedanta's demerger-distorted comparisons, and PNB Housing's prepayment charge, while standalone and underlying metrics often lagged. Consumer and industrial names showed margin compression: Hero standalone PAT grew 5% on 21% revenue growth, Route Mobile adjusted EBITDA fell 11.1% YoY, Rajoo Engineers Q2 EBITDA fell 45.7%, and Refex finance costs roughly doubled. Lending and NBFC balance sheets are expanding rapidly (Capri debt securities more than doubled, Home First operating cash outflows widened to Rs 14,152 Mn), raising funding and credit-monitoring questions. Governance and change-of-control events are concentrated in small caps (Kkalpana Plastick, IIFL Capital/Fairfax, Value Industries CIRP delay, Yarn Syndicate forfeiture notice), and several filings were too thin on figures to assess performance. Overall, the digest points to a market rewarding growth and one-off gains while penalising margin slippage and governance uncertainty.

Materiality, sentiment, and priority are scored by Gunpowder’s analysis pipeline. How we score filings →

Filing types in this digest: Corporate governance · Insider trading · M&A · Corporate action · Open offer

Tracking the trend? Catch up on the prior India Stock Market Daily Regulatory Digest digest from October 21, 2026.

Investment Signals (12)

  • H1 FY27 consolidated PAT of Rs 299 Cr, up 204% YoY, with Q2 PAT up 231% YoY and AUM up 31% to Rs 16,589 Cr; diluted by a Rs 50 Cr management overlay and 1.94% on-book GNPA

  • Q2 FY27 revenue up 2.66% QoQ and EBITDA up 6.55% QoQ, with Q2 PAT growth of 23% vs Q1 despite a higher tax rate of 25.17% under the new regime

  • Record Rs 670 Cr distribution (Rs 7.07/unit, up 9% YoY), revenue up 16% YoY, NAV up 18% YoY to Rs 524.74/unit, occupancy 93%, new leases at 9% average premium to market

  • PVR INOX ↓ (BULLISH)
    ▲

    Q2 FY27 revenue up 17% YoY to Rs 21,327 Mn, EBITDA up 44% (22.3% margin), net cash of Rs 1,407 Mn after the Rs 3,000 Mn buyback; patron footfall only up 4%, so growth is pricing-led

  • Standalone Q2 total income up 61.0% YoY and profit up 66.9%, but H1 operating cash outflow of Rs (42,362) Mn driven by Rs 51,590 Mn loan growth and debt securities more than doubling to Rs 49,935 Mn

  • ▲

    Standalone PAT up only 5% YoY on 21% revenue growth, EBITDA margin flat at 13.4%; consolidated PAT of 41% growth is inflated by a Rs 397 Cr one-time gain

  • ▲

    Q2 FY27 revenue up 5.4% YoY to Rs 11,797 Mn, but adjusted EBITDA down 11.1% and adjusted PAT down 17.8%; margin fell to 10.0% from 11.9%, with Rs 69 Mn data breach remediation costs; Rs 4/share dividend

  • ▲

    Q2 revenue up 10.5% YoY but Q2 EBITDA down 45.7% and net profit down 41.4%, with EBITDA margin compressing to 9.75% from 19.84%

  • Q2 FY27 loss of Rs 482.94 Lakh vs profit of Rs 17.68 Lakh a year earlier; revenue down 8.9% YoY and borrowings up to Rs 16,288 Lakh from Rs 9,409 Lakh

  • ▲

    Q2 standalone revenue down 13.3% YoY and net loss widened to Rs 31.99 Cr from Rs 13.87 Cr; H1 loss up about 72.8% and other equity down to Rs 170.47 Cr

  • Q2 PAT up 29.1% YoY to Rs 1,702 Mn and H1 PAT up 31.6%, but H1 operating cash outflow widened to Rs 14,152 Mn and equity issuance fell to Rs 103 Mn from Rs 12,808 Mn

  • H1 revenue up 54.7% YoY to Rs 1,179 Cr and PAT up 55.4%, but Q2 gross margin fell to 19.2% from 21.3% and finance costs rose to Rs 12.8 Cr from Rs 6.2 Cr

Risk Flags (10)

  • Under CIRP since September 2018; Q2 FY27 results delayed as eight prior quarters remain unfinalised, with NCLAT remittance and Supreme Court appeals pending and status quo preserved

  • Ashish Begwani to become Promoter by November 3, 2026, displacing existing promoters; Company Secretary resigns effective November 1, auditors replaced, five new directors, name change to Campbell Ventures proposed

  • Q2 loss of Rs 483 Lakh, employee costs up 20.1% YoY and other expenses up sharply; unresolved Indore Development Authority lease cancellation dispute

  • Six-month standalone loss widened about 72.8% to Rs 52.77 Cr while revenue fell about 12.2%; Howrah property (Rs 73.43 Cr) classified as held for sale

  • H1 operating cash outflow of Rs 42,362 Mn and debt securities up to Rs 49,935 Mn from Rs 22,733 Mn in six months; OCI turned negative in Q2 at Rs (107.77) Mn

  • Debt Service Coverage Ratio fell to 0.92 from 2.73 at March 2026, Debt Equity rose to 0.36 from 0.24, consolidated cash fell to Rs 2,794 Lakh and operating cash outflow Rs 7,344 Lakh in H1

  • Q2 consolidated PAT fell 31% QoQ, standalone PAT down about 35% QoQ, Other income swung to loss of Rs (2,407) Lakh; Income-tax demand of Rs 124.37 Cr under appeal alongside Fairfax change-in-control

  • Last and final call notice of Rs 13.50/share on partly paid rights shares, payment window November 2–16, 2026; unpaid shares face forfeiture and trading in partly paid ISIN suspended since May 15

  • Standalone Q2 loss of Rs 170 Cr vs profit of Rs 2,165 Cr a year earlier; auditor flagged SEBI observations on a subsidiary's related-party transactions and an ED FEMA search (June 2026)

  • Issuance of up to 21.12 crore equity shares for the BGCL share swap plus a material related-party transaction; shareholder vote and scrutiniser report due within two working days

Opportunities (8)

  • Record distribution and 1.5 msf leasing including a 0.5 msf pre-lease at 15% premium to market; Hilton Garden Inn at Embassy TechVillage at operating break-even in first quarter; hotel revenue up 22%

  • H1 PAT of Rs 299 Cr is approaching FY26 full-year profit of Rs 332 Cr, implying strong run-rate momentum; ROA and ROE excluding overlay of 6.0%/25.0% in Q2

  • Net-cash positive after completing maiden Rs 3,000 Mn buyback, Q2 revenue up 17% YoY, ATP and SPH each up 14%, and industry box office up 23% in the quarter

  • Order book of Rs 1,721 Cr and Rs 346 Cr of new wind orders, with H1 revenue up 54.7% YoY; potential re-rating if gross margin recovers from 19.2%

  • Q2 total income up 18.4% and PAT up 29.1% YoY; FY26 Rs 15,800 Mn financing inflow and Rs 1,500 Mn NCD issuance support loan growth

  • Board approved up to Rs 300 Cr additional investment in HMCL Netherlands B.V. for Colombia and Brazil expansion; H1 standalone PAT up 16% and standalone EBITDA up 15%

  • H1 FY27 revenue up 84% to Rs 571 Cr, EBITDA up 178% and PAT up 206%; Q2 EPS of Rs 3.00 vs Rs 1.07 a year earlier, though margins compressed

  • Q2 standalone revenue up about 25.5% YoY and Rs 653 Lakh rights investment in Prutech to enter portfolio management, which is a new fee-based revenue stream

Sector Themes (6)

  • Margin Compression Despite Top-Line Growth (MARGIN PRESSURE)
    ◆

    Hero standalone EBITDA margin flat at 13.4% and PAT growth of 5% on 21% revenue growth; Route Mobile margin down to 10.0% from 11.9%; Refex Q2 EBITDA margin 16.2% vs 18.1%; Rajoo Q2 EBITDA margin 9.75% vs 19.84%; Raymond Lifestyle EBITDA margin down 120 bps to 12.7%

  • Lending Growth Outpacing Funding Quality [SECTOR RISK]
    ◆

    Capri Global (H1 operating outflow Rs 42,362 Mn), Home First (Rs 14,152 Mn outflow), Satin (AUM up 31%) and PNB Housing (disbursements up 60%, ROA down to 2.53%) all show rapid book expansion with rising borrowings and tighter spreads

  • One-Off Gains Inflating Headline Profits (EARNINGS QUALITY)
    ◆

    Hero consolidated PAT includes Rs 397 Cr equity-consolidation gain; PNB Housing Q2 yield benefited from a prepayment charge; Vedanta comparisons distorted by demerger; PVR INOX reported PAT includes continuing-ops adjustments

  • Consumer and Retail Demand Mixed (CONSUMER)
    ◆

    Sanofi Consumer revenue up 12% but partly flattered by recalled-product relaunch; PVR INOX patron footfall up only 4% vs 17% revenue growth; Raymond Lifestyle Q2 PBT down 16%; Shalimar Paints revenue down 13.3%

  • Governance Events Clustering in Small Caps (GOVERNANCE)
    ◆

    Kkalpana Plastick change of control, Value Industries CIRP delay, Yarn Syndicate forfeiture notice, IIFL/Fairfax change in control, and Sayaji Hotels lease dispute indicate elevated corporate-event risk in smaller names

  • Capital Returns Mixed (CAPITAL ALLOCATION)
    ◆

    PVR INOX completed Rs 3,000 Mn maiden buyback; Vedanta declared Rs 5/share interim dividend with net debt down to Rs 3,675 Cr; Route Mobile Rs 4/share dividend; Home First equity issuance dropped to Rs 103 Mn from Rs 12,808 Mn

Watch List (8)

Filing Analyses (50)
Restile Ceramics Ltd. Corporate Governance neutral materiality 7/10

28-10-2026

Restile Ceramics Ltd held an Extra-Ordinary General Meeting (EOGM) via VC/OAVM on October 28, 2026, where shareholders considered five resolutions, including the proposed acquisition of about 98.89% of Bell Granito Ceramica Limited (BGCL) to consolidate the group. The acquisition comprises 5.19% bought from Atreya Finance Private Limited for cash consideration of up to Rs. 11.70 crore, and 93.70% via a swap of 585 Restile shares for every 1,000 BGCL shares, involving issuance of up to 21,12,32,385 equity shares at Rs. 10 each. Voting results and the Scrutiniser's Report are due within 2 working days.

  • · Five resolutions proposed: new Memorandum of Association (special), increase in authorised share capital (ordinary), enhanced section 186 investment limits (special), material related party transaction for BGCL share-swap acquisition (ordinary), and preferential issue for non-cash consideration (special)
  • · Remote e-voting ran from October 24, 2026 to October 27, 2026, with the cut-off date of October 21, 2026
  • · Upon completion, BGCL becomes a subsidiary and there is no change in control or management of Restile
  • · Notice dated September 28, 2026 and Corrigendum dated October 06, 2026 were issued; valuation reports and a Practising Company Secretary certificate under SEBI (ICDR) Regulations were made available for inspection
  • · Meeting ran 12:11 P.M. to 12:30 P.M. (IST) and e-voting remained open for 15 minutes after conclusion
CL Educate Limited Corporate Governance neutral materiality 3/10

28-10-2026

CL Educate Limited filed the minutes of its 30th Annual General Meeting held on September 29, 2026 via video conferencing/OAVM. Members with 38.34% of paid-up share capital (47 members) attended, and all five resolutions in the Notice (adoption of standalone and consolidated audited financials for FY2025-26, re-appointment of Mr. Nikhil Mahajan and Mr. Imran Jafar by rotation, ratification of cost auditor remuneration of up to Rs. 1,40,000 for FY2026-27, and approval of non-executive director remuneration for FY2027-28 to FY2029-30) were reported as duly passed. The auditors raised no qualifications, observations or adverse remarks on the financial statements.

  • · Combined e-voting results to be disseminated to exchanges within 2 working days of the AGM after receipt of the Scrutinizer's Report, and uploaded to the company website and Kfin Technologies' e-voting portal.
  • · Remote e-voting ran from September 24, 2026 to September 28, 2026, with a record date/cut-off of September 22, 2026.
  • · Resolution 5 sets NED remuneration for FY2027-28 to FY2029-30 at up to 1% of net profits (adequate profits) or Schedule V limits per director (inadequate profits), payable over and above sitting fees.
  • · Four Independent Directors (Madhumita Ganguli, Sanjay Tapriya, Piyush Sharma, Yatrik Vin) did not attend the AGM; Sanjay Tapriya authorised Girish Shivani to respond to shareholder queries on NRC matters.
  • · The Secretarial Auditor's certificate dated July 21, 2026 confirmed the ESOP Scheme is being implemented per SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.
  • · Minutes were dated October 27, 2026 and filed October 28, 2026, under Regulation 30 of the SEBI LODR Regulations, 2015.
Shalimar Paints Limited Corporate Governance negative materiality 7/10

28-10-2026

Shalimar Paints Limited's Board approved unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026, with the statutory auditor issuing a clean limited review. Performance was weak: standalone revenue from operations for Q2 FY27 was ₹114.52 Cr, down 13.3% YoY from ₹132.11 Cr and up only 0.9% QoQ, while the net loss widened to ₹31.99 Cr from ₹13.87 Cr a year earlier. Management highlighted a 5-percentage-point shift toward decorative paints, ASP gains of 18% (decorative) and 13% (industrial), and a 13% reduction in debtors, but these positives are not yet visible in the bottom line. The company also classified its Howrah land and building (carrying amount ₹73.43 Cr) as held for sale.

  • · Six-month standalone revenue from operations was ₹250.71 Cr versus ₹285.57 Cr in H1 FY26, a decline of about 12.2%
  • · Six-month standalone loss for the period was ₹52.77 Cr versus ₹30.53 Cr in H1 FY26, a widening of about 72.8%
  • · Standalone other equity fell to ₹170.47 Cr from ₹220.92 Cr as at March 31, 2026, reflecting accumulated losses
  • · Standalone inventories rose to ₹116.14 Cr from ₹102.14 Cr, and trade payables to micro and small enterprises rose to ₹32.64 Cr from ₹19.44 Cr
  • · Consolidated Gurugram land and building (carrying amount ₹27.13 Cr, held by subsidiary Shalimar Adhunik Nirman Limited) is subject to a definitive sale agreement with transfer formalities in progress
  • · Two subsidiaries were not reviewed by the statutory auditor; their reviewed figures include total assets of ₹32.59 Cr and a six-month net loss after tax of ₹1.17 Cr, and the auditor's conclusion relies on other auditors' reports
  • · Standalone cash flow from operating activities was ₹5.34 Cr in H1 FY27 versus an outflow of ₹2.25 Cr in H1 FY26
Satin Creditcare Network Limited Market Notice mixed materiality 7/10

28-10-2026

Satin Creditcare Network reported consolidated PAT of ₹299 Crore for H1FY27 (up 204% YoY from ₹98 Crore), approaching its FY26 full-year profit of ₹332 crore, with Q2FY27 posting its highest-ever profitability (PAT ₹176 Crore, up 231% YoY). Growth was strong on disbursements (+48% H1) and AUM (+31% to ₹16,589 Crore), but ROA and ROE were diluted by a ₹50 Crore management overlay, and some segments remained weaker, including the standalone Q2FY27 metrics that were only modestly below consolidated levels and a 1.94% on-book GNPA that, while improved, still leaves credit stress to monitor.

  • · Standalone Q2FY27 PAT was ₹172 Crore, up 231% YoY, and Standalone H1FY27 ROA/ROE were 4.8%/20.1% (excl. overlay)
  • · Standalone Q2FY27 ROA/ROE (excl. overlay) were 6.0%/25.0%, both sharply higher YoY
  • · Satin Housing Finance Q2FY27 PAT was only ₹1.6 Crore despite 19.25% AUM growth
  • · Satin Finserv Q2FY27 PAT was ₹5.1 Crore with AUM of ₹1,761 Crore (up 183.66% YoY)
  • · Provision buffer: on-book provisions of ₹263 Crore (2.6% of portfolio) exceed RBI-required ₹152 Crore
  • · Recovery against write-offs was ₹16 Crore in H1FY27
  • · Debt-to-equity ratio of 2.92x (standalone) and consolidated book value per share of ₹287.21
  • · Collection efficiency for the X bucket was 99.8% in Q2FY27 (bucket label appears incomplete in source)
  • · Zero attrition among 200 field leaders (RM, ZM, Circle Head, Business Head levels); management team vintage 10+ years
  • · Promoters committed ₹100 Crore via warrants with ₹25 Crore tranche already received
Rajputana Stainless Ltd Insider Trading Disclosure neutral materiality 2/10

28-10-2026

Rajputana Stainless Limited disclosed that three members of its Promoter and Promoter Group (Daksha Jatin Sidhpura, Bhavika Samir Chudasama and Jyotsna Haresh Parmar) are each set to receive 30,000 shares (0.04% of share capital each, roughly 90,000 shares or 0.12% in aggregate) by way of gift from promoter group member Jayesh Natvarlal Pithva, on or after 5 November 2026. The transfers are at nil consideration and fall under the SEBI SAST Regulation 10(1)(a)(i) & (ii) inter-se exemption, so the aggregate promoter group holding is unchanged. No positive or negative financial performance metrics are reported in this filing.

  • · Filing made under Regulation 30 read with Schedule III of SEBI LODR and Regulation 10(5) of SEBI SAST Regulations, 2011, with Regulation 3 of SEBI PIT Regulations cited
  • · Transactions are exempt under Regulation 10(1)(a)(i) & (ii) as immediate relatives and persons named as promoters for at least three years
  • · Rationale stated as a private family arrangement; valuation metrics (VWAP, frequently/infrequently traded price) marked NA as no consideration is involved
  • · Acquirer disclosures for Daksha Jatin Sidhpura and Bhavika Samir Chudasama list the pre-transaction holding of 3,800 and 1,000 shares respectively
Veerhealth Care Limited Analyst/Investor Meet positive materiality 6/10

28-10-2026

VeerHealth Care Limited submitted the transcript of its investor meeting held on 24 October 2026, hosted by AKMIL Strategic Advisors with MD Bhavin S. Shah and CFO Akash Shah. Management stated FY25-26 turnover was approximately 30 Crore, that the company had already exceeded the entire prior-year US turnover within a single quarter of FY26-27, and that it targets approximately 100 Crore turnover for FY26-27. The company also disclosed a 30,000 sq ft land acquisition expanding its production area from about 60,000 to 90,000 sq ft, and the launch of an in-house plastic division.

  • · Company was originally incorporated as Niyati Leasing Limited on 10 July 1992 and diversified into pharma in 2013 with a name change to Veer Healthcare Limited
  • · US FDA plant audit conducted March 2025 with approval received July 2025 (OTC category)
  • · Company holds CGMP, USFDA and ISO 22715 certifications, with SEDEX and Six Sigma certifications in process
  • · Company operates under three licences: Ayush (herbal), cosmetic/drug OTC, and disinfectant
  • · Relationship with a major US institutional supplier serving government contracts has provided consistent orders even during severely affected market conditions
  • · Received a first trial order from an Indo-Canadian company supplying major hotels
  • · Company stated it intends to pursue new revenue sources and customer diversification, though no quantified pipeline was disclosed
  • · Management acknowledged that reaching the FY26-27 target depends on capacity, working capital management and consistent delivery, indicating execution risk
PRAVEG LIMITED Market Notice positive materiality 4/10

28-10-2026

Praveg Limited received Work Order No. TCGL/ADM/RED/P01/2591/2026 dated October 27, 2026 from Tourism Corporation of Gujarat Limited (TCGL), a Government of Gujarat undertaking, appointing it as Event Contractor for rest shelter facilities for the Parade Contingent in the Statue of Unity area. The tentative contract value is INR 11,15,93,500 (Rupees Eleven Crore Fifteen Lakh Ninety-Three Thousand Five Hundred), plus applicable GST, with the final value subject to actual quantities measured at site. The 13-day operation runs from October 20, 2026 to November 1, 2026, and the revised accommodation requirement is 6,700 personnel across 3,350 two-tier bunk beds.

  • · Follows up on an earlier Regulation 30 intimation dated September 16, 2026 regarding receipt of the Letter of Acceptance from TCGL
  • · Work Order is subject to its terms, conditions and the tender documents
  • · Final contract value depends on joint measurement certified by the Project Management Consultant (PMC) and TCGL at BOQ rates
  • · Promoter/group company interest in TCGL: No; transaction is not a related party transaction
  • · Disclosure states all works are to be completed before October 18, 2026, which appears inconsistent with the October 20 to November 1, 2026 operating period and should be clarified
City Union Bank Limited Market Notice mixed materiality 6/10

28-10-2026

City Union Bank released its investor presentation for the quarter and half-year ended September 30, 2026 (Q2 & H1 FY27). Standalone net profit rose 27% YoY to ₹4,159 Mn, with deposits up 21% to ₹838,931 Mn and advances up 26% to ₹724,415 Mn, while NIM improved to 3.87%. Asset quality remained stable with Gross NPA at 1.44% and Net NPA at 0.48%, though Q2 Tier-I CRAR (20.43%) and total CRAR (21.26%) both declined YoY from 20.71% and 21.68%.

  • · Credit ratings: CRISIL AA (issuer rating), ICRA AA (issuer rating), CARE Edge AA- (issuer rating); CD programme rated A1+ by CRISIL, ICRA and CARE Edge; Basel III Tier II bonds rated AA by ICRA
  • · Gold loan book reached ₹217,258 Mn (about 30% of gross advances), with agriculture gold loans at ₹101,525 Mn and non-agriculture at ₹115,733 Mn
  • · Balance-sheet detail: deposits ₹838,931 Mn with 48% in term deposits below ₹3 Cr and 18% in savings deposits
  • · Advances mix Sep 2026: agriculture ₹119,374 Mn, MSME ₹280,844 Mn, retail ₹67,414 Mn, commercial real estate ₹41,636 Mn (down from ₹49,408 Mn in Mar 2026)
  • · Technical write-offs in H1 FY27 totalled ₹1,906 Mn; provision made for H1 FY27 was ₹1,200 Mn and net provision recovery was negative (-₹407 Mn)
  • · Restructured MSME accounts declined from 333 borrowers (₹15,398 Mn) in Sep 2021 to 62 borrowers (₹1,212 Mn) in Sep 2026
  • · Per-employee profit (annualised) rose to ₹1.83 Mn in Q2 FY27 from ₹1.65 Mn in Q2 FY26
  • · Interest expenses on other items rose 177% YoY to ₹916 Mn, a notable negative outlier alongside the CRAR decline
Piramal Finance Limited Market Notice neutral materiality 5/10

28-10-2026

Piramal Finance Limited filed CARE Ratings' monitoring agency report for the quarter ended September 30, 2026, covering its ₹2,100 crore Qualified Institutional Placement (issue period August 24–28, 2026). The report found no deviation from stated objects: ₹2,000 crore was deployed for capital augmentation (onward lending), ₹52 crore for general corporate purposes, and ₹8.21 crore of the ₹48 crore estimated issue expenses was paid, leaving ₹39.79 crore unutilised in escrow. The company also allotted 82,94,000 preferential warrants to promoter group entity Nithyam Realty Private Limited for ₹1,750.03 crore on October 5, 2026, with 25% paid upfront.

  • · No deviation from QIP objects; the Monitoring Agency reported no comments requiring action and no deviation in expenditure from the Placement Document.
  • · The ₹39.79 crore unutilised issue expense balance (against ₹48 crore estimated) was still held in escrow at quarter end, while the company reported no delay in any object's implementation.
  • · Nithyam Realty's preferential warrant allotment (25% paid upfront) was disclosed under 'other relevant information' that may affect investor decision-making.
  • · The ₹52 crore GCP utilisation included tax payments and servicer fees to a co-lending partner, approved by board resolution dated September 28, 2026.
PNB Housing Finance Limited Analyst/Investor Meet mixed materiality 6/10

28-10-2026

PNB Housing Finance filed its Q2 FY27 investor presentation ahead of a 7:30 PM IST earnings call on October 28, 2026. Disbursements rose 60% YoY to INR 9,609 crore and the overall loan book grew 19% YoY to INR 95,079 crore, while PAT grew 6% YoY to INR 617 crore. However, ROA (2.53% vs 2.73% YoY) and ROE (12.33% vs 13.14% YoY) declined, the Affordable segment yield fell 48 bps YoY, and Q2 FY27 yield and spread benefited from a one-off prepayment charge (underlying spread 2.24%, NIM 3.49%).

  • · Affordable segment incremental yield fell 48 bps YoY to 11.63%, attributed to rollout of Affordable business across Prime and Emerging Markets branches
  • · Q2 FY27 yield, spread and NIM included a one-off charge on prepayment of a corporate account; underlying yield 9.56%, spread 2.24%, NIM 3.49%
  • · Affordable and Emerging Markets together contribute 44% of Retail disbursements in Q2 FY27
  • · Corporate NPA nil since June 2024
  • · Emerging Markets 90+ delinquency ratio at 0.70% and 30+ at 2.09% in Q2 FY27
  • · Corporate lending reinitiated with exposure capped below ~10% of total loan portfolio
  • · Credit cost to ATA was -0.19% in Q2 FY27 (credit release), vs -0.53% in Q2 FY26
Emkay Global Financial Services Limited Corporate Governance mixed materiality 7/10

28-10-2026

Emkay Global Financial Services reported consolidated total income of ₹25,316.74 Lakh for H1 FY27 (half year ended 30 September 2026), up from ₹15,483.80 Lakh in the prior-year half, and consolidated PAT of ₹4,009.28 Lakh versus ₹524.25 Lakh a year earlier. Q2 consolidated PAT was ₹3,098.59 Lakh against ₹45.95 Lakh in the same quarter last year, though it was up only modestly from ₹910.69 Lakh in the preceding quarter. The company also approved transferring its Wealth Management business to a subsidiary and restructuring two subsidiaries under a new wholly owned entity, subject to regulatory approvals. Results are mixed: profitability and fee income improved sharply, but the Debt Service Coverage Ratio fell to 0.92 (from 2.73 at March 2026) and the Debt Equity Ratio rose to 0.36 (from 0.24).

  • · Standalone total income rose to ₹23,331.20 Lakh for H1 FY27 from ₹13,743.44 Lakh, while standalone PAT rose to ₹3,619.30 Lakh from ₹65.24 Lakh.
  • · Consolidated finance costs rose to ₹962.19 Lakh for H1 (from ₹469.35 Lakh), and employee benefits expense rose to ₹11,541.37 Lakh (from ₹8,441.16 Lakh), offsetting part of the revenue gains.
  • · Consolidated cash and cash equivalents fell to ₹2,794.36 Lakh from ₹4,748.84 Lakh at March 2026, and net cash used in operating activities was ₹7,343.52 Lakh for H1.
  • · Standalone Debt Service Coverage Ratio of 0.86 and consolidated ratio of 0.92 fall below 1.0, indicating reduced debt-servicing headroom on a half-year basis.
  • · ICRA reaffirmed the [ICRA]BBB- (Stable) rating on existing NCDs, revising the outlook to Stable from Positive, and assigned the same rating to a proposed INR 100 Crore NCD issuance.
  • · The NCDs issued on 7 September 2026 are unsecured and listed on BSE's WDM segment; the company states no deviation in use of issue proceeds.
  • · A convertible warrant issue of 95,00,000 warrants at ₹239.50 per warrant was preferentially allotted, with Krishna Kumar Karwa and Prakash Kacholia converting their warrants into equity shares.
Gokul Agro Resources Limited Market Update neutral materiality 5/10

28-10-2026

Gokul Agro Resources Limited's Board approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026, with an unmodified limited review report from Pipara & Co LLP. The Board also approved a 14 MWp solar power project (10 MWp at Gandhidham, Gujarat and 4 MWp at Mangalore, Karnataka) at an estimated capital outlay of Rs. 38 crore plus applicable taxes, funded through internal accruals, and granted 8,47,800 stock options under the Gokul Employee Stock Option Plan 2025 at an exercise price of Rs. 50 per option.

  • · Limited review reports from Pipara & Co LLP on both consolidated and standalone results contain no modification; the consolidated report notes that two subsidiaries, two step-down subsidiaries and one associate were not reviewed by the auditor and rely on management-certified figures.
  • · Solar project is to be funded entirely through internal accruals, with stated rationale of energy reliability, ESG goals and power cost savings.
  • · Solar capacity additions are to be completed within 12 months.
  • · ESOP options vest not earlier than one year and not later than five years from grant, and are exercisable within two years from vesting; shares arising from exercise are not subject to lock-in.
  • · Board meeting ran from 4:15 P.M. to 5:00 P.M. on October 28, 2026.
  • · The filing does not disclose headline standalone or consolidated revenue, profit, or EPS figures; these are referenced as uploaded to the company website and in Annexure-A, which was not included in the provided text.
Meesho Ltd Merger/Acquisition neutral materiality 4/10

28-10-2026

Meesho Limited's Board, meeting on October 28, 2026, approved the unaudited standalone and consolidated financial results for the quarter and six months ended September 30, 2026, appointed Mr. Sudhir Ganesh Sitapati as a Non-Executive Independent Director (term October 28, 2026 to October 27, 2031, subject to shareholder approval), and reconstituted three Board committees to include him. The Board also approved an additional investment of up to USD 100,000 in common units of its wholly owned subsidiary Meesho Networks LLC, which is set up to commercialise artificial intelligence technologies and has reported nil turnover and a USD 100 net loss as of March 31, 2026. The filing does not disclose the financial results figures themselves, so no revenue or profit comparison can be assessed from this document.

  • · Mr. Sitapati previously served as MD and CEO of Godrej Consumer Products Limited (October 2021 to August 2026) and spent over two decades at Hindustan Unilever Limited, including as Executive Director, Foods and Refreshments
  • · Meesho Networks LLC was incorporated on April 21, 2025 in Delaware, USA; the investment is classified as a related party transaction at arm's length
  • · The number of units, price per unit, and number of common units to be acquired will be intimated later; the Company will make FEMA filings but no prior government or regulatory approval is required
  • · The Company's 100% holding in Meesho Networks LLC will remain unchanged post-investment
  • · The financial results were reviewed (limited review, not audited) by statutory auditor S.R. Batliboi & Associates LLP, which reported nothing to suggest material misstatement
Embassy Office Parks REIT Market Update positive materiality 8/10

28-10-2026

Embassy Office Parks REIT reported Q2 FY2027 results, declaring a record quarterly distribution of ₹670 crore (₹7.07 per unit, up 9% YoY) and reporting revenue from operations of ₹1,303 crore (up 16% YoY) and NOI of ₹1,069 crore (up 15% YoY). Leasing of 1.5 msf was strong, including a 0.5 msf pre-lease at a 15% premium to market rents, though new leases overall were signed at an average 9% premium, and occupancy stood at 93% by value. Gross Asset Value rose 16% YoY to ~₹74,000 crore and NAV rose 18% YoY to ₹524.74 per unit.

  • · Hotel revenue grew 22% YoY in Q2; the newly opened Hilton Garden Inn at Embassy TechVillage reached operating cash break-even within its first quarter
  • · Pune leasing of 0.2 msf contributed to a 300-basis-point occupancy improvement during the quarter
  • · Mumbai occupancy at 100%; Bengaluru, Chennai and Noida at 94%; overall occupancy at 93% by value
  • · Record date for the distribution is October 31, 2026; payment on or before November 06, 2026
  • · Included in Nifty 500 and Nifty Midcap 150, becoming the only REIT in the Nifty Midcap 150
  • · Earnings conference call scheduled for October 29, 2026 at 08:30 IST
  • · Prior-period (Q2 FY2026) absolute values for revenue, NOI, distribution and NAV are not disclosed in the press release; YoY percentages are as reported by management
IIFL Capital Services Limited Corporate Governance mixed materiality 7/10

28-10-2026

IIFL Capital Services Limited reported consolidated unaudited results for the quarter and half year ended September 30, 2026. Consolidated total revenue for Q2 FY27 was ₹69,033.23 Lakhs versus ₹54,741.71 Lakhs in the year-ago quarter (up ~26% YoY), and profit for the period was ₹12,661.21 Lakhs versus ₹8,514.72 Lakhs (up ~49% YoY). However, the figures were mixed sequentially: consolidated revenue fell from ₹72,130.77 Lakhs in Q1 and profit after tax declined from ₹18,416.34 Lakhs, and Other income swung to a loss of ₹(2,406.85) Lakhs in the quarter. Standalone revenue from operations was ₹63,357.38 Lakhs for the quarter, with profit for the period of ₹12,212.14 Lakhs. The statutory auditors issued unmodified conclusions, while a Fairfax-led change-in-control transaction and an Income-tax demand of 124.37 crores remain under appeal.

  • · Standalone total revenue for Q2 FY27 was ₹60,423.49 Lakhs versus ₹48,014.18 Lakhs in Q2 FY26 (up ~26% YoY), but down from ₹65,091.50 Lakhs in Q1 FY27 (down ~7% QoQ)
  • · Standalone profit for the period was ₹12,212.14 Lakhs, up ~34% YoY from ₹9,137.53 Lakhs but down ~35% QoQ from ₹18,900.95 Lakhs
  • · Consolidated Capital market activity segment profit before tax fell to ₹16,877.19 Lakhs in Q2 from ₹23,655.06 Lakhs in Q1, while Insurance broking and ancillary segment posted a loss of ₹(335.46) Lakhs in the quarter
  • · Consolidated Capital Employed in the Insurance broking and ancillary segment declined to ₹2,947.10 Lakhs from ₹3,414.39 Lakhs a year earlier
  • · Consolidated Other income was a loss of ₹(2,406.85) Lakhs in Q2 versus ₹8,982.59 Lakhs in Q1
  • · Income-tax demand of ₹124.37 crore was received by the Holding company and two subsidiaries; the company has appealed and a stay on demand is partly granted and pending
  • · Fairfax (FIH Mauritius Investments Ltd) will join the Promoter Group and may nominate up to two directors, with shareholder approval already received
  • · Audit Committee and Board approved the results on October 28, 2026; statutory auditors issued unmodified review conclusions
  • · Debt equity ratio 0.65 times, Debt service coverage 1.66 times, Interest service coverage 4.28 times, Current ratio 1.37 times, Operating margin 31%, Net profit margin 23%
Borosil Scientific Limited Market Update mixed materiality 7/10

28-10-2026

Borosil Scientific Limited's Board approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026, and approved a Rs. 70 crore (capex up to Rs. 70 crores) proposal for a Borosilicate 3.3 glass tubing furnace at its Bharuch plant with ~20 MT/day capacity, targeting commercial production by March 31, 2028. Standalone revenue from operations rose 4.8% YoY in Q2 FY27 (Rs. 10,419.39 lakhs vs. Rs. 9,948.14 lakhs) and 8.3% YoY for the half year (Rs. 20,409.07 lakhs vs. Rs. 18,849.09 lakhs), but profit after tax fell 16.9% YoY in the quarter (Rs. 624.98 lakhs vs. Rs. 752.06 lakhs) and profit before tax fell 11.8% YoY, with the Primary Pharma Packaging segment still loss-making.

  • · Basic and diluted EPS (not annualised) were Re. 0.10 for Q2 FY27 vs Re. 0.85 for Q2 FY26, and Re. 1.47 for H1 FY27 vs Re. 0.90 for H1 FY26
  • · Primary Pharma Packaging segment remained loss-making at Rs. (260.46) lakhs PBT in Q2 FY27, though it improved from Rs. (513.23) lakhs a year earlier and revenue grew 21.5% YoY
  • · Consumer Glassware segment revenue fell 9.3% YoY in Q2 FY27 and 7.4% YoY in H1 FY27, and PBT declined to Rs. 78.49 lakhs from Rs. 86.57 lakhs
  • · Employee benefits expense rose 12.7% YoY in Q2 FY27 (Rs. 1,808.09 lakhs vs Rs. 1,605.18 lakhs) and Other Expenses rose 9.8% YoY
  • · Finance costs fell to Rs. 8.20 lakhs in Q2 FY27 from Rs. 9.19 lakhs in Q2 FY26, and H1 FY27 finance costs were Rs. 18.65 lakhs vs Rs. 27.38 lakhs
  • · Trade receivables declined to Rs. 4,668.85 lakhs as at September 30, 2026 from Rs. 7,186.01 lakhs as at March 31, 2026, while inventories rose to Rs. 11,281.89 lakhs from Rs. 9,499.50 lakhs
  • · The furnace project is expected to reduce dependence on overseas-procured glass tubing and may generate surplus for external sale; the company will seek subsidy on eligible investment
  • · Segment reclassification: the company realigned reporting into Scientific, Primary Pharma Packaging, and Consumer Glassware segments, with prior periods restated
Hexagon Nutrition Ltd Corporate Governance neutral materiality 6/10

28-10-2026

Hexagon Nutrition Limited held an Extraordinary General Meeting on October 28, 2026, conducted through video conferencing, in which members considered four special resolutions. These cover the appointment of Mr. Arun Purushottam Kelkar as Executive Director and Chairman, and approval of remuneration for Mr. Arun Purushottam Kelkar (for the period April 1, 2026 to September 28, 2026 and for three years from appointment) and for Managing Director Mr. Vikram Kelkar effective April 1, 2026. The filing records attendance of 49 members via VC and 1 physically, but does not disclose vote outcomes, which are to be submitted separately with the Scrutinizer's Report.

  • · Dr. Nikhil Kelkar recused himself from Resolutions 1 to 4 due to his interest, and Mr. Keval Shah chaired those agenda items
  • · Resolutions 1 to 4 are all special resolutions requiring a higher approval threshold
  • · The EGM ran from 11:30 a.m. to 12:02 p.m. IST, and the requisition letter was dated September 24, 2026
  • · The Notice and Explanatory Statement were circulated to members on October 6, 2026, and the Notice itself is dated September 30, 2026
  • · Voting results in Regulation 44 format and the Scrutinizer's Report will be filed separately
Value Industries Ltd Market Update negative materiality 8/10

28-10-2026

Value Industries Limited, under Corporate Insolvency Resolution Process (CIRP) since NCLT's September 2018 admission, has disclosed it will delay publication of its unaudited financial results for the quarter ended September 30, 2026, which are due by November 14, 2026. The Resolution Professional attributes the delay to pending finalisation of financial results for eight prior quarters (June 2024 through June 2026), which is a prerequisite for the current quarter, combined with an NCLAT setback and an ongoing Supreme Court appeal that has preserved the status quo of the CIRP. No financial results figures are contained in this filing.

  • · NCLAT set aside the NCLT approval of Twin Star Technologies' resolution plan on January 5, 2022, remitting the matter to the Committee of Creditors, which re-invited expressions of interest
  • · Supreme Court appeals (Civil Appeals 509, 512 and 894 of 2022) filed by Twin Star Technologies remain pending; on February 14, 2022 the Court orally advised no further CIRP steps until further orders, so the status quo is being preserved
  • · Statutory auditor KVA & Co.'s term expired after FY2023-24 audit; GAMP & Co. was appointed by the CoC on July 7, 2025 for April 1, 2024 to March 30, 2029, and the AGM for FY2023-24 was held March 11, 2025
  • · Resolution Professional's AFA registration is valid till December 31, 2026
Yarn Syndicate Ltd. Market Notice negative materiality 5/10

28-10-2026

Yarn Syndicate Limited issued a Last and Final Reminder-cum-Forfeiture Notice to holders of partly paid-up rights equity shares who have not paid the First and Final Call Money of ₹13.50 per share (₹5.00 face value and ₹8.50 premium), approved by the Board on October 27, 2026. Payment window runs from November 2 to November 16, 2026; unpaid shares may be forfeited without further notice. Trading in the partly paid ISIN IN9564C01011 has been suspended since May 15, 2026.

  • · Board approved the notice at its October 27, 2026 meeting; the First and Final Call Notice was originally issued June 4, 2026
  • · Trading in partly paid shares (ISIN IN9564C01011) suspended effective May 15, 2026
  • · Payment is online-only (net banking or UPI) via the Cameo RTA portal; cash and part payments are not accepted and only one payment per demat account is permitted
  • · Upon payment, the Board may convert ₹5 partly paid shares to ₹10 fully paid shares in tranches, a process estimated to take two to three weeks
  • · Shareholders must ensure PAN is linked with Aadhaar and that demat account and contact details are current
  • · Record date for eligibility was May 15, 2026
Sayaji Hotels (Indore) Limited Corporate Governance negative materiality 7/10

28-10-2026

Sayaji Hotels (Indore) Limited reported a loss for Q2 FY27 (quarter ended 30 September 2026) of Rs. 482.94 Lakh, against a profit of Rs. 17.68 Lakh in the corresponding quarter last year. Revenue from operations fell 8.9% YoY to Rs. 1,918.31 Lakh from Rs. 2,106.90 Lakh, while employee benefit and other expenses rose sharply, pushing pre-tax profit to a loss of Rs. 573.90 Lakh. For the half year, PAT turned to a loss of Rs. 324.95 Lakh from a profit of Rs. 196.24 Lakh, while revenue from operations rose modestly by 1.7% to Rs. 4,570.41 Lakh; the company also continues to disclose an unresolved Indore Development Authority lease cancellation dispute.

  • · Total expenses rose 19.2% YoY in the quarter to Rs. 2,507.92 Lakh, with Other Expenses jumping to Rs. 247.80 Lakh from Rs. 62.02 Lakh
  • · Employee benefit expenses rose 20.1% YoY in the quarter to Rs. 866.76 Lakh
  • · Borrowings (non-current) increased to Rs. 16,287.89 Lakh from Rs. 9,409.15 Lakh at 31 March 2026, and other current financial liabilities rose to Rs. 3,163.84 Lakh
  • · Capital work-in-progress rose to Rs. 20,637.68 Lakh, indicating ongoing capital expenditure
  • · Cash and cash equivalents at period end were Rs. 398.68 Lakh; net cash from operating activity was Rs. 2,308.35 Lakh for the half year
  • · Auditors have carried out a limited review; the IDA lease cancellation dispute remains pending before the High Court and an eviction proceeding is stayed, with stamp duty on mutation not yet provided
GP Petroleums Limited Market Notice mixed materiality 7/10

28-10-2026

GP Petroleums reported strong H1 FY27 growth, with revenue from operations of ₹571.08 Cr (up 84% YoY), EBITDA of ₹49.43 Cr (up 178% YoY) and PAT of ₹36.46 Cr (up 206% YoY). For Q2 FY27 alone, revenue rose 124% YoY to ₹340.75 Cr and PAT rose 179% YoY to ₹15.27 Cr, but both declined sequentially versus Q1 FY27 (PAT down 28% QoQ) and Q2 EBITDA fell 26% QoQ to ₹21.04 Cr as raw material costs rose and inventory was drawn down, while EBITDA margin compressed to 6.2%.

  • · Q2 FY27 EBITDA margin was 6.2% and PAT margin 4.5%, versus 8.66% and 6.38% for H1 FY27 — margin compression is not stated in the summary numerically.
  • · Revenue mix shifted toward trading, which made up 35% of Q2 revenue versus 21% in Q1, a driver of the margin pressure.
  • · Q2 FY27 EPS of ₹3.00 versus ₹1.07 in Q2 FY26 and ₹4.16 in Q1 FY27.
  • · Q3 FY26 and Q4 FY26 PAT were hit by exceptional charges of ₹1.95 crore and ₹1.32 crore respectively from the new Labour Codes.
  • · Pending transactions: ₹130 crore private placement, ₹100 crore OCD issue subject to shareholder approval, and ₹44.27 crore Pipavav terminal share acquisition funded from internal accruals over up to one year.
  • · A four-month exclusivity arrangement with Incubit DMCC (from 20 Aug 2026) is in place to evaluate lubricant, terminal and retail assets across India, the UAE, Mauritius and East Africa.
  • · Leadership changes in October 2026: Arjun Verma elevated to Managing Director, Dilip Vaswani to Non-Executive Co-Chairman, Ayush Goel re-designated Executive Chairman & Whole-Time Director, and Shirish Suvagia appointed CFO.
  • · Final dividend of ₹0.50 per share (10% of face value ₹5) for FY26 was paid.
  • · Company is recognised as a STAR Export House and exports to more than 12 countries.
Sanofi Consumer Healthcare India Limited Market Notice mixed materiality 6/10

28-10-2026

Sanofi Consumer Healthcare India Limited reported Q3 FY26 (quarter ended 30 September 2026) revenue from operations of ₹2,631 million, up 12% YoY and 12% QoQ-equivalent growth versus ₹2,339 million a year earlier, with profit before tax of ₹1,027 million (up 22% YoY) and EPS of ₹33.26 (up from ₹27.31). Nine-month revenue rose 16% to ₹7,280 million and PBT rose 24% year-on-year, but growth is partly flattered by the relaunch of recalled products after the 2024 recall, and other expenses rose 20% in the quarter, outpacing revenue growth. Sales of products for the quarter were ₹2,438 million, and the auditors issued an unmodified limited review conclusion.

  • · Nine-month domestic sales grew 15% but management attributes this partly to the relaunch of recalled products; the company notes results are not fully comparable with the prior year due to the 2024 recall.
  • · Q3 'Other expenses' rose 20% YoY to ₹663 million, faster than revenue growth of 12%, which compressed margin expansion relative to top-line growth.
  • · Q3 'Changes in inventories' swung to a ₹121 million charge versus a ₹(7) million figure a year ago; the filing does not explain the driver.
  • · Q3 other income fell to ₹44 million from ₹63 million in Q2 FY26, though it rose from ₹30 million a year earlier.
  • · Remeasurement of post-employment benefit obligations produced an OCI loss of ₹11 million in Q3 FY26, versus nil in prior periods.
  • · Q3 FY26 earnings included no exceptional items; the nine-month FY25 comparative includes a ₹66 million exceptional reversal of demerger provisions, which inflates that base.
  • · Reported EPS growth (22%) is in line with PBT growth; press release 'EPS grew by INR 5.95' figure is consistent with ₹33.26 vs ₹27.31.
  • · Company has no subsidiaries, associates, or joint ventures as of 30 September 2026, and operates a single pharmaceutical business segment.
Raymond Lifestyle Limited Market Notice mixed materiality 6/10

28-10-2026

Raymond Lifestyle Limited filed its Q2FY27 and H1FY27 investor presentation following the Board meeting held October 28, 2026. Q2FY27 total income rose 14% YoY to ₹ 2,125 Cr., but PBT fell 16% YoY to ₹ 91 Cr. with margin compressing to 4.3%, while H1FY27 total income grew 10% YoY to ₹ 3,685 Cr. and PBT declined 37% YoY to ₹ 53 Cr. Net cash stood at ₹ 69 Cr. as of September 2026, and net working capital days improved to 82 from 105.

  • · Q2FY27 EBITDA margin compressed 120 bps to 12.7% due to marketing investment and raw material and freight cost increases
  • · Net working capital days fell 23 days to 82 from 105 in Sept 2025, driven by better collections and inventory management
  • · Emerging Businesses EBITDA margin was (23.0%) in Q2FY27 versus (10.6%) a year earlier, remaining in investment mode
  • · Network optimization: 53 underperforming stores exited and 24 new locations added, net closure of 29 stores since Sept 2025
  • · High Value Cotton Shirting H1FY27 revenue was flat YoY at ₹ 417 Cr. while Q2 EBITDA fell 17%
  • · Management guides to double-digit top line and higher double-digit EBITDA growth for FY27
  • · RBI raised FY27 real GDP growth projection to 7.1% and CPI inflation projection to 5.2%; Brent crude above $105–$110/bbl and USD/INR near 94–95 pressure input costs
GAMCO LIMITED Market Notice mixed materiality 6/10

28-10-2026

GAMCO Limited (formerly Visco Trade Associates Ltd) filed its October 2026 Corporate Presentation with BSE under Regulation 30 of the SEBI LODR Regulations. The presentation describes a transition from a listed-equity NBFC into a multi-asset holding company spanning real estate, warehousing, and hospitality. Key FY26 standalone metrics include revenue from operations of Rs. 301.41 Cr, EBITDA of Rs. (28.12) Cr, and PAT of Rs. (47.14) Cr, so the company remained loss-making at the operating and net levels despite balance-sheet growth to Rs. 437 Cr standalone total assets.

  • · FY26 EBITDA of Rs. (28.12) Cr and PAT of Rs. (47.14) Cr were losses, which the company attributes to mark-to-market swings and growth investment
  • · Presentation states comprehensive income stayed positive through the market correction
  • · Visco Advisory sale to a Global Institutional Fund yielded a 158x return over three years, per the company
  • · Blissara Resorts investment was completed 7 Aug 2026; the hospitality platform is still under construction
  • · Complify Trade Pvt. Ltd. amalgamation took effect 1 Apr 2026
  • · Debt-equity ratio held steady at roughly 2.32x despite balance sheet doubling
  • · Shalimar township promoter group holding (24%) is unchanged; GAMCO's direct stake is 9.7%
IIFL Capital Services Limited Market Notice mixed materiality 7/10

28-10-2026

IIFL Capital Services Ltd reported consolidated revenue from operations of ₹722 crore for Q2FY27, up 14% Q-o-Q and 22% Y-o-Y, with operating profit before tax of ₹206 crore (up 38% Q-o-Q and 25% Y-o-Y). However, reported profit before tax fell 27% Q-o-Q to ₹174 crore and profit after tax fell 31% Q-o-Q to ₹127 crore, though both remained up year-on-year. The company also disclosed receipt of all requisite approvals for Fairfax's proposed up-to-51% stake acquisition, a plan to incorporate an NBFC subsidiary, and the Board's approval of a leadership succession plan.

  • · Preferential allotment and open offer for Fairfax's up-to-51% stake are under implementation, with promoter arrangements subject to the open offer tender outcome
  • · Fairfax will join the Promoter Group upon completion and has shareholder approval to nominate up to two directors
  • · Vasudev Jagannath appointed Additional Director and Whole-time Director for three years, subject to approvals, and to be re-designated Managing Director effective January 1, 2027
  • · Average daily market turnover declined 3% Q-o-Q, though it rose 16% Y-o-Y
  • · Investment banking pipeline described as robust, with multiple transactions at various stages of execution
Hero MotoCorp Limited Market Update mixed materiality 8/10

28-10-2026

Hero MotoCorp reported strong Q2 FY'27 (quarter ended September 30, 2026) results: consolidated revenue from operations rose 23% YoY to Rs. 14,970.50 crore and consolidated PAT grew 41% YoY to Rs. 1,860.55 crore, aided by a Rs. 397 crore equity-consolidation gain on an associate's capital raise. Standalone revenue from operations rose 21% YoY to Rs. 14,687.43 crore, but standalone PAT grew only 5% YoY to Rs. 1,456.22 crore, and standalone EBITDA margin was flat-to-stable at 13.4%. Half-year figures show consolidated revenue up 28% and PAT up 8%, while standalone H1 PAT grew 16%.

  • · Standalone EBITDA for Q2 FY'27 was Rs. 1,968 crore (+8% YoY) and H1 FY'27 EBITDA was Rs. 3,694 crore (+15% YoY), with H1 EBITDA margin at 13.3%.
  • · Consolidated Q2 PAT includes a Rs. 397 crore gain from equity consolidation of an associate; excluding this, consolidated PAT growth would be materially lower than the reported 41%.
  • · Standalone Q2 PAT growth of 5% lagged revenue growth of 21%, reflecting margin compression versus the top line, with the company citing commodity headwinds.
  • · Standalone Other income fell to Rs. 193.79 crore in Q2 FY'27 from Rs. 232.84 crore in Q2 FY'26 (down roughly 17%).
  • · Standalone Q2 employee benefits expense rose to Rs. 740.01 crore from Rs. 698.13 crore (+6% YoY).
  • · Standalone Q2 other expenses declined to Rs. 1,433.86 crore from Rs. 1,510.87 crore (-5% YoY).
  • · Standalone operating cash flow for H1 FY'27 was Rs. 3,239.26 crore, down from Rs. 3,616.48 crore in H1 FY'26 (-10% YoY), with direct tax paid rising sharply to Rs. 838.98 crore from Rs. 199.86 crore.
  • · Standalone trade receivables increased to Rs. 3,520.98 crore from Rs. 2,593.20 crore as of March 31, 2026 (+36% in six months).
  • · Standalone investment in Ather Energy Limited totalled Rs. 2,000.33 crore (including Rs. 240 crore via share warrants) in Q2 FY'27.
  • · The company paid dividends of Rs. 1,500.70 crore in H1 FY'27; total FY 2025-26 dividend was Rs. 185 per share (Rs. 75 final plus Rs. 110 interim).
  • · Regulatory uncertainty persists: the company cannot yet reliably estimate financial implications of EPR obligations under ELV Rules 2025 and Battery Waste Management Rules 2022.
  • · Auditor's review report (Deloitte Haskins & Sells LLP) includes a non-modified conclusion, with five subsidiaries and two associates' results reviewed by other auditors; no modification to the conclusion arose from this matter.
Bliss GVS Pharma Limited Corporate Governance neutral materiality 4/10

28-10-2026

Bliss GVS Pharma Limited has issued a Postal Ballot Notice seeking shareholder approval, via remote e-voting, for four special resolutions covering the creation of a Senior Executive Employee Stock Option Plan 2026 (SE ESOP 2026), grants to identified employees equal to or above 1% of issued capital, a broader Employee Stock Option Plan 2026 for present and future employees, and extension of that plan to eligible employees of subsidiaries or associate companies. The SE ESOP 2026 authorises up to 26,50,000 options, each convertible into one equity share of INR 1 face value, and voting runs from October 29, 2026 to November 27, 2026, with results due by November 30, 2026. The filing contains no financial results, so no period-over-period performance comparison is available.

  • · Options exclude promoters and promoter group, directors holding more than 10% of equity, independent directors, and non-executive non-independent directors
  • · Plan is implemented directly by the Company, not through a trust, and will issue new shares
  • · Cut-off date for eligible members was October 23, 2026; the Board approved the notice on October 01, 2026
  • · Vijay Yadav of AVS & Associates appointed as scrutinizer; scrutinizer's decision on vote validity is final
Hero MotoCorp Limited Market Notice mixed materiality 8/10

28-10-2026

Hero MotoCorp reported consolidated Q2 FY'27 revenue of Rs. 14,971 Crore, up 23% YoY from Rs. 12,218 Crore, with PAT of Rs. 1,861 Crore (up 41% YoY), though this includes a one-time Rs. 397 Crore gain from equity consolidation of an associate. Standalone revenue from operations rose 21% to Rs. 14,687 Crore, but standalone PAT grew only 5% YoY to Rs. 1,456 Crore and EBITDA grew 8%, with EBITDA margin at 13.4%. The Board also approved an additional investment of up to Rs. 300 Crore in HMCL Netherlands B.V., a wholly-owned subsidiary, for further investment in HMCL Colombia S.A.S and Hero MotoCorp Do Brasil Ltda.

  • · Standalone PAT growth of 5% YoY in Q2 lagged well behind 21% revenue growth, and standalone EBITDA grew only 8%, indicating margin pressure from commodity headwinds
  • · Consolidated PAT includes a one-time Rs. 397 Crore gain from associate equity consolidation; excluding this, underlying profit growth would be materially lower than the reported 41%
  • · EBITDA margins were flat YoY (13.4% in Q2 and 13.3% in H1), not expanding despite revenue growth
  • · Market share gains were mixed: 100cc motorcycle share rose to 84.4%, but domestic ICE scooter share rose only 1 percentage point to 7.3%
  • · Harley-Davidson business grew 30% sequentially in Q2 but 19% YoY in H1, indicating a slower annual trajectory than the quarterly figure suggests
  • · Company entered Germany as its 54th global market and Nepal as VIDA's first international market
  • · Announced cumulative investment of over Rs. 3,200 Crore in Andhra Pradesh and laid foundation stone of second Global Parts Centre in Tirupati
EPack Prefab Technologies Limited Market Notice mixed materiality 6/10

28-10-2026

EPACK Prefab Technologies Limited has commenced commercial production of PEB structures and PUF panels at its Ghiloth Facility in Rajasthan, effective October 28, 2026, after the Rajasthan State Pollution Control Board granted a Consent to Operate the same day. The filing discloses existing PEB capacity of 1,47,122 Metric Tons/Annum at around 77.50% utilisation and PUF capacity of 13,10,000 Square Meters/Annum at around 49.50% utilisation, with proposed additions of 11,300 Metric Tons/Annum (PEB) and 8,00,000 Square Meters/Annum (PUF), funded by around INR 100 Crore from net IPO proceeds. PUF utilisation, at roughly half of installed capacity, is comparatively low relative to PEB utilisation, even as the capacity expansion is justified by North India demand.

  • · PUF panel capacity utilisation of around 49.50% is well below PEB utilisation of around 77.50%, a gap not addressed in the rationale
  • · Proposed PUF capacity addition of 8,00,000 sq m is large relative to the existing 13,10,000 sq m base, while PUF utilisation is only around half
  • · Ghiloth Facility address: Plot No. SP3-257, RIICO Industrial Area, Ghiloth, Tehsil Neemrana, District Kotputli-Behror, Rajasthan – 301705
  • · Filing made under Regulation 30 read with Para B of Part A of Schedule III of SEBI Listing Regulations, referencing SEBI Master Circular dated January 30, 2026
Capri Global Capital Limited Corporate Governance mixed materiality 8/10

27-10-2026

Capri Global Capital Limited's Board approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026, with an unmodified limited review opinion from the joint statutory auditors. Standalone total income rose 61.0% YoY to ₹14,030.11 million in Q2 FY27 and profit for the period rose 66.9% YoY to ₹3,533.14 million, while quarter-on-quarter growth was 13.3% in total income and 12.5% in profit. Performance was not uniformly strong: fee and commission income for the half year grew 39.4% YoY, but net gain on derecognition of financial instruments under amortized cost fell 24.8% YoY for the half year (₹950.23 million vs ₹1,263.39 million), and other comprehensive income turned to ₹10.50 million from a ₹(43.14) million loss, a modest improvement, while the Q2 OCI was negative at ₹(107.77) million.

  • · Half-year net cash used in operating activities was ₹(42,362.21) million, driven by ₹(51,589.88) million increase in loans, versus ₹(15,950.69) million in H1 FY26
  • · Half-year income tax paid rose to ₹1,985.22 million from ₹591.28 million, reflecting higher profitability
  • · Debt securities rose sharply to ₹49,935.03 million from ₹22,733.21 million at March 31, 2026, more than doubling in six months
  • · Standalone effective tax rate for Q2 FY27 was approximately 25.2% (₹1,189.79 million on ₹4,722.93 million profit before tax)
  • · Deferred tax assets (net) increased to ₹1,126.49 million from ₹712.92 million at March 31, 2026
  • · Other comprehensive income for Q2 FY27 was negative at ₹(107.77) million, driven by hedging losses of ₹(103.59) million and fair value loss on loans measured at FVOCI of ₹(95.19) million
  • · Current quarter impairment on financial instruments rose to ₹701.06 million from ₹394.05 million in Q1 FY27 and ₹199.19 million in Q2 FY26
Home First Finance Company India Limited Market Update mixed materiality 7/10

27-10-2026

Home First Finance Company India Limited's Board approved reviewed financial results for the quarter and half year ended September 30, 2026, with an unmodified limited review opinion from joint auditors B S R & Co. LLP and Batliboi & Purohit. Q2 FY27 total income rose to ₹5,670.02 million (up 18.3% YoY from ₹4,790.47 million) and net profit after tax reached ₹1,701.92 million (up 29.1% YoY from ₹1,318.47 million), though quarter-on-quarter growth was more moderate (total income up 5.0% from ₹5,398.41 million). Half-year profit after tax rose 31.7% to ₹3,300.43 million, while net cash used in operating activities widened to ₹14,151.70 million from ₹9,204.77 million.

  • · Ms. Rinkoo Somani was appointed Chief Financial Officer (KMP and SMP), based on Audit Committee and NRC recommendations
  • · Board approved Postal Ballot Notice seeking shareholder approval for appointment of Mr. Vineet Taneja as Non-Executive Independent Director
  • · Other income fell sharply to ₹0.49 million in Q2 FY27 from ₹17.27 million in Q2 FY26
  • · Q2 FY27 finance costs rose 10.7% QoQ to ₹2,246.14 million, outpacing the 5.0% QoQ growth in total income
  • · Impairment on financial instruments in Q2 FY27 was ₹154.09 million, broadly flat YoY (₹152.43 million)
  • · Investments declined to ₹6,722.78 million from ₹8,122.34 million (approximately 17.2% decrease)
  • · Share issue proceeds fell sharply to ₹102.67 million in H1 FY27 from ₹12,807.53 million in H1 FY26
  • · Total equity grew to ₹46,651.17 million from ₹43,565.39 million at March 31, 2026
Home First Finance Company India Limited Market Update mixed materiality 7/10

27-10-2026

Home First Finance Company India Limited's Board approved reviewed financial results for the quarter and half year ended September 30, 2026, with an unmodified limited review opinion from joint auditors B S R & Co. LLP and Batliboi & Purohit. Q2 FY27 total income was ₹5,670.02 Mn (+18.4% YoY from ₹4,790.47 Mn) and profit after tax was ₹1,701.92 Mn (+29.1% YoY from ₹1,318.47 Mn), while H1 PAT rose 31.6% to ₹3,300.43 Mn. Growth was mixed: fees and commission income fell sharply in the quarter (₹262.30 Mn vs ₹213.24 Mn, +23.0% but down from ₹496.51 Mn in H1 on a half-year basis is not comparable, so relying on the quarter), other income declined to ₹0.49 Mn from ₹17.27 Mn YoY, and other comprehensive income dropped to ₹15.26 Mn from ₹12.02 Mn in Q2 but was negative on a half-year cash flow hedge basis.

  • · Rinkoo Somani appointed as Chief Financial Officer (KMP and SMP), approved on Audit Committee and NRC recommendation
  • · Postal ballot notice approved to seek shareholder approval for appointment of Vineet Taneja (DIN: 07567421) as Non-Executive Independent Director
  • · Security cover certificate as of September 30, 2026 filed under Regulation 54(2), 54(3) and 56(1)(d)
  • · Utilisation of issue proceeds statement filed under Regulation 52(7) and 52(7A)
  • · Cash used in operating activities was ₹14,151.70 Mn in H1 FY27 vs ₹9,204.77 Mn in H1 FY26, driven by loan growth of ₹18,023.68 Mn
  • · Borrowings (other than debt securities) rose to ₹1,18,675.44 Mn from ₹1,03,626.05 Mn; debt securities rose to ₹3,785.63 Mn from ₹2,074.43 Mn
  • · Equity share capital and other equity show H1 FY26 proceeds from equity issuance of ₹12,807.53 Mn versus ₹102.67 Mn in H1 FY27
  • · Dividend paid on equity shares of ₹543.07 Mn in H1 FY27 vs ₹381.72 Mn in H1 FY26
  • · Net gain on derecognition of financial instruments under amortised cost category declined to ₹715.35 Mn in H1 FY27 from ₹496.60 Mn growing, while Q2 fees and commission income fell to ₹262.30 Mn
Home First Finance Company India Limited Market Update positive materiality 7/10

27-10-2026

Home First Finance Company India Limited's Board approved reviewed financial results for the quarter and half year ended September 30, 2026, with an unmodified limited review opinion from joint auditors. Q2 FY27 total income rose to ₹5,670.02 Mn (vs ₹4,790.47 Mn in the prior-year quarter, +18.4%) and profit after tax to ₹1,701.92 Mn (vs ₹1,318.47 Mn, +29.1%), while the half-year PAT grew to ₹3,300.43 Mn (+31.6% YoY). The Board also appointed Ms. Rinkoo Somani as CFO and approved a postal ballot for appointing Mr. Vineet Taneja as a Non-Executive Independent Director.

  • · Security Cover Certificate as on September 30, 2026 furnished under Regulation 54(2), 54(3) and 56(1)(d)
  • · Net cash used in operating activities widened to ₹14,151.70 Mn in H1 FY27 from ₹9,204.77 Mn in H1 FY26, driven by a ₹18,023.68 Mn increase in loans given
  • · Net cash generated from financing activities of ₹15,800.08 Mn in H1 FY27, including ₹24,900 Mn of new bank/FI borrowings and ₹1,500 Mn NCD issuance; equity issuance proceeds fell sharply to ₹102.67 Mn from ₹12,807.53 Mn
  • · Debt securities rose to ₹37,856.3 Mn and borrowings (other than debt securities) to ₹118,675.44 Mn, while total equity reached ₹46,651.17 Mn
  • · Board meeting ran from 2.00 PM to 5.20 PM on October 27, 2026
Unknown Market Update mixed materiality 6/10

27-10-2026

Crisil Ratings upgraded the long-term rating on slice small finance bank's Lower Tier-II bonds (₹50 Cr total) from 'Crisil BBB-/Positive' to 'Crisil BBB/Stable'. The upgrade reflects improved profitability (FY26 net profit of ₹49 Cr, RoA 0.9%, versus a pro-forma net loss of ₹217 Cr in FY25) and sustained business scale-up, with gross advances reaching ₹4532 Cr at March 31, 2026 and ₹5,098 Cr at June 30, 2026. However, asset quality remains moderate: GNPA of 4.4% at June 30, 2026 was improved from 6.3% a year earlier but is still a monitorable, and CAR declined to 18.2% from 19.1% (March 2026) and 20.3% (March 2025).

  • · Rating upgrade is on Lower Tier-II bonds only, with ₹19 Cr under MCA and ₹31 Cr under SEBI regulation
  • · Deposits grew 112% over FY26 to ₹5,132 Cr at March 31, 2026, versus ₹2,418 Cr a year earlier
  • · Net NPA fell to 3.2% at June 30, 2026 from 4.7% a year earlier
  • · Tier 1 ratio declined to 13.8% at June 30, 2026 from 14.1% (March 2026) and 15.7% (March 2025)
  • · Bank expects to raise equity capital in the near term to strengthen its capital position
  • · Operating expenditure rose to 15.5% in FY26 from 11.1% in FY25, despite branch network reduction
  • · Average unsecured personal loan ticket size is ₹25,000–30,000 with 3–6 month tenure; MSME ticket size ₹4–5 lakh
  • · Legacy microfinance portfolio is expected to run down completely in the near term
ROUTE MOBILE LIMITED Corporate Action neutral materiality 6/10

28-10-2026

Route Mobile's Board, meeting on October 27, 2026, approved unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026, declared a Second Interim Dividend of ₹4 per equity share (40% on ₹10 face value) with a record date of November 2, 2026, and approved an alteration of the Memorandum of Association subject to shareholder approval. The Board also rescinded its May 7, 2026 decision to vary the use of ₹650 million of unutilised IPO proceeds, which will remain earmarked for Mumbai office premises, and noted the lapse of 2,860 ESOP options. The filing itself does not disclose the headline revenue or profit figures for the quarter, so the operating performance comparison cannot be assessed from this document.

  • · The rescinded May 7, 2026 IPO fund variation (Ref RML/2026-27/670) means the ₹650 million remains for Mumbai office premises as per the Prospectus.
  • · Dividend record date is November 2, 2026, with payment due within 30 days of declaration and TDS applicable; shareholder tax documents are due by the same date.
  • · The trading window for Designated Persons opens October 30, 2026.
  • · The auditor's report notes that the results of the quarter ended June 30, 2026, and the prior-year periods were reviewed or audited by another auditor with unmodified conclusions.
  • · Seven subsidiaries' unreviewed figures are described by management as not material to the Group.
ROUTE MOBILE LIMITED Market Update neutral materiality 6/10

28-10-2026

Route Mobile's Board approved unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026, with limited review reports from statutory auditors, and declared a second interim dividend of ₹4 per share (40% on ₹10 face value) for FY 2026-27 with a record date of November 2, 2026. The Board also rescinded its May 7, 2026 proposal to vary the use of unutilised IPO proceeds, keeping ₹650 million earmarked for Mumbai office premises, approved an MOA alteration subject to shareholder approval, and noted the lapse of 2,860 ESOP options. The filing does not disclose the headline revenue or profit figures for the quarter, which sit in the annexed results.

  • · Dividend payment to be made within 30 days of declaration, after deducting TDS; shareholders must submit tax documents by November 02, 2026
  • · Trading window for Designated Persons opens Friday, October 30, 2026
  • · Board meeting ran from 9:00 P.M. to 10:35 P.M. IST on October 27, 2026
  • · Rescinded the May 7, 2026 IPO fund variation (intimation Ref RML/2026-27/670), reversing the earlier proposal
  • · MOA alteration requires shareholder approval and regulatory/statutory clearances
  • · Auditor's review of the group's September 2025 and March 2026 periods relied on other auditors' reports, which were unmodified
  • · Seven subsidiaries reported net losses for the quarter and half year, and their results were not reviewed by any auditor and were described as not material to the Group
ROUTE MOBILE LIMITED Market Notice neutral materiality 6/10

28-10-2026

Route Mobile's Board, meeting on October 27, 2026, approved unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026 (with limited review reports), and declared a second interim dividend of ₹4 per share (40% on ₹10 face value) for FY 2026-27 with a record date of November 2, 2026. The Board also approved alteration of the Memorandum of Association subject to shareholder and regulatory approval, and rescinded its May 7, 2026 decision to vary the use of ₹650 million of unutilised IPO proceeds, which will stay earmarked for Mumbai office premises. The filing does not disclose the headline revenue or profit figures for the quarter; those are in the enclosed results annexure, which was not included in the source text.

  • · Dividend record date is November 2, 2026; dividend to be paid within 30 days of declaration, after TDS deduction under the Income Tax Act, 2025
  • · Shareholders must submit TDS-related documents by November 02, 2026
  • · Trading window for Designated Persons opens Friday, October 30, 2026
  • · Board meeting ran from 9:00 PM to 10:35 PM IST on October 27, 2026
  • · The rescinded decision on IPO fund variation was originally intimated under Ref No. RML/2026-27/670 dated May 7, 2026
  • · Auditor's review included 24 subsidiaries reviewed by other auditors (11 located outside India) and 7 subsidiaries not reviewed by their auditors, deemed not material to the Group per management
ROUTE MOBILE LIMITED Market Notice mixed materiality 7/10

28-10-2026

Route Mobile filed its Investor Presentation for the H1 FY26-27 / Q2 FY26-27 earnings update (dated October 27, 2026, filed October 28, 2026) ahead of analyst discussions on its unaudited standalone and consolidated results for the quarter and half year ended September 30, 2026. Q2 FY26-27 revenue rose 2.4% QoQ and 5.4% YoY to ₹11,797 mn, but Adj. EBITDA fell 11.1% YoY to ₹1,184 mn and Adj. PAT declined 17.8% YoY to ₹825 mn, while the company completed the ₹33.7 crore Heltar Technologies AI customer engagement acquisition in July 2026 and declared an interim dividend of ₹4 per share.

  • · Adj. EBITDA margin compressed to 10.0% in Q2 FY26-27 from 11.9% a year earlier, and adj. PAT margin fell to 7.0% from 9.0%
  • · Q2 FY26-27 Adj. PAT includes forex gain of ₹10.2 mn, versus ₹177.6 mn in Q2 FY25-26
  • · Year-on-year opex rose on salary increments and higher legal and professional fees, including ₹69.0 mn Masivian data breach remediation costs in Q2 FY26-27
  • · A ₹49.0 mn one-time loss allowance on capital advance was recognized in Q1 FY26-27
  • · Reported CFO/EBITDA was only 15% in H1 FY26-27 (66% adjusted for a ₹1,168.3 mn vendor advance)
  • · Days Sales Outstanding rose to 76 days in H1 FY26-27 from 68 in FY25-26, while Days Payable fell to 64 from 72 days over the same period, flagging working capital pressure
  • · Heltar acquisition funded from internal accruals and closed July 29, 2026 via the Route Connect subsidiary on a slump-sale basis
  • · Top 10 customers' revenue concentration appears to have declined from 44% in FY23-24 to 32% in H1 FY26-27 (per customer cohort chart), while Top 5 concentration fell from 48% to 33%
Kkalpana Plastick Limited Corporate Governance mixed materiality 8/10

28-10-2026

Kkalpana Plastick Limited's Board, in its 3rd meeting of FY2026-27 held October 27, 2026, approved unaudited results for Q2 and H1 ended September 30, 2026, and noted completion of an open offer by Mr. Ashish Begwani, who is set to take control and become Promoter by November 3, 2026, displacing existing promoters Bbigplas Poly Private Limited and Mrs. Sarla Surana. The Board also approved a wholesale management reshuffle (five new directors, a new CFO, multiple resignations including the Company Secretary and Whole-time Director), a new statutory and internal auditor, a proposed name change to Campbell Ventures Limited, and a registered office shift within Kolkata. The filing does not disclose the Q2 financial figures in the body text, so no performance comparison can be made from it.

  • · Change of control: Ashish Begwani to become Promoter, with transfer completion due no later than November 3, 2026, subject to regulatory requirements
  • · Existing promoters Bbigplas Poly Private Limited and Mrs. Sarla Surana to be reclassified from Promoter/Promoter Group to Public
  • · Company Secretary Navdeep Bhansali resigns effective November 1, 2026, leaving a gap in the CS, Compliance Officer and CFO roles until Manish Kumar Jain takes over CFO on November 3, 2026
  • · Statutory auditor changes to B. Mukherjee & Co. and internal auditor to GRPS & Co., both effective November 3, 2026
  • · Ms. Rashi Nagori Mehta and Ms. Shampa Paul confirmed no material reasons for resignation beyond those stated in their letters
  • · Trading window closed for promoters, directors and designated persons until October 29, 2026
  • · Board committees to be reconstituted effective November 3, 2026
  • · Name change and registered office shift remain subject to shareholder and statutory approvals
Kkalpana Plastick Limited Open Offer mixed materiality 9/10

28-10-2026

Kkalpana Plastick Limited's Board, at its meeting on October 27, 2026, noted completion of an open offer by Mr. Ashish Begwani, who is set to acquire control and become Promoter effective no later than November 3, 2026, displacing existing promoters Bhigplas Poly Private Limited and Mrs. Sarla Surana. The Board also approved unaudited Q2 and H1 FY27 results (quarter and half-year ended September 30, 2026), a sweeping leadership overhaul including new directors, a new CFO, multiple director and auditor resignations, a proposed name change to Campbell Ventures Limited, and a registered office shift to New Town, Kolkata. No financial figures for the results were included in the filing excerpt, so performance direction cannot be assessed from this document.

  • · Statutory auditor B. Mukherjee & Co. and internal auditor GRPS & Co. are being replaced effective November 3, 2026
  • · Mrs. Rashi Nagori Mehta and Ms. Shampa Paul each confirmed no material reasons for resignation beyond those stated in their letters
  • · Trading window closed for promoters, directors and designated persons until October 29, 2026
  • · Ashish Begwani's promoter status and control transfer must complete no later than November 3, 2026, subject to regulatory approvals
  • · Ayesha Begwani is the daughter of Ashish Begwani; the appointments create a family-controlled management structure
  • · Board committees (Audit, Nomination & Remuneration, Stakeholders Relationship) are being reconstituted effective November 3, 2026
PNGS GARGI FASHION JEWELLERY LIMITED Corporate Governance mixed materiality 5/10

28-10-2026

PNGS Gargi Fashion Jewellery Limited's Board approved unaudited standalone results for the quarter and half year ended September 30, 2026. Revenue from operations for the quarter rose to ₹5,399.79 Lakhs from ₹4,644.82 Lakhs in the corresponding quarter of the prior year (up 16.27% YoY), while profit after tax for the quarter increased to ₹1,071.96 Lakhs from ₹1,027.48 Lakhs (up 4.33% YoY). However, half-year revenue from operations of ₹8,121.41 Lakhs was up only 7.36% YoY versus ₹7,564.22 Lakhs in the prior-year half, and management notes that the 30 new EBO outlets have raised operating costs without yet generating a sizable revenue impact.

  • · Profit before tax for the half year was ₹2,117.49 Lakhs, which is slightly below the prior-year half-year figure of ₹2,087.99 Lakhs after accounting for the labour codes exceptional item in the prior period
  • · Quarterly profit before tax rose to ₹1,438.90 Lakhs from ₹1,374.16 Lakhs in the same quarter last year
  • · Employee benefits expense for the half year rose to ₹214.79 Lakhs from ₹142.13 Lakhs, and depreciation and amortization rose to ₹164.72 Lakhs from ₹64.26 Lakhs, reflecting expansion costs
  • · Half-year finance cost increased to ₹66.75 Lakhs from ₹32.13 Lakhs in the prior-year half
  • · Quarterly revenue growth was partly supported by the timing of Navratri sales, which shifted into the quarter because the festival began October 10, 2026, while the prior-year half included nine days of Navratri sales
  • · Total assets stood at ₹21,672.12 Lakhs as of September 30, 2026, up from ₹16,746.24 Lakhs at March 31, 2026
  • · Inventories rose to ₹7,395.24 Lakhs from ₹4,824.25 Lakhs, and trade receivables rose to ₹2,977.41 Lakhs from ₹1,362.97 Lakhs
  • · Equity share capital is ₹1,047.03 Lakhs with face value of ₹10 per share, and total weighted average shares were 1,04,70,303
  • · Management plans an analysts' call after Q3 or Q4 of FY 2026-27
Rajoo Engineers Limited Market Notice mixed materiality 7/10

28-10-2026

Rajoo Engineers Limited reported unaudited consolidated results for Q2 and H1 FY27 (quarter and half year ended 30 September 2026). Q2 revenue from operations rose 10.47% YoY to Rs. 101.91 crore, while Q2 EBITDA (excluding other income) fell 45.74% YoY to Rs. 9.93 crore and Q2 net profit fell 41.38% YoY to Rs. 8.26 crore, with EBITDA margin compressing to 9.75% from 19.84%. For H1 FY27, revenue grew 26.88% YoY to Rs. 224.98 crore (partly aided by the recently acquired subsidiary Kohli Printing and Converting Machines Private Limited), but EBITDA declined 14.19% to Rs. 31.65 crore and net profit declined 12.25% to Rs. 25.61 crore.

  • · Management attributes Q2 margin compression to project mix, higher operating expenses from increased business activity, geopolitically driven input cost volatility, and employee expenses
  • · H1 FY27 revenue growth includes contribution from recently acquired subsidiary Kohli Printing and Converting Machines Private Limited
  • · Company exports to customers in over 70 countries
  • · Company has taken a Q2 FY27 reported PAT figure of Rs. 7.84 crore (vs Rs. 13.59 crore in Q2 FY26) in its results table, distinct from the Rs. 8.26 crore net profit figure, which is not reconciled in the release
Refex Industries Limited Market Notice mixed materiality 7/10

28-10-2026

Refex Industries filed an investor presentation for its unaudited Q2 and H1 FY27 results (quarter and half-year ended September 30, 2026). Standalone continuing-operations revenue rose 36.1% YoY to ₹ 560 Cr in Q2 and 54.7% to ₹ 1,179 Cr in H1, with PAT up 13.1% to ₹ 60 Cr in Q2 and 55.4% to ₹ 133 Cr in H1. Gross margin and EBITDA margin compressed in Q2 (GP margin 19.2% vs 21.3%; EBITDA margin 16.2% vs 18.1%), and finance costs more than doubled, while the company cited a ₹ 1,721 Cr order book and ₹ 346 crore of new wind orders.

  • · Q2 FY27 finance cost rose to ₹ 12.8 Cr from ₹ 6.2 Cr YoY, roughly doubling, which compressed PBT growth to 10.1%
  • · Q2 FY27 gross profit margin fell to 19.2% from 21.3%, reflecting a margin squeeze despite revenue growth
  • · Q2 FY27 revenue was impacted by monsoon, yet the company reported strong growth
  • · Cash and cash equivalents rose to ₹ 242.1 Cr at 30-Sep-26 from ₹ 180.5 Cr at 31-Mar-26, while borrowings increased to ₹ 197.3 Cr from ₹ 132.8 Cr (current)
  • · Trade receivables rose to ₹ 905.9 Cr from ₹ 737.3 Cr, and working capital outflow was ₹ 165.4 Cr for the period
  • · Net cash from operating activities fell to ₹ 24.1 Cr in the period versus ₹ 64.2 Cr in the prior-year period
  • · RGML demerger is expected to complete in the next few months
  • · Wind business completed its first set of deliveries to all three customers
Vedanta Limited Corporate Governance mixed materiality 8/10

28-10-2026

Vedanta Limited's auditor MSKA & Associates issued a limited review report (dated October 28, 2026) on the unaudited consolidated and standalone results for Q2 and H1 FY2026-27, which were approved by the Board on October 28, 2026. Consolidated revenue from continuing operations for the quarter ended September 30, 2026 was ₹26,356 Crore versus ₹16,736 Crore a year earlier, and continuing-operations net profit after tax was ₹6,202 Crore for the quarter, but these figures are not comparable with prior periods because the Aluminium, Oil & Gas, Iron Ore and Power businesses were demerged effective May 1, 2026 and are reported as discontinued operations. The auditor emphasised reliance on unreviewed subsidiary information for several entities (including one outside India with total assets of ₹14,994 Crore) and drew attention to ongoing regulatory matters (SEBI observations on a subsidiary's related-party transactions and an ED search under FEMA, June 1-3, 2026) without modifying its conclusion.

  • · Net profit after tax from continuing and discontinued operations for the quarter was ₹6,202 Crore versus ₹3,479 Crore a year earlier, but the discontinued-operations comparison is distorted by the demerger.
  • · Standalone net profit after tax for the quarter was a loss of ₹170 Crore (quarter ended 30.09.2026) versus a profit of ₹2,165 Crore a year earlier, and standalone copper revenue was ₹8,454 Crore.
  • · Net debt-related ratios moved: the debt-equity ratio stood at 1.15 times (30.09.2026) versus 1.19 times at 31.03.2026, and interest service coverage was 12.79 times for the quarter.
  • · The Non-Convertible Debentures outstanding as on 30 September 2026 total ₹11,360 Crore, all listed unsecured NCDs.
  • · Auditor's emphasis of matter: the auditor relied on unreviewed management-certified information for 9 subsidiaries (revenue ₹413 Crore) and a joint operation, and drew attention to SEBI observations on related-party transactions and the ED search under FEMA.
Gateway Distriparks Limited Market Notice mixed materiality 7/10

28-10-2026

Gateway Distriparks Limited reported Q2 FY27 (quarter ended September 30, 2026) results: total revenue rose 2.66% QoQ to Rs. 585.6 Crs and EBITDA grew 6.55% QoQ to Rs. 131.5 Crs, while PBT increased 15.07% QoQ to Rs. 79.0 Crs. However, PAT declined 11.72% YoY to Rs. 58.5 Crs versus Rs. 66.3 Crs, and H1 FY27 PAT fell 14.55% YoY to Rs. 109.8 Crs, primarily due to a higher effective tax rate of 25.17% under the new concessional tax regime (versus 9.57% in the prior year, which benefited from MAT credit). Container throughput was mixed, with Rail volumes up 1.71% QoQ while CFS volumes fell 7.91% QoQ and total throughput declined 2.98% QoQ.

  • · Management attributed the Q2 container business recovery to revenue growth of 12%, EBITDA growth of 15.3%, and PAT growth of 23% versus Q1, despite container imbalances and erratic vessel schedules.
  • · Company transitioned to the concessional tax regime under Section 115BAA effective April 1, 2026, which requires forgoing Section 80-IA deductions.
  • · Cash outgo for tax is 18.88% in the current year versus 17.47% previously, driven by utilization of accumulated MAT credit.
  • · Snowman Logistics is on track to reach 175,000 pallets of capacity by mid-2027.
  • · Management cited India's recently signed trade agreements as a medium-term growth opportunity.
Prudent Corporate Advisory Services Limited Merger/Acquisition mixed materiality 4/10

28-10-2026

Prudent Corporate Advisory Services Limited's Board, at its October 28, 2026 meeting, approved unaudited standalone and consolidated results for Q2 and H1 FY27 (quarter and six months ended September 30, 2026), an ESOP allotment of 1,190 shares at ₹2,632 each, and an investment of up to ₹6,53,40,000 (Rs. 653.40 Lakh) in its wholly owned subsidiary Prutech Financial Services Private Limited via a rights issue, to fund a move into portfolio management services. Standalone revenue from operations for the quarter was ₹37,792.81 Lakh versus ₹30,124.19 Lakh a year earlier (up ~25.5%), but profit after tax for the quarter was ₹6,977.42 Lakh versus ₹6,859.75 Lakh in the sequential June 2026 quarter, and the six-month PAT of ₹13,837.17 Lakh is up from ₹10,021.38 Lakh... see note below.

  • · Standalone total income for the quarter was ₹38,249.96 Lakh; total expenses rose to ₹28,899.48 Lakh, with other expenses up 48.5% for the half year.
  • · Employee benefit expenses rose ~30.7% for H1 FY27 versus H1 FY26, outpacing revenue growth of ~10%.
  • · Prutech's turnover grew from Rs. 54.88 Lakh (FY24) to Rs. 98.09 Lakh (FY25) to Rs. 154.51 Lakh (FY26), and the investment is intended to meet SEBI Portfolio Manager net worth requirements.
  • · Standalone auditor Deloitte issued a limited review report with no material misstatement identified; no governmental or regulatory approvals were flagged for the Prutech investment.
  • · Consolidated results and the Statement of Assets and Liabilities/Cash Flow Statement were enclosed but the consolidated figures are not reproduced in the provided extract.
Vedanta Limited Market Notice mixed materiality 9/10

28-10-2026

Vedanta Limited reported record Q2 FY27 consolidated results, with revenue of ₹25,812 crore (up 57% YoY and 10% QoQ), EBITDA of ₹9,938 crore (up 106% YoY) and PAT of ₹6,202 crore (up 151% YoY). Net debt fell by ₹4,624 crore QoQ to ₹3,675 crore, bringing Net Debt/EBITDA to 0.1x, and the Board declared a 1st Interim Dividend of ₹5 per share. Performance was mixed across segments: Zinc International mined metal output fell 12% YoY and Copper International sales fell 74% YoY, while Zinc India, FACOR and Ports posted volume growth.

  • · Copper International sales fell 74% YoY to 6 kt, impacted by closure of the Strait of Hormuz; H1 down 64% YoY
  • · Zinc International mined metal output down 12% YoY in Q2 and 13% YoY in H1
  • · Overall cost of borrowing remained at approximately 8.3% p.a.; $2.15 bn international bonds at 7.4% average coupon and $1.85 bn syndicated term loan at SOFR + 265 bps
  • · ICRA and CRISIL reaffirmed AA+/Stable rating; S&P and Fitch at BB/Stable and Moody's at Ba3/Positive for Vedanta Resources
  • · Copper International 155 KTPA rod plant at KSA expected to commission in Q3 FY27
  • · Demerger effective 1 May 2026 with four new entities listed on NSE and BSE on 15 June 2026
  • · Quarterly EBITDA margin excluding copper business 60%, up 1,055 bps YoY
V R Woodart Ltd Market Notice neutral materiality 2/10

28-10-2026

Megamont Limited (formerly VR Woodart Ltd, BSE scrip 523888) has concluded a trade to procure 250 MT (+/- 2% at seller's option) of edible-grade Crude Palm Oil (FFA 5% max) from Paras Agri Business Private Limited, Palanpur, at an approximate deal value of Rs. 3.14 Crore including 5% GST, with lifting scheduled for December 2026 via Ex-Kandla Port, Gujarat. The trade was confirmed on 27 October 2026 and arranged through Hardik Brokers, Ahmedabad, and the filing is a press release disclosed under Regulation 30 of the SEBI LODR Regulations. No financial performance, revenue, or profit data is disclosed, so there is no period-over-period comparison available.

  • · Delivery is Ex-Kandla Port, Gujarat, with tank rent at Kandla included in the rate
  • · Payment terms are advance; deal value excludes import duty, which is for the buyer's account
  • · Seller may provide a bond-to-bond transfer document or IGST at its option; applicable GST is payable by the buyer
  • · Company describes itself as an international trading and supply-chain company with sourcing relationships across India, CIS, China, Brazil, South Africa, Russia and Europe
  • · Filing notes the company's CIN and BSE scrip code 523888; the CIN is inconsistently reproduced across the filing (LA6610MH1989PLC13829 on the cover letter vs L46610MH1989PLC138292 on the press release)
Himadri Speciality Chemical Limited Corporate Governance positive materiality 4/10

28-10-2026

Himadri Speciality Chemical Limited announced that its postal ballot via remote e-voting concluded on 27 October 2026, and the Special Resolution to alter the Memorandum of Association and adopt a new MOA under the Companies Act, 2013 was passed with requisite majority. The resolution received 342,043,138 votes in favour (99.9983% of votes polled, 67.79% of total outstanding shares) and only 5,758 votes against (0.0017%), with no invalid votes reported.

  • · Promoter and Promoter Group held 264,859,302 shares and voted 100% in favour, with no votes against
  • · Public Institutions voted 100% in favour, with 34,891,625 votes cast
  • · Public Non-Institutions cast 42,297,969 votes, with 5,758 votes against, the only dissent in the resolution
  • · E-voting ran from 28 September 2026 at 9:00 a.m. to 27 October 2026 at 5:00 p.m. IST
  • · Notice dispatched electronically on 25 September 2026 with public advertisement in Financial Express and Arthik Lipi on 26 September 2026
  • · Resolution was passed under Section 108 and 110 of the Companies Act, 2013 and SEBI Listing Regulations Regulation 44
  • · Results and Scrutinizer's Report to be published on company website and CDSL website
PVR INOX Limited Market Notice positive materiality 8/10

28-10-2026

PVR INOX reported record Q2 FY'27 (quarter ended September 30, 2026) results, with Ind AS 116-adjusted revenue up 17% YoY to INR 21,327 mn, EBITDA up 44% to INR 4,752 mn (22.3% margin), and PAT up 111% to INR 2,733 mn, alongside a sixth consecutive quarter of YoY revenue growth. Patron footfalls grew only 4% to 46.3 mn, while ATP (INR 298) and SPH (INR 153) each rose 14%, and the company turned net-cash positive (net cash INR 1,407 mn) after completing a INR 3,000 mn maiden share buyback. Industry box office rose 23% to INR 4,443 crore in the quarter, though Hindi box office (including dubbed films) grew a comparatively modest 12%.

  • · Patron footfall grew only 4% YoY versus 17% revenue growth, indicating that growth was driven mainly by pricing and per-capita spend rather than attendance.
  • · Hindi box office (incl. dubbed) grew just 12% YoY, below the 23% industry-wide growth rate.
  • · Reported Ind AS PAT from continuing operations was INR 2,631 mn in Q2 FY'27 versus INR 1,082 mn in Q2 FY'26, and H1 FY'27 reported PAT was INR 3,196 mn versus INR 608 mn.
  • · Q2 FY'26 and H1 FY'26 comparatives are restated after excluding Zea Maize Pvt. Ltd., divested January 29, 2026; discontinued operations losses were INR 27 mn (Q2) and INR 98 mn (H1).
  • · Net cash rose from INR 807 mn in June 2026 to INR 1,407 mn in September 2026 even after the INR 3,000 mn buyback.
  • · Under the new policy, net debt to LTM EBITDA must remain within 0.5x after any distribution, and around 30% of annual surplus cash flow is targeted for returns via dividends and/or buybacks at Board discretion.
  • · Management indicated most of the 90-100 planned new screens for FY'27 will open in H2 under capital-light models, implying a back-loaded expansion.

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