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India Stock Market Daily Regulatory Digest — October 29, 2026

Daily India Market Intelligence

By Gunpowder Editorial ·

13 high priority 37 medium priority 50 total filings analysed

Executive Summary

Across the 50 Indian filings for 29 October 2026, results were predominantly mixed: top-line growth was widespread (Netweb +335.7% YoY, Pine Labs revenue +24% YoY, Man Infraconstruction H1 revenue +30%, Seshaasai +15% YoY, Stylam +16.5% YoY, Kajaria +24% YoY, Sambhv +44% YoY), yet margins and underlying profitability frequently compressed, notably in cement (ACC and Orient EBITDA/tonne down about 20%, Ambuja standalone PAT down sharply on a tax write-back base) and in logistics/aviation (IndiGo fuel CASK +68.9%, net loss ex-forex widened).

Energy and input-cost inflation (West Asia conflict, freight, diesel, petcoke, coal) was a recurring cross-sector theme, cited by ACC, Orient, IndiGo, Indoco, Stylam, NOCIL, Kajaria and Seshaasai. Financial-sector filings were stronger on asset quality (Equitas GNPA 2.29% from 2.92%, Capital SFB GNPA 2.36%) but showed rising funding costs, and IRB InvIT's quarterly profit fell 80% YoY on finance costs. Governance and balance-sheet stress surfaced at Electrotherm (default of Rs 59.81 Cr, settlement on Rs 180 Cr), Purva Oak (negative equity, Rs 1,081 Cr borrowings) and Coal India (auditor emphasis of matter on board composition). Capital allocation was active, with Coal India's second interim dividend of Rs 10.25, Sanofi's Rs 75 interim dividend, Privi's Rs 5 interim dividend, and Welspun and Man Infraconstruction pursuing capex or buybacks, while Monarch Networth's 1:5 split and Motilal Oswal's record H1 PAT (Rs 2,583 Cr) were notable structural events.

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

Filing types in this digest: Corporate governance · Company update · Corporate action

Tracking the trend? Catch up on the prior India Stock Market Daily Regulatory Digest digest from October 22, 2026.

Investment Signals (12)

  • Q2 FY27 revenue Rs 1,323 Cr (+335.7% YoY, +61.4% QoQ), PAT Rs 137 Cr; management guided Rs 4,000 Cr FY27 revenue and 30-40% CAGR for 2-3 years, though gross margin fell sequentially and cash conversion cycle is 94 days

  • H1 PAT +20.4% YoY, operating cash flow +30.4%, trade receivables down to Rs 46,703 Lakh from Rs 58,644 Lakh, cash up roughly 96% since March; Rs 5 interim dividend declared

  • Pine Labs ↓ (BULLISH)
    ▲

    PAT roughly 6x YoY to Rs 39 Cr, Adjusted EBITDA margin 19%, employee cost fell from ~37% to ~30% of revenue; ex-Fintech Infrastructure GTV +31% YoY, but total GTV only +5% and ETR ~37% expected to taper to ~30% by FY27 exit

  • Record H1 total PAT Rs 2,583 Cr (+51% YoY), Operating PAT +22% YoY; mutual fund net flow share rose to 6.0% in September 2026 versus 2.7% AUM share; AA+/Stable from three agencies

  • Q2 net profit Rs 451 Cr (+42.1% YoY), business +27.3% YoY; guided FY27 advances growth 22%+ and deposit growth 20%+, but NIM slipped 10 bps QoQ to 4.19% and ECL requirement of Rs 385 Cr looms

  • Q2 net profit Rs 218 Cr versus Rs 24 Cr a year earlier, GNPA improved to 2.29% from 2.92%, CRAR 20.92%; but interest expense rose 23.4% YoY and H1 turned profitable only after prior-year loss

  • Standalone Q2 revenue +44% YoY, PAT +105% YoY to Rs 613 Mn, but Operating EBITDA margin fell to 12.08% from 13.00% QoQ and gross margin to 25.17% from 28.96%

  • ICRA ↓ (BEARISH)
    ▲

    Consolidated Q2 revenue ~+30% YoY and PAT Rs 51.4 Cr, but standalone Q2 PAT of Rs 91.4 Cr is inflated by Rs 53.7 Cr dividend income from a subsidiary; depreciation up ~156% YoY on Fintellix consolidation

  • Default disclosed on Rs 56 Cr principal and Rs 3.81 Cr interest owed to an ARC; settlement reached on Rs 180 Cr principal at 11% over 11 years, amounts provisional pending lender confirmation

  • ▲

    Quarterly PAT fell 80.3% YoY to Rs 163 Mn as finance costs rose to Rs 1,860 Mn from Rs 686 Mn; Rs 1.625/unit distribution declared with NAV at Rs 75.46

  • IndiGo (InterGlobe Aviation) (BEARISH)
    ▲

    Revenue +25.9% YoY on yield +34.3%, but load factor fell 2.2 pts to 80.3% and passengers fell 4.7%; loss excluding forex swung to Rs 724 Cr from a Rs 104 Cr profit

  • ▲

    Q2 consolidated PAT Rs 6,516 Cr (+53% YoY, -26.4% QoQ); second interim dividend Rs 10.25 with record date 4 November 2026, aggregating Rs 21.00 for TY 2026-27

Risk Flags (11)

  • Rs 59.81 Cr default on term and working capital loans due by 30 September 2026, with Rs 180 Cr ARC settlement still subject to lender confirmation; additional Indian Overseas Bank/RARL NPA exposure excluded from books

  • Purva Oak Private Limited/Balance Sheet Stress [HIGH RISK]
    ▼

    Negative total equity of Rs (2,575.38) lakhs, borrowings Rs 1,08,143.42 lakhs, current ratio 0.93; loans to related parties jumped to Rs 22,666.68 lakhs in H1 from Rs 846.25 lakhs, while interest income drove other income

  • Rs 2,102.89 Mn impairment on subsidiary investments in Q2 (Rs 2,208.44 Mn H1) and unitholder's equity down to Rs 1,26,440 Mn from Rs 1,32,907 Mn YoY; H1 profit -4.0% YoY despite income +16.6%

  • Cambay Block PSC lost after Delhi HC dismissal, triggering Rs 379 Cr impairment; Division Bench judgement reserved, and reported Rs 746 Cr PAT is flattered by Rs 1,097 Cr discontinued-operations profit

  • ▼

    Standalone PAT fell to Rs 114 Cr from Rs 1,158 Cr on a one-off Rs 1,180 Cr tax write-back base; Q2 exceptional VSS cost Rs 85 Cr, standalone finance costs jumped to Rs 142 Cr from Rs 55 Cr on inter-corporate deposits at 8%

  • Cement Sector/Margin Compression (ACC and Orient) [HIGH RISK]
    ▼

    Consolidated EBITDA/tonne fell ~20% to Rs 852 from Rs 1,064, EBITDA margin 15.3% from 19.1%, energy cost impact ~Rs 228/PMT; Orient Q2 described as challenging with diesel prices up 25-30% in six months

  • Coal India/Governance↓ [MEDIUM RISK]
    ▼

    Auditor's limited review carries emphasis-of-matter on non-compliance with independent director and sub-committee composition requirements, which may attract penal provisions; Rs 499.29 Cr NCWA-XIII wage provision recognised

  • Only ~25% of the Rs 169.29 Cr open-market buyback completed by the filing date, with closing deadline 16 December 2026 and average buyback price Rs 123.55 versus Rs 171 cap

  • Q3 profit +54% YoY partly reflects a one-off reversal of provisions; nine-month revenue fell ~1% YoY to Rs 14,017 Mn and the prior-year base included a Rs 273 Mn separation charge

  • Dombivli EBITDA impact only near breakeven in Q2 (Rs -0.2 Cr) after Rs 9.5 Cr loss in Q1, with occupancy in the mid-30s and management unwilling to disclose unit-level data; Rs 100 Cr incremental cash outflow for Pune land

  • EBITDA margin fell to 16.8% from 21.2% QoQ, other expenses +33% QoQ on ocean freight and fuel; PAT growth figures in the filing are internally inconsistent (10% vs 2.3% QoQ decline) and need verification

Opportunities (10)

  • FY27 revenue target Rs 4,000 Cr implies strong H2 ramp versus H1 run-rate, with 30-40% CAGR guidance for 2-3 years; cash conversion targeted to improve to 90-110 days from 94

  • SEBI custodian licence secured with operations expected Q4 FY27; mutual fund net flow share 6.0% in September versus 2.7% AUM share indicates share-gain momentum

  • Management expects ETR to fall from ~37% to ~30% by FY27 exit as loss-making international entities mature; employee cost ratio down ~7 pts provides operating leverage

  • Strong deposit and advance momentum with FY27 guidance of 22%+ advances and 20%+ deposits; surplus investment portfolio (~22% of balance sheet at ~7%) could be redeployed into higher-yield lending

  • USD 115 million Little Rock expansion (225 KMTPA HSAW) targeting March 2028, backed by robust US order book and long-term oil and gas pipeline visibility; Jordan facility with Perma-Pipe could extend reconstruction-linked demand

  • Q2 day-ahead clearing price Rs 5.7/unit (+46% YoY) and real-time Rs 5.2/unit (+49% YoY) with electricity volumes up 12.7% YoY; coal shortages at ~100 plants may sustain power-market tightness

  • Price hikes of 12-13% (North and South) and 18-19% (Morbi) implemented, consolidated EBITDA margin 19.5% versus 17.9%, with management guiding double-digit volume growth over the next two quarters

  • Standalone revenue +44% YoY and PAT more than doubled, with Operating EBITDA margin still above prior-year Q2 (10.39%) despite QoQ compression

  • Operating cash flow +30% YoY funds capex up ~45% while cash balance nearly doubled; expansion projects (CWIP +66%) position the company for future volume growth

  • Gross margin improved 89 bps to 42.5% and EBITDA rose 12.9% QoQ despite USD/INR and West Asia pressure; lower finance costs after debt repayment support further PAT leverage

Sector Themes (6)

  • Cement Sector Cost Squeeze (BEARISH)
    ◆

    ACC, Orient and Ambuja all reported energy-driven margin pressure (ACC cost impact ~Rs 228/PMT, EBITDA/tonne down ~20%); despite volume growth (ACC H1 volume +4.2%), profitability fell sharply, and the pending ACC/Orient amalgamation into Ambuja (completion expected January 2027) is the sector's main structural event

  • Energy and Freight Input-Cost Inflation Across Sectors (BEARISH)
    ◆

    At least eight filings (IndiGo fuel CASK +68.9%, Stylam ocean freight, Kajaria freight/container shortages, Indoco freight and COGS +30%, NOCIL logistics, ACC/Orient energy, Seshaasai USD/INR, Sambhv gross margin decline) cite West Asia conflict, rupee weakness or freight costs as drivers of margin compression

  • Financial Sector Asset Quality Improving, Funding Costs Rising (MIXED)
    ◆

    Equitas (GNPA 2.29% from 2.92%), Capital SFB (GNPA 2.36%, credit cost 0.18% from 0.31% QoQ) and Tamilnad (ECL requirement ahead of April 2027 norms) show improving or manageable credit quality, but cost of deposits and interest expense rose sharply (Equitas interest expense +23.4% YoY, Tamilnad cost of deposits 5.85%)

  • Strong Top-Line, Weaker Bottom-Line Divergence (MIXED)
    ◆

    Consistent pattern of revenue growth outpacing profit growth or the reverse across filings (Pine Labs GTV +5% vs PAT 6x, ICRA revenue +30% vs standalone profit inflated by dividends, Sanofi profit +54% vs revenue -1% YTD, Man Infraconstruction revenue +57% in Q2 vs PAT +14%), underscoring need to adjust for one-offs

  • Capital Returns and Structural Corporate Actions (POSITIVE)
    ◆

    Dividends (Coal India Rs 10.25, Sanofi Rs 75, Privi Rs 5, IRB InvIT Rs 1.625/unit, Cube Highways Rs 3.79/unit), buybacks (Man Infraconstruction), share split (Monarch Networth 1:5), and QIP/IPO activity (P N Gadgil Rs 700 Cr QIP, Shadowfax Rs 1,000 Cr IPO) show healthy shareholder-return intent alongside growth capex

  • Platform and Consolidation Activity (NEUTRAL)
    ◆

    Adani-platform cement consolidation (ACC, Orient into Ambuja), Motilal Oswal custodian licence, Netweb and Pine Labs international expansion, and P N Gadgil/Silvostyle acquisition illustrate deal-driven growth; watch integration risk given Purva Oak and Electrotherm distress elsewhere

Watch List (12)

  • Lender confirmation of Rs 59.81 Cr default amounts and finalisation of the Rs 180 Cr ARC settlement; RARL/IOB NPA exposure remains off-book [date not specified]

  • Division Bench judgement on the Cambay Block PSC matter, reserved after hearings concluded 1 October 2026; a reversal would be material to the Rs 379 Cr impairment [date not specified]

  • Monitor for further related-party loan build-up and debt servicing given negative equity and rising borrowings [ongoing]

  • USFDA decision on Goa plant expected first week of December 2026; Warren API audit expected around Q2 FY28 [December 2026]

  • Record date 4 November 2026 for second interim dividend Rs 10.25; any regulatory penalty on board composition non-compliance [4 November 2026]

  • Custodian operations launch in Q4 FY27 and continued mutual fund flow share gains [Q4 FY27]

  • NCLT sanction of One Cement Platform merger with completion expected by January 2027; Q3 energy cost trajectory [January 2027]

  • Buyback completion before 16 December 2026 closing deadline (approximately 25% remaining) [16 December 2026]

  • Delivery against Rs 4,000 Cr FY27 revenue guidance and cash conversion cycle trajectory toward 90-110 days [FY27 close]

  • Quarterly NIM trajectory versus guided 4.10% +/- 5 bps and ECL provisioning ahead of 1 April 2027 norms [1 April 2027]

  • Q3 seasonal leasing slowdown and progress on FY27 targets (6.5 million sq ft leasing, 6 million sq ft completions; first Pune in-city delivery by Q4) [Q3/Q4 FY27]

  • Effective tax rate trajectory toward ~30% by FY27 exit and international entity break-even timing [FY27 exit]

Filing Analyses (50)
Unknown Market Update neutral materiality 4/10

28-10-2026

Hella Infra Market Limited has approved the allotment of 637 Series E2 Compulsorily Convertible Cumulative Preference Shares (CCPS), each with a face value of ₹30 and a premium of ₹2,13,408.77 per share, to two shareholders of Emcer Tiles Private Limited. The issuance is consideration other than cash, made in exchange for 13,04,780 equity shares of Emcer under a Share Swap Agreement for an additional acquisition in Emcer. The aggregate issue value is stated as ₹13,59,60,496.49, subject to reconciliation of the acquisition value.

  • · Board approval for the allotment was dated September 30, 2026, and the special resolution by shareholders was passed on October 13, 2026
  • · Approval was granted by the Finance, Banking and Investment Committee via resolution by circulation dated October 27, 2026
  • · Issuance is a preferential allotment by private placement, made under Regulation 51 read with Part B of Schedule III of the SEBI LODR Regulations, 2015
  • · Tenure, conversion terms, dividend terms, and listing status are to be specified in the terms of issue and transaction documents, and are not disclosed in this filing
  • · No charge or security has been created over assets, and no delay or default in payment is reported, subject to confirmation
Cube Highways Trust Market Update mixed materiality 7/10

28-10-2026

Cube Highways Trust reported unaudited standalone results for the quarter and half year ended September 30, 2026, with Q2 FY27 profit after tax of Rs. 2,869.76 million, slightly down 1.0% from Rs. 2,899.82 million in Q1 but up 13.8% from Rs. 2,520.82 million in the year-ago quarter. Total income rose 36.5% YoY to Rs. 8,549.22 million, driven by a Rs. 2,798.28 million dividend income jump, while the Board declared a distribution of INR 3.79 per unit (record date October 31, 2026; payment by November 6, 2026). However, net asset value declined, with total unitholder's equity falling to Rs. 1,26,440.32 million from Rs. 1,32,906.95 million a year earlier, and a Rs. 2,102.89 million impairment charge on subsidiary investments weighed on the quarter.

  • · Interest income on loans to subsidiaries fell to Rs. 5,723.41 million in Q2 FY27 from Rs. 6,224.78 million a year earlier, while dividend income from subsidiaries surged to Rs. 2,798.28 million from nil
  • · Impairment charges of Rs. 2,102.89 million in Q2 FY27 and Rs. 2,208.44 million for the half year were recorded on subsidiary investments, versus no impairment in the prior-year quarter
  • · Half-year profit declined 4.0% YoY to Rs. 5,769.58 million despite a 16.6% rise in total income, as impairments and higher other expenses offset gains
  • · Distribution-Repayment of Capital grew to Rs. (15,683.60) million from Rs. (10,361.08) million a year earlier, reflecting a larger cumulative return of capital
  • · Total borrowings (non-current plus current) stood at approximately Rs. 1,79,283.08 million, up from Rs. 1,77,663.87 million a year earlier
  • · Cash and cash equivalents rose sharply to Rs. 6,428.80 million from Rs. 391.87 million a year earlier
  • · Investments in subsidiaries declined to Rs. 1,26,721.53 million from Rs. 1,29,426.60 million a year earlier
  • · Unit capital presentation as equity follows InvIT regulations rather than Ind AS 32; the auditor drew attention to this without modifying the conclusion
  • · Subordinate units of 2,78,78,600 were extinguished and 96,21,400 reclassified to ordinary units during FY26, with no subordinate units outstanding as at September 30, 2026
Pine Labs Limited Market Notice mixed materiality 7/10

29-10-2026

Pine Labs filed its Q2 FY27 investor/analyst presentation ahead of a conference call on October 29, 2026. Revenue from operations rose 24% YoY to ₹806 Cr, Adjusted EBITDA grew 27% YoY to ₹155 Cr (19% margin), and PAT increased roughly 6x YoY to ₹39 Cr. However, management is deliberately investing heavily in brand, talent, technology and international expansion, and the consolidated effective tax rate remains elevated at ~37%.

  • · Effective tax rate is elevated at ~37% because newer international entities are loss-making and their losses cannot offset India profits; management expects ETR to taper to ~30% by FY27 exit.
  • · Employee cost fell from ~37% to ~30% of revenue YoY, while tech cost remains ~8% of revenue.
  • · Overall GTV grew only 5% YoY; excluding Fintech Infrastructure it grew 31% YoY.
  • · Management flagged a Roblox gift card sale that was made through a third-party distributor; sales were suspended and a direct contract is being sought.
  • · Management expects monthly UPI GTV of ~₹33-34k Cr in FY28 versus ~₹20k Cr currently; average UPI ticket size is ~₹1,400 with 65%+ of UPI GTV from transactions above ₹2,000.
  • · Net working capital was 14% of annualized revenue, within guidance of 13-15%, and Q2 operating cash flow improved to ₹350 Cr versus ₹152 Cr a year earlier.
LIKHAMI CONSULTING LIMITED Corporate Governance mixed materiality 3/10

29-10-2026

Likhami Consulting Limited reported standalone unaudited results for the quarter and half year ended 30 September 2026, adopted by the Board on 29 October 2026. Net sales for Q2 FY27 rose 12.4% YoY to ₹16.85 Cr from ₹14.99 Cr, and half-year net sales rose 10.4% to ₹32.85 Cr, though sequential growth from Q1 was modest at 5.3%. Profit before tax for the quarter was ₹3.76 Cr, flat versus the prior-year quarter at ₹3.74 Cr, and half-year PBT rose only 2.3% to ₹5.24 Cr, as employee costs grew faster than revenue (+14.1% for the half year).

  • · Employee benefits expense rose 14.1% YoY to ₹18.79 Cr for the half year, outpacing revenue growth of 10.4%
  • · Other expenses fell sharply in Q2 to ₹3.06 Cr from ₹5.53 Cr in Q1 but were broadly flat YoY at ₹8.59 Cr for the half year versus ₹8.71 Cr
  • · Net cash used in operating activities was ₹0.54 Cr for the quarter and ₹0.19 Cr for the half year, and cash and equivalents declined to ₹16.57 Cr from ₹17.04 Cr
  • · No tax expense was recorded in the period; provisions for current-year income tax will be made at year end
  • · Auditor's limited review report was issued; the company has no subsidiaries, associates, or joint ventures
Privi Speciality Chemicals Limited Corporate Governance positive materiality 7/10

29-10-2026

Privi Speciality Chemicals reported Q2 FY27 (quarter ended September 30, 2026) standalone revenue from operations of Rs. 72,283.43 lakhs, up 20.4% QoQ from Rs. 60,058.94 lakhs and up 10.1% YoY from Rs. 65,630.79 lakhs, with net profit of Rs. 11,929.42 lakhs (up 41.6% YoY). For the half year, revenue rose 8.2% to Rs. 1,32,342.37 lakhs and net profit rose 20.4% to Rs. 20,355.86 lakhs. However, finance costs for the half year fell 29.1% and the company's trade receivables dropped from Rs. 58,643.84 lakhs at March 31, 2026 to Rs. 46,702.81 lakhs, while 'other income' swung sharply higher. The Board also declared a first interim dividend of Rs. 5 per share and approved a Rs. 2,97,00,000 investment in Opera Dwarka Projects Private Limited for a Wind Solar Hybrid project in Gujarat.

  • · Half-year net cash from operating activities rose to Rs. 34,471.86 lakhs from Rs. 26,437.50 lakhs (up about 30.4%), while capex on PP&E and intangibles was Rs. 20,493.91 lakhs versus Rs. 14,137.07 lakhs (up about 45%)
  • · Cash and cash equivalents rose to Rs. 6,679.69 lakhs from Rs. 3,398.81 lakhs at March 31, 2026
  • · Capital work-in-progress increased about 66% to Rs. 36,160.04 lakhs from Rs. 21,740.42 lakhs, signalling continued expansion
  • · Total borrowings (non-current plus current) declined to about Rs. 69,533.75 lakhs from Rs. 72,473.07 lakhs at March 31, 2026
  • · Dividend paid in the half year was Rs. 3,906.27 lakhs versus Rs. 1,953.14 lakhs in the prior-year period
  • · Record date for the interim dividend is November 4, 2026, with payment on or before November 25, 2026
  • · The Rs. 2.97 crore investment is subject to definitive agreements, with further disclosure to be made at execution
  • · Other income for the half year rose sharply to Rs. 2,589.88 lakhs from Rs. 775.88 lakhs, supporting profit growth alongside a 10% core revenue increase
  • · Inventories rose modestly to Rs. 75,324.43 lakhs from Rs. 73,509.46 lakhs, while 'Other current assets' increased to Rs. 15,681.41 lakhs from Rs. 10,991.69 lakhs
  • · Auditor B S R & Co. LLP issued a limited review report with no material misstatement identified
Privi Speciality Chemicals Limited Corporate Governance mixed materiality 7/10

29-10-2026

Privi Speciality Chemicals reported strong H1 FY27 results, with standalone revenue from operations of Rs 1,32,342.37 Lakhs (up from Rs 1,22,266.38 Lakhs, +8.2% YoY) and PAT of Rs 20,355.86 Lakhs (up from Rs 16,903.41 Lakhs, +20.4% YoY). Quarter-on-quarter, Q2 revenue rose to Rs 72,283.43 Lakhs from Rs 60,058.94 Lakhs (+20.4%) and Q2 PAT rose to Rs 11,929.42 Lakhs from Rs 8,426.44 Lakhs (+41.6%). The Board also declared a first interim dividend of Rs 5 per share and approved a Rs 2,97,00,000 investment in Opera Dwarka Projects Private Limited for a wind-solar hybrid project in Gujarat. However, Q2 YoY revenue growth was modest at 4.5% against Q2 FY26 (Rs 65,630.79 Lakhs), and finance costs and other expenses showed mixed movement.

  • · Trade receivables fell sharply to Rs 46,702.81 Lakhs from Rs 58,643.84 Lakhs at March 31, 2026, while cash and equivalents rose to Rs 6,679.69 Lakhs from Rs 3,398.81 Lakhs
  • · Q2 FY27 total comprehensive income of Rs 11,942.21 Lakhs compares with Rs 9,978.53 Lakhs in Q2 FY26
  • · Capital work-in-progress rose to Rs 36,160.04 Lakhs from Rs 21,740.42 Lakhs at March 31, 2026, signalling continued capacity investment
  • · Non-current borrowings were Rs 33,930.46 Lakhs versus Rs 34,590.46 Lakhs at March 31, 2026, while current borrowings fell to Rs 35,603.29 Lakhs from Rs 37,882.61 Lakhs
  • · Cash flow from investing activities was Rs (21,041.56) Lakhs, mainly capex of Rs (20,493.91) Lakhs, and Rs (1,600.00) Lakhs was invested in subsidiaries
  • · Exchange rate difference (net) line item shows Rs 74.92 Lakhs in the expenses table, with unrealised FX gain of Rs 1,689.86 Lakhs in the cash flow statement
Man Infraconstruction Limited Market Notice mixed materiality 7/10

29-10-2026

Man Infraconstruction Limited filed its Q2 & H1 FY27 Investor Presentation with the stock exchanges. The company reported H1 FY27 revenue growth of 30% YoY to ₹484 crore and PAT (after minority interest) growth of 21% YoY to ₹134.4 crore; Q2 revenue rose 57% YoY to ₹266 crore while Q2 PAT grew 14% YoY to ₹62.8 crore. Other developments include an open-market buyback of up to ₹169.29 Cr (74.8% of the maximum size remains pending) and a Marine Lines collaboration with Godrej Properties Group with ₹6,000+ Cr GDV potential.

  • · Buyback opened 9 Sep 2026 with a maximum price of ₹171 per share, average buyback price ₹123.55, closing on or before 16 Dec 2026
  • · Buyback is 75.2% complete; promoter group holding rose from 62.52% to 64.16%
  • · Credit rating CARE A+ with Stable outlook; consolidated net debt-free status
  • · Marine Lines (~2.5 acres, South Mumbai): development rights transferred from MICL and Shreepati Group to Godrej; MICL to earn revenue share
  • · Q2 FY27 carpet area sold 1.1 lakh sq. ft. vs 2.0 lakh sq. ft. in H1 FY27; Q2 collections ₹355 Cr vs H1 ₹599 Cr
  • · Management expects new launches to drive sales momentum in H2 FY27
  • · Marina Vista (Pali Hill) launched with 30% pre-sales achieved on launch; sold area as of Sep-26 is 0.00 lakh sq. ft. per the project table
  • · Several upcoming projects (Royal Netra, Marine Lines) show no expected launch timelines; Tardeo 2.0 and Trishul CHS have IOA received with FY27 expected launch
  • · Aaradhya One Park and Atmosphere Tower G have 1.62 and 0.63 lakh sq. ft. unsold respectively as of Sep-26
KK Shah Hospitals Limited Corporate Governance mixed materiality 4/10

29-10-2026

KK Shah Hospitals Limited's Board approved unaudited standalone financial results for the half year ended September 30, 2026, with statutory auditor A Y & Company issuing an unmodified limited review opinion. Total revenue rose to ₹556.28 Lakhs from ₹485.26 Lakhs (up about 14.6%), and profit for the period swung to ₹22.19 Lakhs from a loss of ₹32.48 Lakhs in the prior-year half. However, employee and other expenses increased, and the 'Cash and cash equivalents' balance rose only modestly, so the improvement rests mainly on a one-time-looking deferred tax credit rather than operating strength.

  • · Employee benefit expenses rose to ₹147.22 Lakhs from ₹126.88 Lakhs, about 16% higher.
  • · Net cash from operating activities was ₹59.83 Lakhs versus a ₹114.95 Lakh outflow in the prior-year half.
  • · Trade payables fell by ₹22.77 Lakhs in the half year, while trade receivables rose to ₹80.87 Lakhs from ₹52.37 Lakhs at March 31, 2026.
  • · Capital work in progress declined to ₹400.00 Lakhs from ₹622.44 Lakhs, while tangible assets rose to ₹862.09 Lakhs from ₹645.66 Lakhs, indicating capitalisation of assets.
  • · Deferred tax credit of ₹7.83 Lakhs contributed to the reported profit, with current tax of nil.
  • · The company has a single reportable segment (Healthcare Services) and reports no pending investor complaints as of September 30, 2026.
BLACKBUCK LIMITED Corporate Governance mixed materiality 7/10

29-10-2026

BlackBuck Limited reported standalone revenue from operations of Rs. 2,318.40 million for Q2 FY27 (quarter ended September 30, 2026), up from Rs. 1,486.68 million a year earlier (+56.0% YoY) and up from Rs. 2,012.34 million in the prior quarter (+15.2% QoQ), while profit after tax rose to Rs. 437.22 million from Rs. 305.77 million (+43.0% YoY). However, growth was not uniform: depreciation and amortisation rose sharply to Rs. 244.95 million from Rs. 123.30 million (+98.7% YoY), other income declined 2.9% YoY to Rs. 165.32 million from Rs. 161.65 million's comparable base (and was lower than the Rs. 611.50 million full-year FY26 total pace), and consolidated PAT of Rs. 413.97 million was 1.2% below the prior quarter's Rs. 421.67 million. The Company also incorporated a wholly owned subsidiary, BlackBuck Transport Services Private Limited, and executed a slump sale of its Loads business to it on October 12, 2026.

  • · Consolidated revenue from operations rose 56.3% YoY to Rs. 2,353.30 million, while consolidated profit for the period rose 41.8% YoY to Rs. 413.97 million.
  • · Half-year standalone revenue grew 49.0% YoY to Rs. 4,330.74 million, but half-year standalone profit before tax declined 1.4% YoY to Rs. 863.28 million.
  • · Other income declined YoY: standalone other income was Rs. 165.32 million in Q2 FY27 versus Rs. 161.65 million, and half-year consolidated other income was Rs. 341.31 million versus Rs. 320.08 million.
  • · Employee share-based payment expense fell to Rs. 93.33 million for the half-year (consolidated) from Rs. 129.75 million, while consolidated Q2 segment profit for the Lending business was negative at Rs. (16.89) million.
  • · Consolidated Lending business revenue was Rs. 33.68 million in Q2 FY27 versus Rs. 28.16 million a year earlier, but the segment reported a loss of Rs. (16.89) million in the quarter.
  • · Cash and bank balances increased substantially: standalone bank balances other than cash rose to Rs. 8,245.11 million from Rs. 4,517.41 million at March 31, 2026.
  • · Standalone Trade receivables rose to Rs. 304.98 million from Rs. 259.28 million; contract liabilities (customer advances) rose to Rs. 1,341.13 million from Rs. 1,053.22 million.
  • · ZZ Logistics Solutions Private Limited was struck off from the Register of Companies effective May 11, 2026 and derecognised from consolidation.
  • · Corporate guarantee of Rs. 40 crore given to Axis Bank Limited for a term loan of the unlisted material subsidiary BlackBuck Finserve Private Limited; no impact on the listed entity currently.
  • · Stock options of 34,399 equity shares granted under ESOP 2016 at exercise price of Rs. 1 per share; Abhishek Singh's designation changed to Chief Business Officer effective October 29, 2026.
  • · Auditor BSR & Co. LLP issued a limited review report with an emphasis that two subsidiaries (total assets Rs. 1,994.99 million) were reviewed by other auditors, with no modification to the conclusion.
Welspun Corp Limited Market Notice mixed materiality 8/10

29-10-2026

Welspun Corp's Board approved unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026, re-appointed two Independent Directors subject to shareholder approval, approved a USD 115 million capacity expansion (225 KMTPA HSAW pipes) at its Little Rock, Arkansas facility targeting March 2028 operations, and approved up to ~USD 125 million (50:50 with Perma-Pipe) for pipe manufacturing and coating facilities in Jordan. The Board also approved a ~Rs. 110 Crore IFBE coating JV (Welspun Special Coating Private Limited) in which the company takes a 49% stake alongside Perma-Pipe Qatar's 51%. Consolidated results show associate contributions of Rs. 43.36 Crore (quarter) and Rs. 113.24 Crore (half year) to net profit, while eight unreviewed subsidiaries recorded net losses of Rs. 30.34 Crore (quarter) and Rs. 69.51 Crore (half year), a mixed picture alongside the growth initiatives.

  • · Mr. Manish Chokhani's second term as Independent Director runs four years from 2 February 2027; Mr. Anjani Kumar Agrawal's second term runs four years from 1 April 2027, both subject to shareholder approval.
  • · Expansion is backed by a robust US order book and long-term Oil & Gas pipeline demand visibility; the Jordan partnership could later support reconstruction in Syria, Lebanon, Iraq and Gaza and Port of Aqaba-linked oil and gas routing.
  • · WSCPL will move from a wholly-owned subsidiary of Welspun DI Pipes to a direct associate of Welspun Corp with 49% holding; the JV is intended to win export and domestic IFBE coated pipe orders.
  • · Subsidiary losses are concentrated in the unreviewed group: eight unreviewed subsidiaries reported total assets of Rs. 3,512.86 Crore, against revenue of only Rs. 87.15 Crore for the half year.
  • · Board meeting ran from 11:00 a.m. to 2:25 p.m. on 29 October 2026; Jordan definitive agreements are yet to be executed.
IRB InvIT Fund Market Update mixed materiality 8/10

29-10-2026

IRB InvIT Fund's Board of Directors, meeting on October 29, 2026, approved unaudited consolidated and standalone financial results for the quarter and half year ended September 30, 2026, declared a second distribution of Rs. 1.625 per unit for FY 2026-27 (record date November 3, 2026; payment by November 11, 2026), and approved a KPMG valuation placing NAV at Rs. 75.46 per unit as of September 30, 2026. Quarterly total income was Rs. 5,136.59 million, but quarterly profit after tax fell sharply to Rs. 162.96 million from Rs. 827.38 million a year earlier, with finance costs and fees weighing on earnings.

  • · Quarterly net profit fell 80.3% YoY and 79.5% QoQ, driven by a sharp rise in finance costs (Rs. 1,860.35 million in Q2 FY27 vs Rs. 685.77 million in Q2 FY26) and a fair value loss on investments of Rs. 224.45 million.
  • · Quarterly fair value loss on investments of Rs. 224.45 million contrasts with a Rs. 75.13 million fair value gain in the prior-year quarter.
  • · Total expenses for Q2 FY27 rose to Rs. 4,785.37 million from Rs. 1,892.72 million a year earlier, reflecting consolidation of newly added subsidiaries and higher investment manager and project management fees.
  • · Four subsidiaries were added during the period: Kishangarh Gulabpura, IRB Hapur Moradabad, Kaithal Tollway (from November 1, 2025), VM7 Expressway (from December 1, 2025), and Solapur Yedeshi Tollway and CG Tollway (acquired September 30, 2026).
  • · Thirteen subsidiaries were reviewed by other auditors, with combined total assets of Rs. 2,13,559 million and a Q2 FY27 net loss after tax of Rs. 1,703 million.
  • · Auditors drew emphasis of matter on classification of Unit Capital as Equity under SEBI InvIT Regulations rather than as a compound financial instrument under Ind AS 32; the conclusion was not modified.
  • · Earnings per unit for Q2 FY27 were Rs. 0.10 (basic) versus Rs. 0.50 in Q2 FY26, and Rs. 0.62 in the immediately preceding quarter (Q1 FY27).
  • · Net assets of Rs. 1,24,737.48 million translate to NAV of Rs. 75.46 per unit, based on KPMG's valuation report dated October 29, 2026.
Orient Cement Limited Market Notice mixed materiality 6/10

29-10-2026

Orient Cement Limited filed an investor presentation titled 'Operational & Financial Highlights' for the quarter and half year ended September 30, 2026, ahead of an analyst/institutional call on October 29, 2026. The presentation highlights the company's inclusion in the Adani Group's cement platform, with Ambuja Cements holding a 72.66% stake in Orient; the One Cement Platform merger has secured shareholder approval and awaits final NCLT sanction, with completion expected by January 2027. Performance was mixed: H1 FY27 EBITDA per tonne rose to Rs 1,064 PMT from Rs 852 (up 25%), trade sales rose to 76% from 71%, and cement cost per tonne improved to Rs 4,244 from Rs 4,324, but EBITDA margin fell to 15.3% from 19.1% and Q2 FY27 operating conditions were described as challenging due to geopolitical disruptions, monsoon effects, and higher energy costs (about Rs 228 PMT impact).

  • · Trade share rose to 76% from 71%, and premium products rose 2 pp to 35% of trade sales.
  • · Commercial diesel prices rose 25-30% over the past six months; imported petcoke and South African coal prices rose sharply from Sept 2025 peaks in the presentation's charts.
  • · Q2 FY27 operating conditions were challenging due to geopolitical issues, monsoon disruptions, seasonal shutdowns, and constrained domestic coal availability.
  • · Sales volume declined about 4% in H1 FY27 to 33.6 MnT from 35.0 MnT, and NSP fell to Rs 256/bag from Rs 259/bag.
  • · Excluding the geopolitical impact, EBITDA per tonne would be Rs 1,018 and EBITDA margin 18.3%.
  • · Cost reduction target is Rs ~4,250 PMT for FY27E and Rs ~4,000 PMT for FY28E, versus Rs 4,410 in Q2 FY27 (including about Rs 228 PMT of geopolitical impact).
  • · Industry FY27 cement demand growth estimated at 6-7% (CRISIL), with a soft near-term outlook but intact long-term demand.
  • · GST on cement reduced from 28% to 18%, supporting affordability and demand.
  • · Shareholder approvals for both mergers were secured on 28 Sept 2026 (Orient) and 29 Sept 2026 (ACC); completion expected by January 2027, subject to NCLT sanction.
  • · RBI raised its FY27 GDP growth outlook to 7.1% (from 6.7%) and its inflation forecast to 5.2% (from 5.0%).
Equitas Small Finance Bank Limited Market Update mixed materiality 7/10

29-10-2026

Equitas Small Finance Bank reported Q2 FY27 (quarter ended September 30, 2026) net profit of ₹21,803.97 lakh, up from ₹2,413.53 lakh in the year-ago quarter, and total income of ₹2,35,751.03 lakh, up 27.7% YoY. However, half-year net profit of ₹40,164.66 lakh compares with a loss of ₹19,962.80 lakh in the prior-year half, and gross NPA ratio improved to 2.29% from 2.92% a year earlier while net NPA ratio stood at 0.70% versus 0.98%. Net interest margin pressures and rising interest expense (₹1,04,028.25 lakh in the quarter, up 23.4% YoY) partly offset top-line gains, and Q2 provisions of ₹11,498.89 lakh were lower than the prior quarter's ₹16,066.03 lakh.

  • · Half-year profit before tax of ₹53,145.69 lakh contrasts with a pre-tax loss of ₹26,394.18 lakh in the prior-year half
  • · Retail Banking segment results were ₹21,778.81 lakh in Q2 FY27 versus a loss of ₹931.45 lakh a year earlier
  • · Capital Adequacy Ratio stood at 20.92%, up from 20.74% a year earlier
  • · Net worth (excluding DTA, revaluation reserve and intangibles) rose to ₹5,99,576.95 lakh from ₹5,32,319.03 lakh
  • · Deposits grew to ₹52,48,272.30 lakh from ₹44,09,350.31 lakh, while advances rose to ₹46,75,146.84 lakh from ₹36,35,228.27 lakh
Ambuja Cements Limited Corporate Governance mixed materiality 8/10

29-10-2026

Ambuja Cements reported standalone revenue from operations of ₹6,113 Cr for Q2 FY27 (quarter ended 30 Sep 2026), against ₹5,579 Cr in the corresponding quarter of the prior year (+9.6% YoY), though standalone profit after tax fell to ₹114 Cr from ₹1,158 Cr, which was inflated by a one-off tax write-back of ₹1,180 Cr in the prior-year quarter. On a consolidated basis, revenue from operations rose to ₹9,166 Cr from ₹9,130 Cr (+0.4% YoY, essentially flat), while consolidated PAT fell to ₹236 Cr from ₹2,336 Cr for the same reason, and Q2 exceptional items of ₹85 Cr (voluntary severance) weighed on results. Results are mixed: top-line growth is modest, profitability declined sharply on a high prior-year base, and a temporary plant suspension and VSS costs add near-term pressure.

  • · Standalone profit before tax fell to ₹155 Cr in Q2 FY27 from ₹36 Cr restated prior-year quarter after exceptional items of ₹14 Cr
  • · Consolidated segment results: cement segment profit fell to ₹350 Cr in Q2 FY27 from ₹910 Cr in Q2 FY26
  • · Consolidated finance costs rose to ₹74 Cr in Q2 FY27 from ₹77 Cr, while standalone finance costs rose to ₹142 Cr from ₹55 Cr, driven by inter-corporate deposits at 8% p.a.
  • · Standalone short-term borrowings increased to ₹4,923 Cr from ₹8 Cr at March 31, 2026, mainly from ICDs from subsidiaries ACC and Orient
  • · Standalone trade receivables rose to ₹2,065 Cr from ₹1,199 Cr; inter-corporate deposits of ₹3,368 Cr were granted to wholly owned subsidiaries during the quarter
  • · Consolidated net worth attributable to owners of the parent stood at ₹59,672 Cr at September 30, 2026
  • · Scheme of Amalgamation of ACC and Orient with the Company pending NCLT sanction; hearings listed for November 19, 2026
  • · Statutory auditor issued a review report with an emphasis-type paragraph on the pending CCI litigation before the Supreme Court; conclusion not modified
Monarch Networth Capital Limited Corporate Governance neutral materiality 4/10

29-10-2026

Monarch Networth Capital Limited's Board approved a 1:5 sub-division of its equity shares, reducing face value from ₹10 to ₹2 per share, subject to shareholder and regulatory approvals, with a consequential alteration of the Capital Clause of the Memorandum of Association. The company stated the rationale is to improve affordability and liquidity and broaden the retail shareholder base, with completion tentatively expected within two months of shareholder and regulatory approvals. The filing discloses no financial performance metrics, so there is no period-over-period comparison.

  • · Split ratio is 1:5, reducing face value from ₹10 to ₹2 per equity share; the company has only one class of equity shares.
  • · Post-split issued equity shares would rise from 7,93,08,338 to 39,65,41,690.
  • · Record date will be fixed after shareholder approval and intimated to stock exchanges later.
  • · Board meeting ran from 12:35 PM to 3:20 PM on October 29, 2026; disclosure was also posted on the company website.
  • · Scrip code 511551 and symbol MONARCH; disclosure made under Regulation 30 read with Part A of Schedule III of SEBI LODR, following SEBI Master Circular dated January 30, 2026.
Netweb Technologies India Limited Analyst/Investor Meet mixed materiality 8/10

29-10-2026

Netweb Technologies reported record Q2 FY27 results, with revenue from operations of INR1,323 crore (up 335.7% YoY and 61.4% QoQ), operating EBITDA of INR197 crore at a 14.9% margin, and PAT of INR137 crore (10.2% margin, up 334.8% YoY). H1 FY27 PAT of INR222 crore already exceeded full-year FY26 PAT of INR206 crore. Management flagged that gross margin declined sequentially due to component cost inflation and deal mix, and that inventory days rose to 117 with cash conversion cycle at 94 days, though it guided the cash conversion cycle to 90-110 days.

  • · Management guided to achieving INR4,000 crore of revenue in FY27.
  • · Management guided to sustaining 30% to 40% CAGR growth for the next 2 to 3 years.
  • · Cash conversion cycle is expected to operate between 90 and 110 days going forward.
  • · Standard order execution timeline is 10 to 16 weeks.
  • · Vera Rubin-based systems are targeted for commercial sale by January, with a first system to be set up in India soon.
  • · Management said its conversion ratio on the pipeline is around 60%.
  • · Management reported EBITDA margin in H1 FY27 slightly above its 13-14% framework, but said this should not be quoted for the full year.
  • · Taiwan subsidiary is 100% owned, R&D-focused, and not a partnership.
  • · Management stated it does not intend to become a box-pushing ODM or enter laptop/client device markets.
  • · Management noted sequential employee cost increase driven by annual increments, variable pay provisioning, and 120+ headcount addition year-on-year; no significant ESOP cost in the quarter.
  • · Management said gross margin is difficult to track quarter-on-quarter and should be viewed on a full-year basis.
  • · Management declined to disclose the breakup of the order book between India AI, sovereign AI, and organic demand; said enterprise demand may currently exceed government demand.
InterGlobe Aviation Limited Company Update mixed materiality 8/10

29-10-2026

InterGlobe Aviation (IndiGo) reported Q2 FY27 (quarter ended September 30, 2026) consolidated results: revenue from operations rose 25.9% YoY to INR 233,638 million, driven by a 34.3% yield increase, while capacity fell 1.0% and passengers fell 4.7%. However, exceptionally high fuel costs (fuel CASK up 68.9%) and rupee depreciation led to a net loss of INR 18,791 million (vs. a loss of INR 25,821 million a year earlier), and profit excluding forex swung to a loss of INR 7,237 million from a profit of INR 1,039 million. Sentiment is mixed: top-line and reported net loss improved, but underlying profitability and operating margins deteriorated.

  • · Net loss before forex impact widened to INR 7,237 Mn from a profit of INR 1,039 Mn, a swing of nearly 800% that the headline net loss improvement masks
  • · Load factor fell 2.2 pts to 80.3% and RPK declined 3.7%, indicating softer demand despite higher yields
  • · Other income declined 9.2% YoY to INR 9,481 Mn
  • · Q3 FY27 ASK capacity is guided to grow by early single digits versus Q3 FY26
  • · Operational reliability was strong: Technical Dispatch Reliability of 99.9%, on-time performance of 91.3% at 10 major airports, and cancellation rate of 0.35%
  • · Management cited a seasonally soft September quarter and continued geopolitical turmoil as headwinds
  • · Earnings conference call scheduled for October 29, 2026 at 5 pm IST
Indoco Remedies Limited Analyst/Investor Meet mixed materiality 6/10

29-10-2026

Indoco Remedies reported Q2 FY27 consolidated net revenue of Rs. 5,069 million, up 7.4% from Rs. 4,718 million, marking its first quarter above Rs. 500 crore in consolidated revenue. Standalone revenue grew only 2% to Rs. 4,381 million, while standalone EBITDA margin contracted to 9.2% from 12.4% a year earlier, with freight and material cost pressures from geopolitical conflict cited as drivers. Domestic formulations declined to Rs. 2,128 million from Rs. 2,261 million, with Febrex Plus, Oxipod and ATL degrowing even as Cyclopam, Cital and the dental portfolio grew about 30%.

  • · Management attributed the margin pressure to freight and COGS increases of roughly 30% from the geopolitical conflict, which it said would otherwise have produced a margin improvement this quarter
  • · Management said the Goa plant's USFDA observations are not related to data integrity or cleaning validation, and that the agency's decision is expected by the first week of December
  • · Management expects the Warren API plant to be audited by USFDA around Q2 of next year
  • · Management guided that high single-digit domestic growth for FY27 remains intact, and said there is no revision
  • · Management said Warren toothpaste division has nearly broken even this quarter, but partly due to reduced advertising spend
  • · Management said R&D spend is at 4% of revenue YTD against a stated cap of 5%
NIIT Learning Systems Limited Market Notice mixed materiality 6/10

29-10-2026

NIIT Learning Systems Limited released its investor/analyst presentation on Q2 FY27 unaudited results (quarter ended September 30, 2026). Net revenue rose 11% YoY to INR 5,286 Mn, but fell 6% QoQ from INR 5,651 Mn, while EBITDA declined 10% YoY (to INR 874 Mn) and 15% QoQ, and PAT fell 21% YoY and 35% QoQ to INR 373 Mn. Growth and visibility were positive (Revenue Visibility up 25% YoY to USD 510 Mn, 116 Annuity clients, AI-enabled offerings at 17% of revenue), but profitability compressed on higher operating expenses and finance/forex costs.

  • · Operational PBT fell 26% YoY to INR 510 Mn, with Tax falling 39% YoY to INR 137 Mn.
  • · Net Other Expense of INR 139 Mn in Q2 FY27 (vs INR 37 Mn in Q1 and INR 50 Mn in Q2 FY26) drove the profit gap, including INR 52 Mn forex impact and INR 34 Mn exceptional expenses tied to inorganic investments.
  • · Company acquired Bluewater Learning in the USA to strengthen HCM Learning Technology capability.
  • · Top 10 and Top 20 customer concentration declined (Top 10: 52% to 48%; Top 20: 74% to 65%), indicating reduced dependence on largest clients.
  • · Revenue mix shift: Technology & Telecom share rose to ~30.9% while Others declined to ~10.3% (Q2 FY27 vs Q2 FY26 ~19.5%).
  • · Shareholding: Promoters held 34.2%, FPIs fell to 13.6% from 17.4% (Q2 FY26), DIIs rose to 27.9% from 24.6%.
  • · Management cited margin compression from operating leverage and planned capability investments.
Vedanta Oil and Gas Ltd Market Update mixed materiality 7/10

29-10-2026

Vedanta Oil and Gas Ltd (formerly MALCO Energy) reported unaudited consolidated results for Q2 FY27 (quarter ended 30 September 2026), with consolidated total income of ₹2,628 Cr, down 1% from the prior quarter (₹2,658 Cr) and up 3% from the year-ago quarter (₹2,544 Cr). Consolidated profit after tax was ₹746 Cr versus a loss of ₹92 Cr in the year-ago quarter, though this swing is boosted by a ₹1,097 Cr profit from discontinued operations; continuing-operations profit fell sharply to ₹746 Cr from ₹-152 Cr in the prior quarter, and half-year PAT was ₹1,691 Cr versus a ₹195 Cr loss a year earlier. Mixed performance: consolidated revenue from operations rose 6% year-on-year to ₹2,488 Cr, while the Cambay Block (CB-OS/2) production sharing contract was lost after the Delhi High Court dismissed the company's writ petition, prompting a ₹379 Cr impairment and an appeal still pending before the Division Bench.

  • · Cambay Block PSC expired 29 June 2023; MoPNG declined extension on 19 Sept 2025 and directed handover to ONGC; Delhi High Court single bench dismissed the writ on 22 July 2026 and ONGC has taken over the block
  • · Division Bench hearings concluded 1 October 2026 and the matter is reserved for judgement
  • · Continuing-operations PAT fell to ₹746 Cr from a loss of ₹152 Cr in Q1 FY27 only if measured quarter-on-quarter; continuing-operations PAT for the quarter was ₹746 Cr versus ₹-8 Cr in the year-ago quarter
  • · Total expenses rose to ₹1,853 Cr from ₹2,544 Cr in the prior quarter, mainly from lower changes in inventories and other expenses
  • · Net exceptional loss of ₹441 Cr recognised in Q1 FY27
  • · Consolidated total equity stood at ₹18,391 Cr as at 30 September 2026 (₹15,204 Cr at 31 March 2026)
  • · Pursuant to the demerger the company issued 391,03,88,057 equity shares of ₹1 face value on 4 May 2026, and ceased to be a subsidiary of Vedanta Limited
  • · Statutory auditors issued an unmodified limited review conclusion on the consolidated and standalone results
Shadowfax Technologies Ltd Market Notice neutral materiality 4/10

29-10-2026

Shadowfax Technologies Ltd filed a Monitoring Agency Report from CARE Ratings for the quarter and half year ended September 30, 2026, covering utilisation of its January 2026 IPO fresh-issue proceeds of Rs. 1,000 crore (net Rs. 942.58 crore after Rs. 57.42 crore of issue expenses). During Q2FY27 the company utilised Rs. 101.67 crore against the stated objects, bringing cumulative utilisation to Rs. 289.42 crore and leaving Rs. 710.58 crore unutilised, with no deviation from objects reported. Sentiment is neutral, as the report is a routine regulatory compliance disclosure, though the large unutilised balance (about 71% of the fresh issue) is a point investors may track.

  • · Unutilised funds are parked in fixed deposits at HDFC Bank, IDFC First Bank and Axis Bank, with maturities running from April 2027 to July 2028
  • · Total unutilised balance of Rs. 710.58 crore includes Rs. 14.63 crore of interest earned on FDs, net of Rs. 3.45 crore of interest adjustments
  • · Lease payments and network capex are the largest drawdowns to date, with Rs. 121.61 crore of lease allocation and Rs. 225.25 crore of capex still remaining
  • · Unidentified inorganic acquisitions and general corporate purposes remain entirely unutilised in Q2FY27 with Rs. 284.34 crore unspent
Stylam Industries Limited Market Notice mixed materiality 6/10

29-10-2026

Stylam Industries Limited filed its investor presentation on unaudited Q2 and H1 FY27 results (half year ended September 30, 2026). Q2 FY27 net revenue rose to ₹341 Cr, up 16.5% YoY from ₹293 Cr, and 4.6% QoQ from ₹326 Cr, while PAT was ₹43 Cr, up 13% YoY but down 10% QoQ from ₹48 Cr. Commercial production began at a new laminate plant at Manak Tabra, Panchkula, effective September 22, 2026. Margin pressure from higher ocean freight and fuel costs partly offset gains in contribution margin.

  • · Q2 FY27 PAT declined about 10% QoQ (₹48 Cr to ₹43 Cr), while the filing text cites a 2.3% decline; the discrepancy should be verified against the full financial statements
  • · Q2 FY27 EBITDA margin fell to 16.8% from 21.2% in Q1 FY27, with EBITDA down about 16% QoQ
  • · Other expenses rose to ₹77 Cr in Q2 FY27 from ₹58 Cr in Q1 FY27 (about 33% QoQ), driven by ocean freight and fuel costs from global factors
  • · Finance costs were ₹1 Cr in Q2 FY27 versus ₹2 Cr in Q2 FY26 and ₹9 Cr in H1 FY26, a sharp reduction in H1 comparisons
  • · Export volumes were 2.58 Mn sheets in Q2 FY27 versus 2.07 Mn in Q1 FY27, while domestic volumes fell to 1.01 Mn from 1.10 Mn
  • · New plant commercial production commenced September 22, 2026 at Manak Tabra, Panchkula, Haryana
ICRA Limited Corporate Governance mixed materiality 7/10

29-10-2026

ICRA Limited's Board approved unaudited standalone and consolidated financial results for Q2 and H1 FY27 (quarter and six months ended September 30, 2026) on October 29, 2026, with unmodified limited review conclusions from Deloitte Haskins & Sells. Consolidated revenue from operations rose to Rs. 17,785.64 lakh in Q2 (vs Rs. 13,657.87 lakh in Q2 of the prior year, roughly +30%), and consolidated PAT was Rs. 5,143.53 lakh in the quarter, up from Rs. 4,782.24 lakh, though the year-over-year comparison is affected by the Fintellix acquisition not being consolidated in the prior-year period. Standalone PAT rose to Rs. 9,142.58 lakh in Q2 from Rs. 3,091.03 lakh, but this is inflated by Rs. 5,373.79 lakh of dividend income from ICRA Analytics Limited and a Rs. 438.66 lakh gain on sale of property, plant and equipment; standalone revenue from operations was broadly flat-to-up at Rs. 9,651.93 lakh vs Rs. 8,206.14 lakh.

  • · Consolidated Profit before exceptional items and tax for Q2 FY27 was Rs. 7,198.57 lakh, roughly flat versus Rs. 6,436.81 lakh in Q2 FY26 excluding the exceptional gain.
  • · Consolidated Employee benefit expenses rose to Rs. 8,935.43 lakh in Q2 FY27 from Rs. 7,249.16 lakh, a year-over-year increase of about 23%, largely reflecting the Fintellix consolidation.
  • · Consolidated Depreciation and amortization rose to Rs. 1,077.12 lakh in Q2 FY27 from Rs. 420.54 lakh, about 156% higher year over year.
  • · Consolidated Other income fell sharply to Rs. 1,739.14 lakh in Q2 FY27 from Rs. 2,090.77 lakh in Q2 FY26 (about -17%), while H1 FY27 other income of Rs. 4,501.86 lakh was roughly flat versus Rs. 4,526.96 lakh.
  • · Standalone Revenue from operations for H1 FY27 was Rs. 17,830.79 lakh, up from Rs. 15,426.33 lakh (about +15.6%), while standalone Employee benefit expenses grew about 6.4%.
  • · Standalone Other income in Q2 FY27 (Rs. 7,029.53 lakh) is dominated by the Rs. 5,373.79 lakh dividend from ICRA Analytics Limited, meaning core operating profit is materially below headline PAT.
  • · Consolidated Earnings per share (basic) was Rs. 54.20 in Q2 FY27 versus Rs. 49.68 in Q2 FY26, while standalone basic EPS was Rs. 96.03 versus Rs. 32.11.
  • · Consolidated Net cash generated from operating activities for H1 FY27 was Rs. 12,990.81 lakh, up from Rs. 7,799.85 lakh in H1 FY26.
  • · The Group's total consolidated segment assets for the Risk & Analytics segment fell to Rs. 35,665.79 lakh from Rs. 37,139.84 lakh at March 31, 2026, while Ratings & ancillary services segment assets fell to Rs. 9,219.18 lakh from Rs. 11,196.92 lakh.
  • · Standalone Dividend of Rs. 105 per share for FY 2025-26 was paid in August 2026, consuming about Rs. 10,133.79 lakh of standalone cash flow in H1 FY27.
  • · Standalone Other current liabilities rose to Rs. 15,373.75 lakh from Rs. 8,711.67 lakh at March 31, 2026, a significant increase that warrants monitoring.
NOCIL Limited Market Notice mixed materiality 6/10

29-10-2026

NOCIL Limited filed its Q2FY27 Investor Presentation under Regulation 30(6) of SEBI LODR, covering the quarter and half year ended 30 September 2026. Consolidated revenue for Q2FY27 rose 33% YoY and 6% QoQ to ₹427 Crore, and H1FY27 revenue grew 26% YoY to ₹830 Crore, but volumes were mixed, with Q2FY27 volumes down 3% YoY and 7% QoQ on supply-side and logistical constraints. Management expects volumes to recover in H2FY27 and guides FY27 revenue towards the upper end of the ₹1,400–1,600 Crore range with EBITDA margins of around 10%.

  • · Q2FY27 volumes declined 3% YoY and 7% QoQ, attributed to supply-side constraints and logistical challenges from the ongoing geopolitical situation, despite robust end-market demand
  • · Q2FY27 operating EBITDA margin was 8.4%, down from 11.2% in Q1FY27 and up from 7.0% in Q2FY26
  • · Q2FY27 profit before tax fell 24% QoQ to ₹28 Crore, and net profit fell 13% QoQ to ₹24 Crore
  • · Operating cash flow turned negative at ₹-53 Crore in H1FY27 versus ₹136 Crore in H1FY26, driven by ₹134 Crore of working capital build-up
  • · Inventories rose to ₹248 Crore (Sep-26) from ₹158 Crore (Mar-26), and trade receivables rose to ₹362 Crore from ₹290 Crore
Indian Energy Exchange Limited Market Notice positive materiality 6/10

29-10-2026

Indian Energy Exchange Limited (IEX) reported unaudited consolidated results for H1FY'27 and Q2FY'27 (half year and quarter ended September 30, 2026). Consolidated PAT rose 12.3% YoY to Rs 274.0 Crore for H1FY'27 and 12.9% YoY to Rs 139.2 Crore for Q2FY'27, while electricity volumes grew 14.2% YoY to 77.2 BUs in H1 and 12.7% YoY to 39.7 BUs in Q2. Growth was broadly consistent across revenue and profit lines, though standalone PAT growth (10.6% in H1, 9.2% in Q2) and consolidated revenue growth (10.4% in H1, 10.7% in Q2) were more moderate than the consolidated profit headline figures.

  • · Average Day-Ahead Market clearing price was Rs 5.7/unit in Q2 FY'27, up 46% YoY; Real-Time Market was Rs 5.2/unit, up 49% YoY
  • · Indian Coal Exchange Limited, a wholly owned subsidiary, applied for a licence with the Coal Controller Organisation in Q2 FY'27
  • · Domestic coal production fell 1.0% YoY to about 445 MT in H1 FY'27, and as of 22 October 2026 coal inventory stood near 8 days with about 100 plants at a critical 3 days
  • · IGX gas volumes were 42 million MMBtu in Q2 FY'27 (up 160% YoY), with roughly 30% from the power sector
  • · Standalone PAT growth (10.6% H1, 9.2% Q2) trailed consolidated PAT growth (12.3% H1, 12.9% Q2), and revenue growth (10.4% H1, 10.7% Q2) was lower than volume growth (14.2% H1, 12.7% Q2)
Alchemist Corporation Ltd Market Update mixed materiality 4/10

29-10-2026

Alchemist Corporation Limited reported standalone and consolidated un-audited results for the quarter and half year ended September 30, 2026, approved by the Board on October 29, 2026. Standalone revenue from operations for Q2 FY27 was ₹470.63 Lakhs, up from ₹419.60 Lakhs in the preceding quarter, while H1 revenue of ₹890.24 Lakhs compared with ₹516.67 Lakhs in the prior-year half. Profit before tax for the quarter was ₹29.24 Lakhs versus a loss of ₹0.90 Lakhs in the prior quarter, but the consolidated net loss attributable to owners widened to ₹(4.81) Lakhs in the quarter and the half-year PAT remains thin, with net profit of ₹22.45 Lakhs for the half year against a prior-year half-year loss of ₹(11.93) Lakhs. Performance is mixed: top-line and profitability improved, yet employee costs rose sharply, borrowings increased to ₹266.25 Lakhs, and trade receivables climbed to ₹382.56 Lakhs.

  • · Standalone employee benefits expense rose to ₹713.02 Lakhs in H1 FY27 from ₹447.65 Lakhs in the prior-year period, a significant cost increase against revenue growth.
  • · Standalone short-term borrowings increased to ₹266.25 Lakhs from ₹163.38 Lakhs at March 31, 2026.
  • · Trade receivables rose to ₹382.56 Lakhs from ₹285.56 Lakhs, and trade payables increased to ₹84.19 Lakhs from ₹5.47 Lakhs.
  • · Consolidated Q2 FY27 net loss attributable to owners was ₹(4.81) Lakhs, and the subsidiary Kautilya Infotech Limited (53.86% owned) reported a net loss of ₹1.81 Lakhs with nil revenue for H1 FY27.
  • · Consolidated net worth includes negative non-controlling interest of ₹(0.48) Lakhs, and consolidated other equity remains negative at ₹(423.67) Lakhs, reflecting accumulated losses.
  • · Standalone other comprehensive income for the prior-year period included a ₹(2.57) Lakhs item not reclassified to profit or loss; consolidated figures show a ₹(10.35) Lakhs OCI item in the comparative period.
  • · Auditor's limited review report (Krishan Rakesh & Co.) found nothing to indicate material misstatement; the report is a review, not an audit.
Motilal Oswal Financial Services Limited Market Notice mixed materiality 7/10

29-10-2026

Motilal Oswal Financial Services reported Q2FY27 Operating PAT of ₹718 Cr, up 29% YoY and 18% QoQ, with H1FY27 Operating PAT of ₹1,327 Cr, up 22% YoY. Total PAT including OCI for H1FY27 reached a record ₹2,583 Cr, up 51% YoY, though Q2 Total PAT of ₹1,070 Cr fell 29% QoQ on lower treasury mark-to-market gains versus a strong Q1FY27. Growth was uneven across segments: Wealth Management PAT rose only 3% YoY and Capital Markets PAT fell 5% YoY in Q2, while Private Wealth PAT grew just 2% YoY against a high base.

  • · Company received AA+/Stable ratings from CRISIL, India Ratings and ICRA, described as the highest rating in the non-bank domestic capital market segment
  • · Custodian operations expected to commence in Q4FY27, subject to operational readiness
  • · Treasury book has compounded at 41% since inception with a 17.1% XIRR over the same period
  • · Capital Markets ranked among India's top 3 investment banks and #1 in QIPs for H1FY27
  • · Wealth Management headwinds from regulatory changes and flat markets over last 8 quarters are cited as a base effect, with management expecting growth to improve
  • · Management expects H2FY27 Private Wealth PAT to be much higher than H1FY27
  • · Company has executed 3 buybacks since its 2007 IPO and pays a 20% annual dividend payout, with no external equity raised since IPO
  • · Over the last 10 years, operating PAT CAGR of 33%, EPS CAGR of 26%, and average ROE of 23%
Motilal Oswal Financial Services Limited Market Notice mixed materiality 8/10

29-10-2026

Motilal Oswal Financial Services reported Q2FY27 Operating PAT of ₹718 Cr, up 29% YoY and 18% QoQ, with H1FY27 Operating PAT at ₹1,327 Cr (up 22% YoY). Total PAT including OCI for H1FY27 reached ₹2,583 Cr, up 51% YoY, the highest half-yearly profit in company history, though Q2 Total PAT of ₹1,070 Cr fell 29% QoQ due to lower treasury mark-to-market gains. Mixed segment performance is notable: Wealth Management PAT grew only 3% YoY in Q2 and Capital Markets PAT declined 5% YoY, while Private Wealth Management PAT rose just 2% YoY.

  • · Company received SEBI custodian licence; operations expected to commence in Q4FY27 subject to operational readiness
  • · Credit rating upgraded to AA+/Stable by India Ratings, now AA+/Stable from CRISIL, India Ratings and ICRA
  • · Mutual Fund net flow market share was 4.0% in Q2FY27 and rose to 6.0% in September 2026, versus AUM market share of 2.7%
  • · Overall ADTO market share rose to 7.9%; broking ARPU up 11% YoY
  • · Net worth compounded at 25% over the last 10 years after three buybacks
  • · Treasury book has compounded at 41% since inception; treasury XIRR of 17.1% over the same period
  • · Sequential Total PAT decline attributed to lower treasury mark-to-market gains versus strong Q1FY27
  • · Housing Finance GNPA 1.5% and NNPA 0.9%
  • · Management expects Private Wealth Management H2FY27 profit to be much higher than H1FY27
Electrotherm (India) Limited Default negative materiality 8/10

29-10-2026

Electrotherm (India) Limited disclosed a default on term loan and working capital repayments owed to Invent Assets Securitisation & Reconstruction Private Limited, an assignee of debts from Allahabad Bank (now Indian Bank) and Punjab National Bank. The default amount comprises principal of Rs. 56.00 Crore and interest of Rs. 3.81 Crore, both due up to 30 September 2026. The company has entered into a settlement with the ARC on a Rs. 180.00 Crore principal (11-year tenure, 11% p.a., secured), but the figures are provisional and subject to lender confirmation.

  • · Default date is 30 September 2026, with the disclosure made on 29 October 2026 under Para 5.1 of Section V-B of the SEBI Master Circular dated 30 January 2026.
  • · Amounts are provisional, reflect the company's books, and are subject to confirmation from lenders.
  • · Outstanding figures exclude interest on the unsettled Rare Asset Reconstruction Limited (assignee of Indian Overseas Bank) loan, which is classified as NPA and not provided in the books.
  • · The company has defaulted because certain banks assigned their loans to ARCs, and settlement terms apply to the outstanding debt after deduction of amounts already paid up to the default date.
Coal India Limited Corporate Governance mixed materiality 7/10

29-10-2026

Coal India Limited reported consolidated total income of ₹46,832.73 Cr for Q2 FY27 (quarter ended 30.09.2026), down 1.3% QoQ from ₹47,295.27 Cr and up 21.0% YoY from ₹38,693.53 Cr. Consolidated profit after tax (attributable to owners) was ₹6,516.09 Cr versus ₹4,258.82 Cr a year earlier (+53.0% YoY), but declined 26.4% QoQ from ₹8,852.11 Cr. The auditor's limited review report carries emphasis-of-matter paragraphs noting non-compliance with board composition requirements for independent directors and sub-committees under the Companies Act and SEBI Listing Regulations, which may attract penal provisions.

  • · Board declared a second interim dividend of ₹10.25 (102.50%) per equity share on 29.10.2026; a first interim dividend of ₹5.50 (55%) was declared on 27.07.2026
  • · A provision of ₹499.29 Cr has been recognised for NCWA-XIII wage revision for 01.07.2025 to 30.09.2026
  • · Stripping activity provision credit balance up to 31 March 2022 is being reversed into P&L over subsequent periods, disclosed under Other Operating Income
  • · Standalone profit for the quarter was ₹8,967.72 Cr versus ₹8,342.12 Cr a year earlier, and standalone Other Income surged to ₹9,000.32 Cr from ₹98.88 Cr in the prior quarter
  • · CIL Global Pte. Ltd. was incorporated on 24.08.2026 and has not commenced operations
  • · Auditor's limited review carries an emphasis of matter on non-compliance with independent director and sub-committee composition requirements
Jupiter Life Line Hospitals Limited Analyst/Investor Meet mixed materiality 7/10

29-10-2026

Jupiter Life Line Hospitals reported Q2 FY27 income of INR456.5 crore, EBITDA of INR106.9 crore and PAT of INR56.4 crore, with H1 FY27 income of INR867.5 crore, EBITDA of INR186.2 crore and PAT of INR93.9 crore. The board approved acquisition of the Pune South land (11,452 sq m) for INR150 crore, of which INR50 crore deposit is adjusted, leaving an incremental INR100 crore cash outflow. Dombivli's EBITDA impact improved to INR0.2 crore loss in Q2 from INR9.5 crore in Q1, though management attributed much of this to seasonally higher medical admissions, and occupancy at Dombivli is currently in the mid-30s.

  • · Dombivli occupancy is currently in the mid-30s per management, versus 25-30% previously cited on the prior call.
  • · Management declined to give unit-wise revenue, case mix, or a Dombivli-ex-seasonality loss estimate.
  • · Management stated the 30% margin cap on oncology drugs takes effect 1 November, with no modeled impact yet.
  • · Management reiterated a self-imposed debt ceiling of 3x EBITDA.
  • · Indore occupancy is in the mid-to-high 50s; new beds are not expected for at least a couple of quarters.
  • · Mira Road is in the regulatory phase; BKC is in planning with regulatory clearance to follow.
  • · Thane bed expansion is subject to regulatory clearance not yet received.
  • · Management said the NABH accreditation application has been filed but not yet received, a prerequisite for insurance empanelment.
PI Industries Limited Market Notice positive materiality 5/10

29-10-2026

PI Industries Limited unveiled Pioxaniliprole, which it describes as India's first indigenously discovered insecticide molecule, following more than a decade of original research. The molecule has received registration from the Central Insecticides Board and Registration Committee (CIB&RC) under the Ministry of Agriculture & Farmers Welfare, which formally recognised it as the first insecticide active ingredient discovered in India. The filing is a Regulation 30 intimation enclosing the press release, with no financial results, amounts, or guidance disclosed.

  • · Registration granted by CIB&RC under the Ministry of Agriculture & Farmers Welfare, Government of India
  • · Molecule underwent multilocation field trials, scientific assessments and regulatory studies under Indian agricultural conditions, including State Agricultural Universities
  • · PI ranks among the world's top five agrochemical custom synthesis and manufacturing (CSM) players
  • · PI ranks in the 98th percentile of the global chemical industry in the S&P Global Corporate Sustainability Assessment (CSA)
  • · R&D centres in India and the United States; manufacturing facilities in India and Italy
  • · Pioxaniliprole is described as the first outcome of a broader innovation pipeline spanning chemistry, biology and biochemical solutions
Padmanabh Industries Limited Corporate Governance neutral materiality 5/10

29-10-2026

Padmanabh Industries Limited's Board, at a meeting held on 29 October 2026, approved a set of leadership and governance changes effective 30 October 2026: appointment of Mr. Akash Bharatkumar Parmar as Chief Financial Officer (replacing the resigning Mr. Umesh Parghi), appointment of Ms. Rajshree Roy as Additional Non-Executive Independent Director, and resignation of independent director Mr. Harpalsingh Parmar, along with reconstitution of various committees. The filing contains no financial results or quantitative performance data.

  • · Akash Parmar, already Managing Director since February 2026, is also taking on the CFO role, combining two senior positions in one individual
  • · Mr. Umesh Parghi's CFO resignation and Mr. Harpalsingh Parmar's independent director resignation were both effective 30 October 2026 with no other material reasons disclosed beyond the attached resignation letters
  • · Ms. Rajshree Roy's profile cites a degree in Administration and over five years in administrative and HR work, with some finance knowledge, and she has no relationship with existing directors
  • · The Board meeting ran from 5:30 PM to 6:10 PM on 29 October 2026
Capital Small Finance Bank Limited Market Update mixed materiality 6/10

29-10-2026

Capital Small Finance Bank reported Q2 FY27 (quarter ended September 30, 2026) net profit of INR 46 Cr, up 31% YoY from INR 35 Cr, with H1 FY27 PAT of INR 87 Cr versus INR 67 Cr a year earlier. Gross advances reached INR 9,755 Cr (+23% YoY) and deposits INR 10,831 Cr (+16% YoY), while asset quality improved sequentially with GNPA at 2.36% and NNPA at 1.12%. However, the cost-to-income ratio rose to 59.8% from 59.5% in Q1 FY27, the Other Income growth was driven partly by one-time-sensitive lines, and the Q2 FY27 Capital Adequacy Ratio of 20.74% declined from 21.58% a year earlier.

  • · Other income grew 28% YoY to INR 30 Cr and net interest income grew 24% YoY to INR 139 Cr
  • · Capital Adequacy Ratio stood at 20.74% in Q2 FY27 versus 21.58% a year earlier and 22.31% for FY26 period
  • · Credit cost rose to 0.18% in Q2 FY27 from 0.31% in Q1 FY27 but remains below the prior-year level of 0.20%
  • · Provision coverage ratio declined to 53.19% from 54.51% in Q1 FY27
  • · SMA 1 and 2 buckets reduced to 3.31% of advances
  • · Statutory auditors issued an unmodified limited review report, excluding Pillar 3, Leverage Ratio, LCR and NSFR disclosures placed on the website
Sanofi India Limited Corporate Action mixed materiality 7/10

29-10-2026

Sanofi India Limited's Board approved unaudited results for Q3 and nine months ended 30 September 2026, reporting total income of ₹4,972 million for the quarter (up 3.5% YoY from ₹4,803 million) and profit before tax of ₹1,577 million, up 22% from ₹1,296 million before exceptional items. Profit for the quarter rose to ₹1,167 million from ₹760 million (about 54% growth), while the Board also declared an interim dividend of ₹75 per share with a record date of 5 November 2026. Growth was mixed, as revenue from operations for the nine months declined about 1% YoY to ₹14,017 million and operating expenses fell, aided by a one-off reversal of provisions.

  • · Record date for interim dividend of ₹75 per share is 5 November 2026
  • · Exceptional item of ₹273 million (personnel separation costs) in Q3 2025 depressed prior-year comparables
  • · Q3 2026 gross margin improvement attributed partly to a one-off reversal of provisions, not solely to operational gains
  • · Partnership revenues (Cardiovascular, Oral anti-Diabetes, CNS) were broadly stable in Q3 2026, with continued focus needed
  • · Total income for nine months 2026 was ₹14,178 million, down about 1% from ₹14,345 million a year earlier
  • · Depreciation and finance costs remained low, and the company operates a single pharmaceutical business segment
Kajaria Ceramics Limited Analyst/Investor Meet mixed materiality 6/10

29-10-2026

Kajaria Ceramics reported Q2 FY27 consolidated revenue up 24% YoY to INR1,468 crore, with volume growth of 10% YoY and EBITDA margin of 19.5% (vs 17.94% in Q2 FY26); PAT rose to INR190 crore from INR133 crore. Management flagged subdued export demand due to elevated freight rates and container shortages, and a mild increase in the cash conversion cycle to 48 days from 46 days. Price hikes of roughly 12-13% in North and South plants and 18-19% in Morbi were implemented to date, with a minor realization dip at the subsidiary level attributed to product mix.

  • · Management expects double-digit volume growth over the next two quarters and in the latter part of the financial year.
  • · Promoters have intentionally not drawn salaries, and intend to continue this.
  • · Other expenses rose to INR138 crore, driven by advertising; management plans to step up advertising spend further, so this level is expected to persist.
  • · Gross margin was described as broadly flat versus the prior period, even though EBITDA margin improved.
  • · Srikalahasti expansion has only just started; commissioning is not expected until end June of next year.
  • · Gas and propane prices are rising in Morbi and management sees no visibility of a price reduction.
  • · Nepal JV utilization is 85% and expected to improve gradually; the JV contributes only a small share of total profitability.
  • · Company lent about INR155 crore to NBFCs as treasury investments, with safety stated as the priority.
  • · Borrowings of about INR178 crore were drawn mainly to fund working capital needs of joint ventures, alongside Kajaria's own working capital usage.
Fusion Klassroom Edutech Ltd Market Update mixed materiality 6/10

29-10-2026

Fusion Klassroom Edutech Ltd reported unaudited results for the half year ended 30 September 2026 (approved 29 October 2026, limited review unmodified). Total income was ₹1,073.51 Lakh (H1 FY27) versus ₹1,236.70 Lakh in the comparable prior half, a decline, while profit before tax rose to ₹640.53 Lakh from ₹482.67 Lakh and profit for the period reached ₹478.41 Lakh (the prior-period PAT figure is not clearly legible in the source). The company also completed its SME IPO (fresh issue proceeds ₹3,163.15 Lakh, listed on BSE SME on 7 August 2026) and appointed Ms. Neeta Desai (M/s N D & Associates) as Secretarial Auditor for FY2026-27 to FY2030-31 and Mr. Pratik Gamot as Internal Auditor for FY2026-27.

  • · Net cash from operating activities was ₹478.35 Lakh for the half year versus ₹1,071.38 Lakh for FY2025-26, a decline.
  • · Net cash used in investing activities was ₹2,898.41 Lakh, driven largely by ₹2,198.00 Lakh in fixed deposit investments and ₹684.41 Lakh of intangible asset costs.
  • · Total equity rose to ₹5,100.83 Lakh from ₹1,844.92 Lakh at 31 March 2026, largely from IPO proceeds.
  • · Cash and cash equivalents were ₹220.02 Lakh at period end, roughly flat against ₹225.46 Lakh at 31 March 2026, with other bank balances (deposits) of ₹2,202.64 Lakh.
  • · Trade receivables increased to ₹550.09 Lakh from ₹59.66 Lakh, a significant rise in working capital tied up.
  • · Auditor's limited review report (AV HP & Company LLP, dated 29 October 2026) was unmodified.
Coal India Limited Corporate Governance neutral materiality 5/10

29-10-2026

Coal India Limited's Board approved a 2nd Interim Dividend of Rs.10.25 per equity share (face value Rs.10) for TY 2026-27, with a record date of 4 November 2026. The company published a shareholder communication on tax deduction at source (TDS) on the dividend, noting that payments will be made only through RBI-approved electronic modes, with no physical instruments dispatched. The total TY 2026-27 dividend, including the 1st Interim (Rs.5.50) and Final FY 2025-26 (Rs.5.25) dividends, aggregates to Rs.21.00 per share.

  • · Record date for the 2nd Interim Dividend is Wednesday, 4 November 2026.
  • · Physical dividend instruments (warrants, cheques, demand drafts) will not be dispatched; shareholders must update bank account details in demat accounts or physical folios.
  • · Declarations (Form 121, TRC, treaty documents, etc.) submitted after the cut-off date will not be accepted.
  • · Non-resident shareholders may claim Tax Treaty rates only under the Dividend Article of the relevant treaty; MFN-based concessional claims are not allowed.
  • · Income Tax Act, 2025 and Income Tax Rules, 2026 govern the TDS framework, with dividends taxable in shareholders' hands from 1 April 2020.
  • · Filing made under Regulation 30 of SEBI (LODR) Regulations, 2015, and the communication was also emailed to shareholders.
Sambhv Steel Tubes Limited Market Notice mixed materiality 6/10

29-10-2026

Sambhv Steel Tubes Limited filed its Investor Presentation for Q2 and H1 FY27 (quarter and half year ended September 30, 2026) with the NSE and BSE. Standalone Q2FY27 revenue rose 44% YoY to INR 8,360 Mn, Operating EBITDA rose 68% YoY to INR 1,010 Mn, and PAT rose 105% YoY to INR 613 Mn, though Q2FY27 revenue and PAT grew sequentially only 14% and 8% QoQ respectively, and Operating EBITDA margin contracted from 13.00% in Q1FY27 to 12.08%.

  • · Q2FY27 Gross Profit Margin fell to 25.17% from 28.96% in Q1FY27, signalling margin compression despite higher revenue.
  • · Q2FY27 Operating EBITDA margin contracted to 12.08% from 13.00% in Q1FY27, though it remains above 10.39% in Q2FY26.
  • · Q2FY27 Gross Profit grew only 1.37% QoQ, indicating flat sequential gross profit.
  • · Standalone Q2FY27 Total Expenditure rose 41% YoY, in line with revenue growth but limiting margin expansion.
  • · Company plans 1.2 MMTPA of finished product capacity additions by 2030 under Vision 2030, with Phase I stainless steel coil capacity (0.36 MMTPA) targeted for Q4FY27 commissioning at estimated CAPEX of INR 8,100 Mn.
  • · Captive power, syngas, oxygen, nitrogen and acid regeneration plants are expected to deliver approximately 40-50% cost savings versus external procurement.
  • · Q2FY27 Net Debt/Operating EBITDA stood at 1.01x and working capital cycle at approximately 4 days, with ROCE at 20.79% annualized.
Tamilnad Mercantile Bank Limited Analyst/Investor Meet mixed materiality 7/10

29-10-2026

Tamilnad Mercantile Bank reported record Q2 FY27 net profit of INR451 crore, up 42.09% YoY, with total business growing 27.25% YoY to INR1,30,237 crore, driven by deposits of INR69,546 crore (+25.49%) and advances of INR60,691 crore (+29.32%). However, net interest margin fell 10 bps sequentially to 4.19% as cost of deposits rose to 5.85% and cost of funds to 5.93%, and management flagged an expected credit loss (ECL) requirement of INR385 crore against provisions of INR304.24 crore ahead of the 1 April 2027 norms; cost-to-income also rose to 38.28% amid branch expansion and IT investment, which management expects to move higher.

  • · Cost-to-income is expected to rise above the current 38.28% due to branch openings and IT investment, though management guided it to remain well below 44%
  • · Net interest margin guidance for the rest of the year is 4.10% plus or minus 5 bps, with management noting a surplus investment portfolio (about 22% of the balance sheet, yielding around 7%) weighed on mix
  • · Management guided advances growth of 22% plus and deposit growth of 20% plus for FY27, and CASA growth around 17%
  • · Expected credit loss requirement of INR385 crore is about 80% covered by provisions of INR304.24 crore
  • · The Appellate Tribunal issued an order on 9 July relating to a FEMA show-cause matter; the bank has filed an application with RBI to regularize share transfers, which is under consideration, and no appeal has been filed by the bank or ED
  • · Insurance commission income was about INR9 crore in the first half; management expects roughly a 20% impact from new IRDAI norms, which it says incremental business will offset
  • · Repo-linked advances reset quarterly, and management expects the full book to reset in the next quarter after the 25 bps repo hike
P N Gadgil Jewellers Limited Market Notice positive materiality 6/10

29-10-2026

P N Gadgil Jewellers Limited filed its earnings investor presentation for the quarter ended September 30, 2026 (Q2 FY27), disclosed under Regulation 30 of the SEBI LODR Regulations. The presentation highlights a same-store sales growth (SSSG) of 25.5% for Q2 FY27, with a network of 80 PNG stores across 6 states plus international presence, and reports the completed acquisition of Silvostyle effective October 1, 2026. Investment per store is cited at approximately 60 Cr for legacy stores and approximately 4 Cr for YOOU stores; the Company also references a INR 700 Cr QIP that was successfully oversubscribed around 1.5x.

  • · Legacy average retail revenue per sq. ft. stands at ₹106.2K with inventory turnover of 3.7x and average transaction value of ₹122.4K
  • · YOOU average retail revenue per sq. ft. is ₹4.5K with inventory turnover of 0.8x and average transaction value of ₹65.3K
  • · Silvostyle operates 18 stores and is present in around 68 states-equivalent points of presence per the presentation's network data, with shop-in-shops in about 65 group stores
  • · Silvostyle PAT CAGR of 99% FY24-FY26 and turnover CAGR of 64%, though PAT margin is about 8.4% in FY26
  • · Expansion into new states since 2025 (Uttar Pradesh, Madhya Pradesh, Bihar, Haryana) is entirely company-owned (COCO), while FOCO stores are concentrated in Maharashtra
  • · Presentation reports recognition as a Top 10 Best Place to Work in Retail & eCommerce and CRISIL A+ (Stable) rating reaffirmed
  • · Legacy average retail revenue per store and YOOU per-store net profit are reported for Q2 FY27 but the presentation does not provide prior-period comparisons for these metrics
Seshaasai Technologies Limited Market Notice mixed materiality 7/10

29-10-2026

Seshaasai Technologies reported consolidated Q2FY27 revenue from operations of ₹4053.1 million, up 15.0% YoY and 7.7% QoQ, with EBITDA of ₹1065.6 million (+12.0% YoY, 26.3% margin) and PAT of ₹697.3 million (+21.0% YoY, 17.2% margin). H1FY27 revenue was ₹7817.8 million (+17.9% YoY) and PAT was ₹1300.7 million (+37.5% YoY). Management flagged cost pressures from elevated USD/INR and West Asia-related supply-chain disruptions, though gross margin improved 89 bps to 42.5%.

  • · Sequential EBITDA grew 12.9% QoQ and EBITDA margin improved 121 bps QoQ
  • · Gross margin improved 89 bps to 42.5% despite elevated USD/INR and West Asia supply-chain disruptions
  • · Lower finance costs following debt repayment supported profitability
  • · Top 10 customers contributed 57.0% of revenues, indicating customer concentration
  • · Auditor's limited review (Vatsaraj & Co.) raised no material misstatement, but relied in part on an unreviewed subsidiary (Rs.36.60 Million H1 revenue, Rs.3.21 Million H1 PAT) per another auditor's report
  • · Standalone results were also approved, but standalone figures are not detailed in the provided text
  • · Subsidiary Rite Infotech and Atoll Solutions (acquired/consolidated from July 11, 2025) are included in the consolidated results
Kalpataru Limited Market Notice neutral materiality 3/10

29-10-2026

Kalpataru Limited filed its Monitoring Agency Report from CARE Ratings for the quarter ended September 30, 2026, covering its Rs.1,590 crore IPO (issue period June 24-26, 2025). The report shows no deviation from the offer objects, with the entire issue proceeds fully utilised and no balance left in the monitoring or public issue accounts. Repayment of borrowings (Rs.1,192.50 crore) and the revised General Corporate Purposes allocation (Rs.325.36 crore) were fully deployed, while Issue Expenses were revised down to Rs.72.14 crore from Rs.86.14 crore.

  • · Board resolution dated February 6, 2026 and April 15, 2026 approved cost revisions and transfer of up to Rs.1 crore from Issue Expenses to GCP
  • · Monitoring Agency noted the Board's co-mingling of funds of Rs.11,549.36 to facilitate final utilisation and closure of the monitoring account
  • · CA certificate verifying utilisation was issued by KKC & Associates on October 20, 2026
  • · Monitoring Agreement with CARE Ratings is dated June 18, 2025; report issued under Regulations 32(6) of SEBI Listing Regulations and 41(4) of SEBI ICDR Regulations
  • · Report notes no comments from the Board on deviations, means of finance, or favourable/unfavourable events, and no technical or government approval items applicable
Horizon Industrial Parks Ltd Analyst/Investor Meet mixed materiality 7/10

29-10-2026

Horizon Industrial Parks reported Q2 FY27 revenue of INR213 crore (up 30% YoY) and EBITDA of INR173 crore (up 34% YoY) at an 81% margin, and management described Q2 as its strongest quarter to date. Net debt was cut to INR2765 crore as at end-September from INR4967 crore at June 30, 2026, following the IPO, and a INR635 crore facility was refinanced for a 71 basis point reduction in borrowing cost. Management flagged that reported earnings remain burdened by non-cash depreciation, with pro forma H1 cash PAT of INR248 crore, and acknowledged that Q3 typically sees seasonal leasing slowdowns and that the CWC litigation remains sub judice with no recent hearing since January 2026.

  • · Q2 leasing of 2.5 million sq ft across 14 transactions; H1 leasing of 4.4 million sq ft across 27 transactions against a FY27 target of 6.5 million sq ft
  • · H1 development completions of 2.7 million sq ft against a FY27 target of 6 million sq ft, with a first in-city delivery in Pune targeted by Q4
  • · Management expects three-fourths of the FY27 development target to be speculative, with only about 1.5-2 million sq ft pre-committed
  • · Weighted average in-place rent of about INR27 per sq ft, with new big-format leases at INR30-35 and in-city rents guided at 2x-3x big-format levels
  • · About 780,000-800,000 sq ft of lease expiries in the remaining H2 FY27 and just over 2 million sq ft in FY28, with weighted average lease tenure of about 6.5 years
  • · Rooftop open-access solar project of about 10 MW at roughly INR4.25 crore per MW, with management citing an IRR above 20%
  • · GRESB 2026 five-star rating for completed and under-construction assets, with an under-construction score of 99.2
  • · Management stated that the CWC litigation remains sub judice, with the last hearing in January 2026, and that the court has not stopped ongoing construction
Choice Gold ETF Market Update neutral materiality 2/10

28-10-2026

Choice Mutual Fund reported a Net Asset Value (NAV) of 140.5935 for its Choice Gold ETF (scrip code 544601, ISIN INF2KCX01012) as of October 28, 2026. The filing is a routine daily NAV disclosure with no accompanying commentary on performance, flows, or outlook, so no period-over-period comparison can be drawn from it.

ACC Limited Market Notice mixed materiality 7/10

29-10-2026

ACC Limited filed an investor presentation titled 'Operational & Financial Highlights' ahead of its analyst/investor call on October 29, 2026, covering the un-audited standalone and consolidated results for Q2 FY27 and H1 FY27. Consolidated H1 FY27 sales volume rose to 35.0 MnT from 33.6 MnT, but EBITDA per tonne fell to Rs 852 from Rs 1,064 and EBITDA margin contracted from 19.1% to 15.3%, with the company citing West Asia conflict-driven energy cost increases of about Rs 228 PMT. Pending amalgamation of ACC and Orient Cement into Ambuja Cements has received shareholder approval and awaits final NCLT sanction, with completion expected by January 2027.

  • · Consolidated H1 FY27 cement volume grew to 35.0 MnT from 33.6 MnT (+4.2%), while NSP rose only marginally to Rs 259/bag from Rs 256
  • · Consolidated EBITDA per tonne fell about 20% to Rs 852 from Rs 1,064; excluding the geopolitical cost impact it would have been Rs 1,018
  • · Clinker factor was 66.3% in Q2 FY27 and 65.0% in H1 FY27, down from 66.4% in H1 FY26
  • · Cement cost rose to Rs 4,410 PMT in Q2 FY27 against a March 2026 quarter level of Rs 4,447, with a FY27E target of about Rs 4,250 PMT
  • · Green power share is targeted at 61% in Q2 FY27 and 60% in FY28, from 7% at the time of acquisition
  • · Maratha clinker line (4.0 MTPA) is expected to be commissioned by May 2027, and 14 projects adding 29.7 MTPA of cement capacity are under way
  • · Industry outlook: CRISIL expects near-term soft cement demand with long-term secular growth intact; GST on cement was cut from 28% to 18%
  • · Commercial diesel prices rose 25-30% over the past six months, and imported petcoke CFR and South African coal FOB prices spiked in Q2 FY27 due to the West Asia conflict
NINtec Systems Limited Market Update mixed materiality 6/10

29-10-2026

NINtec Systems Limited's Board approved unaudited consolidated and standalone financial results for the quarter and half year ended September 30, 2026, with an unmodified limited review report from J. T. Shah & Co. Consolidated revenue from operations for Q2 FY27 was ₹4,819.66 Lakh (up from ₹4,169.15 Lakh in Q2 FY26, +15.6% YoY), and consolidated profit after tax rose to ₹1,057.44 Lakh from ₹787.02 Lakh (+34.4% YoY). Standalone revenue from operations was ₹2,690.01 Lakh versus ₹2,517.32 Lakh a year earlier (+6.9%), while standalone employee benefits expense declined to ₹1,168.14 Lakh from ₹1,272.29 Lakh, and standalone other income fell to ₹133.37 Lakh from ₹82.53 Lakh on a quarter-on-quarter basis mixed with year-on-year moves.

  • · Consolidated Profit before tax rose to ₹1,393.09 Lakh in Q2 FY27 from ₹1,037.19 Lakh in Q2 FY26 (+34.3% YoY).
  • · Consolidated half-year (six months) revenue from operations was ₹9,405.65 Lakh versus ₹8,051.75 Lakh (+16.8%), and consolidated half-year profit rose to ₹1,977.03 Lakh from ₹1,552.09 Lakh (+27.4%).
  • · Consolidated trade payables to creditors other than MSMEs rose sharply to ₹4,394.65 Lakh at September 30, 2026 from ₹2,931.09 Lakh at March 31, 2026, while consolidated trade receivables rose to ₹5,788.81 Lakh from ₹4,914.24 Lakh.
  • · Consolidated purchases cost increased to ₹1,970.75 Lakh in Q2 FY27 from ₹1,483.45 Lakh in Q2 FY26 (+32.9% YoY), indicating a faster cost increase than revenue growth.
  • · Standalone other income was ₹133.37 Lakh in Q2 FY27 versus ₹69.05 Lakh in Q1 FY27, and ₹82.53 Lakh in Q2 FY26, contributing to the profit increase.
  • · Standalone Other Comprehensive Income was ₹0.43 Lakh in Q2 FY27 versus ₹188.55 Lakh in the prior-year quarter, a decline that reduced total comprehensive income growth relative to profit growth.
  • · Standalone cash and cash equivalents stood at ₹3,468.15 Lakh at September 30, 2026 versus ₹3,394.01 Lakh at March 31, 2026; consolidated cash and cash equivalents rose to ₹4,386.85 Lakh from ₹3,880.07 Lakh.
  • · Auditor's limited review of both standalone and consolidated results concluded with no material misstatement and no modification; the consolidated review relied on unaudited subsidiary financials prepared under Netherlands law.
  • · The Board meeting commenced at 4.00 PM and concluded at 4.23 PM on October 29, 2026.
Unknown Market Update mixed materiality 7/10

28-10-2026

Purva Oak Private Limited's Board approved unaudited results for the quarter and half year ended 30 September 2026, reporting a net loss of ₹121.91 lakhs for Q2 FY27 and ₹401.63 lakhs for the half year, with total equity remaining negative at ₹(2,575.38) lakhs. Revenue from operations rose sharply to ₹1,680.98 lakhs in the quarter, but total debt (borrowings of ₹1,08,143.42 lakhs) and a current ratio of 0.93 underline persistent leverage and liquidity pressure. Losses narrowed sequentially from ₹279.71 lakhs in Q1 and year-on-year from ₹300.41 lakhs in Q2 FY26, but the company remains loss-making and balance-sheet stressed.

  • · Deferred tax credit of ₹79.90 Lakh for half year ended 30.09.2026 versus ₹209.32 Lakh in prior-year half, reducing tax benefit
  • · Other income surged to ₹1,704.79 Lakh in the half year (vs ₹461.41 Lakh prior year), largely interest income of ₹1,619.34 Lakh, indicating reliance on loans given to related parties for earnings
  • · Loans given to related parties of ₹22,666.68 Lakh in the half year, a sharp increase from ₹846.25 Lakh in the prior year period
  • · Land purchase cost was nil in the current half year versus ₹5,773.32 Lakh in the prior year period
  • · Trade receivables rose to ₹1,865.82 Lakh from ₹686.33 Lakh at 31.03.2026, an increase of about 172%
  • · Trade payables to micro and small enterprises fell to ₹651.55 Lakh from ₹1,394.30 Lakh at 31.03.2026
  • · Other current liabilities rose sharply to ₹17,557.93 Lakh from ₹9,926.93 Lakh at 31.03.2026
  • · Equity share capital is only ₹1.00 Lakh with face value of ₹100 per share, leaving EPS figures very large in magnitude
  • · Auditor's limited review report issued by VDSR & Co LLP, a peer-reviewed firm; statutory auditor review of the financials was completed
  • · Business is a single reportable segment (real estate development), domiciled in India with no significant foreign operations
Indo Credit Capital Ltd Market Update negative materiality 3/10

28-10-2026

Indo Credit Capital Limited filed a disclosure confirming publication of its Unaudited Financial Results for the Second Quarter and Half Year ended September 30, 2026, in Western Times (Gujarati and English) per Regulation 47 of SEBI LODR. The standalone quarterly results show total income from operations of nil for the quarter ended September 30, 2026 versus Rs. 3.75 lacs in the year-ago quarter, with a net loss of Rs. 9.56 lacs compared with a net profit of Rs. 3.41 lacs in the corresponding prior-year quarter, a decline in profitability. The Quarter 2 consolidated/half-year extract also shows a net loss of Rs. 9.56 lacs versus a profit of Rs. 3.41 lacs for the prior-year period in the financial results extract.

  • · Basic and diluted EPS for the quarter ended 30/09/2026 is Rs. (0.13) versus Rs. 0.05 in the prior-year quarter
  • · Results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 27 October 2026
  • · Results are available on www.bseindia.com and www.indocreditcapital.com
  • · The filing (BSE Script Code 526887) includes unrelated newspaper advertisement content for an AMTS technical staff RFP and a tender notice, which is not company-specific financial information
SBI Cards and Payment Services Limited Analyst/Investor Meet mixed materiality 7/10

29-10-2026

SBI Cards reported Q2 FY27 revenue from operations of INR5,141 crore (+4% YoY) and PAT of INR778 crore (+75% YoY), driven mainly by improved credit costs. Operating costs rose 7% YoY to INR2,649 crore, with cost-to-income at 58.7% (up 193 bps YoY). Total spends were INR1,10,689 crore (~+3% YoY) and retail spends reached a record INR95,299 crore (+6% YoY), though management attributed part of the soft growth to festive-season timing. Receivables were INR58,376 crore, with management expecting spend-to-receivables translation to pick up from Q3 FY27, while cost of funds rose 18 bps QoQ to 6.8% and NIM was 10.8%, which management now expects to be range-bound.

  • · Management reiterated expected full-year spend growth of mid-teens to high-teens, after earlier guidance of 14% to 16%.
  • · Management said it will not guide on receivables growth yet, though growth is expected from H2 FY27.
  • · Management expects cost-to-income of 57% to 59% for FY27 and gross credit cost around 6% for the year, subject to geopolitical impact.
  • · Net card additions of 8.6 lakh YTD to August were stated as the highest in the industry.
  • · Interchange income increased in Q2 on network rate hikes in certain categories; the Q2 interchange ratio was about 1.35%.
  • · Corporate spends declined QoQ, which management described as an opportunistic margin-driven choice, with corporate kept below 20% of total spend.
  • · Management said RuPay credit cards account for more than one-third of the customer base.
  • · Repo rate increased and a further ~50 bps hike is expected; working capital loans currently about 70-80 bps cheaper than CP.
  • · EMI yields were raised; point-of-sale subvention rose from about 16% to 17% over recent months.

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