Amir Chand Jagdish Kumar (Exports) Ltd. Q3 2026 FY 2026 Result highlights

Mr. Jagdish Suri, Chairman & Managing Director of Amir Chand Jagdish Kumar (Exports) Ltd. said, “We are pleased to report a strong performance for Q3 FY26, marked by consistent growth across key financial metrics. We have also achieved a major milestone with the successful completion of our IPO, which further strengthens our balance sheet and positions us well for future expansion.”

Mr. Jagdish Suri, Chairman & Managing Director of Amir Chand Jagdish Kumar (Exports) Ltd.

Mr. Rahul Suri, Whole-Time Director of Amir Chand Jagdish Kumar (Exports) Ltd. said, “Looking ahead, we remain confident in our growth outlook, supported by a stronger capital base, improving margins, and continued investments in brand building and market expansion.”

Mr. Rahul Suri, Whole-Time Director of Amir Chand Jagdish Kumar (Exports) Ltd.

Enhanced marketing initiatives and greater brand visibility are expected to accelerate customer acquisition and drive long-term value creation for stakeholders.

About Amir Chand Jagdish Kumar (Exports) Limited

Amir Chand Jagdish Kumar (Exports) Limited is a leading processor and exporter of premium basmati rice and other FMCG products. The Company markets its products under its flagship brand Aeroplane, along with multiple sub-brands catering to diverse consumer preferences across domestic and international markets.

With a strong distribution network and a focus on quality and innovation, Amir Chand Jagdish Kumar (Exports) Limited continues to expand its footprint globally and strengthen its position in the rice industry.

For more details: www.aeroplanerice.com.

Sameer Paddalwar, CEO of Boston Financial Advisory Group’s global operations

Founded in 2009, BFAG has emerged as a one-stop solution for organizations seeking integrated financial services and advisory support. Headquartered in Monroeville, Pennsylvania, and supported by offices and teams in key markets including India, BFAG has built a reputation for innovation, reliability, and deep industry expertise.

“At BFAG, our vision is centered on enabling organizations — from high-growth startups to established enterprises — to navigate complex financial landscapes with confidence,” said Sameer Paddalwar, CEO of Boston Financial Advisory Group’s global operations. “Our expansion reflects the growing demand for high-quality, technology-enabled financial outsourcing and strategic advisory services that help companies succeed in today’s competitive global markets.”

Comprehensive Financial Services Tailored for Global Markets

Boston Financial Advisory Group offers a broad suite of services designed to address the full spectrum of organizational financial needs, including:

• Managed Accounting & Bookkeeping: Full-cycle accounting support, including daily data management, reconciliation, and financial reporting.

• Financial Consulting & Advisory: Customized advisory services for corporate finance planning, fundraising support, mergers & acquisitions guidance, and business structuring.

• Taxation & Compliance: Comprehensive tax planning, preparation, and compliance services aligned with global regulatory frameworks.

• Outsourcing Solutions: End-to-end financial outsourcing offerings that streamline operations, reduce overheads, and improve accuracy.

• Technology-Driven Platforms: Personalized dashboards and automation tools that provide real-time insights for informed decision-making.

BFAG leverages a combination of seasoned finance professionals — including CPAs, CAs, CFOs, and legal consultants — alongside advanced technological tools to deliver solutions that are both efficient and strategic.

Global Footprint and Industry Expertise

With a multi-continental presence, Boston Financial Advisory Group serves clients across diverse sectors such as manufacturing, technology, trading, services, and startups. This global outreach allows BFAG to offer localized insights within international regulatory frameworks while helping clients manage financial operations at scale.

The firm’s holistic approach integrates strategic planning with operational excellence, enabling clients to focus on core business growth while BFAG manages complex financial functions with precision and reliability.

Innovation and Client-Centric Delivery

BFAG’s commitment to innovation has led to the development of advanced compliance and analytics solutions that drive deeper business insights. By combining domain expertise with digital efficiency, the firm ensures that clients benefit from accurate reporting, streamlined processes, and proactive financial guidance — all essential in the modern business environment.

“Our philosophy is to understand each client’s business at a fundamental level and then design tailored solutions that align with their strategic objectives,” added Paddalwar. “Whether a company seeks operational support, financial optimization, or advisory leadership, BFAG strives to be a trusted partner at every stage.”

Commitment to Talent and Organizational Excellence

BFAG also continues to invest in its diverse talent pool, fostering a collaborative culture that encourages learning and professional growth. With teams of experienced professionals working across finance, accounting, compliance, and advisory functions, the company ensures consistent delivery of high-quality services for its global clients.

About Boston Financial Advisory Group

Boston Financial Advisory Group (BFAG) is a global financial services firm providing comprehensive managed accounting, consulting, taxation, and advisory solutions to businesses worldwide. Founded in 2009, BFAG combines deep industry expertise, advanced technology, and strategic insight to support organizations in achieving financial clarity, operational efficiency, and long-term success. Headquartered in Monroeville, Pennsylvania, with teams across multiple continents, BFAG is a trusted partner for companies seeking best-in-class financial services.

For more information, visit www.bostonfagroup.com. 

The ratings reflect NFPL's strong backing from Aerem Group's diversified investor base, including Blume Ventures, Avaana Sustainability Fund, British International Investment, SMBC Asia Rising Fund, and UTEC LLP, with a tangible net worth of Rs. 100 crore for NFPL and Rs. 220 crore consolidated as of December 31, 2025. Key strengths include technology-enabled underwriting via AeROC remote monitoring, healthy asset quality, and a capital adequacy ratio of 42.23%. The stable outlook signals expectations of consistent growth while maintaining asset quality in the distributed solar ecosystem.

Anand Jain, Founder & CEO of Aerem Solutions, said, "This CARE BBB Stable rating is a testament to our integrated model's strength in scaling rooftop solar financing responsibly. Backed by our comprehensive use of technology platform, we are well-positioned to fuel India's clean energy transition for MSMEs and households nationwide."

Vikesh Agrawal, Co-Founder & COO of NetZero Finance, added, "This rating validates our disciplined underwriting and risk management approach. It strengthens our capacity to finance rooftop solar adoption across commercial, industrial, and residential segments, driving sustainable growth."

This credit rating enhances NFPL's ability to scale its Rs. 270 crore assets under management (AUM), focused on commercial & industrial, supply chain, and residential solar financing. Led by Founder & CEO Anand Jain and Co-Founder & COO Vikesh Agrawal, the team brings decades of expertise in renewables and financial services. It positions Aerem Group to accelerate clean energy adoption amid government initiatives like PM Kusum Yojana and PM Surya Ghar Muft Bijli Yojana.

About NetZero Finance Private Limited

NetZero Finance Private Limited, a non-banking financial company (NBFC) and subsidiary of Aerem Solutions Private Limited, specializes in financing rooftop solar assets for MSMEs, households, and EPC partners. With operations across 14 states, NFPL employs engineering-led assessments and real-time monitoring to ensure project viability and repayment via energy savings.

About Aerem Solutions Private Limited: About Aerem Solutions
Aerem is India’s premier full-stack renewable energy ecosystem, providing end-to-end solutions that digitize the entire solar value chain. Aerem offers an integrated platform that bridges the gap between high-tech infrastructure and specialized capital. Recently, Aerem Solutions has raised USD 15 million (INR 136 crore) in Pre-series B funding round.

The Aerem ecosystem delivers a 360-degree journey through three core services:

• Curated Procurement: A verified B2B marketplace for Tier-1 solar hardware and project execution.

• Specialized Credit: India’s only solar-exclusive, RBI-licensed financing designed for collateral-free MSME adoption 

• Smart Asset Management: An AI-driven "Digital Twin" suite for real-time performance monitoring and yield optimization.

With over 1.5 GW of solar capacity enabled and 5500+ EPC Network, Aerem is eliminating the "trust deficit" in renewable energy, transforming solar from a utility into a high-yield financial asset.

Great Place to Work AU SFB Certification

The certification is based entirely on employee feedback. For FY26, AU SFB achieved a significant increase in the Trust Index Score, highlighting the strength of its culture and the deep sense of belonging, employees experience across the organisation. The Great Place to Work® Institute is a global authority on workplace culture, employee experience, and leadership behaviours. 

Speaking on the milestone, Sanjay Agarwal, Founder, MD & CEO, AU Small Finance Bank, said, “At AU SFB, our people have always been the heart of our journey, from a single-branch NBFC in Rajasthan to becoming India’s largest Small Finance Bank now poised to transition into a universal bank. This sixth Great Place to Work® certification is more than an award; it validates our ‘Forever Banking’ promise that celebrates aspiration, rewards integrity, and enables every AUite to grow with purpose. When trust meets opportunity, excellence becomes a collective habit. Our journey and growth is a reflection of AUites who embody trust, innovation, ownership, and compassion.”

Over the years, AU SFB has made long-term investments to strengthen employee experience. These include a culture of execution excellence, a values-driven leadership framework, robust learning and development programmes, and a work environment that encourages innovation, inclusion, and career mobility. The Bank has also expanded its technology and digital ecosystem, now supported by a 1,100-member IT team and 200+ in-house developers focused on Digital, Data, and AI - creating future-ready roles and opportunities for employees.

Earning this recognition for six straight years reflects AU SFB’s sustained focus on building a purpose-led organisation where every voice is valued and every individual is empowered to grow.

About AU Small Finance Bank 
AU Small Finance Bank Limited is a Scheduled Commercial Bank and India’s largest Small Finance Bank by scale. Since becoming a bank in 2017, AU SFB has built a diversified retail banking model, offering services across deposits, loans, credit cards, investments, and insurance, supported by digital innovations like 24x7 video banking, AU 0101 app, and WhatsApp Banking. AU’s wide network of over 2,726 banking touchpoints across 21 States and 4 Union Territories enables service to more than 1.25+ crore customers, powered by a workforce of 59,800+ employees. 

For more details, visit: www.aubank.in | LinkedIn | Facebook | Twitter | Instagram

• Max Financial Services Limited reports 18% growth in consolidated revenue excluding investment income

• Axis Max Life continues outperforming private industry; Private market share increases by 53 bps to 9.8% 

• Individual Adjusted First Year Premium at ₹6,396 crores, grew 20% YoY

• Gross Written Premium: ₹25,195 crores, up 18% Year-on-Year (YoY)

• Measure of profitability – Value of New Business (VNB) at ₹1,633 crores with a YoY growth of 30% 

• New business margin improved to 23.6%; Total APE growth of 21% achieved

• Embedded Value at ₹28,110 crores, grew 16% with an Operating RoEV of 16.9%

• Individual New Business Sum Assured grew by 41% 

• Assets Under Management (AUM) at ₹1.93 lakh crores, up by 12% YoY

Balu Forge Industries Ltd. (the “Company” or “BFIL”) (BSE: 531112 | NSE: BALUFORGE), a leading precision engineering and manufacturing company, has announced its unaudited financial results for the quarter and nine months ended 31st December 2025.

Consolidated Financial Performance:

Consolidated 9M FY26 Revenue from Operations by End – User Industry:

Balu Forge Industries Reports Strong Q3 FY26 Performance

Commenting on the performance, Mr. Jaspal Singh Chandock, Chairman & Managing Director of BFIL stated: “In 9M FY26, the Company reported revenue from operations of Rs. 8,438 million, representing a year-on-year growth of 29.0%, driven by sustained demand momentum. EBITDA for the quarter was Rs. 2,396 million, with a year-on-year growth of 36.1%, with a margin of 28.4%, reflecting stable cost structures and operating leverage benefits, while profit after tax was Rs. 1,932 million, translating into a PAT margin of 22.6%. The performance underscores disciplined execution, margin resilience, and the ongoing strengthening of Balu Forge’s integrated manufacturing platform.

During the quarter, we successfully operationalised a set of high-impact strategic assets that position the Company for sustained growth over the next decade. Our newly commissioned precision machining facility has now been fully commercialised, equipped with advanced 7-Axis and 11-Axis CNC machining lines. This capability enables us to manufacture highly complex components from specialised alloys with micron-level accuracy, decisively moving Balu Forge up the value chain and strengthening our role in mission-critical applications.

In parallel, we have commercialised our dedicated artillery shell production line, with a specific focus on the high-demand 155mm large calibre. This represents a significant milestone in our defence manufacturing journey and reinforces our commitment to the Atmanirbhar Bharat vision by building indigenous capabilities in a strategically critical segment.

These operational achievements have already translated into meaningful external validation. During the quarter, Balu Forge was formally inducted into the NATO Supply Chain, an endorsement that reflects our adherence to the highest global quality, compliance, and reliability standards, and one that opens access to some of the world’s most demanding defence markets.

This external recognition, along with the Company's requisite manufacturing infrastructure and operational capability, reinforces our position to support long-term supply programs and maintain the capacity to service engagements for up to five years. With advanced precision machining facilities and production lines, Balu Forge is well equipped to meet both current and future demands efficiently.

In summary, Q3 was the quarter in which our strategic investments were converted into operational assets, global credentials, and expansion initiatives. With these foundations firmly in place, Balu Forge is now positioned on a trajectory of scalable and sustainable growth in defence and other critical segments.”

About Balu Forge Industries

Balu Forge Industries Limited, founded by Mr. Prehlad Singh Chandock, is a leading Indian precision engineering company delivering forged and machined components across multiple global industries. The company offers a comprehensive product portfolio ranging from 1 kg to 1,000 kg and up to 3 meters in length, supporting diverse applications in automotive, industrial vehicles, earthmoving equipment, wind energy, aerospace, defence, oil and gas, railways, marine, and agriculture. Its operations include fully integrated forging and machining capabilities, with advanced manufacturing facilities in Belgaum, Karnataka, spread over a 46+ acre campus. Equipped with high-capacity hydraulic hammers and forging presses, and supported by a dedicated in- house tool room, metallurgical labs, and CNC machining units, Balu Forge ensures consistent precision and quality. The company’s strategy is driven by innovation, with a specialized R&D division focusing on new materials and rapid prototyping. Strategic initiatives emphasize expanding defence production, enhancing automation, and strengthening global partnerships. With a strong focus on operational scalability, customer diversification, and ESG commitments, Balu Forge continues to strengthen its global footprint and industry positioning.

For more details, please visit: www.baluindustries.com

Disclaimer

This investor release is not an offer to sell any securities or a solicitation to buy any securities of Balu Forge Industries Limited (the "company") or its subsidiaries (together with the company, the "group"). Certain statements in this document may be forward looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", " estimates"," anticipates", " projects", " expects", " intends", " may", " will"," or " or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, aims, objectives, goals, future events or intention. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward-looking statements. Forward looking statements are not guarantees of future performance including those relating to general business plans and strategy of the Company, its future outlook and growth prospects, and future developments in its businesses and its competitive and regulatory environment. No representation, warranty or undertaking, express or implied, is made or assurance given that such statements, views, projections or forecasts, if any, are correct or that the objectives of the Company will be achieved. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent development, information or events, or otherwise. Unless otherwise stated in this Investor Release, the information contained herein is based on management information and estimates. The information contained herein is subject to change without notice and past performance is not indicative of future results. Balu Forge will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward- looking statements to reflect subsequent events or circumstances.

Q3 FY 26 saw strong performance across its key business segments. CDMO saw a revenue growth of over 16% spurred on by double digit increase in volumes. The international branded formulation segment more than doubled sequentially led by demand recovery across its key markets.

Adj EBITDA increased 21% YoY to Rs 147 cr as better capacity utilization along with a steady ramp up in the newer facilities led to margin improvement. Tighter control over overheads and portfolio rationalization helped mitigate losses in the API and Trade generics segment as well.

Our march towards becoming a global manufacturing company continued unabated with the Company receiving European Union Good Manufacturing Practice (EU GMP) certification for two of its manufacturing facilities. The certification includes the renewal of EU GMP approval for our Oral Solids’ plant and the grant of EU GMP certification for our Oral Liquids Plant. Akums also received its first approval from the UK MHRA for Rivaroxaban tablets

Commenting on the development, Mr. Sandeep Jain, Managing Director, stated, “The EU GMP certifications reflect the strength of our compliant infrastructure, robust quality systems, and the expertise of our skilled teams. We remain focused on disciplined growth while steadily strengthening our presence in regulated markets.”

Mr. Sanjeev Jain, Managing Director, added, “Our continued focus on operational excellence and disciplined growth is aligned with our long-term global vision, enabling us to expand responsibly across regulated markets and strengthen partnerships worldwide.”

Highlights are as under: (Rs in Crores)

Embassy Developments Reports Nearly 240% QoQ Growth in Pre-sales in Q3 FY26; Key RERA Approvals Strengthen FY26 Outlook

The Company recorded pre-sales of ~INR 1,392 crore in Q3 FY26 compared to ~INR 409 crore in Q2 FY26, representing a ~240% Q-o-Q growth. New bookings during the quarter stood at ~1,192k sq. ft., up ~193% QoQ from ~407k sq. ft. in Q2. Cumulative pre-sales for 9M FY26 reached ~INR 1,999 crore, a ~46% growth over 9M FY25, with total area sold standing at ~1,805k sq. ft., up ~36% YoY.

Collections for the quarter stood at ~INR 414 crore, reflecting a ~15% QoQ growth over Q2 FY26. Cumulative collections for 9M FY26 stood at ~INR 1,096 crore. Construction spend during the quarter was ~INR 401 crore, translating to a ~97% spend-to-collections ratio, with total construction spend for 9M FY26 at ~INR 868 crore (~79% of collections), reflecting strong execution alignment.

During the quarter, Embassy Developments achieved important milestones. The Company launched 2 residential projects – Embassy Greenshore (North Bengaluru) and Embassy Eden (North Bengaluru) – as well as its 2.7 msf (leasable area) commercial project known as Embassy East Business Park Phase I (East Bengaluru). Together, these launches represent an estimated GDV of over INR 6,500 crore.

Embassy Greenshore, with a GDV of ~INR 1,600 crore, has already achieved pre-sales of ~INR 804 crore. Embassy Eden, launched in December with a GDV of ~INR 1,800 crore, has seen higher-than-anticipated pricing realisations. Slated for launch in Q4 FY26 are Embassy Citadel in Worli (~INR 8,800 crore GDV), Embassy Verde Phase 2 (~INR 700 crore GDV), Embassy Serenity in Alibaug (~INR 400 crore GDV), and the DM project Embassy Sky Terraces (~INR 2,600 crore GDV).

The Company also received the Occupancy Certificate for 239 apartments at Serene Amara, a senior living project being developed through a joint venture with Columbia Pacific Communities in Bengaluru.

As of December 31, 2025, Embassy Developments maintained a prudent balance sheet with gross institutional debt of ~INR 3,700 crore (0.36x D/E) and net institutional debt of ~INR 3,000 crore (0.29x Net D/E). Cash and cash equivalents stood at ~INR 670 crore. The Company’s portfolio reflects an estimated project surplus of ~INR 28,200 crore with a net operational cash margin of ~47.5% across ongoing, upcoming and planned developments.

Commenting on the performance, Aditya Virwani, Managing Director, Embassy Developments Ltd. said, “Q3 reflects the transition of Embassy Developments into a scaled, execution-led platform. Strong pre-sales momentum, key RERA approvals and healthy cash flows give us confidence in delivering our FY26 guidance while continuing to strengthen our presence across Mumbai and Bengaluru.”

About Embassy Developments Limited 

Embassy Developments Limited (formerly known as Equinox India Developments Limited and earlier as Indiabulls Real Estate Limited) (EDL) is one of India’s largest listed real estate developers, specialising in the development of residential and commercial projects across key urban markets. With a strategic focus on Bengaluru, the Mumbai Metropolitan Region (MMR), and the National Capital Region (NCR), the Company also has a presence in Chennai and Indore. EDL has a diversified residential portfolio with a well-balanced mix of high-value and high-volume developments across mid-income, premium, and luxury segments. Its portfolio of ready, ongoing, and future residential projects includes branded residences, uber-luxury apartments and villas, exclusive town homes, condominiums, integrated townships, senior living communities, and contemporary homes. The Company is listed on BSE Limited (BSE) and the National Stock Exchange of India Limited (NSE) and holds a long-term debt rating of IVR A- (Stable) from Infomerics. Further information is available at embassyindia.com 

Disclaimer

This press release is for informational purpose only and does not constitute a prospectus, offering memorandum or an offer, or a solicitation of any offer, to purchase or sell any securities of Embassy Developments Limited (“Company”) or its existing or future subsidiaries (collectively, the “Group”) in any jurisdiction. ​Any offer or solicitation will be made only by means of definitive offering documents and in accordance with the terms of applicable securities and other laws. This press release should not be considered as a recommendation or advice to any person or investor to invest or subscribe for or purchase any securities of the Group or its existing or future subsidiaries (collectively, the “Group”) and should not be used as a basis for any investment decision. Recipients of this press release should conduct their own independent investigation and diligence, and/or consult their legal, tax, financial or other professional advisors as they deem fit. This press release contains certain forward‐looking statements based on current expectations, projections and assumptions and are subject to risks and uncertainties that could cause actual results, performances or events to differ materially from the results contemplated by the relevant forward-looking statement. These risks and uncertainties include the effect of economic and political conditions in India and outside India, volatility in interest rates and in securities markets, new regulations and government policies, the general state of the Indian economy, any delay in merger and the management’s ability to implement the company’s strategy that might impact the Group 's general business plans, its future financial condition and growth prospects. ​The information contained in this press release is only current as on the date hereof and is not indicative of future results. The Group is under no obligation to update these forward‐looking statements or to inform the recipient of any changes or developments arising after the date of this press release. Moreover, both express or implied press release or warranty is made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in this press release. Neither the Group nor any of its directors, officer, employees, advisers or representatives accept any liability whatsoever for any loss howsoever arising from any information presented or contained in this press release. Furthermore, no person is authorized to give any information or make any press release which is not contained in, or is inconsistent with, this press release. Any such extraneous or inconsistent information or press release, if given or made, should not be relied upon as having been authorized by or on behalf of the Group.​

Greaves Cotton Limited, a leading diversified engineering company in India, reported a robust performance across all key metrics, for the quarter and nine months ended December 31, 2025, supported by strong demand across its core businesses, momentum in the international business and strong execution.

On a consolidated basis, Q3 FY26 revenue increased 17% year-on-year to Rs.  875 crore, with EBITDA of Rs. 62 crore up 57%, and PBT of Rs. 37 crore. For 9M FY26, consolidated revenue was Rs. 2436 crore, up 16% year-on-year, with EBITDA of Rs. 171 crore and PBT of Rs.  111 crore.

During Q3 FY26, the company reported standalone revenue of Rs. 575 crore, with EBITDA of Rs. 78 crore and PBT of Rs. 74 crore. Standalone revenue grew 14% year-on-year, while EBITDA increased 18% year-on-year.

For 9M FY26, standalone revenue stood at Rs. 1667 crore, with EBITDA of Rs. 232 crore and PBT of Rs. 226 crore, reflecting a 33% year-on-year growth in PBT, supported by strong export momentum, a well-established aftersales network, complemented by operational efficiencies and cost optimisation under the new strategy.

Management Commentary

Commenting on the performance, Mr. Parag Satpute, MD & Group CEO, Greaves Cotton Limited, said, “Greaves Cotton’s robust performance in Q3 FY26 reflects the strong execution across all our businesses. We continue to see steady demand across our Energy, Mobility and Industrial Solutions, supported by momentum in international business, aftermarket growth and application-led innovation. I am pleased to share we remain firmly on track for our strategic priorities and through GREAVES.NEXT, we are strengthening our operating foundations, building strong customer partnerships and investing selectively to build a future-ready engineering company, while maintaining disciplined capital allocation.”

Business Performance

The Core businesses continued to deliver strong growth during the quarter, reflecting Greaves Cotton’s application-led approach and strong execution.

• Energy Solutions revenue rose by 21% YoY in 9M FY26and 6% YoY for Q3FY26, supported by consistent genset demand and strong momentum in the aftermarket business. The spares and service segment grew by 40% YoY for the same period.

The company strengthened execution through a new zonal structure integrating sales, service, and spares, and launched a Retail Annual Maintenance Contract towards enhancing customer responsiveness, value and service reach. Going forward, Energy solutions will become a dominant part of the portfolio.

• Mobility Solutions recorded a strong performance, led by strong export demand for Euro V+ compliant diesel engines and healthy domestic volumes. Mobility Solutions delivered 15% YoY revenue growth in 9M FY26 and 18% for the quarter.

• Excel Controlinkage, the engineered components business, delivered healthy domestic growth, supported by new product launches and expanding its offerings and applications across automotive, agriculture, and industrial segments.

• Industrial Solutions progressed steadily, supported by demand from defence, marine, and special-purpose engine applications. While the business saw flat revenue growth, the company secured new defence orders and expanded its marine engine portfolio.

International Business, an important growth lever across our businesses formed 14% of revenues in 9M FY26, indicating consistent traction across global markets through strong customer relationships such as Ligier in Europe.

Investee Business

• GEML - VAHAN volumes for E-2W increased 40% quarter-on-quarter in Q3 FY26 to more than 18k units, driven by new product launches and network expansion, resulting in a market share improvement from 4.1% in Q2 to 5.0% in Q3. This is a result of growing customer acceptance, continued dealer network expansion and showroom refreshes across key markets strengthening our retail presence.

• GFL – Expanded to 74 locations, serving over 51,000 customers, and launched EV-focused financing and insurance products.  Managed AUM stood at ~Rs. 445 crore as of December 31^st, while cumulative disbursements crossed ~Rs. 640 crore.

The Company received two prestigious awards, the ‘Best Governed Company in the ‘Listed Segment: Emerging Category’ by the Institute of Company Secretaries of India, and the Best Process Control Award from Stanley Black & Decker among its global suppliers as a recognition of strong governance standards and process excellence.

Strategic Progress

During the quarter, Greaves Cotton continued to execute GREAVES.NEXT, its multi-year strategy to build a trusted, innovative, and future-ready engineering company. Under this strategy, we have outlined a Rs. 500–700 crore medium-term investment plan to strengthen core capabilities and support new product development aligned with long-term growth priorities. We continue to make targeted investments across R&D and manufacturing, including fuel-agnostic engines, advanced gensets and rare-earth-free motors. With international business being a key strategic priority, we have established a dedicated international team and are strengthening customer relationships and staying close to customer needs.

Progress under GREAVES.NEXT remains steady, with a clear path to achieving a 16–20% CAGR by accelerating core strengths, adding new capabilities, and selectively expanding into adjacencies. A disciplined operating system and governance cadence ensure clear targets and accountability.

Outlook

Looking ahead, Greaves Cotton remains cautiously optimistic, supported by industrial and infrastructure-led demand, increasing need for reliable power solutions, and expanding global opportunities. The Company will continue to focus on execution, margin improvement and capital efficiency to drive sustainable long-term value creation.

About Greaves Cotton Limited

With a legacy of over 165 years, Greaves Cotton Limited is a diversified, future-ready engineering company delivering innovative and sustainable solutions to customers across key sectors. Renowned for its precision engineering and technology leadership, the Company’s growth strategy is anchored on three core dimensions: accelerating its core businesses, building new muscle onto the core, and expanding into new horizons across Energy Solutions, Mobility Solutions, and Industrial Solutions.

As one of India’s largest manufacturers of single-cylinder diesel engines, and a pioneer in introducing them for microcar applications in the European market, Greaves continues to reinforce its commitment to accessible, efficient, and reliable mobility. The Company also has a longstanding association with the Indian armed forces, with its products supporting a range of defence and naval applications, embodying its role in industrial advancement and nation-building. Guided by its purpose of ‘Empowering Lives’, Greaves is committed to providing reliable products, sustainable technology, and customer-centric solutions. With its strong engineering foundation and continuous innovation, the Company aims to enable people, businesses, and communities to progress with confidence in a future rooted in engineering excellence and driven by efficient energy.

The investee companies of Greaves include Greaves Electric Mobility Limited (GEML) with its diverse portfolio of electric 2 & 3 wheelers for passenger and cargo mobility, and Greaves Finance Limited (GFL) with ev.fin, a 100% EV focused NBFC that leverages cutting-edge technology to offer customised financing options & seamless buying experience. Both these businesses play a significant role in accelerating EV adoption in India.

For more information, visit - www.greavescotton.com

Note: "This press release may include statements of future expectations and other forward-looking statements based on 'management's current expectations and beliefs concerning future developments and their potential effects upon Greaves Cotton Limited and its subsidiaries/ associates ("Greaves"). These forward-looking statements involve known or unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from our expectations include, amongst others: general economic and business conditions in India and overseas, our ability to successfully implement our strategy, our research and development efforts, our growth and expansion plans and technological changes, changes in the value of the Indian Rupee and other currency changes, changes in the Indian and international interest rates, change in laws and regulations that apply to the related industries, increasing competition in and the conditions of the related industries, changes in political conditions in India and changes in the foreign exchange control regulations in India. Neither Greaves, nor our directors, or any of our subsidiaries/associates assume any obligation to update any particular forward-looking statement contained in this release."

Disclaimer: -   GREAVES ELECTRIC MOBILITY LIMITED (“GEML”), a subsidiary of GCL, is proposing, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offering of its equity shares and has filed a draft red herring prospectus dated December 23, 2024 (“DRHP”) with Securities and Exchange Board of India (“SEBI”). The DRHP is available on the website of SEBI at www.sebi.gov.in, the website of the National Stock Exchange of India Limited at www.nseindia.com, the website of the BSE Limited at www.bseindia.com, on the website of GEML at www.greaveselectricmobility.com  and on the websites of the lead managers, Motilal Oswal Investment Advisors Limited at www.motilaloswalgroup.com, IIFL Capital Services Limited (formerly known as IIFL Securities Limited) at www.iiflcap.com  and JM Financial Limited at www.jmfl.com , respectively.  Investors should note that investment in equity shares involves a high degree of risk. For details, potential investors should refer to the red herring prospectus which may be filed with the Registrar of Companies, Tamil Nadu at Chennai in the future, including the section titled “Risk Factors”. Potential investors should not rely on the DRHP filed with SEBI and the Stock Exchanges in making any investment decision. This announcement does not constitute an invitation or offer of securities for sale in any jurisdiction. The Equity Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended ("U.S. Securities Act"), and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. Accordingly, the Equity Shares are only being offered and sold (i) within the United States to "qualified institutional buyers" (as defined in Rule 144A under the U.S. Securities Act) in private transactions exempt from the registration requirements of the U.S. Securities Act, and (ii) outside the United States in offshore transactions in reliance on Regulation S and the applicable laws of the jurisdiction where those offers and sales occur. There will be no public offering of the Equity Shares in the United States in this release." 

International Business
The Company's total exports registered a growth of 21% with sales increasing from 101,055 units in January 2025 to 122,343 units in January 2026. Two-wheeler exports grew by 18% with sales increasing from 93,811 units in January 2025 to 110,933 units in January 2026.

Three-Wheeler
Three-wheeler registered a growth of 77% with sales increasing from 9,952 units in January 2025 to 17,571 units in January 2026.
 

About TVS Motor Company
TVS Motor Company (BSE:532343 and NSE: TVSMOTOR) is a reputed two and three-wheeler manufacturer globally, championing progress through sustainable mobility with four state-of-the-art manufacturing facilities located in India and Indonesia. Rooted in our 100-year legacy of trust, value, and passion for customers, it takes pride in making internationally accepted products of the highest quality through innovative and sustainable processes. TVS Motor is the only two-wheeler company to have won the prestigious Deming Prize. Our products have led in their respective categories in the J.D.Power IQS & APEAL surveys and J.D.Power Customer Service Satisfaction Survey. Our group company Norton Motorcycles, based in the United Kingdom, is one of the most emotive motorcycle brands in the world. Our subsidiary in the personal e-mobility space, TVS Ebike Company AG, has a leading position in the e-bike market in Switzerland. TVS Motor Company endeavours to deliver the most superior customer experience across 80 countries in which we operate. 

For more information, please visit www.tvsmotor.com

Union Budget 2026

A central focus for technology and services executives is the Government’s prioritisation of the services sector as a key engine for national growth. In this context, Ankit Agarwal, Vice-Chairman and Non-Executive Director, Invenia-STL Networks, said, “The Union Budget 2026 firmly positions the services sector as a core growth engine of Viksit Bharat, reinforcing its role in driving economic growth, employment and exports.” This framing sets the tone for the broader industry reading of the Budget as a document aimed at delivering sustained structural progress rather than short-term stimulus.

For leaders in digital infrastructure, the Budget’s emphasis on foundational assets such as data centres and cloud capabilities has been welcomed. Reflecting this, Agarwal noted that “A clear emphasis on data centres recognises them as critical enablers of India’s digital growth and its ambitions in artificial intelligence, cloud computing and digital public infrastructure.” He further underscored that incentives aimed at strengthening this infrastructure will support India’s drive to attract foreign investment, enhance domestic innovation and build a credible foundation for future technologies.

From a broader technology strategy perspective, CP Gurnani, Co-Founder and Vice Chairman of AIONOS, interpreted the Budget as signalling a decisive shift toward building strategic technological capability. He said, “Union Budget 2026 signals a decisive shift in how India is approaching technology, from adoption to strategic capability building.” Highlighting the emphasis on AI, semiconductors, cloud and data infrastructure, Gurnani noted that “Leadership in the digital economy is built bottom-up, starting with strong foundations.”

Gurnani emphasised that the Budget links technological ambition with inclusion and competitiveness, saying that aligning AI investments with skills development, workforce readiness and MSME enablement means that “Scale, inclusion and competitiveness must move together.” Notably, he pointed to initiatives such as “Bharat Vistar, which provides farmers local-language, data-driven crop guidance” and “The Centre of Excellence in AI for Education, which promotes research into AI tools for improving the quality of learning.” These examples illustrate how technology policy is being connected to real-world outcomes across sectors and regions.

Leaders in mobility and operational services also saw strategic value in the Budget’s broader agenda. Sriram Kannan, Founder and CEO, Routematic, observed that “Budget 2026 sends a strong signal on where India’s next phase of growth will come from, through sustained public capex, the creation of rare-earth magnet corridors to support EV and advanced manufacturing, and the proposed MSME Growth Fund to help smaller enterprises scale.” He noted that as manufacturing and services deepen in Tier-2 and Tier-3 cities, enterprises will increasingly focus on operational challenges such as employee mobility. Kannan stressed that organised, technology-enabled workforce mobility will be critical to ensure policy measures translate into productivity gains and workforce participation improvements.

The real estate industry responded positively to measures designed to unlock value and broaden investment channels. Hardeep Dayal, President – Commercial, Bhartiya Urban, described the Government’s introduction of dedicated REITs for CPSE assets as “An innovative step for India’s real estate and capital markets.” He explained that by unlocking value from under-utilised government property and recycling capital into new infrastructure, the Government has created “A transparent, market-driven pathway for investment.” Dayal said these reforms are expected to deepen liquidity, broaden the investor base and strengthen commercial real estate markets across India.

Finally, advisory professionals pointed to tax reforms that can support both domestic and global service engagement. CA Nidhi Goyal, Managing Director, Avinav Consulting and Partner, Nivesa Advisors LLP, said the Budget is “Setting a long term vision for India's services sector; expanding its global market share; creating employment, analysing impact arising due to artificial intelligence and tax reforms for services sector such as tax certainty to BPO, clubbing of services under IT services with a common safe harbour margin of 15.5%.” Goyal described these measures as enhancing the appeal of India’s services ecosystem for both domestic and international players.

Taken together, reactions from across sectors indicate that Budget 2026 is being read as a strategic document focused on long-term competitiveness, structural capability building and inclusive growth. By combining digital infrastructure incentives, services tax clarity and capital-market reforms, the Budget sends a consistent signal that India is aiming to strengthen its position as a global hub for services, digital innovation and investment.

Aster DM Healthcare for Q3 FY26:

• Revenue for Q3 FY26 grew 13% YoY to INR 1,186 Crs

• Operating EBITDA (ex-Kasaragod) grew 17% YoY to INR 237 Crs. in Q3 FY26

• Operating EBITDA Margins (ex-Kasaragod) stood at 20.2% in Q3 FY26 Vs. 19.3% in Q3 FY25

• Normalised PAT¹ (ex-Kasaragod) grew 22% YoY to INR 98 Crs. In Q3 FY26

Aster + QCIL (Combined Proforma) Performance for Q3 FY26

• Revenue for Q3FY26 grew by 15% to INR 2,366 Cr

• Operating EBITDA grew by 22% to INR 503 Cr

• Operating EBITDA margin stood at 21%

• Post NCLT order, Shareholders’ meeting to be convened between Feb 27 and Mar 13, 2026

Aster DM Healthcare, one of the leading integrated healthcare service providers in India, today announced its financial results for the quarter ended December 31, 2025.

Aster DM Healthcare delivers steady Q3 FY26 performance

Commenting on the performance for Q3 FY26, Dr. Azad Moopen, Founder and Chairman, Aster DM Healthcare, said, “As we move closer to the completion of merger between Aster and Quality Care India Limited, the proforma performance of the combined platform remains encouraging. On a proforma basis in Q3 FY26, revenues grew by 15% YoY to Rs. 2,366 Cr and operating EBITDA increased by 22% YoY to Rs. 503 Cr. The combined performance remained largely consistent throughout the three quarters of FY26, supported by strong patient volumes and improving case mix.

Over the past year, the combined entity has added over 560 beds, taking the combined capacity to 10,620 beds across 28 cities, with a pipeline of more than 4,000 additional beds to support long-term growth. With continued focus on strengthening clinical talent, leadership depth, and execution excellence, we remain well positioned to deliver sustainable expansion and provide high-quality, accessible healthcare at scale.

We are also pleased with the progress made on the merger and are confident of shareholders’ approval pursuant to the NCLT order marking an important step in toward creating a scaled, integrated healthcare platform to become the top 3 hospital chains in India.”

On Q3 FY26 performance of Aster DM Healthcare, Dr. Moopen said, “We have delivered a steady performance with revenues increasing 13% YoY to Rs. 1,186 Cr and excluding the impact of the newly commissioned Kasargod facility, operating EBITDA grew 17% year on year, with margins expanding to 20.2%, reflecting strong operating leverage and cost management.”

India Performance Highlights

Overall Business: Double-digit YoY growth in Revenue & Operating EBITDA led by growth in Kerala, strong growth in international revenue and better case mix

• ARPP IP rose 9% YoY to INR 1,22,294 in Q3 FY26, driven by improved specialty mix

• CONGO mix increased by 240 bps to 52% in Q3 FY26

• Total patient volume grew by 10% YoY with IP volume growing by 5% YoY and OP volume growing by 11% YoY in Q3 FY26.

• ALOS improved by 4% YoY to 3.1 days in Q3FY26, aided by increased robotics surgeries and efficient hospital operations

• Significant growth in MVT revenue by 41% YoY

• Healthy growth in Oncology revenue by 27% YoY; contribution increased to 11% in Q3 FY26 from 10% in Q3 FY25

• Aster Labs revenue grew by 17% YoY in Q3 FY26 and Op. EBITDA grew by 31% YoY with margins improved to 10.5% in Q3 FY26 as compared to 9.4% in Q3 FY25

Core Hospital Business

• Core hospitals & clinics business delivered an Op. EBITDA margin of 21.4% in Q3 FY26 (22.8% Ex-Kasargod)

• Matured hospital Operating EBITDA margins stood at 25.1% in Q3 FY26 (24.4% in Q3 FY25)

• Aster Medcity revenue grew by 24% YoY and Op. EBITDA grew by 33% YoY in Q3 FY26 with margins at 30%

• Aster MIMS Calicut revenue grew by 14% YoY and Op. EBITDA grew by 20% YoY in Q3 FY26; Margin at 26%

• Aster Whitefield revenue grew by 14% YoY in Q3 FY26

Cluster-wise Performance:

• Kerala total patient volume increased by 15% YoY delivering 20% YoY revenue growth

• Andhra & Telangana revenue grew 13% YoY, supported by 9% YoY increase in total patient volume

• Growth in Kerala MVT revenue of 64% YoY during the quarter

• Kerala Cluster Operating EBITDA grew by 18% YoY (28% ex-Kasargod) with margins at 22.9% (25.4% ex. Kasargod) in Q3FY26 from 23.5% in Q3FY25

• Andhra & Telangana cluster Operating EBITDA grew by 7% YoY with margin at 13.2% in Q3FY26

Update on Merger

Post receipt of the shareholders’, CCI and stock exchange approval, the Company has completed the preferential allotment of ~3.6% stake to Blackstone and TPG in the Company in lieu of initial acquisition of 5.0% stake in Quality Care India Ltd. by the Company. The shares issued under the preferential allotment are now listed on stock exchanges (BSE and NSE).

The Company received no-objection letter from the Stock Exchanges for the merger and has made application with National Company Law Tribunal (NCLT) in December 2025. As per NCLT direction, the shareholders meeting is to be convened between February 27, 2026, and March 13, 2026.

The closing of transaction is pending fulfilment of regulatory and compliance requirements, including receipt of NCLT and shareholders’ approval. The transaction is expected to be completed by Q1 FY27.

QCIL Q3 FY26 Performance

QCIL has posted a strong performance in Q3 FY26, reporting a 17% year-on-year increase in revenue to INR 1,181 Cr. Operating EBITDA grew by 32% to INR 279 Cr, supported by a healthy operating EBITDA margin of 23.7%, underscoring the company’s continued focus on operational excellence and sustainable growth.

Combined Proforma Performance for Q3 FY26

The combined entity (Aster and QCIL), with over 10,620+ beds across 39 hospitals in 28 cities, delivered strong proforma results this quarter—revenue up 15% to INR 2,366 Cr and Operating EBITDA up 22% to INR 503 Cr (ex-Kasaragod up by 25% to INR 516 Cr) with healthy EBITDA margin at 21% (22% ex-Kasargod) and ROCE at 20.7% (ex-Kasargod 21.2%), reflecting the platform’s strength and potential.

About Aster DM Healthcare, India

Aster DM Healthcare Limited is one of the largest healthcare service providers operating in India with a strong presence across primary, secondary, tertiary, and quaternary healthcare through 20 hospitals with 5,451 beds, 10 clinics, 203 pharmacies (Operated by Alfaone Retail Pharmacies Private Limited under brand license from Aster), and 302 labs and patient experience centers across 5 states in India, delivering a simple yet strong promise to different stakeholders: “We’ll Treat You Well.”

DISCLAIMER: Certain statements in this document that are not historical facts are forward looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. Aster DM Healthcare will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances. QCIL Numbers are Indicative and subject to statutory audit adjustments. Proforma numbers for merger entity are also subject to finalization and audit of the merged accounts. Actual amounts, losses or impact on net profit could materially differ from those that have been estimated. In addition, other factors that could cause actual results to differ materially from those estimated include harmonization of accounting policies and practices. 

The company posted Rs. 70 crore profit after tax for the quarter ended December 2025. Revenue from operations for the period stood at Rs. 1,616 crore. Performance during the quarter was supported by stable domestic demand and disciplined cost management.

Commenting on the company’s performance, Balfour Manuel, Managing Director, said: “Our Q3 performance reflects resilient domestic demand, with meaningful contributions from Tier 2 and Tier 3 markets and steady SME shipment activity, supported by strong execution discipline across the network. As we move into 2026, the outlook for the logistics sector remains positive, aided by supply-chain formalisation, sustained consumption momentum, and sector-wide infrastructure development. With continued investments in network capabilities, digital solutions, and operational optimisation, we remain focused on supporting the evolving logistics needs of our customers.”

During the quarter, Blue Dart continued to invest selectively in strengthening its operational and customer-facing capabilities as part of its long-term capacity-building strategy. The company operationalised its Flagship Green Integrated Ground Hub at Pataudi, Haryana, enhancing line-haul connectivity, network efficiency, and service reliability across North India. In parallel, the launch of the Digital Account Opening (DAO) platform further streamlined customer onboarding, particularly for SMEs by enabling faster, paperless access to Blue Dart’s express logistics services. Sustainability also remained a key focus, with continued emphasis on responsible operations and efficiency initiatives aligned with reducing environmental impact across the network.

Looking ahead, Blue Dart remains focused on disciplined growth, operational excellence, and customer-centric innovation. With ongoing investments in network resilience, digital capabilities, and service quality, the company is well positioned to navigate evolving market dynamics while delivering consistent value to customers, employees, and shareholders.

The Company’s Operating EBITDA grew by 51% at Rs.1,634 Crores for the third quarter of 2025-26 as against EBITDA of Rs. 1,081 Crores in third quarter of 2024-25. The Company’s Operating EBITDA margin for the quarter is highest at 13.1% as against normalised Operating EBITDA margin of 12.4% in the third quarter of 2024-25. The Company’s PBT before exceptional items grew by 57% at Rs. 1,315 Crores for the third quarter of 2025-26 as against PBT of Rs. 837 Crores in third quarter of 2024-25.

Sales

The overall two-wheeler and three-wheeler sales including international business grew by 27% registering highest ever quarterly sales of 15.44 Lakh units in the quarter ended December 2025 as against 12.12 Lakh units in the quarter ended December 2024. Motorcycle sales grew by 31% registering 7.26 Lakh units in the quarter ended December 2025 as against 5.56 Lakh units in the quarter ended December 2024. Scooter sales for the quarter ended December 2025 grew by 25% registering 6.14 Lakh units as against the sales of 4.93 Lakh units in the third quarter of 2024-25. The two-wheeler sales in international business grew by 35% at 3.66 Lakh units in the quarter ended December 2025 as against 2.72 Lakh units in the quarter ended December 2024. Total three-wheeler sales for the quarter under review grew by 106% at 0.60 Lakh units as against 0.29 Lakh units during third quarter of 2024-25.

EV Sales

During the quarter under review, the Company’s EV sales grew by 40% achieving highest ever quarterly sales of 1.06 Lakh units in the quarter ended December 2025 as against 0.76 Lakh units during quarter ended December 2024.

Cumulative nine months results

Operating revenue grew by 29% at Rs. 34,463 Crores for nine months ended December 2025 as against Rs. 26,701 Crores for the nine months ended December 2024.

The Company’s Operating EBITDA grew by 41% at Rs. 4,406 Crores for nine months ended December 2025 as against EBITDA of Rs. 3,121 Crores for the nine months ended December 2024. The Company’s PBT before exceptional items grew by 43% at Rs. 3,594 Crores for the nine months ended December 2025 as against Rs. 2,517 Crores during nine months ended December 2024. The Company’s PAT for the nine months ended December 2025 is at Rs. 2,625 Crores as against Rs. 1,858 Crores during nine months ended December 2024.

Sales

The Company’s two-wheeler and three-wheeler sales including international business grew by 23% registering 43.28 Lakh units in the nine months ended December 2025 as against 35.27 Lakh units registered in the nine months ended December 2024. Motorcycle sales grew by 24% registering 20.19 Lakh units in the nine months ended December 2025 as against 16.31 Lakh units in nine months ended December 2024. Scooter sales for the nine months ended December 2025 grew by 25% registering 17.52 Lakh units as against the sales of 14.02 Lakh units in the nine months ended December 2024. The two-wheeler sales in international business grew by 35% at 10.47 Lakh units in the nine months ended December 2025 as against 7.78 Lakh units in the nine months ended December 2024. Total three-wheeler sales is at 1.59 Lakh units for the nine months ended December 2025 as against 0.98 Lakh units during nine months ended December 2024. Electric vehicles grew by 26% registering sales of 2.56 Lakh units for the nine months ended December 2025 as against 2.03 Lakh units during the nine months ended December 2024.

About TVS Motor Company

TVS Motor Company (BSE:532343 and NSE: TVSMOTOR) is a reputed two and three-wheeler manufacturer globally, championing progress through sustainable mobility with four state-of-the-art manufacturing facilities located in India and Indonesia. Rooted in our 100-year legacy of trust, value, and passion for customers, it takes pride in making internationally accepted products of the highest quality through innovative and sustainable processes. TVS Motor is the only two-wheeler company to have won the prestigious Deming Prize. Our products have led in their respective categories in the J.D.Power IQS & APEAL surveys and J.D.Power Customer Service Satisfaction Survey. Our group company Norton Motorcycles, based in the United Kingdom, is one of the most emotive motorcycle brands in the world. Our subsidiary in the personal e-mobility space, TVS Ebike Company AG, has a leading position in the e-bike market in Switzerland. TVS Motor Company endeavours to deliver the most superior customer experience across 80 countries in which we operate. 

For more information, please visit www.tvsmotor.com.

L&T Finance Ltd., formerly known as L&T Finance Holdings Ltd. (LTF), one of the leading Non-Banking Financial Companies (NBFCs) in India, has recorded its highest ever core Profit After Tax (PAT) of Rs. 760 Crore (before one-time impact of New Labour Code provision), up 21% YoY (Year-on-Year) in the third quarter ended December 31, 2025 (Q3FY26). PAT after one-time impact of New Labour Code stands at Rs. 739 Crore, up 18% in Q3FY26. During the quarter, the retail book size reached Rs. 1,11,990 Crore, up 21% YoY. The consolidated loan book grew by 20% YoY to Rs. 1,14,285 Crore. The Company has recorded the highest ever quarterly retail disbursement of Rs. 22,701 Crore for the third quarter ended December 31, 2025, up 49% YoY. The Company also recorded all-time high disbursements in Two-wheeler Finance at Rs. 3,217 Crore and Farmer Finance at Rs. 2,783 Crore growing 33% YoY and 12% YoY, respectively. Retailisation stood at 98% of overall book as on December 31, 2025.

LTF achieved highest ever Retail disbursements for Q3FY26 at Rs. 22,701 Crore, up 49% YoY

The Company’s Net Interest Margins (NIMs)+Fees sequentially improved by 19 basis points (bps) Quarter-on-Quarter (QoQ) to 10.41% from 10.22% in the second quarter ended September 30, 2025 (Q2FY26). The Rural Business Finance business asset quality improved significantly with 0 Days Past Due (DPD) collection efficiencies reaching 99.7% in December 2025.

The Company’s customer-facing PLANET app, which has emerged as a powerful digital channel for customers, crossed more than 2.20 Crore downloads as of December 31, 2025, comprising more than 18.3 Lakh customers on the rural side. As of December 31, 2025, this channel has done collections of over Rs. 7,700 Crore while servicing over 10 Crore requests and has sourced loans of over Rs. 24,100 Crore.

‘Project Cyclops’ has been implemented in Two-wheeler Finance, Farm Equipment Finance, SME Finance, and Personal Loans. It will be rolled out in Home Loans and Rural Group Loans & MFI in the next financial year. ‘Project Nostradamus’ – Proprietary AI portfolio management engine is live in Beta mode for Two-wheeler. ‘Project Helios’ - Underwriting AI Co-Pilot is live in SME Finance. ‘Project Orion’ - Nostradamus Co-Pilot AI Conversational Assistant for automated portfolio is live in Two-wheeler Finance from December 2025. RAISE’ 25, LTF’s flagship AI conference, which was conducted in November 2025, drew participation of over 4,500 attendees. It brought together global tech leaders, policymakers, innovators, and industry practitioners. On the sidelines of RAISE’ 25, LTF launched an AI startup pitch platform – ‘Pitch Point’, thereby incubating new tech AI entrepreneur ecosystem.

Commenting on the financial results, Mr. Sudipta Roy, Managing Director & CEO, LTF, said, “Q3FY26 for the financial services sector has been defined by a powerful convergence of favourable macro-tailwinds. The implementation of GST 2.0, good monsoons, and a series of repo rate cuts have seen a surge in consumption and created an environment for growth. In Q3FY26, LTF’s focus remained on delivering a standout performance across business segments. We registered the highest ever quarterly disbursements of Rs. 22,701 Crore, up 49% YoY, and the retail portfolio reaching Rs.1,11,990 Crore, reflecting a growth of 21% YoY leading to a PAT of Rs. 760 Crore, up 21% YoY (without the impact of a one-time exceptional item).

In line with our commitment to deliver a sustainable and profitable growth across quarters, we are focused on transforming LTF into a risk-first, tech-first, multi-product retail financier of choice. In line with this, we have been continuously broadening our customer acquisition funnels while sourcing creditworthy customers backed by technology and robust credit guardrails, while keeping a strong focus on collection efficiencies across businesses.

Our proprietary AI driven next-gen digital credit engine ‘Project Cyclops’ is now implemented in Personal Loans in addition to Two-wheeler, Farm Equipment, and SME Finance businesses. It will go live in Home Loans and Loan Against Property and Rural Group Loans and MFI businesses in the new financial year. At LTF, we are no longer just automating processes, we are deploying predictive intelligence at scale. Our portfolio management engine, ‘Project Nostradamus,’ is now live in Beta for Two-wheeler Finance, while ‘Project Helios,’ our AI Underwriting Co-Pilot is live in SME Finance. The recent launch of ‘Project Orion’ – Nostradamus Co-pilot in December 2025 has brought automated conversational intelligence to our portfolio management, ensuring we stay ahead of risk while enhancing customer experience. We remain focused on continuously strengthening our risk and credit frameworks, which will serve us well in times to come.

Furthermore, through our RAISE’ 25 conference and the 'Pitch Point' competition launched as a part of RAISE, we are nurturing a new ecosystem of AI entrepreneurship and thought leadership. We are confident that our focused actions will not only ensure a sustainable and resilient performance in the coming quarters, but also truly transform LTF into a risk-first, tech-first, diversified retail finance company.”

Key Highlights:

Robust Retail Franchise:

The Company’s granular and deep pan-India Retail franchise is led by its strong distribution capabilities, namely, its geographic presence in around 2 Lakh villages from around 2,257 rural meeting centers/branches and 439 branches across urban centers. This extensive geographic presence is also supported by around 14,000 distribution points built over 15 years. In Q3FY26, the Company also launched its first Sampoorna Branch in Ujjain, Madhya Pradesh. The Company also leverages around 2.8 Crore of its customer database to drive a credible cross-sell and up-sell franchise, contributing 40% of the Company’s repeat disbursements share in value and 48% in count during Q3FY26. The Company has a portfolio mix of 59% Urban and 41% Rural. 

Building a diversified retail franchise:

Rural Business Finance:

Q3FY26 disbursements at Rs. 6,740 Crore vs. Rs. 4,599 Crore, up 47% YoY. Book size at Rs. 28,976 Crore vs. Rs. 26,231 Crore, up 10% YoY. Growth driven by heightened focus on improving collection efficiency and macro sectoral trends.

Farmer Finance:

Q3FY26 disbursements at Rs. 2,783 Crore vs. Rs. 2,495 Crore, up 12% YoY. Book size at Rs. 16,671 Crore vs. Rs. 15,075 Crore, up 11 % YoY. GST 2.0 along with a favourable monsoon fuelled robust festive demand resulted in all-time high disbursements.

Two-wheeler Finance:

Q3FY26 disbursements at Rs. 3,217 Crore vs. Rs. 2,414 Crore, up 33% YoY. Book size at Rs. 13,913 Crore vs. Rs. 12,676 Crore, up 10% YoY. GST 2.0 & robust festive demand resulted in all-time high disbursements.

Personal Loans:

Q3FY26 disbursements at Rs. 3,574 Crore vs. Rs. 1,642 Crore, up 118% YoY. Book size at Rs. 12,810 Crore vs. Rs. 7,820 Crore, up 64% YoY. Growth in the segment aided by big tech partnerships and focus on continuously broadening customer acquisition channels.

Housing Loans and Loan Against Property:

Q3FY26 disbursements at Rs. 2,879 Crore vs. Rs. 2,475 Crore, up 16% YoY. Book size at Rs. 28,682 Crore vs. Rs. 23,461 Crore, up 22% YoY.

SME Finance:

Q3FY26 disbursements at Rs. 1,550 Crore vs. Rs. 1,249 Crore, up 24% YoY. Book size at Rs. 7,946 Crore vs. Rs. 5,817 Crore, up 37% YoY.

Gold Loan:

Q3FY26 disbursements at Rs. 1,408 Crore. Book size reached Rs. 1,738 Crore. Focus remains on geo-expansion and increasing disbursement from new branches.

About L&T Finance Ltd. (LTF)

L&T Finance Ltd. (LTF) (www.LTFINANCE.com), formerly known as L&T Finance Holdings Ltd. (LTFH), is a leading Non-Banking Financial Company (NBFC), offering a range of financial products and services. Headquartered in Mumbai, the Company has been rated ‘AAA’—the highest credit rating—by four leading domestic rating agencies.  In August 2025, S&P Global Ratings upgraded LTF’s long-term Issuer Credit Rating to “BBB/Stable” from “BBB-/Positive” and short-term issuer credit rating to “A-2” from “A-3.” Fitch Ratings has assigned LTF Long-Term Foreign and Local-Currency Issuer Default Ratings of “BBB-” with a Stable outlook.  It has also received leadership scores and ratings by global and national Environmental, Social, and Governance (ESG) rating providers for its sustainability performance. The Company has been certified as a Great Place To Work® and has also won many prestigious awards for its flagship CSR project—Digital Sakhi—which focuses on women's empowerment and digital and financial inclusion. Under Right to Win, being in the ‘right businesses’ has helped the Company become one of the leading financiers in key Retail products. The Company is focused on creating a top-class, digitally enabled, Retail finance company as part of the Lakshya 2026 plan. The goal is to move the emphasis from product focus to customer focus and establish a robust Retail portfolio with quality assets, thus creating a Fintech@Scale while keeping ESG at the core. Fintech@Scale is one of the pillars of the Company’s strategic roadmap—Lakshya 2026. The Company has over a 2.8 Crore customer database, which is being leveraged to cross-sell, up-sell, and identify new customers.

X: x.com/LnTFinance

Facebook: www.facebook.com/LnTFS

Linkedin: www.linkedin.com/company/lntfinance

Instagram: www.instagram.com/lntfinance

YouTube: www.youtube.com/user/ltfinance

The report lays out solutions that could reduce PM2.5 levels significantly, mitigate business losses and support the creation of new jobs

Air pollution continues to create a significant burden for the economy through reduced productivity, unplanned absences, lower consumer activity, and increasing healthcare expenditure.

This report follows a previous study from 2021 by Dalberg Advisors, Air Pollution in India and the Impact on Business, which quantified the economic losses due to particulate matter (PM2.5) pollution levels in India. The 2021 study estimated these economic losses at USD 95 billion annually, equivalent to 3% of India’s GDP.

Despite recent improvements due to initiatives by national and state governments and city authorities, average PM2.5 levels in many cities remain significantly above national standards.

The new report evaluates high-impact solutions across key economic sectors: transport, industry, agriculture, waste, power, construction, and residential combustion. If implemented effectively, these solutions could:

• reduce PM2.5 levels by ~20% by 2030 from current levels;

• generate USD 220 billion in economic opportunity;

• avert USD 85 billion in business losses by 2030;

• avoid nearly 10 million Disability-Adjusted Life Years (DALYs) annually

• support approximately 1.4 million job transitions and new jobs

Speaking on the launch of the report, Jagjeet Sareen, Partner and India Head, Dalberg Advisors said, “Clean air is not only a public health priority but also an economic imperative. This analysis highlights where targeted investments can deliver measurable returns for businesses, workers, and the broader economy.”

Clean Air Fund’s recent report, The State of Global Air Quality Funding 2025, shows an increase in air quality investments from development finance institutions flowing to South Asia. This growing priority for development donors is an opportunity for South Asian countries to unlock further public and private capital that will deliver economic, health and environmental benefits.

Shirish Sinha, Executive Director of Programmes at Clean Air Fund added, “Asia’s development financial institutions and agencies are some of the biggest players in international public finance, and countries across the continent are working to tackle air pollution. Development donors recognise that funding clean air measures is an opportunity to see multiple returns on investment through climate and health co-benefits, while catalysing private capital in South Asian countries. India has demonstrated significant progress through the National Clean Air Programme. The next step is to scale proven solutions and align clean air more closely with India’s economic and development priorities.”

The report also outlines five enabling actions critical for scale:

1. crowding in private capital;

2. prototyping solutions in priority regions;

3. building a skilled green workforce;

4. strengthening community participation; and

5. investing in digital public infrastructure.

Together, these steps can help position clean air as a driver of growth and resilience. Integrating clean-air action into India’s economic planning can improve public health, enhance productivity, and strengthen long-term competitiveness.

For the full report, see here: dalberg.com/our-ideas/the-business-case-for-clean-air-unlocking-economic-opportunities-for-india/

About Dalberg Advisors

Dalberg Advisors is a strategic advisory firm that combines the best of private sector strategy skills and rigorous analytical capabilities with deep knowledge and networks across emerging and frontier markets. We work collaboratively across the public, private and philanthropic sectors to fuel inclusive growth and help clients achieve their goals.

About Clean Air Fund

Clean Air Fund is a global philanthropic organisation working with governments, funders, businesses and campaigners to create a future where everyone breathes clean air.

From left to right: Pranab Ghosh, Jade Adair, Heidi Akran, Ethiopis Tafara, Phi lipe Flamand, Claudia Conceicao, and Amina El Zayat at the IFC & Candi Solar signing ceremony

The project will deliver clean, affordable solar solutions in South Africa and India, driving down operational costs and advancing sustainability for Candi’s clients. Candi’s portfolio has more than doubled to 220+ MWp in just 18 months, driven by 85 MWp of open-access projects in India and flagship sites including auto components manufacturer Pricol Limited in India, Ngwenya Lodge in South Africa, and the solar plant at Kings Park Stadium HQ, home of The Sharks rugby team. Candi also powers leading corporations such as IFF, Toyota, Pick n Pay, and Suryalakshmi Cotton Mills - proving the strength of its model across manufacturing, retail, and commercial real estate.

• USD 6.5 million from the Canada-IFC Blended Climate Finance Platform

• up to USD 42 million equivalent for IFC’s own account (composed of rands, rupees, and US dollars) a portion of which is supported by IFC’s Managed Co-lending Portfolio Program (MCPP).

• A concessional loan of up to USD 10 million (mixed local rands and rupees) from IFC acting in its capacity as the implementing entity of the Climate Investment Funds' Clean Technology Fund.

“This is the largest funding facility we have ever closed,” said Bruno Rauis, Director of Candi Solar. “It propels us into our next phase of growth and strengthens our ambition to be the leading distributed energy partner in India, South Africa, and beyond. IFC’s involvement is catalytic - it builds confidence among global investors and enables us to access larger pools of capital to scale faster in the years ahead.”
 

“This milestone marks an inflection point for Candi Solar in India,” said Nishant Sood, Managing Director of Candi Solar. “It empowers us to scale distributed projects faster, deliver substantial energy savings for our clients, and advance India’s net-zero pathway. IFC’s trust is a strong endorsement of our model — which has placed us among India’s leading distributed solar developers — and reflects the increasing depth and significance of the sector in a rapidly expanding market”

A Gateway for Global Capital

By blending concessional and commercial components, the IFC-led multicurrency facility (including local currency), which will support Candi’s growth across key regions for distributed generation, is structured to absorb early-stage financial, operational, and performance risks while maintaining stringent ESG and governance standards. This financing structure is not just about enabling Candi’s next phase; it is also about mobilising other global capital to an asset class once considered “too risky.”

“This facility is a strong validation of our results-based model and its ability to deliver reliable returns,” said KJ Mahoney, Head of Capital Structuring at Candi Solar. “IFC’s involvement demonstrates that distributed solar can meet the highest standards of performance, governance, and impact, paving the way for global investors to support this sector at scale.”

“At IFC, we see distributed solar as a powerful lever for accelerating energy access and efficiency in emerging markets,” said Claudia Conceicao, IFC Regional Director for Southern Africa. “Our partnership with Candi Solar demonstrates how innovative financing models can unlock private capital at scale - supporting small and medium-sized businesses to create jobs, reduce energy costs, and strengthen operational resilience.”
 

Impact Beyond Megawatts

The facility will directly finance nearly 200 MWp of new projects, with a broader impact on:

• Sustainability - advancing clean energy adoption across key industrial clusters to lower emissions.

• Resilience - strengthening grid stability for businesses and communities facing power volatility.

• Employment & supply chains - creating jobs and building local industrial capacity.

• Affordability - giving companies predictable energy costs and long-term competitiveness.

This round follows Candi’s USD 24 million equity and mezzanine raise earlier this year, laying the foundation for a high double-digit-million Series D in 2026.
 

A Clear Runway to 2026

With this milestone, Candi Solar is preparing for its next growth chapter. By 2026, the company aims to expand its contracted portfolio beyond 400 MWp across India and South Africa, while deepening its performance-linked product suite including storage energy solutions. Candi’s evolution reflects a bigger global story: distributed solar in emerging markets is no longer aspirational - it is proven, investable, and central to the world’s clean energy transition.

About Candi Solar

Candi Solar is a pioneering distributed energy platform that finances, builds, and manages tailored solar solutions for commercial and industrial businesses in India and South Africa. With a contracted portfolio of over 200 MWp, Candi delivers reliable, affordable, and sustainable power while absorbing the technical and performance risks on behalf of its clients.

Since its inception in 2018, the company has raised more than USD 200 million from global investors, blending international capital expertise with deep local execution. Its performance-linked model aligns revenue with actual system output, ensuring long-term accountability and risk transfer. Candi’s mission goes beyond decarbonisation: its projects contribute to job creation, enhanced grid resilience, and access to sustainable infrastructure, positioning the company as a trusted partner in the clean energy transition across emerging markets.

Supreme Infrastructure India Limited (SIIL), a leading EPC company has announced its financial results on November 29, 2025 its financial highlights for Q2 FY2025-26, confirming a massive and successful corporate restructuring that has fundamentally reset the company's financial stability and positions it for aggressive growth. The Q2 period marks a historical pivot point for SIIL, moving from a position of distress to one of strong capitalization.

Q2 FY26 Compared with Q2 FY25

• Revenue from operations stood at Rs. 1,350.24 lakhs as against Rs. 1,019.41 lakhs in Q2 FY25

• Loss Before Exceptional Item and Tax stands at Rs. 16,012.46 lakhs as against the loss of Rs. 34,185 lakhs in Q2 FY25

• Profit Before Tax reported was at Rs 6,30,594.86 lakh as against loss of Rs. 34,072.37 lakhs in Q2 FY25

• Profit After Tax, adjusted for Exceptional Item, was at Rs 6,30,594.86 lakhs as against loss Rs.34072.37 lakhs in Q2 FY25

• EPS stands at Rs. 1,043.40 against Rs. 132.59 in Q2 FY25

Q2 FY26 Compared with Q1 FY26

• Revenue from operations stood at Rs. 1,350.24 lakhs as against Rs. 832.30 lakhs in Q1 FY26

• Loss Before Exceptional Item and Tax stands at Rs. 16,012.46 lakhs as against the Loss of Rs. 39,989.13 lakhs in Q1 FY26

• Profit Before Tax reported was at Rs. 6,30,504.86 lakh as against the Loss of Rs. 39,989.13 lakh in Q1 FY26

• Profit after tax adjusted for an Exceptional item, was at Rs 6,30,594.86 Lakh in Q2 FY26 as against Loss of Rs. 39,989.13 lakh Q1 FY26

• EPS stands at Rs. 1043.40 as against Rs.155.62 in Q1 FY26

The Q2 results reflect a significant uplift, featuring an exceptional gain, which stems directly from the successful completion of the scheme of compromise and arrangement with lenders, resulting in the reversal of previously provided interest and a reduction in liabilities. The company further demonstrated its commitment during the quarter by making substantial payments to three specific lenders under the scheme's escrow mechanism, cementing the successful and comprehensive debt settlement that underpins SIIL's financial turnaround.

While commenting on the Q2 Performance, Mr. Vikram Sharma, MD, Supreme Infrastructure India Ltd. said, "Our Q2 performance is the beginning of a historic era of stability. We are extremely satisfied with our Q2 achievements, which confirm our successful turnaround strategy. The successful raising of Rs.240 crores from distinguished investors, including Kitara Capital, is a powerful validation of SIIL's new, de-risked financial profile. This investment, coupled with our monumental debt reduction and the shift to a positive Net Worth, has fully restored our balance sheet's strength. With this renewed financial stability, we are now aggressively positioned to convert our robust Rs.4,000 crore plus order pipeline into firm contracts, ensuring we capitalize on high-value projects and deliver sustained growth for our shareholders."

The company is committed to leveraging its extensive experience to deliver high-quality, complex infrastructure projects and drive sustained value creation for all its shareholders.

About Supreme Infrastructure India Limited (SIIL)

Supreme Infrastructure India Limited (SIIL) is a leading Indian Engineering, Procurement, and Construction (EPC) company with a rich history dating back to its incorporation in 1983. The company was listed as a public limited company in 2007.

SIIL possesses a significant strength in its robust backward integration, owning quarries, crushers, RMC, hot mix plants, and a comprehensive suite of construction equipment/machinery. This capability, combined with adept technical and non-technical staff, has been instrumental in successfully executing projects for elite clients across diverse government contract works. The company's core operational verticals include roads, bridges, buildings, railways, electrification, water, and drainage.

Balu Forge Industries Ltd. (the “Company” or “BFIL”) (BSE: 531112 | NSE: BALUFORGE), a leading precision engineering and manufacturing company, has announced its unaudited financial results for the quarter and half year ended 30th September 2025.
 

Consolidated Financial Performance:

Commenting on the performance, Mr. Jaspal Singh Chandock, Chairman & Managing Director of BFIL stated:

“Revenue from Operations in Q2 FY26 was Rs 2,995 million, an increase of 34.4% year-on-year. EBITDA for the quarter was Rs 828 million, with an EBITDA margin of 27.6%, while PAT was Rs 650 million, reflecting a margin of 21.5%. For H1 FY26, Revenue from Operations was Rs 5,327 million, up 33.8% over H1 FY25, with EBITDA of Rs 1,551 million and PAT of Rs 1,261 million. This performance reflects steady execution and the continued strengthening of Balu Forge’s integrated manufacturing platform.

The greenfield facility at Hattargi, Karnataka, is advancing as planned and remains central to our ongoing expansion. The plant integrates captive forging and precision machining under one setup, improving efficiency and output. Commissioning of the 25-ton closed-die forging hammer, 8,000-ton mechanical press, and automated machining lines is progressing on schedule. When fully operational, total forging and machining capacities will increase to 150,000 tons and 80,000 tons per year, respectively.

The defence division remains a key focus. The dedicated forging and machining line for Empty Shell production, with a capacity of 360,000 shells per year is in the commercialization phase. The company has vendor approvals from leading Indian defence players and continues to add new products across artillery, armoured vehicle and engine components, strengthening its role in India’s defence manufacturing ecosystem.

We continue to focus on disciplined execution and capacity readiness as we scale operations across forging and machining. The Hattargi facility will strengthen our fully integrated manufacturing base and improve our ability to serve complex, high-value applications. With defence production entering the commercialization stage and capacity expansion on track, Balu Forge is positioned to drive the next phase of growth through scale, technology, and customer diversification.”

The CDMO segment remained the key contributor with revenue of Rs. 804 crore. Volumes for the CDMO vertical grew 7% y-o-y, as against muted industry volume growth, reflecting Akums’ position as preferred CMDO partner in India. The domestic Branded Formulations business recorded revenue of Rs. 122 crore, with EBITDA margins improving to 21.6%, supported by focused portfolio management. The Branded Export segment, although had seasonal impact from various countries, maintained healthy EBITDA margin of 24.5%,

For the quarter ended September 30, 2025, Akums reported consolidated revenue of Rs. 1,018 crore compared to Rs. 1,024 crore in Q1 FY26 and Rs. 1,033 crore in Q2 FY25. The EBITDA stood at Rs. 94 crore with a margin of 9.3%. The PAT was Rs. 43 crore. For the first half of FY26, revenue stood at Rs. 2,042 crore with an EBITDA of Rs. 223 crore (margin of 10.9%) and PAT of Rs. 107 crore.

The Hon’ble President of Zambia recently did ground breaking of the pharmaceutical plant, set up as a joint venture between Akums and the Govt. of The Republic of Zambia. This marks a significant step in expanding Akums’ global reach. The Zambian facility is aimed at supporting access to quality medicines across the SADC Countries, with product range across multiple therapeutic areas and dosage forms.

Another milestone Akums achieved recently was the first commercial supply of formulations in Europe, with the supply of Dapagliflozin tablets to Switzerland. Akums will also supply Rivaroxaban tablets in Europe in Q3. The European contract for oral liquid supply is on track with Plant 2 undergoing EU-GMP Audit in October.

Commenting on the quarterly performance, Mr. Sanjeev Jain, Managing Director, Akums Drugs & Pharmaceuticals Ltd., said, “Our performance this quarter reflects our focus on long-term priorities in a dynamic business environment. The developments in Zambia and Europe mark important milestones in our ongoing journey of becoming a global CDMO.”

Mr. Sandeep Jain, Managing Director, Akums Drugs & Pharmaceuticals Ltd., added, “CDMO business is navigating through a complex phase, with continued weakening of API prices and sustained flat volumes in the industry. Akums has outpaced industry volume growth. we remain focused on delivering long term shareholder value by further cementing our leadership position in CDMO business, taking measures to grow our domestic and exports branded business and curtailing losses in API and trade generics.”

Highlights are as Follows:

Shriram Life Insurance Company Ltd. (SLIC) reported a 17% year-on-year growth in Individual New Business Premium (NBP) in H1 FY26, rising from Rs. 542 crore in H1 FY25 to Rs. 635 crore in H1 FY26. In comparison, the private industry grew by 8% during the same period.

SLIC's individual new business APE grew 8% year-on-year to Rs. 544 crore in H1 FY26 from Rs. 506 crore. Renewal premiums increased by 43% YoY in the first half of the fiscal. It grew to Rs. 1,024 in H1 FY26 from Rs. 715 crore in H1 FY25.

The company settled 37,850 individual and group policies in H1 FY26. It settled 30,884 policies in H1 FY25. The claim settlement ratio for FY25 stands at 98.31%. The solvency ratio for H1FY26 is 1.56.

Casparus J.H. Kromhout, MD and CEO, Shriram Life Insurance

Casparus J.H. Kromhout, MD and CEO, Shriram Life Insurance, said, “Our strategy has always been focused on making life insurance simpler and more accessible for everyone we serve. Leveraging technology to enhance the customer experience remains a top priority. Our strong growth in renewal premiums demonstrates that we have earned the trust of our customers, reflecting the effectiveness of our approach and the dedication of our teams.”

“The government’s decision to reduce GST on individual term insurance policies from 18% to zero is a landmark move that will propel the industry forward for a long period of time. This makes pure protection more affordable for millions of Indians and strengthens trust and accessibility in the insurance ecosystem for the long term,” he added.

Sequentially, SLIC reported a 53% quarter-on-quarter growth in its individual new business annualized premium equivalent (APE) growing to Rs. 329 crore in Q2FY26 from Rs. 215 crore in Q1FY26. Retail New Business Premium grew 47% quarter-on-quarter to Rs. 378 crore in Q2 FY26 from Rs. 257 crore in Q1 FY26.

Individual Renewal premiums rose by 71%, reaching Rs. 552 crore in Q2 FY26, compared to Rs. 323 crore in Q1 of FY26. Total premium grew 26%, up from Rs. 863 crore in Q1 FY26 to Rs. 1,091 crore in Q2 FY26.

The number of policies sold was up by 35% with SLIC selling 117,317 policies in Q2 FY26 as compared to 86,750 in Q1 FY26.

Jointly promoted by Shriram Group and Africa’s Sanlam Group, SLIC’s Assets Under Management as of September 2025 stood at Rs. 14,187 crore, up 15% from Rs. 12,310 crore in H1 FY25.

(All figures in Rs. crore)

About Shriram Life Insurance Company

Shriram Life Insurance is committed to serving the underserved and unserved segments of India, focusing on families that truly need financial protection. With a network of 651 branches across the country, the company offers a range of affordable products including term, endowment, ULIPs, and annuities—tailored for rural and urban middle-class customers. With over 14.6 lakh in-force policyholders and Rs. 14,187 crore in Assets Under Management (AUM), as of September 2025, the company continues to drive financial inclusion by addressing the needs of the most deserving households. Shriram Life Insurance provides user-friendly apps for policy purchase, premium payment, claim settlement, and customer support—making insurance simple, accessible, and convenient for every customer.

About Shriram Group

Shriram Group is one of India’s leading financial conglomerates, with a strong presence in retail financing, asset reconstruction, wealth management, life insurance, general insurance, chit funds, stock broking, financial product distribution, and asset management services. The Group’s focus is on serving underserved communities, driven by its financial inclusion agenda to bring finance to low-income families and small businesses. Shriram Group serves over 3.44 crore customers, has a marketing force of more than 1.79 lakh, employs over 1.16 lakh people, and operates through more than 4,675 branches. It manages an AUM of Rs. 3.49 lakh crore as of June 2025.

Operational Highlights for Q2 FY26

• All core categories delivered double-digit growth, supported by sustained volume growth and new product launches

• Idea First Series, a premium range introduced last quarter, gained traction across categories

• Premium offerings led to disproportionate growth in E-com, Modern Trade and Regional Chain Stores

• GST reduction coupled with festivities led to buoyancy in kitchen categories, with products such as pressure cookers benefitting the most  

Financial Highlights for Q2 FY26

• Revenue stood at Rs. 293 Cr; growth of 14% YoY led by growth in key channels

• EBITDA of Rs. 28 Cr, grew by 21% YoY driven by gross margin improvement & spend optimization; EBITDA margin expanded by 60 bps YoY to 9.5%

Commenting on the performance, Swetha Sagar, Manager & Chief Business Officer, Butterfly Gandhimathi Appliances Ltd. said, “We delivered a strong performance this quarter, recording a revenue of 14% YoY and a robust EBITDA growth of 21% YoY. This was driven by consistent momentum month-on-month, improved gross margins, and disciplined cost management. Launch of new products under the Idea First Series across channels and regions fueled the growth. The brand refresh launched in Q1 has been well-received, further strengthening our product portfolio and market presence.”

BGMAL Financials

About Butterfly Gandhimathi Appliances Ltd.

‘Butterfly’ is amongst the Top 3 Brands in India in kitchen and small domestic appliances. It is a reputed brand with high consumer recall in South, known for Aesthetics and Product Quality. It has diverse product portfolio, with variants adapted to meeting consumer needs. It has 4 core products – Mixer Grinders, Pressure Cookers, Gas Stove, Wet Grinders and backed by a full suite of small domestic appliances. It has state of art in-house manufacturing setup with strong backward integration.

Motorcycle registered a growth of 16% with sales increasing from 230,822 units in October 2024 to 266,715 units in October 2025. Scooter registered a growth of 7% with sales increasing from 193,439 units in October 2024 to 205,919 units in October 2025. 

Electric Vehicle
EV registered a growth of 11% with sales increasing from 29,308 units in October 2024 to 32,387 units in October 2025. While the retails continue to be robust, magnet availability continue to pose challenges in the short to medium term. 

International Business
The Company's sales in international business registered a growth of 21% with sales increasing from 95,708 units in October 2024 to 115,806 units in October 2025. Two-wheeler sales grew by 18% increasing from 87,670 units in October 2024 to 103,519 units in October 2025.

Three-Wheeler
Three-wheeler registered a growth of 70% with sales increasing from 10,856 units in October 2024 to 18,407 units in October 2025.
 

About TVS Motor Company
TVS Motor Company (BSE:532343 and NSE: TVSMOTOR) is a reputed two and three-wheeler manufacturer globally, championing progress through sustainable mobility with four state-of-the-art manufacturing facilities located in India and Indonesia. Rooted in our 100-year legacy of trust, value, and passion for customers, it takes pride in making internationally accepted products of the highest quality through innovative and sustainable processes. TVS Motor is the only two-wheeler company to have won the prestigious Deming Prize. Our products have led in their respective categories in the J.D.Power IQS & APEAL surveys and J.D.Power Customer Service Satisfaction Survey. Our group company Norton Motorcycles, based in the United Kingdom, is one of the most emotive motorcycle brands in the world. Our subsidiary in the personal e-mobility space, TVS Ebike Company AG, has a leading position in the e-bike market in Switzerland. TVS Motor Company endeavours to deliver the most superior customer experience across 80 countries in which we operate.

For more information, please visit www.tvsmotor.com.

Pankaj Vasani, Group CFO of Cube InvIT, stated: “We are pleased to report another strong performance in the first half of FY2026, on the back of sustained momentum across our key toll assets, full receipt of all due annuities and successful integration of recently acquired assets. Revenue from operations stood at Rs. 19,959 Mn, up 23.85% year-on-year, with total consolidated income at Rs. 20,652 Mn. Traffic trends remained stable to positive across most corridors, driving Q2 toll revenue growth of 9.8% YoY and traffic growth of 7.2% YoY.

EBITDA improved to Rs. 15,116 Mn, up 29.83% YoY, driven by continued operational optimisation, efficiency gains, and strong cost discipline. Liquidity remained robust with Net Debt at Rs. 173 Bn, maintaining a Net Debt/EV ratio of 47.37%, which further provides significant headroom to continue evaluating value-accretive opportunities as and when they arise. Total Assets Under Management (AUM) stood at Rs. 365 Bn.

As we move into the second half of FY2026, we remain confident in our ability to sustain this momentum. Our priorities are clear - executing our strategy with discipline, driving operational excellence, and delivering long-term value for our Unitholders”.

Cube InvIT continues to maintain AAA/Stable credit ratings from CRISIL, India Ratings, and ICRA.

The record date for the distribution is November 4, 2025, and the distribution payout will be made on or before November 12, 2025.

About Cube Highways Trust

Cube Highways Trust (“Cube InvIT") is an irrevocable Trust set up under the Indian Trusts Act, 1882 and registered with the Securities Exchange Board of India (SEBI) as an Infrastructure Investment Trust. It is backed by a diversified investor base, including I Squared Capital, a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), British Columbia Investment Management Corporation, and Abu Dhabi’s sovereign investor Mubadala Investment Company. 

Cube Highways Trust is engaged in implementing the public-private partnership (“PPP”) model in the country’s highways sector to operate and manage highway projects in association with the central and state governments.

Investors can view the half-year results for the period ended September 30, 2025, along with other relevant disclosures, on the websites of Cube InvIT (www.cubehighwaystrust.com), BSE Limited (www.bseindia.com), and the National Stock Exchange of India Limited (www.nseindia.com).

For more information, please visit: www.cubehighwaystrust.com.

5paisa introduces its new Scalper Terminal, now live

Unlike traditional trading systems that can be slowed down by multi-step order processes or complex navigation, the Scalper Terminal offers seamless order execution, keyboard-based trading shortcuts, and a unified interface — giving traders a clear edge in fast-moving markets.

Commenting on the launch, Gaurav Seth, MD & CEO, 5paisa Capital, said, “At 5paisa, we’re committed to empowering India’s traders with cutting-edge technology for greater speed, precision, and performance. The Scalper Terminal is built for those who trade at the market’s pace — to help them trade smarter and execute quicker.”

In the high-stakes environment of scalping and high frequency trading, every millisecond can determine profit or loss. The Scalper Terminal eliminates latency and friction by allowing traders to track charts, positions, and orders on a single screen, enabling seamless decision-making and instantaneous order execution.

Key Features

• Seamless Order Execution:

Minimal-latency architecture ensures immediate order placement and confirmation, reducing slippage and maximizing prospects on micro price movements.

• Keyboard Shortcut Trading:

Execute buy or sell orders using keyboard shortcuts — no pop-ups or order forms — ensuring maximum efficiency and control.

• All-in-One Trade Setup:

Charts, order books, and open positions are integrated into one screen, letting traders monitor and act without tab-switching.

• Scalper Mode:

Pre-configure order lots and types (Market or Limit) for one-click execution, so traders can focus entirely on market strategy and timing.

Empowering Active Traders

The Scalper Terminal helps active traders:

• Capture micro-trends and short-term opportunities in real time

• Reduce slippage through instantaneous execution

• Stay focused with a single-window, clutter-free interface

• Trade confidently on a platform built for reliability and precision

About 5paisa Capital

5paisa Capital is one of India’s digital first discount brokerages, offering cost-effective and technology-driven financial services to retail investors. With a mission to democratize investing, 5paisa continues to innovate at the intersection of finance and technology, delivering seamless trading and investing solutions to millions across the country.

Website: www.5paisa.com

Blue Dart Express Ltd. Announces Q2FY26 Financial Results

The company posted Rs. 79.50 crore profit after tax for the quarter ended September 30, 2025. Revenue from operations for the period stood at Rs.  1,549 crore. During the quarter, the company continued to strengthen its network capacity through strategic investments in ground hubs and automation, enhancing scalability, speed, and service accuracy. 

Commenting on the company’s financial result, Balfour Manuel, Managing Director, Blue Dart, said, “Our quarterly performance reflects resilience in a dynamic and evolving environment, reinforcing the strength of our business model and our agility in responding to market shifts. Looking ahead, we remain optimistic about the structural opportunities within India’s logistics landscape driven by rising consumption, increased manufacturing localisation, and the growing adoption of organised supply chain solutions. Furthermore, the rollout of GST 2.0 is expected to boost public consumption, providing a positive impetus to the logistics sector and reinforcing Blue Dart’s role as a key enabler of trade and connectivity.”

As part of its strategic growth agenda, Blue Dart recently announced two significant initiatives: the launch of a Digital Account Opening platform, enabling businesses of all sizes to onboard and start shipping in under 10 minutes; and the unveiling of a flagship Green Integrated Ground Hub at Pataudi, Haryana, designed to boost the company’s express network with sustainable, technology-enabled infrastructure. Together, these initiatives reflect Blue Dart’s ongoing investments in digitalisation, green logistics, and customer-centric solutions thus cementing its role as the preferred logistics partner for India’s growth journey.

The Company posted its highest ever Operating EBITDA of Rs. 1,509 Crores registering a growth of 40% for the quarter ended September 2025 as against EBITDA of Rs. 1,080 Crores in second quarter of 2024-25. Company’s operating EBITDA margin improved by 100bps at 12.7% as against 11.7% in the quarter ended September 2024.

The Company’s Profit Before Tax (PBT) grew by 37% at Rs. 1,226 Crores for the second quarter of 2025-26 as against PBT of Rs. 897 Crores in second quarter of 2024-25. PBT for the quarter includes fair valuation loss on investments held by the Company amounting to Rs. 31 Crores as against fair valuation gain of Rs. 23 Crores during Q2 of last year.

Sales

The overall two-wheeler and three-wheeler sales including international business grew by 23% registering highest ever quarterly sales of 15.07 Lakh units in the quarter ended September 2025 as against 12.28 Lakh units in the quarter ended September 2024. Motorcycle sales grew by 20% registering 6.73 Lakh units in the quarter ended September 2025 as against 5.61 Lakh units in the quarter ended September 2024. Scooter sales for the quarter ended September 2025 grew by 30% registering 6.39 Lakh units as against the sales of 4.90 Lakh units in the second quarter of 2024-25. The two-wheeler sales in international business grew by 31% at 3.63 Lakh units in the quarter ended September 2025 as against 2.78 Lakh units in the quarter ended September 2024. Total three-wheeler sales for the quarter under review  grew by 41% at 0.53 Lakh units as against 0.38 Lakh units during second quarter of 2024-25.

EV Sales:

During the quarter under review, the Company’s EV sales grew by 7% achieving highest ever quarterly sales of 0.80 Lakh units in the quarter ended September 2025 as against 0.75 Lakh units during quarter ended September 2024. Magnet availability continue to pose challenges in the short to medium term.

Half-year results:

The total two-wheeler sales of the Company for the half-year ended September 2025 grew by 20% registering 26.86 Lakh units as against 22.47 Lakh units recorded in the half-year ended September 2024. The total three-wheeler sales for the half-year ended September 2025 grew by 43% at 0.98 Lakh units as against 0.69 Lakh units registered in the half-year ended September 2024. The total sales in international business of two and three-wheelers for the half-year ended September 2025 grew by 34% at 7.52 Lakh units as against 5.62 Lakh units in the half-year ended September 2024.

Total revenue for the half-year ended September 2025 grew by 25% at Rs. 21,986 Crores against Rs. 17,604 Crores in the half year ended September 2024. PBT for the half year ended September 2025 grew by 36% at Rs. 2,279 Crores as against Rs. 1,680 Crores in the half-year ended September 2024. 

New Product launches:

Company launched four all new attractive products in the last three months.

EV Segment is further strengthened with the launch of TVS Orbiter, a smart, stylish EV that redefines everyday urban mobility with effortless range and connectivity.

Powering urban logistics with purpose – the all new TVS King Kargo HD EV was launched – it delivers Strength, Space & Sustainability.

The Company unleashed the most powerful TVS scooter ever, the TVS NTORQ 150, India’s Quickest and first Hyper Sport Scooter that is built to thrill every ride.

TVS Motor forayed into the adventure rally tourer segment with its new super premium offering TVS Apache RTX - engineered to unlock limitless possibilities of exploration, off-roading, and self-discovery.

All the new launches have garnered immense interest and good response from the customers.

About TVS Motor Company

TVS Motor Company (BSE:532343 and NSE: TVSMOTOR) is a reputed two and three-wheeler manufacturer globally, championing progress through sustainable mobility with four state-of-the-art manufacturing facilities located in India and Indonesia. Rooted in our 100-year legacy of trust, value, and passion for customers, it takes pride in making internationally accepted products of the highest quality through innovative and sustainable processes. TVS Motor is the only two-wheeler company to have won the prestigious Deming Prize. Our products have led in their respective categories in the J.D.Power IQS & APEAL surveys and J.D.Power Customer Service Satisfaction Survey. Our group company Norton Motorcycles, based in the United Kingdom, is one of the most emotive motorcycle brands in the world. Our subsidiary in the personal e-mobility space, TVS Ebike Company AG, has a leading position in the e-bike market in Switzerland. TVS Motor Company endeavours to deliver the most superior customer experience across 80 countries in which we operate. 

For more information, please visit www.tvsmotor.com.

The Company’s key performance metrics includes a gross written premium (GWP) of INR 7376 crore, registering a growth of 10.7% in H1 FY26 v/s the overall industry growth at 7.3%. Excluding the impact of 1/n accounting norm, the GWP of the Company grew by 13.9% for H1 FY26. The Ex-Crop business growth is 24.0% v/s Private insurance growth at 8.0%.
 

SBI General Insurance outpaces industry with 10.7% growth in H1FY26, driven by strong Health, Motor, and PA business performance
 

Additionally, the Company improved its private market share by 38 basis points from 6.45% in H1FY25 to 6.83% in H1 FY26. The growth in H1 FY26 was led by consistent performance across key business like Health business which grew by 41%, Personal Accident (PA) by 48%, and Motor business by 17%. This growth has been fuelled by SBI General Insurance’s expanding distribution footprint and strengthened digital ecosystem.
 

During this period, the Company recorded a PAT of INR 422 crore. The Loss ratio also improved significantly to 79.6% in H1FY26 from 86.1% in H1 FY25. In addition, it maintained a strong solvency ratio of 2.13 times, well above the regulatory requirement, thereby underscoring its sound financial position and prudent capital management.
 

Commenting on the performance, Mr. Naveen Chandra Jha, MD & CEO, SBI General Insurance, said, “In H1 FY26, we’ve grown by 1.4 times faster than the industry and 3 times faster than Private & SAHI Insurance companies (ex-crop), marking the Company as one of the fastest-growing general insurers in the country. Over the past few months, we have strengthened our distribution network, deepened partnerships, and enhanced digital capabilities. These initiatives have helped us scale efficiently while staying customer-focused. Leveraging the trust of our customers and the strength of the SBI ecosystem, we remain committed to making insurance simpler, more accessible, and affordable for every Indian. Our focus will continue to be on sustainable growth, operational efficiency, and creating lasting value for all stakeholders.”
 

Mr. Jitendra Attra, CFO, SBI General Insurance, added, “Our H1 FY26 performance reflects the strength of our growth strategy, with significant momentum across key business segments driving a 10.7% increase in Gross Written Premium. Growth across multiple line of business demonstrates our diverse portfolio and responsiveness to evolving market needs. Our Loss ratio has shown significant improvement in H1 FY26, standing at 79.6% from 86.1% in H1 FY25. Backed by our multi-distribution model, customer-centric approach, and investments in technology and analytics, we are well-positioned to deliver sustainable, high-quality growth and lasting value to our stakeholders.”
 

SBI General Insurance remains committed to building a future-ready organization powered by technology, innovation, and customer trust, as it continues to expand its presence and drive inclusive insurance penetration across India.
 

About SBI General Insurance

SBI General Insurance, one of the fastest-growing private general insurance firms, backed by the robust support of SBI, upholds a legacy of trust and security. We position ourselves as India's most trusted general insurer amidst a dynamic landscape. Since our establishment in 2009, our expansion has been substantial, growing from 17 branches in 2011 to a nationwide presence in 146 branches. In FY 2024-25, SBI General Insurance reported a Gross Written Premium (GWP) of INR 14,140 crores, recording a YOY growth of 11.1%.
 

The company received numerous prestigious accolades, showcasing its excellence across various domains. Key honors include being named as the Domestic General Insurer of the Year – India and Claims Initiative of the Year – India at Insurance Asia Awards 2025 Singapore, Large General Insurance category at the Mint BFSI Summit & Awards, the 3rd InsureNext Awards 2024 for Best Claims Settlement, and India’s Best General Insurer of the Year at the 7th Insurance Conclave Awards. At the India Insurance Summit & Awards 2024, the company secured titles for General Insurance Company of the Year and Leading Implementer of Analytics Technology in Insurance. Additionally, it was honored as the Best BFSI Brand at the ET NOW Best BFSI Brands Conclave 2024 and included in BW BusinessWorld’s India’s Most Respected Companies. Certified as a Great Place to Work in 2024, the company also excelled at the ETBFSI Exceller Awards 2024 with recognition for Best Claims Management in Insurance and Best CSR Campaign of the Year, further highlighting its commitment to social responsibility and innovation.
 

With a team of over 9,000+ employees and our multi-distribution model covering Bancassurance, Agency, OEM, Broking, Retail Direct Channels, and Digital collaborations, we are committed to providing both Suraksha and Bharosa to all our consumers. Leveraging a vast network that includes over 22000+ SBI branches, plus agents, financial alliances, OEMs, and digital partners, we extend our services to even the most remote areas of India. Our offerings cater to Retail, Corporate, SME and Rural segments, and our diverse product portfolio ensures accessibility through both digital and physical channels.

For more details, please visit www.sbigeneral.in.

L&T Finance Ltd. (LTF), one of the leading Non-Banking Financial Companies (NBFCs) in India has recorded the highest ever Profit After Tax (PAT) of Rs. 735 Crore, up 5% Quarter-on-Quarter (QoQ) and 6% Year-on-Year (YoY) for the second quarter ended September 30, 2025 (Q2FY26). During the quarter, the retail book size reached Rs. 1,04,607 Crore, up 18% YoY. The Company has recorded quarterly retail disbursement of Rs. 18,883 Crore for the second quarter ended September 30, 2025, up 25% YoY. Retailisation stands at 98% for the quarter ended September 30, 2025.
 

LTF's Retail Book crosses the Rs. 1 lakh Crore milestone, now at Rs. 1,04,607 Crore, reflecting a 18% growth YoY
 

The Company’s customer-facing PLANET app, which has emerged as a powerful digital channel for customers, crossed more than 2 Crore downloads as on September 30, 2025 comprising more than 17.6 Lakh downloads on the rural side. As of date, this channel has done collections of over Rs. 6,400 Crore while servicing over 934 Lakh requests and has sourced loans of over Rs. 19,300 Crore. PLANET App was also awarded the app with the ‘Best Digital Experience in Finance’ at the Global Fintech Fest, 2025.

‘Project Cyclops’ has been implemented in Two-wheeler Finance, Farm Equipment Finance, and SME Finance. It will be rolled out in Personal Loans in Q3FY26, Home Loans, and Rural Group Loans & MFI in FY27. The beta version of the AI driven real time automated portfolio monitoring engine ‘Project Nostradamus’ has been rolled out for the Two-wheeler business in August, 2025, a month ahead of the scheduled deployment date.

S&P Global Ratings has upgraded LTF’s long-term issuer credit rating to “BBB/Stable” from “BBB-/Positive” and short-term issuer credit rating to “A-2” from “A-3”. Fitch Ratings has assigned LTF long-term foreign and local currency Issuer Default Ratings of “BBB-” with a Stable outlook. These long-term ratings are investment grade and are at par with India’s Sovereign Credit Rating. This will enable the Company to tap global capital markets and further diversify its liability franchise and deepen investor base.

Commenting on the financial results, Mr. Sudipta Roy, Managing Director & CEO, LTF said, “During the quarter, our focus remained firmly on execution and growth, enabling us to deliver a strong performance in a quarter traditionally considered a weak one in the BFSI industry. The performance highlights the improved momentum in all our lines of business, across rural and urban geographies, driven by the transformation initiatives carried over the last few quarters. Our investments in technology, talent, revamp and expansion of branch infrastructure, brand building and continued focus on customer centricity as a part of our 5-pillar execution strategy have started to yield early dividends for us.

Our Gold loans segment added to the loan portfolio in the first quarter of this financial year gained significant momentum during this quarter. In line with our aspiration of becoming a leading Pan-India gold finance player in the country, we remain committed to continuously expand our geo-presence across the country through branch expansion. By the end of this financial year, we plan to add around 200 new branches taking our gold distribution strength to around 330 gold loan branches.

In addition, the Company operationalized the beta rollout of ‘Project Nostradamus’, an AI driven automated real-time portfolio management engine in the Two-wheeler business in addition to scaling up the AI driven next-gen digital credit engine ‘Project Cyclops’ in the SME business. Our digital large partnerships continued to scale in the second quarter of this financial year with Google Pay being the latest addition to our list of marquee big tech partners for origination of Personal Loans.

On the back of good monsoons and improving customer consumption sentiment, we are confident that this momentum will accelerate in the second half of this financial year on the back of festive demand fueled by GST 2.0 reforms.”

Key Highlights

Robust Retail Franchise
The Company’s granular and deep pan-India Retail franchise is led by its strong distribution capabilities namely, its geographic presence in around 2 Lakh villages from around 2,213 rural meeting centers/branches and 345 branches across urban centers. This extensive geographic presence is also supported by over 13,500 distribution points built over a decade. The Company also leverages around 2.7 Crore of its customer database to drive a credible cross-sell and up-sell franchise contributing 40% of the Company’s repeat disbursements share in value and 51% in count during Q2FY26.
 

Building a diversified retail franchise

Rural Business Finance

Q2FY26 disbursements at Rs. 6,316 Crore vs. Rs. 5,435 Crore, up 16% YoY. Book size at Rs. 27,460 Crore vs. Rs. 26,539 Crore, up 3% YoY. Growth driven by improved collection efficiency and sectoral trends.
 

Farmer Finance

Q2FY26 disbursements at Rs. 1,654 Crore vs. Rs. 1,782 Crore, down 7% YoY. Book size at Rs. 15,943 Crore vs. Rs. 14,488 Crore, up 10% YoY.
 

Two-wheeler Finance

Q2FY26 disbursements at Rs. 2,512 Crore vs. Rs. 2,393 Crore, up 5% YoY. Book size at Rs. 13,013 Crore vs. Rs. 12,669 Crore, up 3% YoY. During the quarter, LTF launched a TV commercial (TVC), ‘Just Zoom Two-wheeler Loans’, featuring its brand ambassador, Jasprit Bumrah. The TVC highlights the key features of LTF's Two-wheeler Loans - instant approval, maximum loan eligibility, and a competitive EMI. Launch of attractive Two-wheeler Finance schemes for the festive season.
 

Personal Loans

Q2FY26 disbursements at Rs. 2,918 Crore vs. Rs. 1,361 Crore, up 114% YoY. Book size at Rs. 10,878 Crore vs. Rs. 7,178 Crore, up 52% YoY. Growth in the segment aided by big tech partnerships.
 

Housing Loans and Loans Against Property

Q2FY26 disbursements at Rs. 2,713 Crore vs. Rs. 2,531 Crore, up 7% YoY. Book size at Rs. 27,407 Crore vs. Rs. 21,731 Crore, up 26% YoY.

SME Finance

Q2FY26 disbursements at Rs. 1,468 Crore vs. Rs. 1,244 Crore, up 18% YoY. Book size at Rs. 7,465 Crore vs. Rs. 5,190 Crore, up 44% YoY.
 

Gold Loan

Q2FY26 disbursements at Rs. 983 Crore. Book size at Rs. 1,475 Crore.

About L&T Finance Ltd. (LTF)

L&T Finance Ltd. (LTF) (www.LTFINANCE.com) formerly known as L&T Finance Holdings Ltd., (LTFH) is a leading Non-Banking Financial Company (NBFC), offering a range of financial products and services. Headquartered in Mumbai, the Company has been rated ‘AAA’ — the highest credit rating — by four leading domestic rating agencies. S&P Global Ratings has recently upgraded LTF long-term Issuer Credit Rating to “BBB/Stable” from “BBB-/Positive” and short-term issuer credit rating to “A-2” from “A-3”. Fitch Ratings has assigned LTF Long-Term Foreign and Local-Currency Issuer Default Ratings of “BBB-” with a Stable outlook. It has also received leadership scores and ratings by global and national Environmental, Social, and Governance (ESG) rating providers for its sustainability performance. The Company has been certified as a Great Place To Work® and has also won many prestigious awards for its flagship CSR project – “Digital Sakhi”- which focuses on women's empowerment and digital and financial inclusion. Under Right to Win, being in the ‘right businesses’ has helped the Company become one of the leading financiers in key Retail products. The Company is focused on creating a top-class, digitally enabled, Retail finance company as part of the Lakshya 2026 plan. The goal is to move the emphasis from product focus to customer focus and establish a robust Retail portfolio with quality assets, thus creating a Fintech@Scale while keeping ESG at the core. Fintech@Scale is one of the pillars of the Company’s strategic roadmap - Lakshya 2026. The Company has over 2.7 Crore customer database, which is being leveraged to cross-sell, up-sell, and identify new customers.
 

X: x.com/LnTFinance

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Linkedin: www.linkedin.com/company/lntfinance

Instagram: www.instagram.com/lntfinance

YouTube: www.youtube.com/user/ltfinance

2025 WTCA Member Forum October 27-29. Virtual Only. Theme "Empowering Emerging Voices". Focus on Private Sector’s Role in Strengthening Global Business Ties

The three-day Forum is one of the association’s flagship annual events. To be held fully virtual this year, the 2025 Member Forum will allow members worldwide to participate more easily than ever. Attended by WTCA members, the Forum will feature panels and interactive workshops designed to equip participants with tools for navigating a changing international landscape, reflecting WTCA’s commitment to promoting free and fair trade, open markets and healthy competition.

The Forum’s agenda combines interactive workshops, panels and networking opportunities to connect members across generations and regions. Key sessions include a “Mentor-Mentee Match Up,” where experienced leaders share guidance and emerging voices gain insights, as well as “The Future of Trade: Economic Trends Shaping the Next Decade,” “State of Global Trade and Investment,” “Networking with a Purpose” and “Cross-Cultural Communication in a Global Network.” To view the full event agenda, click here. 

“This year’s Member Forum comes at a crucial time as global trade conditions continue to evolve rapidly,” said John E. Drew, WTCA Chair, Board of Directors. “WTCA serves as a trusted resource for businesses navigating these challenges, with members sharing real-time updates on tariffs, restrictions and regulations to stay competitive. The Forum is a key annual touchpoint for exchanging ideas, building relationships and strengthening connections across our global network. It reflects our association’s global mission and reinforces our commitment to supporting members in an ever-evolving international landscape.”

The 2025 WTCA Member Forum will also kick off the official countdown to the highly anticipated 56th Annual WTCA Global Business Forum, which will be hosted April 19-22, 2026 in the United States by WTC Greater Philadelphia in Philadelphia, Pennsylvania.

Crystal Edn, WTCA’s Executive Director-Member Services, said, “The Member Forum brings our global network together to share ideas and take action. This year’s fully virtual format makes it easier than ever for members worldwide to participate. Through interactive workshops and cross-generational dialogue, participants will gain practical tools, build new connections, and leave energized to navigate the evolving trade landscape and pursue global opportunities.”

For more information about the 2025 WTCA Member Forum, please click here. Also, follow along on social media via #WTCAEvents.

Financial Performance - Strong Growth Momentum:

On a standalone basis, HIL delivered impressive growth across key financial metrics in Q1 FY 2025-26:

• Revenue from operations grew 38% year-on-year, supported by strong toll collections and efficiency gains.

• Net profit after tax surged 128%, highlighting the impact of higher operating leverage and effective cost management.

Operational Highlights:

• Traffic Growth & Efficiency Gains: Performance was driven by increased traffic volumes and digital tolling solutions, which enhanced revenue realization and commuter convenience.

• Expansion of Toll Operations: Operations commenced at the Kiratpur Fee Plaza, Uttar Pradesh, with a contract value of Rs. 84.78 crores.

• New Project Awarded: An additional toll operation project worth Rs. 31.07 crores was awarded during the quarter, further strengthening HIL’s national presence.

Order Book & Growth Visibility:

• With these additions, HIL’s toll order book expanded by Rs. 115.85 crores in Q1 FY 2025-26.

• The new projects underscore the Company’s vision of building a robust portfolio with long-term growth visibility.

• Continued investment in automation, RFID, and ANPR-based toll collection positions HIL as a technology-led infrastructure company with scalable operations.

“Our focus remains on enhancing operational efficiency while expanding our project portfolio. The new toll projects are in line with our vision to be a leading player in the infrastructure sector and will add long-term value for all stakeholders. With strong momentum in both financial and operational performance, HIL is well-positioned to deliver sustained growth and shareholder value in the coming quarters,” Stated Highway Infrastructure Limited in a statement.

About Highway Infrastructure Limited:

Incorporated in 2006, Highway Infrastructure Limited (HIL) is engaged in the development and construction of infrastructure projects, including roads, highways, bridges, tollways, and buildings.

• Executed projects under PMAY, residential housing, schools, IT parks, and landmark infrastructure developments.

• Among the first toll operators in India to implement ANPR-based toll collection on the Delhi–Meerut Expressway.

• Currently manages toll operations across 11 states and one Union Territory.

• With an integrated EPC business and strong engineering capabilities, HIL provides end-to-end infrastructure solutions.

Disclaimer:

This press release may contain forward-looking statements based on management’s current expectations and assumptions. These statements are subject to risks and uncertainties that could cause actual results to differ materially. The Company assumes no obligation to update forward-looking statements, except as required by applicable law.

Two-Wheeler

 Total two-wheelers registered a growth of 30% with sales increasing from 378,841 units in August 2024 to 490,788 units August 2025. Domestic two-wheeler registered growth of 28% with sales increasing from 289,073 units in August 2024 to 368,862 units in August 2025.

Motorcycle registered a growth of 30% with sales increasing from 170,486 units in August 2024 to 221,870 units in August 2025. Scooter registered a growth of 36% with sales increasing from 163,629 units in August 2024 to 222,296 units in August 2025. 

Electric Vehicle

EV registered sales of 25,138 units in August 2025 as against 24,779 units in August 2024. Magnet availability continue to pose challenges in the short to medium term. 

International Business

The Company's total exports registered a growth of 35% with sales increasing from 99,976 units in August 2024 to 135,367 units in August 2025. Two-wheeler exports grew by 36% with sales increasing from 89,768 units in August 2024 to 121,926 units in August 2025.

Three-Wheeler

Three-wheeler registered a growth of 47% with sales increasing from 12,747 units in August 2024 to 18,748 units in August 2025.

About TVS Motor Company

TVS Motor Company (BSE:532343 and NSE: TVSMOTOR) is a reputed two and three-wheeler manufacturer globally, championing progress through sustainable mobility with four state-of-the-art manufacturing facilities located in India and Indonesia. Rooted in our 100-year legacy of trust, value, and passion for customers, it takes pride in making internationally accepted products of the highest quality through innovative and sustainable processes. TVS Motor is the only two-wheeler company to have won the prestigious Deming Prize. Our products have led in their respective categories in the J.D.Power IQS & APEAL surveys and J.D.Power Customer Service Satisfaction Survey. Our group company Norton Motorcycles, based in the United Kingdom, is one of the most emotive motorcycle brands in the world. Our subsidiary in the personal e-mobility space, TVS Ebike Company AG, has a leading position in the e-bike market in Switzerland.   TVS Motor Company endeavours to deliver the most superior customer experience across 80 countries in which we operate. 

For more information, please visit www.tvsmotor.com

Convergent Finance LLP, announced a strategic investment of $18 million in Kapsons Group by funds advised by Convergent Finance. Founded in 1989, Kapsons Group has been a unique gateway for premium brands to enter and expand across tier-2 and tier-3 cities in India. Notably, the Group has been the preferred partner for international brands seeking to expand beyond metro cities into Northern India.  

With this investment, the Group aims to develop capabilities for the design and manufacture of premium garments through brand-led manufacturing partnerships, expand its footprint nationwide, while enhancing operational efficiency and strengthening corporate governance. The premium apparel segment in India is expected to grow from ~$26 bn in FY23 to ~$57 bn in FY27 at a CAGR of ~21.2% particularly in non-metro cities. The Group is well-positioned to address this demand and cater to the premium fashion markets.

Vipin Kapoor, Founder and Chairman of Kapsons Group said, "Partnering with Convergent Finance marks a significant milestone in our journey, as it validates our ambition to build a market leader in premium fashion. We believe that Convergent’s hands-on approach and long term vision align well with our values, and will be instrumental in unlocking Kapsons Group’s full potential.”

Harsha Raghavan, Managing Partner of Convergent Finance said, "We are delighted to partner with Vipin Kapoor who has done a fantastic job of building Kapsons Group into a leading fashion house in North India. We look forward to working with the team to take the company to the next level, and building a national champion in the growing premium apparel space.”

About Kapsons Group

Founded in 1989, Kapsons Group is one of India’s first organization to market international brands to customers in tier-2 and tier-3 cities in North India. The Group has built a strong portfolio of global fashion brands through partnerships with icons like Tommy Hilfiger, Hugo Boss, Calvin Klein, Gant, Forever New, G-Star, Armani Exchange, Mango, Vero Moda, Jack & Jones, Superdry, U.S. POLO and many more. With India increasingly positioned as a competitive hub for high-quality manufacturing, the Kapsons Group is seeking to leverage its understanding of the Indian consumer and her fashion preferences by extending its activities into designing and manufacturing of premium garments, making it easier to reach customers and provide them with the best brand experience. Having successfully established a strong presence across Northern India, the Group now aims to establish itself as a leading name across India.

About Convergent Finance LLP

Convergent Finance LLP is an investment management and advisory partnership at the forefront of bringing together Ideas, Capital, and passionate Entrepreneurs. The Convergent investment process involves identifying proprietary platform and bolt-on opportunities, speed of execution, and a relentless focus on performance improvement. The Convergent value investing approach believes in paying fair and reasonable valuations through bilaterally negotiated transactions.

Balu Forge Industries Ltd. (the “Company” or “BFIL”) (BSE: 531112 | NSE: BALUFORGE), a leading precision engineering and manufacturing company, has announced its unaudited consolidated financial results for the quarter ending 30^th June 2025.

Consolidated Financial Performance for Q1 FY26:

Consolidated Financial Highlights for Q1 FY26:

• Revenue from operations rose 33% YoY to Rs. 2,332 Mn, driven by a richer value-added product mix and higher operating leverage as the company scaled capacity and capability.

• Gross profit surged 50.1% YoY to Rs. 891 Mn, supported by improved product complexity and expanding precision engineering applications.

• EBITDA grew 67.3% YoY to Rs. 723 Mn, reflecting enhanced manufacturing efficiencies and the benefit of integrated high-margin machining.

• Profit after tax jumped 66.9% YoY to Rs. 570 Mn, underpinned by margin expansion, stable cost control, and continued gains in global market share despite external uncertainties.

Commenting on the performance, Mr. Jaspal Singh Chandock, Executive Director of BFIL stated:

“The global precision engineering landscape is undergoing a transformative shift, driven by increasing automation and the adoption of advanced manufacturing technologies. In India, as we are transitioning from legacy manufacturing to real time monitoring, precision engineering stands at the core of this transformation, forming the foundation for future-ready, innovation-led growth, strengthening the country’s position as a global manufacturing hub.

On that backdrop, we delivered strong financial and operational results in Q1 FY26, reinforcing our commitment to engineering excellence and future preparedness. Revenue from operations for Q1 FY26 stood at Rs. 2,332 million, marking a strong 33% year-on-year growth over Rs.1,753 million in Q1 FY25. This performance was driven by an improved value-added product mix and increased operating leverage, resulting in a notable 635 basis points expansion in operating margins. Profit after tax came in at Rs. 570 million for the quarter, reflecting a robust 67% growth over the same period last year.

On a sequential basis, the quarter saw a marginal decline, primarily due to ongoing geopolitical uncertainties, regional conflicts, and volatile tariff environments. Despite these external headwinds, profitability remained stable, and the company continued to strengthen its market position through focused execution and operational resilience.

During the quarter, we focussed on boosting our capacity. The initiatives include the addition of a new Empty Shell production line, the 25T Hydraulic Hammer forging line among the world’s largest closed die hammers and the integration of state-of-the-art 7-axis and 11-axis machining lines. Our product capabilities are evolving, with unit weights progressing beyond 1 ton and gradually advancing towards 1.5 tons in a phased manner.

Our forging capacity is on track to increase from 100,000 tons to 150,000 tons annually, while machining capacity will rise from 45,000 tons to 80,000 tons per annum. We are also progressing steadily on our greenfield facility, in line with planned timelines.

Geographically, we continue to pursue a diversified strategy to mitigate long-term risks posed by volatile tariff situations. The majority of our new capacities are expected to be operational within this financial year.

As we look ahead, apart from boosting our capacity, we are reinforcing our position as a global precision engineering powerhouse from India. With a strong foundation, advanced infrastructure, and a clear strategic vision, we are poised to capture the emerging opportunities and shape the future of precision engineering.”

About Balu Forge Industries

Balu Forge Industries Limited, founded by Mr. Prehlad Singh Chandock, is a leading Indian precision engineering company delivering forged and machined components across multiple global industries. The company offers a comprehensive product portfolio ranging from 1 kg to 1,000 kg and up to 3 meters in length, supporting diverse applications in automotive, industrial vehicles, earthmoving equipment, wind energy, aerospace, defence, oil and gas, railways, marine, and agriculture. Its operations include fully integrated forging and machining capabilities, with advanced manufacturing facilities in Belgaum, Karnataka, spread over a 46+ acre campus. Equipped with high-capacity hydraulic hammers and forging presses, and supported by a dedicated in-house tool room, metallurgical labs, and CNC machining units, Balu Forge ensures consistent precision and quality. The company’s strategy is driven by innovation, with a specialized R&D division focusing on new materials and rapid prototyping. Strategic initiatives emphasize expanding defence production, enhancing automation, and strengthening global partnerships. With a strong focus on operational scalability, customer diversification, and ESG commitments, Balu Forge continues to strengthen its global footprint and industry positioning.

For more details, please visit: www.baluindustries.com.

From left to right: Arun Jain, Riddhart Jain, Anoop Agrawal
 

Established in 1995, the company has built a strong reputation in road and bridge construction as well as toll operations. With a track record of completing projects worth over Rs. 2,000 crore approx. on time, a presence across 11 states and 1 union territory, and a diverse portfolio of EPC and toll projects, Highway Infrastructure Limited has established itself as a reliable and balanced player in the sector.
 

In the Union Budget 2024-25, the Government of India allocated Rs. 11.11 lakh crore towards capital expenditure, with Rs. 2.78 lakh crore earmarked for the road sector. Over the next five years, more than 35,000 kilometres of new national highways are planned for construction. With its strong order book and proven execution capabilities, Highway Infrastructure Limited is well-positioned to play a significant role in this national infrastructure expansion.
 

Managing Director Arun Jain said, “The record subscription is a testament to investor confidence in our track record and our vision for the future. Our aim is to expand our presence across the country and participate in larger projects to bring meaningful change to India’s infrastructure landscape.”
 

Whole Time Director Anoop Agrawal said, “With strong support and a robust order book, we are ready to set new benchmarks in technology adoption, efficiency, and quality.”
 

From the next generation, Mr. Riddharth Jain, Director, is already part of the Board, bringing fresh energy, digital thinking, and a futuristic perspective to complement the senior leadership team.
 

Subject expert CA Bhavya Mantri stated, “The company’s balanced business model, strong returns, and low debt-equity ratio make it well-prepared for sustainable growth. The enthusiastic response from investors validates this trust.”
 

From a financial standpoint, the company is in a strong position - with high returns (ROCE 16.56%, ROE 19.03%) and a low debt-equity ratio of 0.61, it is well-equipped for long-term growth. With a solid foundation, clear vision, and the trust of its investors, Highway Infrastructure Limited is ready to make a significant contribution to the nation’s infrastructure story in the years ahead.

LEAD Group closed FY’ 25 with revenue of Rs. 367 Cr. and achieved operating EBITDA breakeven. LEAD Group is the only Learning System company in India with 100% net revenue retention among its partner schools, underscoring its enduring impact and strong relationships. LEAD’s strong AY ‘25 - ‘26 performance is a result of deepening partnerships with its existing network of schools and rising adoption of its Learning System by new schools. The company was able to derive significant benefits from scale efficiencies and AI-driven productivity enhancements this year.

Sumeet Mehta, CEO and Co-founder, LEAD Group

Sumeet Mehta, CEO and Co-founder, LEAD Group, said, “This has been a defining year in our growth journey. Our results reflect both the measurable learning impact we are delivering for students, and the growth we have already achieved for the academic year ’25 - ’26. We remain committed to building India’s most trusted Learning System and making excellent education accessible to every child, in every school.”

This was also a year of deep innovation for LEAD. The company launched TECHBOOK — India’s first AI-powered, AR-integrated textbook — ushering in a new era of personalised and experiential learning in Indian schools. As NEP 2020-aligned reforms take centre stage in Indian education, LEAD Group’s Learning System—built to ensure conceptual understanding and the development of 21st century skills for every child—is today the preferred choice for schools across the country. From Coding and AI, to IIT-JEE/NEET foundation programs, LEAD Group is enabling India’s schools to deliver future-ready education at scale.

About LEAD Group

LEAD Group is India's leading Learning Systems company dedicated to transforming school education at scale. With a presence in 8,500+ schools across 400+ towns and cities, LEAD Group today reaches nearly 40 lakh students and empowers 60,000+ teachers. Since its founding in 2012, LEAD Group has been committed to delivering an international standard of education to schools across India. LEAD Group combines research-backed curriculum and pedagogy with cutting-edge technology to enhance student learning outcomes and teacher effectiveness. LEAD Learning System helps partner schools provide holistic education, equipping students with the skills and confidence to succeed in 21st century careers, and in life.

Founded by Sumeet Mehta and Smita Deorah with the mission to transform school education in India, the Group continues to set new benchmarks, inspiring the next generation of learners and educators.

The Board of Directors of the Investment Manager has approved a Distribution Per Unit (DPU) of Rs. 2.50 for the quarter. The total distribution for the quarter amounts to Rs. 336 crores. It comprises Rs. 1.33 per unit as interest and Rs. 1.17 per unit as return of capital.

Pankaj Vasani, Group CFO of Cube InvIT, stated, “We are delighted to announce a strong start to the third fiscal year (post-listing), with our Q1 financial results reflecting solid growth across key performance metrics. Revenue from operations stood at Rs. 9,443 Mn, up 19.2% YoY, with total consolidated income at Rs. 9,739 Mn. Traffic trends remained stable to positive across most corridors. While toll revenue grew 10.3% YoY, traffic growth saw an increase of 6.3% YoY. Despite portfolio expansion, total expenses were largely stable at Rs. 9,755 Mn. EBITDA rose to Rs. 7,016 Mn, an improvement of 22% YoY. Total Assets Under Management (AUM) rose to Rs. 365 Bn, up Rs. 43 Bn during the quarter.

Liquidity remained strong, with cash and cash equivalents at Rs. 11.4 Bn. Total debt stood at Rs. 192.12 Bn (49.62% of EV), well within the permissible thresholds. The Trust also issued commercial paper worth Rs. 13.3 Bn in Q1 to optimise short-term funding while taking tangible steps to reduce the overall financing cost. We continue to deepen our focus on governance, compliance, and alignment with unitholder interests. Our approach remains forward-looking, combining risk management with value creation to sustain unitholder trust."

The record date for the distribution is August 4, 2025, and the distribution payout will be made on or before August 11, 2025.

About Cube Highways Trust

Cube Highways Trust (“Cube InvIT") is an irrevocable Trust set up under the Indian Trusts Act, 1882 and registered with the Securities Exchange Board of India (SEBI) as an Infrastructure Investment Trust. It is backed by a diversified investor base, including I Squared Capital, a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA), British Columbia Investment Management Corporation, and Abu Dhabi’s sovereign investor Mubadala Investment Company.

Cube Highways Trust is engaged in implementing the public-private partnership (“PPP”) model in the country’s highways sector to operate and manage highway projects in association with the central and state governments.

Investors can view the outcome for the quarter ended June 30, 2025, along with other relevant disclosures on the websites of Cube InvIT (www.cubehighwaystrust.com), the BSE Limited (www.bseindia.com), and the National Stock Exchange of India Limited (www.nseindia.com).

For more information, please visit: www.cubehighwaystrust.com Media contact: corpcomm@cubehighways.com

The Company posted its highest Operating EBITDA of Rs. 1,263 Crores with a growth of 32% for the first quarter of 2025-26 as against EBITDA of Rs. 960 Crores in first quarter of 2024-25.  The Company’s operating EBITDA margin improved by 100bps at 12.5% during the quarter ended June 2025 as against 11.5% in the quarter ended June 2024.

The Company posted its highest Profit Before Tax (PBT) of Rs. 1,053 Crores recording a growth of 35% for the first quarter of 2025-26 as against Rs. 783 Crores in the first quarter of 2024-25. During the current quarter, the Company’s Profit After Tax (PAT) grew by 35% at Rs. 779 Crores as against Rs. 577 Crores during first quarter of 2024-25.

Sales:

During the first quarter of the financial year 2025-26, the company registered the highest ever quarterly sales. The overall two-wheeler and three-wheeler sales including exports grew by 17% registering sales of 12.77 Lakh units in the quarter ended June 2025 as against 10.87 Lakh units registered in the quarter ended June 2024. Motorcycle sales grew by 21% registering 6.21 Lakh units in the quarter ended June 2025 as against 5.14 Lakh units in quarter ended June 2024. Scooter sales for the quarter ended June 2025 grew by 19% at 4.99 Lakh units as against 4.18 Lakh units in the first quarter of 2024-25. Three-wheeler sales for the quarter under review grew by 46% at 0.45 Lakh units as against 0.31 Lakh units during first quarter of 2024-25.

Electric Scooter sales for the quarter ended June 2025 grew by 35% at 0.70 lakh units as against 0.52 lakh units in the quarter ended June 2024.

About TVS Motor Company

TVS Motor Company (BSE:532343 and NSE: TVSMOTOR) is a reputed two and three-wheeler manufacturer globally, championing progress through sustainable mobility with four state-of-the-art manufacturing facilities located in India and Indonesia. Rooted in our 100-year legacy of trust, value, and passion for customers, it takes pride in making internationally accepted products of the highest quality through innovative and sustainable processes. TVS Motor is the only two-wheeler company to have won the prestigious Deming Prize. Our products have led in their respective categories in the J.D.Power IQS & APEAL surveys and J.D.Power Customer Service Satisfaction Survey. Our group company Norton Motorcycles, based in the United Kingdom, is one of the most emotive motorcycle brands in the world. Our subsidiary in the personal e-mobility space, TVS Ebike Company AG, has a leading position in the e-bike market in Switzerland.   TVS Motor Company endeavours to deliver the most superior customer experience across 80 countries in which we operate. 

The company posted a profit after tax (PAT) of Rs. 47 crore for the quarter ended June 30, 2025, demonstrating steady performance amid a dynamic market environment. Revenue from operations stood at Rs. 1,442 crore, reflecting continued customer trust and the strength of our service offerings.
 

Commenting on the company's performance, Balfour Manuel, Managing Director, Blue Dart Express, said, "Blue Dart continues to build strong momentum, driven by substantial traction across both B2B and B2C products. Our focus on strategically identified high-growth areas is beginning to yield results, supported by timely investments in new hubs, automation, and digital capabilities. In a landscape marked by evolving trade dynamics and tariff shifts, our commitment to reliability and time-definite services remains unwavering. To sustain this growth trajectory, we are making front-loaded investments that strengthen our operational backbone. As global supply chains transform, we are focused on creating a resilient, future-ready logistics ecosystem that plays a vital role in powering India's economic advancement."
 

Blue Dart marked a major milestone with the launch of India’s largest Integrated Operating Facility at Bijwasan in New Delhi, further enhancing our operational capabilities and service efficiency. Additionally, the company recently announced the expansion of its network with the introduction of Guwahati last year as a direct flying location. This strategic move was driven by Blue Dart’s vision to empower Northeast India, a zone that plays a pivotal role in the country's economic growth.
 

Furthermore, Blue Dart was awarded as the Best Express Logistics Provider 2025 by the Institute of Supply Chain Management (ISCM). In addition to this industry recognition, Blue Dart was also certified as a Great Place to Work for the 15th consecutive year, an acknowledgment of our unwavering commitment to fostering a culture of trust, inclusivity, and excellence. By consistently investing in our infrastructure and people, Blue Dart continues to strengthen its position as both the logistics partner of choice and the employer of choice.

About Blue Dart
Blue Dart Express Ltd., South Asia's premier express air and integrated transportation & distribution company, offers secure and reliable delivery of consignments to over 56,400+ locations in India. Blue Dart is a provider of choice for its stakeholders due to its customer centric approach and aims to further strengthen this partnership. As part of DHL Group’s DHL eCommerce division, Blue Dart accesses the largest and most comprehensive express and logistics network worldwide, covering over 220 countries and territories, and offers an entire spectrum of distribution services including air express, freight forwarding, supply chain solutions, customs clearance etc.
 

The Blue Dart team drives market leadership through its motivated people, dedicated air and ground capacity, cutting-edge technology, wide range of innovative, vertical specific products and value-added services to deliver unmatched standards of service quality to its customers. Blue Dart's market leadership is further validated by its position as the nation’s most innovative and awarded express logistics company for exhibiting reliability, superior brand experience and sustainability which include recognition as one of ‘India's Best Companies to Work For’ by The Great Place to Work® Institute, India, ranked amongst ‘Best Multinational Workplaces in Asia’ by The Great Place to Work® Institute, Asia, voted a ‘Superbrand’ and ‘Reader’s Digest Most Trusted Brand’, and has achieved the ISO/IEC 27001:2022 certification. It has also been listed as one of Fortune 500’s ‘India's Largest Corporations’ and Forbes ‘India's Super 50 Companies’ to name a few. Blue Dart’s Diversity and Inclusion initiatives have also led to it being recognized as one of India’s ‘Best Workplaces for Women’ in 2021 and ‘Best Organisations for Women’ in 2025 for the 4^th time by the ET Now. Furthermore, Blue Dart was awarded the ‘Best In-House Legal Team’ award in the logistics category at The Economic Times Global Legal Awards 2024-2025.
 

Blue Dart fulfils its social responsibility through its Go Programs namely Go Green – Climate Protection, Go Help - Drinking Water, Livelihood, Health, Disaster Management and Go Teach -Education.

SBI General Insurance reports robust growth in Q1 FY26, with a Gross Written Premium (GWP) of INR 3250 crores. #SurakshaAurBharosaDono

The Company gained 78 basis points improvement in private market share, i.e. 6.19% reflecting growing customer preference and an expanding footprint across key markets. The Profit Before Tax (PBT) stood at INR 249 crores, while the loss ratio improved significantly from 86.2% to 81.7%, indicating stronger portfolio quality and disciplined underwriting. Continuing to outpace industry growth, the company reported a Profit After Tax (PAT) of INR 188 crores. The solvency ratio stood at 2.08, well above the regulatory requirement demonstrating strong financial stability.

SBI General Insurance continues to lead the Personal Accident (PA) segment, maintaining its position as the No. 1 private insurer. The company gained market share in the key categories of Health by 72 bps , Motor by 47 bps and Personal Accident by 49 bps. The Health and Motor Insurance lines of business remain key growth drivers, while other segments, such as Fire, Engineering, and Liability, have also contributed significantly to the growth. This growth has been propelled by rising awareness, increased demand for comprehensive coverage, growing digital adoption, and supportive government policies.

Commenting on the Company’s quarterly performance, Mr. Naveen Chandra Jha, MD & CEO, SBI General Insurance, said, “We have started FY26 on a strong note with sustained growth across all key parameters. Our GWP stood at INR 3250 crores, reflecting focus on balanced growth and profitability, backed by customer trust and agile execution. The insurance industry is evolving rapidly, shaped by rising awareness, regulatory momentum, and increasing adoption of digital platforms. Our performance is a reflection of our steadfast dedication to customer-focused innovation, operational excellence, and sustainable growth. We remain committed to further strengthening our capabilities and delivering on our promise of protecting what matters most to our customers.”

Mr. Jitendra Attra, CFO, SBI General Insurance, added, “Our Q1 FY26 performance reflects a strong improvement across key financial metrics. Despite growing at 3.5X compared to private industry growth, our Loss ratio has shown significant improvement demonstrating disciplined underwriting, risk management, strong business portfolio and cost efficiency. The significant increase in profitability and solvency highlights our robust business fundamentals and our ability to foresee and adapt to a dynamic market environment. We will continue to focus on delivering value to all stakeholders while sustaining our growth momentum.”

With a clear focus on customer-centricity, innovation, and operational strength, SBI General Insurance remains well-positioned to drive responsible growth and create long-term value in the evolving insurance landscape.

About SBI General Insurance
SBI General Insurance, one of the fastest-growing private general insurance firms, backed by the robust support of SBI, upholds a legacy of trust and security. We position ourselves as India's most trusted general insurer amidst a dynamic landscape. Since our establishment in 2009, our expansion has been substantial, growing from 17 branches in 2011 to a nationwide presence in 146 branches. In FY 2024-25, SBI General Insurance reported a Gross Written Premium (GWP) of INR 14,140 crores, recording a YOY growth of 11.1%.

The company received numerous prestigious accolades, showcasing its excellence across various domains. Key honors include being named as the Domestic General Insurer of the Year – India and Claims Initiative of the Year – India at Insurance Asia Awards 2025 Singapore, Large General Insurance category at the Mint BFSI Summit & Awards, the 3rd InsureNext Awards 2024 for Best Claims Settlement, and India’s Best General Insurer of the Year at the 7th Insurance Conclave Awards. At the India Insurance Summit & Awards 2024, the company secured titles for General Insurance Company of the Year and Leading Implementer of Analytics Technology in Insurance. Additionally, it was honored as the Best BFSI Brand at the ET NOW Best BFSI Brands Conclave 2024 and included in BW BusinessWorld’s India’s Most Respected Companies. Certified as a Great Place to Work in 2024, the company also excelled at the ETBFSI Exceller Awards 2024 with recognition for Best Claims Management in Insurance and Best CSR Campaign of the Year, further highlighting its commitment to social responsibility and innovation.

With a team of over 9,000+ employees and our multi-distribution model covering Bancassurance, Agency, OEM, Broking, Retail Direct Channels, and Digital collaborations, we are committed to providing both Suraksha and Bharosa to all our consumers. Leveraging a vast network that includes over 22000+ SBI branches, plus agents, financial alliances, OEMs, and digital partners, we extend our services to even the most remote areas of India. Our offerings cater to Retail, Corporate, SME and Rural segments, and our diverse product portfolio ensures accessibility through both digital and physical channels.

Highlights of L&T Finance Ltd.'s financial performance for the quarter ended June 30, 2025

Debut Investment Grade Credit Rating has been assigned to LTF by international rating agencies (S&P Global Ratings and Fitch Ratings). S&P Global Ratings has assigned LTF “BBB-” long-term and “A-3” short-term issuer credit rating. The outlook on the long-term rating is Positive. Fitch Ratings has assigned LTF long-term foreign and local currency Issuer Default Ratings (IDR) of “BBB-” with a Stable outlook. These long-term ratings are investment grade and are at par with India’s Sovereign Credit Rating. This will enable the Company to tap global capital markets, further diversify its liability franchise, and deepen investor base.

‘Project Cyclops’, in-house developed proprietary credit underwriting engine by LTF, has been rolled-out for SME Finance and its advanced version is implemented in Two-wheeler Finance.

The Company’s customer-facing PLANET app, which has emerged as a powerful digital channel for customers, crossed more than 1.86 Crore downloads as on date, comprising more than 16.7 Lakh downloads on the rural side. As of date, this channel has done collections of over Rs. 4,800 Crore while servicing around 7.85 Crore requests and has sourced loans of over Rs. 15,500 Crore. The Company has launched a revamped customer-centric website and the next-generation PLANET 3.0.

Commenting on the financial results, Mr. Sudipta Roy, Managing Director & CEO, LTF said, “In a challenging quarter, our Company remained focused on outcomes and achieved a resilient performance while showcasing our ability to manage market headwinds. This performance is on the back of our commitment to sourcing creditworthy customers backed by technology and robust credit guardrails, while keeping a strong focus on collection efficiency across businesses. Our impetus remains on risk calibrated business growth with a sharp focus on a strong asset quality, laying the foundation for a sustainable and predictable growth going forward.

In the quarter, we achieved the highest-ever consolidated book of over Rs. 1 Lakh Crore milestone and added a secured high yield product to our loan portfolio i.e., Gold Loan. Our company has been assigned a debut investment grade credit rating of “BBB-/Positive” by S&P Global Ratings and “BBB-/Stable” by Fitch Ratings. This rating will serve as a foundation for further diversifying our liability franchise by accessing financing opportunities across the global capital markets. Our AI-driven next-gen digital credit engine, ‘Project Cyclops’ is starting to yield early dividends in our Two-wheeler finance business, and during the quarter, ‘Project Cyclops’ was scaled up in Farm business and launched in the SME finance business. We remain focused on continuously strengthening our risk and credit frameworks, which will serve us well in times to come.”

Key Highlights:

Robust Retail Franchise:

The Company’s granular and deep pan-India Retail franchise is led by its strong distribution capabilities namely, its geographic presence in around 2 Lakh villages from around 2,089 rural meeting centers/branches and 407 branches across urban centers. This extensive geographic presence is also supported by over 13,000 distribution points built over a decade. The Company also leverages over 2.6 Crore of its customer database to drive a credible cross-sell and up-sell franchise contributing 35% of the Company’s repeat disbursements share in value and 49% in count during Q1FY26.

Building a diversified retail franchise:

Rural Business Finance

Q1FY26 disbursements at Rs. 5,618 Crore vs. Rs. 5,773 Crore, down 3% YoY. Book size at Rs. 26,616 Crore vs. Rs. 25,887 Crore, up 3% YoY. 

Farmer Finance

Q1FY26 disbursements at Rs. 2,200 Crore vs. Rs. 1,903 Crore, up 16% YoY. Book size at Rs. 15,756 Crore vs. Rs. 14,204 Crore, up 11% YoY

Two-wheeler Finance

Q1FY26 disbursements at Rs. 2,128 Crore vs. Rs. 2,621 Crore, down 19% YoY. Book size at Rs. 12,331 Crore vs. Rs. 12,025 Crore, up 3% YoY

Personal Loans

Q1FY26 disbursements at Rs. 1,942 Crore vs. Rs. 1,178 Crore, up 65% YoY. Book size at Rs. 9,383 Crore vs. Rs. 6,667 Crore, up 41% YoY

Housing Loans and Loans Against Property

Q1FY26 disbursements at Rs. 2,780 Crore vs. Rs. 2,245 Crore, up 24% YoY. Book size at Rs. 26,464 Crore vs. Rs. 19,961 Crore, up 33% YoY

SME Finance

Q1FY26 disbursements at Rs. 1,273 Crore vs. Rs. 978 Crore, up 30% YoY. Book size at Rs. 6,964 Crore vs. Rs. 4,471 Crore, up 56% YoY

During the quarter, LTF launched a Business Loan campaign with the tagline, ‘Aapke Business Ka Game Changer’ featuring Indian cricketer Jasprit Bumrah. The campaign highlighted how the Business Loan is offered through a digital application process for quick and efficient funding, it has a rapid disbursal providing timely capital, and an app-based withdrawal facility offering flexible cash flow management.

About L&T Finance Ltd. (LTF)

L&T Finance Ltd. (LTF) (www.LTFINANCE.com)), formerly known as L&T Finance Holdings Ltd., (LTFH) is a leading Non-Banking Financial Company (NBFC), offering a range of financial products and services. Headquartered in Mumbai, the Company has been rated ‘AAA’ — the highest credit rating for NBFCs — by four leading rating agencies. It has also received leadership scores and ratings by global and national Environmental, Social, and Governance (ESG) rating providers for its sustainability performance. The Company has been certified as a Great Place To Work® and has also won many prestigious awards for its flagship CSR project – “Digital Sakhi”- which focuses on women's empowerment and digital and financial inclusion. Under Right to Win, being in the ‘right businesses’ has helped the Company become one of the leading financiers in key Retail products. The Company is focused on creating a top-class, digitally enabled, Retail finance company as part of the Lakshya 2026 plan. The goal is to move the emphasis from product focus to customer focus and establish a robust Retail portfolio with quality assets, thus creating a Fintech@Scale while keeping ESG at the core. Fintech@Scale is one of the pillars of the Company’s strategic roadmap - Lakshya 2026. The Company has over 2.6 Crore customer database, which is being leveraged to cross-sell, up-sell, and identify new customers.

Facebook: https://www.facebook.com/LnTFS

LinkedIn: https://www.linkedin.com/company/lntfinance/
Instagram: https://www.instagram.com/lntfinance/
YouTube: https://www.youtube.com/user/ltfinance
X: https://x.com/LnTFinance

This alliance marks a significant step in SLIC’s mission to broaden insurance outreach, leveraging MML’s strong presence and customer base. Established in Kozhencherry, Kerala in 1949, MML became an RBI-registered NBFC in 2002. Today, it operates 307 branches across India, with 85 branches concentrated in Kerala and others located in Odisha, Maharashtra, Delhi, and Tamil Nadu.

Serving over 1.3 million customers and acquiring an average of 5,764 new clients monthly, MML primarily caters to the middle and upper-middle class segments.

“We are thrilled to partner with Muthoot Mercantile,” said R. Radhakrishnan, President of Shriram Life. “This collaboration allows us to deliver reliable insurance solutions to a wider audience. In Kerala, we aim to support the growing focus on financial well-being while expanding our footprint in regions where insurance awareness is gaining momentum.”

He added, “MML’s deep-rooted presence and loyal customer base make it an ideal partner. Together, we can strengthen our distribution network and make meaningful strides in bridging the protection gap.”

The partnership is designed to bring personal protection solutions to Kerala and other regions where MML maintains a strong customer connection.

“This initiative is designed to extend insurance solutions to a wide segment of the Muthoot Mercantile customer base. It also empowers us to deliver a diverse portfolio of high-quality life insurance products to our valued clients,” said Richi Mathew, Managing Director of Muthoot Mercantile. “With Shriram Life’s trusted legacy and proven expertise in serving diverse customer segments, this partnership brings meaningful protection to more families across India.”

About Shriram Life Insurance Company

Shriram Life Insurance is committed to serving India’s underserved families needing financial protection. With a network of 478 branches across the country, the company offers a range of affordable products including term, endowment, ULIPs, and annuities—tailored for rural and urban middle-class customers. SLIC maintains an average individual policy size of Rs. 25,346 and a non-single premium ticket size of Rs. 24,112, significantly below the industry average. With 14.4 lakh in-force policyholders and Rs. 13,207 crore in Assets Under Management (AUM), the company drives financial inclusion by serving households earning Rs. 4–15 lakh annually, despite challenges in this segment.

The acquired facility, located in the Special Economic Zone at Pithampur, Madhya Pradesh, is equipped to manufacture steroids, hormones, and high-potency products, including immunosuppressants and oncology medications. The facility was inspected by the U.S. Food and Drug Administration (US FDA) in 2022. With a built-up area of more than 16,000 sq. m. and total plot area of more than 1,25,000 sq. m., the site has potential for future expansion.

Besides capacity expansion, the addition of a third formulations manufacturing location strengthens Rubicon’s supply chain and adds new manufacturing capabilities for Rubicon in segments like steroids, hormones, and high-potency products.

Mr. Parag Sancheti, Chief Executive Officer of Rubicon Research Limited highlighted the importance of this acquisition saying, “This acquisition supports our strategy of expanding our US market presence and complements our development efforts to grow our portfolio of specialty products and drug device combination products. The Pithampur facility increases our ability to manufacture products for regulated markets at scale through a resilient supply chain.” 

Additionally states “As mentioned in our DRHP, our two existing manufacturing facilities in Maharashtra as well as our R&D facilities in India and Canada are also USFDA inspected.”

About Rubicon Research
Rubicon Research Limited is a pharmaceutical formulations company with an expanding portfolio of specialty and drug-device combination products, exclusively focused on regulated markets, particularly the United States. 

Rubicon’s total revenue from operations more than doubled from Rs. 3,135.67 million in Fiscal 2022 to Rs. 8,538.89 million in Fiscal 2024, growing at a CAGR of 62.5%, which, according to Frost & Sullivan, was five times higher than the average of 11 assessed peers, making Rubicon the fastest-growing Indian pharmaceuticals formulations company, among the assessed peers. 

According to Frost & Sullivan, Rubicon is the only Indian pharmaceutical player among six listed Indian peers assessed that is entirely focused on regulated markets. 

As of March 31, 2024, Rubicon had 69 active US FDA-approved ANDA and NDA products and, according to Frost & Sullivan, ranked among the top 10 Indian companies by total ANDA approvals from the US FDA in Fiscal 2024, securing 14 approvals that year. Between 2018 and 2023, according to Frost & Sullivan, it also ranked 9th among companies. receiving specialty product approvals in the US, with 8 approvals in that period. Rubicon maintains a strong innovation focus, with revenue expenditure on R&D in Fiscals 2024, 2023, and 2022 representing 13.00%, 18.52%, and 40.15% of revenue from operations, respectively. Frost & Sullivan noted Rubicon’s R&D expenses as a percentage of revenue from operations in Fiscal 2024 was 2.5 times higher than the average of Indian peers assessed. 

Disclaimer
Rubicon is proposing, subject to receipt of requisite approvals, market conditions and other considerations, an initial public offering of its equity shares and has filed a Draft Red Herring Prospectus (DRHP) dated 31 July 2024 with SEBI. The DRHP is available on the website of SEBI at www.sebi.gov.in, the Company at www.rubicon.co.in and the websites of the Book Running Lead Managers - Axis Capital Limited, JM Financial Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited), and SBI Capital Markets Limited at www.axiscapital.co.in, www.jmfl.com, www.iiflcap.com, and www.sbicaps.com, respectively and the websites of BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com, respectively.

Investors should note that investment in equity shares involves a high degree of risk and for details refer to the Red Herring Prospectus, including the section titled “Risk Factors” of the Red Herring Prospectus when available. Potential investors should not rely on the DRHP for any investment decision.

This press release is for information only and does not constitute an offer to sell or solicitation to buy securities. 

This announcement is not being made in and copies of it may not be distributed or sent into the United States, the United Kingdom, Canada, Australia or Japan.

The securities of Rubicon Research Limited may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Rubicon Research Limited does not intend to register any of the securities in the United States or to conduct a public offering of the securities in the United States.

Mr. Sanjay Kumar, CEO & MD, Rassense Pvt Ltd.

Founded through a leveraged buyout and the reconstitution of the erstwhile CRCL—backed by Spark Capital AIF—Rassense today delivers over 325,000 meals daily across industrial campuses, educational institutions, and corporate parks. The scale reflects the strength of its integrated, technology-led, and operations-driven model.

During FY25, the company expanded its footprint across northern and western India, reinforcing its pan-India presence. EBITDA margins stood at 3.6%, even as Rassense invested nearly 2% of its revenue into technology solutions, robotics-led process automation, ERP governance systems, and employee welfare. These investments demonstrate a clear commitment to institutional readiness and long-term sustainability, rather than short-term margin optimization.

“Our growth strategy is centered on operational excellence through technology that enhances efficiency across the value chain—from procurement to consumption—while maintaining long-term alignment with our clients,” said Sanjay Kumar, MD & CEO of Rassense.

Kumar further emphasized that Rassense remains committed to being professionally governed, technologically driven, and deeply invested in best-in-class employee welfare practices.
Notably, Rassense is the only Indian food services company to be audited by a global Big Five audit firm. Its continued association with BDO as statutory auditors signals the company's confidence in the robustness of its governance and financial reporting frameworks—especially significant in a sector often marked by fragmentation and poor transparency due to the absence of Input Tax Credit on GST.

“Our ‘governance-first’ philosophy is at the heart of our ambition to build a nationally scalable enterprise—anchored in compliance, data integrity, and operational excellence,” Kumar added.

The company’s leadership model is equally progressive. Rassense is led by a diverse executive team, many with formal training in emerging technologies like AI, which directly informs its data-driven operations and decision-making processes.

In contrast to industry norms where ownership is concentrated among promoters, Rassense has implemented a share dilution program that extends equity to site-level managers and operational leaders—a model distinct from traditional ESOPs. This inclusive equity approach has fostered a deep culture of ownership among its 4,000+ employees, all of whom are on payroll and receive full statutory benefits.

Beyond operations and governance, Rassense is advancing environmental responsibility. Its composting and urban farming programs, built around the reuse of kitchen waste, mark a deliberate shift towards circular food systems. These initiatives reflect Rassense’s belief that scalable food services must also be sustainable.

Looking ahead to FY26, the company is targeting revenues in excess of INR 564 crore, with growth expected from both existing clients and new verticals. Rassense remains focused on organic growth, with no immediate plans for external fundraising or acquisitions.

With its integrated model—rooted in technology, governance, and sustainability—Rassense is setting new benchmarks in India's evolving food services sector. The company is now well-positioned for its next phase of growth.

About Rassense
Rassense Private Limited is India’s largest Indian-owned contract food services provider, delivering more than 325,000 meals daily across the country. The company employs over 4,000 people, all on payroll, with full statutory entitlements and health coverage. With a focus on technology-enabled scale, professional governance, inclusive leadership, and environmental stewardship, Rassense serves leading industrial hubs, educational campuses, and hospitals across India.

For more informations, please visit rassense.com.

Two-Wheeler

Total two-wheelers registered a growth of 16% with sales increasing from 359,590 units in May 2024 to 416,166 units in May 2025. Domestic two-wheeler registered growth of 14% with sales increasing from 271,140 units in May 2024 to 309,287 units in May 2025.

Motorcycle registered sales growth of 22% with sales increasing from 173,627 units in May 2024 to 211,505 units in May 2025. Scooter sales registered a growth of 15% with sales increasing from 145,305 units in May 2024 to 166,749 units in May 2025. 

Electric Vehicle

Electric vehicles grew by 50% with sales increasing from 18,674 units in May 2024 to 27,976 units in May 2025. While EV sales continue to grow steadily, disruptions in the EV supply chain, particularly concerning magnet availability is expected to pose challenges in the short to medium term.

International Business

The Company's total exports grew by 22% with sales increasing from 96,966 units in May 2024 to 118,437 units in May 2025. Two-wheeler exports grew by 21% with sales increasing from 88,450 units in May 2024 to 106,879 units in May 2025.

Three-Wheeler

Three-wheeler of the Company registered a growth of 46% with sales increasing from 10,324 units in May 2024 to 15,109 units in May 2025. Three-wheeler EV registered sales of 1,829 units in May 2025.

About TVS Motor Company

TVS Motor Company (BSE:532343 and NSE: TVSMOTOR) is a reputed two and three-wheeler manufacturer globally, championing progress through sustainable mobility with four state-of-the-art manufacturing facilities located in India and Indonesia. Rooted in our 100-year legacy of trust, value, and passion for customers, it takes pride in making internationally accepted products of the highest quality through innovative and sustainable processes. TVS Motor is the only two-wheeler company to have won the prestigious Deming Prize. Our products have led in their respective categories in the J.D.Power IQS & APEAL surveys and J.D.Power Customer Service Satisfaction Survey. Our group company Norton Motorcycles, based in the United Kingdom, is one of the most emotive motorcycle brands in the world. Our subsidiaries in the personal e-mobility space, Swiss E-Mobility Group (SEMG) and EGO Movement have a leading position in the e-bike market in Switzerland. TVS Motor Company endeavours to deliver the most superior customer experience across 80 countries in which we operate. 

For more information, please visit www.tvsmotor.com.

Annual performance snapshot of DhanSafal Finserve Limited - driven by growth, backed by trust

The company reported a remarkable 339% year-on-year growth in Assets Under Management (AUM), reaching Rs. 43.43 crore (as on 31.03.2025) from Rs. 9.9 crore (as on 31.03.2024), fueled primarily by robust demand for secured MSME loans. Fresh Loan disbursements totalled Rs. 38.07crore during the year, reinforcing DhanSafal’s position as a reliable credit partner for small businesses and emerging entrepreneurs.

Retail operations have gained significant traction, leading to the opening of new locations. DhanSafal currently operates from 5 locations across Maharashtra, Madhya Pradesh, and Rajasthan. Strategic investments in infrastructure, digital systems, and skilled personnel have enhanced operational efficiency and customer experience, enabling the company to effectively meet the rising demand for retail and MSME lending.

Serving over 300 customers predominantly from the retail MSME segment including small traders, micro-industrialists, service providers, and rural entrepreneurs - DhanSafal is expanding financial inclusion by providing formal credit access to many borrowers.

Interest income has more than doubled, supported by a strengthened net worth through capital infusion and retained earnings. The company remains committed to deepening its footprint in semi-urban and rural markets by offering practical loan structures that promote grassroots economic activity and support livelihoods.

Looking ahead, DhanSafal aims to disburse Rs. 200 crore in loans and target an AUM exceeding Rs. 250 crore by the end of FY 25-26.

"FY2024–25 marked significant progress for DhanSafal, reinforcing our role as a trusted credit partner. We are committed to scaling our impact through disciplined growth, innovation, and unwavering customer focus," said Bobby Singh Chandel, CEO, DhanSafal Finserve Limited.

About DhanSafal Finserve Limited
DhanSafal Finserve Limited is a digitally driven, well-diversified financial services company focused on simplifying credit access across India. With a strong presence in the retail loan sector, we offer flexible and competitive lending solutions stailored to individual needs from personal and business loans to income-generating credit. Our mission is to bridge the gap between traditional banking and underserved communities through ethical practices, innovative digital platforms, and a relentless customer-first approach. At DhanSafal, we believe that financial empowerment should be accessible to all because with the right support, success is possible for everyone.

Website: www.DhanSafal.com

DhanSafal Finserve Limited

Forward Looking Statement 
Some statements in this report related to the future growth of DhanSafal Finserve Limited are forward-looking in nature. These statements are subject to risks and uncertainties that could lead to actual results differing significantly from those anticipated. Any statements that may look like forward looking statements are just estimates and do not constitute an assurance or indication of any future performance result.

This is also indicative of stronger-than-anticipated investor interest, and reaffirms market confidence in Max India Limited’s expanding portfolio through its subsidiaries across senior residences, assisted living, and technology-led platform for managing chronic conditions.

Speaking about the Rights Issue, Tara Singh Vachani, Vice-Chairperson, Max India Limited, and Executive Chairperson, Antara Senior Living, said, “This oversubscription reflects strong validation of our long-term vision and the value we’re creating in the senior care space. We remain focused on delivering long-term value to all stakeholders.”

Rajit Mehta, Managing Director, Max India Limited, said, “We’re grateful to our shareholders and investors for their continued trust and confidence. This capital will help us accelerate our next phase of growth and strengthen our market position.”

The announcement of the Rights Issue was met with positive market sentiment, with Max India Limited’s stock seeing a 3% uptick on the day of board approval.

Capital Allocation and Strategic Priorities

The funds raised through the Rights Issue will be deployed towards growth of its wholly owned subsidiary Antara Assisted Care Services Limited (AACSL) and will be utilised for sales, marketing and to meet working capital requirement. The balance will be utilised for general corporate purposes.

This capital infusion supports Max India’s broader strategy to build and scale a senior-centric health and wellness platform. The company remains focused on delivering top-line growth, margin improvement, and sustainable value creation.

With the successful closure of the Rights Issue, Max India Limited has strengthened its balance sheet and is better positioned to capitalize the emerging opportunities in the senior care ecosystem. The company remains committed to delivering high-quality, people-centric care while building long-term value for its stakeholders.

About Max India

MIL is the holding company of Max Group’s Senior Care business i.e. Antara Senior Living Limited (Residences for Seniors) and Antara Assisted Care Services Limited (Care Homes, Care at Home, and AGEasy).
 

Max India investor list includes: Habrok Capital, Aionios Alpha, Avener Capital, Value Prolific, Rohit Lala, Ullhas Paymaster, Murugu Selvan K, Porinju Veliyath, Ritesh Oswal and Chetan Jayantilal Shah.
 

For more information about Max India, please visit www.maxindia.com.

About Antara Senior Care

Launched in 2013, Antara is the senior-care business of Max India Limited, part of the $5 billion Max Group. It is an integrated ecosystem for senior care, operating in two main lines of businesses – Residences for Seniors and Assisted Care Services. Antara’s first senior residential community in Dehradun comprising nearly 200 families, caters to their social, recreational, educational, wellness, and health-related needs. It will open its second senior living community in Noida’s Sector-150 with families moving into the 340 apartments built in the first phase as and when statutory approvals will be in place. Expanding its footprint in Gurugram, Antara will manage senior living residences, dedicated spaces for senior living, and primary healthcare services at Estate 360 – Delhi-NCR's first intergenerational community developed by Max Estates.

Antara’s Assisted Care Services include ‘Care Homes’, ‘Care at Home’ and ‘AGEasy’. This line of business caters to seniors, who need more immersive interventions in their daily lives due to medical or age-related issues. With facilities across Gurgaon, Noida and Bengaluru, the Care Homes provide long-term care to seniors who require constant medical and nursing supervision, and short-term care services for the recuperation of seniors. Its Care at Home services, offered in Delhi-NCR, Bengaluru and Chennai, provides well-equipped, trained professionals offering care to seniors inside their home’s comfort. AGEasy – an online and offline store – focuses on senior specific products and solutions to manage chronic health conditions.

For more information about Antara Senior Care, please visit www.antaraseniorcare.com.

Key Highlights:

• Flagship development entity for the Embassy Group (Promoter with ~43% stake)

• Combined Company total GDV of Rs. 48k Cr from projects, besides future fully paid developable land banks

• Targets 10 project launches in FY2026 with GDV in excess of ~Rs. 22k Cr

• Pre-sales target of ~Rs. 5k Cr, a 150% jump over FY2025; estimated collections of ~Rs. 2.2k Cr

• FY2025 PAT of ~Rs. 203 Cr; Revenue, Pre-sales, Collections more than ~Rs. 2k Cr each

• Proposed an acquisition opportunity to Embassy REIT for ~3.3 msf commercial development in Whitefield, Bengaluru; expected GDV of Rs. 3,200 Cr – 3,700 Cr on completion 

• Rs. 1,125 Cr transaction with a leading global semiconductor equipment manufacturer to sub-lease & subsequently divest ~25 acres in Whitefield, Bengaluru

• Mr. Jitendra Virwani, a visionary promoter with excellent execution capability, aims to replicate his success in Embassy REIT with EDL

• New Board and leadership team with Jitendra Virwani as Chairman and Aditya Virwani as MD

• Strategically focused on high-growth markets of Bengaluru, MMR, NCR, and Chennai

Aditya Virwani, Managing Director, Embassy Developments Ltd., said, “As we close out our first ever quarter as a newly merged entity, we are excited to demonstrate how the same strategies that have powered our commercial success are now propelling us to replicate and amplify that impact within the residential sector. Our GDV for FY26, including Rs. 18.6k Cr for residential and Rs. 3.5k Cr for commercial, underscores our blueprint to build a truly pan-India real estate powerhouse and capitalise on the sustained upcycle in India’s housing market. Backed by our extensive land bank, deep understanding of key markets, and a best-in-class leadership team dedicated to scaling operations and unlocking excellence, we look forward to creating exceptional value for our stakeholders. Beyond our existing pipeline, we are looking for and exploring new opportunities to carry forward the momentum."

Operational Updates:

• Pre-sales: Rs. 2.0k Cr in FY2025 vs. Rs. 1.8k Cr a year ago, up 11% y-o-y

• New bookings: 2.2 msf in FY2025 vs. 2.0 msf in FY2024, up 14% y-o-y

• Collections: Rs. 1.9k Cr in FY2025

• New Launches: Launched 3 new residential projects in FY2025 with a topline of ~Rs. 1.7k Cr & ~1.6 msf of saleable area, 71% sold

• Business Development: Acquired 6 new projects during FY2025 with an estimated GDV of ~Rs. 9.2k Cr & ~5.0 msf of saleable area

• Land monetization: ~19 acres in MMR valued at ~Rs. 18 Cr during FY2025

Financial Updates:

Revenue

• Rs. 1,183 Cr in Q4FY25 vs. Rs. 329 Cr in Q3FY25 & Rs. 402 Cr in Q4FY24, up 100%++ both q-o-q & y-o-y

• Rs. 2,547 Cr vs. Rs. 1,218 Cr a year ago, up 100%++ y-o-y

EBITDA

• Rs. 301 Cr in Q4FY25 vs. Rs. 98 Cr in Q3FY25 & Rs. 30 Cr in Q4FY24, up +100%++ both q-o-q & y-o-y

• Rs. 531 Cr vs. Rs. 36 Cr a year ago, up +100%++ y-o-y

PAT

• Rs. 123 Cr in Q4FY25 vs. loss of Rs. 26 Cr in Q3FY25 & loss of Rs. 90 Cr in Q4FY24, up +100%++ both q-o-q & y-o-y

• Rs. 203 Cr vs. loss of Rs. 485 Cr a year ago, up +100%++ y-o-y

• Gross Debt stood at Rs.  2,756 Cr, with 0.3x debt to equity; Total Equity at Rs. 9,327 Cr

• Cash & Cash Equivalents at Rs. 483 Cr, Net debt Rs. 2,273 Cr

Other Updates:

EDL is in the process of considering a divestment of one of its projects located in Whitefield, Bengaluru, and is pleased to announce that it has proposed an acquisition opportunity to Embassy Office Parks REIT for a premium commercial real estate development on a completion basis. The proposed development, on completion, is expected to comprise a potential leasable area of ~3.3 msf, with an estimated GDV of Rs. 3200 Cr – Rs. 3700 Cr. The opportunity is preliminary and is subject to, among other things, entry into definitive agreements and obtaining approvals, including from third parties, shareholders and unitholders. There can be no assurance that the Embassy Office Parks REIT will enter any definitive arrangements in relation to the proposed opportunity.

Notes:

Following recent approval on the scheme of merger between Nam Estates Private Limited and the Company, by the Hon’ble National Company Law Appellate Tribunal (NCLAT) on January 7, 2025, Embassy Group (Mr Jitendra Virwani, Mr Aditya Virwani with certain group entities) has become the new promoter with a 42.96% controlling stake. The merger was successfully implemented with effect from January 24, 2025, and the Company has been renamed as Embassy Developments Limited effective February 13, 2025.

Due to the reverse merger accounting treatment, financial results of the year ended March 31, 2025 have the results of two months operation of Embassy Developments Limited and its 174 subsidiaries and twelve months operation of NAM Estates Private Limited and its subsidiaries/joint venture.  The previous year result (FY 23-24) presented above are, thus that of NAM Estates Private Limited and its subsidiaries/JV, are not comparable with the current period to that extent. 

Modi Naturals Ltd. (BSE:ModiNaturals) India's largest “Olive oil goodness” company, announced its financial results for the quarter and financial year ending March, 31, 2025 (Q4FY25). The company reported robust performance and significant growth across key financial metrics. During the year, the company's consolidated Net Revenue increased by approximately 66% year-over-year to reach Rs. 663 Cr.

EBITDA margin was 8.6%, and Profit After Tax (PAT) was Rs. 5.79 Cr, a growth of 120% over the same period last year.

Consolidated Financial Highlights – Q2FY24

Commenting on the Company’s stellar performance, Akshay Modi, Joint-Managing Director, Modi Naturals Ltd said, “We are delighted to share that FY25 has been a landmark year for us, marking the strongest performance in our company's history. This year has been about setting new benchmarks and achieving operational excellence across all divisions. At the beginning of FY25, we set ambitious targets for Revenue, EBITDA, and PAT. Our consolidated revenue for the year was Rs 662.9 crore, representing a strong 65.8% YoY growth. EBITDA reached Rs. 56.0 crore, marking a 6.2 times increase, while PAT turned positive to Rs 31.0 crore, representing a significant recovery from a loss of Rs 1.4 crore in the previous year. A key highlight of the year was the significant improvement in our working capital position, which has now turned positive. This was driven by disciplined working capital practices and enhanced management of inventory and receivables. Additionally, our ROCE for FY25 improved substantially to 18.3%, indicating stronger capital efficiency. Our Consumer Division remains a strong pillar of growth. Our flagship brand, Oleev, delivered exceptional performance. Additionally, our other offerings, such as popcorn and pasta, have gained remarkable traction and are steadily expanding their market share in their respective categories. There has been a significant turnaround in our Bulk Division, which had previously faced prolonged headwinds due to subdued demand and government restrictions on oil prices, resulting in inventory losses in FY24. Despite a 16% decline in revenue to Rs 158 crore in FY25, the division posted a positive EBITDA of Rs 1.7 crore, a notable improvement from the loss of Rs 9.2 crore in the previous year. As part of our long-term growth strategy, we continue to make strong progress in expanding our Ethanol Division. The second phase of our ethanol capacity expansion is on track and expected to commence operations by Q3 FY26, with an estimated capex of Rs 100 crore and an addition of 180 KLPD. This will increase our total ethanol production capacity to 310 KLPD. With this scale-up, we are well-positioned to capitalise on the growing demand in the biofuel sector and drive long-term value creation. During the year, we intensified our focus on brand building through targeted marketing campaigns and impactful celebrity endorsements. The response to these initiatives has been highly encouraging, leading to increased brand visibility, higher consumer engagement, and measurable improvements in sales performance. Additionally, our longstanding relationships with distributors and channel partners remain the foundation of our business. Also, strategic collaborations with e-commerce and quick commerce platforms have further strengthened our go-to-market capabilities. Looking ahead, we are confident that our expanded capacity and the continued strong performance of all our business segments will act as catalysts for the next phase of growth in FY26. We remain committed to executing our growth roadmap with discipline and agility.”

About Modi Naturals Ltd.

Modi Naturals Ltd is one of India’s leading consumer goods companies operating in the wellness and foods category. MNL has created niche, premium and differentiated brands in highly competitive categories of edible oils and healthy foods. During FY 2024-26, MNL is on track to record a consolidated annual turnover of INR 850+ crores, a growth of ~40% YoY, through its products sold in India with its portfolio of brands such as Oleev, Oleev Kitchen and PIPO foods and other business divisions. Our strong focus on quality, innovation, product differentiation and brand building has helped us stand out in a cluttered retail market, with Oleev becoming the No.1 “Goodness of Olive Oil” brand in India, with a fully backward-integrated portfolio of products. Over the last decade, MNL has developed a pan-India distribution network across all channels of FMCG, including the fast-growing Q-Commerce, serving our consumers through all modes of online and offline retail across the country. We are a very proud Indian company, manufacturing and marketing world-class food products in India. The company is poised to grow exponentially in the next few years with its three divisions namely a) consumer goods, b) Ethanol and c) bulk edible oil and feeds. In line with the Ethanol Blended Petrol (EBP) program, Modi Naturals Limited diversified into ethanol manufacturing, with a state-of-the art greenfield Ethanol Plant, commissioned in 2023, in the state of Chhattisgarh under its wholly owned subsidiary Modi Biotech Pvt. Ltd, which is being expanded from 130KLD to 310KLD.

Established in 1974 and headquartered in New Delhi, MNL is listed on the BSE. We operate 4 factories in India located at Pilibhit, Raipur, Sonipat and Hyderabad.