Pramerica Life delivers third straight year of double-digit growth; Expands insurance reach across India

Last financial year, the company reported 19% year-on-year growth in New Business Premium (NBP), while Annualised Premium Equivalent (APE) grew 29% year-on-year, driven by healthy momentum across distribution channels. A Claims Paid Ratio of 99.29%, rising for three successive years, indicates towards the sound quality of the business.

The company also delivered strong growth in Retail New Business Premium, reflecting the continued expansion of its retail network into customer segments where the need for financial protection is high but availability has not always kept pace with that need. Notably, this growth was achieved with an average ticket size approximately 42% lower than the industry median - a measure of how deliberately the company has built its distribution to serve customers at varied income levels, not just at the higher end of the market.

Performance Snapshot for FY26:

• Total New Business Premium of Rs 1,471 crore, registering a 19% Y-o-Y growth

• Individual New Business Premium grew 30% year-on-year, 2.5x faster than the overall private industry

• A strong 3-year CAGR of 28% in Total New Business Premium, reflecting one of the most consistent growth trajectories among private life insurers in India

• Embedded Value grew 15% year-on-year

• 99.29% claims paid ratio, up from 99.18% last year

The company also continued to deepen its protection footprint, covering over 8.7 Cr+ lives including over 3.5 lakh defence personnel since inception. In line with its long-standing focus on developing solutions for insurance buyers with distinct protection needs, Pramerica Life was the first life insurer to develop specialised protection offerings designed around the service conditions and requirements of armed forces and paramilitary personnel, forging a deep and enduring association with these communities.

Over the years, this relationship has evolved beyond customer outreach into a wider people philosophy, with the company continuing to create meaningful second-career opportunities for veterans and ex-servicemen. Since inception, over 8,500 veterans have been employed by the company, with ex-servicemen today constituting nearly 17% of its employee base.

Pankaj Gupta, MD & CEO, Pramerica Life Insurance, said, "We are focused on building a business anchored in steady progression - and our third consecutive year of double-digit growth is a reflection of that intent. This record has been driven by a well-balanced mix of distribution channels, a sharp focus on the customer, a product approach built around genuine relevance and a strong risk management framework.

As we grow, our priority is to scale responsibly while staying grounded in what matters most to our customers: reliability and a strong claims experience. Looking ahead, we remain committed to expanding access to life insurance through wider market presence and delivering solutions that align with the evolving needs of new-age India, all while building a business that creates lasting value not just economically, but also through broader financial inclusion and community impact."

The growth momentum in FY26 was bolstered by a diversified strategy, with strong contributions across both proprietary and newly seeded channels. These channels serve a wide spectrum of customers across geographies, income profiles, professions and life stages, enabling more inclusive insurance penetration across the country.

This commitment to serving a diverse set of customers has also shaped the way Pramerica Life thinks about its products, making accessibility and relevance in product design an extension of its customer-first philosophy. On the non-participating side, the company offers some of the most competitive propositions in the industry - products designed to deliver certainty in an uncertain market environment, which have found strong resonance with customers seeking reliable, long-term financial protection. In the market-linked segment, the company has been at the forefront of product innovation, with offerings such as Smart Invest 1Up - an industry-first ULIP proposition - reflecting Pramerica Life's commitment to designing products that are differentiated in design and relevant to the evolving needs of today's India.

This thinking extends to the company's expanding fund portfolio as well. Recognising the growing investor appetite for India's long-term growth story, particularly in the midcap segment, Pramerica Life introduced the Nifty Midcap 50 Correlation Fund and the Rising Bharat Fund as part of its market-linked offerings last financial year. Both funds have delivered strong performance relative to broader market benchmarks, reinforcing the company's focus on identifying high-potential investment themes early and translating them into relevant customer propositions.

Grounded on these pillars, Pramerica Life Insurance has focussed on expanding its brand visibility through targeted, insight-driven marketing capabilities. At the forefront of this effort is This Is My Climb, a brand campaign that speaks to the aspirations and resilience of everyday Indians. The campaign's most recent chapter made its presence felt on the front pages of national and regional dailies, extending the brand's reach to a wide and diverse readership across the country.

This kind of engagement with customers does not emerge in isolation; it is the outward expression of an organisation that holds itself to the same standard of commitment internally. A culture of trust, inclusion and accountability - reflected in the company being Great Place To Work Certified for four successive years and recognised among the Top 25 Best Workplaces in the BFSI sector - forms the bedrock of how Pramerica Life grows from within. The company’s commitment to fostering a diverse and inclusive workforce is equally deliberate. Recognised among India’s Best Workplaces for Women and featured in India’s first DEI 100 Index by Team Marksmen and Ernst & Young, Pramerica Life believes that an organisation reflecting the diversity of the country it serves is best positioned to serve it meaningfully.

The steadiness of Pramerica Life’s growth story finds its roots in customer centricity being at the core of every decision. The company’s focus remains on shaping a business that combines scale with sustainability and growth with responsibility, while continuing to expand access to purposeful financial protection across India. Anchored in trust, inclusion, governance and long-term value creation, this is the foundation on which Pramerica Life is charting its next chapter.

About Pramerica Life Insurance Limited

Pramerica Life Insurance Limited is a joint venture between DIL, a wholly owned subsidiary of Piramal Finance Limited (erstwhile Piramal Capital and Housing Finance Limited) and Prudential International Insurance Holdings, Ltd. (PIIH), a fully owned subsidiary of Prudential Financial, Inc. (PFI). It represents the coming together of two renowned financial services organizations with a legacy of business excellence spread over decades. Pramerica Life Insurance Limited, started operations in India on September 1, 2008 and has a pan India presence through multiple distribution channels which have been customized to address the specific insurance needs of diverse customer segments. The Company is committed to providing protection and quality financial advice to its customers. Pramerica is the brand name used in India and select countries by PFI.

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

About Piramal Finance Limited

Piramal Finance Limited is a retail-led upper-layer NBFC with a pan-India presence, having served over 5 million customers across 26 states. The company manages Assets Under Management (AUM) of over Rs. 1,00,000 Cr and operates a distinctive phygital model—combining high-touch engagement across 13,000+ pin codes with high-tech capabilities including machine learning models, agentic AI tools and real-time dashboards. In retail lending, Piramal Finance offers home loans, loans against property, used car loans, personal loans, digital loans and small business loans, with a strong focus on metro-adjacent, semi-urban and rural markets. In wholesale lending, the company provides asset-backed, data-driven solutions across real estate and select non-real estate sectors, with a focus on mid-segment residential projects and capital solutions for mid-market corporates. With its digital-first approach and AI-enabled platforms, Piramal Finance is committed to expanding access to affordable credit and driving inclusive growth across India.

For more information visit: piramalfinance.com.

About Prudential Financial, Inc.

Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately USD 1.4 trillion in assets under management as of December 31, 2022, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better by creating financial opportunities for more people by expanding access to investing, insurance, and retirement security. Prudential's iconic Rock symbol has stood for strength, stability, expertise, and innovation for nearly 150 years.

For more information, please visit news.prudential.com

Digilogic Systems Limited, India’s trusted technology partner for Test, Measurement and Simulation solutions for Defence and Aerospace sector today reported its FY26 financial results.

Digilogic Systems delivers mission-critical defence and aerospace test solutions built for precision

(Rs. in Cr)

Business Update

The company was listed on BSE SME in Jan 2026 and attracted marquee anchor investors. Total Funds raised was 69.66 Cr towards the following main objectives.

Debt Reduction – 8.00 Cr

Total Debt stands reduced from 13.34 Cr (FY25) to 4.06 Cr (FY26)

Project Udaan – 51.74 Cr 

• Project Udaan is a new 65,000 sft facility which is being setup in TGIIC Hardware Park, Phase 2, Hyderabad with capabilities of EMS Manufacturing (Built to Spec & Built to Print), ESS Screening & Qualification, Section level integration of Sub Systems and capacity expansion of existing capabilities.

• Construction for Project Udaan commenced in May 2026 and is scheduled to be completed by May 2027 

Abhedya Systems Private Limited as a 80% Subsidiary

• Abhedya Systems Private Limited was incorporated on May 23, 2026 to diversify our capabilities into other verticals related to the Defence and Aerospace sector. 

• It will primarily provide high-performance Radio Frequency (RF) and Microwave engineering solutions. 

• The new subsidiary will take up activities relating to design, develop, manufacture, integrate and supply of Sub Systems for Radar, Electronic Warfare and Communications Systems addressing Defence and Aerospace sector.

Order Book Update

• As on 30th May 2026, our Order Book stands at Rs. 31 Cr.

• Tenders quoted and awaiting finalization is close to Rs.110 Cr.

• Business Opportunities identified and under progress is close to Rs. 150 Cr.

Financial Highlights

• Total Income grew from 72.19 Cr (FY25) to 78.27 Cr (FY26) due to better execution of orders on hand and faster turnaround of orders.

• EBITDA grew from 13.04 Cr (FY25) to 15.18 Cr (FY26) primarily due to change in product mix and software value addition.

• PAT grew from 7.79 Cr (FY25) to 10.43 Cr (FY26) in line with increased EBITDA growth and margin expansions.

• Company reported Free Cash Flow from Operations which stood at 12.63 Cr (FY26) on account of strong operational performance & better inventory and receivables controls.

• Debt Equity ratio stood at 0.04 (FY26) compared to 0.40 (FY25) on account of reduction in both Long-Term Borrowings and Short-Term Borrowings.

Commenting on the Outlook, Mr. Shashank Varma Jetty, CEO, mentioned that for more than 15 years, our Test, Measurement, and Simulation systems have been the backbone of Digilogic’s growth, delivering consistent performance and trusted solutions to our customers. Today, we stand at an important inflection point: we are significantly ramping up R&D to propel the company into its next orbit of growth. Our investments target future technologies that will broaden and deepen our offerings notably in segments of radar and communication systems, electromechanical solutions, and high-reliability data‑processing boards for onboard applications. These capabilities will allow us to diversify our product portfolio for existing customers and enter adjacent opportunities with confidence.
 

Our mission remains unchanged: to deliver world‑class technology made in India for India’s defence forces. By strengthening indigenous capabilities and partnering with stakeholders across the ecosystem, we aim to make our armed forces truly Atmanirbhar while supporting the Government initiatives of Make in India vision.

In FY27, based on our current order book and order pipeline, we are confident of achieving a growth of 25% – 30% in top line, 45% - 50% in EBITDA and PAT.

Commenting on the performance, Mr. Madhusudhan Varma Jetty, Chairman and Managing Director, expressed his satisfaction on the growth achieved by the company across key parameters thus strengthening the fundamentals of the company. 

He further emphasized that “India’s Defence and Aerospace sector is entering a transformative phase driven by strong policy support, increasing indigenisation, and rapid technological advancement. The Government’s focus on ‘Atmanirbhar Bharat’, defence exports, and domestic manufacturing is creating significant opportunities for Indian industry. At Digilogic Systems Limited, we see immense potential in defence electronics, embedded systems, and high-reliability manufacturing to support this growth journey. Going forward, collaboration between industry, startups, MSMEs, and the armed forces will be critical in building a globally competitive ecosystem. We remain committed to innovation, quality, and contributing to India’s vision of becoming a self-reliant defence manufacturing hub.” 

He expressed further confidence that with strengthened Leadership team and visionary Board, Digilogic Systems Limited is moving in the right path to achieve great heights.

About Digilogic Systems Limited

Digilogic Systems Limited is engaged in the business of design, development, manufacture, integration, import, export, and supply of defence, aerospace, and dual-use systems and components. The Company's core offerings include Automated Test Equipment (ATE), RF Simulators, System Evaluators, System Engineering & Deployments, and Maintenance, Repair & Overhaul Services (MRO). The Company is committed to promoting indigenization in alignment with national initiatives such as ‘Make in India’ and ‘Atmanirbhar Bharat’.

Arihant Academy

The company delivered a strong financial performance in FY26, reporting a Profit After Tax (PAT) of Rs. 9.11 crores, reflecting a 104.85% year-on-year (YoY) growth compared to Rs. 4.45 crores in FY25. Total Consolidated Revenue for the year increased by 52.57% to Rs. 64.87 crores in FY26, as against Rs. 42.52 crores in FY25. The growth was driven by sustained student enrolments, expansion across new geographies, diversification into career-oriented programs, and continued operational efficiencies.

For Q4FY26, the company reported a Profit After Tax (PAT) of Rs. 3.32 crores, registering an 87.28% quarter-on-quarter (QoQ) growth compared to Rs. 1.77 crores in Q3FY26. Total Revenue for the quarter stood at Rs. 16.11 crores, reflecting a 10.78% increase over Rs. 14.54 crores reported in Q3FY26. The quarterly performance highlights the company’s continued momentum, strong academic demand, and improving scalability across its expanding network.

Commenting on the FY26 performance, Mr. Anil Kapasi, Co-Founder & Managing Director of Arihant Academy, said, “Since the previous year, we have witnessed strong momentum throughout our organization as a result of the growing trust from our students & parents, expanded academic opportunities available to them, and the steadfast commitment and hard work of our dedicated faculty and operational teams. Our results for this quarter reflect not only healthy growth in various financial and operational areas, but also the scalability of the model we have built over the years.

As we strive to augment our presence and engage deeper with our students and their parents, our main objective is to provide quality educational outcomes while ensuring that we sustainably expand our reach. The visibility we are seeing across our business pipeline and enrolment ecosystem gives us confidence for the coming quarters. We believe our team’s consistent efforts, disciplined execution, and student-centric approach will continue to support our long-term expansion journey.”

In FY26, Arihant Academy expanded its presence across multiple education hubs through strategic centre launches in Nashik (Maharashtra), Ahmedabad (Gujarat), and Rajasthan, where the addition of two new centres increased the total count in the state to five. The company also strengthened its footprint in the Mumbai Metropolitan Region (MMR) with the launch of seven new centres, further enhancing accessibility to quality education for a larger student community.

During the year, Arihant Academy also introduced the Certified Internal Auditor (CIA) certification course in association with NSE Academy, aimed at providing students and professionals with industry-relevant expertise in auditing, compliance, and financial systems. These initiatives reflect the company’s continued focus on expansion, academic innovation, and career-oriented learning opportunities.

About Arihant Academy Limited

Arihant Academy is a premier educational institution specialising in coaching services and comprehensive educational support across Mumbai, Maharashtra. Catering to students from Class 8 to 10 across State Board, ICSE Board, and CBSE Board, we offer tailored programs for students of class 11 & 12, for both Science and Commerce streams. Our expertise extends to preparing students for competitive exams like JEE (Main & Advanced), NEET, MHT-CET, CA, and CS, with a commitment to excellence in every field. Operating through 40+ strategically located coaching centers, we serve approximately 20,000 students, providing them with an integrated learning experience through our hybrid teaching model that combines traditional classroom instruction with digital learning.

Morepen Labs Q4 FY2026 Financial Results

Quarterly and Annual Highlights

• Gross revenue grew 22% YoY to Rs. 472 Cr in Q4 FY26

• Net profit increased 69% YoY to Rs. 20 Cr in Q4 FY26

• API business grew 17% in Q4 FY26

• Medical Devices business grew 31% in Q4 FY26

• FY26 standalone gross revenue crossed Rs. 1,700 Cr, up 8%

• Board proposes 10% dividend for FY26

• 4th consecutive USFDA inspection completed with NIL 483 observations

• Commercial production commenced under long-duration manufacturing program

• Capacity expansion underway from ~500 KL toward ~800 KL

Backed by its multi-year Rs. 825 crore / USD 91 million global CDMO mandate received in February 2026 from a leading global multinational, Q4 FY26 marked the commencement of commercial production under Morepen’s long-duration manufacturing partnership program. The Company has completed validation batches and aligned initial supply schedules for phased delivery under the program, with supplies expected to commence shortly.

The quarter also witnessed continued investments toward manufacturing scale-up, regulated-market programs and Medical Devices expansion. EBITDA stood at Rs. 32 crore in Q4 FY26 compared to Rs. 33 crore in Q4 FY25, reflecting these growth investments. The Company believes these initiatives are intended to support operating leverage, margin expansion and long-term growth visibility over the coming quarters.

Commenting on the Company’s strategic direction, Mr. Sushil Suri, Chairman & Managing Director, Morepen Laboratories Limited, said, “Over the years, Morepen has built strong manufacturing capabilities, regulatory credibility and global customer relationships. We are now entering the next phase of growth focused on long-duration manufacturing partnerships, scale expansion and improved operating leverage.”

Mr. Suri added, “The Company’s business is progressively evolving from a traditional API model toward a manufacturing-led platform driven by long-duration customer programs, recurring revenues, process scale-up and regulated-market partnerships.”

Mr. Sanjay Suri, Executive Director and CEO – API, commenting on the manufacturing expansion and product pipeline said:“We are expanding manufacturing capacity from ~500 KL toward ~800 KL, with a longer-term roadmap toward ~1000 KL. Increasing scale, improved product mix and long-duration supply programs are expected to support stronger margins and earnings visibility over the medium term.”

He further added, “The Company has also completed a pivotal bioequivalence study for Resmetirom 100 mg, an oral thyroid hormone receptor-beta agonist used in the treatment of moderate to advanced liver fibrosis associated with MASH. The study covers major regulated markets outside the US and represents an important step in strengthening Morepen’s globally relevant specialty pipeline.”

Alongside the Pharma transition, Morepen’s Medical Devices business continued to scale strongly, with FY26 revenue growing 21% to Rs. 598 crore and an installed base of nearly 17 million repeat users. The Medical Devices platform is being developed as a separate high-growth healthcare business focused on chronic care, consumer diagnostics, CGM opportunities and connected healthcare integration.

Strategic investments across manufacturing scale-up, Devices expansion, customer acquisition and healthcare platforms impacted near-term profitability during FY26. The Company believes these investments position the business for improved operating leverage, margin expansion and stronger long-term earnings visibility.

About Morepen Laboratories Limited

Morepen Laboratories Limited is a vertically integrated pharmaceutical and healthcare company with over four decades of API manufacturing experience, globally approved facilities and exports across 90+ countries. The Company has established leadership positions across key APIs, supported by USFDA and EU-approved manufacturing infrastructure, 403 DMF filings worldwide and a strong regulated-market compliance track record, including its fourth consecutive USFDA inspection with NIL 483 observations.

Morepen is progressively expanding from a traditional API business into a manufacturing-led platform focused on long-duration supply contracts, CDMO partnerships, process scale-up and regulated-market customer programs. The Company is also developing its Medical Devices business as a separate high-growth healthcare platform across chronic care, consumer diagnostics, CGM opportunities and connected health.

Morepen Laboratories Ltd.
Corporate Office: 2nd Floor, Tower C, DLF Cyber Park, Udyog Vihar – III, Sector 20, Gurugram, Haryana – 122016

Forward-Looking Statements

This press release contains forward-looking statements based on current expectations and assumptions regarding anticipated developments and other factors affecting the Company. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements.

*Note: Largest in terms of gross booking revenue and operating revenue, for Fiscal Year 2023. (Source: CRISIL Report)

FY26 Consolidated Financial Performance:

Q4-FY26 Consolidated Financial Performance:

*Adj. EBITDA and EBITDA includes other income of INR 17 Mn for Q4’26 and INR 52 Mn for FY26

**EBITDA as a percentage of RLSC (Gross Margin)

*** It refers to the one-time effect of change in Labour code -

FY 2026 Business Highlights

Yatra reported its most profitable year in its history despite some very significant macro headwinds that impacted 3 out of the 12 months of the year.

• Gross Margin (RLSC) for the year grew 24.5% YoY to INR 4,824 Mn, ahead of the revised guidance of 22.5%

• Adjusted EBITDA of INR 917 Mn, a YoY growth of 37.5% came in line with revised guidance while EBITDA improved to INR 855 Mn, a YoY growth of 53.2%.

• PAT improved to INR 468 Mn, a YoY growth of 28.1%. The PAT growth for the year was adversely impacted by the introduction of the new wage code in Q3, excluding the effect of which the PAT for the year would have been INR 506 Mn, a YoY growth of 38.5%.

Q4-FY26 Business Highlights

Despite disruption from the war-related environment, Yatra reported resilient operating performance:

• Gross bookings grew 8.3% YoY

• Gross margin grew 3.6% YoY

• Total transactions increased 15.2% YoY

• Air passengers grew 9.6% YoY, roughly 2x industry growth, reflecting further market share expansion.

• The Corporate business maintained strong momentum, adding 55 new corporate customers during the quarter, representing an annual billable potential of INR 2,709 Mn. This compares favourably with 40 closures worth INR 2,234 million in Q3

However, the war-related disruption significantly affected the company’s MICE (Meetings, Incentives, Conferences & Exhibitions) business, particularly international corporate group travel. Several Q4 bookings were either cancelled or deferred into FY27.

Management Comments

Commenting on the results, Chief Executive Officer, Mr. Siddhartha Gupta stated, “Yatra delivered a strong FY26, with execution remaining strong despite a volatile macro and geopolitical backdrop. Performance was broadly in line with revised guidance, supported by 24.5% RLSC growth and 37.5% Adjusted EBITDA growth, reflecting operating leverage and disciplined cost control.

Across businesses, Yatra strengthened its competitive position. The Air segment delivered healthy TTV growth while maintaining margin discipline, with passenger growth outpacing industry levels throughout the quarter and the full year. The Hotels & Packages business also gained momentum, led by strong growth in standalone hotels and margin expansion driven by a better mix and improved monetization.

The Corporate (B2E) business remained a key growth driver. During FY26, Yatra added 163 new corporate customers with an annual billable value of about INR 9,568 Mn, up from 148 customers and INR 7,475 Mn in FY25, underscoring continued traction in the enterprise travel market.

Q4 was affected by geopolitical disruptions and war-related uncertainty, which weighed on international travel demand, particularly in MICE. Some corporate bookings were deferred or cancelled, though management expects a meaningful portion of this demand to return as conditions normalize.

Despite these temporary headwinds, Yatra continued to post healthy growth in gross bookings and transactions, supported by market share gains, improving take rates, and a strong corporate pipeline.

While macro challenges are likely to persist in the first half of the year, Management remains optimistic about FY27. Backed by structural growth in India’s travel and corporate mobility markets and Yatra’s continued investment in AI technology, customer acquisition, hotel supply, and its B2E platform. Management remains confident of its medium-term growth CAGR of 20% RLSC growth and 30% Adj EBITDA growth.”

Financial Statements

Results for the quarter ended March 31, 2026, prepared under Ind AS, along with segment results, are available in the Investor Relations section of our website investors.yatra.com/Investor-Relations-India

Quarterly Conference Call

The earnings conference call will be held on Monday, May 25, 2026 at 10:00 AM (IST) to discuss the Financial Results and performance of the company for the quarter ended March 31, 2026. The earnings conference call will be accessible from all networks and countries through: Microsoft Teams Link Further, the analyst(s)/institutional investor(s) presentation will be submitted to Stock Exchanges and shall also be hosted on the Company's website at investors.yatra.com/Investor-Relations-India

Safe Harbor Statement

This press release may contain forward-looking statements relating to the business, financial performance, strategy and results of the Company and/or the industry in which it operates that involve risks and uncertainties. Forward-looking statements are statements concerning future circumstances and results, and any other statements that are not historical facts, generally identified by the words “aim”, “anticipate”, “believe”, “expect”, “estimate”, “intend”, “likely to”, “objective”, “plan”, “project”, “propose”, “will”, “will continue”, “seek to”, “will pursue” or other words or phrases of similar import. Actual future performance, outcomes and results may differ materially from those expressed in forward-looking statements as a result of a number of risks, uncertainties and assumptions. Although the Company believes that such forward looking statements are based on reasonable assumptions, forward looking statements contained in this press release regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Neither the Company nor its affiliates or advisors or representatives nor any such person’s officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors, nor do any such persons or entities accept any responsibility for the future accuracy of the forward-looking statements contained in this press release or the actual occurrence of the forecast developments. There is no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. It can give no assurance that such expectations will be met. Representative examples of factors that could affect the accuracy of forward-looking statements include (without limitation) the condition of and changes in India’s political and economic status, government policies, applicable laws, and international and domestic events having a bearing on the Company’s business, and such other factors beyond control of the Company.

About Yatra Online Limited

Yatra Online Limited (BSE: 543992, NSE: YATRA) is India’s Largest Corporate Travel services provider and one of India's leading consumer travel companies. Through the website, www.yatra.com, mobile applications, Corporate SaaS platform, and other associated platforms, leisure and business travelers can explore, research, compare prices and book a wide range of services. which include domestic and international air ticketing, hotel bookings. homestays, holiday packages, bus ticketing, rail ticketing. activities and ancillary services catering to the travel needs. Experience of being a NASDAQ listed company and managing public shareholders. Experienced management team and strong corporate governance comprising industry executives with deep roots in the travel industry with 90+ years of accumulated experience.

Shri Sanjay Khanna, Chairman & Managing Director, BPCL, with additional charge of Director (Refineries)

The company maintained operational stability across its refining and marketing businesses during the quarter, ensuring uninterrupted fuel supplies while strengthening its nationwide distribution network amid a rapidly evolving global energy environment.

BPCL’s performance during FY26 reflected sustained domestic energy demand, disciplined operations and continued momentum across key business segments, supported by a strong focus on supply-chain resilience, operational efficiencies and customer servicing. During the year, the company continued to advance its long-term growth roadmap through investments across refining and marketing infrastructure, pipeline connectivity, city gas distribution and emerging energy opportunities, while reinforcing its presence across high-growth consumption centres and strengthening future-ready energy infrastructure.

• 75.54% increase in Standalone Profit After Tax – FY26 (INR 23,303 crore) vs FY25 (INR 13,275 crore) 

• 93.78% increase in Consolidated Profit After Tax – FY26 (INR 25,843 crore) vs FY25 (INR 13,337 crore)

• 51% increase in Standalone EBITA – FY26 (INR 40,582 crore) vs FY25 (INR 26,735 crore)

• Highest-ever refinery throughput of 41.15 MMT in FY26 

• Highest-ever Total Sales of 55.72 MMT in FY26 

• Disciplined capital stewardship leading to improvement in standalone Debt-Equity Ratio from 0.29 as on March 31, 2025, to 0.11 as on March 31, 2026

Key Highlights – Q4 FY2025-26

• Refinery Throughput: Achieved 10.40 million metric tonnes (MMT) with a capacity utilization of 118%.

• Domestic Market Sales: Registered quarterly domestic sales of 13.86 MMT, a growth of 3.28% over 13.42 MMT in Q4 FY25.

Q4 FY26 FINANCIAL HIGHLIGHTS

                                                                                                                                                                (Rs. Cr.)

Key Highlights – FY 2025-2026

• Refinery Throughput: Achieved 41.15 million metric tonnes (MMT) with a capacity utilization of 117%, compared to 40.51 MMT in FY25.

• Domestic Market Sales: Registered domestic sales of 54.18 MMT, marking a growth of 3.40% over 52.40 MMT in the comparative period.

FY26 FINANCIAL HIGHLIGHTS

                                                                                                                                                                    (Rs. Cr.)

About Bharat Petroleum Corporation Ltd. (BPCL)
Fortune Global 500 Company, Bharat Petroleum is the second largest Indian Oil Marketing Company and one of the integrated energy companies in India, engaged in refining of crude oil and marketing of petroleum products, with presence in the upstream and downstream sectors of the oil and gas industry. The company attained the coveted Maharatna status, joining the club of companies having greater operational & financial autonomy.

Bharat Petroleum’s Refineries at Mumbai, Kochi and Bina have a combined refining capacity of around 35.3 MMTPA. Its marketing infrastructure includes a network of installations, depots, fuel stations, aviation service stations and LPG distributors. Its distribution network comprises over 25,300+ Fuel Stations, over 1000+ CNG stations, over 6,250+ LPG distributorships, 440+ Lubes distributorships, 81 POL storage locations, 56 LPG Bottling Plants, 81 Aviation Service Stations, 5 Lube blending plants and 6 cross-country pipelines.

Bharat Petroleum is integrating its strategy, investments, environmental and social ambitions to move towards a sustainable planet. The company has Electric vehicle charging stations at 6800+ Fuel Stations. With a focus on sustainable solutions, the company is developing an ecosystem and a road-map to become a Net Zero Energy Company by 2040, in Scope 1 and Scope 2 emissions. Bharat Petroleum has been partnering communities by supporting several initiatives connected primarily in the areas of education, water conservation, skill development, health, community development, capacity building and employee volunteering. With ‘Energising Lives’ as its core purpose, Bharat Petroleum’s vision is to be an admired global energy company leveraging talent, innovation & technology.

Akums Drugs & Pharmaceuticals Ltd., India’s largest Contract Development and Manufacturing Organisation (CDMO), announced its financial results for the fourth quarter and the full year ended March 31, 2026. The company delivered a steady performance during Q4 FY26, with healthy revenue growth and improved operating profitability driven by its core domestic CDMO business.

For Q4 FY26, Akums reported an operating revenue of Rs. 1,158 crore, reflecting a 9.7% year- on-year growth compared to Rs. 1,056 crore in Q4 FY25. Adj EBITDA stood at Rs. 152 crore, registering a 61.6% year-on-year increase from Rs. 94 crore in the same quarter last year. Adj EBITDA margin improved to 13.1% from 8.9%. Adj PAT stood at Rs. 83 crore, compared to Rs. 35 crore in Q4 FY25, reflecting a 135% year-on-year growth, with Adj PAT margin improving to 7.0% from 3.3%.

On a full-year basis, FY26 operating revenue stood at Rs. 4,359 crore, growing 5.9% year-on- year over Rs. 4,118 crore in FY25. Adj EBITDA increased 13.3% year-on-year to Rs. 522 crore, while Adj PAT grew 27.3% year-on-year to Rs. 276 crore.

The CDMO segment was the key growth driver for Akums during Q4FY26. CDMO revenue grew to Rs. 952 crore, compared to Rs. 840 crore in Q4 FY25. CDMO EBITDA increased 54.9% year-on-year to Rs. 137 crore, while EBITDA margin improved to 14.4% from 10.6%. This performance was driven by continued customer engagement, better capacity utilisation and focused execution.

The Domestic Branded Formulations business remained stable during the quarter, with Q4 FY26 revenue at Rs. 102 crore compared to Rs. 104 crore in Q4 FY25. EBITDA remained steady at Rs. 22 crore. For the full year, the segment showed improved profitability, with revenue growing 2.9% year-on-year to Rs. 446 crore and EBITDA increasing 17.0% to Rs. 90 crore.

The International Branded Formulation business saw some moderation in quarterly revenue, with Q4 FY26 revenue at Rs. 36 crore compared to Rs. 40 crore in Q4 FY25. For FY26, revenue remained flat at Rs. 143 crore, though EBITDA increased 32.3% year-on-year to Rs. 36 crore.

Trade generics turned a corner with EBITDA becoming positive at Rs 1.4 crore in Q4 FY 26. For FY26, EBITDA loss decreased sharply to Rs 10 crore from Rs 28 crore in FY25.

During FY26, Akums achieved significant progress towards becoming a global pharmaceutical company. The company made its first commercial supply of formulations to Europe, strengthened its regulated market presence with EU GMP certifications for its Oral Solids and Oral Liquids facilities, and received its first UK MHRA approval for Rivaroxaban. Akums injectable plant also received Brazil ANVISA. The ground-breaking of the Zambia pharmaceutical plant marked an important milestone in the company’s international journey.

The Board also recommended final dividend for the year FY25-26 of INR 1 per equity share (50% of the face value of INR 2) and a special dividend of INR 2 per equity share (100% of the face value of INR 2).

Commenting on the performance, Mr. Sanjeev Jain, Managing Director, Akums Drugs & Pharmaceuticals Ltd., said, “FY26 has been a year of steady progress for Akums. We delivered healthy growth in revenue and profitability while continuing to build capabilities for the long term. Our regulatory milestones, international developments and strong domestic performance reflect our focus on building Akums as a global pharmaceutical company and a trusted partner for our clients.”

Mr. Sandeep Jain, Managing Director, Akums Drugs & Pharmaceuticals Ltd., added, “The Q4FY26 and full year performance showed improvement across key operational parameters. Our CDMO business continued to perform well as we remain focused on better capacity utilisation, cost discipline and future growth. We are working on multiple digitization and automation initiatives which will deliver long-term value for the organization.”

While the overall performance remained positive, the API business continued to face pricing pressure. During Q4 FY26, API revenue was Rs. 41 crore compared to Rs. 50 crore in Q4 FY25, with an operating loss of 12 crore. On a full-year basis, API revenue was lower year-on-year, though the EBITDA loss marginally reduced from Rs. 44 crore in FY25 to Rs. 40 crore in FY26. The company continues to focus on portfolio optimization, cost control and operational efficiency to support sustainable growth going forward.

Results are as under:

TVS Motor Company posted highest ever revenue for the financial year 2025-26 at Rs. 47,270 Crores registering a growth of 30% as against Rs. 36,251 Crores recorded in 2024-25.

Operating EBITDA for the year at 12.9% improved by 60 bps over the last year. The Company’s Operating PBT for the year ended March 2026 grew by 40% at Rs. 4,975 Crores as compared to Rs. 3,563 Crores reported during previous year.

During the year, the Board of Directors of the Company, at its meeting held on March 24, 2026 declared an interim dividend of Rs. 12 per equity share (1,200%), involving an aggregate payout of Rs. 570 Crores for the financial year ended March 31, 2026. Further during the year, the Company also allotted 4 fully paid bonus Non-Convertible Redeemable Preference Share (NCRPS) having a face value of Rs. 10 each for every equity share held, amounting to Rs. 1,900 Crores, with the maturity date of September 01, 2026.

SALES FY 2025-26
During the year ended March 2026, the overall two and and three-wheeler sales of TVS Motor, grew by 24% at 58.89 Lakh units as against 47.44 Lakh units in the year 2024-25. Motorcycles sales during the fiscal year grew by 24% recording 27.13 Lakh units as against 21.95 Lakh unit in the year ended March 2025. Scooter sales during the fiscal year grew by 27% at 24.13 Lakh units as against 19.04 Lakh units in the year ended March 2025.

Electric vehicles grew by 33% registering sales of 3.71 Lakh units in the year 2025-26 as against 2.79 Lakh units during 2024-25. TVS Motor now has more than 9 Lakh delighted EV customers.

Three-wheeler sales for the fiscal year grew by 63% at 2.19 Lakh units in the year ended March 2026 as against 1.35 Lakh units in the year ended March 2025.

Q4 - PERFORMANCE

In the quarter ended March 2026, TVS Motor achieved highest ever quarterly revenue of Rs. 12,808 Crores.
 

During the quarter under review, the operating EBITDA margin is at 13.1%, as against normalised EBITDA of 12.5% in Q4 2024-25, representing a YoY improvement of 60bps. In the previous year 2024-25, the Production Linked Incentive (PLI) benefit pertaining to the full year was recognised in Q4 2024-25, resulting in a revenue of Rs. 9,550 Crores and operating EBITDA margin of 14.0%. Excluding the PLI benefit attributable to earlier quarters in Q4 2024-25, the normalised EBITDA was at 12.5% in Q4 2024-25 and the normalized revenue grew by 36% in Q4 2025-26.

SALES Q4 2025-26

The overall two-wheeler and three-wheeler sales including International Business grew by 28% at 15.60 Lakh units in the quarter ended March 2026 as against 12.16 Lakh units registered in the quarter ended March 2025. Motorcycle sales for the quarter ended March 2026 grew by 23% registering 6.93 Lakh units as against 5.64 Lakh units in quarter March 2025. Scooter sales for the quarter ended March 2026 grew by 32% registering 6.60 Lakh units as against 5.02 Lakh units in the fourth quarter of 2024-25.

Electric vehicles grew by 51% registering sales of 1.15 Lakh units in the quarter ended March 2026 as against 0.76 Lakh units during the quarter ended March 2025.

Three-wheeler sales for the quarter under review grew by 65% registering 0.60 Lakh units as against 0.37 Lakh units in the fourth quarter of 2024-25.

About TVS Motor Company
TVS Motor Company (BSE:532343 and NSE: TVSMOTOR), part of TVS Venu Group, 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 lead in their respective categories in the J.D. Power IQS and APEAL surveys. We have been ranked No. 1 Company in the J.D. Power Customer Service Satisfaction Survey for four consecutive years. 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 90 countries in which we operate.

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

Mrs. Brahmani Nara, Executive Director, Heritage Foods Limited alluded to “the company’s focus on strengthening procurement infrastructure, expanding distribution reach and scaling high-growth categories. With continued investments in premiumisation, new capacities and Value-added Products, we remain well positioned to drive sustainable long-term growth as industry conditions gradually normalise. Our consumer business continued to deliver healthy momentum led by strong growth across Value-added Products, premium categories and emerging channels. Categories such as curd, paneer, consumer fats and ice-creams recorded strong traction, while Q-commerce and Fresh Distribution scaled rapidly, strengthening market penetration and consumer engagement across key regions. Calibrated pricing actions and improving product mix also supported realisation growth during the year.”

Q4 & FY26 Results Key Highlights

Consumer Business Continues Double-Digit Growth Momentum
The business accelerated momentum delivered healthy growth - revenue grew 10% YoY to Rs. 11,576 million in Q4FY26 and 9% YoY to Rs. 45,260 million in FY26 despite weak flush season, milk shortages and prolonged weather-led disruptions across key markets.
 

Robust Category-Led Growth Across Value Added Products portfolio
VAP revenue grew 18% YoY to Rs. 3,957 million in Q4FY26 and by 13% YoY to Rs. 14,678 million in FY26, with VAP contribution improving to 35.5% in Q4FY26 versus 32.5% in Q4FY25 and to 35.3% in FY26 compared to 32.0% in FY25

VAP contribution including consumer-pack fats stood at 41.9% in Q4FY26 compared to 36.8% in Q4 FY25, while FY26 contributed 39.7% versus 36.7% in FY25
 

Strong VAP momentum continued, with paneer volumes growing 32% YoY in Q4 and 27% YoY in FY26, curd volumes rising 11% YoY in Q4 and 7% YoY in FY26, and ice cream volumes increasing 26% YoY in Q4 and 15% YoY in FY26, reflecting resilient consumer demand and improving product mix.
 

VAP growth aided by innovations; strong traction seen in new launches viz, Livo Yogurts, premium Sampurna A2 Curd, Nourish+ High Protein Paneer, Alpenvie Ice Cream range, etc.
 

Elevated Milk pricing and supply tightness, leads to margin shrinkage 
Weak flush season across key regions drove average landed milk costs to Rs. 46.7/litre in Q4FY26, up 8% YoY, one of the sharpest raw milk inflations witnessed by the industry. This resulted in EBITDA margins shrinking by 311 bps to 4.5% YoY. 
 

Procurement Network Demonstrated Resilience Amid Supply Constraints
Despite continued network expansion, severe supply-side challenges resulted in procurement volumes falling 7% YoY to 16.38 LLPD in Q4FY26.
 

Strong Pricing Discipline and Premiumization partly offset Milk Price Inflation
Timely and calibrated pricing actions along with higher VAP contribution supported blended realisation growth, with milk realisation increasing 4% YoY in Q4FY26 and 4% YoY in FY26, while VAP realisation improved 7% YoY in Q4FY26 and 9% YoY in FY26. Milk sales volumes grew 1% YoY to 11.73 LLPD in Q4FY26 and 2% YoY to 11.83 LLPD in FY26
 

Heritage Nutrivet Limited Delivers Strong Results
The wholly owned subsidiary, Heritage Nutrivet Limited, recorded a 33% YoY increase in revenue to Rs. 2,454 million in FY26. Profit before tax surged to Rs. 206 million, underscoring operational excellence and strategic execution.

Commenting further, Mrs. Brahmani Nara, said, “FY26 witnessed one of the toughest operating environments for the dairy industry in recent years, marked by severe milk shortages, elevated procurement inflation and weak flush season. Despite these challenges, Heritage Foods delivered resilient revenue growth of 9% YoY to Rs. 45,260 million, with quarterly revenues consistently sustaining above the Rs. 11,000 million mark, reflecting the strength of our consumer patronage and execution capabilities.”

Q4-FY26 Consolidated Financial Performance:

• Revenue: INR 11,576 mn - YoY: 10%

• Gross Margins: 22% - YoY: (308) bps

• EBITDA: INR 522mn – YoY: (35)%

• EBITDA Margin: 4.5% - YoY (311) bps

• PAT: INR 239mn – YoY: (37)%

Other Business Highlights
 

One-Time Employee Cost Impact Due to New Labour Codes
The Company recognised a one-time Rs. 48 million employee benefit provision during FY26 following implementation of the new Labour Codes under Ind AS 19.
 

Emerging Channels Continued to Scale Rapidly
E-Commerce & Q-Commerce revenues grew 56% YoY, while Fresh Distribution and other emerging channels grew 49% YoY, strengthening urban penetration and channel diversification.
 

Focused Brand Investments Enhanced Consumer Reach
Strategic campaigns, BIGG BOSS Kannada integration and launch of Certified Organic Cow Milk in Bengaluru strengthened brand visibility and consumer engagement across key markets.

Results for the quarter/year ended March 31, 2026, prepared under Ind AS, along with segment results, are available in the Investor Relations section of our website www.heritagefoods.in 

In a fiscal year shaped by changing customer expectations, continued growth in digital commerce, strong domestic consumption, and a dynamic operating environment, the company delivered year-on-year revenue growth, supported by sustained momentum across e-commerce and B2B surface express solutions.

For the fiscal year ended March 31, 2026, Blue Dart reported revenue from operations of Rs.  6141 crore, compared to Rs. 5,720 crore in FY2024–25. Profit after tax for the year stood at Rs. 240 crore. For the quarter ended March 31, 2026, revenue from operations stood at Rs. 1533 crore, while profit after tax stood at Rs. 43 crore.

The company continued to strengthen its integrated air and ground network, enhance operational efficiency, and expand solutions aligned to the needs of businesses across India. The year also saw a dynamic cost and regulatory environment, including the implementation of the Wage Code and related changes across labour and social security frameworks. Blue Dart remained focused on compliance, employee welfare, productivity improvement, and network efficiency, while continuing to protect service quality and customer commitments.

Commenting on the announcement, Balfour Manuel, Managing Director, Blue Dart Express Limited said, “FY2025–26 was a year of focused execution and resilient performance for Blue Dart, as we continued to deliver steady revenue growth despite a backdrop of global uncertainty, heightened geopolitical tensions, and evolving market dynamics. In such an environment, our ability to stay agile and customer-centric has been critical.”

He further added, “We continued to build on our core strengths of reliability, reach, speed, and service excellence, while adapting our offerings to meet the changing needs of customers across e-commerce, retail, SME, and enterprise segments. Our performance was driven by sustained customer confidence, disciplined network execution, and a sharp focus on operational efficiency. As customer expectations continue to evolve, we remain committed to continuously enhancing and expanding our solutions to make them more relevant, accessible, and value driven. We will continue to invest in our network, digital capabilities, and service portfolio to support growth and strengthen our competitive edge.”

Looking ahead, the company remains optimistic about the future outlook, supported by India’s expanding consumption base, infrastructure development, digital adoption, and rising demand for time-definite logistics solutions. Blue Dart will continue to invest in network strength, technology, service quality, and sustainable logistics to deliver long-term value for customers, employees, shareholders, and communities.

Greaves Cotton Limited, a diversified engineering company, announced its financial results for the quarter and full year ended March 31, 2026, delivering a strong performance across businesses, underpinned by consistent execution, margin expansion, and strategic clarity through Greaves.Next.

Consolidated
Revenue for Q4 FY26 stood at Rs. 1000 crore, up 22% YoY. EBITDA of Rs. 68 crore and Operating PBT of Rs. 44 crore 
Revenue for FY26 stood at Rs. 3437 crore, up 18% YoY. EBITDA of Rs. 239 crore and Operating PBT Rs. 154 crore. Operating PBT margins expand by 210 bps.
 

Standalone: 
Revenue for Q4 FY26 was at Rs. 698 crore, up 22% YoY. EBITDA of Rs. 87 crore and Operating PBT of Rs. 87 crore 
Revenue for FY26 stood at Rs. 2365 crore, up 19% YoY. EBITDA of Rs. 320 crore and Operating PBT of Rs. 312 crore, with operating PBT margins expand by 40 bps. 

Management Commentary
Parag Satpute, MD & Group CEO, Greaves Cotton Limited, said, “FY26 has been a defining year for Greaves Cotton, wherein we transitioned from strategy to execution under Greaves.Next. We delivered a robust 22% growth at a consolidated level driven by strong demand, improved profitability and disciplined execution. This was propelled by good momentum in the international business, particularly in the mobility business as we continued to focus on deepening partnerships and customer relationships with global OEMs. Energy Solutions is transitioning from a product to solutions-led business and continued its upward trajectory, strengthening its aftermarket business. 

We are now entering the next phase of our journey, and we remain committed to sustainable growth, disciplined capital allocation, and creating long-term value for our stakeholders.” 

Business Highlights
FY26 was a year of strong execution and strong broad-based growth across core businesses, with growth across all segments contributing to the Company’s performance, supported by healthy demand, sharper operating discipline, and strategic interventions.

Energy Solutions delivered continued growth momentum, with revenue increasing 17% in Q4 FY26 and 20% for FY26. Performance was led by a sharp 35% YoY growth during the year in aftermarket, post integration of sales and service.

Mobility Solutions recorded 16% growth in FY26 and 20% in Q4 FY26, supported by strong demand in the International Business, particularly for Euro V+ compliant diesel engines, as well as robust domestic demand across key end-use segments. Additionally, Excel Controlinkage added new products and solutions, entering supplies for the SCV segment, as well as new geographies and customers, thereby expanding presence despite facing global macro-economic headwinds.

Industrial Solutions delivered 6% in FY26 and 15% growth in Q4FY26 driven by strong demand across Agri, firefighting and defence applications.

International Business, identified as a key growth priority, grew in contribution to the core business revenue from 9% to 13% in FY26. The business strengthened its presence across global markets, driven by strong customer relationships, repeat orders across Europe and other regions.

Further, we enhanced capacity and capability of our CSN & Nagpur facilities, as we operationalized a dual conveyor setup at the single cylinder engines plant in CSN and increased efficiency and productivity in Nagpur.

In Greaves Electric Mobility, E-2W VAHAN registrations reached 61,597 units in FY26, delivering a strong 51% annual growth. The Company, now in top 6 E2W segment, exited Q4 with an improved market share of 4.4%, reflecting sustained market share capture and deeper penetration across urban and semi-urban markets. The Magnus 6.0, next generation of the flagship Magnus platform was launched to take on the ICE scooter segment​.

In Greaves Finance, managed Assets Under Management (AUM) scaled to over Rs. 521 crore, increase from Rs. 445 crore in December. The company signed up with new OEMs like Simple, Suzuki and Ultraviolette and launched new products.

FY27 Outlook
Building on a strong FY26, the Company enters FY27 with clear momentum and strategic clarity. We remain committed to strengthening execution, enhancing margins, and building a more resilient business. At the same time, we are closely monitoring the evolving macroeconomic environment and will act with agility to mitigate any potential headwinds. 

With a strengthened operating foundation, the Company is well-positioned to deliver disciplined, high-quality growth across its core businesses, while continuing to scale new opportunities and evaluating entry into strategic adjacencies. 

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, For further information, please contact: keya.muriya@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 Limite 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."

Experion Developers’ landmark luxury project showcases design-led architecture and premium living spaces

The milestone reflects the emergence of a developer steadily reshaping the contours of luxury housing through a disciplined, design-led, and institutionally anchored approach to development. At a time when real estate growth is often associated with aggressive expansion, Experion has quietly almost doubled its revenue from Rs. 2,200 crore in the previous financial year through calibrated market selection, strong demand absorption, and a clear focus on the luxury segment.

B.K. Malagi, Vice Chairman, Experion Developers said, “Crossing Rs. 4,000 crore in revenue is a significant step for us and reflects the steady momentum we’ve built over the past years. It comes from a clear focus on tapping the right markets, strong execution, and staying fundamental in how we grow. We will continue to strengthen this momentum and drive stable, long-term revenue growth.”

Flagship Projects Shaping Luxury

Experion Windchants, one of the landmark communities located on Dwarka Expressway, gained international recognition when its signature Skywalk was featured by National Geographic, highlighting its distinctive design. Continuing this legacy, One42 Golf Course Road has emerged as a benchmark in ultra-luxury living, with recent transactions exceeding Rs. 1 lakh per sq ft. The project reflects an elevated, design-led philosophy centred on exclusivity, spacious living, and low-density residences for UHNI buyers.

Saatori, Experion’s second project in Noida after the success of Experion Elements, recorded approximately Rs. 1,800 crore in sales at launch, with more than 400 units sold. The response underlined the strength of demand for premium housing in Noida and demonstrated Experion’s ability to extend its success beyond Gurugram.

Product-Centric Growth Anchored in Design and Wellness

At the core of Experion’s growth is a design-first philosophy that integrates international architectural expertise with a deep understanding of Indian urban living. The company has partnered with leading global design firms, including Kohn Pedersen Fox (KPF), SCDA Architects, DPA Architects, and DSP Design, embedding global standards in master planning, spatial design, and overall product experience.

Experion Developers was the first real estate developer in India to receive WELL Precertification for residential projects, recognising homes designed for healthier living through cleaner air and water, better ventilation, more daylight, and enhanced liveability.

Institutional Backing and Governance Framework

Experion is backed by AT Capital Group, a Singapore-headquartered global investment platform with deep expertise across international real estate, renewable energy, private and public markets. With investments and presence across India, Europe, and the Middle East, AT Capital brings a long-term institutional perspective, strong governance, and disciplined capital backing.

About Experion Developers

Experion Developers is a luxury real estate company in India and a wholly owned subsidiary of Experion Holdings Pte. Ltd., Singapore. Backed by FDI, the company is committed to delivering world-class residential, commercial, and mixed-use projects. It is part of the AT Capital Group, a globally diversified business group with interests across real estate, renewable energy, structured credit, and public markets in India, the GCC and Europe.

In India, the group also operates Juniper Green Energy, a leading Independent Power Producer (IPP) delivering clean and sustainable energy solutions.

The Bank’s total business reached Rs.43,693 Crores, underlining its expanding presence and deepening customer relationships across markets. As per the audited financial results, deposits rose significantly to Rs. 24,956 Crores from Rs. 22,380 Crores in the previous year, reflecting sustained customer trust and a growing deposit base. Advances also showed healthy growth, increasing to Rs.18,737 Crores from Rs. 16,973 Crores, indicating the Bank’s active role in supporting credit demand and economic activity. The simultaneous rise in deposits and advances points to a well-balanced growth strategy. 

The Bank reported a Net Profit of Rs. 205 Crores for the financial year. The profit remains robust and demonstrates the Bank’s ability to maintain steady earnings amid evolving sectoral conditions. The performance reflects disciplined operations and a focus on long-term sustainability. On the asset quality front, Gross NPA stood at 2.69%, while Net NPA was at 0.96%. The Bank continues to focus on prudent risk management and strengthening recovery mechanisms. Notably, the Capital Adequacy Ratio (CRAR) improved to 15.48%, reinforcing the Bank’s solid capital position and ability to support future growth. 

Mr. Durgesh S. Chandavarkar, Chairman, SVC Bank, said “The Bank’s performance reflects the continued trust of our customers and the strength of our governance-led approach. Even in a dynamic environment, we have remained focused on stability, prudent growth, and long-term value creation. We will continue to build on this foundation while strengthening our role in the cooperative banking sector.”

The Bank shared its audited performance highlights through official communication channels, receiving positive feedback from customers and stakeholders. This response reflects continued confidence in the Bank’s transparency, governance standards, and consistent delivery. 

With its guiding philosophy, “Your Trust, Our Strength,” SVC Co-operative Bank has reaffirmed its commitment to customer-centric banking and sustainable expansion. Going forward, the Bank aims to strengthen its digital offerings, enhance service quality, and broaden its reach, while carefully navigating sectoral challenges. The overall performance underscores its steady progress as a reliable institution in the cooperative banking space.

About SVC Bank
Set up in 1906, SVC Bank is a 119-year-rich institution that has contributed significantly to the development of the co-operative movement in India for over a century. Today, the Bank is one of the oldest and most recognised names in the country’s co-operative banking space. SVC is a Multi-State Scheduled Co-operative Bank with its presence across 10 States & 1 Union Territory – Maharashtra, Karnataka, Goa, Gujarat, Rajasthan, Delhi, Haryana, Madhya Pradesh, Andhra Pradesh, Telangana and Tamil Nadu. Total Business of the Bank is at Rs. 43,693 Crores as on March 31, 2026 and Net Profit stands at Rs. 205 Crores. Gross NPA stood at 2.69% while Net NPA stood at 0.96%. Time and again, the Bank has proven its strong fundamentals and efficiency parameters.

Headquartered in Mumbai, the Bank has a vast network of 203 branches, 220 ATMs and an employee strength of over 2,500. The Bank offers the entire gamut of services across Retail, Corporate and International Banking. The Bank’s performance and innovation have been recognised through several recent industry awards. SVC Bank was awarded Best Urban Co-operative Bank, Best Cyber Security Initiative and Digital Banking Innovation of the Year at the 3rd Rashtriya Urban Cooperative Banking Summit & Awards 2026. SVC Bank received three distinguished recognitions at IBA's Annual Banking Technology Conference, Expo & Citations 2024-25, conducted on January 9th, 2026 in Mumbai: Best Fintech & DPI Adoption (Winner) in the Co-operative Sector Banks category, Best Tech Talent (Winner) in the Co-operative Sector Banks category and Best Technology Bank (Special Mention) in the Co-operative Sector Banks category. The Bank was awarded the Leader Award at the 9th All India UCB Summit & Awards, 2025, the Best HR Transformation and Best Audit Transformation Awards at the FCBA Awards 2025, and the Gold Award for the Bank's Wall Calendar for the Year 2025 & the Consolation Award for the Bank's Annual Report F.Y. 2024-25, at the 15th PRCI Excellence Awards 2025. In addition, earlier honours include the Banco Blue Ribbon 2024 Award for excellence in the Urban Co-operative Bank category. The Bank was also felicitated at the Rashtriya Coop Samman Samaroh 2025 with the titles of Best Urban Co-operative Bank, Best Multi-State Urban Co-operative Bank and Best Chairperson of the Year awarded to Shri. Durgesh Chandavarkar. SVC Bank was recently awarded the prestigious 'Most Innovative CFO' Award at the Silver Feather Awards 2025 - 6th Edition and ET Now’s “Best Organisations to Work 2025”. These accolades reflect the Bank’s leadership in co-operative banking, commitment to technology and people, and its role in advancing financial inclusion.

SVC Bank website: www.svc.bank.in.

Orange Health Labs today announced strong financial performance for FY26, reporting ₹138 crore in revenue and exiting the year at a ₹180 crore ARR, marking a 65% year-on-year growth for both LTM revenue and ARR. With over 3 million orders served to date, the company reinforces its position as India’s fastest diagnostic lab and among the fastest-growing consumer healthcare brands in the country.

From left to right: Tarun Bhambra and Dhruv Gupta, Co-founders of Orange Health Labs

Headquartered in Bengaluru, the company has scaled its presence across Mumbai, Delhi-NCR, and Hyderabad, building a strong multi-city footprint.

Along with fast scaling, the company hit key milestones on profitability as well - it achieved 20% EBITDA profitability in Bengaluru, and became operationally profitable across all cities, underscoring its strong unit economics and a sustainable growth model.

Orange Health Labs continued to deepen its consumer promise of speed and reliability, delivering 99%+ on-time sample collection. It also scaled its omnichannel presence, from 15 stores last year to 75+ company-owned collection centres, with almost 50 stores in Bengaluru, bringing its differentiated at-home experience into physical retail.

Beyond direct-to-consumer services, the company has built a strong healthcare ecosystem. With 2,000+ clinics onboarded through its proprietary platform, it enables faster diagnosis and better clinical decision-making for doctors. 

Orange Health Labs is among the top-rated diagnostic brands in the country, with 50,000+ five-star Google reviews, reinforcing consistent consumer experience and growing brand trust. 

The company also advanced its digital innovation stack with NeO Reports which enables customers to get a quick view of their health parameters, filter, tag and share easily with their family and healthcare providers. Additionally, the company launched Orange One—a first-of-its-kind annual diagnostics plan in India - moving beyond the traditional pay-per-test model to enable proactive, long-term health management.

Commenting on this milestone, Dhruv Gupta, Co-founder, Orange Health Labs, said, “This year marks a defining inflection point for us. Delivering strong growth across all cities, alongside profitability in our home market, validates the strength of our model. More importantly, it reflects a deep and growing consumer trust in a category that has traditionally lacked it. Our focus has been simple—build the fastest, most reliable diagnostics experience—and the market is responding to that clarity.”

Adding to this, Tarun Bhambra, Co-founder, Orange Health Labs, added, “We are reimagining diagnostics as a real-time, consumer-first service—where speed, accuracy, and transparency are non-negotiable. Operational excellence, like 30-minute sample collection and 6-hour report delivery, is just the starting point. With innovations like NeO Reports and Orange One, we are moving the category from reactive testing to proactive health management at scale.”

Backed by leading global investors including Y Combinator, Accel, General Catalyst, Bertelsmann India Investments, and Amazon Sambhav Venture Fund, the company has raised a total of $50 million to date.

For more information: www.orangehealth.in

L&T Finance Ltd. (LTF), one of the leading Non-Banking Financial Companies (NBFCs) in India has recorded highest ever consolidated Profit After Tax (PAT) of Rs. 3,003 Crore (before effect of Labour Code considered in the third quarter ended December 31, 2025) for the financial year ended March 31, 2026, up 14% Year-on-Year (YoY). The Company has posted a consolidated PAT of Rs. 807 Crore, up 27% YoY for the fourth quarter ended March 31, 2026. 

Highlights of L&T Finance Ltd.'s financial performance - FY26 and Q4FY26

The retail book now stands at Rs. 1,19,508 Crore, up 26 % when compared with retail book for the financial year ended March 31, 2025. Consolidated Book stands at Rs. 1,21,728 Crore for the financial year ended March 31, 2026. The Company has also recorded highest ever annual retail disbursements at Rs. 83,213 Crore, up 39% YoY and highest ever quarterly retail disbursements at Rs. 24,107 Crore, up 62% for the fourth quarter ended March 31, 2026. The Board recommends a dividend of Rs. 2.75 per equity share for financial year ended March 31, 2026.

The Company accelerates technology deployment momentum to fully transform to an AI-enabled lender. After successfully executing its strategic plan Lakshya 2026, the Company announced its next 5-year strategic plan Lakshya 2031. As a part of its Lakshya 2031 strategy, the Company aims to balance resilient growth with consistent returns and truly transform into a Risk-first, Technology-first, Multi-product Retail Financier of Choice. The Company will be focusing on tech-enabled granular execution and will work towards consistently achieving a Book Growth of 20%+, maintaining Credit Cost of <2%, achieving Return on Assets (RoA) between 3% – 3.2%, and Return on Equity (RoE) between 16% - 18%.

The Company’s customer-facing PLANET app, which has emerged as a powerful digital channel for customers, crossed more than 2.40 Crore downloads as of March 31, 2026, comprising more than 19.2 Lakh customers on the rural side. As of March 31, 2026, this channel has done collections of over Rs. 9,500 Crore while servicing over 12 Crore requests and has sourced loans of around Rs. 29,000 Crore.

Commenting on the financial results Mr. Sudipta Roy, Managing Director & CEO, LTF, said, “FY26 has been a good year for us, despite significant headwinds in our microfinance business in the initial months of the year and the end of the year closing with geopolitical tensions. Through the course of the year, we remained steadfast in our approach—tightening credit and risk administration frameworks, strengthening collections infrastructure, accelerating our AI-led technology transformation and continuously focusing on growth across all our business lines. On the microfinance business, our focus was on navigating the cycle with prudence and our efforts have yielded results, with business parameters across both disbursements and collection efficiencies now reverting to near pre-crisis levels, giving us confidence that FY27 will be a stable and productive year for this segment. 

FY26 also marks the successful completion of our Lakshya 26 strategic plan, achieving most of our stated objectives even amid volatility in the credit environment. This reflects the resilience of our diversified franchise, disciplined execution, and the strength of the digital and analytics capabilities that we built during the plan period. As we embark on our next five-year strategic roadmap, Lakshya 31, we are setting ourselves ambitious and measurable targets to drive consistent growth with improved profitability. While global geopolitical uncertainties persist, we remain confident that the solid foundation established during the Lakshya 26 period will enable us to deliver steady outcomes and create long-term value for all stakeholders and truly transform L&T Finance into a Risk-first, Technology-first, Multi-product Retail Financier of Choice.”

Key Highlights:

Building a diversified retail franchise:

Rural Business Finance:
Book size up 17% to Rs. 30,805 Crore vs. Rs. 26,320 Crore YoY. Annual disbursements for the financial year ended March 31, 2026 at Rs. 25,882 Crore vs. Rs. 20,921 Crore, up 24% YoY. Quarterly disbursements for the fourth quarter ended March 31, 2026 at Rs. 7,208 Crore vs. Rs. 5,114 Crore, up 41% YoY

Farmer Finance:
Book size up 12% to Rs. 16,970 Crore vs. Rs. 15,219 Crore YoY. Annual disbursements for the financial year ended March 31, 2026 at Rs. 8,674 Crore vs Rs. 7,935 Crore, up 9% YoY. Quarterly disbursements for the fourth quarter ended March 31, 2026 at Rs. 2,037 Crore vs. Rs. 1,755 Crore, up 16% YoY

Two-Wheeler Finance:
Book size up 17% to Rs. 14,372 Crore vs. Rs. 12,321 Crore YoY. Annual disbursements for the financial year ended March 31, 2026 at Rs. 10,787 Crore vs. Rs. 9,285 Crore, up 16% YoY. Quarterly disbursements for the fourth quarter ended March 31, 2026 at Rs. 2,930 Crore vs. Rs. 1,857 Crore, up 58% YoY 

Personal Loans:
Book size up 70% to Rs. 14,666 Crore vs. Rs. 8,648 Crore YoY. Annual disbursements for the financial year ended March 31, 2026 at Rs. 12,220 Crore vs. Rs. 6,096 Crore, up 100% YoY. Quarterly disbursements for the fourth quarter ended March 31, 2026 at Rs. 3,786 Crore vs. Rs. 1,915 Crore, up 98% YoY. Scaled up Personal Loans disbursements through Big Tech partnerships, contributing 38% to the total personal loan disbursements in Q4FY26 vs. 22% in Q4FY25 (38% in FY26 vs. 10% in FY25)

Housing Loans and Loan Against Property (LAP):
Book size up 20% to Rs. 30,009 Crore vs. Rs. 24,929 Crore YoY. Annual disbursements for the financial year ended March 31, 2026 at Rs. 11,507 Crore vs. Rs. 9,582 Crore, up 20% YoY. Quarterly disbursements for the fourth quarter ended March 31, 2026 at Rs. 3,134 Crore vs. Rs. 2,332 Crore, up 34% YoY

SME Finance:
Book size up 30% to Rs. 8,507 Crore vs. Rs. 6,524 Crore YoY. Annual disbursements for the financial year ended March 31, 2026 at Rs. 6,130 Crore vs Rs. 5,000 Crore, up 23% YoY. Quarterly disbursements for the fourth quarter ended March 31, 2026 at Rs. 1,838 Crore vs Rs. 1,528 Crore, up 20% YoY

Gold Finance:
Book size reached Rs. 2,845 Crore in Q4FY26. Annual Disbursements for the financial year ended March 31, 2026 at Rs. 6,700 Crore in FY26. Gained momentum in Gold Finance branches expansion, exiting Q4FY26 with 330 branches addition of 200 new branches since acquisition of the business in June 2025

About L&T Finance Ltd. (LTF):

L&T Finance Ltd. (LTF) ( www.LTFINANCE.com ), 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 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 transforming into a Risk-first, Technology-first, Multi-product Retail Financier of Choice as part of the Lakshya 2031 strategic plan. The Company has over 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

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.

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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

Facebook: www.facebook.com/LnTFS

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.