SBFC Finance has released the transcript of its Q2 and H1 FY’26 earnings conference call. The company reported an AUM of ₹9,938 crore as of September 2025 and has since crossed ₹10,000 crore. MSME AUM grew 29% YOY and 6% QOQ. The company is cautiously optimistic about delivering 5% to 7% quarter-on-quarter growth, though credit costs may inch up another 10-15 basis points before peaking.

AUM Growth and Branch Expansion

As of September 2025, SBFC Finance’s Assets Under Management (AUM) reached ₹9,938 crore, and has since crossed the ₹10,000 crore mark. This represents a growth of 29% year-over-year (YOY) and 6% quarter-over-quarter (QOQ). The MSME AUM, which constitutes 82% of the total AUM, also experienced a growth of 29% YOY and 6% QOQ. During the quarter, SBFC Finance expanded its branch network by adding five new branches, bringing the total count to 220 as of September 2025.

Yield, Spreads, and OPEX

The yield for the quarter stands at 18.01%, reflecting an improvement of 2 basis points QOQ and 32 basis points YOY. The cost of borrowing for the quarter is 8.96%, with a reduction of 36 basis points both YOY and QOQ. The resulting spread for the quarter is 9.05%, showing an improvement of 38 basis points QOQ and 68 basis points YOY. Enhanced operating leverage led to an improvement in OPEX by 19 basis points QOQ and 20 basis points YOY, despite the expansion of the branch network.

Asset Quality

The company’s Gross Non-Performing Assets (GNPA) remained relatively stable at 2.77% in Q2, with a Provision Coverage Ratio (PCR) of 46.17%. Credit costs for the quarter were reported at 1.29%. The Capital Adequacy Ratio (CAR) is strong at 34.05%, and the tangible net worth stood at ₹3,174 crore as of September 2025. The Return on Average AUM for the quarter is 4.56%, and the Return on Average Tangible Equity further improved to 14.09%. SBFC Finance reported a Profit After Tax (PAT) of ₹109 crore for the quarter, reflecting a growth of 30% YOY and 8% QOQ.

Future Outlook and Strategy

SBFC Finance anticipates a quarter-on-quarter AUM growth of 5% to 7%. The company also anticipates that credit costs may increase by another 10 to 15 basis points from current levels before stabilizing. SBFC Finance has tightened credit screens, stopped lending below ₹7 lakh, and raised the minimum CIBIL score to 700. The company has a cautious outlook on Karnataka, where it holds close to 11%-12% of its portfolio.

Source: BSE

Olectra Greentech announced its financial results for Q2 and H1 ended September 30, 2025. The company reported a net profit after tax of ₹5,278.05 Lakhs for the quarter. Additionally, the board accepted the resignation of Mr. Rajesh Reddy Peketi as Whole Time Director, effective November 8, 2025; he will continue as a Non-Executive Director.

Financial Performance

Olectra Greentech Limited has released its unaudited financial results for the second quarter and half-year ended September 30, 2025. Key highlights from the standalone results include:

• Revenue from Operations: ₹64,700.89 Lakhs
• Other Income: ₹434.62 Lakhs
• Profit Before Tax: ₹7,134.47 Lakhs
• Net Profit After Tax: ₹5,278.05 Lakhs

Segment-Wise Revenue

The company’s revenue is divided into two main segments:

• Insulator Division: ₹7,536.88 Lakhs
• e-Vehicle Division: ₹57,164.01 Lakhs

Director Resignation

The Board of Directors accepted the resignation of Mr. Rajesh Reddy Peketi from the position of Whole Time Director, effective from the close of business hours on November 8, 2025. He will continue to serve as a Director in the capacity of a Non-Executive & Non-Independent category.

Key Managerial Personnel

The Key Managerial Personnel (KMP) of the company, effective November 9th, 2025, are:

• Mr. Mahesh Babu Subramanian: Managing Director
• Mr. B. Sharat Chandra: Chief Financial Officer
• Mr. P Hanuman Prasad: Vice President – Company Secretary & Legal

Source: BSE

HUDCO has launched the ‘Urban Invest Window’ (UiWIN), a one-stop support platform to aid Urban Local Bodies (ULBs) in developing viable infrastructure projects. This initiative aims to provide comprehensive solutions, including capacity building, project formulation, asset monetization, and access to financial markets. The initiative is aligned with HUDCO’s strategy to foster urban development. The launch took place on November 8, 2025.

‘Urban Invest Window’ Unveiled

HUDCO announced the launch of the ‘Urban Invest Window’ (UiWIN), a dedicated initiative designed to support Urban Local Bodies (ULBs) in developing bankable infrastructure projects. This platform offers a comprehensive suite of solutions to facilitate the planning and execution of urban development initiatives.

Key Areas of Support

The ‘Urban Invest Window’ will focus on the following key areas to support ULBs:

• Capacity Building: Enhancing the capabilities of ULBs to manage and implement infrastructure projects effectively.
• Project Formulation and Asset Monetization: Assisting in the development of viable project proposals and strategies for monetizing existing assets.
• Access to Financial and Capital Markets: Providing support to secure funding for infrastructure projects.
• Management of existing Assets: Improving the operational efficiency of existing assets.

Strategic Alignment

This initiative is aligned with HUDCO’s planned business growth, furthering its mission to support sustainable urban development across the country. The launch was announced on November 8, 2025, marking a significant step in HUDCO’s commitment to urban infrastructure development.

Source: BSE

Kaynes Technology India Limited has released its Monitoring Agency Report for the quarter ended September 30, 2025. The report, as per SEBI regulations, provides details on the utilization of funds raised through Qualified Institutional Placements (QIP). Monitoring agencies ICRA Limited and CRISIL Ratings Limited have prepared reports indicating how the proceeds from QIP issues are being utilized for various company objectives. The company has provided this information to the stock exchanges.

QIP Fund Utilization

Kaynes Technology India Limited confirms the release of its Monitoring Agency Report concerning proceeds from Qualified Institutional Placements (QIP) for the quarter ending September 30, 2025. According to the report, the company is utilizing funds as per the disclosures made. The funds have been allocated towards key objectives, including covering the costs for the establishment of OSAT and PCB facilities, as well as addressing general corporate needs. The company’s board of directors has provided comments on the fund allocation and utilization process.

ICRA Limited Report Highlights

ICRA Limited’s report indicates the company has been utilizing the QIP funds towards specific goals. Revisions in general corporate purposes are due to actual issue-related expenses being higher than initially estimated by INR 5.079 Crore. ICRA states that the purchases for the OSAT facility do not fully align with the specified vendor outlined in placement documents, but notes vendor specifications are subject to change. Surplus funds are invested primarily in fixed deposits with various banks like State Bank of India and Canara Bank.

CRISIL Ratings Limited Report Highlights

CRISIL Ratings Limited notes that the QIP proceeds are primarily being used for repayment of borrowings, funding inorganic growth opportunities, and general corporate purposes. They confirm that the funds are being utilized towards cash credit facilities and term loans. Some funds are invested in Kaynes Holding Pte. Ltd. for inorganic growth. Statutory auditors confirm that utilization for general corporate purposes does not exceed 25% of the gross proceeds (amounting to Rs 4,000.00 million) from the issue.

Financial Performance Summary

The following table illustrates the deployment of unutilized proceeds in INR million by instrument:

• ABSL Corporate Bond Fund: 754.91
• HSBC Medium Duration Fund: 252.26
• Nippon India Corporate Bond Fund: 252.21
• HDFC Floating Rate Debt Fund: 759.70

Source: BSE

Grasim Industries has announced the acquisition of a 26% equity stake in two Special Purpose Vehicles (SPVs) to source renewable energy as a captive user. The company has executed agreements with Pro-Zeal Green Power Eighteen Private Limited and Pro-Zeal Green Power Nineteen Private Limited for its Vilayat Plant in Gujarat and Balabhadrapuram Plant in Andhra Pradesh respectively. These investments aim to meet green energy needs and optimize energy costs.

Renewable Energy Investment

Grasim Industries has finalized agreements to acquire a 26% equity stake in two Special Purpose Vehicles (SPVs). This move is designed to facilitate the sourcing of renewable energy for captive use across its manufacturing operations. The agreements involve:

• Pro-Zeal Green Power Eighteen Private Limited
• Pro-Zeal Green Power Nineteen Private Limited

Details of the Agreements

The agreements encompass Share Subscription-Cum-Shareholders’ Agreements and Power Purchase Agreements. These are executed to secure renewable energy for Grasim’s:

• Vilayat Plant, Gujarat: Through Pro-Zeal Green Power Eighteen Private Limited and Prozeal Green Power Private Limited
• Balabhadrapuram Plant, Andhra Pradesh: Through Pro-Zeal Green Power Nineteen Private Limited and Prozeal Green Power Private Limited

Strategic Rationale

This strategic investment in renewable energy SPVs enables Grasim Industries to meet its green energy requirements, optimize energy-related expenses, and ensure compliance with regulatory mandates related to captive power consumption under electricity laws.

Pro-Zeal Green Power Nineteen Private Limited Details

Pro-Zeal Green Power Nineteen Private Limited, an SPV, is incorporated for developing a captive wind-solar hybrid power generation facility with a capacity of around 21 MW.

• Date of Incorporation: September 24, 2025

Investment Details

The equity investment is up to Rs. 20.50 crore in one or more tranches, securing a 26% equity stake in the SPV.

Source: BSE

Kaynes Technology announced its Q2 FY26 results, reporting a 58% year-on-year increase in revenue, reaching INR9,062 million. The company’s operational EBITDA grew by 80% to INR1,480 million, with EBITDA margin expanding to 16.3%. Kaynes delivered India’s first commercially manufactured multichip module in collaboration with Alpha & Omega Semiconductor and Mitsui & Company, marking a key milestone in its semiconductor ambitions. The company anticipates significant growth in aerospace, defense, and railway sectors.

Financial Highlights for Q2 FY26

Kaynes Technology reported robust financial performance for Q2 FY26, demonstrating substantial growth across key metrics:

• Revenue: Increased by 58% year-on-year to INR9,062 million.
• Operational EBITDA: Grew by 80% to INR1,480 million.
• EBITDA Margin: Expanded by 190 basis points to 16.3%.
• Profit After Tax (PAT): Stood at INR1,214 million, representing a PAT margin of 13.4%.

The company’s order book for Q2 FY26 reached INR80,994 million, compared to INR54,228 million in Q2 of FY25.

H1 FY26 Performance Overview

Kaynes Technology also showcased strong performance for the first half of FY26:

• Total Revenue: Reached INR15,797 million, a 47% year-on-year growth.
• Operating EBITDA: Increased to INR2,610 million, a 75% increase year-on-year.
• EBITDA Margin: Expanded by 270 basis points to 16.5%.
• Profit After Tax: Reached INR1,960 million, with a PAT margin of 12.4%.

Semiconductor Achievement

A significant achievement this quarter was the successful delivery of India’s first commercially manufactured multichip module, IPM5, at the Sanand OSAT facility. This collaboration with Alpha & Omega Semiconductor and Mitsui & Company marks a pivotal moment for Kaynes Semicon and India’s semiconductor industry.

Strategic Collaborations and Expansions

Kaynes Technology is actively pursuing strategic collaborations to strengthen its market position:

• Entry into MEMS-based true wireless stereo packaging through collaboration with Infineon.
• Approval from the government for advanced PCB manufacturing projects, including a multilayer HDI PCB facility in Chennai.

Focus on Key Sectors

The company is poised for growth across multiple sectors:

• PCB Market: Expected to cross USD100 billion by 2030, with India’s domestic market growing at a 20% CAGR.
• Aerospace, Defense, and Railway Sectors: Anticipates significant business increases, particularly with the Kavach program.

Source: BSE