Vishal Mega Mart reported strong Q2 FY26 results, with revenue up 22.4% to INR 2,981 crores and PAT increasing by 46.5%. The company benefited from early festive sales. Adjusted same-store sales growth was 12.8%. The company opened 28 new stores in Q2, taking the total to 742 stores across 493 cities. The company is optimistic about future growth, driven by GST rationalization and good rainfall.

Financial Performance Highlights

Vishal Mega Mart announced its earnings for Q2 FY26, showcasing robust growth across key metrics:

• Revenue: Increased by 22.4% year-over-year to INR 2,981 crores.
• Adjusted Same-Store Sales Growth (SSG): Recorded at 12.8%.
• EBITDA: Rose to INR 395 crores, a 30.5% increase.
• EBITDA Margin: Improved to 13.2% compared to 12.4% in the previous year.
• PAT: Grew by 46.5% to INR 152 crores.

First Half FY26 Performance

The company also reported strong results for the first half of FY26:

• Revenue From Operations: INR 6,122 crores, a 21.6% growth.
• Adjusted SSG: 12.1%.
• EBITDA: INR 854 crores, a 27.8% increase.
• EBITDA Margin: 13.9% versus 13.3% last year.
• PAT: INR 358 crores, a 41% increase.

Store Expansion and Reach

Vishal Mega Mart continued its accelerated store opening strategy, adding 28 new stores in Q2 FY26 and a total of 51 stores in the first half of the fiscal year. As of September 2025, the company has a presence in 493 cities across India, with a total of 742 stores and a trading area of 1.28 crore square feet.

Own Brand Performance

Own brands continue to be a significant part of Vishal Mega Mart’s strategy. In the first half of the year, revenue from own brands was 74.7% of total revenue, an increase of 185 bps YOY.

Quick Commerce Update

The company’s quick commerce operations have expanded to 695 stores across 460 cities, with registered users increasing to 1.08 crore.

Strategic Outlook

Vishal Mega Mart views the government’s GST rate rationalization as a positive step and remains committed to passing on these benefits to customers to enable long-term inclusive growth.

Board Changes

There have been three additions to the Board: Neha Bansal as Chairperson, Soumya as Independent Director, and Yogesh Yadav also as an Independent Director. Vageesh Gupta was added as a director representing Partners Group.

Source: BSE

JK Tyre’s subsidiary, JK Tornel, has agreed to sell 40,00,000 equity shares of Cavendish Industries Ltd. to Bengal & Assam Company Ltd. (6,00,000 shares) and J.K. Fenner (India) Ltd. (34,00,000 shares). The consideration for the sale aggregates to Rs. 130.64 Crore. Cavendish Industries Ltd. remains a subsidiary of the Company after the sale.

Share Divestment Agreement

JK Tornel, S.A. de C.V., a subsidiary of JK Tyre, has entered into agreements to sell its shares in Cavendish Industries Ltd. The sale involves 40,00,000 equity shares and the agreement was executed on November 19th, 2025.

Details of the Transaction

The equity shares of Cavendish Industries Ltd. will be sold to:

• Bengal & Assam Company Ltd.: 6,00,000 shares
• J.K. Fenner (India) Ltd.: 34,00,000 shares

The total consideration received by JK Tornel for this sale is Rs. 130.64 Crore. The transaction is expected to be completed by November 30th, 2025.

Impact on Cavendish Industries

Following this transaction, Cavendish Industries Ltd. will continue to operate as a subsidiary of JK Tyre.

Financial Impact (FY’25)

The impact of Cavendish Industries on JK Tyre’s financials for FY’25 is as follows:

• Income: Rs. 3,990.85 Crore (27.02% of consolidated income)
• Net worth: Rs. 1,064.23 Crore (21.94% of consolidated net worth)

Buyer Information

Both Bengal & Assam Company Ltd. and J.K. Fenner (India) Ltd. are part of the promoter group of JK Tyre & Industries Ltd.

Source: BSE

CG Power has received a final assessment order for the Assessment Year 2018-19, resulting in a tax demand of ₹365.37 crore due to various disallowances and additions. The company is preparing to file appeals against the order. This development follows an earlier court directive allowing CG Power to file revised income returns. The company believes it has a fair chance of succeeding in its appeal.

Assessment Order Received

CG Power and Industrial Solutions Limited announced that it has received a final assessment order for Assessment Year 2018-19 on November 19, 2025. This order includes various disallowances and additions to the company’s income, leading to a significant tax demand.

Tax Demand Details

The assessment order has resulted in a tax demand of ₹365,37,21,581/-. The company is currently reviewing the order and preparing to take necessary actions to address the disallowances.

Next Steps: Filing an Appeal

CG Power intends to file appeals against the additions and disallowances made in the assessment order. The company will also file an application for rectification of mistakes apparent from the record. Based on its understanding of jurisprudence, rulings, and legal opinions, CG Power believes it has a fair chance of success in the appeal, potentially leading to the deletion of the disallowances and additions.

Source: BSE

Clean Science and Technology Limited announced an inter-se transfer of equity shares among its promoter and promoter group members. This realignment will occur through gift deeds and involves key promoters such as Ashok Ramnarayan Boob, Nilima Krishnakumar Boob and Asha Ashok Boob. A total of 1,78,49,476 equity shares, representing 16.80% of the company’s total share capital, will be transferred on or after November 26, 2025.

Promoter Group Share Transfer

Clean Science and Technology Limited has disclosed an upcoming inter-se transfer of equity shares amongst its Promoters and Promoter Group members. The transfer will take place through the execution of gift deeds, involving key individuals within the group.

Key Details of the Transfer

The inter-se transfer involves a total of 1,78,49,476 equity shares, which accounts for approximately 16.80% of the company’s total share capital. The transaction is scheduled to occur on or after November 26, 2025.

Individuals Involved

Key individuals participating in this transfer include:

• Ashok Ramnarayan Boob transferring shares to Siddhartha Ashok Sikchi
• Parth Ashok Maheshwari and Nidhi Mohunta transferring shares to Asha Ashok Boob
• Prasad Krishnakumar Boob and Pooja Vivek Navandar transferring shares to Nilima Krishnakumar Boob

Specific Transfers

Notable individual transfers include:

• Ashok Ramnarayan Boob will transfer 26,00,000 shares to Siddhartha Ashok Sikchi (2.45%)
• Parth Ashok Maheshwari and Nidhi Mohunta will transfer 28,09,745 (2.64%) and 58,09,745 (5.47%) shares respectively to Asha Ashok Boob
• Prasad Krishnakumar Boob and Pooja Vivek Navandar will transfer 34,24,000 (3.22%) and 32,05,986 (3.02%) shares respectively to Nilima Krishnakumar Boob

Rationale for the Transfer

This transfer is an inter-se transaction amongst the promoter group and immediate relatives, falling under specific exemptions. The aggregate holding of the Promoter and Promoter Group will remain the same before and after this transaction.

Source: BSE

ELGI Equipments held an analyst/investor call on November 13, 2025, discussing Q2 2025-26 earnings. The company addressed strategies for growth in key markets like the US and Europe, and the projected impact of tariffs. While EBITDA was relatively flat due to increased employee costs and strategic initiatives, PBT grew by 28%, boosted by a one-off income from property sales in the US. ELGI is implementing cost-saving measures and exploring new market approaches to enhance profitability.

Q2 2025-26 Performance Overview

During the Q2 2025-26 analyst call, ELGI Equipments reported an 11% sales growth. However, EBITDA remained relatively flat due to a 15% increase in employee costs, attributed to normal increases, euro/dollar exchange impacts, and strategic headcount additions. The company spent approximately 1% to 1.5% of EBITDA on strategic initiatives to build foundational capabilities. While EBITDA margin was 14.9% compared to 16.3% last year, adjusting for these initiatives brings it closer to the previous year’s level.

Regional Performance and Strategies

Sales performance varied across regions. Europe was muted, leading to cost-streamlining efforts. North America showed strong growth across most verticals, with distribution operations beginning to show positive signs. ELGI is re-evaluating strategies in both Europe and the US to accelerate growth. Australia showed improvement compared to a weak previous year, while Southeast Asia remains a challenge. The Middle East continued its strong performance.

Tariff Impact and Mitigation

ELGI addressed the impact of tariffs, projecting a potential $9 million impact at the EBITDA level without mitigation. However, the company has implemented cost reduction measures and secured price increases, resulting in a surplus even at current tariff rates. There is a possibility of a 50% tariff reduction, which would further improve profitability.

Strategic Initiatives and Outlook

ELGI plans to continue focusing on top-line growth and is exploring hybrid models in Europe, partnering with distributors to increase market reach. A key initiative involves a ‘Demand = Match’ product, launched in October 2025 in India, with positive initial responses. Cost control measures are being implemented, particularly in Europe, aiming for a €1 million reduction in people costs. The company is investing in increased motor production, targeting 75-80% internal production by 2026-27.

Capex Plans

ELGI reaffirmed its capex plan of INR 600 crores over the next five years, with INR 250 crores already firmed up. The remaining INR 350 crores is under review, with detailed planning underway. Execution of the initial INR 250 crores has been slower due to property-related issues, potentially extending the timeline by 12 months.

Source: BSE

JK Tyre & Industries announces that its subsidiary, JK Tornel, has agreed to sell 40,00,000 equity shares of Cavendish Industries Ltd. to SMMS Trust for ₹130.64 Crore. Cavendish Industries Ltd. will continue to be a subsidiary after the sale, according to the announcement made on November 19, 2025.

Sale of Cavendish Industries Shares

JK Tyre & Industries Ltd. has announced that its subsidiary, JK Tornel, S.A. de C.V., has entered into an agreement to sell a portion of its stake in Cavendish Industries Ltd. The buyer is SMMS Trust, a private trust established under the Indian Trusts Act, 1882.

Transaction Details

According to the agreement, JK Tornel will sell 40,00,000 equity shares of Cavendish Industries Ltd. The agreed-upon consideration for this transaction is ₹130.64 Crore.

Cavendish Industries Status

Post-sale, Cavendish Industries Ltd. will remain a subsidiary of JK Tyre & Industries Ltd. The transaction is expected to be completed by November 30, 2025.

Financial Impact of Sale

The income attributable to Cavendish Industries Ltd. is ₹3,990.85 Crore, representing 27.02% of consolidated income. The net worth attributable is ₹1,064.23 Crore, or 21.94% of consolidated net worth.

Source: BSE

Info Edge has announced that Mr. Chintan Thakkar will cease to be the Whole-time Director & Chief Financial Officer, effective November 19, 2025. Mr. Ambarish Raghuvanshi will take over as Interim CFO from November 20, 2025. The company has also reconstituted its Stakeholders’ Relationship Committee and Business Responsibility and Sustainability Reporting Committee. Key managerial personnel have been authorized for disclosures.

CFO Transition

Mr. Chintan Thakkar will step down from his role as Whole-time Director & Chief Financial Officer, effective close of business hours on November 19, 2025. Mr. Ambarish Raghuvanshi will assume the position of Interim CFO starting November 20, 2025, until a permanent replacement is appointed.

Committee Reconstitution

The Board of Directors has approved the following changes to its committees, effective November 20, 2025:

Stakeholders’ Relationship Committee

The Stakeholders’ Relationship Committee (SRC) has been reconstituted with Mr. Hitesh Oberoi appointed as a member. The committee’s composition is as follows:

* Ms. Geeta Mathur (Independent Director) – Chairperson
* Mr. Kapil Kapoor (Non-Executive Director) – Member
* Mr. Hitesh Oberoi (Executive Director) – Member

Business Responsibility and Sustainability Reporting Committee

The Business Responsibility and Sustainability Reporting Committee (BRSR) will now be chaired by Mr. Sanjeev Bikhchandani, Founder & Executive Vice-chairman.

Risk Management Committee

The Risk Management Committee (RMC) has been reconstituted with the appointment of Mr. Ambarish Raghuvanshi as an invitee.

Corporate Social Responsibility Committee

The Corporate Social Responsibility (CSR) Committee’s revised composition is as follows:

* Ms. Geeta Mathur (Independent Director) – Chairperson
* Mr. Sanjeev Bikhchandani (Executive Director) – Member
* Mr. Hitesh Oberoi (Executive Director) – Member

Policy on Materiality

The revised Policy on Determination of Materiality of Events/Information has been approved and adopted, effective November 20, 2025. The policy will be available on the company’s website.

Authorized Key Managerial Personnel

The following Key Managerial Personnel (KMP) are authorized to determine the materiality of events/information and make disclosures to stock exchanges, effective November 20, 2025:

* Mr. Sanjeev Bikhchandani, Executive Vice Chairman
* Mr. Hitesh Oberoi, Managing Director & CEO

Source: BSE

Jubilant FoodWorks reported a strong Q2 FY26 with consolidated revenue increasing by 19.7% year-over-year to ₹23.4 billion. Domino’s India saw a like-for-like growth of 9.1%. The company added 93 stores across brands and markets, with plans to continue expansion. The company is focused on innovation and efficiency, with improving EBITDA and PAT margins.

Financial Performance

In Q2 FY26, Jubilant FoodWorks’ consolidated revenue from operations increased by 19.7% year-over-year, reaching ₹23.4 billion. EBITDA grew by 19.5% to ₹4.8 billion. Consolidated PAT from continued operations increased by 53.7% year-over-year. Domino’s India’s like-for-like growth was reported at 9.1%.

India Business

Domino’s India reported revenue growth of 15.5%, with delivery like-for-like growth at 16.5%. The company expanded its store network in India by 88 stores in Q2, bringing its service to 500 cities. They launched sourdough pizza and breads, gaining traction among customers. The pre-IndAS EBITDA margin of the India business improved year-on-year and quarter-on-quarter.

Turkey Business

The Turkey business exceeded expectations, with Domino’s LFL at 5.6% post IAS 29. The business reported revenues of ₹5.9 billion and a PAT margin of 10.4%.

Store Expansion

Jubilant FoodWorks added 93 stores during Q2 FY26, operating close to 3,500 stores, of which close to 2,500 are Domino’s. Domino’s India expanded its footprint to 500 cities. 8 new Popeyes stores were opened, including 4 in Mumbai.

Strategic Initiatives

The company launched an ad monetization platform on the Domino’s app. The app traffic grew by 28%, and the loyalty member base rose to over 40 million. There’s a focus on artificial intelligence integration within their technology platform to enhance productivity across all functions.

Looking Ahead

The company expects to open approximately 1,000 stores in the next three years. They are targeting Domino’s India to grow closer to 15% year-on-year, with 5-7% from like-for-like growth and 7-10% from store expansion. The focus remains on product innovation and technology to drive growth and improve margins.

Source: BSE

Union Bank of India has announced that it did not participate in the ‘JM Financial Flagship India Conference’ conducted by JM Financial Limited on November 19, 2025. This information clarifies the bank’s position regarding potential investor and analyst interactions during the specified event.

Clarification on Conference Participation

Union Bank of India has officially stated that, due to certain unavoidable circumstances, the bank did not participate in the ‘JM Financial Flagship India Conference’. The conference was conducted by JM Financial Limited on November 19, 2025.

Details of Non-Participation

This announcement serves to inform stakeholders that Union Bank was not involved in the aforementioned conference. Further inquiries regarding the event should be directed to JM Financial Limited. The bank ensures transparency regarding its participation in investor and analyst events.

Source: BSE