Akzo Nobel India has provided an update regarding the re-lodgement of physical share transfer requests. The company has released data relating to the requests received and processed up to October 31, 2025. The company confirms compliance with regulatory guidelines concerning the re-lodgement process for physical shares. There were no requests received, processed, approved or rejected during the reporting period.

Update on Physical Share Transfers

Akzo Nobel India has announced a status update regarding the special window for re-lodgement of transfer requests related to physical shares. The announcement provides details on the processing of these requests as of October 31, 2025.

Key Data Points

According to the update, during the period ended October 31, 2025:

• No. of requests received during the month: NIL
• No. of requests processed during the month: NIL
• No. of requests approved: NIL
• No. of requests rejected: NIL
• Average time taken for processing of requests (in days): NA

Source: BSE

Bharat Forge’s Q2 FY26 performance was impacted by a sharp decline in North American truck production. Standalone revenues decreased by 7.5% sequentially to Rs 1,947 crores. Despite this, the company secured new orders worth Rs 1,582 Crores, including Rs 559 crores in Defence. Consolidated revenue & EBITDA stood at Rs 4,032 Crore and Rs 715 crores respectively.

Financial Performance Overview

Bharat Forge announced its financial results for Q2 FY26, noting a decline in performance due to challenges in the North American market. Standalone Revenues decreased by 7.5% sequentially, reaching Rs 1,947 crores, primarily impacted by a 16% drop in revenues from North America. CV exports to North America saw a significant decrease of 48% sequentially and 63% year-over-year.

Despite these challenges, EBITDA stood at Rs 545 Crores, with EBITDA margins of 28%, and PBT reached Rs 432 crores.

Consolidated revenue for Q2 FY26 was reported at Rs 4,032 Crore, with EBITDA at Rs 715 crores. The company’s balance sheet remains robust, featuring Cash reserves of Rs 2,309 crores and a ROCE (net) of 15.5%.

Order Book and Defense Sector

Bharat Forge secured new orders worth Rs 1,582 Crores during the period, which includes Rs 559 crores in Defence for H1 FY26. As of H1 FY26, the defence order book stood at Rs 9,467 crores. All Defence dedicated assets have been transferred to the company’s wholly-owned subsidiary, KSSL.

Segment Performance

Indian manufacturing remains a key focus area and growth driver, registering revenues of Rs 2,746 Crores and EBITDA of RS 676 crores.

Export Business

Q2 FY26 export revenue stood at Rs 9,420 million. A combination of slow freight growth, weak sentiment and tariff uncertainty weighed on CV demand in North America. The company expects current sluggishness to continue, given the ongoing policy uncertainty in the US.

Domestic Business

The company’s Q2 FY26 domestic revenue reached Rs 9,058 million. CV business performance was impacted by lower production volumes in anticipation of GST rate changes. The Passenger Car segment has shown consolidated gains and is expected to continue growing.

Subsidiary Performance

KSSL reported revenue from operations of Rs 3,990 for Q2 FY26 with an EBITDA of Rs 427. BFISL’s revenue from operations stood at Rs 2,213 and EBITDA at Rs 304 for the same period.

Source: BSE

Sarda Energy & Minerals Limited (SEML) reported strong financial results for Q2 and H1 FY26. Revenue significantly increased, driven by the energy segment. Q2 consolidated revenue reached ₹1,528 crore, a 32% YoY increase, and H1 revenue reached ₹3,161 crore, a 52% YoY increase. Profitability also saw substantial gains, reflecting robust operational performance and resilience in both the energy and metals segments.

Key Financial Highlights

Sarda Energy & Minerals Limited (SEML) has announced its consolidated and standalone financial results for the second quarter (Q2: Jul-Sep) and first half (H1: Apr-Sep) of fiscal year 2026. The company reported significant year-over-year (YoY) growth in revenue and profit.

Consolidated Financial Performance

Revenue from Operations:

• Q2 FY26: ₹1,528 crore (32% YoY increase)
• H1 FY26: ₹3,161 crore (52% YoY increase)

EBITDA:

• Q2 FY26: ₹580 crore (48% YoY increase)
• H1 FY26: ₹1,277 crore (75% YoY increase)

Profit After Tax:

• Q2 FY26: ₹328 crore (61% YoY increase)
• H1 FY26: ₹764 crore (90% YoY increase)

Cash Profit:

• Q2 FY26: ₹516 crore (34% YoY increase)
• H1 FY26: ₹1,158 crore (84% YoY increase)

Standalone Financial Performance

Revenue from Operations:

• Q2 FY26: ₹1,092 crore (43% YoY increase)
• H1 FY26: ₹2,399 crore (68% YoY increase)

EBITDA:

• Q2 FY26: ₹401 crore (74% YoY increase)
• H1 FY26: ₹997 crore (105% YoY increase)

Profit After Tax:

• Q2 FY26: ₹240 crore (95% YoY increase)
• H1 FY26: ₹626 crore (106% YoY increase)

Cash Profit:

• Q2 FY26: ₹367 crore (39% YoY increase)
• H1 FY26: ₹928 crore (101% YoY increase)

Segmental Performance

The energy segment was a key growth driver, contributing ₹715 crore and ₹1,505 crore to sales revenue in Q2 FY26 and H1 FY26, respectively, representing 47% of consolidated revenue. The segment delivered ₹331 crore and ₹759 crore in EBIT during Q2 FY26 and H1 FY26, representing approximately 70% and 72% of consolidated EBIT, respectively.

The metals segment also demonstrated steady performance with stable volume growth, despite facing some realization challenges.

Production and Sales (Consolidated)

Significant changes in the production and sales volumes for various products, including Iron Ore Pellet, Sponge Iron, Steel Billet, Wire Rod, H.B Wire, Ferro Alloys, Power (Thermal), Power (Hydro), and Coal, are detailed in the announcement. These figures provide a granular view of the company’s operational performance across its diverse product portfolio.

Source: BSE

Bharat Forge’s board has greenlit raising up to ₹20,000 million through term loans or debentures. Mr. Laxmiprasad Jahagirdar is now Senior Management Personnel (SMP). The board also reviewed and approved the unaudited financial results for Q2 FY26. This decision was made during a board meeting held on November 11, 2025.

Fundraising Approval

The Board of Directors has granted in-principal approval to raise funds not exceeding ₹20,000 million. The funds will be raised through term loans, non-convertible debentures, or other debt instruments. The Investment Committee will handle strategic business decisions related to this fundraising effort.

Senior Management Appointment

Mr. Laxmiprasad Jahagirdar, previously President and COO Manufacturing Operations, has been designated as a Senior Management Personnel (SMP). This appointment is effective from November 11, 2025.

Financial Results

The board reviewed and approved the unaudited financial results (standalone and consolidated) for Q2 FY26, which ended on September 30, 2025. A limited review report issued by BSR & Co. LLP, the company’s statutory auditors, accompanied the results.

Standalone Financial Performance

Bharat Forge reported a total income of ₹19,933.26 million for Q2 FY26, compared to ₹22,814.70 million for Q2 FY25. The profit for the period stood at ₹3,099.36 million, compared to ₹3,611.63 million in the corresponding quarter of the previous year.

Consolidated Financial Performance

The consolidated financial results show a total income of ₹40,854.40 million for Q2 FY26 compared to ₹37,501.56 million for Q2 FY25. The profit for the period was ₹2,992.78 million versus ₹2,432.96 million in the prior year quarter.

Source: BSE

Bharat Forge’s Board of Directors has approved raising funds up to ₹20,000 million through term loans or debentures. Additionally, Laxmiprasad Jahagirdar has been appointed as Senior Management Personnel (SMP), effective November 11, 2025. The decisions were made during a board meeting held on November 11, 2025, also covering financial results and strategic business matters.

Financial Boost Approved

The Board of Directors at Bharat Forge has given the go-ahead for raising funds not exceeding ₹20,000 million (Rupees Twenty Thousand Million Only). These funds will be secured through term loans, non-convertible debentures, or other debt instruments. The Investment Committee will manage the strategic business aspects related to this fund-raising activity. This decision was formalized on November 11, 2025.

Senior Management Appointment

Effective November 11, 2025, Laxmiprasad Jahagirdar, currently President and COO – Manufacturing Operations, has been designated as Senior Management Personnel (SMP). This appointment was formally approved during the board meeting on November 11, 2025, and aims to further strengthen the company’s leadership team and operational capabilities.

Financial Results Reviewed

The board reviewed and approved the unaudited financial results (standalone and consolidated) for Q2 FY26, ending September 30, 2025, along with the Limited Review Report.

Source: BSE

Tata Power has granted 50,73,760 employee stock options to eligible employees under its Employee Stock Option Plan 2023. The grant was approved by the Nomination and Remuneration Committee on November 11, 2025, following shareholder approval on September 25, 2023. These options can be exercised into equity shares with a face value of ₹1 each.

ESOP Grant Details

Tata Power has announced the grant of 50,73,760 employee stock options to eligible employees under ‘The Tata Power Company Limited – Employee Stock Option Plan 2023’.

Approval and Eligibility

The Nomination and Remuneration Committee approved the grant at its meeting on November 11, 2025. This follows the authority granted by the shareholders through a postal ballot dated September 25, 2023. The options were granted to eligible employees as determined by the Nomination and Remuneration Committee.

Key Terms of the Options

Each option can be exercised into one equity share of face value ₹1. The exercise price of each option is ₹395.85, based on the closing market price on November 10, 2025, on the National Stock Exchange of India Limited.

Vesting and Exercise Period

The vested options can be exercised within a maximum period of 2 years from the vesting date. The options will vest not earlier than a minimum of 1 year and not later than a maximum of 3 years from the grant date.

Additional Information

As of the date of the announcement, no options have been exercised or lapsed. No money has been realized from option exercises, and no shares have arisen from such exercises. There have been no variations of terms of the options, and no subsequent changes or cancellations have occurred.

Source: BSE

Aavas Financiers has announced the grant of stock options under its Equity Stock Option Plans (ESOP) and Performance Stock Option Plans (PSOP). The Nomination and Remuneration Committee approved the grants on November 11, 2025. A total of 3,01,230 options were granted under ESOP-2022, 10,000 under PSOP-2024, and 14,22,470 under ESOP-2025, to eligible employees.

Stock Option Grants Approved

Aavas Financiers has approved the grant of stock options under its existing Equity Stock Option Plan (ESOP) and Performance Stock Option Plan (PSOP) schemes. The decision was made by the Nomination and Remuneration Committee during its meeting held on November 11, 2025.

Details of Option Grants

The grants are distributed across three different schemes:

• Equity Stock Option Plan – 2022 (“ESOP-2022”): 3,01,230 options
• Performance Stock Option Plan – 2024 (“PSOP-2024”): 10,000 options
• Equity Stock Option Plan – 2025 (“ESOP-2025”): 14,22,470 options

Vesting Schedules

The vesting schedules vary depending on the specific plan:

ESOP 2022:

20% of options vest on each anniversary from the first to the fifth anniversary of the grant date.

PSOP 2024:

25% of options vest on each anniversary from the first to the fourth anniversary of the grant date.

ESOP 2025:

20% of options vest on each anniversary from the first to the fifth anniversary of the grant date.

Source: BSE