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

Alembic Pharmaceuticals reported a 16% year-on-year revenue growth in Q2 FY26, reaching INR 1,910 crores. Growth was driven by higher volumes and new product launches. EBITDA before R&D expenses stood at INR 503 crores, representing a 26% margin. The company completed the acquisition of Utility Therapeutics, marking its entry into the US branded drugs market. They maintain focus on complex injectables and plan to launch 4-5 products in Q3 and Q4.

Financial Performance

Alembic Pharmaceuticals announced strong financial results for Q2 FY26:

• Revenue grew by 16% year-on-year to INR 1,910 crores.
• EBITDA before R&D expenses was INR 503 crores, with a 26% EBITDA margin.
• Gross margin was 73% for the quarter.
• R&D expenses increased by 41% year-on-year to INR 187 crores.
• Profit before tax grew by 34% year-on-year to INR 225 crores.

Segmental Performance

Key highlights from different segments include:

• India Branded Business delivered revenue of INR 639 crores, a 5% year-on-year growth.
• International Business saw a 31% growth in rest of world markets.
• US business grew by 21%.
• API business grew by 15%.

Strategic Initiatives

Alembic is actively pursuing several strategic initiatives to drive future growth:

• Completed the acquisition of Utility Therapeutics for entry into the US branded drugs market with Pivya.
• Filed 2 ANDAs during the quarter, with cumulative filings at 269.
• Received 6 approvals and 1 tentative approval.
• Launched 3 products in the US.

Future Outlook

The company expects to launch 4-5 products in both Q3 and Q4 of this financial year. R&D investment remains a priority, with a focus on complex injectables and high-value areas. They aim to improve EBITDA margins to 18%-19% in the next year and to 20% in the coming years with better facility utilization and sector growth.

Utility Therapeutics and Pivya Launch

Alembic’s acquisition of Utility Therapeutics marks its entry into the branded segment in the US, initially focusing on women’s health. The company plans a phased approach to build out a field force to promote Pivya, a product targeting urinary tract infections.

Azithral Sales

Azithral sales are stabilizing, with an expected upward trend. Animal health continues to outperform, and Gynecology is also performing well.

Source: BSE

Aadhar Housing Finance reported a strong Q2 FY’26, marked by 21% AUM growth reaching ₹27,554 crores. Disbursements rose by 16% Y-o-Y to ₹4,089 crores. Asset quality remained stable with gross NPAs at 1.42%. The company added 20 new branches, expanding its reach to 611 branches across 22 states, serving over 3.15 lakh customers. The company anticipates growth in the low-income housing segment, boosted by favorable policy reforms.

Strong Financial Performance

Aadhar Housing Finance announced its earnings for Q2 FY’26, reporting an AUM of ₹27,554 crores, representing a 21% year-over-year growth. The company’s disbursements reached ₹4,089 crores, a 16% Y-o-Y increase. The company has well-contained asset quality, reflected in gross NPAs at 1.42%.

Operational Expansion

During the quarter, Aadhar Housing Finance strategically added 20 new branches, which brings the total number of branches to 611 across 22 states and 549 districts. The company now serves over 3.15 lakh live customers.

Strategic Focus and Outlook

Aadhar Housing Finance is focusing on maintaining a healthy book and delivering consistent performance. The company’s cost-to-income ratio improved by 30 bps Y-o-Y. Balance transfer out for H1 FY ’26 stood at 5.4%. The affordable housing finance segment in the country is poised for significant growth in the coming quarters. PAT for H1 FY’26 was ₹504 crores, a growth of 18%, while Q2 FY’26 PAT was ₹266 crores, up 17%. The company delivered an overall PAT of Rs. 504 crores compared to Rs. 428 crores in H1 FY ’25.

Asset Quality and Borrowings

The company reported gross NPAs at 1.4% and NNPA at 1%. The Stage-II provision coverage ratio currently stands at 34.3%, with Stage-II dropping by approximately 20 bps sequentially. As of September 30, 2025, the company’s overall borrowings stood at ₹17,600 crores with 50% from banks.

Growth Drivers and Future Plans

The company emphasizes digital transformation to streamline processes, improve turnaround times, and enhance customer experience. Reduction in GST on inputs is expected to lower construction costs for developers, improving project viability and price affordability for homebuyers. The company is aiming for a further 10 bps improvement in overall cost of funds, potentially leading to a spread of around 5.8% by year-end.

Urban and Emerging Markets

Approximately 45% of Aadhar’s business currently comes from emerging markets, with a goal to reach a 50-50 model. The company plans to continue adding 50-55 branches, of which 15 will be in urban areas and 35 in emerging locations.

Source: BSE