Aavas Financiers has released its unaudited financial results for the quarter and half-year ended September 30, 2025. The results showcase a 16% increase in Assets Under Management (AUM) to ₹213.6 bn and a 21% rise in disbursement to ₹15.59 bn. The company maintains a strong retail loan focus at 99.5%. Profit After Tax (PAT) increased by 11% to ₹1,644 mn for the quarter.

Financial Performance Highlights

Aavas Financiers reported strong financial performance, as highlighted in their latest unaudited results. Key indicators demonstrate growth and stability:

• Assets Under Management (AUM): Increased by 16% to ₹213,566 mn compared to the previous year.
• Disbursement: Up by 21%, reaching ₹15,599 mn.
• Profit After Tax (PAT): Saw an 11% increase, totaling ₹1,644 mn.

Key Financial Ratios

The report also provided updates on critical financial ratios, reflecting efficient operations:

• Spread: Increased to 5.23%, a +34 bps change.
• Net Interest Margin (NIM): Improved to 8.04%, an increase of +26 bps.

Portfolio and Operational Metrics

Aavas Financiers continues to focus on retail lending and maintain a strong operational footprint:

• Retail Loans: Comprise 99.5% of the portfolio.
• Home Loans (HL) vs. Non-Home Loans (NHL): The portfolio consists of 67% HL and 33% NHL.
• Branch Network: Includes 405 branches, with over 80% located in Tier 3+ cities.

Asset Quality

The company maintains robust asset quality:

• Gross Non-Performing Assets (GNPA): Stood at 1.24%.
• Net Non-Performing Assets (NNPA): Reported at 0.85%.

Capital Adequacy and Borrowings

Aavas Financiers exhibits strong capital adequacy and diversified funding sources:

• Capital Adequacy Ratio (CRAR): Maintained at a healthy 46.42%.
• Increased Borrowings: Totaled ₹30.99 bn with a rate of 7.82%.
• Number of Lenders: The company works with over 35 lenders.

Source: BSE

JB Chemicals & Pharmaceuticals Limited reported an 8% revenue increase in Q2 FY26, reaching INR 1,085 crores. Domestic formulations grew by 9%, and the international business also contributed positively. The company continues to focus on key brands and strategic growth initiatives, demonstrating consistent financial performance. Strong ROCE and cash flow generation remain priorities.

Financial Highlights for Q2 FY26

JB Chemicals & Pharmaceuticals Limited announced its financial results for Q2 FY26, showcasing solid growth and consistent performance:

• Revenue increased by 8% to INR 1,085 crores, compared to INR 1,001 crores in Q2 FY25.
• Domestic formulations business grew by 9%, with revenue reaching INR 644 crores.
• International business also contributed positively, with revenue increasing by 7% to INR 441 crores.

EBITDA and Margins

The company also reported strong EBITDA and margin performance:

• Operating EBITDA grew by 12% to INR 319 crores, compared to INR 285 crores in the previous year.
• Operating EBITDA margin stood at 29.4%.

Domestic Business Performance

The domestic business maintained its growth trajectory, with several key brands performing well:

• JB Pharma outperformed the Indian Pharmaceutical Market (IPM), with a growth of 12%.
• Key brands, including Cilacar, Cilacar-T, Metrogyl, Nicardia, and Sporlac, gained market share.
• The Razel franchise achieved sales of over INR 100 crores.

International Business Update

The international business showed resilience and growth in key markets:

• CDMO business grew by 20%, contributing to the overall international revenue.
• API business recovered well, boosting the segment’s revenue.

Acquired Portfolios

Acquired brands continued to contribute positively to overall revenue and growth:

• Sporlac franchise revenue reached INR 153 crores.
• Azmarda clocked sales of INR 79 crores.
• The ophthalmology portfolio from Novartis is progressing well after integration in January 2024, with 10% growth in H1 FY26.

Sustainability Initiatives

JB Pharma remains committed to sustainability, with ongoing efforts to reduce its environmental impact and promote social responsibility:

• >34% decrease in Scope 1 emissions.
• >273% increase in renewable energy consumption.

Source: BSE

NHPC Limited will participate in several investor conferences in Mumbai during November 2025. These include the 28th CITIC CLSA India Forum, the Avendus Spark Institutional Equities conference, and the JM Financials investor conference. The interactions will provide opportunities for analysts and investors to engage with NHPC’s management.

Investor Conference Engagements

NHPC Limited has announced its participation in the following investor conferences in November 2025. These events will enable the company to engage with analysts and investors to discuss its performance and outlook.

Conference Schedule

The schedule of NHPC’s participation in these investor conferences is as follows:

Monday, November 17, 2025: In-person interaction at the 28th CITIC CLSA India Forum in Mumbai

Tuesday, November 18, 2025: In-person interaction at the Avendus Spark Institutional Equities Investor Conference in Mumbai

Wednesday, November 19, 2025: In-person interaction at the JM Financials Investor Conference in Mumbai

Source: BSE

J.B. Chemicals & Pharmaceuticals announced an 8% increase in revenue, reaching INR 1085 crores in Q2 FY26. Operating EBITDA rose by 12% to INR 319 crores, while Net Profit increased by 19% to INR 208 crores. The company’s domestic business continues to outperform the market, driving robust growth. They are focused on building a progressive, agile, and future-ready organization.

Q2 FY26 Financial Highlights

J.B. Chemicals & Pharmaceuticals Ltd announced its financial results for the quarter ended September 30, 2025, showcasing strong growth across key metrics:

• Revenue: INR 1,085 crores, up 8% from INR 1,001 crores in Q2 FY25.
• Operating EBITDA: INR 319 crores, a 12% increase compared to INR 285 crores in the same quarter last year.
• Net Profit: INR 208 crores, reflecting a 19% rise from INR 175 crores in Q2 FY25.

Operating EBITDA is after excluding non-cash ESOP charge and one off charges.

H1 FY26 Performance Overview

For the first half of FY26, the company reported:

• Revenue: INR 2179 crores, compared to INR 2005 crores, a growth of 9%.
• Operating EBITDA: Increased by 13% to INR 649 crores from INR 576 crores.
• Profit after Tax: Registered a 17% growth to INR 410 crores versus INR 351 crores in H1 FY25.

Segment Performance

A breakdown of sales performance for Q2 FY26 compared to Q2 FY25:

• Domestic Formulations: INR 644 crores, up 9% from INR 588 crores.
• International Formulations: INR 441 crores, a 7% increase from INR 413 crores.
• Total Revenue: INR 1085 crores, an 8% rise from INR 1001 crores.

Key Business Highlights

• The domestic formulations business recorded revenue of INR 644 crores versus INR 588 crores (YoY growth of 9%).
• International business revenue grew by 7% to INR 441 crores versus INR 413 crores.
• Operating EBITDA grew by 12% to INR 319 crores versus INR 285 crores.

CEO’s Perspective

Mr. Nikhil Chopra, CEO, stated, “JB’s domestic business continued to outperform the market, with all major brands delivering robust growth. Our focus on driving steady volume growth across key brands – including recently acquired portfolios – continues to yield good results. On the international front, momentum in our CDMO business has returned, supported by a solid order book…”

Source: BSE

Torrent Power announced a 48% increase in net profit for Q2 FY26. The growth was driven by higher contribution from merchant power sales from gas-based power plants, fueling the increase in Total Comprehensive Income. Revenue from Operations also saw a 10% increase compared to the previous year. The company also inaugurated a Green Hydrogen Plant in Gorakhpur.

Financial Performance Highlights

Torrent Power reported a significant increase in its financial performance for the second quarter of fiscal year 2026.

Key highlights include:

• Revenue from Operations: ₹7,876 Crs in Q2 FY26, a 10% increase from ₹7,176 Crs in Q2 FY25. For H1 FY26, Revenue was ₹15,782 Crs.
• EBITDA: ₹1,584 Crs in Q2 FY26, up 19% from ₹1,332 Crs in Q2 FY25. H1 FY26 EBITDA reached ₹3,171 Crs.
• Total Comprehensive Income (TCI): ₹730 Crs in Q2 FY26, representing a 48% surge from ₹492 Crs in Q2 FY25. H1 FY26 TCI amounted to ₹1,469 Crs.

Factors Driving Growth

The company’s strong operational performance was primarily attributed to a ₹238 Crs increase in Total Comprehensive Income (TCI) for the quarter, driven by:

• Increased contribution from merchant power sales, including LNG sales, from gas-based power plants.
• Reduction in finance costs, partially offset by increased depreciation due to capex and commissioning of additional renewable generation capacity.

Key Developments

During the quarter, Torrent Power achieved significant milestones including:

• Secured 1,600 MW Thermal Project: The company secured a Letter of Award from MP Power Management Company Limited for the long-term supply of power from a new 1,600 MW coal-based power plant at a tariff of ₹5.829 per kWh.
• Green Hydrogen Plant Inaugurated: The first Green Hydrogen Plant in Gorakhpur, developed by Torrent Power and Torrent Gas, was inaugurated. The plant has an annual production capacity of 72 TPA and represents India’s largest hydrogen-natural gas blending initiative within the City Gas Distribution sector.

Company Overview

Torrent Power has an aggregate installed generation capacity of 4,961 MWp. Renewable projects of ~3.6 GWp, pumped storage capacity of 3 GW and coal based power capacity of 1.6 GW are under development.

Source: BSE

Bharti Airtel reported strong Q2 2025 results with consolidated revenues of approximately ₹52,000 Crores. Key priorities include ESG initiatives, network expansion (2480 new sites), and balance sheet strength (net debt to EBITDAAL at 1.32). The company added 1.4 million revenue-earning mobile customers and is focusing on upgrading feature phone users to smartphones. Airtel is also addressing the AGR issue and expanding 5G with 167 million users.

Financial Performance Overview

Bharti Airtel announced its financial results for the second quarter of 2025, showcasing consistent performance across various segments. Some key highlights include:

• Consolidated revenues of approximately ₹52,000 Crores.
• India revenues, excluding Indus, reached ₹34,900 Crores.
• EBITDAaL margin, excluding passive infra, stood at 51.5%.
• Operating free cash flow (EBITDAaL less capex) was robust at ₹10,750 Crores.

The company’s India net debt to EBITDAAL now stands at 1.32, reflecting disciplined capex management and operational excellence.

Strategic Priorities and Initiatives

Bharti Airtel is actively pursuing several strategic objectives to strengthen its market position and drive future growth:

• ESG Agenda: Solarizing over 2900 sites, increasing the total to over 35,000.
• Network Expansion: Adding approximately 2480 network sites and rolling out over 10,000 km of fiber during the quarter.
• 5G Expansion: Reached 167 million 5G users, with sites handling over 40% of total network traffic.
• Broadband Growth: Added 951,000 new customers and crossed 2.3 million FWA subscribers.

Addressing the AGR Issue

Bharti Airtel is actively engaged in addressing the AGR (Adjusted Gross Revenue) issue, welcoming the Supreme Court’s order permitting a comprehensive assessment and reconciliation of AGR dues up to financial year 2016-2017. The company plans to engage with the government to resolve the matter.

Focus on Customer Experience

The company remains committed to delivering a brilliant customer experience through digital capabilities. Their Al-powered anti-spam solution identified over 57 billion spam calls and 4.2 lakh fraudulent links. The Ministry of Home Affairs has confirmed a 69% decrease in the value of financial losses on the Airtel network due to these efforts.

Bharti Hexacom Performance

Bharti Hexacom’s Q2 2025 performance included:

• Revenue of Rs.2,317 Crores, growing about 2.4% sequentially.
• EBITDAAL for the quarter came in at about Rs.1,098 Crores, with a margin of about 47.5%.
• Revenue earning customer base stood at 28 million.

Source: BSE

Torrent Power announced a strong financial performance for Q2 FY 2025-26, with a 20% increase in contribution, reaching ₹2,170 Cr. The results were primarily driven by increased merchant power sales and efficient operations. Total Comprehensive Income (TCI) stood at ₹730 Cr. The company is expanding its renewable capacity and improving its distribution networks, setting the stage for future growth.

Financial Performance Highlights

Torrent Power has demonstrated strong financial results for Q2 FY 2025-26. Key highlights include:

• Revenue from Operations: Increased by 10% to ₹7,876 Cr.
• Contribution: Up 20% to ₹2,170 Cr.
• Profit Before Tax: Increased by 42% to ₹979 Cr.
• Profit After Tax: Increased by 50% to ₹742 Cr.
• Total Comprehensive Income (TCI): Stood at ₹730 Cr, a 48% increase.

Key Growth Drivers

The company’s performance was driven by:

• Increased contribution from merchant power sales, including LNG sales from gas-based power plants.
• Reduction in finance costs, partially offset by increased depreciation due to capex and commissioning of additional renewable capacity.

Operational Performance

Torrent Power continues to focus on operational efficiency:

• Distribution loss of just 2.34% in FY25 for licensed distribution areas with power availability of 99.9%.
• Targeting an increase in renewable portfolio to ~5.4 GW.
• Focus on Green Hydrogen and Pumped Storage Power (PSP) with an eventual target of establishing ~8.4 GW of capacity.

Renewable Energy Expansion

Torrent Power is committed to expanding its renewable energy capacity. Noteworthy projects include:

• MSEDCL project with a capacity of 367 MWp, with part project commissioned.
• Various SECI projects totaling 722 MWp with SCOD in 2026.
• TPL-D project with a capacity of 825 MW with SCOD by September 2026.

Distribution Network Improvements

The company has made significant strides in improving its distribution networks:

• Ahmedabad/Gandhinagar: Distribution loss of 3.33% (Q2 FY26).
• Surat: Distribution loss of 2.81% (Q2 FY26).
• Bhiwandi: Reduction in AT&C losses from 58% at the time of takeover to less than 10% in FY25.

Source: BSE

Finolex Cables Limited has announced that its Board of Directors approved an amendment to the Company’s Code of Conduct at a meeting held on November 11, 2025. The amendment focuses on regulating, monitoring, and reporting trading activities by designated persons and their immediate relatives, in accordance with SEBI’s regulations. The amended code is available on the company website.

Insider Trading Code Amendment

The Board of Directors of Finolex Cables Limited has approved an amendment to the Company’s Code of Conduct during its meeting held on November 11, 2025. This amendment is designed to better regulate, monitor, and report trading activities conducted by designated individuals and their immediate family members.

Details of the Amended Code

The amended Code of Conduct aims to ensure compliance with the SEBI (Prohibition of Insider Trading) Regulations, 2015. It includes provisions for:

• Regulating trading by designated persons.
• Monitoring trading activities.
• Reporting procedures for trading.

Availability of the Code

The amended Code of Conduct has been made available for review and can be accessed on the company’s website at www.finolex.com.

Key Definitions within the Amended Code

The updated code includes precise definitions to ensure clarity and compliance. Some important definitions include:

• Compliance Officer: Responsible for ensuring compliance with policies, maintaining records, and implementing the Code.
• Connected Person: Any person associated with the Company who has access to Unpublished Price Sensitive Information (UPSI).
• Designated Person: Connected persons, including directors, promoters, and key managerial personnel.
• Insider: Any person with access to UPSI.
• Trading: Subscribing, buying, or selling securities.
• UPSI: Unpublished Price Sensitive Information that could affect the price of securities.

Structured Digital Database

The company will maintain a structured digital database containing information on those who have access to UPSI, ensuring proper controls and time stamping.

Trading Window Closure Period

Designated persons and their immediate relatives cannot trade during the Trading Window Closure Period. This period starts at the end of every quarter and lasts until 48 hours after the declaration of financial results.

Penalties for Contravention

The code outlines penalties for non-compliance, including warnings and fines based on the severity and frequency of the violation.

Source: BSE