ICRA Limited has reaffirmed credit ratings for several step-down subsidiaries of JSW Energy, with most maintained at ICRA A+/Stable. Notably, JSW Vayu (Som) Private Limited had its rating upgraded from ICRA A-(Stable) to ICRA A+/Stable. These ratings reflect ICRA’s assessment of the financial health and stability of JSW Energy’s key subsidiary companies.

Credit Rating Update for JSW Energy Subsidiaries

JSW Energy announced that ICRA Limited has completed its credit rating review for its step-down subsidiaries. The ratings reflect the financial standing and performance capabilities of these entities.

Rating Actions Overview

The following subsidiaries have had their credit ratings reaffirmed at ICRA A+/Stable:

• Mytrah Vayu (Manjira) Private Limited
• Mytrah Vayu Urja Private Limited
• Bindu Vayu Urja Private Limited
• Mytrah Aadhya Power Private Limited
• Mytrah Vayu (Krishna) Private Limited
• JSW Vayu (Pennar) Private Limited
• JSW Aakash Power Private Limited
• JSW Abhinav Power Private Limited
• JSW Adarsh Power Private Limited
• JSW Advaith Power Private Limited
• JSW Akshaya Energy Private Limited
• JSW Vayu (Godavari) Private Limited
• JSW Vayu (Sabarmati) Private Limited

Mytrah Agriya Power Private Limited had its rating reaffirmed at ICRA A-/Stable.

Rating Upgrade

JSW Vayu (Som) Private Limited experienced a rating upgrade. Its credit rating was upgraded from ICRA A-(Stable) to ICRA A+/Stable.

Source: BSE

Ramkrishna Forgings has received a request from Ramkrishna Rail Infrastructure Private Limited (RRIPL), a member of the Promoter Group, to be reclassified as a ‘Public’ category shareholder. RRIPL holds 65,00,000 Equity Shares, representing 3.59% of the company. The reclassification request will be considered at the Board of Directors meeting scheduled for November 12, 2025.

Reclassification Request Overview

Ramkrishna Forgings has received a formal request for reclassification from a key entity within its Promoter Group. Ramkrishna Rail Infrastructure Private Limited (RRIPL), currently holding 3.59% of the company’s equity, has submitted this request.

Details of the Request

RRIPL, possessing 65,00,000 equity shares, is seeking to transition from the ‘Promoter & Promoter Group’ category to the ‘Public’ category shareholder classification. This request was officially communicated to Ramkrishna Forgings via a letter dated November 11, 2025.

Board Consideration

The Board of Directors of Ramkrishna Forgings is scheduled to review this reclassification request at an upcoming board meeting. This meeting is scheduled for Wednesday, November 12, 2025.

RRIPL Confirmation

Ramkrishna Rail and Infrastructure Private Limited confirmed that they do not hold more than 10% of the total voting rights in the company. They also confirmed that they do not exercise control over the affairs of the Company, whether directly or indirectly.

Source: BSE

Max Financial Services announced its Investor Release for H1 FY26, showcasing strong growth. Individual Adjusted first-year Premium grew by 18% to Rs 3,891 cr. Value of New Business increased by 27% to Rs 974 cr. The company maintains leadership positions in persistency and online protection. The results reflect a robust performance and strategic focus on long-term growth and customer value.

Financial Performance Highlights

Max Financial Services reported strong financial results for H1 FY26:

• Individual Adjusted first-year Premium: Rs 3,891 cr, up 18%.
• Total APE grew by 15%.
• MFSL revenue, excluding investment income, grew by 18% to Rs 15,090 cr.
• Consolidated Profit After Tax: Rs 92 cr.
• Value of New Business (VNB): Rs 974 cr, a 27% increase. In Q2 FY26, VNB was Rs 640 cr, up 25%.
• New Business Margin (NBM): 23.3%. Q2 FY26 NBM was 25.5%.
• Operating RoEV: 16.3%.

Key Strategic Achievements

The company highlighted several strategic achievements during H1 FY26:

• Proprietary channels APE grew by 17%.
• Total Partnership APE grew by 13%.
• Maintained leadership in Overall E-commerce, ranked #1 in online Protection & Savings.
• Successfully onboarded 31 new partners.

Product and Customer Initiatives

Max Financial Services continued to focus on product innovation and customer service:

• Retail Protection and Health APE grew by 36% to 540 cr.
• Annuity APE grew significantly, with Q2 FY26 showing a 122% increase.
• Launched the Group Smart Health Insurance Plan.
• Introduced short Premium Payment Term options in the SWAG Pension plan.
• Maintained leadership in 13M Persistency and ranked #2 in 25M and 37M persistency.
• Axis Max Life’s Customer App onboarded 21% new to digital ecosystem customers.

Axis Max Life Financial Summary

Axis Max Life Insurance’s financial performance summary for H1 FY’26 includes:

• Total APE: Rs 4,175 cr, up 15%.
• Ind Adjusted FYP: Rs 3,891 cr, up 18%.
• Gross Written Premium: Rs 15,490 cr, up 18%.
• Renewal Premium: Rs 9,503 cr, up 18%.
• AUM: Rs 1,85,336 cr, up 9%.
• Net Worth: Rs 6,294 cr, up 6%.
• Embedded Value: 26,895 cr, up 15%.
• Solvency: 208%.

Key Business Segments Growth

• Retail Protection and Health APE grew by 36%.
• Annuity APE grew by 85%.
• Group Credit Life grew by 24% in Q2 FY26.

Distribution Channels

• Proprietary channels APE grew by 17% YoY.
• Total Partnership grew by 13% YoY.

Source: BSE

Mr. Rajesh Mannalal Agrawal has completed his 5-year term as an Independent Director of SBFC Finance, effective November 12, 2025. The company acknowledged Mr. Agrawal’s contributions during his tenure. His cessation aligns with his original appointment terms. The updated information is available on the company’s website.

Independent Director Transition

SBFC Finance announces that Mr. Rajesh Mannalal Agrawal (DIN: 00302467) has completed his tenure as an Independent Director of the company on November 11, 2025. His role officially ceased on November 12, 2025, following a continuous 5-year term.

Acknowledgement of Contributions

SBFC Finance expressed its appreciation for the substantial contributions made by Mr. Rajesh Mannalal Agrawal throughout his service to the company. The company values his insights and guidance during his term.

Further Information

Additional details can be found in the ‘Annexure A’.

Source: BSE

Gujarat State Petronet Ltd (GSPL) has announced its unaudited financial results for the quarter ended September 30, 2025. For Q2 2025-26, the standalone revenue from gas transportation was ₹266.51 crore. The company’s Board approved these results on November 11, 2025. Presentation on performance highlights is available on the company website.

Transmission Volumes

GSPL’s transmission volumes in Q2 2025-26 reached 28.49 MMSCMD.

A comparison of transmission volumes across different quarters:

• Q1 2023-24: 29.37 MMSCMD
• Q2 2023-24: 30.20 MMSCMD
• Q3 2023-24: 33.37 MMSCMD
• Q4 2023-24: 36.39 MMSCMD
• Q1 2024-25: 29.02 MMSCMD
• Q2 2024-25: 29.68 MMSCMD
• Q3 2024-25: 29.03 MMSCMD
• Q4 2024-25: 29.65 MMSCMD
• Q1 2025-26: 25.76 MMSCMD

Sectoral Volumes

Breakdown of GSPL’s volumes by sector:

• CGD: Q2 2024-25: 18.14%, Q1 2025-26: 18.37%, Q2 2025-26: 17.38%
• Refinery/Petchem: Q2 2024-25: 10.72%, Q1 2025-26: 12.66%, Q2 2025-26: 9.20%
• Fertilizer: Q2 2024-25: 14.12%, Q1 2025-26: 11.43%, Q2 2025-26: 15.25%
• Power: Q2 2024-25: 21.95%, Q1 2025-26: 21.27%, Q2 2025-26: 21.03%
• Others: Q2 2024-25: 35.07%, Q1 2025-26: 36.27%, Q2 2025-26: 37.14%

Standalone Financials (Quarterly)

Key financial figures for the quarter:

• Gross Income: Q2 2024-25: ₹552 Crores, Q1 2025-26: ₹580 Crores, Q2 2025-26: ₹487 Crores
• PBDIT: Q2 2024-25: ₹389 Crores, Q1 2025-26: ₹479 Crores, Q2 2025-26: ₹327 Crores
• PAT: Q2 2024-25: ₹246 Crores, Q1 2025-26: ₹382 Crores, Q2 2025-26: ₹142 Crores

Sectoral Revenue (Standalone)

Revenue breakdown for Q2:

• Revenue from Gas Transportation: Q2 2025-26: ₹266.51 Crores, Q2 2024-25: ₹246.94 Crores
• Revenue from Electricity Sales: Q2 2025-26: ₹7.55 Crores, Q2 2024-25: ₹11.02 Crores
• Total Revenue from Operations: Q2 2025-26: ₹274.06 Crores, Q2 2024-25: ₹257.96 Crores

Consolidated Financials

Key consolidated figures:

• Gross Income: Q2 2025-26: ₹4,321 Crores, Q2 2024-25: ₹4,235 Crores
• PBT: Q2 2025-26: ₹527 Crores, Q2 2024-25: ₹577 Crores
• PAT: Q2 2025-26: ₹389 Crores, Q2 2024-25: ₹423 Crores

Source: BSE

Max Financial Services reports strong H1 FY’26 results. Consolidated revenue, excluding investment income, grew by 18% YoY. Individual Adjusted First Year Premium increased by 18%, reaching ₹3,891 crores. The company’s VNB (Value of New Business) rose by 27% YoY. Axis Max Life’s market share increased by 83 bps to 10.1%. New business margins improved by 210 bps to 23.3%.

Key Financial Highlights for H1 FY’26

Max Financial Services Limited announced an 18% growth in consolidated revenue excluding investment income for the first half of fiscal year 2026 (H1 FY’26). Revenue reached ₹15,090 crores. Including investment income, total consolidated revenue stands at ₹22,624 crores, with a consolidated PAT of ₹92 crores.

Individual Adjusted First Year Premium grew by 18% to ₹3,891 crores. This performance has led to Axis Max Life increasing its market share by 83 bps to 10.1% during H1 FY’26.

Profitability and Growth Metrics

The Value of New Business (VNB), a key measure of profitability, saw a significant increase of 27% year-over-year. This brought the VNB to ₹974 crores. The new business margin improved by 210 bps, reaching 23.3% for H1 FY’26, and 25.5% in Q2 FY’26 (July-September).

Axis Max Life’s Gross Written Premium increased by 18% YoY to ₹15,490 crores, driven by an 18% increase in renewal premium to ₹9,503 crores. Individual New Business Sum Assured grew by 25%, reaching ₹2,15,763.

Assets and Solvency

Assets Under Management (AUM) grew by 9% to ₹1,85,336. Embedded Value increased by 15% to ₹26,895 crores, resulting in an Operating RoEV of 16.3%. The company reported a solvency ratio of 208%.

Strategic Developments

Axis Max Life onboarded 31 new partners during H1 FY’26, including 16 retail and 15 group business partners. They continue to lead the industry in retail protection sales and maintain a leading position in the online market for both protection and savings categories.

Executive Commentary

Sumit Madan, CEO and Managing Director of Axis Max Life, noted the company’s strong growth in Individual Adjusted First Year Premium and Value of New Business, attributing it to their proprietary channels and partnership verticals. He highlighted the strength of their balanced channel mix and the consistent expansion of new business margins.

Source: BSE

Gujarat Fluorochemicals Limited has announced the availability of the audio recording of its conference call with investors and analysts. The call, held on November 11, 2025, discussed the company’s financial performance for the second quarter of fiscal year 2026 (Q2FY26). The audio recording is accessible through a provided link for stakeholders to review the discussions.

Q2FY26 Investor Call Audio

Gujarat Fluorochemicals Limited has released the audio recording of the investor/analyst conference call pertaining to their Q2FY26 financial results. The conference call took place on November 11, 2025, at 17:00 Hrs IST.

Accessing the Recording

The audio recording of the conference call is available for listening and download at the following link: https://gfl.co.in/upload/pages/Trasnscript%20Audio%20(1).mp3. Interested parties can access this recording to gain insights into the company’s Q2FY26 financial performance discussion.

Source: BSE

WAAREE Energies has received an order to supply 360MW of solar modules from a well-known customer. The customer specializes in developing and operating utility-scale solar and energy storage projects. This order will be fulfilled during the financial year 2025-26 and reinforces WAAREE Energies’ position in the solar energy sector.

New Solar Module Supply Agreement

WAAREE Energies has secured a new order for the supply of solar modules. The agreement, formalized on November 11, 2025, involves delivering 360MW of solar modules to a significant client in the renewable energy sector.

Client Profile

The client is identified as a reputable developer and owner-operator specializing in utility-scale solar and energy storage solutions. The company is a leader in large-scale renewable energy projects, highlighting WAAREE’s ability to serve major players in the industry.

Project Timeline

The supply of the 360MW solar modules is scheduled to take place within the financial year 2025-26. This deployment schedule ensures WAAREE’s production and delivery capabilities align with the client’s project development timelines.

Source: BSE