Clean Science and Technology Limited announced its Q2 FY26 results, with revenues reaching INR206 crores on a standalone basis. EBITDA margins remained resilient at 44%. The company commercialized HALS 2020, improving the HALS portfolio’s material margin to 35%. Approximately INR150 crores was invested in CFCL during the first half year. Monthly run rate volumes for the HALS segment in Q2 FY26 averaged approximately 260 tons, representing a 25% growth.

Financial Performance Overview

Clean Science and Technology Limited reported a revenue of INR206 crores on a standalone basis for Q2 FY26, a decrease of 5% sequentially and 8% year-on-year, primarily due to lower sales in certain established products. The company’s EBITDA margins remained strong at 44% for the quarter. Standalone EBITDA was reported at INR90 crores, a 10% decrease Q-o-Q and 5% decrease Y-o-Y. The company’s standalone PAT stood at INR65 crores, 15% lower Q-o-Q and 4% lower Y-o-Y, impacted primarily by forex losses.

Segmental Highlights

The company successfully commercialized HALS 2020, enriching its product portfolio, and improved the material margin for the HALS portfolio to 35% from 31% due to improved raw material costs. The HALS segment saw its monthly run rate volumes average to approximately 260 tons per month in Q2, reflecting a growth of over 25% compared to the previous quarter.

Capex and New Products

Clean Science invested approximately INR150 crores in its subsidiary, CFCL, during the first half of the year. Performance Chemical 1 is undergoing chemical trials with satisfactory results, with commercialization expected this month. The company also successfully commercialized barbituric acid by repurposing an existing facility and expanded capacities for some food-grade antioxidants.

Market Dynamics and Outlook

Lower sales during the quarter were attributed to price declines in end products due to competition from Chinese suppliers and demand uncertainty in end markets. The company believes these trends represent a mix of tariff impacts and demand slowdown in some end industries, influencing customer purchasing behavior. Looking ahead, the company aims to work closely with customers, addressing price reductions where needed to maintain competitiveness and market share.

Source: BSE

Aadhar Housing Finance has been penalized Rs. 14,78,996 by the Employee Provident Fund Authority for delays in Provident Fund contributions. The delays stemmed from technical issues related to incomplete Aadhaar seeding of employee accounts. The company has since taken corrective measures to address the issue and deposit the pending contributions. The levied charges have started reflecting on the EPFO portal.

PF Contribution Delay

Aadhar Housing Finance has received notice regarding a penalty levied by the Employee Provident Fund Authority (EPFO) due to delays in Provident Fund contributions. The penalty amounts to Rs. 14,78,996.

Reason for the Delay

The delay in remitting PF contributions was primarily due to technical glitches related to incomplete Aadhaar seeding and mismatches in employee data with the Universal Account Numbers (UANs) on the EPFO portal. Addressing these technical difficulties has been mandatory as per current EPFO guidelines.

Company Response

Upon identifying the issue, Aadhar Housing Finance took immediate corrective action. This included completing the Aadhaar verification process and subsequently depositing the outstanding contributions. As of November 11, 2025, the damages levied as penalty started reflecting on the EPFO portal.

Financial Impact

The company states that the delay was purely technical and unintentional, with no intention to withhold or defer statutory dues. The financial impact is limited to the extent of the Rs. 14,78,996 damages payable, and no material impact is expected on the company’s operations or other activities.

Source: BSE

Solar Industries India Limited has announced the issuance of Commercial Paper aggregating to ₹50 Crore on November 11, 2025. The commercial paper has a tenure of 90 days and will mature on February 9, 2026. The coupon/interest offered is 6.26% upfront, with the principal amount due on maturity.

Commercial Paper Issuance

Solar Industries India Limited has issued commercial paper amounting to ₹50 Crore on November 11, 2025. This issuance aims to meet the company’s short-term funding requirements.

Key Details of the Commercial Paper

Here are the key details regarding the issued commercial paper:

Size of the issue

₹50 Crore

No of Units

1000

Listing

BSE Limited

Tenure

90 days

Date of Allotment

November 11, 2025

Date of Maturity

February 9, 2026

Coupon/Interest

6.26%

Payment of Interest

Upfront

Payment of Principal

On maturity

The commercial paper is listed on the BSE Limited.

Impact and Purpose

This issuance of commercial paper provides Solar Industries India Limited with short-term funding to support its operational and financial activities. The 6.26% interest rate reflects the prevailing market conditions and the company’s credit profile.

Source: BSE

Bikaji Foods International Limited announced a strong Q2 FY26 performance, featuring a 15.2% increase in revenue, reaching INR 8,303 mn. The company also saw underlying volume growth of 10.8%. EBITDA stood at INR 1,282 mn, with a gross margin of 35.0%. PAT grew by 13.5% to INR 777 mn.

Q2 FY26 Financial Highlights

Bikaji Foods International Limited reported robust financial results for Q2 FY26:

• Revenue from operations: Increased by 15.2% to INR 8,303 mn.
• Underlying volume growth: 10.8%.
• Gross Margin: 35.0% (up 170 bps YoY).
• EBITDA: INR 1,282 mn.
• EBITDA growth: 20.1% (up 130 bps YoY ex PLI).
• PAT growth: 13.5%, reaching INR 777 mn.

H1 FY26 Financial Highlights

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

• Revenue from operations: Increased by 14.8% to INR 14,830 mn.
• Underlying volume growth: 9.4%.
• Gross Margin: 35.0% (up 140 bps YoY).
• EBITDA: INR 2,245 mn.
• EBITDA growth: 13.1% (up 50 bps YoY ex PLI).
• PAT growth: 7.9%, reaching INR 1,362 mn.

Category-Wise Performance

The following table details the installed capacity as of September 30, 2025:

Bhujia: 57,600 (in metric tonnes).
Namkeen: 141,540 (in metric tonnes).
Packaged Sweets: 62,280 (in metric tonnes).
Western Snacks: 39,300 (in metric tonnes).
Papad: 11,400 (in metric tonnes).
Others: 13,200 (in metric tonnes).
Total: 325,320 (in metric tonnes).

Direct Reach and Distribution

The company’s total reach as of September 30th, 2025, is over 12.53 Lacs outlets, with a focus on increasing direct reach.

Source: BSE

IHH Healthcare Berhad has announced the successful completion of its open offer for Fortis Healthcare and Fortis Malar Hospitals as of November 10, 2025. Following the transfer of shares and settlement of payments, IHH’s indirect shareholding in Fortis and Malar now stands at 31.17% and 62.73%, respectively. The completion marks a significant milestone in IHH’s strategic investment in the Indian healthcare sector.

Open Offer Completion

IHH Healthcare Berhad (“IHH”) has announced that the mandatory open offers for Fortis Healthcare Limited (“Fortis”) and Fortis Malar Hospitals Limited (“Malar”) have been successfully completed on November 10, 2025.

Shareholding Update

Following the completion of the open offers, IHH’s indirect shareholding in Fortis and Malar is now 31.17% and 62.73%, respectively. This change in shareholding was previously announced on November 10, 2025.

Transaction Details

The transaction involved the transfer of shares from tendering shareholders to Northern TK Venture Pte Ltd (“NTK”), an indirect wholly-owned subsidiary of IHH, and the subsequent settlement of payments. The initial announcement regarding the subscription and open offers was made on July 13, 2018. Subsequent announcements provided updates on the transaction’s progress.

Source: BSE

CRISIL Ratings Limited has revised the outlook on Kirloskar Brothers Ltd.’s (KBL) long-term bank facilities to ‘Positive’ from ‘Stable’, while reaffirming the rating at ‘Crisil AA’. The short-term rating has also been reaffirmed at ‘Crisil A1+’. The total bank loan facilities rated amount to Rs. 1,700 crore. This revision reflects improved financial prospects for KBL.

CRISIL Revises Rating Outlook

Kirloskar Brothers Limited (KBL) has received an update on its credit ratings from CRISIL Ratings Limited. The announcement, dated November 11, 2025, details the changes in outlook and reaffirmation of existing ratings.

Long-Term and Short-Term Ratings

The long-term rating for KBL’s bank facilities has been revised from ‘Stable’ to ‘Positive’, with the rating reaffirmed at ‘Crisil AA’. Concurrently, the short-term rating has been reaffirmed at ‘Crisil A1+’.

Details of Rated Facilities

The total bank loan facilities rated amount to Rs. 1,700 crore. These facilities include:

• Cash Credit: Rs. 500.00 Crore (Rated: Crisil AA/Positive)
• Letter of Credit & Bank Guarantee: Rs. 1100.00 Crore (Rated: Crisil A1 +)
• Proposed Long Term Bank Loan Facility: Rs. 100.00 Crore (Rated: Crisil AA/Positive)

Source: BSE

Bikaji Foods International reported a strong Q2 FY26, with revenue up by 15.2% YoY to ₹8,303 mn. EBITDA grew by 20.1% YoY, reaching ₹1,282 mn, with a margin of 15.4%. The Packaged Sweets segment was a key driver, growing by 32.3%. Exports also saw a notable increase, growing by 77.3%.

Financial Performance Overview

Bikaji Foods International announced its financial results for Q2 FY26, showcasing significant growth across key metrics. Revenue from operations increased by 15.2% YoY to ₹8,303 mn, supported by a volume growth of 10.8% YoY.

The company’s EBITDA grew by 20.1% YoY to ₹1,282 mn, resulting in an EBITDA margin of 15.4% (up by 130 bps YoY ex PLI). Adjusted Profit After Tax (PAT) rose by 18.1% YoY to ₹808 mn. Earnings per share (EPS) stood at ₹3.18.

H1 FY26 Performance

For the first half of FY26, Bikaji Foods reported a revenue increase of 14.8%, reaching ₹14,830 mn, with a volume growth of 9.4%. EBITDA grew by 13.1% to ₹2,245 mn, with a margin of 15.1%. Adjusted Profit After Tax (PAT) grew by 10.5% YoY to ₹1,394 mn, and earnings per share (EPS) stood at ₹5.57.

Segment Highlights

Key segment performances for Q2 FY26 include:

• Ethnic Snacks: Revenue grew by 4.6% YoY, constituting approximately 59.1% of overall revenue.
• Packaged Sweets: Revenue surged by 32.3% YoY, contributing around 19.7% of overall revenue.
• Western Snacks: Revenue declined by 5.2% YoY, representing about 7.0% of overall revenue.
• Papad: Revenue increased by 10.3% YoY, making up approximately 4.0% of overall revenue.
• Retail: Retail business revenue reached ₹280 million.

Management Commentary

Deepak Agarwal, Managing Director, noted the strong and resilient growth, with the packaged sweets segment performing exceptionally well and exports growing significantly. He also addressed the temporary headwinds caused by GST rate rationalization and expressed optimism for future growth through innovation and market expansion.

Source: BSE