Thermax announced its Q2 FY26 results, highlighting a 5% decrease in revenue to ₹2,474 crore. Despite the revenue dip, the company’s order book grew by 6% to ₹3,551 crore. Profit After Tax (PAT) saw a 40% decline. The Industrial Products segment showed improved order booking, while the Industrial Infra segment experienced lower bookings compared to the previous year.

Financial Performance Overview

In Q2 FY26, Thermax reported an order book of ₹3,551 crore, a 6% increase compared to the previous year. However, revenue decreased by 5% to ₹2,474 crore. The Profit After Tax (PAT) was reported at ₹119 crore, reflecting a 40% decrease. Cash and Investments stood at ₹2,739 crore, a 4% increase.

Segmental Performance

Order booking for Industrial Products improved, driven by better performance in water desalination and environmental equipment orders. The Industrial Infra segment experienced a decrease in order bookings due to large orders in the prior year. The Green Solutions segment saw significant growth, primarily due to a change in reporting methodology. The water treatment chemicals business continued to drive profitability, securing new orders valued at ₹12 crore.

Order Book Details

A significant portion of the order inflows came from the Metals & Mining sector, with strong growth also noted in the Power and Petrochem sectors. The Food & Beverages sector showed an increase in orders, while the Sugar/Distillery sector experienced a decline. Notable wins were achieved across various company sectors.

Strategic Developments

During the quarter, Thermax ventured into the biofuels space with initial 1G ethanol orders and successfully retrofitted a 300 MWe boiler for co-firing with blast-furnace gas and coal for a leading steel major.

Operational Highlights

TBSPL commissioned and dispatched the first cascade of 22 TPD CBG plants from Indore and Kota. TOESL deployed a 16 TPH biomass boiler at Bengaluru, contributing to potential CO2 emission reductions of approximately 20,000 tonnes annually. A dry flue gas desulphurisation (FGD) system was commissioned for a major carbon black producer to reduce SOx and NOx emissions.

Source: BSE

Hindustan Unilever Limited (HUL) has received approval from the National Company Law Tribunal (NCLT) for the demerger of its Ice Cream Business Undertaking. The approval was granted on October 30, 2025. As part of the arrangement, Kwality Wall’s (India) Limited will become the resulting company. HUL will unlock value for shareholders and allow focused growth.

Demerger Approved

The National Company Law Tribunal (NCLT), Mumbai Bench, has sanctioned the Scheme of Arrangement for the demerger of the Ice Cream Business Undertaking from Hindustan Unilever Limited (HUL). The approval was formalized through an order issued on October 30, 2025.

Scheme Details

The arrangement involves the demerger of HUL’s Ice Cream Business Undertaking to Kwality Wall’s (India) Limited. This decision enables both entities to sharpen their focus on respective business strategies. The NCLT order also addresses some typographical and clerical errors. A rectification order was issued on November 6, 2025, to correct these issues.

Rationale

The demerger aims to create an independent listed ice cream company, offering better flexibility and growth opportunities. This move intends to unlock value for HUL shareholders, allowing them to stay invested in the ice cream business. HUL will focus on high-growth segments. The Scheme facilitates a smooth transition.

Share Entitlement

For every 1 equity share of HUL, shareholders will receive 1 equity share in Kwality Wall’s (India) Limited. This share entitlement ratio ensures that shareholders maintain their investment in the demerged ice cream business.

Source: BSE

Mankind Pharma reported strong financial results for Q2 & H1 FY26. Q2 revenue increased by 21% year-on-year to INR3,697 crores, with an EBITDA margin of 25%. H1 revenue rose by 23% year-on-year to INR7,268 crores, with an EBITDA margin of 24.4%. Domestic business grew by 15%, driven by chronic and BSV consolidation, though affected by GST rollout disruptions. The company anticipates growth recovery in the second half of the fiscal year.

Financial Performance Highlights

Mankind Pharma announced a 21% year-on-year increase in revenue for Q2 FY26, reaching INR3,697 crores, compared to INR3,061 crores in Q2 FY25. This growth was fueled by both the company’s existing business and the consolidation of BSV. For H1 FY26, revenue increased by 23% to INR7,268 crores.

Domestic Business Performance

The domestic business showed a growth of 15% year-on-year in Q2 FY26, with revenue reaching INR3,184 crores. This was supported by BSV consolidation. Organic domestic growth was approximately 6% year-on-year. Excluding OTC, the organic growth was 6.6% for the quarter. For H1 FY26, domestic revenue increased by 17% to INR6,285 crores. Excluding OTC, organic growth was around 8% year-on-year.

Export Revenue Surge

Export revenue saw a substantial increase of 83% year-on-year, reaching INR513 crores in Q2 FY26. This was attributed to both base business growth and BSV consolidation. For H1 FY26, export revenue increased by 82% to INR982 crores.

EBITDA and Margins

Reported EBITDA for the quarter increased to INR924 crores, reflecting an 8.7% year-on-year growth. However, the EBITDA margin for Q2 FY26 was 25%, a decrease of 280 basis points year-on-year. The adjusted EBITDA margin for H1 FY26 stood at 24.4%, which is 200 basis points lower than the previous year.

Strategic Developments

The company launched Mankind University, an AI-powered virtual learning platform, to meet organizational needs and support future growth. Following the quarter, Mankind Pharma fully retired commercial papers worth INR5,000 crores, with the last tranche of INR1,500 crores paid in October 2025.

Source: BSE

Bikaji Foods International has announced Board approval for key investments and loans aimed at expansion. These include an additional investment of ₹35,98,998 in Petunt Food Processors, making it a wholly-owned subsidiary, and $5,00,000 in Bikaji Foods International USA Corp. Additionally, loans of ₹4,00,00,000 and ₹2,50,00,000 have been approved for Petunt Food Processors and Dadiji Snacks respectively, furthering growth and streamlining operations.

Petunt Food Processors Investment

The Board has approved an additional investment in Petunt Food Processors Private Limited (PFPPL) through the acquisition of 35,98,998 equity shares, each with a face value of ₹10. This acquisition, valued at ₹8,00,00,000 will increase Bikaji’s stake to 100%, converting PFPPL into a wholly-owned subsidiary. PFPPL’s turnover for the financial year ended March 31, 2025, was ₹52.07 Crore. The acquisition is expected to consolidate the Company’s holding and improve control over PFPPL’s operations.

Bikaji Foods International USA Corp Investment

An additional investment of $5,00,000 has been approved for Bikaji Foods International USA Corp in the form of 50,000 common stock. The turnover for the period ended March 31, 2025, was $17,69,792. This investment aims to accelerate business growth and strengthen distribution in the USA.

Loan to Petunt Food Processors

A loan of ₹4,00,00,000 has been approved for Petunt Food Processors Private Limited to meet its working capital requirements. The interest rate is set at 8% per annum, with a maximum repayment period of 60 months. The amount of loan outstanding as of the date of disclosure is ₹13,78,75,000.

Loan to Dadiji Snacks Private Limited

A loan of ₹2,50,00,000 has been approved for Dadiji Snacks Private Limited to cover expenses related to a fire incident. The interest rate is 8% per annum with a maximum repayment period of 60 months. The amount of loan outstanding as on date of disclosure is ₹9,69,46,005.

Source: BSE

Tata Power reported a 3.7% increase in revenue to ₹33,233 Cr for the first half of FY26. The company is expanding its clean and green energy capacity, targeting ~66% post-project completion. The company has secured consistent coverage for Affirmative action centered programs across platforms including Tata.com, Tata Review, and has also commissioned a number of projects.

Financial Performance Highlights

Tata Power’s financial performance shows consistent improvement, with revenue for H1 FY26 reaching ₹33,233 Cr, a 3.7% increase compared to the previous year. EBITDA stood at ₹7,961 Cr, and underlying EBITDA reached ₹8,220 Cr. The company’s Reported PAT is ₹2,508 Cr, and ROE is 11.5%, also showcasing adjusted EPS at ₹6.2.

Clean & Green Initiatives

Tata Power is focused on clean and green energy, targeting approximately 66% capacity post-project completion. Several initiatives are underway to reduce environmental impact, including achieving Net Zero emissions by 2045 and Water Neutrality by 2030.

Operational Highlights

Key operational achievements in Q2 FY26 include a 158% increase in rooftop revenue, significant profit after tax surges in Odisha DISCOMs (362% YoY), and record rooftop capacity installations (370 MWp). The company also produced 928 MW of cells and 970 MW of modules during the quarter and commissioned 293 MW of utility-scale renewables capacity.

Key Projects

Several key projects are underway. MoU with Druk Green Power to develop 5,100 MW clean energy projects in Bhutan. Construction has begun at 600 MW Khorlochhu HPP, Bhutan with a loan agreement worth Rs 4,829 crore with Power Finance Corporation (PFC).
Other Projects include : Shirwata PSP 1800 MW, Energy Storage- Pumped Storage Hydro Plants, H1 FY26 RE Auctions, majority transmission projects expected to be commissioned in FY26.

Source: BSE